Libor

ICE Benchmark Administration Launches new U.S. Dollar Reference Rates webpage to assist the market with U.S. Dollar LIBOR® Transition

Retrieved on: 
Tuesday, February 2, 2021
Banking, Professional services, Finance, Money, Interest rates, Finance, Economy, Libor, SOFR, Tradeweb, Intercontinental Exchange, Reference rate, U.S. Dollar ICE Bank Yield Index, ICE Benchmark Administration, Intercontinental Exchange, SOFR

We are excited to launch this new webpage which provides an accessible and transparent way for the market to, each day, compare and view the different reference rates IBA is developing, including the ICE Bank Yield Index, ICE Term SOFR and Tradeweb ICE CMT rates, to help different segments of the market transition contracts from U.S. Dollar LIBOR, said Tim Bowler, President of ICE Benchmark Administration.

Key Points: 
  • We are excited to launch this new webpage which provides an accessible and transparent way for the market to, each day, compare and view the different reference rates IBA is developing, including the ICE Bank Yield Index, ICE Term SOFR and Tradeweb ICE CMT rates, to help different segments of the market transition contracts from U.S. Dollar LIBOR, said Tim Bowler, President of ICE Benchmark Administration.
  • The data and information on the U.S. Dollar Reference Rates webpage are historical and relate to a period of testing.
  • ICE, ICE LIBOR, LIBOR and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.
  • Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.

Ventas Closes New $2.75 Billion Unsecured Credit Facility

Retrieved on: 
Monday, February 1, 2021
Managed care, General Health, Professional services, Consumer, Residential Building & Real Estate, Commercial Building & Real Estate, Hospitals, Construction & Property, REIT, Seniors, Practice Management, Finance, Health, Money, Finance, Economy, Credit, Line of credit, Libor, Revolving credit, Ventas

Ventas, Inc. (NYSE: VTR) (Ventas or the Company) today announced that it has closed a new four-year $2.75 billion unsecured credit facility (the Credit Facility).

Key Points: 
  • Ventas, Inc. (NYSE: VTR) (Ventas or the Company) today announced that it has closed a new four-year $2.75 billion unsecured credit facility (the Credit Facility).
  • The Credit Facility is initially priced at 82.5 basis points over LIBOR, based on the Companys debt ratings, a five basis point improvement from pricing under its previous unsecured revolving credit facility, which was set to mature in April 2021.
  • At closing, the new Credit Facility was substantially undrawn, providing the Company with nearly $2.7 billion of available borrowing capacity.
  • The Credit Facility also includes a $1 billion accordion feature that permits the Company to expand its borrowing capacity to a total of $3.75 billion.

Federal Home Loan Bank of Atlanta Declares a 3.72% Dividend for Fourth Quarter 2020

Retrieved on: 
Friday, January 29, 2021
Money, Finance, Economy, Interest rates, Banking, Swaps, Financial ratios, Financial markets, SOFR, Libor, Rate of return, Dividend

ATLANTA, Jan. 29, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a fourth quarter 2020 cash dividend at an annualized rate of 3.72 percent.

Key Points: 
  • ATLANTA, Jan. 29, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a fourth quarter 2020 cash dividend at an annualized rate of 3.72 percent.
  • Despite the continuing economic challenges presented by the COVID-19 pandemic, Federal Home Loan Bank of Atlanta ended the year on stable footing, said FHLBank Atlanta Chair of the Board, Rick Whaley.
  • The board is pleased to be able to return this fourth quarter dividend to our members.
  • The dividend rate is 3.50 percentage points over the daily average three-month LIBOR yield for the fourth quarter of 2020, and 3.63 percentage points over the daily average Secured Overnight Financing Rate, also known as SOFR, for the fourth quarter of 2020.

Option Care Health Announces Issuance of $250 Million in Additional First Lien Term Loan and Concurrent Extinguishment of All Outstanding Second Lien Notes

Retrieved on: 
Thursday, January 21, 2021
Money, Finance, Economy, Property law, Business law, Loans, Credit, Lien, Second lien loan, Libor, Tax lien

The terms of the additional first lien term loans, including the maturity date of August 2026, are consistent with the Companys existing first lien credit agreement.

Key Points: 
  • The terms of the additional first lien term loans, including the maturity date of August 2026, are consistent with the Companys existing first lien credit agreement.
  • The Companys existing first lien term loans currently bear interest at Libor plus 4.25%; however, subsequent to the effective date of the incurrence of the incremental term loans, all first lien term loans will bear interest at Libor plus 3.75%.
  • The additional first lien term loan issuance and related retirement of second lien notes will be reflected in the Companys first quarter 2021 financial results.
  • Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and teammates.

KBRA Releases Research – CRE Securitization: LIBOR to SOFR Path Paved but Curves Lie Ahead

Retrieved on: 
Thursday, January 21, 2021
Finance, Banking, Professional services, Commercial Building & Real Estate, Construction & Property, Money, Finance, Interest rates, Economy, United States housing bubble, Swaps, Banking, SOFR, Libor, Securitization

Kroll Bond Rating Agency (KBRA) releases research on the commercial real estate (CRE) securitization industry ahead of the switchover to the Secured Overnight Finance Rate (SOFR) benchmark from LIBOR.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research on the commercial real estate (CRE) securitization industry ahead of the switchover to the Secured Overnight Finance Rate (SOFR) benchmark from LIBOR.
  • In 2020, while the COVID-19 pandemic dominated the headlines and captured the attention of the financial markets, the cessation of the London Interbank Offered Rate (LIBOR) loomed closer for the CRE securitization industry.
  • Against this backdrop, KBRA provides an update to its CRE Securitization: Transitioning Away From LIBOR report published in January 2020.
  • In this publication, we will cover what has transpired with LIBOR since last year provide an assessment on the state of CRE securitization market and recap the risks and exposures across the different CRE securitizations segments.

Consolidated Communications Secures Incremental Term Loan Financing of $150 million

Retrieved on: 
Friday, January 15, 2021
Consumer electronics, Technology, Professional services, Other Technology, Satellite, Telecommunications, Networks, Internet, Mobile, Wireless, Hardware, Finance, Money, Finance, Financial services, Loans, Banking, Interest rates, Libor, Swaps, United States housing bubble

Consolidated Communications (NASDAQ: CNSL) today announced it has secured and closed on an incremental $150 million term loan that is fungible with the Companys existing First Lien Term Loan B with maturities due October 2027.

Key Points: 
  • Consolidated Communications (NASDAQ: CNSL) today announced it has secured and closed on an incremental $150 million term loan that is fungible with the Companys existing First Lien Term Loan B with maturities due October 2027.
  • The terms of the incremental term loan facility are substantially similar to those relating to the Company's existing term loan facility, except with respect to issue price.
  • The loans under the incremental term loan facility bear interest at a rate of equal to LIBOR plus of 4.75% per annum with a 1.0% LIBOR floor.
  • "Were very pleased to have secured the additional financing on attractive terms and appreciate the support of key lenders that placed the proceeds," said Steve Childers, chief financial officer of Consolidated Communications.

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.

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.