August 3, 2019 at 5:11 a.m.
Ardagh is refinancing most expensive bond
Business roundup
Ardagh is refinancing most expensive bond
Ardagh Group, parent of glass container manufacturing plants in Dunkirk and Winchester, moved this week to refinance its most expensive bond, The Irish Times reported.
The company plans to sell $1 billion of senior secured notes that will be due to mature in 2028 and another $800 million in notes that will be due in 2027. Proceeds from the sale will be used to redeem $1.65 billion in bonds that mature in 2024.
The move is expected to save millions in interest expenses.
Meanwhile, the company’s chairman has hired a potential successor. Paul Coulson, 67, has hired Shaun Murphy, former head of the accounting firm KPMG in Ireland, as “part of long-term succession planning.”
Murphy, 52, has been managing partner at KPMG Ireland for the past six years.
“I plan to stay with the business but, you know, like everyone, no one goes on forever,” Coulson told analysts. He continues to be group chairman and chief executive. “Succession planning is important,” he said.
Coulson owns 33 percent of Ardagh’s stock.
New approach
Walgreens is partnering with a private equity firm to invest in a specialty pharmacy company that works with hospitals and health systems, Forbes reported this week.
Walgreens and Welsh, Carson, Anderson & Stowe have agreed to invest an undisclosed amount in Shields Health Solutions.
“Shields currently partners with a network of more than 30 leading health systems nationwide to create on site, health system-owned specialty pharmacy programs, providing tightly integrated care management across more than 30 complex specialty disease states, including oncology, neurology, rheumatology and diabetes,” the companies said in a press release.
Forbes noted that specialty pharmacies are an increasingly important player in the U.S. health system “given the flood of expensive drugs on the market derived from biotechnology.”
New brew
Another regional brewery and taproom is expected to open in downtown Rockford, Ohio, by the end of the year.
The Daily Standard of Celina reported that Mercer County Commissioners approved a $49,000 revolving loan to Mercer County Brewing Co. doing business as Second Crossing at 142 N. Main St., Rockford.
The new operation will be the fourth small brewery in Mercer County. It joins Tailspin Brewing Company of Coldwater, Moeller Brew Barn of Maria Stein and Lake Rat Brewing of Celina.
The revolving loan is to be spent on equipment.
Under the agreement, the loan must be paid back in seven years at 3% interest, the Standard reported. The company vows to create two full-time equivalent jobs that will be made available to low- to moderate-income people.
The total project is estimated at $124,000, which would be financed by the $49,000 revolving loan, $24,000 in equity and $51,000 from a private lender.
Blender bash
A lawsuit has been filed in federal court in Dayton, Ohio, claiming that KitchenAid blenders produced in Greenville aren’t as powerful as the company says they are.
“The blenders are incapable for reaching Whirlpool’s horsepower representations for the blenders at any time during household use,” the lawsuit states. “Plaintiffs seek damages and equitable relief on behalf of themselves and all other similarly situated.”
Whirlpool, parent company of KitchenAid, disputed the allegations.
“We stand by all statements we have made regarding our KitchenAid Proline and High Performance blenders. These blenders were designed and tested to leading industry standards to deliver KitchenAid consumers the blending power they need when they need it. Whirlpool has a long history of taking care of its customers,” the company said in a prepared statement.
Dividend declared
The board of directors of NextEra Energy Inc., which operates Bluff Point Wind Energy Center in southern Jay County and northern Randolph County, this week declared a regular quarterly common stock dividend of $1.25 per share. The dividend is payable on Sept. 16, 2019, to shareholders of record on Aug. 29, 2019.
It’s official
Red Gold, which has a facility in Geneva, is partnering with the Indianapolis Colts to become the NFL team’s official ketchup.
The ketchup containers will feature a new Colts-oriented label.
“My dad first purchased our family’s season tickets 36 years ago when the Colts arrived in Indiana,” Brian Reichart, Red Gold president and CEO, said in a prepared statement. “Since then our family, including the Red Gold employees, always enjoys supporting the Colts. Our collaboration with the team to make Colts Ketchup is another great way to celebrate fan pride while gathering with family and friends.”
In addition to ketchup, Red Gold produces the mustard, BBQ sauce, relish and Huy Fong Sriracha ketchup sold at Lucas Oil Stadium.
Sales up
Yum! Brands, parent of Taco Bell, KFC and Pizza Hut, reported better-than-expected growth at all its restaurant chains this week.
The news sent its shares up 4%.
Taco Bell’s same-store sales grew 7%, KFC grew 6% and Pizza Hut grew for the first time in five quarters, posting a better-than-expected 2% increase in same-store sales.
