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Blackstone Unit to Redeem Senior Notes Worth $600 Million
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Blackstone Holdings Finance Co., an indirect subsidiary of The Blackstone Group (BX - Free Report) , made a cash tender offer for the redemption of its 6.625% Senior Notes worth $600 million. The notes are due in 2019 and popularly known as “2019 Notes.” The offer, made on Sep 25, 2017, is subject to certain terms and conditions.
For the purpose of redeeming, the company is offering two types of notes, each worth $300 million. One of these is due in 2027 and carries a rate of 3.15%. The other one is due in 2047 and carries a rate of 4%. The Blackstone Group, and all of its subsidiaries, fully and unconditionally guarantees the notes. The proceeds of the offering, along with cash in the firm and available liquidity, will be used for repurchasing “2019 Notes.”
The note holders will be eligible to receive cash if they tender their notes before Sep 29, 2017, which is the expiration date. The holders are also entitled to receive accrued and unpaid interest from Aug 15, 2017 to the anticipated settlement date of Oct 2, 2017.
Bank Of America, Citigroup Inc. and Morgan Stanley are appointed as joint lead deal managers for the tender offer by Blackstone. Global Bondholder Services Corporation has been appointed to serve as the depositary and information agent for the offer.
Some stocks worth considering in the finance space are Community Bank System, Inc. (CBU - Free Report) , First Commonwealth Financial Corporation (FCF - Free Report) and People's Utah Bancorp . All three stocks have been witnessing upward revisions in earnings estimates.
Community Bank System delivered an average positive earnings surprise of 10.1%, with a beat in all the trailing four quarters.
First Commonwealth Financial delivered positive earnings surprises in all the trailing four quarters, with an average beat of 12.9%
With a beat in each of the trailing four quarters, People's Utah Bancorp delivered an average positive earnings surprise of 7.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>
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Blackstone Unit to Redeem Senior Notes Worth $600 Million
Blackstone Holdings Finance Co., an indirect subsidiary of The Blackstone Group (BX - Free Report) , made a cash tender offer for the redemption of its 6.625% Senior Notes worth $600 million. The notes are due in 2019 and popularly known as “2019 Notes.” The offer, made on Sep 25, 2017, is subject to certain terms and conditions.
For the purpose of redeeming, the company is offering two types of notes, each worth $300 million. One of these is due in 2027 and carries a rate of 3.15%. The other one is due in 2047 and carries a rate of 4%. The Blackstone Group, and all of its subsidiaries, fully and unconditionally guarantees the notes. The proceeds of the offering, along with cash in the firm and available liquidity, will be used for repurchasing “2019 Notes.”
The note holders will be eligible to receive cash if they tender their notes before Sep 29, 2017, which is the expiration date. The holders are also entitled to receive accrued and unpaid interest from Aug 15, 2017 to the anticipated settlement date of Oct 2, 2017.
Bank Of America, Citigroup Inc. and Morgan Stanley are appointed as joint lead deal managers for the tender offer by Blackstone. Global Bondholder Services Corporation has been appointed to serve as the depositary and information agent for the offer.
Some stocks worth considering in the finance space are Community Bank System, Inc. (CBU - Free Report) , First Commonwealth Financial Corporation (FCF - Free Report) and People's Utah Bancorp . All three stocks have been witnessing upward revisions in earnings estimates.
Community Bank System delivered an average positive earnings surprise of 10.1%, with a beat in all the trailing four quarters.
First Commonwealth Financial delivered positive earnings surprises in all the trailing four quarters, with an average beat of 12.9%
With a beat in each of the trailing four quarters, People's Utah Bancorp delivered an average positive earnings surprise of 7.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>