Credit

EQS-News: Marinomed Biotech AG announces agreement with European Investment Bank (EIB) to defer repayments of the 2019 venture loan for 18 months

Retrieved on: 
Wednesday, April 10, 2024
Procter & Gamble, EIB, EUR, CFO, Virology, European Investment Bank, BofA Securities, Credit

Under the amendment, repayment of tranche one with a nominal value of EUR 4 million will be shifted from October 2024 to April 2026.

Key Points: 
  • Under the amendment, repayment of tranche one with a nominal value of EUR 4 million will be shifted from October 2024 to April 2026.
  • Tranche two, with a nominal value of EUR 5 million, will be shifted from December 2025 to June 2027.
  • The amendment contains further terms and conditions, including the extension of the existing royalty agreement for five years.
  • The lenders of the real estate financing also agreed to suspend their capital repayments alongside with the EIB.

Sun Hung Kai & Co. Announces 2023 Annual Results 

Retrieved on: 
Wednesday, April 10, 2024
Investment management, Risk management, Investment, Environment, Credit, SHK, Renewable energy

SHK & Co’s Consumer Finance arm successfully launched its SIM (Simple Instant Money) credit card while the Investment Management division made substantial progress in narrowing its losses as valuations stabilised.

Key Points: 
  • SHK & Co’s Consumer Finance arm successfully launched its SIM (Simple Instant Money) credit card while the Investment Management division made substantial progress in narrowing its losses as valuations stabilised.
  • In our Credit segment, we will remain vigilant, while streamlining our business efficiency by upgrading service platforms and digitising our operations.
  • As for our Investment Management and Funds Management businesses, we will maintain a conservative approach while focusing on capital efficiency.
  • For more details of the 2023 earnings, please refer to the official announcement .

One Heritage Group plc: Corporate Bond Update

Retrieved on: 
Wednesday, April 10, 2024
Heritage, Bond, Credit

One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is providing an update on the repayment of its £1.5 million unsecured corporate bond due for repayment 15th March 2024.

Key Points: 
  • One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is providing an update on the repayment of its £1.5 million unsecured corporate bond due for repayment 15th March 2024.
  • The Company is pleased to have today signed a new 12-month £500,000 unsecured Loan with a Bond holder, at an interest rate of 8% per annum.
  • Due to delayed property refinancing, payment of the remaining £1 million is expected to be repaid by 18th March 2024.
  • The Company is not in default unless the Bond is not repaid by 29th March 2024.

Runway Growth Finance Corp. Provides First Quarter 2024 Portfolio Update

Retrieved on: 
Tuesday, April 9, 2024
Completion, Communication, Environment, Human, FiscalNote, Woman, Credit, Investment, Partial, Madison Reed, ETR

MENLO PARK, Calif., April 09, 2024 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today provided an operational and portfolio update for the first quarter ended March 31, 2024.

Key Points: 
  • MENLO PARK, Calif., April 09, 2024 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today provided an operational and portfolio update for the first quarter ended March 31, 2024.
  • The team is in a strong position to drive performance with ample capital to execute against our long-term growth strategy and deliver shareholder value.”
    In the first quarter of 2024, Runway Growth funded two investments: one investment in a new portfolio company and one investment in an existing portfolio company.
  • During the first quarter ended March 31, 2024, Runway Growth experienced two prepayments totaling $34.5 million and scheduled principal amortization of $0.4 million.
  • As of March 31, 2024, the Runway Growth portfolio included 47 debt investments to 30 portfolio companies and 80 equity investments in 49 portfolio companies, including 26 portfolio companies where Runway Growth holds both a debt and equity investment.

Melco Announces Extension of Maturity Date of Revolving Credit Facilities

Retrieved on: 
Monday, April 8, 2024
Annual report, Rate, COVID-19, Bank, Bank of China, MCO, Credit, Restatement, Security (finance)

MACAU, April 08, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today announces that the maturity date of its HK$14.85 billion (equivalent to US$1.92 billion) revolving credit facility (the “2020 Credit Facilities”) has been extended from April 29, 2025 to April 29, 2027.

Key Points: 
  • MACAU, April 08, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today announces that the maturity date of its HK$14.85 billion (equivalent to US$1.92 billion) revolving credit facility (the “2020 Credit Facilities”) has been extended from April 29, 2025 to April 29, 2027.
  • The extension was made pursuant to a second amended and restated facility agreement dated April 8, 2024 (the “2024 Amendment and Restatement Agreement”).
  • Key terms such as facility size, pricing and financial covenants remain unchanged.
  • In connection with the 2024 Amendment and Restatement Agreement, MCO Nominee One agreed to pay a customary fee to the consenting lenders.

MNP Consumer Debt Index Rebounds Significantly (Up 8 Points) as Interest Rate Concerns Ease and Debt Perceptions Improve, Yet Repayment Anxiety Persists for Majority

Retrieved on: 
Monday, April 8, 2024
Life, Ipsos, COVID-19, Risk, Ageing, Trustee, Shame, MNP, Anxiety, Guilt, Credit

A quarter say they are much better equipped to absorb an interest rate increase of one percentage point (25%, +3pts) or an extra $130 in interest payments (24%, +5pts).

