On Friday, Shares of Plains All American Pipeline, L.P. (NYSE:PAA), added 1.09% and closed at $31.141 in the last trading session. The last trading range of the stock ranges between $30.86 and $31.70. Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) recently declared their quarterly distributions with respect to the third quarter of 2016. The distributions will be payable on November 14, 2016 to holders of record of each security at the close of business on October 31, 2016.
Consistent with its stated intent in early July when the pending simplification transaction was declared, PAA declared a quarterly cash distribution of $0.55 per common unit ($2.20 per unit on an annualized basis), which equates to a 21% reduction to the quarterly distribution paid in August 2016. In Addition To, PAA declared a payment-in-kind (“PIK”) of the quarterly distribution with respect to its Series A Preferred Units, which will result in the issuance of an additional 1,262,522 Series A Preferred Units. The PIK amount equates to a quarterly distribution of $0.525 per Series A Preferred Unit, or $2.10 annualized.
PAGP declared a quarterly cash distribution of $0.2065 per Class A share ($0.8260 per Class A share on an annualized basis), which equates to an 11% reduction from the quarterly distribution paid in August 2016.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”), natural gas and refined products. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles over 4.6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas.
Liberty Interactive Corp (NASDAQ:QVCA), jumped 0.86% and closed at $20.01 in the last trading session. The last trading range of the stock ranges between $19.65 and $20.08. The company’s Market capitalization is $15.33 Billion with the total Outstanding Shares of 618.35 million. Liberty Interactive LLC (“Liberty”), a partner of Liberty Interactive Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB), declared the payment recently of a quarterly interest payment to the holders, as of September 15, 2016, of its 0.75% Senior Exchangeable Debentures due 2043 (the “Debentures”). The amount of the quarterly interest payment is $1.875 per $1,000 original principal amount of Debentures. As of September 30, 2016, 4,606 Debentures remained outstanding in the aggregate adjusted principal amount of $1,770,614, after giving effect to recently’s quarterly interest payment.
Under the Indenture for the Debentures, the original principal amount of the Debentures is reduced in an amount equal to each additional distribution made to holders of the Debentures attributable to an extraordinary distribution that is made on reference shares. Thereafter, the adjusted principal amount is further reduced on each successive quarterly interest payment date to the extent necessary to cause the quarterly interest payment to represent the payment of an annualized yield of 0.75% of the adjusted principal amount. This latter adjustment, to the extent it is made by reason of a particular additional distribution that results in a reduction to the principal amount of the Debentures, takes effect on the second succeeding interest payment date after the payment of that additional distribution.
To date, Liberty has made one additional distribution that was attributable to an extraordinary distribution made on reference shares. On June 16, 2016, Liberty made an additional distribution of $614.4332 per $1,000 original principal amount of the Debentures attributable to the extraordinary cash distribution made to former holders of common stock of Time Warner Cable, Inc. (“TWC”) on May 18, 2016, in connection with the mergers involving Charter Communications, Inc. and TWC (the “Charter/TWC Merger”). The additional distribution was based on the “average transaction consideration’’ paid in the Charter/TWC Merger, as that term is defined in the Indenture for the Debentures.
Broadcom Ltd (NASDAQ:AVGO), jumped 0.03% and closed at $172.52 in the last trading session. The last trading range of the stock ranges between $172.44 and $174.65. During the 52-week trading session the minimum price at which share price traded, registered at $111.53 and reached to max level of $179.42. Broadcom Limited (AVGO), a leading designer, developer and global supplier of a broad range of analog and digital semiconductor connectivity solutions, recently declared a new generation of gearbox PHY IC devices, the BCM82332, BCM82793 and BCM82864, designed for data center and enterprise networking applications.
With the general availability of switch chips that have flexible multi-speed port interfaces supporting 10G, 40G, 100G and emerging Ethernet speeds, new gearbox PHY solutions are needed to ensure robust signal integrity and optimize port adaption. The most recent Broadcom gearbox PHY devices extend the capabilities of switches by providing flexible port interface and maximizing the electrical link distance to optical interface while consuming minimal power. The BCM82793 and BCM82332 are application-optimized, cost-effective 100G gearbox devices that support IEEE802.3bj Clause 73 Auto-negotiation, Clause 91 FEC and Clause 92 & 93 transmit training.