LOS ANGELES, March 7, 2018 /PRNewswire-HISPANIC PR WIRE/ — Cal/OSHA has cited Alhambra Foundry Co. Ltd. $283,390 for workplace safety and health violations following a confined space accident that resulted in the amputation of an employee’s legs. Cal/OSHA cited Alhambra Foundry for similar violations eight years ago.

On August 28, two workers at the foundry were cleaning and unjamming a 38-foot long auger screw conveyor at the bottom hopper of an industrial air filtration device without effectively de-energizing or locking out the equipment. One of the workers re-entered the 20-inch square opening after the cleaning was done to retrieve a work light from inside the confined space, when a maintenance worker 45 feet away energized the equipment to perform a test. The moving auger screw pulled the worker into the screw conveyor. Both his legs had to be amputated in order to free him.

“Sending a worker into a confined space is dangerous, especially inside machinery that can be powered on at any time,” said Cal/OSHA Chief Juliann Sum. “Employers must ensure that machinery and equipment are de-energized and locked out before workers enter the space to perform operations involving cleaning and servicing.”

Cal/OSHA’s investigation found that:

• The foundry did not have the permit-required confined space program.
• The screw conveyor was not de-energized and locked out before workers entered the hopper, and accident prevention signs were not placed on the controls.
• The worker re-entering the hopper was not monitored by a confined space attendant.
• Alhambra Foundry lacked specific procedures for de-energizing and locking out the equipment.

A confined space is defined as an area that is large enough and so configured that an employee can bodily enter and perform assigned work, has limited or restricted means of entry or exit, and is not designed for continuous employee occupancy.

Cal/OSHA issued eight citations to Alhambra Foundry Co. with proposed penalties totaling $283,390. The eight violations cited included one willful serious accident-related, one willful serious, four serious, one willful general and one general in nature. The citation for a willful serious accident-related violation was issued because Alhambra Foundry had been cited eight years prior for failing to take appropriate measures to protect workers performing cleaning and servicing operations. Cal/OSHA has extensive information on lock out / tag out requirements online.

A willful violation is issued where evidence shows that the employer committed an intentional and knowing (as contrasted with inadvertent) violation, and the employer was conscious of the fact that what he or she was doing constituted a violation, or was aware that a hazardous condition existed and made no reasonable effort to eliminate the hazard. A serious violation is cited when there is a realistic possibility that death or serious harm could result from the actual hazard created by the violation.

In 2012, Cal/OSHA launched a confined space emphasis program to raise awareness of confined space hazards and ensure employers follow proper safeguards.

The California Division of Occupational Safety and Health, or Cal/OSHA, is the division within the Department of Industrial Relations (DIR) that helps protect California’s workers from health and safety hazards on the job in almost every workplace. Cal/OSHA’s Consultation Services Branch provides free and voluntary assistance to employers to improve their safety and health programs. Employers should call (800) 963-9424 for assistance from Cal/OSHA Consultation Services.

Employees with work-related questions or complaints may contact DIR’s Call Center in English or Spanish at 844-LABOR-DIR (844-522-6734). Complaints can also be filed confidentially with Cal/OSHA district offices.

Members of the press may contact Lucas Brown or Peter Melton at (510) 286-1161, and are encouraged to subscribe to get email alerts on DIR’s press releases or other departmental updates.

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The California Department of Industrial Relations, established in 1927, protects and improves the health, safety, and economic well-being of over 18 million wage earners, and helps their employers comply with state labor laws. DIR is housed within the Labor & Workforce Development Agency. For general inquiries, contact DIR’s Call Center at 844-LABOR-DIR (844-522-6734) for help in locating the appropriate division or program in our department.

SOURCE Cal/OSHA

LOS ANGELES, March 15, 2018 /PRNewswire-HISPANIC PR WIRE/ — Live Nation Entertainment, Inc. (NYSE: LYV) (the “company”) today announced that it priced offerings of $500 million in aggregate principal amount of its 2.5% convertible senior notes due 2023 (the “Convertible Notes”) and $300 million in aggregate principal amount of its 5.625% senior notes due 2026 (the “Senior Notes”). The Convertible Notes and the Senior Notes were each priced at 100.000% of their principal amount. The company intends to use the net proceeds from these offerings to repurchase its existing 2.5% convertible senior notes due 2019 (the “existing convertible notes”) from time to time, to pay related fees and expenses and for general corporate purposes.