“Second-quarter results maintained early year momentum and helped us to exceed our already high expectations for a strong first half of 2019,” chief executive officer Greg Creed said in a statement.
The company plans to sell $1 billion of senior secured notes that will be due to mature in 2028 and another $800 million in notes that will be due in 2027. Proceeds from the sale will be used to redeem $1.65 billion in bonds that mature in 2024.
The move is expected to save millions in interest expenses.
Meanwhile, the company’s chairman has hired a potential successor. Paul Coulson, 67, has hired Shaun Murphy, former head of the accounting firm KPMG in Ireland, as “part of long-term succession planning.”
Murphy, 52, has been managing partner at KPMG Ireland for the past six years.
“I plan to stay with the business but, you know, like everyone, no one goes on forever,” Coulson told analysts. He continues to be group chairman and chief executive. “Succession planning is important,” he said.
Coulson owns 33 percent of Ardagh’s stock.
New approach
Walgreens is partnering with a private equity firm to invest in a specialty pharmacy company that works with hospitals and health systems, Forbes reported this week.
Walgreens and Welsh, Carson, Anderson & Stowe have agreed to invest an undisclosed amount in Shields Health Solutions.
“Shields currently partners with a network of more than 30 leading health systems nationwide to create on site, health system-owned specialty pharmacy programs, providing tightly integrated care management across more than 30 complex specialty disease states, including oncology, neurology, rheumatology and diabetes,” the companies said in a press release.
Forbes noted that specialty pharmacies are an increasingly important player in the U.S. health system “given the flood of expensive drugs on the market derived from biotechnology.”
New brew
Another regional brewery and taproom is expected to open in downtown Rockford, Ohio, by the end of the year.
The Daily Standard of Celina reported that Mercer County Commissioners approved a $49,000 revolving loan to Mercer County Brewing Co. doing business as Second Crossing at 142 N. Main St., Rockford.
The new operation will be the fourth small brewery in Mercer County. It joins Tailspin Brewing Company of Coldwater, Moeller Brew Barn of Maria Stein and Lake Rat Brewing of Celina.
The revolving loan is to be spent on equipment.
Under the agreement, the loan must be paid back in seven years at 3% interest, the Standard reported. The company vows to create two full-time equivalent jobs that will be made available to low- to moderate-income people.
The total project is estimated at $124,000, which would be financed by the $49,000 revolving loan, $24,000 in equity and $51,000 from a private lender.
Blender bash
A lawsuit has been filed in federal court in Dayton, Ohio, claiming that KitchenAid blenders produced in Greenville aren’t as powerful as the company says they are.
“The blenders are incapable for reaching Whirlpool’s horsepower representations for the blenders at any time during household use,” the lawsuit states. “Plaintiffs seek damages and equitable relief on behalf of themselves and all other similarly situated.”
Whirlpool, parent company of KitchenAid, disputed the allegations.
“We stand by all statements we have made regarding our KitchenAid Proline and High Performance blenders. These blenders were designed and tested to leading industry standards to deliver KitchenAid consumers the blending power they need when they need it. Whirlpool has a long history of taking care of its customers,” the company said in a prepared statement.
Dividend declared
The board of directors of NextEra Energy Inc., which operates Bluff Point Wind Energy Center in southern Jay County and northern Randolph County, this week declared a regular quarterly common stock dividend of $1.25 per share. The dividend is payable on Sept. 16, 2019, to shareholders of record on Aug. 29, 2019.
It’s official
Red Gold, which has a facility in Geneva, is partnering with the Indianapolis Colts to become the NFL team’s official ketchup.
The ketchup containers will feature a new Colts-oriented label.
“My dad first purchased our family’s season tickets 36 years ago when the Colts arrived in Indiana,” Brian Reichart, Red Gold president and CEO, said in a prepared statement. “Since then our family, including the Red Gold employees, always enjoys supporting the Colts. Our collaboration with the team to make Colts Ketchup is another great way to celebrate fan pride while gathering with family and friends.”
In addition to ketchup, Red Gold produces the mustard, BBQ sauce, relish and Huy Fong Sriracha ketchup sold at Lucas Oil Stadium.
Sales up
Yum! Brands, parent of Taco Bell, KFC and Pizza Hut, reported better-than-expected growth at all its restaurant chains this week.
The news sent its shares up 4%.
Taco Bell’s same-store sales grew 7%, KFC grew 6% and Pizza Hut grew for the first time in five quarters, posting a better-than-expected 2% increase in same-store sales.
“Second-quarter results maintained early year momentum and helped us to exceed our already high expectations for a strong first half of 2019,” chief executive officer Greg Creed said in a statement.
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