Libor

Healthcare Trust of America, Inc. Updates Dates to Report 2021 Second Quarter Financial Results and Host Conference Call

Retrieved on: 
Monday, August 2, 2021

The Company plans to host a conference call and webcast on Tuesday, August 3, 2021 at 6:00 p.m. Eastern Time to review its financial performance and operating results for the three months ending June 30, 2021.

Key Points: 
  • The Company plans to host a conference call and webcast on Tuesday, August 3, 2021 at 6:00 p.m. Eastern Time to review its financial performance and operating results for the three months ending June 30, 2021.
  • HTA provides real estate infrastructure for the integrated delivery of healthcare services in highly-desirable locations.
  • The strategic markets HTA invests in support a strong, long-term demand for quality medical office space.
  • Headquartered in Scottsdale, Arizona, HTA has developed a national brand with dedicated relationships at the local level.

EastGroup Properties Announces Sustainability Updates Including Renewal of Credit Facility

Retrieved on: 
Monday, July 26, 2021

JACKSON, Miss., July 26, 2021 /PRNewswire/ --EastGroup Properties, Inc. (NYSE: EGP)(the "Company" or "EastGroup") announced today an update on the Company's continued sustainability efforts, including the incorporation of a sustainability-linked metric into its credit facility renewal.

Key Points: 
  • JACKSON, Miss., July 26, 2021 /PRNewswire/ --EastGroup Properties, Inc. (NYSE: EGP)(the "Company" or "EastGroup") announced today an update on the Company's continued sustainability efforts, including the incorporation of a sustainability-linked metric into its credit facility renewal.
  • The Company is pleased to announce the hiring of Elizabeth Randall as Director of Corporate Sustainability, effective June 30, 2021.
  • In June, the Company amended and restated its unsecured revolving credit facility and unsecured working cash credit facility.
  • Although the Company's current credit rating is Baa2, given the strength of the Company's key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level.

Sonnenblick-Eichner Company Arranges $38,000,000 of Interim First Mortgage Leasehold Financing for the Portofino Hotel & Marina, Redondo Beach, California

Retrieved on: 
Wednesday, July 21, 2021

BEVERLY HILLS, Calif., July 21, 2021 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room full service hotel located in Redondo Beach, California.

Key Points: 
  • BEVERLY HILLS, Calif., July 21, 2021 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room full service hotel located in Redondo Beach, California.
  • The new five-year floating rate LIBOR-based loan replaces a maturing loan and provides interest carry through stabilization.
  • The hotel features a full service restaurant and lounge, lobby bar and indoor/outdoor meeting and event space.
  • The hotel is also within close proximity to major employment centers including the Rosecrans Corridor and Silicon Beach.

Marquette National Corporation Declares Dividend of $0.27 per Share

Retrieved on: 
Wednesday, July 21, 2021

CHICAGO, July 21, 2021 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.27 per share. The dividend will be payable on October 1, 2021 to shareholders of record on September 17, 2021.  As of June 30, 2021, Marquette had 4,402,896 shares issued and outstanding. 

Key Points: 
  • CHICAGO, July 21, 2021 /PRNewswire/ --Marquette National Corporation (OTCQX: MNAT) todayannounced that its Board of Directors declared a cash dividend of $0.27 per share.
  • The dividend will be payable on October 1, 2021 to shareholders of record on September 17, 2021.
  • As of June 30, 2021, Marquette had 4,402,896 shares issued and outstanding.
  • Marquette National Corporation is a diversified bank holding company with total assets of approximately $2.024 billion.

Power Solutions International Announces Additional $25 Million Shareholder Loan Agreement With Weichai America

Retrieved on: 
Tuesday, July 20, 2021

WOOD DALE, Ill., July 20, 2021 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced today that it entered into an additional shareholder’s loan agreement with its majority stockholder, Weichai America Corp. (“Weichai”), dated as of July 14, 2021 (the “Shareholder’s Loan Agreement”). The Shareholder’s Loan Agreement, which matures on May 20, 2022, provides the Company with access to up to $25 million of credit at the discretion of Weichai to supplement the Company’s working capital.  Borrowings under the Shareholder’s Loan Agreement will incur interest at the applicable rate of LIBOR + 4.50% per annum. As of July 15, 2021, PSI has borrowed $15 million under the Shareholder’s Loan Agreement.

Key Points: 
  • Borrowings under the Shareholders Loan Agreement will incur interest at the applicable rate of LIBOR + 4.50% per annum.
  • As of July 15, 2021, PSI has borrowed $15 million under the Shareholders Loan Agreement.
  • Additional details on the Shareholders Loan Agreement can be found in the Companys Current Report on Form 8-K filed with theSecurities and Exchange CommissiononJuly 20, 2021.
  • Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of a broad range of advanced, emission-certified engines and power systems.