The Convertible Notes will have an initial conversion rate of 14.7005 shares of the company’s common stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $68.02 per share of the company’s common stock). The initial conversion price represents a premium of approximately 50% to the $45.35 per share closing price of the company’s common stock on The New York Stock Exchange on March 15, 2018.

In connection with the Convertible Notes offering, the company granted the initial purchasers a 30-day option to purchase an additional $50 million aggregate principal amount of such Convertible Notes to cover over-allotments, if any. The closing date of the Convertible Notes offering and the Senior Notes offerings will be March 20, 2018. The completion of the Convertible Notes offering is not contingent on the completion of the Senior Notes offering, and the completion of the Senior Notes offering is not contingent on the completion of the Convertible Notes offering.

The Convertible Notes will mature on March 15, 2023, unless repurchased or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding December 15, 2022, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods; thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, holders of the Convertible Notes will receive shares of the Company’s common stock, cash or a combination thereof, at the company’s election. Holders of the Convertible Notes will have the right to require the company to repurchase all or a portion of their Convertible Notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture for the Convertible Notes.

The Senior Notes will be guaranteed by certain of the company’s existing and future domestic subsidiaries and will be senior unsecured obligations of the company.

On March 15, 2018, the company agreed to repurchase approximately $200.7 million principal amount of the existing convertible notes from a limited number of holders in privately negotiated transactions.  Holders of the existing convertible notes may employ a convertible arbitrage strategy with respect to the existing convertible notes and have a short position with respect to the company’s common stock that they would close through purchases of the company’s common stock in connection with the company’s repurchase of their existing convertible notes.

Each of the Convertible Notes and Senior Notes will be offered through a private placement and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. As a result, the Convertible Notes, the Senior Notes and any common stock issuable upon conversion of the Convertible Notes may not be offered or sold in the United States or to any “U.S. persons” except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Convertible Notes and Senior Notes will be offered only to “qualified institutional buyers” under Rule 144A of the Securities Act and, in the case of the Senior Notes, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. This news release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes, any common stock issuable upon conversion of the Convertible Notes or the Senior Notes, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements
This news release contains forward-looking statements, including statements related to the offerings and the expected use of the net proceeds, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation, risks related to whether the company will consummate the offerings of the Convertible Notes and Senior Notes on the expected terms, or at all, market and other general economic conditions, and the fact that the company’s management will have discretion in the use of the proceeds from any sale of the Convertible Notes and Senior Notes. The company refers you to the documents it files with the Securities and Exchange Commission, specifically the section titled “Item 1A. Risk Factors” of its annual report on Form 10-K for the year ended December 31, 2017, which contains and identifies important factors that could cause actual results to differ materially from those contained in the company’s projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.

Information found on Live Nation Entertainment’s website is not incorporated by reference.

SOURCE Live Nation Entertainment

NEW YORK, March 15, 2018 /PRNewswire-HISPANIC PR WIRE/ — A group of COFINA constituents that includes Ambac, the COFINA Seniors Coalition, National Public Finance Guarantee Corporation and the Puerto Rico Funds, which collectively accounts for more than $6.5 billion of bonds issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”), released the following statement today regarding the January 2018 revenue report issued by the Government of Puerto Rico on March 8:

“As the citizens of Puerto Rico look to their government for leadership and transparency, we are concerned that the public’s continued receipt of inaccurate information about the island’s financial situation now extends to Sales & Use Tax (“SUT”) collections. This troubling pattern is adversely impacting every one of Puerto Rico’s residents and stakeholders by extending – rather than accelerating – the expensive restructuring process as well as critical post-hurricane recovery efforts intended to revitalize the island. The latest misrepresentations can be found in last week’s report on net revenues, which distorts SUT collection data.

