Financial law

Seaport Global Strengthens Distressed Debt Business

Thursday, April 2, 2020 - 2:43pm

Seaport Global Securities LLC (Seaport Global), a full-service investment bank, announced that Barry Zamore will join the firm as Managing Director, Head of U.S. Loan Sales and Par Loan Trading.

Key Points: 
  • Seaport Global Securities LLC (Seaport Global), a full-service investment bank, announced that Barry Zamore will join the firm as Managing Director, Head of U.S. Loan Sales and Par Loan Trading.
  • Michael Meagher, Co-Founder and CEO of Seaport Global, shared, Barry Zamores knowledge and experience in the loan market complements and builds upon our existing strengths, trading distressed debt and high yield bonds.
  • Meagher continued, The bank debt market has seen a meaningful increase in issuance over the last five years resulting in a robust secondary market, a significant focus at Seaport Global.
  • Michael Meyer, Seaport Global Partner and Global Head of Sales and Trading, said, We look forward to growing our bank debt sales and trading capabilities and are confident Barry Zamore will be a leader in this initiative.

Best’s Commentary: AM Best Issues FAQ on Best’s Credit Ratings, Sovereign Credit Risk and Country Risk

Thursday, April 2, 2020 - 1:23pm

Although AM Best does not issue ratings on government debt, it considers such risks through its country risk analysis, which is factored into all of Bests Credit Ratings.

Key Points: 
  • Although AM Best does not issue ratings on government debt, it considers such risks through its country risk analysis, which is factored into all of Bests Credit Ratings.
  • A new Bests Commentary addresses frequently asked questions about its handling of sovereign credit risk and seeks to clarify how these issues are incorporated into the ratings process, and to explain the differences between sovereign ratings and country risk tiers.
  • The commentary, titled, Bests Credit Ratings, Sovereign Credit Risk, and Country Risk FAQs, notes AM Bests country risk analysis encompasses the broader operating environment, focusing on the economic, political and financial system risks in a given country.
  • To view Country Risk Assessment Reports providing economic, political and financial system risk assessments on more than 130 countries, please visit AM Bests Country Risk webpage.

X Financial to Report Fourth Quarter and Fiscal Year 2019 Financial Results on April 17, 2020

Thursday, April 2, 2020 - 11:00am

X Financial (NYSE: XYF) (the "Company") is a leading technology-driven personal finance company in China focused on meeting the huge demand for credit from individuals and small-to-medium-sized enterprise owners.

Key Points: 
  • X Financial (NYSE: XYF) (the "Company") is a leading technology-driven personal finance company in China focused on meeting the huge demand for credit from individuals and small-to-medium-sized enterprise owners.
  • The Company's proprietary big data-driven risk control system, WinSAFE, builds risk profiles of prospective borrowers using a variety data-driven credit assessment methodology to accurately evaluate a borrower's value, payment capability, payment attitude and overall creditworthiness.
  • X Financial has established a strategic partnership with ZhongAn Online P&C Insurance Co., Ltd. in multiple areas of its business operations to directly complement its cutting-edge risk management and credit assessment capabilities.
  • X Financial leverages financial technology to provide convenient, efficient, and secure investment services to a wide range of high-quality borrowers and mass affluent investors which complements traditional financial institutions and helps to promote the development of inclusive finance in China.

ANAPTYSBIO, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for Southern District of California against AnaptysBio, In

Wednesday, April 1, 2020 - 11:23pm

All investors who purchased shares of AnaptysBio, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

Key Points: 
  • All investors who purchased shares of AnaptysBio, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
  • You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
  • On March 26, 2018, AnaptysBio revealed data from an interim analysis of a Phase 2a trial for etokimab in adult patients with peanut allergies.
  • Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.

Net1 completes sale of remaining stake in DNI for ZAR 860 million and provides COVID-19 update

Wednesday, April 1, 2020 - 3:45pm

We look forward to an ongoing strategic partnership with DNI in order to address our common objectives in the distribution of value-added-services across South Africa, said Herman Kotz, CEO of Net1.

Key Points: 
  • We look forward to an ongoing strategic partnership with DNI in order to address our common objectives in the distribution of value-added-services across South Africa, said Herman Kotz, CEO of Net1.
  • Our immediate focus is to ensure the safety and wellbeing of our employees, partners and customers during the COVID-19 pandemic.
  • The Company also provides transaction processing services, including being a leading payment processor and bill payment platform in South Africa.
  • The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Form 8.3 - The Vanguard Group, Inc.: Allergan plc

Wednesday, April 1, 2020 - 3:06pm

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced.

Key Points: 
  • Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced.
  • If none, this should be stated.

PennantPark Floating Rate Capital Ltd. Announces Share Purchases by Management and Directors

Wednesday, April 1, 2020 - 2:17pm

These share purchases should demonstrate the strong alignment of interests that exists between our management team and our shareholders.

Key Points: 
  • These share purchases should demonstrate the strong alignment of interests that exists between our management team and our shareholders.
  • ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
    PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt.
  • PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
  • PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein.

Revolutionary Advisor Assisted Robo, Cy, Gone Paperless

Wednesday, April 1, 2020 - 2:10pm

View the full release here: https://www.businesswire.com/news/home/20200401005063/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20200401005063/en/
    Matt Schreiber, Chief Executive Officer - WBI Technologies (Photo: Business Wire)
    WBI partnered with Pershing Advisor Solutions and Quik!
  • Fully integrated, advisors using Cy can quickly and easily open their accounts custodied at Pershing Advisor Solutions in a completely digital account opening process which seamlessly opens accounts at Pershing.
  • Cys calculations are based on the clients investment assets, income, qualified plans, and government benefits, as well as their projected retirement income need.
  • While WBI seeks to manage and monitor risk, there is no way to remove risk.

CyrusOne Inc. Announces Amended $2.5 Billion Unsecured Credit Facility

Wednesday, April 1, 2020 - 1:30pm

The amended agreement consists of a $1.4 billion revolving credit facility, which includes a $750 million multicurrency borrowing sublimit, and term loan commitments totaling $1.1 billion.

Key Points: 
  • The amended agreement consists of a $1.4 billion revolving credit facility, which includes a $750 million multicurrency borrowing sublimit, and term loan commitments totaling $1.1 billion.
  • The credit agreement also contains an accordion that allows the Company to obtain up to $1.5 billion in additional revolving or term loan commitments.
  • The all-in drawn margin applicable to the revolving credit facility based on the Companys current leverage level has decreased by 25 basis points compared to the margin on the previous revolving credit facility.
  • This amended credit facility is another step in our ongoing efforts to maintain a strong balance sheet and ample liquidity.

Form 8.3 - The Vanguard Group, Inc.: Aon plc

Tuesday, March 31, 2020 - 3:07pm

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced.

Key Points: 
  • Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced.
  • If none, this should be stated.