Credit

W&T Offshore Announces Liquidity-Enhancing Modifications to the Non-Recourse Term Loan with Munich Re

Retrieved on: 
Monday, March 18, 2024
Loan, Munich Re, Date, Credit, Finance Secretary (India), Term loan

HOUSTON, March 18, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced modifications to the first-lien non-recourse term loan (the “Term Loan”) between its wholly-owned special purpose vehicles (the “SPVs”) and Munich Re Reserve Risk Financing, Inc. ("MRRF"), which is expected to provide additional liquidity to the Company over 2024 without increasing the Company’s net leverage.

Key Points: 
  • HOUSTON, March 18, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced modifications to the first-lien non-recourse term loan (the “Term Loan”) between its wholly-owned special purpose vehicles (the “SPVs”) and Munich Re Reserve Risk Financing, Inc. ("MRRF"), which is expected to provide additional liquidity to the Company over 2024 without increasing the Company’s net leverage.
  • The Term Loan was initially arranged on May 19, 2021 (“Closing Date”) and had a principal balance of $215 million which has been amortized down to around $114 million as of December 31, 2023.
  • There have been a few alterations to the Credit Agreement signed by the SPVs and MRRF on May 19, 2021 (the “Original Credit Agreement”).
  • Through its 100% ownership in the SPVs, W&T retains the upside value in the Mobile Bay Assets.

Power Solutions International Announces Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Thursday, March 14, 2024
OTC Markets Group, Quarter, Tax, Second, Growth, Standard Chartered, EPS, Transport, Overalls, Uncommitted, Credit, Depreciation, GAAP, UFLPA, Engineering, Power, Life insurance

WOOD DALE, Ill., March 14, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced fourth quarter and full year 2023 financial results.

Key Points: 
  • Gross profit decreased by $1.9 million, or 6%, during the fourth quarter of 2023 as compared to the same period in the prior year.
  • For both the fourth quarter of 2023 and 2022, warranty costs were $1.0 million.
  • Net income in the fourth quarter of 2023 was $8.4 million, or $0.36 per share, compared to net income of $9.3 million, or $0.40 per share for the fourth quarter of 2022.
  • Adjusted net income was $7.5 million, or Adjusted income per share of $0.34 in the fourth quarter of 2023, compared to Adjusted net income of $10.1 million, or Adjusted income per share of $0.44 for the fourth quarter of 2022.

ORIGENCE ANNOUNCES 14 BREAKOUT SESSIONS FOR LENDING TECH LIVE

Retrieved on: 
Thursday, March 14, 2024
Creditor, EV, Automation, Growth, GAP, Environment, TechLive, Regulation, Research, News, AI, NCUA, Risk assessment, Credit, Fintech, Fraud, Marketing, Credit union, Bank

Irvine, California, March 14, 2024 (GLOBE NEWSWIRE) -- Origence , the leading lending technology solutions provider for credit unions, announces breakout sessions for its Lending Tech Live ’24 conference, scheduled June 25-27, 2024, at the Marriot Marquis in San Diego, California.

Key Points: 
  • Irvine, California, March 14, 2024 (GLOBE NEWSWIRE) -- Origence , the leading lending technology solutions provider for credit unions, announces breakout sessions for its Lending Tech Live ’24 conference, scheduled June 25-27, 2024, at the Marriot Marquis in San Diego, California.
  • Lending Tech Live ’24 is the premier lending technology conference in the credit union industry.
  • This year’s tracks will focus on auto lending trends, evolving EV buying and lending, AI strategies and trends, growth, compliance, and the lending landscape.
  • Attendees will learn about the state-of-the-art tools and technologies shaping the lending landscape, lending strategies, emerging trends, research, and more.

Navigator Gas Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Wednesday, March 13, 2024
Amon, Element, The Company, TC, Enterprise Products, Crédit Agricole, Terminal, Policy, Sale, Line of credit, Transport, Dividend, Return, Module (mathematics), Carbon, Adjustment, Credit, Zoom, Depreciation, Term loan, Ammonia, Navigator Gas, Navigator

Utilization across the fleet decreased from 93.4% in the third quarter of 2023 to 91.3% in the fourth quarter of 2023.

Key Points: 
  • Utilization across the fleet decreased from 93.4% in the third quarter of 2023 to 91.3% in the fourth quarter of 2023.
  • The Ethylene Export Terminal throughput during the fourth quarter of 2023 was 208,495 metric tons, compared to 262,835 metric tons during the fourth quarter of 2022.
  • Of the expected total of $130 million, $35.0 million has been contributed as of December 31, 2023, $17.0 million of which was contributed during the fourth quarter of 2023.
  • E.D.T., the Company’s management team will host a Zoom conference call and slide presentation to discuss the financial results for the fourth quarter of 2023.

Rackspace Technology Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Tuesday, March 12, 2024
Cloud, Cloud computing, EPS, Capital expenditure, Rackspace Technology, AI, Hosted Exchange, Credit, Video game

The fourth quarter of 2023 included a total of $4 million of non-cash impairment charges compared to $217 million of non-cash impairment charges in the fourth quarter of 2022.

