Interest rates

BellRing Brands Announces Repricing of $636 Million Term Loan

Retrieved on: 
Friday, February 26, 2021

ST. LOUIS, Feb. 26, 2021 (GLOBE NEWSWIRE) -- BellRing Brands, Inc. (NYSE:BRBR) (the Company) today announced that its subsidiary, BellRing Brands, LLC (BellRing LLC), completed an opportunistic repricing of its existing $636.2 million term loan through an amendment to its credit agreement.

Key Points: 
  • ST. LOUIS, Feb. 26, 2021 (GLOBE NEWSWIRE) -- BellRing Brands, Inc. (NYSE:BRBR) (the Company) today announced that its subsidiary, BellRing Brands, LLC (BellRing LLC), completed an opportunistic repricing of its existing $636.2 million term loan through an amendment to its credit agreement.
  • The amendment refinances BellRing LLCs term loan to reduce the interest rate on the term loan by 100 basis points (1.00%) to the Eurodollar Rate plus 4.00% or the Base Rate plus 3.00%, and also reduces the floor for the Eurodollar Rate for BellRing LLCs term loan from 1.00% to 0.75%.
  • The repricing is expected to reduce annual cash interest by approximately $8 million.
  • The term loan maturity date of October 21, 2024 and all other material provisions under the credit agreement remain unchanged.

Pent-up demand, low interest rates and homebuyer behavior driving housing markets so far during COVID-19

Retrieved on: 
Thursday, February 25, 2021

The economy and housing markets were stronger over the summer and fall than we had initially forecasted early in the pandemic.

Key Points: 
  • The economy and housing markets were stronger over the summer and fall than we had initially forecasted early in the pandemic.
  • We also examine differences between our forecasts for home sales and prices and how major housing markets actually evolved throughout the pandemic.
  • The reassurance of low and stable interest rates combined with higher savings appear to have encouraged many households to fund home purchases.
  • Although housing activity in most major markets has been unexpectedly strong during the pandemic, we remain concerned about major risks.

UNFI Announces Repricing of Senior Secured Term Loan

Retrieved on: 
Thursday, February 11, 2021

United Natural Foods, Inc. (NYSE: UNFI) (UNFI) today announced that it has successfully completed the repricing of its senior secured term loan facility.

Key Points: 
  • United Natural Foods, Inc. (NYSE: UNFI) (UNFI) today announced that it has successfully completed the repricing of its senior secured term loan facility.
  • The amendment to the term loan agreement, among other things, reduced the Applicable Rate (as defined in the term loan agreement) from 4.25% to 3.50% for LIBOR-based loans, while the LIBOR floor remains at 0.00%.
  • All other material terms of the term loan, including operating covenants and maturity date, were unchanged by the amendment.
  • By providing this deeper full-store selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere.

KBRA Assigns Preliminary Ratings to ONE 2021-PARK

Retrieved on: 
Monday, February 8, 2021

Kroll Bond Rating Agency (KBRA) announces the preliminary assignment of ratings to six classes of ONE 2021-PARK, a CMBS single-borrower securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the preliminary assignment of ratings to six classes of ONE 2021-PARK, a CMBS single-borrower securitization.
  • The floating rate loan has an initial two-year term with three, one-year extension options, and requires monthly interest-only payments based on one-month LIBOR.
  • The results of our analysis yielded a KBRA net cash flow (KNCF) of approximately $40.0 million.
  • To value the property, we applied a capitalization rate of 7.00% to arrive at a KBRA value of approximately $569.2 million.

Financial benchmarks: Council adopts new rules addressing LIBOR cessation

Retrieved on: 
Wednesday, February 3, 2021

The Council today adopted amendments to the so-called Benchmark Regulation addressing the termination of financial benchmarks.

Key Points: 
  • The Council today adopted amendments to the so-called Benchmark Regulation addressing the termination of financial benchmarks.
  • The Commission will also be able to replace third-country benchmarks if their cessation would result in a significant disruption in the functioning of financial markets or pose a systemic risk for the financial system in the EU.
  • The new rules also cover the replacement of a benchmark designated as critical in one member state, through national legislation.
  • In addition, the amendments to the Benchmark Regulation extend the transition period for the use of third-country benchmarks until the new rules governing the use of such benchmarks are applied.

Everi Announces Successful Completion of Term Loan Repricing

Retrieved on: 
Tuesday, February 2, 2021

The LIBOR and Base Rate margins applicable to the First Lien Term Loan remain unchanged at 2.75% and 1.75%, respectively.

