Libor

Atkore Announces Completion of Refinancing of Senior Secured Term Loan

Retrieved on: 
Wednesday, May 26, 2021
Engineering, Residential Building & Real Estate, Manufacturing, Commercial Building & Real Estate, Construction & Property, Building Systems, Money, Finance, Mortgage, Economy, Personal finance, Refinancing, Libor

Atkore Inc. (the Company) (NYSE: ATKR), a leading provider of electrical, safety and infrastructure solutions, today announced that it had completed the refinancing of the senior secured term loan facility of its subsidiary, Atkore International, Inc. (AII), which had been scheduled to mature in December 2023.

Key Points: 
  • Atkore Inc. (the Company) (NYSE: ATKR), a leading provider of electrical, safety and infrastructure solutions, today announced that it had completed the refinancing of the senior secured term loan facility of its subsidiary, Atkore International, Inc. (AII), which had been scheduled to mature in December 2023.
  • The Company replaced the existing term loan facility with a new $400 million senior secured term loan facility of AII that matures in 2028.
  • Borrowings under the new term loan facility bear interest at the rate of either LIBOR (with a floor of 0.5%) plus 2.00%, or an alternate base rate (with a floor of 1.5%) plus 1.00%.
  • Proceeds of the new term loan facility, together with the proceeds from the issuance by the Company of $400 million of 4.25% Senior Notes due 2031 (the Notes) were used to fund the repayment of the existing term loan facility and to pay related fees and expenses.

Turkiye Garanti Bankasi A.S.: Announcement regarding Syndicated Loan Agreement

Retrieved on: 
Wednesday, May 26, 2021
Money, Finance, Economy, Interest rates, United States housing bubble, Financial law, Swaps, Fixed-income securities, Syndicated loan, Euribor, Libor, Tranche

The issuer is solely responsible for the content of this announcement.

Key Points: 
  • The issuer is solely responsible for the content of this announcement.
  • On 25.05.2021 our Bank has signed a syndicated loan agreement with 367 days maturity in the amount of US $ 279.000.000 and 294.000.000 comprising of two separate tranches.
  • The loan which will be used for trade finance purposes has been executed with commitments received from 34 financial institutions from 18 countries.
  • The all-in cost for USD and EUR tranches have been realized as Libor + 2.50% and Euribor + 2.25% respectively.

MISTRAS Group Announces Amendment to Existing Credit Agreement

Money, Finance, Economy, Credit, Personal finance, Swaps, Debt, Libor, Revolving credit

The maturity of the credit agreement remains at December 2023.\nThe new credit terms result in an immediate reduction in the effective interest rate via removal of a 1.00% LIBOR floor, which effectively lowers the all-in cost of borrowing by 90 basis points.

Key Points: 
  • The maturity of the credit agreement remains at December 2023.\nThe new credit terms result in an immediate reduction in the effective interest rate via removal of a 1.00% LIBOR floor, which effectively lowers the all-in cost of borrowing by 90 basis points.
  • The amendment modestly contracts the unused revolving credit by $10.0 million at closing with an additional $15.0 million reduction later in 2021.
  • The Company also retained its $100 million uncommitted accordion.\n\xe2\x80\x9dWe have an extremely supportive bank group, and appreciate their willingness to partner with us in creating shareholder value,\xe2\x80\x9d said Ed Prajzner, MISTRAS Group Chief Financial Officer (CFO).
  • \xe2\x80\x9cThis amendment to our existing credit agreement yielded us a lower cost of borrowing, with ample liquidity to fund our growth.

Independence Realty Trust Announces Closing of $200 Million Term Loan

Retrieved on: 
Tuesday, May 18, 2021
REIT, Finance, Banking, Professional services, Construction & Property, Money, Finance, Economy, Credit, Line of credit, Libor, Revolving credit, XE-class submarine

b'Independence Realty Trust, Inc. (NYSE: IRT) (\xe2\x80\x9cIRT\xe2\x80\x9d) today announced that its operating partnership, Independence Realty Operating Partnership, LP, closed on a new 5-year $200 million term loan.

Key Points: 
  • b'Independence Realty Trust, Inc. (NYSE: IRT) (\xe2\x80\x9cIRT\xe2\x80\x9d) today announced that its operating partnership, Independence Realty Operating Partnership, LP, closed on a new 5-year $200 million term loan.
  • Proceeds from the term loan will be used to repay amounts outstanding on IRT\xe2\x80\x99s unsecured revolving credit facility.\nThe 5-year term loan will mature in May 2026 and bear interest at LIBOR plus 1.20% to 1.90% based on IRT\xe2\x80\x99s leverage ratio.
  • At closing, the interest rate spread will be 1.25%.\n\xe2\x80\x9cOur new term loan strengthens our capital structure by effectively extending $200 million in debt maturities to May 2026 and freeing up liquidity on our unsecured revolving credit facility,\xe2\x80\x9d said James J. Sebra, IRT\xe2\x80\x99s Chief Financial Officer.
  • IRT\xe2\x80\x99s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

ICE Benchmark Administration Launches GBP SONIA Spread-Adjusted ICE Swap Rate® ‘Beta’ Settings

Retrieved on: 
Monday, May 17, 2021
Banking, Professional services, Finance, Money, Swaps, Finance, Interest rates, Economy, Sonia, Libor, Derivative, ICE Benchmark Administration, Intercontinental Exchange, SONIA, ICE BENCHMARK ADMINISTRATION, INTERCONTINENTAL EXCHANGE, SONIA

b'Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (\xe2\x80\x9cIBA\xe2\x80\x9d) has launched GBP SONIA Spread-Adjusted ICE Swap Rate\xc2\xae \xe2\x80\x98Beta\xe2\x80\x99 settings.\nIBA is publishing daily, indicative GBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings for an initial testing period.

