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Credit Suisse First Boston News

20 Sep 2021

Crowley Names Messina VP Mergers & Acquisitions

Massimo Messina (Photo: Crowley)

Crowley Maritime Corporation announced it has appointed Massimo Messina as vice president, mergers and acquisitions (M&A).Based in Jacksonville, Fla., Messina will lead Crowley’s corporate expansion goals by identifying and assessing potential M&A candidates and execute transactions that align with the global enterprise’s future growth projection and endeavors across all business units.“Massimo has the vision and experience needed to source and obtain target opportunities to integrate into our business model and help keep Crowley on the cutting edge as a leader of our industry…

08 Nov 2001

Northrop Grumman, Newport News Shipbuilding Announce Definitive Merger Agreement

Northrop Grumman Corporation and Newport News Shipbuilding Inc. announced today that they have signed a definitive agreement under which Northrop Grumman will acquire Newport News Shipbuilding. The boards of directors of both companies approved the terms of the transaction in which Northrop Grumman will acquire all the outstanding shares of Newport News. $67.50, subject to certain limitations and proration procedures. Northrop Grumman expects to promptly amend its existing offer documents in order to reflect the merger agreement. Shipbuilding shareholders will have the same right to elect to receive cash or shares of Northrop Grumman stock as described above. Kent Kresa, Northrop Grumman chairman and chief executive officer.

20 Nov 2001

$6 Billion Cruise Deal

P&O Princess Cruises plc and Royal Caribbean Cruises Ltd. have agreed to merge their companies in a deal approaching $6 billion, a move that will effectively create the world's largest cruise vacation group. The merger, spurred by an already softening economy and the September 11 terrorist attacks that have left cruise companies, among other transportation operators, grappling to fill ships, involves two companies with an aggregate revenue of more than $5 billion in the 12 months preceding September 30, 2001. The new company, which will pose a serious threat to Carnival Corp. - to now the world's largest cruise shipping organization - will commandeer 41 ships and some 75,000 berths, with another 14 ships and 30,000 berths coming on line in the next three years.

17 Dec 2001

P&O Princess Rejects Carnival’s Offer

The Board of P&O Princess states that, at the end of last week, Carnival conveyed its interest in a possible transaction with P&O Princess. Carnival's proposal is subject to several pre-conditions including regulatory approval and financing. After consider Carnival's proposal and reviewed it with its financial and legal advisors. Based on this review, the board has concluded that the proposed dual listed company transaction with Royal Caribbean remains the most attractive alternative for P&O Princess shareholders. The board believes, and has been advised, that the Carnival proposal is not as favorable financially to P&O Princess shareholders and would face greater execution risk than the transaction with Royal Caribbean.

02 Apr 2002

Global Industries Prices Offering Stock at $9

Global Industries Ltd. priced an offering of 8.5 million shares of its common stock at $9 each. The offering of the shares will generate about $72.3 million in net proceeds that will be used to repay outstanding indebtedness under the company's term loan facility and for general corporate purposes and working capital, Global Industries said. The company said it also granted the underwriters an option to purchase up to an additional 850,000 shares to cover over-allotments. It expects the issuance and delivery of the shares to occur on March 27. The offering is being underwritten by Credit Suisse First Boston, Raymond James, Credit Lyonnais Securities (USA) Inc. and Hibernia Southcoast Capital.

27 Mar 2002

USMR Files Registration Statement For Initial Public Offering

United States Marine Repair, Inc. (USMR) announced that it filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock. The shares will be offered by an underwriting group led by Lehman Brothers Inc., Credit Suisse First Boston Corporation, Bear, Stearns & Co. Inc. and Credit Lyonnais Securities (USA) Inc.

16 May 2002

Tidewater’s O'Malley Officially Steps Down

Tidewater Inc. (NYSE:TDW) announced on March 28 that William C. O'Malley, the company's Chairman, President and CEO for most of the past eight years, has officially stepped down as Tidewater's CEO, handing over the reins of leadership to Dean E. Taylor. Taylor, 53, has served as President of Tidewater since October 2001 when O'Malley, 65, announced his impending retirement at the end of March 2002. Taylor's career with Tidewater started in 1978 where he served as an assistant manager in the company's Morgan City, La. office. With his Navy background and business savvy, Taylor gradually worked his way up through Tidewater's ranks to become an executive vice president in December of 2000.

