On Friday, Shares of Procter & Gamble Co (NYSE:PG), added1.72 % and closed at $89.75 in the last .trading session. The last trading range of the stock ranges between $88.29 and $90.22. The Procter & Gamble Company (PG)(PGP.PA) recently declared the completion of its Reverse Morris Trust transaction with Coty Inc. (COTY), counting the transfer of its global fine fragrances, salon professional, cosmetics and retail hair color businesses, together with select hair styling brands (collectively referred to as “P&G Specialty Beauty Brands”).
On September 30, 2016, P&G accomplished a split-off transaction whereby P&G offered its shareholders with the opportunity to exchange their shares of P&G common stock for Galleria Co. common stock. Effective October 1, 2016, Galleria Co. merged with a partner of Coty and became a wholly owned partner of Coty, whereby Galleria Co. common stock was converted to common stock of Coty Inc.
“The completion of this transaction is a key step in our journey to return P&G results to a balance of strong top-line growth, bottom-line growth and cash generation,” said David S. Taylor, P&G Chairman, President and Chief Executive Officer. “This effectively completes the major work we undertook two years ago to streamline and strengthen our product portfolio. We are now focused on 10 product categories and about 65 brands where P&G has leading market positions and where product technologies deliver performance differences that matter most to consumers.”
“I’m happy with the timely, efficient and effective transition of these businesses. I want to share my personal thanks to all the employees who have transitioned to Coty,” Taylor added. “They showed amazing dedication during a period of uncertainty—demonstrating time and time again the strong character of P&G people. I thank them for everything they did during the transition and for all their years with P&G and wish them an exciting future with Coty.”
Chesapeake Energy Corporation (NYSE:CHK), jumped 2.45% and closed at $6.27 in the last trading session. The last trading range of the stock ranges between $6.03 and $6.30. The company’s Market capitalization is $4.99 Billion with the total Outstanding Shares of 776.96 million. Chesapeake Energy Corporation (CHK) recently declared that it has priced its private placement to eligible purchasers of $1.1 billion aggregate principal amount of 5.5% convertible senior notes due 2026. The private placement was upsized from a formerly declared amount of $850 million. The company also has granted the initial purchasers a 30-day option to purchase up to an additional $150 million aggregate principal amount of notes.
The notes will be convertible, under certain specified circumstances, into cash, Chesapeake common stock or a combination of cash and Chesapeake common stock, at Chesapeake’s election. The conversion rate will at first equal 116.7134 shares of common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of about $8.57 per share of common stock). The conversion rate will be subject to adjustment in certain events but will not be adjusted for any accrued and unpaid interest.
The notes will bear interest at a rate of 5.5% per annum. The notes will mature on September 15, 2026 and may not be redeemed by Chesapeake before September 15, 2019. Chesapeake may redeem for cash all or part of the notes, at its option, on or after September 15, 2019 if the last stated sale price of its common stock for at least 20 trading days (whether or not successive) during the period of 30 successive trading days ending on, and counting, the trading day right away preceding the date on which Chesapeake provides notice of redemption exceeds 130% of the applicable conversion price for the notes on each of such 20 trading days. The redemption price will equal 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but apart from, the redemption date. No sinking fund is offered for the notes.