VOC Energy Trust up in NYSE debut

VOC Energy Trust up in NYSE debut

Stock Market Predictions

NEW YORK (Global Markets) - Shares of VOC Energy Trust (VOC.N), which invests in oil and natural gas production in Kansas and Texas, rose in their debut on the New York Stock Exchange on Thursday after the initial public offering priced at the top of the proposed range.

Shares were at $22, or 4.8 percent above their IPO price in early trade on the New York Stock Exchange.

VOC Energy Trust raised $232.8 million in the IPO on Wednesday, selling 11.09 million trust units for $21 each. It had planned to sell the units for $19 to $21 each.

The trust was formed by VOC Sponsor, a privately held limited partnership. The Delaware statutory trust is expected to own a term net profit interest in the limited partnership's exposure to the oil and gas production in the two states, receiving 80 percent of the net proceeds.

Net proceeds will be used to repay debt, buy back some outstanding equity interests and pay cash distributions. The trust also plans to pay cash distributions to unitholders, expected to start on August 15.

Raymond James and Morgan Stanley led underwriters on the IPO.

(Reporting by Alina Selyukh, editing by Gerald E. McCormick)

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NYSE: strongly interested in listing in Shanghai's int'l board

NYSE: strongly interested in listing in Shanghai's int'l board

Stock Market Predictions

SHANGHAI (Global Markets) - The NYSE Euronext (NYX.N) is still strongly interested in listing on Shanghai's international board, which will allow foreign firms to issue shares in mainland China for the first time, its chairman said on Friday.

"We are strongly interested as an even stronger leading stock exchange. We feel we should be listed on the international board," he told Global Markets on the sidelines of a financial conference in Shanghai.

"It's up to the authorities to see if we are still the favorite candidate."

(Reporting by Samuel Shen and Kazunori Takada; Editing by Jacqueline Wong)

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New Mountain Finance Corp down nearly 6 percent in NYSE debut

New Mountain Finance Corp down nearly 6 percent in NYSE debut

Stock Market Predictions

BANGALORE/NEW YORK (Global Markets) - Shares of New Mountain Finance Corp (NMFC.N) fell in their debut on the New York Stock Exchange on Friday after its initial public offering raised less than expected.

Shares closed at $13, or 5.5 percent below the IPO price, on Friday on the New York Stock Exchange.

The closed-end investment company on Thursday raised about $100 million, selling 7.3 million shares for $13.75 each. It had planned to sell 8.3 million shares at $14 to $15 each, according to a regulatory filing.

New Mountain's stock had touched an intra-day low of $12.80, down 7 percent on Friday.

The business development company said its only business and sole asset will be owning common membership units of New Mountain Finance Holdings LLC, another business development company in turn managed by New Mountain Finance Advisers BDC LLC.

The company will use all of the proceeds from this offering as well as the proceeds from a concurrent private placement, to acquire common membership units from New Mountain Finance Holdings, LLC, which would then be used for new investments in portfolio companies.

As of March31, 2011, the company's portfolio had a fair value of about $460million in 45 companies, with software and healthcare services making up nearly half of the investments.

In a regulatory filing, New Mountain said it expected to primarily look at catering to U.S. middle market businesses, through both primary originations and open-market secondary purchases.

Goldman Sachs, Wells Fargo Securities and Morgan Stanley led underwriters on the IPO.

(Reporting by Alina Selyukh in New York and Brenton Cordeiro in Bangalore, editing by Gerald E. McCormick, Prem Udayabhanu)

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Buffett backs Bank of America, buying more stocks

Buffett backs Bank of America, buying more stocks

Stock Market Predictions

(Global Markets) - Warren Buffett said on Friday he is still eager to buy companies and stocks, even as his conglomerate Berkshire Hathaway launches its first-ever share buyback program.

Buffett, in a CNBC interview, said the repurchases will not stop the company from making acquisitions or spending on infrastructure for its portfolio of companies.

The "Oracle of Omaha" also reiterated his support for Bank of America Corp even as he acknowledged it will take the bank time to solve its problems.

Buffett said Berkshire bought a net $4 billion of common stock on the market in the third quarter as sharp declines presented opportunities to invest cheaply.

But it is the investment in its own shares that stunned the market. Berkshire announced the program Monday, saying it would pay up to 10 percent above book value for stock. Investors said the program meant Berkshire was probably undervalued by 30 percent or more.

Buffett said the paperwork to start the buybacks was completed on Thursday.

Berkshire Class A shares were down 0.9 percent at $108,202 in afternoon trade on Friday, in line with broader market declines, though the stock is still up sharply from the pre-buyback levels of late last week.

BACKING BofA

While Berkshire has said it could spend heavily on shares, Buffett said on Friday the company would still make acquisitions and would end up spending $7 billion this year on plant and equipment for its portfolio of companies.

As he has all year long, he said such investments were a bet on the economic strength of the United States. "It's very, very unlikely we'll go back into a recession," Buffett said.

That confidence was part of his reasoning for the deal with Bank of America, which gave him a lucrative dividend and a pile of unusually long-lasting warrants as well.

Bank of America is "a fabulous business, but it's got a lot of problems from the past," he said, acknowledging that CEO Brian Moynihan will need years to fix them.

Bank of America is cutting 30,000 jobs in the first phase of an expense reduction program called "New BAC," a play on the company's ticker symbol. The bank is also shedding assets to raise capital to meet new industry standards that begin to take effect in 2013.

Buffett was on the NYSE floor to help mark the 50th anniversary of his portfolio company, Business Wire, yet he is also in New York to host a fundraiser for President Barack Obama, who has adopted his plan for the rich to pay a higher rate of tax than they do now.

Buffett -- who said the White House had asked for permission to put his name on the plan -- estimated that about 50,000 people nationwide would pay more taxes under the proposal.

(Reporting by Ben Berkowitz in New York, additional reporting by Joe Rauch in Charlotte; editing by John Wallace, Ted Kerr and Matthew Lewis)

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