Key Points: 
  • b'Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (\xe2\x80\x9cIBA\xe2\x80\x9d) has launched GBP SONIA Spread-Adjusted ICE Swap Rate\xc2\xae \xe2\x80\x98Beta\xe2\x80\x99 settings.\nIBA is publishing daily, indicative GBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings for an initial testing period.
  • The settings are designed to support the market in transitioning non-linear derivatives, structured products and cash market instruments that currently reference GBP LIBOR ICE Swap Rate.\nGBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings are available here , alongside GBP SONIA ICE Swap Rate.
  • \xe2\x80\x9cIn combination with GBP SONIA ICE Swap Rate, we now have the building blocks needed to help this transition whilst helping address legacy contracts which reference GBP LIBOR ICE Swap Rate.\xe2\x80\x9d\n\xe2\x80\x9cIBA continues to engage closely with the market on the transition from GBP LIBOR ICE Swap Rate to GBP SONIA ICE Swap Rate,\xe2\x80\x9d said Tim Bowler, President of ICE Benchmark Administration.
  • \xe2\x80\x9cThrough the launch of spread-adjusted GBP SONIA \xe2\x80\x98beta\xe2\x80\x99 settings, in addition to publishing GBP SONIA ICE Swap Rate as a benchmark since December 2020, IBA is providing the tools and solutions the non-linear derivatives market needs to effectively plan and implement this transition\xe2\x80\x9d.\nIBA is publishing GBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings for information and illustration purposes in order to enable stakeholders to evaluate the rates and provide feedback.

Alaska Student Loan Corporation Announces Results Of Consent Solicitation Process For Its Taxable Education Loan Backed Notes, Series 2013A

Retrieved on: 
Friday, May 14, 2021
Money, Finance, Economy, Loans, United States housing bubble, American Bankers Association, CUSIP, Market data, Student loan, Issuer, Indenture, Libor

b'Re: $144,730,000 Alaska Student Loan Corporation Taxable Education Loan Backed Notes, Series 2013A (LIBOR-Indexed Notes) CUSIP: 011855 CM3\nAs issuer of the Series 2013A Notes (the "Notes"), the Alaska Student Loan Corporation (the "Issuer") today announced the results of a consent solicitation seeking consent from the holders of the Notes to amend the indenture governing the Notes to permit early redemption thereof.\nD.F.

Key Points: 
  • b'Re: $144,730,000 Alaska Student Loan Corporation Taxable Education Loan Backed Notes, Series 2013A (LIBOR-Indexed Notes) CUSIP: 011855 CM3\nAs issuer of the Series 2013A Notes (the "Notes"), the Alaska Student Loan Corporation (the "Issuer") today announced the results of a consent solicitation seeking consent from the holders of the Notes to amend the indenture governing the Notes to permit early redemption thereof.\nD.F.
  • King & Co., Inc. as Information Agent and Tabulation Agent reports that it received the following consents prior to the expiration of the solicitation period at 5:00 p.m. New York City time on May 13, 2021.\n'

ICE Benchmark Administration Consults on Potential Cessation of ICE Swap Rate® based on GBP LIBOR®

Retrieved on: 
Friday, May 7, 2021
Banking, Professional services, Finance, Swaps, Money, Finance, Interest rates, Economy, Libor, Sonia, Interest rate swap, Swap rate, ICE Benchmark Administration, Intercontinental Exchange, SONIA, ICE BENCHMARK ADMINISTRATION, INTERCONTINENTAL EXCHANGE, SONIA

IBA will publish a feedback statement after the feedback period has closed.\nThe consultation is not, and must not be taken to be, an announcement that IBA will cease or continue the publication of GBP LIBOR ICE Swap Rate, or any other ICE Swap Rate settings, after December 31, 2021, or any other date.

Key Points: 
  • IBA will publish a feedback statement after the feedback period has closed.\nThe consultation is not, and must not be taken to be, an announcement that IBA will cease or continue the publication of GBP LIBOR ICE Swap Rate, or any other ICE Swap Rate settings, after December 31, 2021, or any other date.
  • IBA expects to consult on the potential cessation of USD LIBOR ICE Swap Rate in due course.\nSince December 2020, IBA has published GBP ICE Swap Rate settings based on SONIA.
  • GBP SONIA ICE Swap Rate settings are available for the same tenors as GBP LIBOR ICE Swap Rate settings and at the same time, and are determined using the published ICE Swap Rate \xe2\x80\x98Waterfall\xe2\x80\x99 methodology based on eligible interest rate swap transactions referencing SONIA settings.\nICE Benchmark Administration is authorized and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark, and is authorized as a benchmark administrator under the UK Benchmarks Regulation.
  • ICE LIBOR, LIBOR, ICE Swap Rate and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.\nIntercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity.

