Trending Stocks: Vornado Realty Trust (NYSE:VNO), B2Gold Corp (NYSEMKT:BTG)
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Shares of Vornado Realty Trust (NYSE:VNO) declined -1.05% to $77.59 on Tuesday. Vornado Realty Trust (VNO) (“Vornado”) declared recently that it has accomplished the separation of JBG SMITH Properties (“JBG SMITH”) from its New York business and the combination of JBG SMITH with the operating company and certain Washington, DC metropolitan area assets of The JBG Companies (“JBG”). As a result, JBG SMITH is now an independent public company that will begin regular-way trading on the NYSE when the market opens recently under the symbol “JBGS”. Vornado common shares will continue to trade on the NYSE under the symbol “VNO”. As of the closing of the separation and the combination, the economic interests in JBG SMITH were owned 73% by Vornado common shareholders and holders of Vornado Realty L.P. (“VRLP”) common limited partnership units, 21% by JBG shareholders, and 6% by administration of JBG.
The stock settled at $77.59 per share, after floating in a range of $77.26 to $79.33. The stock moved on high volume, traded at a volume of 2.48 million shares, as compared to its average daily volume of 462,054 shares. The market capitalization for the company is reported at $14.86 Billion.
B2Gold Corp (NYSEMKT:BTG) opened at $2.78. It reached an intraday trading high of $2.81 and closed at $2.75. B2Gold Corp. (BTO.TO) (NYSE MKT:BTG) (NSX:B2G) (“B2Gold” or the “Company”) is happy to declare it has secured an upsized $500 million Revolving Credit Facility (the “upsized RCF”). All dollar figures are in United States dollars unless otherwise indicated.
On July 7, 2017, the Company reached an amended and restated credit agreement with a syndicate of international banks for an upsized RCF for an aggregate amount of $500 million, representing a $75 million increase from the principal amount of $425 million under its existing revolving credit facility. The upsized RCF also allows for an accordion feature whereby upon receipt of additional binding commitments, the facility may be raised to $600 million any time before the maturity date. HSBC, as Sole Lead Arranger and Sole Book Runner, will continue to act as the Administrative Agent. The syndicate includes The Bank of Nova Scotia, Société Générale, ING Bank N.V. and Canadian Imperial Bank of Commerce as lenders.
The upsized RCF will bear interest on a sliding scale of between LIBOR plus 2.25% to 3.25% based on the Company’s merged net leverage ratio. Commitment fees for the undrawn portion of the facility will also be on a similar sliding scale basis of between 0.50% and 0.925%. The term of the upsized RCF is four years, maturing on July 7, 2021. If the principal indebtedness outstanding under the Company’s existing 3.25% Convertible Senior Subordinated Notes (the “Subordinated Notes”) maturing on October 1, 2018, is greater than $100 million on December 29, 2017, then the sliding scale interest will increase to a sliding scale range of between LIBOR plus 2.50% to 4.00%. The upsized RCF will also be subject to customary lending covenants for a corporate facility.
Proceeds from the loan will be used for general corporate purposes and may be utilized to prepay or repay the Subordinated Notes and financing acquisitions.
The Company also believes that coupled with operating cash flows from the Company’s existing mine operations, the upsized RCF ensures that the Company remains fully funded to maintain its operations, counting funding for the construction of the Fekola Project (completion anticipated on October 1, 2017).
Together with the additional $75 million capacity under the upsized RCF, the $100 million accordion feature is predictable to provide the Company with additional flexibility to access additional funding in the future for other corporate activities without the carrying cost of paying undrawn commitment fees.
The stock price inclined 0.01 points or 0.36% at the market. The total volume traded for the day is 1.98 lower as compared to its average daily volume of 4.97 shares. The current EPS for the company has been recorded at $0.02 and the beta value recorded by the company stands at 1.01 points.