25 Jul 2000

Chiles IPO Shelved Indefinitely

Chiles Offshore Inc. postponed indefinitely its initial public stock offering because of market conditions, lead underwriters Credit Suisse First Boston said. The Houston-based company expected to price 8 million shares between $17-$19 per share. Chiles Offshore was the second company to postpone its IPO on Monday because of uncertainty in the market, joining Taiwan-based Digital United Holdings Ltd.

16 Jun 2000

Seacor Smit Drilling Unit Chiles Offshore Files IPO

Chiles Offshore LLC, the 55-percent owned unit of offshore oil exploration company Seacor Smit Inc., has filed for an initial public offering of 8 million common shares in a range of $17-$19 each. Chiles owns and operates ultra-premium jack-up drilling rigs -- mobile offshore drilling platforms with legs that lower to the ocean floor to support the platform while drilling. Ultra-premium rigs differ from other drilling rigs because of their greater depth capabilities and more powerful mud pumps that speed up well drilling. According to papers filed with the Securities and Exchange Commission, the Houston-based firm has applied for an American Stock Exchange listing. A ticker symbol will be disclosed later.

16 Jan 2001

Northrop Grumman to Acquire Litton Industries for $5.1B

In a move which effectively creates a defense and marine naval construction giant, Northrop Grumman Corp. and Litton Industries jointly announced late last month that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Litton is a leading supplier of advanced electronics and information systems to the U.S. government and international customers and is the premier designer and builder of non-nuclear surface combatant ships for U.S. and foreign navies.

01 Jul 2002

Northrop Grumman To Acquire TRW for $60 per Share in Stock

Northrop Grumman Corporation and TRW Inc. jointly announced that they have entered into a definitive merger agreement. The combination will position Northrop Grumman as the nation's second largest defense contractor with projected annual revenues of more than $26 billion and approximately 123,000 employees. Following the separation of TRW's automotive business and completion of the sale of TRW's Aeronautical Systems business, Northrop Grumman will be a Fortune 100 company. Under the terms of the agreement, unanimously approved by the boards of directors of both companies, Northrop Grumman will acquire TRW for $60 per share in common stock in a transaction valued at approximately $7.8 billion, plus the assumption of TRW's net debt at the time of closing.

07 Nov 2005

Northrop Grumman Buys 9 Million Shares in Accelerated Share Repurchase

Northrop Grumman Corporation has entered into a $500 million accelerated share repurchase (ASR) agreement with Credit Suisse First Boston (CSFB). Under the agreement, the company repurchased 9,066,183 shares of Northrop Grumman common stock from CSFB at a price per share of $55.15. CSFB plans to purchase an equivalent number of shares in the open market, and Northrop Grumman may receive or be required to remit a price adjustment based upon the volume weighted average price of Northrop Grumman common shares purchased by CSFB. Today's repurchase is part of a $1.5 billion share repurchase program announced by Northrop Grumman on Oct. 25, 2005. The company expects to complete the remaining $1 billion of the share repurchase program over the next 12 to 18 months.

20 Sep 2002

Seabulk Completes Stock Issuance and Refinancing

Seabulk International, Inc. announced the completion of the issuance of 12.5 million shares of common stock at $8.00 per share to a group of investors led by entities associated with DLJ Merchant Banking Partners III, L.P., an affiliate of CSFB Private Equity, and Carlyle/Riverstone Global Energy and Power Fund I, L.P, an affiliate of The Carlyle Group of Washington, D.C. The stock issuance was previously approved by the company's shareholders at a Special Meeting held on September 5. The new investors also purchased approximately 5.1 million shares of outstanding Company common stock (including shares issuable upon the exercise of warrants) beneficially owned by accounts managed by Loomis, Sayles & Co., L.P.

04 Feb 2003

Transocean to Present at Conference

Gregory L. Cauthen, Transocean Inc. Senior V.P., CFO and Treasurer, will make a presentation at the Credit Suisse First Boston Energy Summit Conference in Vail, Colo. Cauthen is scheduled to present on Thursday, February 6, 2003. The live presentation and a replay will be publicly accessible through the company’s website at www.deepwater.com.

