Construction & Property

KBRA Releases Research – U.S. Residential Mortgage Sector Overview

Friday, May 14, 2021 - 12:14am

b'Kroll Bond Rating Agency (KBRA) releases research examining the dynamism of the U.S. residential mortgage sector.

Key Points: 
  • b'Kroll Bond Rating Agency (KBRA) releases research examining the dynamism of the U.S. residential mortgage sector.
  • The report summarizes the changing landscape of mortgage finance, noting the rise of nonbank mortgage companies, and reviews the various business activities connected to residential loan origination (or production) and servicing.
  • That said, KBRA recognizes that the sector\xe2\x80\x99s fortunes will remain closely tied to the path of interest rates, which are exceptionally challenging to predict.
  • In addition, despite the prospect for more balanced capital structures, with somewhat less reliance on short-term and mark-to-market debt, the U.S. residential mortgage sector will continue to be largely funded with market-sensitive secured debt.

American Campus Communities Announces Renewal of its $1.0 Billion Unsecured Revolving Credit Facility

Friday, May 14, 2021 - 12:13am

Borrowing rates float at a margin over LIBOR plus an annual facility fee with spreads reflecting current market terms, which are more favorable than those contained in the prior facility.

Key Points: 
  • Borrowing rates float at a margin over LIBOR plus an annual facility fee with spreads reflecting current market terms, which are more favorable than those contained in the prior facility.
  • Both the margin and the facility fee are priced on a grid that is tied to the company\xe2\x80\x99s credit rating.
  • As of March 31, 2021, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds.
  • These statements are based on management\xe2\x80\x99s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the \xe2\x80\x9cCompany\xe2\x80\x9d) operates, operational strategies, anticipated events and trends, the economy, and other future conditions.

Fluor Announces Pricing of Upsized Convertible Preferred Stock Offering

Friday, May 14, 2021 - 12:04am

b'Fluor Corporation (NYSE: FLR) (the \xe2\x80\x9cCompany\xe2\x80\x9d or \xe2\x80\x9cFluor\xe2\x80\x9d) announced today that it has priced its previously announced private placement of 525,000 shares of a newly created series of convertible preferred stock, to be designated as Series A 6.50% Cumulative Perpetual Convertible Preferred Stock (the \xe2\x80\x9cPreferred Stock\xe2\x80\x9d).

Key Points: 
  • b'Fluor Corporation (NYSE: FLR) (the \xe2\x80\x9cCompany\xe2\x80\x9d or \xe2\x80\x9cFluor\xe2\x80\x9d) announced today that it has priced its previously announced private placement of 525,000 shares of a newly created series of convertible preferred stock, to be designated as Series A 6.50% Cumulative Perpetual Convertible Preferred Stock (the \xe2\x80\x9cPreferred Stock\xe2\x80\x9d).
  • The Company has also increased the size of the offering to 525,000 shares from the previously announced 450,000 shares and has granted the initial purchasers of the Preferred Stock a 30-day option to purchase up to an additional 75,000 in shares of Preferred Stock.
  • The Company intends to use the net proceeds from this offering to redeem or repay outstanding indebtedness and for general corporate purposes.
  • The offering is expected to close on May 18, 2021, subject to customary closing conditions.\nThe Preferred Stock does not have a maturity date.

Trash Butler Accepted into Moderne Ventures Passport Program, Becoming Second Largest Industry Provider

Thursday, May 13, 2021 - 11:13pm

This move helps solidify Trash Butler as the next generation leader in Multi-Family doorstep recycling and trash services.

Key Points: 
  • This move helps solidify Trash Butler as the next generation leader in Multi-Family doorstep recycling and trash services.
  • Moderne Ventures will maintain a minority interest in Trash Butler and assist in its business development, innovations, and operational effectiveness.\nIn the past year, Trash Butler has more than doubled in size, and this Moderne Ventures partnership positions the company for expansion and larger market share.
  • Before the transaction, Trash Butler announced a national partnership with the largest multi-family management company in the world.\nFounded in 2012, Trash Butler serves nearly 50 Million units annually across 35 states.
  • The firm\'s executive board includes key industry players, including Dave Magrisso, who founded Valet Waste, pioneering the doorstep trash pickup industry for multi-family communities.\nABOUT TRASH BUTLER: Trash Butler is the 2nd largest doorstep trash and recycling company in the country, serving the Multi-Family Apartment industry, student housing, and condo communities.

nVent Announces Quarterly Cash Dividend

Thursday, May 13, 2021 - 10:41pm

b"nVent Electric plc (NYSE: NVT) announced today that it will pay a regular quarterly cash dividend of $0.175 per ordinary share on August 6, 2021, to shareholders of record at the close of business on July 23, 2021.\nnVent is a leading global provider of electrical connection and protection solutions.

