Key Developments: Layne Christensen Co (LAYN.OQ)

LAYN.OQ on NASDAQ Stock Exchange Global Select Market

7.41USD
26 Nov 2014
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Latest Key Developments (Source: Significant Developments)

Layne Christensen Co gives Q3 2015 guidance below analysts' estimates
Thursday, 23 Oct 2014 04:26pm EDT 

Layne Christensen Co:Expects Q3 2015 to report revenues of between $210 million and $215 million.Expects Q3 2015 net loss from continuing operations to range between $10.8 million and $11.8 million, or $0.55 to $0.60 per diluted share.Q3 2015 revenue of $217 million, net income of $(5.2) million and EPS of $(0.26) - Thomson Reuters I/B/E/S.  Full Article

Layne Christensen Co's Geoconstruction Division receives $132.5 million contract
Thursday, 28 Aug 2014 11:30am EDT 

Layne Christensen Co:Says its Geoconstruction division has receives $132.5 mln contract from Pittsburgh District, U.S. Army Corp of Engineers for East Branch Dam located in Elk County, Pennsylvania.Work on project is scheduled to commence later this year and should be completed by end of 2018.Project involves installing concrete cut-off wall within existing embankment and bedrock, foundation grouting services, permanent dam modifications and installation of sophisticated electronic devices to monitor dam safety.East Branch Dam controls water from East Branch Lake, which is upstream from many communities in Elk County area.Resiliency of dam is crucial to mitigating potential floods.Work to be performed by Geoconstruction division and Bencor, wholly-owned subsidiary of Layne, will mitigate seepage and erosion throughout dam's foundation.  Full Article

Layne Christensen Co appoints new CFO
Monday, 21 Jul 2014 06:20pm EDT 

Layne Christensen Co:Appoints Andrew Atchison as Interim Chief Financial Officer, effective Aug. 01, 2014.Atchison will succeed James R. Easter, who resigned from Layne effective Aug. 01, 2014 to pursue other interests.Layne and its Board of Directors will conduct search to identify permanent CFO.  Full Article

Layne Christensen announces leadership transition with appointment of David A.B. Brown as president and chief executive officer
Wednesday, 25 Jun 2014 04:30pm EDT 

Layne Christensen Co:Announced that the company's Board of Directors and Rene J. Robichaud have decided upon a transition in leadership.Accordingly, Robichaud has resigned as the COMPANY'S President and Chief Executive Officer, effective immediately.David A.B. Brown, Layne's non-executive Chairman of the Board, has been appointed to serve in the additional capacities of President and Chief Executive Officer, effective immediately.  Full Article

Layne Christensen Co announces new $135 mln credit facility
Tuesday, 15 Apr 2014 06:00pm EDT 

Layne Christensen Co:Signs new five-year $135 mln senior secured asset-backed revolving credit facility with PNC Bank National Association as Administrative Agent, Co-collateral Agent and Lender, Wells Fargo Bank N.A. as Co-collateral Agent and Lender.Jefferies Finance LLC as Lead Arranger, Book Running Manager, Syndication Agent and Lender.ABL Facility will bear interest at rate of LIBOR plus 2.75 - 3.25 pct, depending on average utilization, as determined quarterly.ABL Facility has accordion feature that could increase borrowing capacity to up to $200 mln.Layne will initially use funds to cash collateralize about $31 mln of outstanding letters of credit associated with prior bank agreement until such letters of credit can be transitioned to ABL Facility.Says also from time to time for working capital and general corporate purposes.In connection with closing of ABL Facility, Layne terminated prior $150 mln credit facility.  Full Article

Layne Christensen's heavy civil division announces $24 mln in new contracts
Thursday, 10 Apr 2014 09:15am EDT 

Layne Christensen Co:Heavy Civil division received two separate water infrastructure contracts.Contract value of about $24 mln.  Full Article

Layne Christensen's Water Resources division receives $6.9 mln contract
Thursday, 3 Apr 2014 09:00am EDT 

Layne Christensen Co:Says its Water Resources Division received contract from Broward County Department of Public Works in Fort Myers, Florida.To drill two injection wells and one dual-zone aquifer monitoring well for North Regional Wastewater Treatment Plant.Layne to provide site preparation, drilling, geophysical logging, cementing of casing, core and water sampling and analysis, temporary electrical service, landscape relocation, and post-project site restoration.  Full Article

Layne Christensen Co's geoconstruction division secures new contracts
Tuesday, 25 Mar 2014 04:05pm EDT 

Layne Christensen Co:Says that Bencor Corporation of America, a wholly-owned subsidiary of Layne which operates as part of the Geoconstruction division, has received three separate contracts with an aggregate value of about $50 mln.  Full Article

Layne Christensen Co's geoconstruction division secures $20.7 mln contract
Tuesday, 14 Jan 2014 08:00am EST 

Layne Christensen Co:Says that Costa Fortuna S.A., a wholly owned subsidiary of Layne, received a contract to perform specialized foundation construction work, including driving steel pipe for a pier and nautical support.Says in connection with the construction of a liquefied natural gas (LNG) terminal in Punto Sayago, Uruguay.Says work on the project is scheduled to commence in March 2014 and should be completed in about one year.Says the contract has an estimated value to Layne of about $20.7 mln.  Full Article

Layne Christensen Co Completes Placement of 4.25% Convertible Senior Notes Due 2018; Raises $110.0 Million In Gross Proceeds
Tuesday, 12 Nov 2013 10:15am EST 

Layne Christensen Company announced that the completion of its private placement of $110.0 million aggregate principal amount of 4.25% Convertible Senior Notes due 2018 (the "notes"). The notes were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), by the initial purchaser of the notes. The Company also granted the initial purchaser of the notes a 30-day option to purchase up to an additional $15.0 million aggregate principal amount of notes, solely to cover overallotments. The Company intends to use the net proceeds of this offering to repay the amounts outstanding under its revolving credit facility. To the extent the net proceeds of the offering exceed the amounts outstanding under the Company's revolving credit facility, the Company intends to use the excess for working capital and general corporate purposes. The notes will mature on November 15, 2018 and will bear interest at a rate of 4.25% per year, payable on May 15 and November 15 of each year, beginning May 15, 2014. The notes will be general senior, unsecured obligations of the Company.  Full Article

Layne Christensen to pay $5 million to resolve SEC bribery charges

- Layne Christensen Co, a water management and drilling company, agreed to pay nearly $5.13 million to resolve U.S. Securities and Exchange Commission charges that it bribed officials in several African countries to obtain business favors and reduce tax liabilities.

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