Late Tuesday, Saks Inc. (NYSE: SKS) announced plans to offer up to $100 million in common stock. In a filing with the Securities and Exchange Commission (SEC), the upscale retailer said it will use proceeds from the offering to pay down its debt, and for general corporate purposes. Saks has approximately 138.3 million shares of common stock outstanding as of Sept. 28, and its long-term debt and lease obligations amounted to $662.9 million as of Aug. 1.

Saks has endured a rough year, thanks to a dramatic slowdown in consumer spending amid the recession. The high-end chain has swallowed quarterly losses in each of the previous four reporting periods, and analysts are expecting a loss of 14 cents per share for the current quarter.

Continue reading Cash-strapped Saks Inc. launches secondary offering

Cash-strapped Saks Inc. launches secondary offering originally appeared on BloggingStocks on Wed, 30 Sep 2009 12:20:00 EST. Please see our terms for use of feeds.

The shares of E*Trade Financial Corp. (NASDAQ: ETFC) took a dive this morning after the online brokerage house announced plans to boost its balance sheet. The company will sell $400 million in common stock, and launch a debt exchange worth more than $1 billion. In a statement, E*Trade said its capital-raising initiatives "will significantly reduce the company's debt service burden."

Back in April, the cash-strapped brokerage was instructed by the Office of Thrift Supervision to quickly raise new capital and reduce its leverage. Today's newly announced share offering and debt swap are expected to bring in at least $1.2 billion, although the transactions are expected to dilute the investments of current ETFC shareholders by about 40%.

Continue reading E*Trade Financial plummets on capital-raising plans

E*Trade Financial plummets on capital-raising plans originally appeared on BloggingStocks on Wed, 17 Jun 2009 13:30:00 EST. Please see our terms for use of feeds.

Continue reading Boston Properties (BXP) drops on share offering

Boston Properties (BXP) drops on share offering originally appeared on BloggingStocks on Fri, 05 Jun 2009 14:30:00 EST. Please see our terms for use of feeds.

Regions Financial Corporation (NYSE: RF) started today's trading with a resounding thud after announcing a $1.25 billion stock offering. The regional banking issue said it will offer $1 billion in common shares and $250 million in new convertible preferred shares. The proceeds will address roughly half of the $2.5 billion in capital Regions was instructed to raise by the U.S. Treasury Department following its stress test results.

Despite a negative start to the session, RF has since ticked fractionally higher. The security has shed more than 34% of its value in 2009, and it's currently struggling under the weight of resistance from its 32-week moving average. Since 2007, RF has managed to notch just one weekly close above this steadily descending trendline.

Continue reading Put volume spikes as Regions Financial rushes to raise capital

Put volume spikes as Regions Financial rushes to raise capital originally appeared on BloggingStocks on Wed, 20 May 2009 11:00:00 EST. Please see our terms for use of feeds.