First Trust Advisors L.P. Announces Portfolio Manager Update for First Trust Senior Floating Rate Income Fund II, First Trust Senior Floating Rate 2022 Target Term Fund and First Trust High Yield Opportunities 2027 Term Fund

First Trust Advisors L.P. Announces Portfolio Manager Update for First Trust Senior Floating Rate Income Fund II, First Trust Senior Floating Rate 2022 Target Term Fund and First Trust High Yield Opportunities 2027 Term Fund

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Advisors L.P. (“FTA”) announced today that its Leveraged Finance Investment Team, portfolio manager for the First Trust Senior Floating Rate Income Fund II (NYSE: FCT), First Trust Senior Floating Rate 2022 Target Term Fund (NYSE: FIV) and First Trust High Yield Opportunities 2027 Term Fund (NYSE: FTHY) (each a “Fund” or collectively, the “Funds”), will release an update on the market and the Funds for financial advisors and investors. The update will be available Wednesday, November 18, 2020, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Friday, December 18, 2020. To listen to the update, follow these instructions:

— Dial: (888) 203-1112; International (719) 457-0820; and Passcode # 6281160. The update will be available from Wednesday, November 18, 2020, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Friday, December 18, 2020.

FCT is a diversified, closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income. As a secondary objective, the Fund attempts to preserve capital. The Fund pursues these investment objectives by investing primarily in senior secured floating-rate corporate loans (“Senior Loans”). Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in lower grade debt instruments. “Managed Assets” means the total asset value of the Fund minus the sum of its liabilities, other than the principal amount of borrowings. There can be no assurance that the Fund’s investment objectives will be achieved.

FIV is a diversified, closed-end management investment company. The Fund’s investment objectives are to seek a high level of current income and to return $9.85 per common share of beneficial interest (“Common Share”) of the Fund (the original net asset value (“Original NAV”) per Common Share before deducting offering costs of $0.02 per Common Share) to the holders of Common Shares on or about February 1, 2022 (the “Termination Date”). The Fund, under normal market conditions, pursues its objectives by primarily investing at least 80% of its Managed Assets in a portfolio of Senior Loans of any maturity.

As a result of the sharp and sudden economic shock resulting from the unprecedented shut down of significant parts of the U.S. economy in March due to the COVID-19 pandemic, the value of the Fund’s assets experienced a significant decline. Consequently, the Fund was required to sell assets and pay down outstanding indebtedness in order to remain in compliance with applicable limitations on leverage imposed on the Fund by applicable law. While the market for the Fund’s assets has improved, sales of the Fund’s investments during the downturn had a negative impact on the Fund’s NAV. In addition, due to the Federal Open Market Committee lowering the Federal Funds target rate to 0%-.25% from 1.50% – 1.75% in March 2020, LIBOR rates declined significantly which reduced the income earning potential of the Fund and its ability to increase NAV through withholding Fund income. As a result, based on current market conditions and expectations, the Fund believes that it is unlikely to achieve its objective of returning $9.85 per Common Share upon its termination. The ultimate NAV of the Fund that will be returned to shareholders upon termination of the Fund will be dependent on a number of factors including, but not limited to, the severity of the economic contraction, the level of income earned in the portfolio, default losses experienced in the portfolio, trading losses in the portfolio and the use of leverage. As indicated above, the recent decline in interest rates, with 3-month LIBOR falling to 0.23% as of September 30, 2020 from 1.45% as of March 31, 2020, has reduced the income generated by the portfolio. Moreover, the portfolio management team anticipates actively reducing the Fund’s leverage and shifting the portfolio composition to shorter dated higher quality holdings as the Fund approaches its termination date. As a result of these actions, investors should anticipate periodic reductions in the Fund’s distribution per share going forward.

FTHY is a diversified, closed-end management investment company. The Fund’s investment objective is to provide current income. Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its managed assets in high yield debt securities of any maturity that are rated below investment grade at the time of purchase or unrated securities determined by First Trust Advisors L.P. (“FTA”) to be of comparable quality. High yield debt securities include U.S. and non-U.S. corporate debt obligations and Senior Loans. Securities rated below investment grade are commonly referred to as “junk” or “high yield” securities and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. There can be no assurance that the Fund will achieve its investment objective or that the Fund’s investment strategies will be successful.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $147 billion as of October 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Investment return and market value of an investment in the Funds will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Funds’ investment objectives will be achieved. The Funds may not be appropriate for all investors.

