Debt

Qurate Retail Announces Semi-Annual Interest Payment and Regular Additional Distribution on 4.0% Senior Exchangeable Debentures Due 2029

Monday, May 17, 2021 - 9:15pm

b'Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today announced the payment of a semi-annual interest payment and a regular additional distribution to the holders as of May 1, 2021 of the 4.0% Senior Exchangeable Debentures due 2029 (the "Debentures") issued by its wholly-owned subsidiary, Liberty Interactive LLC (\xe2\x80\x9cLI LLC\xe2\x80\x9d).

Key Points: 
  • b'Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today announced the payment of a semi-annual interest payment and a regular additional distribution to the holders as of May 1, 2021 of the 4.0% Senior Exchangeable Debentures due 2029 (the "Debentures") issued by its wholly-owned subsidiary, Liberty Interactive LLC (\xe2\x80\x9cLI LLC\xe2\x80\x9d).
  • The amount of the interest payment is $20.00 per $1,000 original principal amount of Debentures (a \xe2\x80\x9cDebenture\xe2\x80\x9d), and the amount of the additional distribution is $0.3930 per Debenture.\nUnder the Indenture for the Debentures, the original principal amount of the Debentures is reduced by an amount equal to each Extraordinary Additional Distribution made to holders of the Debentures.
  • Thereafter, the adjusted principal amount is further reduced on each successive semi-annual interest payment date to the extent necessary to cause the semi-annual interest payment to represent the payment of an annualized yield of 4.0% of the adjusted principal amount.
  • This latter adjustment, to the extent it is made by reason of a particular Extraordinary Additional Distribution that results in an adjustment to the principal amount of the Debentures, takes effect on the second succeeding interest payment date after the payment of that Extraordinary Additional Distribution.\nTo date, there has been one Extraordinary Additional Distribution to holders of the Debentures.

Operators of Student Loan Debt Relief Scheme Banned From Providing Debt Relief Services as Part of Settlement with FTC

Monday, May 17, 2021 - 10:03pm

The operators of a student loan debt relief scheme are banned from providing debt relief services and have agreed to settle Federal Trade Commission charges that they collected illegal upfront fees and falsely promised to lower or even eliminate consumers loan payments or balances.

Key Points: 
  • The operators of a student loan debt relief scheme are banned from providing debt relief services and have agreed to settle Federal Trade Commission charges that they collected illegal upfront fees and falsely promised to lower or even eliminate consumers loan payments or balances.
  • The defendants also signed customers up for high-interest loans to pay the fees without making required disclosures.
  • The settlement resolves FTC litigation against the remaining defendants in the case: Student Advocates Team, LLC, Progress Advocates Group, LLC (also doing business as Student Advocates), Student Advocates Group, LLC, Assurance Solutions Services, LLC and individual defendant Bradley Jason Huntand individual defendant Sean Quincy Lucero.
  • The defendants are also prohibited from collecting any further payments from the consumers who purchased their debt relief services.

Operators of Student Loan Debt Relief Scheme Banned From Providing Debt Relief Services as Part of Settlement with FTC

Monday, May 17, 2021 - 10:02pm

The operators of a student loan debt relief scheme are banned from providing debt relief services and have agreed to settle Federal Trade Commission charges that they collected illegal upfront fees and falsely promised to lower or even eliminate consumers loan payments or balances.

Key Points: 
  • The operators of a student loan debt relief scheme are banned from providing debt relief services and have agreed to settle Federal Trade Commission charges that they collected illegal upfront fees and falsely promised to lower or even eliminate consumers loan payments or balances.
  • The defendants also signed customers up for high-interest loans to pay the fees without making required disclosures.
  • The settlement resolves FTC litigation against the remaining defendants in the case: Student Advocates Team, LLC, Progress Advocates Group, LLC (also doing business as Student Advocates), Student Advocates Group, LLC, Assurance Solutions Services, LLC and individual defendant Bradley Jason Huntand individual defendant Sean Quincy Lucero.
  • The defendants are also prohibited from collecting any further payments from the consumers who purchased their debt relief services.