The truth, which was omitted from last week’s report, is that post-hurricane SUT collections are strong and they continue to trend upward despite ongoing power outages and the full SUT exemptions that the government invoked for small businesses, mid-size enterprises and prepared foods between November 2017 and January 2018. The government’s report did not account for these exemptions, which reduced revenues by approximately $60 million. Adjusting for the government’s decision to reduce revenues, year-over-year SUT collections are down approximately 6% through March 2, 2018. This figure is far smaller than the misleading 11% decline reported by the government^[1], and it reinforces the fact that SUT collections remain robust even in the aftermath of recent devastating hurricanes.

In addition, Puerto Rico’s Treasury Department attributes lower SUT revenue flowing to the General Fund to the fact that the required buildup of cash within the COFINA structure concluded in February instead of in early January, as was the case in 2017. Last week’s report does not mention that the Government of Puerto Rico enacted Law 84, which altered the flow of funds to COFINA by redirecting 0.5% of the SUT to municipalities beginning in July 2017. Had this change not been made, COFINA would have been funded in January 2018.

Looking ahead, there is real cause for optimism based on data that indicate February 2018 SUT collections are in-line with February 2017 figures. COFINA, which is the most widely-held bond issuance among local savers and retirees, remains Puerto Rico’s most affordable vehicle to re-access the capital markets going forward. The structure has consistently provided financing at a lower cost than General Obligation debt. These are just a few of the reasons why we call on the administration to shift from obfuscating the facts and undermining COFINA to driving a transparent, pro-growth agenda for the future.” 

For a copy of Miller Buckfire & Company’s analysis of SUT collection data, please reach out to:  [email protected] and [email protected]  

[1] Press release titled “Puerto Rico Treasury Reports Net Revenues to the General Fund for January 2018” dated March 8, 2018.

SOURCE Group of COFINA Constituents

WASHINGTON, March 15, 2018 /PRNewswire-HISPANIC PR WIRE/ — The ESOP Association applauds Rep. Nydia Velazquez (D-NY) and Rep. Steve Chabot (R-OH) for their roles yesterday in introducing and supporting H.R. 5236, the Main Street Employee Ownership Act of 2018. The bill, which was introduced today and approved unanimously by the House Small Business Committee, seeks to redress longstanding inequities in how the Small Business Administration (SBA) administers its loans with respect to Employee Stock Ownership Plans (ESOPs).

“The SBA was authorized to loan to ESOPs in 1979,” said Rep. Velazquez. “Unfortunately, this tool has been rarely used, due to a lack of understanding of the business structure and cumbersome transition requirements.”

Rep. Chabot, the Committee Chair, bolstered H.R. 5236 by adding a chair’s amendment, and also urged other committee members to support the bill.

“H.R. 5236 provides important reforms to how the SBA treats employee owned businesses,” he said during the Committee meeting. “From updating reporting statistics to capturing accurate data, to codifying ownership transition plans, H.R. 5236 will provide clarity to small businesses that truly need it.”

The bill now moves to the full House for consideration.

Rep. Velazquez thanked Rep. Chabot for his support. She also pointed out that she had worked very closely with the office of Sen. Kirsten Gillibrand (D-NY) on supporting employee ownership.

“The support of Rep. Velazquez, Rep. Chabot, and Sen. Gillibrand underscores that ESOPs and employee ownership merit and continue to receive support that is bipartisan and bicameral,” said ESOP Association President J. Michael Keeling. “As Rep. Velazquez noted in her remarks, Baby Boomers own a vast number of businesses in this country, and as those owners prepare to retire, their companies may face uncertain futures. No businesses should shutter, and no employees should lose their jobs, when becoming employee owned is a perfectly sound, well researched, well regarded business option. This bill will make it easier for businesses to pursue that alternative, with help from the SBA.”

Video of the Committee meeting can be seen at: https://www.youtube.com/watch?time_continue=4003&v=shCCtzcI8LE

About the ESOP Association

The ESOP Association is America’s largest employer-sponsored advocacy and education association focused on employee stock ownership plans. Founded in 1978, the Association seeks to enhance federal laws governing ESOPs, provide members with expert information, and fund research via the Employee Ownership Foundation (an affiliate).

The ESOP Association is a national non-profit organization with 18 local Chapters. Its members include ESOP companies, companies considering an ESOP, and service providers that assist in setting up and maintaining ESOPs.

www.esopassociation.org

www.esopassociationblog.org

@ESOPAssociation

SOURCE The ESOP Association