Altria Group
Altria signed a five-year revolving credit agreement to be able to borrow up to $3 billion from several lenders, including JPMorgan Chase Bank and Citibank. The credit lines are guaranteed by Altria’s Philip Morris USA subsidiary. The company said it will use the money for general corporate purposes. Altria will have to maintain certain debt-to-earnings ratios as part of the agreement.
Director Thomas Ferrell received 477 phantom stock units valued at $26.23. Ferrell is also CEO of Richmond-based electricity giant Dominion.
Apple REIT Eight
In the midst of battling class action lawsuits and increased scrutiny over their value, Apple REIT said it is cutting the dividend rate paid to Apple REIT Eight shareholders from 7 percent to 5 percent per share. The company said the decision to decrease the distribution was made because some of its hotels in certain markets have not ramped up as quickly as it projected. The cut will begin with the July 15 distribution payment. Apple REIT Eight owns 51 hotels. It has paid $274.5 million in distributions to shareholders since its inception.
Apple REIT Eight also said it has renegotiated two loans that had been placed with a special servicer after the company fell behind on payments. Payments have resumed in full on those loans. The REIT said it still has three loans in a similar situation and under discussions for a renegotiation of terms.
Apple REIT Six
Apple REIT Six shareholders will see their dividend rates increase from 7 percent per share to 7.2 percent, beginning July 15. Apple REIT Six owns 66 hotels. It has paid $486.6 million in shareholder distributions since it was formed.
Apple REIT Ten
Apple REIT Ten appointed David J. Adams to its board, effective July 5. Adams fills the vacancy left when director Ronald Rosenfeld resigned June 9. Adams, 48, was previously the head of InteliTap, a company that does business in the hospitality industry. He is a graduate of VMI and received master’s degrees from Troy State University and the Naval Postgraduate School. As compensation for his service, Adams will receive options for 5,500 Apple REIT Eight units, each made up of one common share and one preferred share. Each unit has an exercise price of $11.
CarMax
Principal Accounting Officer Natalie Wyatt exercised options for 4,334 shares for $67,156. She then sold 4,759 shares for $33.50 each or a total of $159,426.
Joseph Kunkel, a senior vice president, exercised options for 50,000 shares at $14.80 each or a total of $740,000. He then sold those shares for $1.66 million.
The company’s executives each received 1,510 shares at no cost. They also each received stock options for the future purchase of 3,621 shares with an exercise price of $33.11.
Eastern Virginia Bankshares
William Cox, a director, acquired 888 share for $3.26 each. He owns more than 9,600 shares of EVB stock.
William Cook, a director, acquired 500 shares at no cost.
Genworth Financial
The company awarded each of its directors 2,782 deferred stock units. They convert to regular shares of common stock upon each director’s termination of service to the board.
NewMarket Corp.
Each of the company’s directors was awarded annual stock grants of 117 shares at no cost.
Tredegar Corp.
Seven of Tredegar’s directors each acquired 463 shares for $18.35 apiece.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
Altria Group
Altria signed a five-year revolving credit agreement to be able to borrow up to $3 billion from several lenders, including JPMorgan Chase Bank and Citibank. The credit lines are guaranteed by Altria’s Philip Morris USA subsidiary. The company said it will use the money for general corporate purposes. Altria will have to maintain certain debt-to-earnings ratios as part of the agreement.
Director Thomas Ferrell received 477 phantom stock units valued at $26.23. Ferrell is also CEO of Richmond-based electricity giant Dominion.
Apple REIT Eight
In the midst of battling class action lawsuits and increased scrutiny over their value, Apple REIT said it is cutting the dividend rate paid to Apple REIT Eight shareholders from 7 percent to 5 percent per share. The company said the decision to decrease the distribution was made because some of its hotels in certain markets have not ramped up as quickly as it projected. The cut will begin with the July 15 distribution payment. Apple REIT Eight owns 51 hotels. It has paid $274.5 million in distributions to shareholders since its inception.
Apple REIT Eight also said it has renegotiated two loans that had been placed with a special servicer after the company fell behind on payments. Payments have resumed in full on those loans. The REIT said it still has three loans in a similar situation and under discussions for a renegotiation of terms.
Apple REIT Six
Apple REIT Six shareholders will see their dividend rates increase from 7 percent per share to 7.2 percent, beginning July 15. Apple REIT Six owns 66 hotels. It has paid $486.6 million in shareholder distributions since it was formed.
Apple REIT Ten
Apple REIT Ten appointed David J. Adams to its board, effective July 5. Adams fills the vacancy left when director Ronald Rosenfeld resigned June 9. Adams, 48, was previously the head of InteliTap, a company that does business in the hospitality industry. He is a graduate of VMI and received master’s degrees from Troy State University and the Naval Postgraduate School. As compensation for his service, Adams will receive options for 5,500 Apple REIT Eight units, each made up of one common share and one preferred share. Each unit has an exercise price of $11.
CarMax
Principal Accounting Officer Natalie Wyatt exercised options for 4,334 shares for $67,156. She then sold 4,759 shares for $33.50 each or a total of $159,426.
Joseph Kunkel, a senior vice president, exercised options for 50,000 shares at $14.80 each or a total of $740,000. He then sold those shares for $1.66 million.
The company’s executives each received 1,510 shares at no cost. They also each received stock options for the future purchase of 3,621 shares with an exercise price of $33.11.
Eastern Virginia Bankshares
William Cox, a director, acquired 888 share for $3.26 each. He owns more than 9,600 shares of EVB stock.
William Cook, a director, acquired 500 shares at no cost.
Genworth Financial
The company awarded each of its directors 2,782 deferred stock units. They convert to regular shares of common stock upon each director’s termination of service to the board.
NewMarket Corp.
Each of the company’s directors was awarded annual stock grants of 117 shares at no cost.
Tredegar Corp.
Seven of Tredegar’s directors each acquired 463 shares for $18.35 apiece.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].