ESMA consults on derivatives clearing and trading obligations in view of the benchmarks transition

Retrieved on: 
Friday, July 9, 2021

09 July 2021

Key Points: 
  • 09 July 2021

    Benchmarks

    Post Trading

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, today launches a consultation on the review of the regulatory technical standards (RTS) specifying classes of derivatives subject to the clearing (CO) and trading obligations (DTO).

  • The Consultation Paper examines the state of the transition away from EONIA and LIBOR, which will cease to exist, and onto alternative risk-free rates, such as STR, SONIA and SOFR, in the OTC interest rate derivatives market.
  • The overall aim of this consultation is to amend the scope of both the CO and the DTO to accompany the benchmark transition for OTC derivatives.
  • ESMA is seeking stakeholder feedback on the proposed changes to the scope of these obligations and will use the input to assess what changes to the RTS should be introduced to accompany the benchmarks transition.

ESMA consults on derivatives clearing and trading obligations in view of the benchmarks transition

Retrieved on: 
Friday, July 9, 2021

09 July 2021

Key Points: 
  • 09 July 2021

    Benchmarks

    Post Trading

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, today launches a consultation on the review of the regulatory technical standards (RTS) specifying classes of derivatives subject to the clearing (CO) and trading obligations (DTO).

  • The Consultation Paper examines the state of the transition away from EONIA and LIBOR, which will cease to exist, and onto alternative risk-free rates, such as STR, SONIA and SOFR, in the OTC interest rate derivatives market.
  • The overall aim of this consultation is to amend the scope of both the CO and the DTO to accompany the benchmark transition for OTC derivatives.
  • ESMA is seeking stakeholder feedback on the proposed changes to the scope of these obligations and will use the input to assess what changes to the RTS should be introduced to accompany the benchmarks transition.

JOANN Completes Refinancing of First Lien Term Loan

Retrieved on: 
Thursday, July 8, 2021

HUDSON, Ohio, July 08, 2021 (GLOBE NEWSWIRE) -- JOANN Inc.(NASDAQ: JOAN) (JOANN), the nations category leader in sewing and one of the fastest growing competitors in the arts and crafts category,announced that it has successfully completed the refinancing of its existing covenant-lite first lien term loan facility due October 2023.

Key Points: 
  • HUDSON, Ohio, July 08, 2021 (GLOBE NEWSWIRE) -- JOANN Inc.(NASDAQ: JOAN) (JOANN), the nations category leader in sewing and one of the fastest growing competitors in the arts and crafts category,announced that it has successfully completed the refinancing of its existing covenant-lite first lien term loan facility due October 2023.
  • The impact of the new $675 million covenant-lite first lien term loan facility is leverage neutral for JOANN as net proceeds will be used to fully repay existing borrowings under the prior first lien term loan facility, with the balance reducing the amount borrowed on its existing asset-based revolving credit facility.
  • The new first lien term loan facility matures on July 7, 2028 and lowers the applicable rate by 25 basis points to LIBOR plus 4.75%.
  • Our refinancing strategy extends our debt maturities and lowers our overall borrowing costs, stated Matt Susz, Chief Financial Officer of JOANN.

Rimini Street Announces $90 Million Commercial Bank Financing to Fully Redeem Remaining Series A Preferred Stock

Retrieved on: 
Thursday, July 8, 2021

Loan funding and redemption of the Series A Preferred stock are currently expected to occur on July 20, 2021, subject to customary funding conditions.

Key Points: 
  • Loan funding and redemption of the Series A Preferred stock are currently expected to occur on July 20, 2021, subject to customary funding conditions.
  • Loans made under the five-year term loan will bear interest at LIBOR plus a margin ranging from 1.75% to 2.50%.
  • Additionally, the buyback of the remaining Series A Preferred stock will reduce the Companys fully diluted shares of Common stock outstanding by approximately 9%, or 8.8 million Common shares.
  • Rimini Street anticipates that subsequent events and developments will cause Rimini Streets assessments to change.

Ambac Closes Senior Secured Note Offering

Retrieved on: 
Tuesday, July 6, 2021

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (Sitka or the Issuer), has closed its previously announced offering of its LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026 (the Senior Secured Notes).

Key Points: 
  • Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (Sitka or the Issuer), has closed its previously announced offering of its LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026 (the Senior Secured Notes).
  • The proceeds from this offering were used to fund a portion of the redemption in full of the Ambac LSNI, LLC (Ambac LSNI) LIBOR plus 5.00% Insured Secured Notes due 2023 (the Ambac LSNI Notes) and the secured note issued by Ambac Assurance Corporation (AAC) concurrent with the issuance of the Ambac LSNI Notes.
  • The offering of the Senior Secured Notes was conducted in light of favorable market conditions and to effectively extend the maturity of the Ambac LSNI Notes by approximately three years.
  • The Senior Secured Notes were offered in a private offering exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the Securities Act).