Oaktree Agrees $400 Million Vedanta Resources Debt Investment
A unit ofVedanta Resources willissue $400 million in notes to an entity underOaktree Capital Group, as the mining conglomerate looks to meet liquidity needs.
The notes will be partly secured by shares in Mumbai-listed unitVedanta Ltd., according to separate exchange filings from Vedanta and the U.S. hedge fund.
The new deal with Oaktree comes after Vedanta Resources sold$1 billion of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year. That debt issuance was to fund a tender offer for securities due 2021.
The holding company, controlled by billionaire Anil Agarwal, aims tosimplify the group’s corporate structure and ease Vendata Resources’ access to cash after a failed attempt to delist Vedanta Ltd. in October.
IPO Lockup Expiration Alert: Akouos (AKUS)
The lockup period of Akouos Inc. (AKUS) expires tomorrow, i.e. on Dec. 23.
Boston, Massachusetts-based Akouos is a precision genetic medicine company developing adeno-associated virus, or AAV delivered gene therapies for various hearing loss conditions.
The company’s lead gene therapy candidate is AK-OTOF for the treatment of hearing loss due to mutations in the OTOF gene.
An IND application seeking FDA clearance to conduct a phase I/II clinical trial of AK-OTOF is expected to be submitted next year.
The company’s cash, cash equivalents and marketable securities were $320.1 million as of September 30, 2020.
Akouos made its debut on The Nasdaq Global Select Market on June 26, 2020, offering its shares at a price of $17 each and the 180 day lockup period expires tomorrow.
AKUS opened the first day of trading (i.e. June 26, 2020) at $22.26 and closed at $22.00 that day. The stock has thus far hit a low of $16.59 and a high of $30.67.
AKUS closed Monday’s trading at $19.54, up 5.51%.
Spain to Create a Register of People Who Refuse Covid-19 Vaccine
Spain will create a register of people who refuse to get a Covid-19 vaccine, part of European efforts to counter public resistance to the new shots.
While the register will be shared with other European partners, it won’t be made public, Health Minister Salvador Illa said in aninterview with La Sexta television on Monday. Taking the vaccine is voluntary in Spain and the data will be “treated with the utmost respect for data protection,” Illa said.
On Monday, Spain became the fourth European country torecord more than 50,000 coronavirus deaths. The country has been hit particularly hard by the virus, forcing the government to impose a state of emergency in March. When it emerged from a strict national lockdown three months later, management of the pandemic was placed in the hands of regional governments.
While Spain has ordered restrictions on movement and a curfew as cases increase again, the government hasn’t imposed a strict lockdown like those seen in the U.K. and France in recent weeks.
The number of people dying from the virus has been slowing since November, according to Fernando Simon, the head of Spain’s medical emergency response center. However, data gathered over the holiday period can have gaps in reporting, he said at a press conference on Monday.
MGM, Studio Behind James Bond Franchise, Mulls Sale
MGM Holdings, Inc., the parent of Metro-Goldwyn-Mayer Studios Inc. that is behind the “James Bond” franchise, is mulling a sale, the Wall Street Journal reported, citing people familiar with the matter.
The Beverly Hills-based media company, majority owned by New York hedge fund Anchorage Capital Group, has engaged investment banks Morgan Stanley and LionTree LLC to find a buyer, and has begun a formal sale process, the report added.
The company, which had emerged from Chapter 11 bankruptcy protection a decade ago, now has a market value of around $5.5 billion including debt.
With the current significant growth in streaming video services amid the coronavirus pandemic crisis, MGM’s investors expect its library of film and television content will be attractive to other companies to strike a deal.
MGM’s library includes around 4,000 movies. The studio also controls franchises such as Rocky and TV shows including “The Voice.”
MGM, which filed for Chapter 11 bankruptcy in November 2010, had sought a sale may times in the past.
Owing to the Covid-19 crisis, MGM recently postponed the 007 film “No Time to Die” until Easter weekend.
Gold, silver rise marginally
In the international market, gold was trading higher at USD 1,883 per ounce.
Gold prices rose marginally by ₹ 39 to ₹ 49,610 per 10 gram in the national capital on Tuesday, continuing the upside for the third consecutive day, in line with the rally in international prices of the precious metal, according to HDFC Securities.
In the previous trade, the yellow metal had closed at ₹ 49,571 per 10 gram.
Silver prices also gained marginally, rising by ₹ 36 to ₹ 68,156 per kilogram from ₹ 68,120 per kilogram in the previous trade.
"Spot gold price for 24 carat in Delhi was up ₹ 39, continuing the upside for the third day in line with recovery in COMEX gold prices, while stronger rupee has kept upside limited," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
The rupee added another 11 paise to trade at 73.38 against the US dollar in the opening session on Tuesday.
In the international market, gold was trading higher at USD 1,883 per ounce, while silver was quoting flat at USD 26.26 per ounce.
Navneet Damani, VP – Commodities Research at Motilal Oswal Financial Services, said, "Gold prices rose on Tuesday as the dollar eased."