Libor

Victory Capital Fixes Interest Rate on $450 Million of Remaining Term Loan Balance

Tuesday, March 31, 2020 - 12:45pm

Opportunistically locking in this low rate, on nearly half of our total debt, reduces risk and further enhances our free cash flow profile.

Key Points: 
  • Opportunistically locking in this low rate, on nearly half of our total debt, reduces risk and further enhances our free cash flow profile.
  • As previously announced, the Term Loan was repriced in January 2020 to LIBOR plus 2.5%, reducing the interest rate spread by 75 basis points, from LIBOR plus 3.25%.
  • The Swap effectively fixes the interest rate, on 49% of the current $914 million outstanding balance, through the Term Loans maturity in 2026.
  • Victory Capital is a diversified global asset management firm with $142.4 billion in assets under management as of February 29, 2020.

Jacobs Strengthens Financial Flexibility with Additional Liquidity Capacity

Friday, March 27, 2020 - 1:11am

DALLAS, March 26, 2020 /PRNewswire/ -- Jacobs (NYSE:J) announced effective March 25, 2020 it entered into a new term loan facility.

Key Points: 
  • DALLAS, March 26, 2020 /PRNewswire/ -- Jacobs (NYSE:J) announced effective March 25, 2020 it entered into a new term loan facility.
  • Borrowings under the term loan will bear interest at the prevailing LIBOR rate plus a margin of between 0.875% and 1.50%.
  • Berryman continued, "We are pleased that our strategic actions have facilitated our ability to execute this transaction, thereby further enhancing the company's financial flexibility through an additional $1 billion of liquidity capacity, which brings our total cash on hand and revolver capacity to more than $2 billion.
  • We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data.

Jernigan Capital Upsizes Credit Facility to $375 Million with Reduced Pricing, Extended Maturity and Additional Banks; Provides Liquidity and Business Updates

Thursday, March 26, 2020 - 8:31pm

Advances under the credit agreement bear interest at rates between 210 and 300 basis points over 30-day LIBOR.

Key Points: 
  • Advances under the credit agreement bear interest at rates between 210 and 300 basis points over 30-day LIBOR.
  • These spreads are 15 to 25 basis points lower than the spreads under the previous credit facility, which were 225 and 325 basis points, respectively.
  • This new facility marks another major milestone for JCAP, said John Good, Chairman and Chief Executive Officer of the Company.
  • KeyBanc Capital Markets, Inc. and BMO Capital Markets Corp. acted as joint lead arrangers and syndication agents for the credit facility.

Kennedy Wilson Renews $500 Million Revolving Credit Facility

Thursday, March 26, 2020 - 10:00am

Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that its wholly owned subsidiary Kennedy-Wilson, Inc. has extended its existing $500 million unsecured corporate revolving credit facility with a global group of nine banks.

Key Points: 
  • Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that its wholly owned subsidiary Kennedy-Wilson, Inc. has extended its existing $500 million unsecured corporate revolving credit facility with a global group of nine banks.
  • The credit facility has a maturity date of March 25, 2024, which may be extended two times, in six-month increments.
  • Loans under the extended credit facility bear interest at a rate equal to LIBOR plus a spread of 1.75% to 2.50%, compared to a spread of 1.75% to 2.75% previously.
  • will serve as administrative agent for the revolving credit facility.

Freddie Mac to Cease Issuing LIBOR-Indexed Floating Rate Unsecured Debt

Monday, March 23, 2020 - 1:00pm

MCLEAN, Va., March 23, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today that, effective immediately, it will cease issuing LIBOR-indexed floating rate unsecured debt securities that mature beyond the end of 2021.

Key Points: 
  • MCLEAN, Va., March 23, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today that, effective immediately, it will cease issuing LIBOR-indexed floating rate unsecured debt securities that mature beyond the end of 2021.
  • The company has no outstanding LIBOR-indexed unsecured debt securities, and it has not issued LIBOR-indexed unsecured debt securities that mature beyond the end of 2021.
  • Freddie Macs decision to cease issuing LIBOR-indexed floating rate unsecured debt securities is a result of the announcement by the Chief Executive of the United Kingdom Financial Conduct Authority (FCA) that the FCA will no longer persuade or compel member panel banks to make LIBOR submissions after 2021.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

FASB Issues Guidance to Assist in Transition Away From Interbank Offered Rates to New Reference Rates

Thursday, March 12, 2020 - 3:51pm

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update ( ASU ) that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform.

