Penton Media is joining the growing list of over-leveraged trade magazine publishers trying to restructure their debt. In a memo to staffers this week, Penton CEO Sharon Rowlands said the company has hired global investment bankers Rothschild Inc. to assist with an evaluation of its current capital structure. A review, presumably, is an initial step before Penton looks to renegotiate its debt structure with its major lenders. A Penton spokesperson did not immediately return a request for comment. It’s no big surprise that Penton is reevaluating its capital structure. Wasserstein & Co. acquired the company in 2006 for $194.2 million, plus assumption and payment of debt, putting the total value of the deal at $530 million. One media M&A observer contacted by FOLIO: estimated that Penton’s debt today could be “close to $1 billion.” A growing number of trade publishers have restructured their debt in recent weeks, including Cygnus Business Media, Advanstar Communications and Questex Media.Here is Rowlands’ memo:EVALUATION OF CAPITAL STRUCTUREAnnouncement for All Employees From CEO Sharon RowlandsOctober 7, 2009 TO PENTON EMPLOYEES:I wanted to make you aware that we have engaged Rothschild Inc., a leading global investment banking firm, to help assist us with the evaluation of our capital structure.This is good news for Penton. You have heard me say time and again that Penton’s priority right now is making sure we are positioned with the best products, structure, and resources to address the changing needs of our audiences to be the true heart of our markets, the must-have source of information, and to be the leader as the economy turns. And undoubtedly over the past months, we have made some strong strides—from our move to a market facing structure, to our new editorial optimization initiative, to our sales project, to large advancements in our online product structure and offering, we are putting in the necessary due diligence now to maximize our opportunity in the months and years ahead.A key factor in Penton achieving our long-term vision is ensuring we have a capital structure in place to allow us the flexibility to fully implement our strategies. This announcement will potentially result in the company substantially reducing the debt it has to service, which will allow us to better manage today and secure our future. Our shareholders have made a significant investment in the company and are actively working with management to ensure that we have the resources and support necessary to drive our business and value today and in the years to come.A review of our capital structure does not in any way affect changes in strategy, priorities, or focus. So please continue with business as usual, and I will keep you updated on any advancements. This action has no effect on our employees, vendors, or customers.Regards,Sharon
• Geneva Motor Show 2019 71 Photos Volkswagen’s I.D. Buggy is the electric dune buggy of our dreams Tags Electric Cars Car Industry 2020 BMW M340i review: A dash of M makes everything better See All reading • Volkswagen will let other companies use its MEB electric-car platform Enlarge ImageVW says that MEB would be ideal for low-volume specialty vehicles. Volkswagen Volkswagen’s plan to offer a wide range of electric cars — one the company has affectionately called a rollout of “electric cars for millions, not millionaires” — is all based around its new MEB modular EV chassis. At the Geneva Motor Show, VW announced it’ll open things up and let other companies use MEB to make their own EVs, too.The decision serves two purposes for Volkswagen. First, by selling more MEB chassis kits, it can amortize the cost of developing the new battery-electric technology. Second, it furthers the automaker’s stated goal of encouraging electric mobility in the fight against emissions.”The MEB is to establish itself as the standard for e-mobility. Based on the MEB, we will make individual mobility CO2-neutral, safe, comfortable and accessible to as many people as possible,” Herbert Deiss, Volkswagen AG CEO, said in a statement.The first such partner is Aachen, Germany-based e.Go Mobile, which will use MEB to make a new electric car. Neither company has said what the vehicle will be, but Volkswagen says that MEB is flexible enough that it can be used for small-volume, unconventional vehicles. Perhaps the best example of that is the I.D. Buggy concept shown at Geneva: Like the original Meyers Manx, VW hints the I.D. Buggy’s body could easily be separated from its mechanical chassis. Best of all, VW may even build an electric buggy inspired by the concept.Volkswagen says it expects a “first wave” of 15 million vehicles to be built on the MEB platform. That’ll include the I.D. family models under the VW brand as well as potential models from other brands, like Seat, Skoda and Audi. Mar 8 • VW is still ‘100 percent’ investigating a pickup truck for the US Mar 7 • The Ferrari F8 Tributo is the last of the nonhybrid V8s 2020 Hyundai Palisade review: Posh enough to make Genesis jealous Volkswagen Share your voice More From Roadshow Geneva Motor Show 2019 Volkswagen 0 2020 Porsche 911 Carrera S Cabriolet first drive: The uber-roadster Mar 7 • New Peugeot 208 debuts i-Cockpit with 3D HUD Combo dashboard Post a comment Apr 17 • The 2020 Jaguar XE gets its first major visual refresh
