Exelon Generation Company enlisted the help of Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), Barclays Capital (NYSE:BCS), among others, to be book-runners on their sale of $900 million in senior notes.
Included with the offering is $550 million in 4 percent notes due October 1, 2010, and $350 million in 5.75 percent notes due on October 1, 2041.
Exelon is raising the capital to pay for the takeover John Deere Renewables LLC and for general corporate purposes.
Other book-runners connected to the deal are Wells Fargo Securities, BNP Paribas Securities, RBS Securities, Mizuho Securities USA, The Williams Capital Group. Co-managing the deal is Lebenthal & Company.
The deal is expected to close September 30.
Showing posts with label Barclays Capital. Show all posts
Showing posts with label Barclays Capital. Show all posts
Wednesday, September 29, 2010
Demand for BP (NYSE:BP) Bonds Increases Sales
BP's (NYSE:BP) funding unit BP Capital Markets surpassed original expectation of issuing between $2 billion and $3 billion in bonds, with large demand driving the total up to $3.5 billion.
That wasn't the entire story for the five- and 10-year bonds, as they were oversubscribed to $12 billion in orders.
A spokesman for BP said, "In recent years, we have had four issues of this scale, and this continues to be an effective means of raising cash which has repeatedly been attractive to the markets. This particular bond issue is part of routine management of the group's finances and is not specifically related to the costs of the Gulf of Mexico oil spill."
BP Plc will guarantee the bonds, whose sale was led by Citigroup (NYSE:C), Barclays (NYSE:BCS) BNP Paribas, Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
That wasn't the entire story for the five- and 10-year bonds, as they were oversubscribed to $12 billion in orders.
A spokesman for BP said, "In recent years, we have had four issues of this scale, and this continues to be an effective means of raising cash which has repeatedly been attractive to the markets. This particular bond issue is part of routine management of the group's finances and is not specifically related to the costs of the Gulf of Mexico oil spill."
BP Plc will guarantee the bonds, whose sale was led by Citigroup (NYSE:C), Barclays (NYSE:BCS) BNP Paribas, Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
Tuesday, September 21, 2010
Barclays (NYSE:BCS) Maintains "Overweight" on ReneSola (NYSE:SOL)
Barclays (NYSE:BCS) reiterated its "Overweight" on ReneSola Ltd (NYSE: SOL), with a price target of $12 a share.
"Wafer market tightness could continue to drive near-term positive earnings momentum and share price outperformance, in our view. Shares are trading at - 6x our '11 estimates, at a discount to Chinese solar peers. Bull case '11 earnings power of $2.50 likely assuming shipments/pricing trends turn out to be in line with mgmt expectations. Downside risk limited to $9, upside potential to $12-$14 likely, in our view," said Barclays' analyst.
ReneSola closed at $10.87 Monday, gaining $0.59, or 5.79 percent. They have a market cap of $938.66 million.
"Wafer market tightness could continue to drive near-term positive earnings momentum and share price outperformance, in our view. Shares are trading at - 6x our '11 estimates, at a discount to Chinese solar peers. Bull case '11 earnings power of $2.50 likely assuming shipments/pricing trends turn out to be in line with mgmt expectations. Downside risk limited to $9, upside potential to $12-$14 likely, in our view," said Barclays' analyst.
ReneSola closed at $10.87 Monday, gaining $0.59, or 5.79 percent. They have a market cap of $938.66 million.
Thursday, September 16, 2010
Pride (NYSE:PDE) CEO Louis Raspino Looks at Zero Risk in Offshore Drilling
Talking at the Barclays Capital (NYSE:BCS) CEO Energy-Power Conference in New York, Pride International Inc (NYSE:PDE) CEO Louis Raspino, said the Obama administration is attempting to get "how close to zero" they can concerning the risks of offshore drilling.
But like the mountaintop removal by coal companies, that's usually another way of saying they're attempting to kill the industry; at least in the Gulf region.
The idea perfection is always an evil one, as it creates the unreachable idea of utopianism, which always ends up being destructive and hurting human beings in one way or the other.