Key Points: 
  • b"nVent Electric plc (NYSE: NVT) announced today that it will pay a regular quarterly cash dividend of $0.175 per ordinary share on August 6, 2021, to shareholders of record at the close of business on July 23, 2021.\nnVent is a leading global provider of electrical connection and protection solutions.
  • We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes.
  • Our principal office is in London and our management office in the United States is in Minneapolis.
  • nVent assumes no obligation, and disclaims any obligation, to update the information contained in this press release.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210513006066/en/\n"

Fisker and Foxconn Sign Framework Agreements for Project PEAR; Confirming Manufacturing to Start in U.S. From Q4 2023

Thursday, May 13, 2021 - 10:00pm

Manufacturing to commence first in the United States with several locations under consideration by Fisker and Foxconn.

Key Points: 
  • Manufacturing to commence first in the United States with several locations under consideration by Fisker and Foxconn.
  • Other global manufacturing sites under study for future production, supporting projected annual volumes of more than 250,000 units across multiple sites.
  • (Photo: Business Wire)\nUnder the agreements, Fisker and Foxconn will jointly invest into Project PEAR, with each company taking proceeds from the successful delivery of the program.
  • Following an extensive review of potential U.S. manufacturing sites, the two companies will expedite a manufacturing plan capable of supporting the projected Q4 2023 start of production.

Houston Needs More Than a Week for Infrastructure

Thursday, May 13, 2021 - 9:53pm

b'Each May, we celebrate National Infrastructure Week to advocate for better roads, bridges, rail, waterways, water supply, flood control, aviation, and of course, our Port.

Key Points: 
  • b'Each May, we celebrate National Infrastructure Week to advocate for better roads, bridges, rail, waterways, water supply, flood control, aviation, and of course, our Port.
  • Infrastructure needs more than a week of focus, however.
  • Partnering with the Army Corps of Engineers, a new path is being struck for widening and deepening the Houston Ship Channel.
  • And while we make investments in the local share of the ship channel, we are fortunate to receive INFRA and Port Infrastructure grants to augment the cash needs.

Office Properties Income Trust Prices $300 Million of 2.650% Senior Notes Due 2026

Thursday, May 13, 2021 - 9:50pm

b"Office Properties Income Trust (Nasdaq: OPI) today announced that it has priced an underwritten public offering of $300 million of 2.650% senior notes due 2026 (\xe2\x80\x9cNotes\xe2\x80\x9d).

Key Points: 
  • b"Office Properties Income Trust (Nasdaq: OPI) today announced that it has priced an underwritten public offering of $300 million of 2.650% senior notes due 2026 (\xe2\x80\x9cNotes\xe2\x80\x9d).
  • Actual results may differ materially from those contained in or implied by OPI\xe2\x80\x99s forward-looking statements as a result of various factors.
  • Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond OPI's control.
  • For example:\nThis press release states that the closing of the Notes offering is expected to occur on May 18, 2021.

Pennsylvania American Water Announces $17 Million Plan for Water Storage Upgrades in 2021

Thursday, May 13, 2021 - 9:32pm

b'Pennsylvania American Water today announced its 2021 plans to rehabilitate 11 of its water storage tanks and construct seven new structures.

Key Points: 
  • b'Pennsylvania American Water today announced its 2021 plans to rehabilitate 11 of its water storage tanks and construct seven new structures.
  • Pennsylvania American Water\xe2\x80\x99s tank rehabilitation program of inspecting, sandblasting, and repainting tanks extends their service lives and helps protect water quality.
  • The total cost of the company\xe2\x80\x99s water storage improvements this year is approximately $17 million.\n\xe2\x80\x9cStorage tanks are critical to meeting the supply demands of our customers and providing fire protection for our communities,\xe2\x80\x9d said Pennsylvania American Water President Mike Doran.
  • American Water provides safe, clean, affordable and reliable water services to our customers to help make sure we keep their lives flowing.

Pennsylvania American Water Signs Agreement to Purchase Foster Township West End Wastewater System

Thursday, May 13, 2021 - 9:45pm

b'Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), announced today that it has signed an agreement with Foster Township, Luzerne County, to purchase its West End wastewater collection system for $3.75 million.

Key Points: 
  • b'Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), announced today that it has signed an agreement with Foster Township, Luzerne County, to purchase its West End wastewater collection system for $3.75 million.
  • The agreement follows a recent vote by Foster Township\xe2\x80\x99s Board of Supervisors to accept Pennsylvania American Water\xe2\x80\x99s bid.\nUpon ownership, Pennsylvania American Water plans to invest approximately $1.28 million in upgrades to improve the system, including targeted improvements to address inflow and infiltration, new technology and control systems, and safety and security improvements at the system\xe2\x80\x99s four pump stations.\nAs part of the agreement, Pennsylvania American Water will adopt Foster Township\xe2\x80\x99s wastewater rates.
  • Pennsylvania American Water offers grants and discounted service to its low-income wastewater customers who qualify through its H2O Help to Others Program.\nPennsylvania American Water and Foster Township will seek approval of the acquisition from the Pennsylvania Public Utility Commission (PUC) and the Pennsylvania Department of Environmental Protection.
  • The transaction is expected to be complete by the end of 2021.\nPennsylvania American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.4 million people.