Key Points: 
  • The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update ( ASU ) that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform.
  • This new ASU provides stakeholders with the guidance they need to ease the process of migrating away from LIBOR and other interbank offered rates to new reference rates, said FASB Chairman Russell G. Golden .
  • At the same time, the new guidance will also help reduce transition-related costs, he added.
  • LIBOR and other interbank offered rates are widely used benchmark or reference rates in the United States and globally.

LIBOR Transition and Benchmark Reform Course (London, United Kingdom - June 15, 2020) - ResearchAndMarkets.com

Monday, March 9, 2020 - 3:01pm

The "LIBOR Transition and Benchmark Reform" training has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "LIBOR Transition and Benchmark Reform" training has been added to ResearchAndMarkets.com's offering.
  • This 1-day course offers an insight into the journey from IBOR rates to their new replacement benchmarks, from the perspective of banks, companies, and investors.
  • We then will be looking at the role of IBOR in corporate lending, and how the transition to RFR-linked loans might work.
  • We finish the course by considering the process of migrating legacy IBOR deals to RFR-linked terms - the contractual considerations and how we agree on a fair transition price.

Virtu Completes Previously Announced Term Loan Repricing

Monday, March 2, 2020 - 9:06pm

NEW YORK, March 02, 2020 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT) (Virtu or the Company), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to our clients and liquidity to the global markets, today announced the completion of a repricing transaction of its $1.925 billion senior secured first lien term loan maturing in March 2026 (the Term Loan).

Key Points: 
  • NEW YORK, March 02, 2020 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT) (Virtu or the Company), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to our clients and liquidity to the global markets, today announced the completion of a repricing transaction of its $1.925 billion senior secured first lien term loan maturing in March 2026 (the Term Loan).
  • As previously announced, the repricing amendment reduces the interest rate on the Term Loan by 50 basis points to LIBOR + 300 basis points.
  • Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets.
  • These forward-looking statements are subject to numerous uncertainties and factors relating to the Companys operations and business environment, as well as uncertainties relating to the Term Loan and related contractual arrangements.

KBRA Releases the Bank Treasury Newsletter, Chart Deck, and Bank Talk: The After-Show

Monday, February 24, 2020 - 10:50pm

Kroll Bond Rating Agency (KBRA) releases this months editions of the Newsletter, Chart Deck, and Bank Talk: The After-Show.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases this months editions of the Newsletter, Chart Deck, and Bank Talk: The After-Show.
  • It also recaps discussions the editor-in-chief had with bank treasurers about interest rates in 2020, and implications for their balance sheet strategy.
  • The February edition of the Bank Treasury Newsletter Chart Deck reviews a recent Accenture survey on the fixed income industrys preparations for the transition from LIBOR to SOFR at the end of 2021.
  • It then takes a broader look at recent interest rate trends and adjustments that bank treasurers are taking in response.

Avolon Successfully Reduces Price of US$850 Million of Senior Secured Term Loan B Facility

Thursday, February 6, 2020 - 9:41pm

Avolon Holdings Limited (Avolon), the international aircraft leasing company, announces the successful re-pricing of US$850 million of its senior secured US$2.58 billion Term Loan B facility (the Facility).

Key Points: 
  • Avolon Holdings Limited (Avolon), the international aircraft leasing company, announces the successful re-pricing of US$850 million of its senior secured US$2.58 billion Term Loan B facility (the Facility).
  • Avolon has repriced the US$850 million tranche at LIBOR plus 1.50% and is subject to an Original Issue Discount (OID) of 99.75.
  • In conjunction with this repricing, Avolon has also repaid US$300 million of the original Facility, reducing the outstanding balance to US$2.28 billion.
  • The repricing at LIBOR plus 1.50% represents a new sector low for a Term Loan B Facility.