12 Nov 1999

Rolls-Royce Proposes $933 Million Offer for Vickers

In yet another case of giant-eating-giant consolidation, Rolls-Royce Plc has made a surprise $933 million agreed cash offer for Vickers Plc, in a move aimed at making Rolls-Royce the global leader in marine power systems. The acquisition would place a significant portion of marine propulsion products - including the Ulstein, Aquamaster, Kamewa, Rauma, Brown Brothers and Mitchell Bearings brands - in one company's control, affecting operators of all vessel types, from VLCCs to tugboats. Ironically, the move comes just as Vickers put the finishing touches on its own revived industrial empire, by acquiring several marine propulsion equipment suppliers in order to dominate a once fragmented piece of the international maritime market.

20 Aug 2001

Daewoo Expected to Rise Up From Debt Rescheduling

South Korea's Daewoo Shipbuilding & Marine Engineering is set to graduate this week from a creditors' debt rescheduling plan, a move that will shore up credit ratings for the world's second-largest shipbuilder. An early end to the plan was widely anticipated as the shipyard has shown a dramatic turnaround with a flood of new orders, creditors said on Monday. "The company's earnings performance has improved dramatically," said Yang Moon-suk, a spokesman for Korea Development Bank, the main creditor for the shipbuilder. "Working-level officials of creditors have already agreed that Daewoo Shipbuilding is now able to stand on its own and an announcement is due by Friday," he added.

04 Sep 2001

GLM, Santa Fe International Announce $6 Billion Merger

The course of corporate consolidation within the already tight offshore business took a dramatic turn over the holiday weekend, as Global Marine Inc. and Santa Fe International Corporation entered into a definitive agreement to merge in a stock-for-stock transaction that will create the world's second largest offshore drilling contractor. The new company, which will be named GlobalSantaFe Corporation, will be headquartered in Houston and will trade on the New York Stock Exchange under the ticker symbol "GSF". Based on Santa Fe's closing stock price on Friday, August 31, GlobalSantaFe would have a market value of approximately $6 billion.

29 Dec 1999

$160 Million Earmarked For New Ships

Nigeria Liquefied Natural Gas (LNG) said its transport subsidiary had secured a $160 million loan for two new ships from banks led by Credit Suisse First Boston. The company the loan would cover much of the cost of the ships -- being built by Korea's Hyundai Heavy Industries Co. Ltd.-- that will be needed to transport gas when a 50 percent expansion to the vast Bonny LNG plant is completed at the end of 2002.

20 Mar 2000

Carnival Ratings Cut

Deutsche Bank Alex Brown, Salomon Smith Barney and Credit Suisse First Boston have all cut their ratings for top cruise group Carnival Corp. Deutsche Bank Alex Brown and Credit Suisse First Boston downgraded the company to buy from strong buy while Salomon Smith Barney cut ratings to outperform from buy.The downgrades follow Carnival's announcement that second-quarter earnings look weak, in part due to higher fuel costs. First-quarter earnings were in line with Wall Street estimates.

05 May 2003

Northrop Grumman to Present at Conference

Northrop Grumman will present May 6 at the 2003 Aerospace & Defense Finance Conference sponsored by Credit Suisse First Boston/Aviation Week in New York City. The presentation by Ronald D. 3:15 p.m. EDT. share. percent range on estimated sales of $25 billion to $26 billion. $1.1 billion and $1.3 billion. capitalized software. with segment operating margin expected to continue in the mid-7 percent range. Cash from operations for 2004 is expected to total approximately $1.5 billion. The company expects solid double-digit earnings per share growth in 2004.

13 Oct 2005

ACL IPO Closes

American Commercial Lines Inc. (NASDAQ: ACLI) announced the closing of the initial public offering of 9,487,500 shares of its common stock at a price to the public of $21.00 per share. Of the shares sold in the offering, 7,500,000 shares were sold by ACL and 1,987,500 shares were sold by a selling stockholder. The shares sold by the selling stockholder included 1,237,500 shares purchased pursuant to an option granted by the selling stockholder to the underwriters, which was exercised in full. Based on the public offering price of $21.00 per share and after deducting underwriting discounts and commissions, the net proceeds to the Company were approximately $146.5 million, and the aggregate net proceeds to the selling stockholder were approximately $38.8 million.