PNC Financial Services

Kore.ai Secures $150 Million Strategic Growth Investment to Drive AI-powered Customer and Employee Experiences for Global Brands

Retrieved on: 
Tuesday, January 30, 2024

ORLANDO, Fla., Jan. 30, 2024 /PRNewswire/ -- Kore.ai, a leader in enterprise conversational and generative AI platform technology, today announced $150 million in funding. The strategic growth investment was led by FTV Capital, a sector-focused growth equity investor with a successful 25+ year track record investing across enterprise technology, along with participation from NVIDIA and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie. The new funding will accelerate Kore.ai's market expansion and continuous innovation in AI to deliver tangible business and human value at scale.

Key Points: 
  • The AI market has seen rapid growth and disruption driven by advancements in technology and shifting user expectations.
  • Gartner estimates the conversational AI market to reach $377 billion in revenue by 2032, up from $66 billion in 2023.
  • This reflects an exponential demand for enhanced customer experiences, streamlined business operations and innovative GenAI applications addressing specific business tasks.
  • The company automates 450 million interactions a day for about 200 million consumers and two million enterprise users worldwide.

Highwoods Recasts Credit Facility

Retrieved on: 
Thursday, January 25, 2024

RALEIGH, N.C., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has executed a recast of its unsecured revolving credit facility, which replaces the Company’s existing revolving credit facility obtained in 2021.

Key Points: 
  • Ted Klinck, President and Chief Executive Officer of Highwoods Properties, said, “We appreciate the confidence shown in Highwoods by our bank group.
  • We are pleased to have extended the term of our credit facility out to 2029, with the extension options.
  • served as Joint Lead Arrangers on the new credit facility, with BofA Securities, Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC serving as Joint Bookrunners.
  • is Administrative Agent and Wells Fargo Bank, National Association and PNC Bank, National Association are Co-Syndication Agents.

Easterly Government Properties Extends $100 Million Unsecured Term Loan Facility

Retrieved on: 
Thursday, January 25, 2024

Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust that acquires, develops, and manages Class A commercial properties leased to mission-critical U.S. Government agencies, today announced it has extended a $100 million unsecured term loan executed in 2016 (the “Extended Term Loan”).

Key Points: 
  • Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust that acquires, develops, and manages Class A commercial properties leased to mission-critical U.S. Government agencies, today announced it has extended a $100 million unsecured term loan executed in 2016 (the “Extended Term Loan”).
  • Easterly secured market leading terms for the facility and extended the weighted average life of maturities at attractive spreads, underscoring the company’s fortified balance sheet and strong capital partner relationships.
  • Given the Company's current leverage ratio, the Extended Term Loan’s initial spread to SOFR is set at 1.35%.
  • “Extending Easterly’s term loan equips the Company to hold the current pricing grid and prolong the weighted average of the loan’s debt maturity,” said Allison Marino, Easterly’s Chief Financial and Accounting Officer.

Marc A. Tohir Joins Freedom Bank as EVP & Head of Commercial Banking

Retrieved on: 
Monday, January 29, 2024

FAIRFAX, Va., Jan. 29, 2024 /PRNewswire/ -- The Freedom Bank of Virginia ("Freedom Bank") announced today that it has hired Marc A. Tohir as Executive Vice President and Head of Commercial Banking. In his role as Head of Commercial Banking, Marc will organize and execute growth strategies for the Bank's commercial banking segment across the greater DC Region and dedicated industry groups.

Key Points: 
  • FAIRFAX, Va., Jan. 29, 2024 /PRNewswire/ -- The Freedom Bank of Virginia ("Freedom Bank") announced today that it has hired Marc A. Tohir as Executive Vice President and Head of Commercial Banking.
  • In his role as Head of Commercial Banking, Marc will organize and execute growth strategies for the Bank's commercial banking segment across the greater DC Region and dedicated industry groups.
  • "I am thrilled to lead the talented commercial banking team at Freedom Bank," said Marc Tohir.
  • Marc has extensive banking experience and was most recently Senior Vice President and Group Manager at PNC Bank managing the Northern Virginia area.

Babcock & Wilcox Enterprises Announces New $150 Million Senior Secured Credit Facility; Reaffirmed Credit Rating of BB+

Retrieved on: 
Monday, January 22, 2024

Letters of credit issued under the previous facility with PNC are expected to transition to the Axos facility over the next several months.

Key Points: 
  • Letters of credit issued under the previous facility with PNC are expected to transition to the Axos facility over the next several months.
  • B&W also announced that the Company and its Senior Unsecured Notes (NYSE: “BWSN” and “BWNB”) have received a reaffirmed credit rating of “BB+” from the Egan-Jones Ratings Company.
  • The credit rating follows a comprehensive review and takes into consideration current market conditions.
  • “The reaffirmation of our credit rating and our new Senior Secured Credit facility reflect the stability of our business model and our continued commitment to our long-term growth capabilities.”

San Juan Basin Royalty Trust Declares Cash Distribution for January 2024

Retrieved on: 
Friday, January 19, 2024

The distribution is payable February 14, 2024, to the Unit Holders of record as of January 31, 2024.

Key Points: 
  • The distribution is payable February 14, 2024, to the Unit Holders of record as of January 31, 2024.
  • For the production month of November 2023, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $1,283,023 gross ($962,267 net royalty amount to the Trust).
  • Hilcorp reported $5,693,664 of total revenue from the Subject Interests for the production month of November 2023, consisting of $5,564,175 of gas revenues and $129,489 of oil revenues.
  • Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements.