Principal Risk Factors: Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

The Funds are subject to various risks including: the Funds will typically invest in senior loans rated below investment grade, which are commonly referred to as “junk” or “high-yield” securities and considered speculative because of the credit risk of their issuers. Such issuers are more likely than investment grade issuers to default on their payments of interest and principal owed to the Funds, and such defaults could reduce the Funds’ NAV and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan’s value.

The Senior Loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Funds’ ability to reprice credit risk associated with a particular borrower and reduce the Funds’ ability to restructure a problematic loan and mitigate potential loss. As a result, the Funds’ exposure to losses on investments in Senior Loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions.

Many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate.

FIV’s and FTHY’s limited term may cause it to invest in lower-yielding securities or hold the proceeds of securities sold near the end of its term in cash or cash equivalents, which may adversely affect the performance of the Fund or the Fund’s ability to maintain its dividend.

Senior Loans are structured as floating rate instruments in which the interest rate payable on the obligation fluctuates with interest rate changes. As a result, the yield on Senior Loans will generally decline in a falling interest rate environment, causing the fund to experience a reduction in the income it receives from a Senior Loan. In addition, the market value of Senior Loans may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. Many Senior Loans have a minimum base rate, or floor (typically, a “LIBOR floor”), which will be used if the actual base rate is below the minimum base rate. To the extent the Funds invest in such Senior Loans, the Funds may not benefit from higher coupon payments during periods of increasing interest rates as it otherwise would from investments in Senior Loans without any floors until rates rise to levels above the LIBOR floors. As a result, the Funds may lose some of the benefits of incurring leverage. Specifically, if the Funds’ Borrowings have floating dividend or interest rates, their costs of leverage will increase as rates increase. In this situation, the Funds will experience increased financing costs without the benefit of receiving higher income. This in turn may result in the potential for a decrease in the level of income available for dividends or distributions to be made by the Funds.

A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans are typically secured by a second priority security interest or lien on specified collateral securing the Borrower’s obligation under the interest. Because second lien loans are second to first lien loans, they present a greater degree of investment risk. Specifically, these loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan may be insufficient to meet scheduled payments after giving effect to those loans with a higher priority. In addition, loans that have a lower than first lien priority on collateral of the Borrower generally have greater price volatility than those loans with a higher priority and may be less liquid.

Because the assets of FIV will be liquidated in connection with its termination, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, or at a time when a particular security is in default or bankruptcy, or otherwise in severe distress, which may cause the Fund to lose money. Although the Fund has an investment objective of returning Original NAV to Common Shareholders on or about the Termination Date, the Fund may not be successful in achieving this objective. The return of Original NAV is not an express or implied guarantee obligation of the Fund. There can be no assurance that the Fund will be able to return Original NAV to Common Shareholders, and such return is not backed or otherwise guaranteed by the Advisor or any other entity.

The debt securities in which the Funds may invest are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, and interest rate risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Funds’ portfolio will decline if the Funds invest the proceeds from matured, traded or called bonds at market interest rates that are below the Funds portfolio’s current earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Funds derive interest income will be reduced. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the Funds are spelled out in the prospectus, shareholder report and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Funds’ daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Jeff Margolin, (630) 915-6784

 

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo
Logo

WSFS Bank Promotes Four Associates to Senior Vice President Positions

WILMINGTON, Del., Nov. 16, 2020 (GLOBE NEWSWIRE) — WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), is pleased to announce the promotion of four Associates from business lines across the organization and its subsidiaries to Senior Vice President (SVP).

The following Associates have been promoted to Senior Vice President:

  • Alex
    Lyden-Horn – SVP, Director Personal Trust
  • Robert (Bob) Matsko – SVP, Commercial Real Estate Manager
  • Glen Outten – SVP, Commercial Relationship Manager
  • Christina
    Weible – SVP, Senior Credit Officer, Commercial Real Estate

“These senior leaders represent the future of our company and are seasoned professionals who live our mission and values every day,” said Michael L. Conklin, Executive Vice President and Chief Human Resources Officer. “WSFS has had significant growth the past few years thanks to the commitment and service of our Associates; we are equally invested in building our bench strength and developing our talent.”

