Kearny Financial Corp. Announces Authorization for Second Stock Repurchase Plan and Declares Quarterly Cash Dividend

FAIRFIELD, N.J., May 24, 2017 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ:KRNY) (the “Company”), the holding company for Kearny Bank, announced today that the Board of Directors has authorized a second stock repurchase plan to acquire up to 8,559,084 shares or 10% of the Company’s currently outstanding common stock.  In conjunction with the commencement of a second stock repurchase plan, the Company also announced the completion of its first 10% stock repurchase plan.  That plan, which was announced on May 20, 2016, authorized the repurchase of up to 9,352,809 shares. The Company ultimately repurchased 9,352,809 shares under that plan, at a total cost of $130.6 million and an average cost of $13.96 per share. 

Such repurchases will be made from time to time in the open market, through block trades, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Such repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.  Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

The second stock repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases.  The second stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

The Company also announced that at that same meeting its Board of Directors declared a quarterly cash dividend of $0.03 per share to stockholders of record as of June 7, 2017, payable on June 21, 2017.

Kearny Financial Corp. is the parent company of Kearny Bank, which operates from its administrative headquarters building in Fairfield, New Jersey, and 42 retail branch offices located throughout northern and central New Jersey and Brooklyn and Staten Island, New York.  At March 31, 2017, Kearny Financial Corp had approximately $4.8 billion in total assets.

Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by Kearny Financial Corp. with the Securities and Exchange Commission from time to time.  The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

For further information contact:
Craig L. Montanaro, President and Chief Executive Officer, or
Eric B. Heyer, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500

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Western Resources Corp. Provides Corporate Update

VANCOUVER, British Columbia, May 24, 2017 (GLOBE NEWSWIRE) — Western Resources Corp. (TSX:WRX) (FSE:WR0) (the “Company”) is pleased to provide an update following the completion of the Plan of Arrangement on March 31, 2017.

The Company has replaced its wholly-owned subsidiary, Western Potash Corp.’s listing status on the Toronto Stock Exchange and commenced trading under the symbol WRX effective April 5, 2017. The Company’s shares also began trading on the Frankfurt Stock Exchange effective April 7, 2017 under the symbol WR0.

The Company continues to be dedicated to moving forward the 146,000 tonne per year Milestone phase-one Potash Project in Regina, Saskatchewan. The project team held a very successful Community Open House on April 11, 2017 in the town of Kronau, which is located near the plant site. Engineering firm AMEC Foster Wheeler provided in-depth information on the plans for the processing facilities, and the Saskatchewan Mining Association (SMA) provided a hands-on solution mining demonstration. The event was well attended with about 80 visitors from the region, as well as representatives from the Provincial government and the local business community.

The Company has also engaged independent financing experts to help secure strategic partner(s)/investor(s) who will provide sufficient funds for the construction and operation of the Milestone phase one project. The Milestone project team, and the engaged financing experts, have confidence in reaching the proposed strategic partnership.

The Company’s Board of Directors has approved an investment proposal on low-rise multi-family development projects with Formwerks Boutique Properties. Formwerks is an award-winning firm with a portfolio of over 600 custom single-family homes and townhouses in the Greater Vancouver area. Known for its strong reputation on architectural design and land development, Formwerks has become a brand of quality and assurance in the Greater Vancouver real estate market.

Western Resources’ Chairman James Moore noted, “I’m pleased to see that the Milestone Phase One Potash Project continues to make progress and is moving forward. In the meantime, I am excited that the Company has started the process of expanding an investment portfolio into other areas following the recent corporate restructuring. This new move will facilitate the Company’s ability to implement alternative value enhancing opportunities. The decision to partner with Formwerks is a good start in diversifying the Company’s assets. It will allow the Company’s cash to earn better returns and help improve the company’s asset structure. This investment will start to generate cash flows to the Company, and therefore increase our shareholder value.”

Shareholders are invited to visit the Company website at www.westernresources.com for more information on the Company.

ON BEHALF OF THE BOARD OF DIRECTORS
“James Moore”

James Moore
Chairman

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “expected”, “intend”, “may”, “will”, “project”, “plan”, “should”, “believe” and similar expressions (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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Post Holdings Announces Early Results of the Previously Announced Cash Tender Offers and Increase in Size of New Incremental Term Loan Facility

ST. LOUIS, May 24, 2017 (GLOBE NEWSWIRE) — Post Holdings, Inc. (NYSE:POST) (the “Company” or “Post”) today announced the early results as of 5:00 p.m. New York City time on May 23, 2017 (the “Extended Early Tender Deadline”) for its previously announced cash tender offer (the “2025 Notes Tender Offer”) for any and all of its 8.00% senior notes due 2025 (the “2025 Notes”), having an aggregate outstanding principal amount of $400.0 million. On May 22, 2017 the Company announced an extension of the deadline for holders of 2025 Notes to validly tender and not validly withdraw their 2025 Notes to receive a related consent payment to the Extended Early Tender Deadline.  