San Juan Basin Royalty Trust Announces Argent Trust Company as Successor Trustee and Amendments to its Indenture

Retrieved on: 
Tuesday, January 16, 2024

San Juan Basin Royalty Trust (NYSE:SJT) (the “Trust”) today announced that, at the Special Meeting of the Trust’s Unit Holders held on January 16, 2024, the Unit Holders of the Trust voted to approve the appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee to PNC Bank, National Association, the current trustee of the Trust.

Key Points: 
  • San Juan Basin Royalty Trust (NYSE:SJT) (the “Trust”) today announced that, at the Special Meeting of the Trust’s Unit Holders held on January 16, 2024, the Unit Holders of the Trust voted to approve the appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee to PNC Bank, National Association, the current trustee of the Trust.
  • Unit Holders also approved two separate proposals amending the Indenture, the governing document of the Trust.
  • The proposals approved and adopted by the Unit Holders included amendments (i) permitting a successor trustee to be a bank or trust company having a capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $15,000,000, (ii) an amendment that would clarify the word “Trustee” to include former trustees for indemnification purposes.
  • The resignation of PNC Bank, National Association as trustee and the appointment of Argent as successor trustee is expected to take place on February 15, 2024.

Vince Tyra To Assume Role of President and CEO of Gildan Activewear on January 15, 2024

Retrieved on: 
Friday, January 12, 2024

MONTREAL, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Gildan Activewear Inc. (GIL: TSX and NYSE) (“Gildan” or “the Company”) is pleased to announce that Vince Tyra will assume the role of President and Chief Executive Officer on Monday, January 15, 2024.

Key Points: 
  • MONTREAL, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Gildan Activewear Inc. (GIL: TSX and NYSE) (“Gildan” or “the Company”) is pleased to announce that Vince Tyra will assume the role of President and Chief Executive Officer on Monday, January 15, 2024.
  • He invested in and grew his own activewear business in his twenties utilizing Gildan as a key supplier.
  • In his six years as CEO of Broder, Vince tripled revenue and made it an industry leader.
  • Bain Capital later introduced Vince to Southfield Capital, where he went on to a successful career in private equity.

Vermont Slauson EDC Launches TESA (Transformative Entrepreneurship Startup Academy)

Retrieved on: 
Wednesday, January 10, 2024

LOS ANGELES, Jan. 10, 2024 /PRNewswire/ -- Vermont Slauson Economic Development Corporation (VSEDC), a leading community-based non-profit organization that advocates and provides resources for residents of South Los Angeles and beyond, is excited to announce the launch of TESA (Transformative Entrepreneurship Startup Academy). TESA is a proprietary and innovative curriculum that is designed for underserved entrepreneurs and small business owners in mind. TESA provides access to quality education and transformative ways to thinking and approaching challenges, building a new era of entrepreneurship. Recognizing the importance of fostering entrepreneurship within marginalized communities, this ground-breaking curriculum is designed to holistically equip workshop participants with the mindset, knowledge, skills, and resources needed to start, sustain, and thrive in the competitive business world. 

Key Points: 
  • LOS ANGELES, Jan. 10, 2024 /PRNewswire/ -- Vermont Slauson Economic Development Corporation (VSEDC), a leading community-based non-profit organization that advocates and provides resources for residents of South Los Angeles and beyond, is excited to announce the launch of TESA (Transformative Entrepreneurship Startup Academy).
  • TESA is a proprietary and innovative curriculum that is designed for underserved entrepreneurs and small business owners in mind.
  • TESA provides access to quality education and transformative ways to thinking and approaching challenges, building a new era of entrepreneurship.
  • Quentin Strode, President and CEO of VSEDC says, "We are thrilled to launch TESA and impact the South LA's business community.

RS Earns a 95/100 on the Human Rights Campaign Foundation's 2023-2024 Corporate Equality Index

Retrieved on: 
Wednesday, January 10, 2024

FORT WORTH, Texas, Jan. 10, 2024 /PRNewswire/ -- RS, a trading brand of RS Group plc (LSE: RS1), a global provider of product and service solutions for industrial customers, has received a score of 95 out of 100 on the Human Rights Campaign Foundation's 2023–2024 Corporate Equality Index (CEI). The Human Rights Campaign (HRC) is the nation's largest lesbian, gay, bisexual, transgender, and queer (LGBTQ+) civil rights advocacy organization, and the CEI is the nation's foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality.

Key Points: 
  • FORT WORTH, Texas, Jan. 10, 2024 /PRNewswire/ -- RS , a trading brand of RS Group plc (LSE: RS1), a global provider of product and service solutions for industrial customers, has received a score of 95 out of 100 on the Human Rights Campaign Foundation's 2023–2024 Corporate Equality Index (CEI).
  • RS is honored to have increased its ranking on the HRC Foundation's Corporate Equality Index by 15 points this year.
  • "We're extremely proud to have improved our ranking on the Human Rights Campaign Foundation's 2023–2024 Corporate Equality Index," said Katie Cartwright, RS Vice President of People and Culture – Americas.
  • For more information about the Human Rights Campaign (HRC) Foundation's Corporate Equality Index (CEI), please visit www.hrc.org/cei to access the full report.