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Dr. Fly

18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.

$CHK Gets More Money

Chesapeake Energy confirms increase in term loan to $4.0 bln (14.65 -0.87)

Co announced it has increased the size of a previously announced unsecured term loan from Goldman Sachs Bank USA and affiliates of Jefferies Group, Inc. from $3.0 billion to $4.0 billion based on strong investor demand. The loan was syndicated to a large group of institutional investors and priced at 97% of par. The net proceeds of the loan to Chesapeake, after customary fees and syndication costs, of approximately $3.8 billion will be used to repay borrowings under the company’s existing corporate revolving credit facility and for general corporate purposes. The loan carries an initial variable annual interest rate through December 31, 2012 of LIBOR plus 7.0%, which is currently 8.5% given the 1.5% LIBOR floor in the loan agreement. The loan, which ranks pari passu with Chesapeake’s outstanding senior notes, matures on December 2, 2017 and may be repaid at any time in 2012 without penalty at par value. Chesapeake expects to use a portion of the proceeds from planned asset sales to repay the loan in full before the end of 2012. Giving effect to the increase in the size of the loan, the company currently has more than $4.7 billion of liquidity including unrestricted cash on hand and available borrowing capacity under its revolving bank credit facilities.

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Berkshire Hathaway discloses new 10 mln share position in 13F filing, worth ~$256 mln

Related: DaVita: Berkshire Hathaway discloses 6.0 mln share position in Q1 13F filing, up from ~2.7 mln in Q4

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HELP! Greek Elections to Be Held: Euro Slides, Sovereign Bond Yields Spike

It was just announced that elections will be held in Greece, sending the euro under $1.28 to the dollar. Spanish yields spike to above 6.3% and Italian yields are now north of 5.8%.

European markets have reversed and are decidedly lower.

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HBO Developing New Comedy Series, Starring Will Ferrell, Based on Wall Street

This will be classic.

EXCLUSIVE: The Other Guys gang is back together, this time on HBO. The pay cable network is developing a comedy project for Rob Riggle to star and produce. The single-camera comedy, based on an idea by Riggle, is being written by Adam McKay and Chris Henchy. Set in the world of bond traders in 1980s Wall Street, it revolves around a successful, hard-living boss (Riggle) who lives a dark, self-centered, unhealthy life. McKay and Henchy are executive producing with their Gary Sanchez Prods partner Will Ferrell as well as Mark Wahlberg, Stephen Levinson, Peter Principato and Paul Young. The project, which stems from Riggle’s development deal with HBO, reunites three of the stars of The Other Guys – Ferrell, Walhberg and Riggle — with the film’s writers McKay and Henchy. It was on that movie that McKay, Wahlberg, Ferrell and Riggle formed a working relationship and set out to find a project on which to collaborate

Full Article

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Yahoo! announces that Scott Thompson will not receive compensation pay, in an 8-K (15.50 +0.31)
On May 13, 2012, Yahoo! Inc. (“Yahoo!”) entered into a settlement agreement (the “Settlement Agreement”) with Third Point LLC (“Third Point”), Daniel S. Loeb, Michael J. Wolf, Harry J. Wilson and Jeffrey A. Zucker and certain other affiliates of Third Point (collectively, the “Third Point Group”) to settle the proxy contest pertaining to the election of directors to Yahoo!’s Board of Directors (the “Board”) at Yahoo!’s 2012 annual meeting of stockholders (the “2012 Annual Meeting”). The Settlement Agreement provides, among other things: Yahoo! has agreed to nominate Daniel S. Loeb, Michael J. Wolf and Harry J. Wilson for election to the Board at the 2012 Annual Meeting and, effective May 16, 2012, to appoint Messrs. Loeb, Wolf and Harry J. Wilson to the Board.

Yahoo! has agreed that, so long as Messrs. Loeb, Wolf and Harry J. Wilson (or their successor designated by the Third Point Group) serve on the Board, they shall have the opportunity to serve on the respective committees set forth below next to their names, subject to their fulfillment of any independence or other requirements under applicable law and the rules and regulations of the Nasdaq Global Select Market for service on such committee: Further, the members of the Third Point Group have agreed to observe normal and customary standstill provisions during the period beginning on the date of the Settlement Agreement until the date that is the later of the conclusion of Yahoo!’s 2013 annual meeting of stockholders and such time as none of the Third Point Nominees are members of the Board (the “Standstill Period”); provided, that the Standstill Period shall nonetheless terminate if the Board determines not to nominate any of the Third Point Nominees for election as directors at an annual meeting of stockholders following the 2012 Annual Meeting and, in such a circumstance, the Board has agreed to provide the Third Point Group with a 10-day window to comply with Yahoo!’s advance notice requirements for director nominations and to cause such annual meeting of stockholders not to be held prior to 90 days following the time the Third Point Nominees are notified they have not been so nominated.

Yahoo! and Mr. Thompson agreed to terminate all other agreements between them, including Mr. Thompson’s offer letter, all outstanding but not fully vested equity awards and Yahoo!’s other plans and arrangements for the benefit of employees, with no severance compensation. However, in accordance with the terms of his offer letter, Mr. Thompson retained the make-whole cash bonus previously paid to him under his offer letter and the make-whole restricted stock units that had been granted to him pursuant to his offer letter and that had already vested.

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