Lyden-Horn serves as Senior Vice President, Trust Counsel and Director of Personal Trust for WSFS Bank and as President of Christiana Trust Company of Delaware, a subsidiary of WSFS Financial Corporation. Prior to joining Christiana Trust, he served as Trust Counsel for an independent Delaware trust company and as an associate at two suburban Philadelphia law firms, where his practice focused on estate and tax planning and estate and trust administration. Alex received his J.D. and LL.M. in taxation from the Temple University Beasley School of Law and his undergraduate degree from Yale University.

Matsko started with WSFS Bank in 2012 and serves as the Bank’s Commercial Real Estate Relationship Manager for Kent and Sussex counties, Del., and the Eastern Shore of Md. Prior to his current role, he was Vice President at Wilmington Trust/M&T, where he spent 16 years in the commercial real estate and commercial banking divisions. Matsko is active with the Colonial Rotary Club of Dover and a volunteer for Meals on Wheels. He received his bachelor’s from the University of Delaware and graduated with honors from the Stonier Graduate School of Banking.

Outten has worked in commercial banking for WSFS for nearly two decades in various roles; he started as a teller. An active member of the community, he leads WSFS’ annual volunteer efforts for the Special Olympics of Delaware and is a former co-chair of its annual United Way Campaign, former board member and treasurer for Delaware Center for Justice, former board member for Gateway Lab School, former board member for Kingswood Community Center and former committee member of Associated Builders and Contractors’ New Member Involvement Committee. He received his bachelor’s in economics from the University of Delaware and is a graduate of the 2014 Class of Leadership Delaware.

Weible has more than 30 years of experience in banking and financial services. She joined WSFS in 2017 as Vice President, Senior Credit Officer. Weible is a United Way advocate and committee member responsible for raising awareness and organizing fundraising initiatives and is a member of Women in Leadership. She is also involved in shopping for an annual Toy Drive benefitting select nonprofits such as Maternal Child & Health Consortium, Westside Community Center and Good Samaritan Services. She received her bachelor’s in Psychology/Business from Rowan University.

About WSFS Financial Corporation

WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the greater Philadelphia region. As of September 30, 2020, WSFS Financial Corporation had $13.8 billion in assets on its balance sheet and $23.1 billion in assets under management and administration. WSFS operates from 115 offices, 90 of which are banking offices, located in Pennsylvania (54), Delaware (43), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware, NewLane Finance, Powdermill Financial Solutions, West Capital Management, WSFS Institutional Services®, WSFS Mortgage, and WSFS Wealth Investments. Serving the greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

Media Contact: Kyle Babcock
215-864-1795
kbabcock@wsfsbank.com



First Trust Announces Shareholder Approval of First Trust Value Line® 100 Exchange-Traded Fund’s Reorganization into First Trust Value Line® Dividend Index Fund

First Trust Announces Shareholder Approval of First Trust Value Line® 100 Exchange-Traded Fund’s Reorganization into First Trust Value Line® Dividend Index Fund

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Advisors L.P. (“FTA”) announced today that shareholders of First Trust Value Line® 100 Exchange-Traded Fund (NYSE Arca: FVL), an index based exchange-traded fund (“ETF”), managed by FTA, have approved the reorganization of FVL into First Trust Value Line® Dividend Index Fund (NYSE Arca: FVD), an index based ETF managed by FTA, at a Special Meeting of Shareholders on November 16, 2020. As previously announced, the reorganization was approved by the Board of Trustees of FVL and FVD on January 30, 2020. Subject to the satisfaction of certain customary closing conditions, the reorganization of FVL into FVD is expected to close by the end of 2020. No assurance can be given as to the exact timing of the closing of the transaction.

Upon the completion of the reorganization, which is expected to be tax-free, the assets of FVL will be transferred to, and the liabilities of FVL will be assumed by, FVD. The shareholders of FVL will receive shares of FVD with a value equal to the aggregate net asset value of the shares of FVL held by them.