Angel Oak Capital Advisors Delivers First-to-Market, Non-Agency Social Bond Securitization

Monday, May 17, 2021 - 5:02pm

Angel Oak also secured a second-party opinion from ISS ESG , which confirmed AOMT 2021-2 alignment with the standards set forth by the ICMA Social Bond Principles.\nIn addition, Angel Oak developed a comprehensive framework and used extensive data analytics to categorize and quantify the bonds\xe2\x80\x99 social impact at the loan level.

Key Points: 
  • Angel Oak also secured a second-party opinion from ISS ESG , which confirmed AOMT 2021-2 alignment with the standards set forth by the ICMA Social Bond Principles.\nIn addition, Angel Oak developed a comprehensive framework and used extensive data analytics to categorize and quantify the bonds\xe2\x80\x99 social impact at the loan level.
  • Angel Oak has developed a comprehensive database that tracks loan performance and key metrics, giving the firm a competitive advantage.
  • Since Angel Oak\xe2\x80\x99s first securitization in 2015, the firm has been a true leader in non-agency RMBS issuance, completing 23 securitizations totaling more than $7.9 billion.\nAbout Angel Oak Capital Advisors, LLC\nAngel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions for its clients.
  • Backed by a value-driven approach, Angel Oak Capital Advisors seeks to deliver attractive, risk-adjusted returns through a combination of stable current income and price appreciation.

Stikeman Elliott's new Guide to Financial Restructuring Alternatives for Canadian Businesses to avoid bankruptcy

Monday, May 17, 2021 - 2:45pm

Several companies in sectors which have been the most impacted by the financial crisis in Canada have taken this opportunity to restructure their business operations as an alternative to bankruptcy.\nStikeman Elliott\'s restructuring lawyers have prepared this one-page guide to financial restructuring alternatives for Canadian businesses to help advise them when bankruptcy seems like the only available option.

Key Points: 
  • Several companies in sectors which have been the most impacted by the financial crisis in Canada have taken this opportunity to restructure their business operations as an alternative to bankruptcy.\nStikeman Elliott\'s restructuring lawyers have prepared this one-page guide to financial restructuring alternatives for Canadian businesses to help advise them when bankruptcy seems like the only available option.
  • Our professionals work with businesses to outline solutions available for a successful financial restructuring, which include new cash infusions (private placement, rights offering, new senior debt or sales of assets), financial deleveraging (consensual, exchange offer or corporate arrangement) and operational restructuring.\nIn all situations, one key asset Canadian businesses must leverage is time.
  • To maximize its options, a business which expects to face financial challenges should begin to consider its alternatives without delay.
  • While a restructuring is never easy, in the end we\'ve been able to get the company into a much better position for the long term.

Corporate & Municipal CUSIP Request Volumes Climb for Third Straight Month

Monday, May 17, 2021 - 2:35pm

The monthly increase was driven largely by U.S. corporate debt identifier requests, which increased by 20.1%.

Key Points: 
  • The monthly increase was driven largely by U.S. corporate debt identifier requests, which increased by 20.1%.
  • On a year-over-year basis, corporate CUSIP requests were down 11.6%, reflecting a significant year-over-year decline in January of 2021.\nMonthly municipal volume also increased in April.
  • On an annualized basis, municipal CUSIP identifier request volumes were up 17.2% through April.
  • "Issuers of corporate and municipal debt continue to take advantage of a combination of low interest rates and an improving economic outlook.

Velocity Financial Announces Closing of $265 Million Securitization; Sixteenth Securitization Since 2011

Monday, May 17, 2021 - 1:30pm

"The outstanding history of Velocity\'s existing securitizations has resulted in our ability to reduce funding costs and access the capital needed to grow the business successfully.

