Latest news with #NewAlbany
Yahoo
15-07-2025
- Business
- Yahoo
Meta to launch first multi-gigawatt data centre in 2026
Meta Platforms is set to bring its first multi-gigawatt data centre supercluster, named Prometheus, online in 2026. The announcement was made by Meta CEO Mark Zuckerberg through a Facebook post, where he outlined the company's plans to construct several large-scale data centre clusters. In the post, Zuckerberg stated that Meta Platforms intends to invest hundreds of billions of dollars into building extensive AI data centres aimed at advancing superintelligence. Prometheus will be located in New Albany, Ohio. Another project, a multi-gigawatt cluster named Hyperion, is also in the pipeline and is expected to scale up to 5GW over several years. 'We're building multiple more titan clusters as well. Just one of these covers a significant part of the footprint of Manhattan,' Zuckerberg stated. Meta is among the leading tech firms that are working on the development of machines capable of outperforming humans in various tasks. The company has recently established Meta Superintelligence Labs (MSL) to centralise its AI efforts. Alexandr Wang, the former CEO of Scale AI, has been appointed as the chief AI officer of MSL. Zuckerberg added: 'Meta Superintelligence Labs will have industry-leading levels of compute and by far the greatest compute per researcher. I'm looking forward to working with the top researchers to advance the frontier.' After the announcement, Meta's shares saw a 1% increase. The stock prices of the social media giant have increased by more than 20% this year, according to a Reuters report. In 2024, the company reported nearly $165bn in earnings. Earlier in 2025, Meta increased its current year capital expenditure to a range of $64bn to $72bn. Recently, Meta acquired PlayAI, a startup that focuses on AI-driven voice technology. "Meta to launch first multi-gigawatt data centre in 2026" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
10-07-2025
- Business
- Forbes
How Victoria's Secret's Les Wexner Made Billions From AI Giant CoreWeave
F ive years ago, Ohio's most revered entrepreneur Les Wexner stepped down as chairman of L Brands and soon began to sell off his stake in Victoria's Secret's parent company amid controversy over his close relationship with convicted sex offender Jeffrey Epstein. Many believed that Wexner, then age 82, would quietly retire to his 340 acre estate in New Albany, Ohio. Instead, the fashion mogul has more than doubled his fortune thanks in large part to some savvy bets in a different industry: technology. Over just the past three months, the mogul's net worth–which includes assets held in his children's and wife Abigail's names–has soared to $10.1 billion from $7.9 billion, according to Forbes' estimates. The biggest driver of this increase: a 4% stake in CoreWeave, one of the buzziest artificial intelligence companies around. On Monday, CoreWeave announced it is buying crypto miner Core Scientific in a roughly $9 billion all-stock deal. Coreweave's market capitalization has almost tripled since its March IPO to nearly $73 billion today, and Wexner's stake is now worth $2.8 billion. Forbes previously reported on how Wexner scored his stake in CoreWeave, which was founded in Livingston, New Jersey in 2017. Thanks to a savvy investment by Wexner's money manager at the time, a trust established for the benefit of his four children – Sarah, Hannah, David and Harry – apparently invested $1 million in CoreWeave in 2019; it put in another $600,000 in the startup's Series A funding round in 2021. Wexner's CoreWeave shares were already worth $730 million when the company went public in March. The eight-year-old CoreWeave helps companies build data centers and loans out cloud access to much-sought-after graphics processing units, or GPUs, which firms like Microsoft, IBM and Meta pay to use to build AI models. With no shortage of customers, the company recorded $982 million in revenue during the first quarter of this year, a 420% increase versus the same quarter last year. However, it's yet to turn a profit and reported a net loss of $315 million during the same period. Nonetheless, CoreWeave's valuation continues to shoot up, minting three-comma fortunes for its largest shareholders though they can't cash out until the IPO lock-up period ends in September. Its success has producedat least four new billionaires, including CoreWeave's three cofounders: Michael Intrator (estimated net worth: $9.9 billion), Brian Venturo ($6.1 billion) and Brannin McBee ($4.5 billion). Early investor and board member Jack Cogen is also a new billionaire, worth an estimated $3.5 billion. Forbes discovered the Wexner family's stake in CoreWeave in a lawsuit filed by the wealth management firm Florence Capital Advisors in the United States District Court in the Southern District of New York in May 2024. In the lawsuit, Florence Capital Advisors claimed they were owed a nearly $7 million fee for advising Wexner's family trust to invest in CoreWeave in its very early days. A representative for the trust responded in a counterclaim that accused the wealth manager of 'fraudulent conduct' and 'multiple breaches of fiduciary duty.' The case is still ongoing. A representative for Wexner did not respond to Forbes' request for comment for this article while Florence Capital founder and CEO Greg Hersch declined to comment due to the ongoing litigation. Wexner and his family, who are estimated to have pocketed more than $2 billion after-tax from selling their L Brands shares between 2020 and 2021, likely have other startup investments we don't know about. Outside of their stake in CoreWeave, the Wexners own a New Albany-based real estate development firm with an estimated $950 million worth of land across Central Ohio, an estimated $1.4 billion art collection, a nearly 300-foot yacht, a Ferrari collection and a roughly $300 million portfolio of luxury homes around the world. Wexner's development firm, The New Albany Company, transformed the city of New Albany in the late 1980s and '90s. © 2019 Bloomberg Finance LP W exner may seem like a surprising pioneer in the fast-changing world of AI. However, he's actually spent years preparing his home state of Ohio to be at the cutting edge of the tech revolution. Wexner owns the New Albany Company, a powerful real estate development firm in Central Ohio that led the transformation of New Albany, which was still a small rural town in the early 1980s, into an economic powerhouse housing the manufacturing facilities for his many fashion brands and employing tens of thousands of people. 'Because The Limited was here, Columbus was the distribution center,' explains Kevin Cox, an Ohio State University associate professor and author of 'Boomtown Columbus,' a 2021 book about economic development in and around Ohio's capital. Since 2019, the New Albany Company has sold thousands of acres of land to tech giants like Meta, Amazon, Microsoft and Google to build data centers in the area. These projects, often propped up by generous state or local tax breaks, have generated some controversy due to the lack of jobs they tend to create. Wexner's New Albany Company also played a crucial role in securing nearby Johnstown, Ohio as the location where Intel announced in January 2022 it would build a more than $28 billion semiconductor production facility intended to help bolster domestic production of crucial computer chips. Intel's project, once slated to open this year, has stalled amid broader problems with the tech firm's money-losing chip manufacturing business. The latest update from the company indicated it will end construction five years behind schedule and is expected to open in 2031. Still, Wexner has continued to benefit from a flood of tech interest in New Albany and surrounding areas. In January, AI military juggernaut Anduril announced it is setting up a $1 billion 'hyperscale' plant near Columbus where it plans to produce tens of thousands of weapons and autonomous systems each year. In the past few months alone, Google, Meta and biotech firm Amgen have all announced expansions of their facilities in the area. Wexner's firm is often the selling end of these massive land transactions. These big tech companies are paying top dollar for large swaths of land: Last month, Google paid $741,000 an acre for nearly 85 acres in New Albany's Business Park. Former President Joe Biden spoke at the groundbreaking of the Intel semiconductor manufacturing facility near New Albany, Ohio on September 9, 2022. AFP via Getty Images The New Albany Company is also currently in the process of its own expansion. According to Columbia Business First, a subsidiary of the development firm has spent the past two and a half years quietly amassing more than 1,200 acres of land in Marysville, a small rural city about 40 minutes drive from New Albany where it plans to build two massive business parks for industrial and innovation uses. Through his New Albany Company, Wexner still owns more than 3,200 acres across Central Ohio, worth an estimated $950 million. During a May board meeting for the Wexner Medical Center and Nationwide Children's Hospital, Wexner, who is the board's chair, reportedly predicted 'probably the largest AI investment in the world will happen in Columbus.' 