On Thursday, Shares of Platform Specialty Products Corp (NYSE:PAH), added 0.81% and closed at $8.75 in the last trading session. The last trading range of the stock ranges between $8.70 and $9.14. Platform Specialty Products Corporation (PAH) (“Platform” or the “Company”), a global, diversified specialty chemicals company, recently declared its financial results for the three and nine months ended September 30, 2016.
For the three months ended September 30, 2016:
Net sales on a stated basis for the third quarter of 2016 were $891 million, a boost of 49.1%. On a comparable basis over the third quarter of 2015, apart from the impact of currency changes, metals prices and divestitures, organic sales raised 3.0% year-over-year;
MacDermid Performance Solutions (the Performance Solutions segment): Net sales were $455 million, a boost of 153.1% contrast to the same period of 2015. On a comparable basis, apart from the impact of currency changes and metals prices, organic sales raised 1.8% year-over-year;
Arysta Lifescience (the Agricultural Solutions segment): Net sales were $436 million, a boost of 4.3% over the same period of 2015. On a comparable basis, apart from the impact of currency changes and divestitures, organic sales raised 4.3% year-over-year;
Kimco Realty Corp (NYSE:KIM), jumped 0.71% and closed at $25.66 in the last trading session. The last trading range of the stock ranges between $24.90 and $26.03. The company’s Market capitalization is $10.69 Billion with the total Outstanding Shares of 425.03 million. Kimco Realty Corp. (KIM) recently declared its public offering of: (i) $400 million aggregate principal amount of notes due 2024 (the “2024 notes”) at a coupon of 2.700% per annum with an effective yield of 2.778%, maturing March 1, 2024; and (ii) $350 million aggregate principal amount of notes due 2046 (the “2046 notes”) at a coupon of 4.125% per annum with an effective yield of 4.171%, maturing December 1, 2046. The offering is expected to settle on November 10, 2016, subject to customary closing conditions.
The company intends to use the net proceeds of about $739.3 million for general corporate purposes, counting to (i) repay up to $400.0 million of the company’s borrowings under our $650.0 million unsecured term loan maturing in January 2017 (subject to three one-year extension options), which borrowings bear interest at a rate of LIBOR plus .950% (1.47% as of September 30, 2016); and (ii) pre-fund 2017 debt maturities, counting $505.6 million of mortgage debt outstanding with a weighted average interest rate of 5.6%, and any associated prepayment penalties. Before the repayment of the 2017 debt maturities, proceeds from this offering may be used for any purpose, counting to temporarily reduce borrowings (of which $225.0 million were outstanding as of September 30, 2016) under the company’s revolving credit facility maturing in March 2018 (subject to two six-month extension options), which borrowings bear interest at a rate of one-month LIBOR plus 0.925% (1.45% as of September 30, 2016).