Enterprise Products Partners LP (NYSE:EPD), a pipeline master limited partnership, increased its credit facilities by $593 million yesterday. The company obtained a $375 million senior revolving credit facility and a $218 billion senior term loan to add to its nearly $1.8 billion in senior unsecured revolving credit facilities.The term loan came from Japan's Mizuho Corporate Bank, Ltd, carries...
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If your company uses its revolving credit line, you need to know why.
by Guy Bennett President, Q1 Publishing A pure free market economy is great on paper. Goods and services are exchanged under conditions mutually agreed upon by the seller and the buyer. The efficiency of the system is enforced by the natural laws of supply and demand, leading to lower pricing and increased quality of service. Under this theory, government regulation is an evil which distorts th...
Circuit City (CC) this morning announced that it has filed for protection from creditors under Chapter 11 of the federal bankruptcy code. The electronics retailer plans to continue operations without interruption, and said it has a commitment for a $1.1 billion debtor-in-possession revolving credit facility to supplement its working capital. The DIP facility replaces a $1.3 billion asset-based ...
Blockbuster (BBI) shares this morning are selling off sharply on concerns about the company’s significant financing needs in the year ahead. On the retailer’s post-earnings conference call last night, CFO Thomas Casey noted that Blockbuster has a $28 million term loan and a revolving credit facility coming due in August 2009. The company said it had been planning to put another bank...
“Sprint” is not something Sprint Nextel (S) has managed to do for a long time; maybe they need to change the company’s name to “Splint.” Certainly, they can use some first aid. The company this morning posted third quarter revenue of $8.82 billion, a hair below the Street at $8.85 billion, and down 12% from a year earlier. The company posted adjusted EPS before amo...
Actuate (ACTU) this morning said it will buy back up to $60 million of its shares in a Dutch auction tender offer, at a price between $3.15 and $3.40 a share. At the low end of the price range, the company would be repurchasing 31% of its shares. Actuate, which provides customer loyalty and performance management software, also said it signed a new $50 million revolving credit agreement with We...
Ethanol stocks have been getting pounded since their IPOs and the sector has lost its luster. Pacific Ethanol Inc. (NASDAQ:PEIX) was the exception for a while as it has Bill Gates as an investor ahead of the great ethanol boom. But share prices for Aventine Renewable Energy Holdings (NYSE:AVR) and VeraSun Energy Corp. (NYSE:VSE) have fallen so far from their IPO prices that if you looked at a ...
TEPPCO Partners (NYSE:TPP), a pipeline master limited partnership, reported third quarter earnings of $0.40/common unit on revenues of $4.2 billion. Analysts were expecting $0.43/common unit and revenues of $3.36 billion. Net income totaled $47 million, down slightly from third quarter 2007 income of $47.6 million. The company estimated that Hurricanes Gustav and Ike reduced EBITDA by about $3...
Boardwalk Pipeline Partners (NYSE:BWP) today announced 2008 third quarter net income of $73.6 million, up 84% from the third quarter of 2007. Nearly 40% of that increase was attributed to increased gas sales and mark-to-market gains on the company's expansion projects.To date in 2008, Boardwalk has spent about $1.7 billion on three expansion projects for which the total cost is estimated at ab...