'Columbus is the largest city in Ohio,' he said during the meeting, as reported by The Columbus Dispatch . 'We don't publicize that – and I know in the real estate business that I'm in, people are always shocked at how big we are and how fast we've grown.' With additional reporting by Iain Martin. More from Forbes Forbes What America's Foreign-Born Billionaires Think About Trump's Immigration Policies By Matt Durot Forbes America's Richest Immigrants 2025 By Matt Durot Forbes Mamdani Doesn't Think We Should Have Billionaires. Here's Why That Will Never Happen. By Kyle Khan-Mullins Forbes Elon Musk's Robotaxi Dream Could Be A Liability Nightmare For Tesla And Its Owners By Alan Ohnsman Forbes This Secretive Company Built An Empire By Hawking Bad Financial And Health Advice On Facebook By Emily Baker-White
Yahoo
01-07-2025
- Business
- Yahoo
CVG Announces Successful Completion of Debt Refinancing Transactions
Refinancing extends maturity to 2030 and increases flexibility NEW ALBANY, OHIO, June 30, 2025 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (together with its subsidiaries, the 'Company' or 'CVG') (NASDAQ: CVGI), a diversified industrial products and services company, today announced that on June 27, 2025 it had closed on $210 million in senior secured credit facilities, consisting of (i) a $95 million senior secured term loan facility (the 'Term Loan') with TCW Asset Management Company LLC (together with certain of its affiliates, the 'TCW Group'), as agent, and (ii) a $115 million senior secured asset-based revolving credit facility (the 'ABL Facility' and together with the Term Loan, the 'Senior Secured Credit Facilities') with Bank of America, N.A., as agent. The ABL Facility amended and restated the Company's existing senior secured revolving credit facility with Bank of America, N.A., as agent (the 'Existing Facility'), and a portion of the proceeds of the Senior Secured Credit Facilities was used to refinance outstanding obligations under the Existing Facility in an aggregate principal amount of $120,100,000. Andy Cheung, Chief Financial Officer, said, 'We are pleased to announce the successful refinancing of our debt facilities maturing in 2027, which marks an important milestone as we continue to advance our strategic operational initiatives. The new facilities provide a long runway of funding certainty and increased financial flexibility as we look to drive further cost reductions, margin improvement, and overall operational efficiency. Moving forward, we remain committed to deleveraging the balance sheet through free cash generation and disciplined debt paydown.' Term Loan of $95 million Obligations under the Term Loan will mature on June 27, 2030. The Term Loan will have tiered interest costs based on the consolidated total leverage ratio ranging from SOFR plus 8.75% with a leverage ratio < 3.50x to SOFR plus 10.75% with a leverage ratio > 6.25x. The SOFR floor is 2.00%. The initial interest rate payable under the Term Loan is SOFR plus 9.75%. Until June 28, 2028, voluntary prepayments of the Term Loan are subject to a premium, calculated as a percentage of the obligations so prepaid under the Term Loan, equal to (x) from June 27, 2025 until June 27, 2027, 4.00%, (y) from June 28, 2026 until June 27, 2028, 2.00% and (z) thereafter, none. The Term Loan is also subject to an excess cash flow sweep and certain other customary mandatory prepayment requirements. The Term Loan will be subject to certain financial covenants: a consolidated total leverage ratio covenant, tested quarterly, which will be initially set at 7.25x, with step-downs to 6.50x at December 31, 2025, 6.00x at March 31, 2026, 5.25x at June 30, 2026, and additional quarterly 0.25x step-downs until a ratio of 4.00x applicable from and after September 30, 2027. a maximum consolidated capital expenditure covenant, capped at $20 million in any fiscal year, and a sublimit of $10 million for foreign capital expenditures. a 30-day rolling minimum average liquidity requirement of $15 million. ABL Facility of $115 million Obligations under the ABL Facility will mature on June 27, 2030, springing to the date that is 91 days prior to