FVD is an index based ETF that seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Value Line® Dividend Index. FVD pursues this investment objective by investing at least 90% of its net assets in the common stocks and depositary receipts that comprise the index. The index seeks to measure the performance of certain ranked securities according to the Index Provider’s proprietary Value Line® SafetyTM Ranking System that are also still expected to provide above-average dividend yield.

FTA is a federally registered investment advisor and serves as the investment advisor of FVL and FVD. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $147 billion as of October 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Additional Information / Forward-Looking Statements

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of FVL or FVD. Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward- looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of FTA and the funds managed by FTA and its present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FTA, FVL and FVD undertake no responsibility to update publicly or revise any forward-looking statements.

An investor should carefully consider the investment objectives, risks, charges and expenses of FVL or FVD, as applicable, before investing. The prospectuses for FVL and FVD contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or writing FVL or FVD at 120 East Liberty Drive, Suite 400, Wheaton, IL 60187. The prospectus should be read carefully before investing.

Ryan Issakainen – (630) 765-8689

Jim Dykas – (630) 517-7665

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo
Logo

CDPQ increases its interest in CAE

Canada NewsWire

MONTREAL, Nov. 16, 2020 /CNW Telbec/ – Caisse de dépôt et placement du Québec (“CDPQ”) has announced a $150 million equity investment in CAE (NYSE: CAE) (TSX: CAE), a world leader in training and operational support in the civil aviation, defence and security and health care markets. With this transaction, CDPQ is supporting the Québec company’s expansion plans, including the acquisition of Flight Simulation Company B.V., which will allow CAE to grow its capacity to offer training services to customers in Europe, primarily airlines and cargo carriers. This transaction was done in conjuction with the company’s previously announced drive to raise $300 million in capital.

Despite the unprecedented situation created by COVID-19, the Québec company has proven the resilience of its business model over the last year. The investment announced today will allow CAE to finance potential future growth and acquisition opportunities.

“Our investment is rooted in a desire to support a resilient Québec business like CAE in its recovery and growth efforts. In a global context that is challenging for the aeronautics sector, CAE continues to demonstrate the capacity to innovate in various growth sectors of the economy and strengthen its competitive position with a view to fully resume activities,” declared Kim Thomassin, CDPQ’s Executive Vice-President and Head of Investments in Quebec and Stewardship Investing.

“The successful completion of the public offering and private placement will provide CAE with additional financial flexibility to pursue our strategic growth opportunities and capitalize on potential future acquisition opportunities, while maintaining a solid financial position,” said Marc Parent, CAE’s President and Chief Executive Officer. “We are pleased with the continued partnership with the Caisse de dépôt et placement du Québec and we are proud with the trust they have placed in CAE, a Quebec-based high-technology and training leader.”

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

ABOUT CAE
CAE is a high technology company, at the leading edge of digital immersion, providing solutions to make the world a safer place. Backed by a record of more than 70 years of industry firsts, we continue to reimagine the customer experience and revolutionize training and operational support solutions in civil aviation, defence and security, and healthcare. We are the partner of choice to customers worldwide who operate in complex, high-stakes and largely regulated environments, where successful outcomes are critical. Testament to our customers’ ongoing needs for our solutions, over 60 percent of CAE’s revenue is recurring in nature. We have the broadest global presence in our industry, with approximately 10,000 employees, 160 sites and training locations in over 35 countries. www.cae.com 

SOURCE Caisse de dépôt et placement du Québec

Harvard Bioscience to attend Benchmark’s 9th Annual Discovery One-on-One Conference

HOLLISTON, Mass., Nov. 16, 2020 (GLOBE NEWSWIRE) — Harvard Bioscience, Inc. (Nasdaq: HBIO), today announced that Jim Green, Chairman, President and CEO, and Michael Rossi, CFO will participate in The Benchmark Company’s 9th Annual Discovery One-on-One Conference. The virtual event will take place on Wednesday, November 18, 2020 with virtual investor meetings held throughout the day. 

To schedule a meeting with management, please contact your Benchmark Company representative or Vince Curatola at vcuratola@benchmarkcompany.com or nyc@clearthink.capital.

A copy of the materials to be presented at the conference will be available on the investor relations page of the Harvard Bioscience website on November 18, 2020 at 8:00 AM ET.