Raspino added, "Quite frankly, the industry has to show the government that it can do a better job than it could do in its last blowout."
While that's not necessarily a bad thing, it's secondary to the ideology behind the proposed changes.
In light of all this, Raspino has predicted there will probably never be a return to the rig count in the Gulf in the future. Welcome to utopia.
But like the mountaintop removal by coal companies, that's usually another way of saying they're attempting to kill the industry; at least in the Gulf region.
The idea perfection is always an evil one, as it creates the unreachable idea of utopianism, which always ends up being destructive and hurting human beings in one way or the other.
Raspino added, "Quite frankly, the industry has to show the government that it can do a better job than it could do in its last blowout."
While that's not necessarily a bad thing, it's secondary to the ideology behind the proposed changes.
In light of all this, Raspino has predicted there will probably never be a return to the rig count in the Gulf in the future. Welcome to utopia.
Noble (NYSE:NE) CEO Says Taking Some Deepwater Rigs Out of Gulf
Citing the highly controversial decision by the Obama administration to impose a deepwater oil moratorium on the Gulf of Mexico, Noble (NYSE:NE) CEO David Williams said at Barclays Capital (NYSE:BCS) CEO Energy-Power Conference that if things don't change soon, the company will have to remove some of the seven deepwater oil rigs in the region to other areas.
With the unpredictability and volatility of the Obama administration, Williams sees moving the rigs to Nigeria or Venezuela. He said, "Right now it looks a lot like Venezuela and Nigeria to me. So we will continue to accelerate our strategy of moving rigs out. The longer this goes, the more rigs we'll get out."
Four rigs are already out of the Gulf or committed to leaving the Gulf, all of them either from Transocean (NYSE:RIG) or Diamond Offshore Drilling Inc (NYSE:DO).
The Democrats behind this will be losing a lot of seats in the House and Senate next month, and hopefully will be replaced by those more friendly to business and the American people.
With the unpredictability and volatility of the Obama administration, Williams sees moving the rigs to Nigeria or Venezuela. He said, "Right now it looks a lot like Venezuela and Nigeria to me. So we will continue to accelerate our strategy of moving rigs out. The longer this goes, the more rigs we'll get out."
Four rigs are already out of the Gulf or committed to leaving the Gulf, all of them either from Transocean (NYSE:RIG) or Diamond Offshore Drilling Inc (NYSE:DO).
The Democrats behind this will be losing a lot of seats in the House and Senate next month, and hopefully will be replaced by those more friendly to business and the American people.
Friday, September 10, 2010
BHP's (NYSE:BHP) Underwriters Attract Over $45 Billion for Potash (NYSE:POT) Bid
Loan underwriters for BHP Billiton Ltd. (NYSE:BHP) successfully wooed investors, as they exceeded the $45 billion the mining giant was looking for to raise in their bid for Potash Corp. (NYSE:POT).
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Wednesday, July 7, 2010
Barclays Capital Upgrades Halliburton (NYSE:HAL)
Analysts at Barclays Capital upgraded Halliburton Company (NYSE:HAL) today, increasing its price target and rating on the oil giant.
The rating on Halliburton was raised from “Equal Weight” to “Overweight," saying factors like growth in pumping utilization and better pricing lends to the change.
For the price target, that was raised from $28 to $35 for Halliburton, an increase of 36 percent from last week's close, which came in at $25.74.
Halliburton was up Tuesday to $26.45, a $0.71 gain, or 2.76 percent, as of 3:47 PM EDT.
The rating on Halliburton was raised from “Equal Weight” to “Overweight," saying factors like growth in pumping utilization and better pricing lends to the change.
For the price target, that was raised from $28 to $35 for Halliburton, an increase of 36 percent from last week's close, which came in at $25.74.
Halliburton was up Tuesday to $26.45, a $0.71 gain, or 2.76 percent, as of 3:47 PM EDT.