Key Points: 
  • "The outstanding history of Velocity\'s existing securitizations has resulted in our ability to reduce funding costs and access the capital needed to grow the business successfully.
  • Broad investor demand tightened spreads for the entire capital stack and lowered our weighted average coupon by over 1% as compared to our pre-COVID 2020-1 transaction.
  • The Certificates may only be offered and sold in the United States in accordance with Rule 144A under the Securities Act.
  • Velocity originates loans nationwide across an extensive network of independent mortgage brokers it has built and refined over 16 years.

New senior secured loan agreement

Monday, May 17, 2021 - 8:00am

b'Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.\nThe issuer is solely responsible for the content of this announcement.\nGlobal Ports Holding Plc ("GPH" or "Group"), the world\'s largest independent cruise port operator, is pleased to announce that, it has signed a five-year senior secured loan agreement with an international, institutional investor.\nThe loan agreement remains conditional on a number of factors, which are expected to be satisfied before the end of June 2021.

Key Points: 
  • b'Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.\nThe issuer is solely responsible for the content of this announcement.\nGlobal Ports Holding Plc ("GPH" or "Group"), the world\'s largest independent cruise port operator, is pleased to announce that, it has signed a five-year senior secured loan agreement with an international, institutional investor.\nThe loan agreement remains conditional on a number of factors, which are expected to be satisfied before the end of June 2021.
  • As part of the loan facility, the Company intends to issue warrants over its shares to the lender, which will become exercisable subject to certain events.
  • Further details on the terms of this financing arrangement will be provided when it is appropriate to do so.\nThe net proceeds will be used to refinance the outstanding 8.125% senior Unsecured Notes due 2021 issued by GPH\'s wholly owned subsidiary Global Liman Isletmeleri A.S.\nThe loan agreement also provides for potential additional growth funding to provide flexible financing solutions for GPH\'s strategic objective of growing the number of cruise ports in its network.\nFor investor, analyst and financial media enquiries:\n'

ProMIS Neurosciences Announces First Quarter 2021 Results

Friday, May 14, 2021 - 12:00pm

ProMIS Neurosciences has a unique antibody design capability, which not even the largest pharmaceutical companies have to the best of our knowledge based on ongoing discussions with them.

Key Points: 
  • ProMIS Neurosciences has a unique antibody design capability, which not even the largest pharmaceutical companies have to the best of our knowledge based on ongoing discussions with them.
  • In the Alzheimer\xe2\x80\x99s field, positive results or regulatory steps were announced by Lilly, Cassava, and Biogen, all of which support the science suggesting PMN310 may be \xe2\x80\x9cbest in class\xe2\x80\x9d.\nIn January 2021, we announced an outline of our strategic priorities and action plan for 2021.
  • Both these events have positive implications for PMN310.\nIn March 2021, we completed a US$7.0 million (CDN$8.75 million) private placement of unsecured convertible debentures (Debentures).
  • Dr. Grundman is Professor of Neurosciences at the University of California San Diego (UCSD).

Carriage Services Announces Closing of Senior Notes Offering and Entry into Amended and Restated Senior Secured Revolving Credit Facility

Thursday, May 13, 2021 - 9:23pm

The 2026 Notes are scheduled to be redeemed on June 1, 2021.

Key Points: 
  • The 2026 Notes are scheduled to be redeemed on June 1, 2021.
  • This press release does not constitute a notice of redemption with respect to the 2026 Notes.\nThe 2029 Notes are unsecured, senior obligations of the Company, and interest is payable semi-annually in arrears.
  • The 2029 Notes are fully and unconditionally guaranteed, on a senior unsecured basis, jointly and severally by each of the Company\xe2\x80\x99s subsidiaries that is a borrower, or guarantees indebtedness, under the Company\xe2\x80\x99s amended and restated credit facility.\nIn connection with the closing of the 2029 Notes offering, the Company also entered into an amended and restated senior secured revolving credit facility with commitments of $150 million in order to provide ongoing working capital and for general corporate purposes.
  • The Company assumes no obligation to update or publicly release any revisions to forward-looking statements made herein or any other forward-looking statements made by, or on behalf of, the Company.\n'