About Harvard Bioscience

Harvard Bioscience is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental research, discovery, and pre-clinical testing for drug development. Our customers range from renowned academic institutions and government laboratories, to the world’s leading pharmaceutical, biotechnology and clinical research organizations. With operations in North America, Europe, and China, we sell through a combination of direct and distribution channels to customers around the world.

For more information, please visit our website at www.harvardbioscience.com.

For investor inquiries, please contact Michael A. Rossi, Chief Financial Officer at (508) 893-8999.



U.S. Energy Corp. Announces a Full Exercise of the Over-Allotment Option and Closing of $3.45 million Underwritten Offering

HOUSTON, Nov. 16, 2020 (GLOBE NEWSWIRE) — U.S. Energy Corp. (Nasdaq: USEG) (the “Company”), today announced the full exercise of the over-allotment option granted to the underwriters with respect to 150,000 additional shares of common stock, and closing of the previously announced underwritten public offering of 1,000,000 shares, bringing the total gross proceeds from the offering to $3,450,000 million before deducting underwriting discounts and other offering expenses. The Company intends to use the net proceeds from this offering to fund potential future acquisitions of oil and gas properties, capital expenditures, working capital, and general corporate purposes.

Kingswood Capital Markets, division of Benchmark Investments, Inc., acted as sole bookrunner for the offering.

The shares of common stock were offered by the Company pursuant to a registration statement on Form S-1, as amended (File No. 333-249738) previously filed with the Securities and Exchange Commission (the “SEC”) on October 30, 2020 and declared effective by the SEC on November 12, 2020. The offering was made only by means of a prospectus, forming a part of the effective registration statement. A final prospectus relating to the shares of common stock being offered was filed with the SEC. The Company will also file a Form 8-K in connection with the underwriting agreement and the closing of the offering. Electronic copies of the final prospectus may be obtained on the SEC’s website at http://www.sec.gov or by Kingswood Capital Markets, Attention: Syndicate Department, 17 Battery Place, Suite 625, New York, NY 10004, by telephone at (212) 404-7002, or by email at syndicate@kingswoodcm.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About U.S. Energy Corp.

U.S. Energy is an independent energy company focused on the acquisition and development of oil and gas producing properties in the United States. Our business is currently focused on targeting mature, low decline assets with existing infrastructure, which we believe allows us to maximize our return on capital in a cost effective and sustainable manner. More information about U.S. Energy Corp. can be found at www.usnrg.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the SEC, including the registration statement and prospectus, not limited to Risk Factors relating to its business contained therein. Additional risks and uncertainties relate to completion of the offering on the anticipated terms, or at all, market conditions and the satisfaction of customary closing conditions related to the offering. Thus, actual results could be materially different. Particular uncertainties and risks include: our ability to satisfy the closing conditions of the offering; the closing of the offering; the use of proceeds of the offering and market and other conditions. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.



Corporate Contact:
U.S. Energy Corp. 
Ryan Smith
Chief Executive Officer
(303) 993-3200
www.usnrg.com

Veritiv Announces Proposed Secondary Offering of Common Stock

PR Newswire

ATLANTA, Nov. 16, 2020 /PRNewswire/ — Veritiv Corporation (NYSE: VRTV) (the “Company” or “Veritiv”) today announced an underwritten public offering of 1,400,000 shares of its common stock by UWW Holdings, LLC, one of its existing stockholders and the former parent company of Unisource Worldwide, Inc., subject to market conditions and other factors. Morgan Stanley & Co. LLC is acting as the sole underwriter of the offering. The Company is not selling any shares of common stock in the offering, and the Company will not receive any proceeds from the offering by the selling stockholder.

A registration statement (including prospectus) relating to these securities was filed with and declared effective by the Securities and Exchange Commission (the “SEC”). Information about the offering is available in the preliminary prospectus supplement filed by the Company with the SEC today. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

The offering of these securities is being made solely by means of a prospectus supplement and the accompanying prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Veritiv

Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta and a Fortune 500® company, is a leading North American business-to-business distributor of packaging, facility solutions, print and publishing products and services. Additionally, Veritiv provides logistics and supply chain management solutions. Serving customers in a wide range of industries, Veritiv has distribution centers throughout the U.S., Canada and Mexico, and team members around the world helping shape the success of its customers.