The Company has accepted for purchase $262,422,000 (or approximately 65.6%) of the 2025 Notes and $650,979,000 (or approximately 81.4%) of its 7.75% senior notes due 2024 (the “2024 Notes”) pursuant to the previously announced cash tender offer for any and all of its 2024 Notes (the “2024 Notes Tender Offer”, and together with the 2025 Notes Tender Offer, the “Tender Offers”), having an aggregate principal amount of $800.0 million. The results of the early Tender Offers were announced on May 22, 2017 with no additional 2025 Notes tendered between then and the Extended Early Tender Deadline. 

The Company also announced today that it increased the size of its previously announced new incremental term loan facility under its existing credit facility from $2.0 billion to $2.2 billion. The Company funded the payment of the tendered and accepted 2024 Notes and 2025 Notes with the net proceeds from the new incremental term loan facility, which the Company partially funded today in the amount of $1.2 billion. As previously announced, the Company intends to use the remaining net term loan proceeds, along with cash on hand, for the Company’s previously announced acquisition of Weetabix Limited.

Holders of 2024 Notes and 2025 Notes may still tender their 2024 Notes and 2025 Notes pursuant to the Offer to Purchase and Consent Solicitation dated May 8, 2017 (the “Offer to Purchase”) until midnight, New York City time, at the end of June 5, 2017, unless the Tender Offers are extended or earlier terminated by the Company (such time and date, as they may be extended or earlier terminated, the “Expiration Time”). The final settlement date for 2024 Notes tendered after May 19, 2017 and 2025 Notes tendered after May 23, 2017 but prior to the Expiration Time is currently expected to occur on June 6, 2017. Holders that validly tender their 2024 Notes after May 19, 2017 or 2025 Notes after May 23, 2017 but prior to the Expiration Time will not be entitled to receive the previously announced consent payment of $30.00 per $1,000 principal amount of 2024 Notes or 2025 Notes.

Credit Suisse is acting as the sole dealer manager for the Tender Offers. The information agent and tender agent is Global Bondholder Services Corporation. Copies of the Offer to Purchase, Letter of Transmittal and Consent and related tender offering and consent solicitation materials are available by contacting the information agent at (212) 430-3774 (banks and brokers) and at (866) 470-4500 (all others). Questions regarding the Tender Offers should be directed to Credit Suisse at (800) 820-1653.

The Company issued a notice of redemption on May 22, 2017 to redeem the remaining outstanding 2024 Notes pursuant to the redemption and satisfaction and discharge provisions of the indenture governing the 2024 Notes, as supplemented (the “Indenture”), at a redemption price pursuant to the terms of the Indenture, plus accrued and unpaid interest, if any, to the redemption date of June 7, 2017. At this time, the Company does not contemplate a redemption of any 2025 Notes that are not validly tendered in the 2025 Notes Tender Offer.

None of the Company, the dealer manager, the information agent and tender agent, or the trustee for the 2024 Notes and 2025 Notes, or any of their respective affiliates, is making any recommendation as to whether holders should tender any 2024 Notes or 2025 Notes in response to the Tender Offers. Holders must make their own decision as to whether to tender any of their 2024 Notes or 2025 Notes and, if so, the principal amount of 2024 Notes or 2025 Notes to tender. This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Tender Offers are being made solely by means of the Offer to Purchase. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Company by the dealer manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction.

Cautionary Statement on Forward-Looking Language

Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, are made throughout this release. These forward-looking statements are sometimes identified by the use of terms and phrases such as “believe,” “should,” “would,” “expect,” “project,” “estimate,” “anticipate,” “intend,” “plan,” “will,” “can,” “may,” or similar expressions elsewhere in this release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, unanticipated developments that prevent, delay or negatively impact the Tender Offers and Consent Solicitations, the new incremental term loan and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s cautionary statements contained in its filings with the Securities and Exchange Commission. These forward-looking statements represent the Company’s judgment as of the date of this press release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. There can be no assurance that the proposed transactions will be completed as anticipated or at all.

Contact:
Investor Relations
Brad Harper
brad.harper@postholdings.com
(314) 644-7626

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