NEW BUSINESS The Twin Cities' newest radio station, KHTC FM, 96.3 NOW, Edina, has launched. The station features today's Top 40 music from artists such as Beyoncé, the Black Eyed Peas, Katy Perry, Rihanna, Justin Timberlake, Jay-Z, Britney Spears, Kanye West and Lady Gaga, among others. The new 96.3 NOW can be heard on-air, online at www.963now.com and via a variety of mobile devices, including the iPhone.
DEBT AND EQUITIES UnitedHealth Group, Minnetonka, has commenced modified "Dutch auction" cash tender offers for up to $200 million aggregate principal amount of its short-term notes and $550 million aggregate principal amount of its intermediate-term notes. UnitedHealth Group believes this proposed debt repurchase will improve the matching of floating-rate assets and liabilities on its balance sheet and reduce its debt service cost, further strengthening the company's solid financial position.
Innovex Inc., Plymouth, signed a mandate letter with Standard Chartered Bank (SCB), based in Hong Kong, pursuant to which Innovex agreed to work with SCB on an exclusive basis for 90 days to allow SCB to assist the company in restructuring its capital structure. The letter states the interest of SCB in purchasing all of the company's outstanding bank debt, about $55 million, from Bank of Ayudhya Public Co. and TMB Bank Public Co. at a discount from the total value outstanding. Additionally, SCB has indicated its interest in injecting up to $10 million of additional working capital into Innovex to allow the company to take advantage of existing sales opportunities.
personnel Innovex Inc., Plymouth, has named Randy Acres president, chief executive officer and director. Acres previously was senior vice president and chief financial officer and will continue to serve as CFO.
