Helen of Troy $HELE, resignations, and credit issuances

Updated: Aug 10

Bedrock AI Red Flags - Dirty Laundry


Welcome to our weekly reports featuring impactful and usual disclosures as extracted by Bedrock AI’s algorithms.

Filings from the week of July 5 - 9.

 

HELEN OF TROY LTD (HELE)


10-Q | Market cap: $5B

The company announced that costs for inbound freight from China have increased by several multiples due to one-way and/or empty container costs from the trade imbalance. The company purchases a high concentration of products from China. [1]


The company’s Macau subsidiary transitioned to onshore status and is not subject to income tax. [2]


At quarter-end, the company has incurred $9.2M of restructuring charges (of total estimated/accrued charges of $10.3M) towards their Project Refuel restructuring plan, with estimated completion during fiscal 2022. [3]

  1. “Due to the backlog and increasing trade imbalance with China, many shipping containers are not being sent back to China, or are being sent to China empty. With continued increases in demand for containers, limited supply and freight vendors bearing the cost of shipping empty containers, the market cost of inbound freight has increased by several multiples compared to calendar year 2020 averages.”... “We purchase a high concentration of our products from unaffiliated manufacturers located in China.”

  2. “Beginning in calendar year 2021, our Macau subsidiary transitioned to onshore status and is now subject to a statutory corporate income tax of 12%.”

  3. “During the three month period ended May 31, 2021, we made total cash restructuring payments of $0.1 million. Since implementing Project Refuel, we have made total cash restructuring payments of $9.2 million as of May 31, 2021.”... “We estimate the plan to be completed during fiscal 2022 and expect to incur total restructuring charges of approximately $10.3 million over the duration of the plan, of which $9.2 million have been incurred through the first quarter of fiscal 2022.”

 

Resignations


PFIZER INC (PFE) 2021-07-09 | 8-K | $222B

John D. Young, Group President, Chief Business Officer, has announced his decision to retire from Pfizer Inc. (the “Company”) in early 2022. He will be stepping down as an executive officer no later than December 31, 2021, after which he will remain as an employee of the Company in an advisory role for a period of time in 2022.


AIR PRODUCTS & CHEMICALS INC DE (APD) 2021-07-09 | 8-K | $64B

On July 9, 2021, Air Products and Chemicals, Inc. (the “Company”) announced that M. Scott Crocco, the Company’s Chief Financial Officer, informed the Company that he will retire effective September 30, 2021. Melissa Schaeffer will succeed Mr. Crocco as Senior Vice President and Chief Financial Officer of the Company commencing August 10, 2021.


PPG INDUSTRIES INC (PPG) 2021-07-09 | 8-K | $40B

On July 6, 2021, William E. Schaupp, Vice President and Controller and Chief Accounting Officer of PPG Industries, Inc. (the “Company”) submitted his resignation, effective July 31, 2021. Mr. Schaupp has accepted a senior level finance position at a Fortune 75 company which will be announced at a later date.


TEVA PHARMACEUTICAL INDUSTRIES LTD (TEVA) 2021-07-06 | 8-K | $33B

On July 2, 2021, Abbas Hussain informed Teva Pharmaceutical Industries Limited (“Teva”) that, in light of his new role and increased responsibilities as Chief Executive Officer of Vifor Pharma Group, he would resign from Teva’s Board of Directors, effective as of July 6, 2021.


UNITED AIRLINES HOLDINGS INC (UAL) 2021-07-09 | 8-K | Market Cap $16B

Sito Pantoja, who had occupied the IAM director position on the Board since March 2016, tendered his resignation from the Board on June 22, 2021.


New Credit, Notes, and Paper


SALESFORCECOM INC (CRM) 2021-07-12 | 8-K | $226B


On July 12, 2021, the company completed a their registered public offering of:


  • $1,000,000,000 aggregate principal amount of 0.625% Senior Notes due 2024

  • $1,000,000,000 aggregate principal amount of 1.500% Senior Notes due 2028

  • $1,500,000,000 aggregate principal amount of 1.950% Senior Notes due 2031

  • $1,250,000,000 aggregate principal amount of 2.700% Senior Notes due 2041

  • $2,000,000,000 aggregate principal amount of 2.900% Senior Notes due 2051

  • $1,250,000,000 aggregate principal amount of 3.050% Senior Notes due 2061


LEIDOS HOLDINGS INC (LDOS) 2021-07-12| 8-K | $15B


On July 12, 2021, the company established a commercial paper program pursuant to which it may borrow up to $750,000,000.


AVANTOR INC (AVTR) 2021-07-09 | 8-K | $21B


On July 7, 2021 a wholly-owned subsidiary of Avantor, Inc. obtained a $357.2 million tranche of senior secured U.S. dollar term loans (LIBOR + 2.00%/annum or alternate base rate plus 1.00%/annum) and a $1,169.1 million tranche of senior secured U.S. dollar term loans (LIBOR + 2.25%/annum or alternate base rate plus 1.25%/annum), each subject to a 0.05% LIBOR “floor”.


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