Granite Point Mortgage Trust Inc. Announces Pricing of $824 Million Commercial Real Estate CLO

Retrieved on: 
Wednesday, May 5, 2021
Commercial Building & Real Estate, Construction & Property, REIT, United States housing bubble, Money, Finance, Economy, Interest rates, Valuation, Banking, Libor, Swaps, Mark-to-market accounting, Forward-looking statement

The Company expects approximately $686 million of investment grade securities to be placed with institutional investors, providing GPMT with term-matched financing on a non-mark-to-market and non-recourse basis.

Key Points: 
  • The Company expects approximately $686 million of investment grade securities to be placed with institutional investors, providing GPMT with term-matched financing on a non-mark-to-market and non-recourse basis.
  • GPMT 2021-FL3 features an initial advance rate of 83.25% and a weighted-average interest rate at issuance of LIBOR + 1.62%, before accounting for transaction costs.
  • Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance.
  • Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them.

Iowa Student Loan Liquidity Corporation ("ISL") To Begin Negotiations With Holders Of Its Student Loan Asset-Backed Notes, Series 2005-1 (Class A-3 And Class B), Series 2011-1 And Series 2012-1 (Class A And Class B)

Retrieved on: 
Monday, May 3, 2021
Money, Finance, Financial services, Structured finance, Financial law, United States housing bubble, Banking, Fixed-income securities, Libor, Asset-backed security, Student loan

b'Iowa Student Loan Liquidity Corporation Student Loan Asset-Backed Notes, Series 2005-1 (the "2005-1 Notes"), consisting of:\nIowa Student Loan Liquidity Corporation Student Loan Asset-Backed Notes, Series 2011-1 (Libor Floating Rate Notes) (the "2011-1 Notes"), consisting of:\nIowa Student Loan Liquidity Corporation Student Loan Asset-Backed Notes, Series 2012-1 (Libor Floating Rate Notes) (the "2012-1 Notes"), consisting of:\nAs Issuer of the outstanding 2005-1 Notes, 2011-1 Notes and 2012-1 Notes, Iowa Student Loan Liquidity Corporation ("ISL") is planning to enter into negotiations with one or more holders of the outstanding 2005-1 Notes, 2011-1 Notes and 2012-1 Notes (collectively, the "Noteholders") to solicit their consent to a potential early redemption of the outstanding 2005-1 Notes, 2011-1 Notes and 2012-1 Notes, respectively (collectively, the "Notes").

Key Points: 
  • b'Iowa Student Loan Liquidity Corporation Student Loan Asset-Backed Notes, Series 2005-1 (the "2005-1 Notes"), consisting of:\nIowa Student Loan Liquidity Corporation Student Loan Asset-Backed Notes, Series 2011-1 (Libor Floating Rate Notes) (the "2011-1 Notes"), consisting of:\nIowa Student Loan Liquidity Corporation Student Loan Asset-Backed Notes, Series 2012-1 (Libor Floating Rate Notes) (the "2012-1 Notes"), consisting of:\nAs Issuer of the outstanding 2005-1 Notes, 2011-1 Notes and 2012-1 Notes, Iowa Student Loan Liquidity Corporation ("ISL") is planning to enter into negotiations with one or more holders of the outstanding 2005-1 Notes, 2011-1 Notes and 2012-1 Notes (collectively, the "Noteholders") to solicit their consent to a potential early redemption of the outstanding 2005-1 Notes, 2011-1 Notes and 2012-1 Notes, respectively (collectively, the "Notes").
  • Following these negotiations, ISL may initiate a formal solicitation of consent from a majority of the outstanding Noteholders for each series of Notes necessary to amend the indentures governing each such series of Notes.
  • The amendments to each indenture would permit, and delineate the process for, the early redemption of the applicable series of Notes.\nAny formal solicitation will be made only in accordance with the terms and conditions of a written Consent Solicitation Statement for each series of Notes that will be available to all Noteholders of such series.
  • There is no assurance that ISL will reach a mutually acceptable understanding with the Noteholders, or that any series of Notes ultimately will be retired in connection with the contemplated consent solicitation.\n'

FLEETCOR® Refinances Credit Facilities

Retrieved on: 
Monday, May 3, 2021
Professional services, Finance, Money, Finance, Fleetcor, Financial services, Forward-looking statement, Libor

The upsized credit facility carries an interest rate of LIBOR plus 175 basis points, unchanged from the current Term B loan facility.

Key Points: 
  • The upsized credit facility carries an interest rate of LIBOR plus 175 basis points, unchanged from the current Term B loan facility.
  • FLEETCOR believes these forward-looking statements are reasonable; however, forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements.
  • The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of their employees and suppliers.
  • FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific.