On Friday, Shares of Targa Resources Corp (NYSE:TRGP), subtract -0.61% and closed at $49.11 in the last trading session. The last trading range of the stock ranges between $48.05 and $50.00. Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”), a partner of Targa Resources Corp. (TRGP), and the Partnership’s partner Targa Resources Partners Finance Corporation declared recently the pricing of an upsized offering of $1.0 billion aggregate principal amount of senior unsecured notes consisting of $500.0 million of senior unsecured notes due 2025 (the “2025 Notes”) and $500.0 million of senior unsecured notes due 2027 (the “2027 Notes”). The 2025 Notes accrue interest at a rate of 5.125 percent per annum and mature on February 1, 2025 and were priced at par. The 2027 Notes accrue interest at a rate of 5.375 percent per annum and mature on February 1, 2027 and were priced at par.
The offering is expected to close on October 6, 2016, subject to customary closing conditions. The Partnership intends to use the net proceeds from the offering, together with cash on hand and borrowings under its senior secured credit facility, if needed, to fund the three formerly declared concurrent cash tender offers (the “Tender Offers”) to purchase for cash, subject to certain conditions, up to a specified aggregate maximum purchase price, apart from accrued interest, of its 5% senior notes due 2018 (the ‘‘2018 Notes’’), 6.625% senior notes due 2020 (the ‘‘2020 Notes’’) and 6.875% Senior Notes due 2021 (the “2021 Notes”). In connection with the upsized offering, the Partnership hereby declares that it has raised the aggregate maximum purchase price for the Tender Offers from $800.0 million to $1.0 billion. The tender offers regarding the 2020 Notes and 2021 Notes are subject to $225.0 million and $325.0 million caps, respectively. Except as described in this press release, all other terms of the Tender Offers remain unchanged.
Comerica Incorporated (NYSE:CMA), jumped 1.48% and closed at $47.32 in the last trading session. The last trading range of the stock ranges between $46.59 and $47.63. The company’s Market capitalization is $8.53 Billion with the total Outstanding Shares of 173.90 million. Comerica Bank’s California Economic Activity Index grew by 0.8 percentage points in July to a level of 121.7. July’s reading is 38 points, or 45 percent, above the index cyclical low of 84.1. The index averaged 119.8 points for all of 2015, six and two-fifths points above the average for all of 2014. June’s index reading was 120.9.
“The Comerica Bank California Economic Activity Index raised again in July, its fourth successive gain. Five out of eight index sub-components were positive for the month, counting payroll jobs, state exports, unemployment insurance claims (inverted), housing starts and the NASDAQ 100 Tech Stock Index. In July, the state added a relatively weak 18.6 thousand jobs, but job growth bounced back in August. Real estate markets in Northern California are cooling relative to their overheated state over the last few years. According to the Case-Shiller data, house prices in San Francisco eased by 0.1 percent in July, but are still up by 6.1 percent over the previous year. Cooler real estate markets in Northern California will let some froth out of the market, pre-empting a larger correction later,” said Robert Dye, Chief Economist at Comerica Bank. “Los Angeles house prices gained 0.2 percent in July and are up by 5.5 percent over the last year.”
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, national defense spending, home prices, and the NASDAQ-100-Technology Sector Index (NDXT). All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Commscope Holding Company Inc (NASDAQ:COMM), jumped 0.17% and closed at $30.11 in the last trading session. The last trading range of the stock ranges between $29.57 and $30.30. During the 52-week trading session the minimum price at which share price traded, registered at $19.37 and reached to max level of $33.54. CommScope, a leader in communications network infrastructure solutions, celebrates its 40th anniversary together with a decades-long partnership and partnershipwith the Society of Cable Telecommunications Engineers (SCTE) and its global arm, the International Society of Broadband Experts (ISBE) at SCTE/ISBE Cable-Tec Expo.
“So much has happened in 40 years, and the SCTE/ISBE has been there every step of the way,” said Frank Drendel, CommScope co-founder and chairman of the board. “One of the most noteworthyindustry changes as we look back four decades was the rapid growth of cable TV led by continuous technological advances. When CommScope was part of the Cable Home Division of MA/COM, it assisted create the digital compression technologies in cable TV that eventually facilitated high definition TV. That turned the industry upside down, and it never would have happened without the support of SCTE/ISBE and CableLabs.”
Since the creation of SCTE in 1969, its team has been a resource for the cable telecommunications industry. Over the years, it has assisted CommScope navigate through professional development, standards and certification processes, and training. In 2008, Drendel received the SCTE Chairman’s Award honoring individuals and organizations that have demonstrated noteworthysupport for the society and its mission. In particular, Drendel was recognized for assisting consolidate industry trade shows. Over the years, several CommScope employees have served on the board and committees for SCTE/ISBE.