Extinguishing debt; seniors for solar; amending clinical trial.
Hudson City Bancorp Inc., in Paramus, announced Friday that it has extinguished $4.3 billion of structured borrowings, funded by the company’s existing cash position. This action will result in an after-tax charge of approximately $440.7 million or $0.89 per share in the fourth quarter of 2011, and offset the net income otherwise expected for the quarter and, as a result, the company expects to report a net loss for the fourth quarter of 2011.
Cover-All Technologies Inc., in Fairfield, announced Friday that its board of directors has authorized a share buyback of up to one million shares of the company’s common stock, par value $0.01 per share, or approximately 4 percent of the outstanding common stock.
Community Investment Strategies Inc., based in Lawrenceville, has adopted solar-powered energy at three of its apartment complexes: Rosegate, Heritage Village at Elizabeth and Heritage Village at Manalapan. All three senior communities have been retrofitted with photovoltaic solar panels to collect energy for the buildings’ common areas.
Pharmasset Inc., in Princeton, announced Friday that the company will amend the design of a clinical trial for a treatment for Hepatitis C. The announcement does not trigger the “key product event” clause in the merger agreement entered into by Pharmasset and Gilead Sciences Inc., and does not alter either party’s rights and obligations. Pharmasset anticipates that the merger will conclude in the first quarter of 2012.