Interest rates

KBC Bank chooses Finastra for LIBOR transition

Retrieved on: 
Wednesday, January 13, 2021
Finance, Money, Financial services, Interest rates, Banking, Swaps, United States housing bubble, Libor, Finastra, KBC Bank, SOFR

LONDON, Jan. 13, 2021 /PRNewswire/ -- KBC Bank, a Belgium-based bank with operations across Europe, US and Asia Pacific, has chosen Finastra to help manage its transition through the upcoming interbank references rates changes.

Key Points: 
  • LONDON, Jan. 13, 2021 /PRNewswire/ -- KBC Bank, a Belgium-based bank with operations across Europe, US and Asia Pacific, has chosen Finastra to help manage its transition through the upcoming interbank references rates changes.
  • The bank has also opted for the Fusion LIBOR Transition Calculator to help calculate rates ahead of the transition period.
  • The transition away from LIBOR is daunting for most banks, but with the help of Finastra's solutions we're able to continue to calculate rates and embark on a smooth transition."
  • Fusion LIBOR Transition Calculator will help KBC Bank manage the transition before the ARR module is rolled out.

KBC Bank chooses Finastra for LIBOR transition

Retrieved on: 
Wednesday, January 13, 2021
Finance, Money, Financial services, Interest rates, Banking, Swaps, United States housing bubble, Libor, Finastra, KBC Bank, SOFR

LONDON, Jan. 13, 2021 /PRNewswire/ -- KBC Bank, a Belgium-based bank with operations across Europe, US and Asia Pacific, has chosen Finastra to help manage its transition through the upcoming interbank references rates changes.

Key Points: 
  • LONDON, Jan. 13, 2021 /PRNewswire/ -- KBC Bank, a Belgium-based bank with operations across Europe, US and Asia Pacific, has chosen Finastra to help manage its transition through the upcoming interbank references rates changes.
  • The bank has also opted for the Fusion LIBOR Transition Calculator to help calculate rates ahead of the transition period.
  • The transition away from LIBOR is daunting for most banks, but with the help of Finastra's solutions we're able to continue to calculate rates and embark on a smooth transition."
  • Fusion LIBOR Transition Calculator will help KBC Bank manage the transition before the ARR module is rolled out.

ICE Benchmark Administration Launches ICE Term SONIA Reference Rates as a Benchmark for Use in Financial Instruments

Retrieved on: 
Monday, January 11, 2021
Professional services, Data management, Technology, Finance, Software, Banking, Interest rates, Money, Finance, Economy, Sonia, Intercontinental Exchange, New York Stock Exchange, Benchmark, Reference rate, ICE Benchmark Administration, Intercontinental Exchange, SONIA

The ICE Term SONIA Reference Rates (ICE TSRR) are designed to measure expected (i.e.

Key Points: 
  • The ICE Term SONIA Reference Rates (ICE TSRR) are designed to measure expected (i.e.
  • The launch of ICE Term SONIA Reference Rates as a benchmark is another important step in supporting financial markets in benchmark transition, said Tim Bowler, President of ICE Benchmark Administration.
  • IBA reserves all rights in the ICE Term SONIA Reference Rates methodology and settings.
  • Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.

Better Choice Secures New $12.0 Million Credit Facility at LIBOR Plus 250 Basis Point Interest Rate

Retrieved on: 
Monday, January 11, 2021
Money, Finance, Financial services, Banking, Personal finance, Interest rates, Mortgage, Rosemont, Illinois, Wintrust Financial, Libor, Refinancing, OTC Markets Group

NEW YORK, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Better Choice Company (OTCQX: BTTR) (Better Choice), an animal health and wellness company is proud to announce it has secured a new $12.0 million long-term credit facility at LIBOR plus 250 basis point interest rate with Wintrust Financial Corporation (Wintrust), a leading commercial bank headquartered in Chicago, Illinois.

Key Points: 
  • NEW YORK, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Better Choice Company (OTCQX: BTTR) (Better Choice), an animal health and wellness company is proud to announce it has secured a new $12.0 million long-term credit facility at LIBOR plus 250 basis point interest rate with Wintrust Financial Corporation (Wintrust), a leading commercial bank headquartered in Chicago, Illinois.
  • Under the terms of this new agreement, Better Choice will simultaneously refinance all existing indebtedness with Citizens Bank and Bridging Finance, which currently totals approximately $13.3 million.
  • This new credit relationship gives us the ability to execute our financial plan and seek out new revenue streams in the future.
  • This new agreement meaningfully lowers our annual interest expense and represents another major milestone for Better Choice.

AssetMark Closes $250 Million Revolving Credit Facility, Retires Existing Term Loan

Retrieved on: 
Monday, January 4, 2021
Money, Finance, Economy, Credit, Interest rates, United States housing bubble, Line of credit, Libor, Margin, Revolving credit

The Credit Agreement provides for a $250 million secured revolving Credit Facility.

Key Points: 
  • The Credit Agreement provides for a $250 million secured revolving Credit Facility.
  • Concurrently, AssetMark will draw down $75 million on the new Credit Facility and use those funds plus cash to retire its $124 million existing term loan, which had a rate of LIBOR plus 3.00%.
  • Interest will be based on LIBOR plus an applicable margin, with the applicable margin being tied to the Companys total leverage ratio.
  • For more than 20 years, AssetMark has focused on offering the solutions and services that help financial advisors grow.

