Hammerson (HMSO) shares ticked up 5.92% to 39.23p as it issues new bonds
Shares in the British property development and investment firm ticked up after it issued a €700m Sustainability Linked Bond with a 6-year maturity period and a 1.75% coupon.
The group said the new issuance was combined with tender offers announced on Thursday last week for €500m in 2% bonds due 2022 and €500 million in 1.75% bonds due 2023.
It said the proceeds from the issuance of all new bonds will be used to repay existing debt.
Commenting on the bonds issued, Himanshu Raja, Chief Financial Officer of Hammerson, said: "Together with our recent announcement of the disposal of the retail parks portfolio, this is another important step in strengthening the Group's capital structure.”
He added, “The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals and we are pleased to have received a positive response to our bond, which was 2x covered."
Iofina (IOF) shares soared 20.00% to 14.25p as it dubs next few years ‘transformational’
Shares in Iofina, a specialist in the exploration and production of iodine, have ticked up since the publication of its final results for the year ended 31 December 2020 on Tuesday in which it stated that it expects the next few years to be ‘transformational’ for the business.
By period-end, the group held $3.5m in cash following $5.2m repayments as part of debt refinancing. As a result of Iofina’s debt refinancing during the year, the group reported a 37.7% decline in finance expense to $1.7m from $2.7m in the comparative 2019 period.
CEO, Dr. Tom Becker said the debt refinancing was “a key highlight” that has greatly strengthened the balance sheet, placing Iofina in an excellent position to continue to make operational improvements and to expand its production and chemicals product portfolio.
Iofina expects to go into a debt to EBITDA range of 2-3x with cash flow generation compounding meaning it will be able to pay off debt while allowing for controlled growth, something that it has struggled to achieve since 2013 and which has been a key goal.
Augean (AUG) shares jumped 18.71% to 295p as Morgan Stanley eyes up the stock
Shares in the hazardous waste treatment and disposal company jumped on Thursday after Morgan Stanley Infrastructure, an investment division of the bank, confirmed that it is in the preliminary stages of considering making an approach to Augean regarding a possible offer.
In response, Augean said it has not received an approach regarding an offer yet. It said there can be no certainty either that an offer will be made nor as to the terms of such an offer.
Shares in Augean have increased by over 25% in value since the beginning of 2021.
TomCo Energy (TOM) shares rose 15.69% to 0.59p as joint venture operations resume
The US operating oil development firm released an update yesterday in which it stated that operations are allowed to resume at the Greenfield Energy joint venture project in Utah.
It said that Greenfield, of which the company owns a 50% stake in, received an amended cessation order on Tuesday following a meeting with Utah's Division of Oil, Gas and Mining.
TomCo explained that the order allows operations to resume at the site immediately, allowing for processing and testing operations to take place until 30 June after which operations will be subject to the submission of a Notice of Intent before 1 July, it noted.
C&C Group (CCR) shares fall again at 6.67% to 252p following the group’s €59.6m loss
Shares in C&C fell again today after posting a drop in full-year revenues for the year to 28 February which caused the firm to swing to a loss as it felt the effects of the pandemic.
C&C said its operating loss of €59.6m (compared to €118.6m profit in the prior year) was ‘a direct result’ of the impact of Covid-19. Meanwhile, revenues also fell 56.1% to €736.9m.
On Wednesday, the group said it had launched a rights issue aiming to raise £151 million as part of its efforts to strengthen its position as it recovers from the pandemic and it looks to reduce leverage and provide sufficient liquidity to manage near-term trading uncertainty.