On Monday, Shares of Platform Specialty Products Corp (NYSE:PAH), added 0.42% and closed at $7.20 in the last trading session. PAH stock opened its last trade at $7.15 and after floating in a range of $5.25 to $13.96. The company’s Market capitalization is $1.95 Billion with the total Outstanding Shares of 272.06 million. During the 52-week trading session the minimum price at which share price traded, registered at $5.25 and reached to max level of $13.96. Platform Specialty Products Corporation (PAH) (“Platform”), a global specialty chemicals company, today announced that it has successfully completed the repricing, extension and amendment of certain existing term loans under its credit agreement.
This refinancing, by creating a new USD $1,475 million B-4 tranche of term loans and a new €433 million C-3 Euro tranche of term loans, extended the maturity date of existing term loan tranches USD B-1, USD B-2 and EUR C-1, representing more than half of Platform’s existing term loan debt, by another three years from 2020 to 2023. This amendment also shifted $165 million from the USD term loans to the Euro term loans allowing Platform to further optimize its foreign currency exposure. This repricing resulted in a 50 basis points reduction in the interest rate (to 4.00% per annum plus the applicable LIBOR rate) for the new USD tranche and 75 basis points reduction (to 3.75% per annum plus the applicable EURIBOR rate) for the new Euro tranche, each as calculated as set forth in the credit agreement.
Commenting on the amendment, Rakesh Sachdev, Platform’s Chief Executive Officer stated, “We are pleased with the confidence the debt market has placed in Platform which reflects significant strides in recent months to improve our balance sheet. This amendment provides us with further capital planning flexibility by extending these term loans by another three years. Additionally, the reduction in interest rates is expected to result in annual interest savings of approximately $11 million, creating additional operating cash flow for the company. We remain committed to further improving our balance sheet in a way that is friendly for all stakeholders.”
Xilinx, Inc. (NASDAQ:XLNX), dropped -0.58% and closed at $49.70 in the last trading session. XLNX stock opened its last trade at $49.91 and after floating in a range of $49.53 to $55.49. The company’s Market capitalization is $12.62 Billion with the total Outstanding Shares of 253.48 million. During the 52-week trading session the minimum price at which share price traded, registered at $40.44 and reached to max level of $55.49. Xilinx, Inc. (XLNX) recently declared that Baidu, Inc. (BIDU), the leading Chinese language Internet search provider, is utilizing Xilinx® FPGAs to accelerate machine learning applications in their data centers in China. The two companies are collaborating to further expand volume deployment of FPGA-based accelerated platforms. As rapid growth of emerging applications begins to drive up computational workloads, data centers are turning to application accelerators to keep up with the demands for greater throughput at low latency while retaining practical power levels.
Xilinx FPGAs deliver the power efficiency that makes accelerators practical to deploy throughout the data center and can deliver a 10-20X performance/watt improvement. Baidu-optimized FPGA platforms are tuned for machine learning applications such as image and speech recognition. The platforms will also be leveraged in Baidu’s program to develop commercially viable autonomous cars. When deployed in Baidu data centers, a powerful centralized pool of accelerators can be rapidly configured for the most demanding workloads based on user demand.
“Acceleration is essential to keep up with the rapidly increasing data center workloads that support our growth,” said Yang Liu, Executive Director at Baidu.
“Xilinx FPGAs are assisting greatly with this critical task and can provide noteworthyvalue in the design of autonomous vehicles,” added Junwei Bao, Director in Baidu’s Autonomous Driving Unit.