SunOpta Announces Completion of Global Ingredients Sale, Full Redemption of $223.5MM 9.5% Senior Second Lien Notes and Signing of a New $250MM Asset-Based Credit Facility with a $75MM Term Loan

Retrieved on: 
Monday, January 4, 2021
Food, Beverage, Agriculture, Natural Resources, Retail, Other Natural Resources, Money, Finance, Economy, Credit, Loans, Interest rates, Banking, Property law, Line of credit, Second lien loan, Revolving credit, Reference rate

In addition, as part of the same facility, the lenders provided a five-year, $75 million delayed draw term loan, to be used for capital expenditures.

Key Points: 
  • In addition, as part of the same facility, the lenders provided a five-year, $75 million delayed draw term loan, to be used for capital expenditures.
  • This new credit facility with decreased interest rates replaces SunOpta's previous facility that was set to expire on March 31, 2022.
  • Borrowings under the revolving credit facility and delayed draw term loan bear interest based on various reference rates including LIBOR plus an applicable margin.
  • On December 31, 2020, SunOpta also retired in full its 9.5%, $223.5 million second lien notes due in October 2022.

GFL Environmental Announces Closing of Senior Secured Notes and Repricing of Term Loan Facility

Retrieved on: 
Tuesday, December 22, 2020
Money, Finance, Economy, Interest rates, Credit, GFL Environmental, Libor, Revolving credit

VAUGHAN, ON, Dec. 22, 2020 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced the closing of its US$750.0 million principal amount of 3.500% senior secured notes due 2028 (the "Notes").

Key Points: 
  • VAUGHAN, ON, Dec. 22, 2020 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced the closing of its US$750.0 million principal amount of 3.500% senior secured notes due 2028 (the "Notes").
  • GFL also announced that it has completed its repricing of the balance of the term loan facility, representing approximately US$1.31 billion, by reducing the LIBOR floor from 1.00% to 0.50%.
  • The Notes Offering, repayment of a portion of the term loan facility and the term loan repricing will extend the Company's maturity profile and reduce its annual interest expense by an expected C$13.5 million.
  • We also repriced both our revolving credit facility and our term loan facility, making us one of the first North American public companies to reprice a term loan since March 2020."

Encore Capital Group Completes Upsized Offering of Senior Secured Floating Rate Notes

Retrieved on: 
Monday, December 21, 2020
Finance, Money, Debt, Interest rates, Euribor, Eurozone, Encore Capital Group, Floating rate note, Coupon

SAN DIEGO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today announced that it has completed its offering of 415.0 million (upsized from 275.0 million) aggregate principal amount of senior secured floating rate notes due 2028 with a coupon of three-month EURIBOR (subject to a 0% floor) plus 4.250%.

Key Points: 
  • SAN DIEGO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today announced that it has completed its offering of 415.0 million (upsized from 275.0 million) aggregate principal amount of senior secured floating rate notes due 2028 with a coupon of three-month EURIBOR (subject to a 0% floor) plus 4.250%.
  • Encore used the proceeds from the offering, together with cash on hand, to redeem in full the outstanding 400.0 million senior secured floating rate notes due 2024 that had a coupon of three-month EURIBOR (subject to a 0% floor) plus 6.375% and to pay certain transaction fees and expenses incurred in connection with the offering of the notes.
  • The completion of our upsized senior secured floating rate note offering today demonstrates yet again that our new global funding structure provides us with one of the best balance sheets in the global credit management services industry, said Jonathan Clark, Executive Vice President and Chief Financial Officer.
  • Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services across a broad range of financial assets.

Freddie Mac Clears Path for New Index Rate

Retrieved on: 
Thursday, December 17, 2020
Money, Finance, Interest rates, Mortgage industry of the United States, Economy, United States housing bubble, Banking, Libor, Swaps, SOFR, Freddie Mac, Derivative

Freddie Mac made significant progress across the enterprise in support of this important effort for the industry.

Key Points: 
  • Freddie Mac made significant progress across the enterprise in support of this important effort for the industry.
  • Freddie Macs 2020 actions continued to prepare us for the future cessation of LIBOR, said Freddie Mac Interim President Mike Hutchins, executive sponsor of the companys LIBOR transition effort.
  • Transitioning discounting for all derivatives (both cleared and bilateral books) from Effective Federal Funds Rate (EFFR) to SOFR discounting rate.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Williams Closes on New Credit Facilities

Retrieved on: 
Thursday, December 17, 2020
Money, Finance, Financial services, United States housing bubble, Banking, Swaps, Interest rates, Libor

This is another important step in Williams long journey to be recognized as a successfully restructured organization and a giant leap forward to a brighter future.

Key Points: 
  • This is another important step in Williams long journey to be recognized as a successfully restructured organization and a giant leap forward to a brighter future.
  • Under the terms of the Credit Facilities, the Revolvers interest rate is LIBOR plus 2.25%, with a minimum LIBOR floor of 1.0%.
  • Additional details regarding the Credit Facilities can be found in the Form 8-K filed by the Company with the U.S. Securities and Exchange Commission today.
  • Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years.