the maturity of the Term Loan. The initial principal amount of the ABL Facility is $115 million, subject to availability under a borrowing base based on the Company's US and UK inventory and receivables. The ABL Facility comprises of a US subfacility in an initial principal amount of $100 million (the 'US Subfacility') and a UK subfacility in an initial principal amount of $15 million (the 'UK Subfacility'), in each case subject to availability under their respective borrowing bases. The US Subfacility further has a FILO tranche in a principal amount of $12.5 million, subject to availability under its borrowing base. The ABL Facility will be available in US Dollars, Pounds Sterling and Euros, and borrowings will accrue interest at SOFR, SONIA or EURIBOR, with margins based on average daily availability ranging from 1.50% if average daily availability > $50 million to 2.00% if average daily availability < $30 million. The FILO tranche will accrue interest at a 1% higher rate. The Company is also required to pay an unused line fee of 0.25% on any unutilized commitments under the ABL Facility. The Company will be required to comply with a maximum fixed charge coverage ratio of 1.00x, tested quarterly, during any trigger period. Such period shall be triggered upon availability dropping below the greater of 10% of the line cap and $10 million, and such period shall end upon availability exceeding this threshold for 30 consecutive days. Warrants In connection with the financing, TCW Group affiliates received five-year warrants for the purchase of up to 3,934,776 shares of the company's common stock, issued in two equal tranches. The tranches have an exercise price of $1.58 and $2.07, respectively. Until the fourth anniversary after issuance, the Company has the right to repurchase up to 50% of each tranche of warrants at a price equal to $1.40 or $1.00, respectively, above the applicable exercise price. Upon a refinancing of the new credit agreement, the holders can require the Company to repurchase up to 50% of each tranche at a price equal to the stock price of the common stock at the time of repurchase less the exercise price. The warrants contain customary anti-dilution adjustments. The Company has provided the holders with certain information and registration rights, including agreeing to file a registration statement within 45 days to register the resale of the shares underlying the warrants. The Company will file a Current Report on Form 8-K with the United States Securities Exchange Commission that will contain further details regarding the terms of the of the transactions. Company ContactAndy CheungChief Financial OfficerCVGIR@ Investor Relations ContactRoss Collins or Stephen PoeAlpha IR GroupCVGI@ About CVG CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at Forward-Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as 'believe', 'anticipate', 'plan', 'expect', 'intend', 'will', 'should', 'could', 'would', 'project', 'continue', 'likely', and similar expressions. In particular, this press release may contain forward-looking statements about the Company's expectations for future periods with respect to its plans to improve financial results, the future of the Company's end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company's prospects in the wire harness, and electric vehicle markets, the Company's initiatives to address customer needs, organic growth, the Company's strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company's financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company's filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary in to access your portfolio
Yahoo
23-06-2025
- Business
- Yahoo
Intel's delay is costing AEP Ohio, but company says price hikes are unrelated
NEW ALBANY, Ohio (WCMH) — After Intel delayed construction into 2031, AEP Ohio was left with a nearly complete power station and nothing to power. In September 2024, the Public Utilities Commission of Ohio approved an authorized rate agreement between Intel and AEP Ohio. Now, the companies are hoping PUCO will approve an amended agreement, as Intel's delay postpones when AEP Ohio can start benefiting from its investment. Intel and AEP Ohio filed for an updated agreement on June 5, just four days after AEP Ohio announced a rate increase for customers. Despite the timing, an AEP Ohio spokesperson told NBC4 the rate increase was unrelated to its agreement with the semiconductor giant. Intel to lay off up to 20% of division responsible for Ohio plant 'Those are pass-through charges from generation suppliers to AEP Ohio customers, largely driven by power supply and demand across the 13-state power grid that includes Ohio, and AEP Ohio makes no money on them,' an AEP Ohio spokesperson told NBC4. Once Intel is up and running, it will have its power costs offset by Ohioans, who will pay small added fees through the distribution investment rider. This added fee is not unique to Intel; as of June, AEP customers already pay between $2-$3 each bill through unrelated DIR fees. 