Key Points: 
  • A quarter say they are much better equipped to absorb an interest rate increase of one percentage point (25%, +3pts) or an extra $130 in interest payments (24%, +5pts).
  • Canadians are more confident about their current debt situation, expected debt situation, and ability to absorb interest rate increases.
  • Those with poor personal debt ratings are significantly more concerned with the 'social squeeze' (75%), given their already precarious financial position.
  • The latest MNP Consumer Debt Index aligns with the four-year mark since the onset of the COVID-19 pandemic.

MESA LABS ANNOUNCES AMENDMENT TO CREDIT FACILITY AND REPURCHASE OF SENIOR CONVERTIBLE NOTES

Retrieved on: 
Monday, April 8, 2024
GKE, BANK, MLAB, Line of credit, Acquisition, Credit, Note, Depreciation, Revolver, Term loan, Debt-to-GDP ratio, Bank

The Credit Agreement includes a $75 million senior secured term loan facility (the “Term Loan”) and a $125 million senior secured revolving credit facility (the “Revolver”), both of which mature in April 2029.

Key Points: 
  • The Credit Agreement includes a $75 million senior secured term loan facility (the “Term Loan”) and a $125 million senior secured revolving credit facility (the “Revolver”), both of which mature in April 2029.
  • The Credit Agreement includes a ten-year amortization schedule and no springing maturity relating to the Company’s 1.375% Convertible Senior Notes due August 2025 (the “2025 Notes”).
  • Proceeds from the Term Loan and Revolver will be used to pay down the Company’s 2025 Notes and for normal operating expenditures.
  • Additionally, Mesa has entered into separate, privately negotiated transactions with certain holders of the 2025 Notes to repurchase $75 million aggregate principal amount of the 2025 Notes for an aggregate repurchase price in cash of $71.25 million.

Raven Capital Management Names Dimitri Cohen Chief Investment Officer of Raven Credit

Retrieved on: 
Thursday, April 4, 2024
Green, Credit, Growth, Investment, Head

LOS ANGELES, April 04, 2024 (GLOBE NEWSWIRE) -- Raven Capital Management (“Raven”) today announced that Josh Green, President, CEO and Founder of Raven, has appointed Dimitri Cohen to the position of Chief Investment Officer of Raven Credit, effective April 2nd, 2024.

Key Points: 
  • LOS ANGELES, April 04, 2024 (GLOBE NEWSWIRE) -- Raven Capital Management (“Raven”) today announced that Josh Green, President, CEO and Founder of Raven, has appointed Dimitri Cohen to the position of Chief Investment Officer of Raven Credit, effective April 2nd, 2024.
  • Cohen, a principal at Raven since 2019, has helped to scale Raven’s private credit platform, having invested more than $2.5 billion, capitalizing on rapidly growing demand in recent years.
  • Raven, founded in 2008, is a diversified alternative investment management firm specializing in private credit.
  • “The current private credit landscape offers unparalleled opportunities, especially for non-sponsored direct lending deals,” explained Cohen.

Elevated Auto Loan Rates Hinder New- and Used-Car Shoppers in Q1 2024, According to Edmunds

Retrieved on: 
Tuesday, April 2, 2024
Element, APR, Eye, Calculator, Growth, APRS, Credit

New data from Edmunds reveals:

Key Points: 
  • New data from Edmunds reveals:
    Interest rates remained elevated in Q1.
  • Meanwhile, used-vehicle monthly payments dipped to $546, down from $561 in Q4 2023 and $551 in Q1 2023.
  • The average amount of negative equity on those trade-ins reached an all-time high of $6,167 in Q1 2024.
  • They also suggest keeping a close eye on automaker and dealer finance incentives , especially certified pre-owned incentives since used vehicle interest rates are particularly high.

BurgerFi Reports Preliminary Unaudited Fourth Quarter and Fiscal Year 2023 Results

Retrieved on: 
Monday, April 1, 2024
Digital, Sale, Acquisition, Same-store sales, Adjustment, Chain, Credit, Investment, Restaurant, Depreciation, GAAP, Calendar, BurgerFi, Video game

Restaurant-level operating expenses for the fourth quarter of 2023 were $34.5 million compared to $36.4 million in the fourth quarter of 2022.

Key Points: 
  • Restaurant-level operating expenses for the fourth quarter of 2023 were $34.5 million compared to $36.4 million in the fourth quarter of 2022.
  • For the BurgerFi brand, restaurant-level operating expenses, as a percentage of sales, increased 660 basis points for the fourth quarter of 2023, compared to the fourth quarter of 2022, primarily due to lower leverage on sales.
  • During the fourth quarter 2023, there were three franchised BurgerFi openings, five franchised BurgerFi closures and no corporate-owned Anthony's closures.
  • The Company will hold a conference call today to discuss its fourth quarter and fiscal year 2023 results.