|Bid||9.36 x 800|
|Ask||9.43 x 2200|
|Day's Range||9.35 - 9.58|
|52 Week Range||8.60 - 12.18|
|Beta (3Y Monthly)||0.81|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.87 (9.20%)|
|1y Target Est||N/A|
Nisha Patel, portfolio manager with Eaton Vance, and Rachael Aiken, vice president and portfolio manager with Rockland Trust
(Bloomberg) -- Crossmark Holdings Inc., the sales and marketing company owned by Warburg Pincus LLC, completed a deal with creditors that cuts debt by 75% and hands the keys to lenders including affiliates of Eaton Vance Corp. and Invesco Ltd.The out-of-court debt exchange reduces leverage and was accepted by all of the company’s lenders, according to a statement. The biggest portion of the deal swapped $400 million of Crossmark’s first-lien term loan for $75 million of new debt and an initial 100% equity stake.Crossmark’s statement didn’t name the new owners, but people with knowledge of the matter said the group included Eaton Vance and Invesco. The people asked not to be identified discussing a private transaction.Creditors also exchanged $90 million of existing second-lien loans for warrants that would entitle holders to a 7.5% equity stake in the future.Additionally, Crossmark got a new $75 million credit facility to provide working capital and letters of credit to finance operations.Long TalksThe agreement emerged from months of negotiations between the company and a lender group that included Eaton Vance and Invesco, the people said.The role of the sales and marketing agent has evolved over the years and “the entire industry has become over-levered” as private equity firms took ownership, Chief Executive Officer Steve Schuckenbrock said in an interview. “The company was strapped with a highly levered balance sheet, which was a huge question mark for our clients and customers.”“It’s true for us and it’s true for our competitors,” Schuckenbrock said in the interview. The debt swap gives Crossmark the strongest balance sheet among its national peers, according to the statement.Representatives for Crossmark, based in Plano, Texas, and New York-based Warburg Pincus declined to comment on the deal itself. Eaton Vance and Invesco didn’t return messages seeking comment.Pitching ProductsCrossmark provides sales and marketing services for consumer brands, manufacturers and retailers. The company and its rivals, including Acosta Inc. and Advantage Solutions Inc., are the brands behind the brands on the shelves of retailers like Walmart, Target and Kroger. They make sure major retailers carry their clients’ products and display them well, and sometimes coordinate with the brands on product promotions.The sector has come under pressure as brands and retailers cut back on marketing expenses. Catalina Marketing Corp., historically known for its long ribbons of cash-register coupons, filed for bankruptcy in December to clean up its debt-plagued balance sheet; it’s shifting to focus on digital apps and consumer data.As retail margins shrink and rivals consolidate, Crossmark’s outlook has dimmed. Moody’s Investors Service downgraded the company’s credit rating in April to Ca from Caa3 after Crossmark missed an interest payment on its second-lien loan. The approximately half-billion dollars of debt on Crossmark’s balance sheet had been a heavy burden for a company of its size. That, combined with stagnant earnings had strained its liquidity, Moody’s said.Crossmark’s leaner balance sheet allows the company to focus on building out its data and analytic tools, Schuckenbrock said. “In today’s world with all the information that’s available, we standardized the process” to better understand clients needs, he said.The company is being advised by law firm Cleary Gottlieb Steen & Hamilton LLP, and investment bank Moelis & Co, the people said. Law firm Jones Day is representing the group of lenders.To contact the reporter on this story: Katherine Doherty in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Dawn McCartyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bond fund managers Kathleen Gaffney and Henry Peabody left Eaton Vance Corp at the end of June and have been replaced by existing members of the firm's fixed-income team, a spokeswoman told Reuters. Among other duties, the pair managed the $364 million Eaton Vance Multisector Income fund, whose 6.1% annualized return over the last 3 years puts it in the top 8th percentile among the 296 funds in its Morningstar category. Eaton Vance said the two left to pursue "other opportunities" and Gaffney and Peabody would not say why they left.
Eaton Vance fund co-manager Mark Hereford ignores the stock market's short-term zigs and zags while seeking stocks to invest in. He's in for the long game.
was rising more than 6% Tuesday to $39.60 after fiscal second-quarter earnings for the Boston-based hedge fund topped Wall Street estimates. "Strong market returns and continued net inflows combined to drive Eaton Vance's consolidated assets under management to record levels in the second quarter of fiscal 2019," said Thomas E. Faust Jr., Chairman and Chief Executive Officer. Eaton Vance shares have risen 12.6% year to date.
The Boston-based company said it had profit of 89 cents per share. The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings ...
BOSTON , May 1, 2019 /PRNewswire/ -- The following Eaton Vance closed-end funds (the "Funds") announced distributions today as detailed below. Declaration – 5/1/2019 Ex-Date – 5/10/2019 ...
BOSTON , April 30, 2019 /PRNewswire/ -- The Eaton Vance closed-end funds listed below released today the estimated sources of their April distributions (each a "Fund"). This press release is ...
Eaton Vance Corp said on Wednesday it plans to launch a new kind of exchange-traded fund (ETF) that would keep its investments secret, marking its second effort to thwart or at least profit from the trend away from higher-cost mutual funds. Most ETFs, which hold a basket of stocks, bonds or other investments, are required to disclose their holdings, discouraging "active" managers who want their trades to be private from offering such funds. Many ETFs track an index and have become a lower-cost alternative to funds that aim to beat the market.
The Eaton Vance Worldwide Health Sciences Fund (Trades, Portfolio), which provides advanced, customized solutions to forward-thinking investors, sold shares of the following stocks during the third quarter. Warning! GuruFocus has detected 4 Warning Signs with DLTR. The fund closed its Aetna Inc. (AET) holding.
Then, in early October, price broke below support and subsequently went into a well-defined downtrend of a series of lower highs and lower lows through the end of 2018. Shortly thereafter, EV managed to surpass initial $37.00 resistance as well as its 50-day moving average, again accompanied by large trading volume. In our view, the $37.00 level may now function as price support with initial resistance in the $40.00 to $42.00 range.