'The costs associated with AEP Ohio investments to be used in serving Intel will not be reflected in rates until after Intel begins taking permanent power at the fabrication facilities,' AEP Ohio said via a spokesperson. The original agreement said AEP Ohio would cover the costs of a 500 megawatt power substation, dubbed Green Chapel Station, to deliver Intel's vast power demand. According to the Nuclear Regulatory Commission, that is enough MW to power as many as 500,000 homes. AEP Ohio would be able to bill other Green Chapel Station users, and Intel would pay an undisclosed cheaper rate for 20 years. Sweeping property tax reform may save Ohioans $850 The station will be ready for service in August, and the new PUCO filing said AEP Ohio is about $10.4 million under the $95.1 million budget. According to the filing, AEP Ohio built the Green Chapel Station to align with Intel's original plan and needs. 'Due to Intel's two-year delay, even though the Green Chapel Station will be ready to use in accordance with the original timeline, Intel is not prepared to take service, preventing AEP Ohio from placing the Green Chapel equipment in service and incorporating it into the DIR,' the filing said. The new agreement asks for continued construction cost coverage for AEP Ohio to offset the delay. Intel has also agreed to cover any costs associated with the continued construction allowance that would push the total project cost beyond the original budget. Intel referred NBC4 to the state filing in lieu of a statement. The PUCO filing now awaits approval or other action from the state. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
20-06-2025
- Entertainment
- Yahoo
What concerts are happening in the Louisville area this weekend? Who's playing June 20-21
Summer is when outdoor concerts in Louisville and around southern Indiana get into full swing — many of which are free to attend. All you need is a comfy picnic blanket and a relaxing lawn chair, and maybe a friend or two. Here's what's playing this weekend, June 20-21, around the Louisville area. Who's playing: Jordan Wilson and the Coalition, The Kiana Del Where: Bicentennial Park at the corner of Spring and Pearl streets (118 E. Spring St.), New Albany. What else: 6:30-9:30 p.m. on Fridays. Bring lawn chairs and blankets. For more information, visit Who's playing: River Cities Concert Band. Where: Sonny Brewster Bandstand, 109 E. Court Ave., Jeffersonville, Indiana. What else: 7 p.m. Fridays. Bring lawn chairs and blankets. Ice cream from Pearl Street Treats will be available for purchase. Presented by Jeffersonville Main Street and the Jeffersonville Parks Department. Who's playing: Bibelhauser Brothers, Them Lasses & The Old Dog Where: Highview Park, 7201 Outer Loop (enter through Briscoe Lane) What else: Free concerts, 6-10 p.m. on Fridays from May 23 to Aug. 8. Also, children's activities, food trucks with a variety of food options. Bring lawn chairs or blankets. Who's playing: Whiskey Bent Valley Boys Where: Porch Kitchen & Bar, 280 W. Jefferson St. What else: Performing 6-8 p.m. Free bluegrass every weekend at venues, bars, hotels and restaurants. Visit for more details. Story continues after gallery. Who's playing: Song Sparrows Where: Uncle Boojie's, Paristown, 731 Brent St. What else: Performing 2-4 p.m. Free bluegrass every weekend at venues, bars, hotels and restaurants. Visit for more details. Who's playing: The Echoes, The Swerve Where at: Central Green, outside Bolt+Tie complex, 1400 Main St., Clarksville, Indiana What else: 6-11 p.m. Saturdays. Food trucks, beer garden by Ten20 Craft Brewery. Sponsored in part by the Cornerstone Group. Did we miss an event? Send a note to Features News Clerk Gege Reed at greed@ John Tufts covers evening breaking and trending news for the Indianapolis Star. Send him a news tip at JTufts@ This article originally appeared on Indianapolis Star: Concerts happening in the Louisville area June 20-21, 2025