Key Points: 
  • The fourth quarter of 2023 included a total of $4 million of non-cash impairment charges compared to $217 million of non-cash impairment charges in the fourth quarter of 2022.
  • Loss from operations was $(15) million in the fourth quarter of 2023, compared to loss from operations of $(227) million in the fourth quarter of 2022.
  • Net income was $28 million in the fourth quarter of 2023, compared to net loss of $(214) million in the fourth quarter of 2022.
  • Capital expenditures were $38 million in the fourth quarter of 2023, compared to $43 million in the fourth quarter of 2022.

AM Best Affirms Credit Ratings of CMB Wing Lung Insurance Company Limited

Retrieved on: 
Friday, April 5, 2024
Insurance, Professional Services, CMB, ERM, Growth, Risk management, CMG, Communication, Risk, ALL, News, Bank statement, Credit, CMI, AM Best, HKD

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CMB Wing Lung Insurance Company Limited (CMBWLI) (Hong Kong).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CMB Wing Lung Insurance Company Limited (CMBWLI) (Hong Kong).
  • As such, AM Best identifies China Merchants Group Limited (CMG), a state-owned enterprise that wholly owns CMIH, as the ultimate parent of CMBWLI.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

KBRA Assigns Preliminary Ratings to EnFin Residential Solar Receivables Trust 2024-1

Retrieved on: 
Friday, April 5, 2024
Banking, Professional Services, Finance, Neo-noir, Hanwha Group, Credit, Q-FISH, ABS, KBRA, Telescopic sight

KBRA assigns preliminary ratings to three classes of notes totaling $252.86 million issued by EnFin Residential Solar Receivables Trust 2024-1 (“EnFin 2024-1” or the “Issuer”), an ABS transaction secured by residential solar loans.

Key Points: 
  • KBRA assigns preliminary ratings to three classes of notes totaling $252.86 million issued by EnFin Residential Solar Receivables Trust 2024-1 (“EnFin 2024-1” or the “Issuer”), an ABS transaction secured by residential solar loans.
  • Headquartered in Irvine, CA, EnFin was formed in 2021 and began originating residential solar loans in October 2022.
  • The Company is a wholly owned subsidiary of Hanwha Qcells (“Qcells”), a leading solar panel manufacturer in the U.S. residential and commercial markets.
  • EnFin 2024-1 is collateralized by a pool of solar receivables that are made to mostly prime quality customers to finance residential solar power generation and/or storage systems, including solar panels and any additional products or equipment related to installation.

AM Best Affirms Credit Ratings of Subsidiaries of Old Republic International Corporation; Revises Outlook to Positive for Old Republic Life Insurance Company

Retrieved on: 
Friday, April 5, 2024
Insurance, Professional Services, Old Republic International, ERM, FSR, AM Best, Superior, Credit, Good

At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Old Republic Insurance Company of Canada (Old Republic Canada) (Hamilton, Ontario).

Key Points: 
  • At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Old Republic Insurance Company of Canada (Old Republic Canada) (Hamilton, Ontario).
  • (See below for a detailed listing of the companies and ratings for the members of Old Republic.)
  • Old Republic is the flagship group for the Old Republic Insurance enterprise and one of the top 50 property/casualty insurers in the United States.
  • The ratings of Old Republic Canada also reflect its strategic importance within the Old Republic enterprise.

AM Best Affirms Credit Ratings of Misr Life Insurance Company

Retrieved on: 
Thursday, April 4, 2024
Banking, Professional Services, Insurance, Finance, Risk management, MLIC, ALL, ROE, News, NSR, Credit, AM Best, EGP, Good, MIHC

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Egypt National Scale Rating (NSR) of aaa.EG (Exceptional) of Misr Life Insurance Company (MLIC) (Egypt).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Egypt National Scale Rating (NSR) of aaa.EG (Exceptional) of Misr Life Insurance Company (MLIC) (Egypt).
  • MLIC is the life insurance subsidiary of Misr Insurance Holding Company (MIHC).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

Kaua'i Federal Credit Union Selects Upstart for Personal Lending

Retrieved on: 
Thursday, April 4, 2024
Technology, Finance, Fintech, Marketing, Banking, Communications, Professional Services, Software, Data Management, Artificial Intelligence, Community development, Partnership, Artificial intelligence, Senior, Credit, Multimedia, FCU, Credit union, Bank

Kaua'i Federal Credit Union (Kaua'i FCU), a leading credit union invested in Kaua'i and Kauai's first Community Development Financial Institution, has announced a new partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members.

Key Points: 
  • Kaua'i Federal Credit Union (Kaua'i FCU), a leading credit union invested in Kaua'i and Kauai's first Community Development Financial Institution, has announced a new partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members.
  • View the full release here: https://www.businesswire.com/news/home/20240404953289/en/
    “Kaua'i Federal Credit Union is dedicated to improving the financial wellness of our members and building a stronger financial future for our people,” said Sean Kaley, Executive Vice President and Chief Operations Officer at Kaua’i Federal Credit Union.
  • “We welcome Kaua'i Federal Credit Union to the Upstart family of lending partners,” said Michael Lock, Senior Vice President of Lending Partnerships for Upstart.
  • “As a lending partner on the Upstart Referral Network, Kaua'i Federal Credit Union is there to provide more creditworthy people in its community with access to affordable credit.”
    To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video .