Cashing in securities; Texas acquisition; solar to stadium.
Valley National Bancorp, in Wayne, announced Friday that it will deliver a notice of redemption effective Jan. 17, of principal face amount of $10 million of the outstanding trust preferred securities issued by VNB Capital Trust I, Valley’s subsidiary trust. Excluding this round of securities, Valley has redeemed $40 million of the original $200 million contractual principal balance of the trust preferred securities issued.
York Risk Services Group, in Parsippany, announced Friday it has acquired Austin, Texas-based JI Cos. The terms of the acquisition were not disclosed.
NRG, in Princeton, and New Meadowlands Stadium Co., in East Rutherford, announced Friday a new sponsorship agreement that will bring sustainable solar power to MetLife Stadium. Under the agreement, NRG will design, install and operate a custom solar power generating system — the Solar Ring — that will have the ability to display team colors and an array of additional hues. Construction will begin in the spring, with an expected completion date of August 2012. NRG will also provide all of the additional electricity for the stadium starting in June 2012.
Cranbury-based VaxInnate Corp. announced Monday that it has granted biopharmaceutical company CJ CheilJedang Corp. an exclusive license to manufacture, develop and commercialize VaxInnate’s recombinant seasonal and pandemic flu vaccines in South Korea. Financial terms of the agreement include an upfront fee, clinical and regulatory milestone payments, and royalties on sales.