Citation: Study unveils detailed properties of the eclipsing binary KOI-3890 (2019, May 13) retrieved 18 August 2019 from https://phys.org/news/2019-05-unveils-properties-eclipsing-binary-koi-.html © 2019 Science X Network Eclipsing binaries with red giants exhibiting solar-like oscillations are a rare find. When searching for new systems of this type, astronomers are especially interested in finding ones that showcase ellipsoidal variations in their light curve caused by large tidal distortions of the surface of the star during periastron. Due to these variations, such binaries were dubbed the “heartbeat” systems. Heartbeat systems with solar-like oscillations can be characterized in great detail using radial velocity data and by conducting astroseismologic studies. For instance, astroseismology enables determining the obliquity (the angle between the stellar rotation axis and the angle normal to the orbital plane) of these systems and stellar parameters of their oscillating red-giant primary components.KOI-3890 (aka KIC 8564976 and 2MASS J19350531+4438185) has been initially classified as a potential planet-hosting star. However, follow-up observations show that it is a heartbeat system—in particular, a highly eccentric 153-day-period eclipsing binary consisting of a red giant showing solar-like oscillations and an M-dwarf companion. A team of astronomers led by James Kuszlewicz of Max Planck Institute for Solar System Research in Germany decided to conduct a comprehensive study of KOI-3890 using various methods to reveal detailed properties of the system.”In this work, we aim to derive the properties of the components of an eclipsing binary system through the use of asteroseismology, eclipse fitting and radial velocity analysis. In addition, we aim to constrain the geometry of the system by inferring the inclination angle of the red giant primary to then obtain the obliquity of the system, which gives information as to whether the system is aligned,” the researchers wrote in the paper.The study found that red giant KOI-3890 A is almost six times larger than the sun (5.8 solar radii), but its mass is comparable to that of the sun (1.04 solar masses). The M-dwarf, named KOI-3890 B, was found to be approximately four times smaller and less massive than our sun (0.26 solar radii and 0.23 solar masses).Astroseismic studies of KOI-3890 allowed the team to calculate the system’s age. They found that the binary is about 9.1 billion years old. Moreover, astroseismic analysis revealed that the inclination angle of the rotation axis of KOI-3890 A is approximately 87.6 degrees. When it comes to the obliquity of the system, it was estimated to be at a level of approximately 4.2 degrees, which means that the plane of the orbit of KOI-3890 B is perpendicular to the stellar rotation axis of the primary star.In addition, the astronomers estimated that the orbital eccentricity of KOI-3890 is about 0.61 and that the stars are separated from each other by around 0.19 AU. They also drew some conclusions regarding further evolution of the system.”As the primary continues to evolve the M-dwarf may become embedded in the expanding envelope, leading to mass transfer between the stars in a common envelope phase. Additionally the strong drag forces on the secondary in such a configuration may lead to the ejection of the common envelope, and a significant decrease in the orbital period,” the researchers concluded. Astronomers discover an M-dwarf eclipsing binary system Explore further The power spectrum of KOI-3890 is shown in black alongside the fit to the background (excluding the Gaussian component describing the power excess) in red. Credit: Kuszlewicz et al., 2019. This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. More information: James S. Kuszlewicz. KOI-3890: A high mass-ratio asteroseismic red-giant+M-dwarf eclipsing binary undergoing heartbeat tidal interactions. arXiv:1905.00040 [astro-ph.SR]. arxiv.org/abs/1905.00040 By combining transit photometry, radial velocity observations, and asteroseismology, astronomers have gathered important information about the properties of a highly eccentric, eclipsing binary system known as KOI-3890. The new findings are presented in a paper published April 30 on arXiv.org.