The Zacks Analyst Blog Highlights: Chesapeake Energy, Encana
Corporation, Patterson-UTI Energy, Helmerich & Payne and
Halliburton Company
CHICAGO, Nov. 14, 2012 /PRNewswire/ -- Zacks.com
announces the list of stocks featured in the Analyst Blog. Every
day the Zacks Equity Research analysts discuss the latest news and
events impacting stocks and the financial markets. Stocks recently
featured in the blog include Terex Corporation (TEX),
Goldman Sachs Group Inc (GS), The Royal Bank of
Scotland Group plc (RBS), UBS AG (UBS) and
Caterpillar Inc (CAT).
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Today, Zacks is promoting its ''Buy'' stock recommendations.
Four daily picks are offered free.
Here are highlights from Wednesday's Analyst Blog:
Terex Prices $850M Senior
Notes
In a bid to finance senior subordinated notes due 2017, Terex
Corporation (TEX) has priced $850
million senior notes in a new offering (excluding
underwriting discounts and commissions or other offering expenses).
The notes are priced at an issue price of 100% and carries a coupon
rate of 6%.
Terex anticipates the offering to be completed by November 26, 2012, subject to certain customary
conditions. Credit Suisse Securities (USA) LLC, Goldman, Sachs and Co. – a wing of
The Goldman Sachs Group, Inc. (GS), RBS Securities Inc. – a
unit of The Royal Bank of Scotland Group plc (RBS) and UBS
Securities LLC – an entity of UBS AG (UBS) will be acting as
the joint book-running managers for the offering.
Terex will use the net proceeds from the offering to finance the
purchase of its outstanding senior subordinated notes bearing an
interest of 8% due 2017. The amount left will be utilized in
general corporate purposes.
Terex reported that its third-quarter 2012 adjusted earnings jumped
107% year over year to 62 cents per
share. The results comfortably surpassed the Zacks Consensus
Estimate of 50 cents. Total revenues
increased 1% year over year to $1.822
billion, missing the Zacks Consensus Estimate of
$1.952 billion.
Terex had cash and cash equivalents of $542.6 million as of September 30, 2012, versus $774.1 million as of December 31, 2011. The company's total debt was
$2.03 billion of as of September 30, 2012, compared with $2.3 billion as of December 31, 2011.
The debt to capital ratio improved to 49.7% as of September 30, 2012, from 54.6% as of December 31, 2011. In the stringent regulatory
background, the offering of the senior notes is expected to further
strengthen the company's balance sheet as well as support its
future growth.
Terex is a global equipment manufacturer catering to the
construction, infrastructure, and surface mining industries. The
company's manufacturing facilities are located in the U.S.,
Canada, Europe, Australia, Asia, and South
America. It sells its products through a worldwide
distribution network. The company has five reporting
segments.
Terex faces competition from large players with greater financial
resources like Caterpillar Inc. (CAT). Terex retains a
short-term Zacks #3 Rank (Hold). We have a long-term Neutral
recommendation on the stock.
Today, Zacks is promoting its ''Buy'' stock recommendations.
Four daily picks are offered free.
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