Key Points: 
  • The LIBOR and Base Rate margins applicable to the First Lien Term Loan remain unchanged at 2.75% and 1.75%, respectively.
  • The maturity of the First Lien Term Loan remains May 9, 2024, and no changes were made to the financial covenants or other debt repayment terms.
  • This repricing of our First Lien Term Loan reflects the tremendous progress we are achieving with strengthening our operating results, said Mark Labay, Executive Vice President and Chief Financial Officer of Everi.
  • Everi provides these products and services in its effort to help make customers even more successful.

ICE Benchmark Administration Launches new U.S. Dollar Reference Rates webpage to assist the market with U.S. Dollar LIBOR® Transition

Retrieved on: 
Tuesday, February 2, 2021

We are excited to launch this new webpage which provides an accessible and transparent way for the market to, each day, compare and view the different reference rates IBA is developing, including the ICE Bank Yield Index, ICE Term SOFR and Tradeweb ICE CMT rates, to help different segments of the market transition contracts from U.S. Dollar LIBOR, said Tim Bowler, President of ICE Benchmark Administration.

Key Points: 
  • We are excited to launch this new webpage which provides an accessible and transparent way for the market to, each day, compare and view the different reference rates IBA is developing, including the ICE Bank Yield Index, ICE Term SOFR and Tradeweb ICE CMT rates, to help different segments of the market transition contracts from U.S. Dollar LIBOR, said Tim Bowler, President of ICE Benchmark Administration.
  • The data and information on the U.S. Dollar Reference Rates webpage are historical and relate to a period of testing.
  • ICE, ICE LIBOR, LIBOR and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.
  • Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.

Federal Home Loan Bank of Atlanta Declares a 3.72% Dividend for Fourth Quarter 2020

Retrieved on: 
Friday, January 29, 2021

ATLANTA, Jan. 29, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a fourth quarter 2020 cash dividend at an annualized rate of 3.72 percent.

Key Points: 
  • ATLANTA, Jan. 29, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a fourth quarter 2020 cash dividend at an annualized rate of 3.72 percent.
  • Despite the continuing economic challenges presented by the COVID-19 pandemic, Federal Home Loan Bank of Atlanta ended the year on stable footing, said FHLBank Atlanta Chair of the Board, Rick Whaley.
  • The board is pleased to be able to return this fourth quarter dividend to our members.
  • The dividend rate is 3.50 percentage points over the daily average three-month LIBOR yield for the fourth quarter of 2020, and 3.63 percentage points over the daily average Secured Overnight Financing Rate, also known as SOFR, for the fourth quarter of 2020.

KBRA Releases Research – CRE Securitization: LIBOR to SOFR Path Paved but Curves Lie Ahead

Retrieved on: 
Thursday, January 21, 2021

Kroll Bond Rating Agency (KBRA) releases research on the commercial real estate (CRE) securitization industry ahead of the switchover to the Secured Overnight Finance Rate (SOFR) benchmark from LIBOR.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research on the commercial real estate (CRE) securitization industry ahead of the switchover to the Secured Overnight Finance Rate (SOFR) benchmark from LIBOR.
  • In 2020, while the COVID-19 pandemic dominated the headlines and captured the attention of the financial markets, the cessation of the London Interbank Offered Rate (LIBOR) loomed closer for the CRE securitization industry.
  • Against this backdrop, KBRA provides an update to its CRE Securitization: Transitioning Away From LIBOR report published in January 2020.
  • In this publication, we will cover what has transpired with LIBOR since last year provide an assessment on the state of CRE securitization market and recap the risks and exposures across the different CRE securitizations segments.

Consolidated Communications Secures Incremental Term Loan Financing of $150 million

Retrieved on: 
Friday, January 15, 2021

Consolidated Communications (NASDAQ: CNSL) today announced it has secured and closed on an incremental $150 million term loan that is fungible with the Companys existing First Lien Term Loan B with maturities due October 2027.

Key Points: 
  • Consolidated Communications (NASDAQ: CNSL) today announced it has secured and closed on an incremental $150 million term loan that is fungible with the Companys existing First Lien Term Loan B with maturities due October 2027.
  • The terms of the incremental term loan facility are substantially similar to those relating to the Company's existing term loan facility, except with respect to issue price.
  • The loans under the incremental term loan facility bear interest at a rate of equal to LIBOR plus of 4.75% per annum with a 1.0% LIBOR floor.
  • "Were very pleased to have secured the additional financing on attractive terms and appreciate the support of key lenders that placed the proceeds," said Steve Childers, chief financial officer of Consolidated Communications.