Safe Harbor Provision

Certain statements contained in this press release regarding the proposed offering are “forward-looking statements” subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words “believe,” “expect,” “anticipate,” “continue,” “intend,” “should,” “will,” “would,” “planned,” “estimated,” “potential,” “goal,” “outlook,” “may,” “predicts,” “could,” or the negative of such terms, or other comparable expressions have been used to identify such forward-looking statements. All forward-looking statements reflect only the Company’s current beliefs and assumptions and are based on information currently available to the Company. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause the actual results to differ materially from those expressed in, or implied by, these statements. Factors that could cause actual results to differ materially from current expectations include risks and other factors described under “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and elsewhere in the Company’s publicly available reports filed with the SEC, which contain a discussion of various factors that may affect the Company’s business or financial results. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or internet service providers.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/veritiv-announces-proposed-secondary-offering-of-common-stock-301174037.html

SOURCE Veritiv Corporation

First Trust Energy Infrastructure Fund Issues Notice Regarding November 2020 Distribution

First Trust Energy Infrastructure Fund Issues Notice Regarding November 2020 Distribution

WHEATON, Ill.–(BUSINESS WIRE)–
The Board of Trustees of First Trust Energy Infrastructure Fund (the “Fund”) (NYSE: FIF), CUSIP 33738C103, previously approved a managed distribution policy for the Fund (the “Managed Distribution Plan”) in reliance on exemptive relief received from the Securities and Exchange Commission which permits the Fund to make periodic distributions of long-term capital gains as frequently as monthly each tax year.

The Fund has declared a distribution payable on November 16, 2020, to shareholders of record as of November 3, 2020, with an ex-dividend date of November 2, 2020. This Notice is meant to provide you information about the sources of your Fund’s distributions. You should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or from the terms of its Managed Distribution Plan.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date for the Fund from the following sources: net investment income (“NII”); net realized short-term capital gains (“STCG”); net realized long-term capital gains (“LTCG”); and return of capital (“ROC”). These estimates are based upon information as of October 31, 2020, are calculated based on a generally accepted accounting principles (“GAAP”) basis and include the prior fiscal year-end undistributed net investment income. The amounts and sources of distributions are expressed per common share.

 

 

 

 

 

 

 

 

 

 

 

 

 

5 Yr. Avg.

 

 

 

 

 

 

 

 

 

 

 

 

Annualized

Current

Annual

Total

Fund

Fund

Fiscal

Total

Current

Current Distribution ($)

Current Distribution (%)

Dist. Rate as a

Return

Ticker

Cusip

Year End

Distribution

NII

STCG

LTCG

ROC (2)

NII

STCG

LTCG

ROC(2)

% of NAV(3)

on NAV(4)

FIF (5)

33738C103

11/30/2020

$0.06250

$0.01737

$0.04513

27.79%

72.21%

6.52%

-2.36%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

Cumulative

Cumulative

Fiscal

Fund

Fund

Fiscal

Cumulative

Fiscal YTD

Cumulative Distributions Fiscal YTD ($)

Cumulative Distributions Fiscal YTD (%)

Fiscal YTD

Distributions as

YTD Total

Return

Ticker

Cusip

Year End

Distributions(1)

NII

STCG

LTCG

ROC (2)

NII

STCG

LTCG

ROC(2)

a % of NAV(3)

on NAV(4)

FIF (5)

33738C103

11/30/2020

$0.98750

$0.27443

$0.71307

27.79%

72.21%

8.59%

-26.02%

(1) Includes the most recent monthly distribution paid on November 16, 2020.

(2) The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

(3) Based on Net Asset Value (“NAV”) as of October 31, 2020.

(4) Total Returns are through October 31, 2020.

(5) The Fund anticipates that, due to the tax treatment of cash distributions made by Master Limited Partnerships in which the Fund invests, a portion of distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of capital.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. You should not use this Notice as a substitute for your Form 1099-DIV.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $147 billion as of October 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Energy Income Partners, LLC (“EIP”) serves as the Fund’s investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of October 31, 2020, EIP managed or supervised approximately $3.7 billion in client assets.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: The Fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company.

Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

Because the Fund is concentrated in securities issued by energy infrastructure companies, it will be more susceptible to adverse economic or regulatory occurrences affecting that industry, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.

The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

There can be no assurance as to what portion of the distributions paid to the Fund’s Common Shareholders will consist of tax-advantaged qualified dividend income.

Many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

Forward-Looking Statements

Certain statements made in this press release that are not historical facts are referred to as “forward‑looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward‑looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward‑looking statements, which generally are not historical in nature. Forward‑looking statements are subject to certain risks and uncertainties that could cause actual results to differ from those anticipated in any forward-looking statements. You should not place undue reliance on forward‑looking statements, which speak only as of the date they are made. The Fund undertakes no responsibility to update publicly or revise any forward‑looking statements.

Inquiries: Don Swade (630) 765-8661

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo
Logo

Neovasc to Participate in Canaccord Genuity 2020 Virtual MedTech & Diagnostics Forum

VANCOUVER, Nov. 16, 2020 (GLOBE NEWSWIRE) — via NewMediaWireNeovasc, Inc. (NASDAQTSX: NVCN), today announced that company management will be participating in the Canaccord Genuity 2020 Virtual MedTech & Diagnostics Forum on Thursday, November 19, 2020.  Fred Colen, Neovasc’s President and Chief Executive Officer, will deliver a presentation at 11:00 am EST.  Mr. Colen will also be joined by Chief Financial Officer Chris Clark, and Chief Operating Officer Bill Little, for investor meetings throughout the day.

A link to the live webcast of the presentation will be available online from the investor relations section of the Neovasc website at https://www.neovasc.com/investors/

About Neovasc Inc.

Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. The Company is a leader in the development of minimally invasive transcatheter mitral valve replacement technologies, and minimally invasive devices for the treatment of refractory angina. Its products include the Neovasc Reducer™, for the treatment of refractory angina, which is not currently commercially available in the United States (2 U.S. patients have been treated under Compassionate Use) and has been commercially available in Europe since 2015, and Tiara™, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada, Israel and Europe. For more information, visit: www.neovasc.com.


Investors

Mike Cavanaugh

Westwicke/ICR

Phone: +1.646.877.9641

Mike.Cavanaugh@westwicke.com


Media

Sean Leous

Westwicke/ICR

Phone: +1.646.677.1839

Sean.Leous@icrinc.com

Forward-Looking Statement Disclaimer

Certain statements in this news release contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws that may not be based on historical fact.  When used herein, the words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend,” “believe”, and similar expressions, are intended to identify forward-looking statements.  Forward-looking statements may involve, but are not limited to, expectations as to the future growth of the Company, the expansion of its product range and the growing cardiovascular marketplace. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances.  Many factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the “Risk Factors” section of the Company’s Annual Report on Form 20-F and in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2019 (copies of which may be obtained at www.sedar.com or www.sec.gov).  These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



Root, Inc. Schedules Conference Call to Discuss 2020 Third Quarter Results

COLUMBUS, Ohio, Nov. 16, 2020 (GLOBE NEWSWIRE) — Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company, today announced it plans to host a conference call to discuss results for the 2020 third quarter on Tuesday, December 1, 2020, at 5:00 p.m. Eastern Time. The Company plans to release its third quarter 2020 results in the investor relations section of its website at inc.joinroot.com after the close of the financial markets on December 1, 2020.

Webcast and
Conference Call Details

Date: December 1, 2020  
Time: 5:00 p.m. Eastern Time  
Dial-in: (833) 665-0682 (US and Canada)  
  (929) 517-0176 (International)  
     
Conference ID: 4676216  
Webcast:
https://ir.


j


oinroot.com/news-events/events
   

A replay of the webcast will be made available for 30 days after the call on the Investor Relations page of the Company’s website at ir.joinroot.com.

About
Root, Inc.

Root, Inc. is the parent company of Root Insurance Company. Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Root’s modern, mobile-first customer experience is designed to make insurance simple.

Contact
s

Media:

Tom Kuhn
Director of Communications
press@joinroot.com

Investor Relations:

Joe Laroche
Director of Investor Relations
The Blueshirt Group, for Root Insurance Company
Chris Mammone
ir@joinroot.com