Tuesday, July 6, 2010
Barclays Capital Upgrades Patterson-UTI Energy (Nasdaq:PTEN)
Barclays Capital showed its love for the oil service and drilling industry today, upgrading the sector as a whole from "Neutral" to "Positive," including Patterson-UTI Energy (Nasdaq:PTEN), which they upgraded from "Underweight" to "Equal Weight."
Patterson-UTI Energy Inc. was also the top performer in the Russel 1000 Index, at one point gaining 7.8 percent to $13.95.
More news for Patterson on the day was the agreement to acquire pressure pumping and wireline businesses assets from Key Energy Services (NYSE:KEG) for about $240 million.
The transaction will be all cash, and will be funded via an expanded credit facility.
Patterson closed Tuesday at $13.73, gaining $0.79, or 6.11 percent.
Patterson-UTI Energy Inc. was also the top performer in the Russel 1000 Index, at one point gaining 7.8 percent to $13.95.
More news for Patterson on the day was the agreement to acquire pressure pumping and wireline businesses assets from Key Energy Services (NYSE:KEG) for about $240 million.
The transaction will be all cash, and will be funded via an expanded credit facility.
Patterson closed Tuesday at $13.73, gaining $0.79, or 6.11 percent.
Thursday, February 25, 2010
Barclays Capital (NYSE: BCS) Copper Prices
Barclays Capital Copper Prices
Barclays Capital (NYSE: BCS), the investment are of Barclays PLC, is high on copper prices for 2010, saying they see them going as high as $8,000 a ton in just the first half of 2010.
This is quite a change from projected prices of about $6,875 a ton for 2010, $7,000 a ton in 2011, and up to $8,500 in 2012.
The problem I have with these numbers is I think they are being offered on the assumption we are in an actual economic recovery, when in fact we aren't, as data from all over indicate.
With China cutting back significantly on copper imports this year, it does make you wonder where this demand is going to come from, with some throwing out it will be from Economic Cooperation and Development (OECD) countries.
One possible event that could make this happen is the hoarding of copper in anticipation of potential future shortage which would in fact drive up prices significantly for those countries without copper reserves set aside like China has.
Barclays Capital (NYSE: BCS) Copper Prices
Barclays Capital (NYSE: BCS), the investment are of Barclays PLC, is high on copper prices for 2010, saying they see them going as high as $8,000 a ton in just the first half of 2010.
This is quite a change from projected prices of about $6,875 a ton for 2010, $7,000 a ton in 2011, and up to $8,500 in 2012.
The problem I have with these numbers is I think they are being offered on the assumption we are in an actual economic recovery, when in fact we aren't, as data from all over indicate.
With China cutting back significantly on copper imports this year, it does make you wonder where this demand is going to come from, with some throwing out it will be from Economic Cooperation and Development (OECD) countries.
One possible event that could make this happen is the hoarding of copper in anticipation of potential future shortage which would in fact drive up prices significantly for those countries without copper reserves set aside like China has.
Barclays Capital (NYSE: BCS) Copper Prices
Friday, January 16, 2009
UBS Selling Commodities Businesses to Barclays
UBS made an expected statement on Friday that they are selling some of their commodities businesses, something the have mentioned as a goal in the past.
Barclays Capital is acquiring the power and gas businesses in the U.S., oil, and their base metals divisions. All together approximately 100 people are employed in the combined companies or units. Details of the terms of the deal weren't disclosed.
With losses in the billions, UBS is looking for alternative ways to raise capital in these difficult circumstances. They've already written down about $49 billion and received intervention from the government.
Other deals they've made are the sales of the stake they had in the Bank of China, and separately their global agriculture business and Canadian energy operations to J.P. Morgan Chase.
Last year they also got out of some of the power and gas markets they served in Europe, while keeping those in North America, northwest Europe and Britain.
The company is keeping its exchange-traded commodities, precious metals and index commodities, as well as continuing to trade in refined oil products and crude oil.
Assuming specific conditions of the deal are met, it should close sometime at the end of the second quarter.
The move is understandable, but when commodities begin to return in the future, they'll be sorry at the extraordinary profits they forfeited.
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