Libor

GFL Environmental Announces Closing of Senior Secured Notes and Repricing of Term Loan Facility

Retrieved on: 
Tuesday, December 22, 2020
Money, Finance, Economy, Interest rates, Credit, GFL Environmental, Libor, Revolving credit

VAUGHAN, ON, Dec. 22, 2020 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced the closing of its US$750.0 million principal amount of 3.500% senior secured notes due 2028 (the "Notes").

Key Points: 
  • VAUGHAN, ON, Dec. 22, 2020 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced the closing of its US$750.0 million principal amount of 3.500% senior secured notes due 2028 (the "Notes").
  • GFL also announced that it has completed its repricing of the balance of the term loan facility, representing approximately US$1.31 billion, by reducing the LIBOR floor from 1.00% to 0.50%.
  • The Notes Offering, repayment of a portion of the term loan facility and the term loan repricing will extend the Company's maturity profile and reduce its annual interest expense by an expected C$13.5 million.
  • We also repriced both our revolving credit facility and our term loan facility, making us one of the first North American public companies to reprice a term loan since March 2020."

Freddie Mac Clears Path for New Index Rate

Retrieved on: 
Thursday, December 17, 2020
Money, Finance, Interest rates, Mortgage industry of the United States, Economy, United States housing bubble, Banking, Libor, Swaps, SOFR, Freddie Mac, Derivative

Freddie Mac made significant progress across the enterprise in support of this important effort for the industry.

Key Points: 
  • Freddie Mac made significant progress across the enterprise in support of this important effort for the industry.
  • Freddie Macs 2020 actions continued to prepare us for the future cessation of LIBOR, said Freddie Mac Interim President Mike Hutchins, executive sponsor of the companys LIBOR transition effort.
  • Transitioning discounting for all derivatives (both cleared and bilateral books) from Effective Federal Funds Rate (EFFR) to SOFR discounting rate.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Williams Closes on New Credit Facilities

Retrieved on: 
Thursday, December 17, 2020
Money, Finance, Financial services, United States housing bubble, Banking, Swaps, Interest rates, Libor

This is another important step in Williams long journey to be recognized as a successfully restructured organization and a giant leap forward to a brighter future.

Key Points: 
  • This is another important step in Williams long journey to be recognized as a successfully restructured organization and a giant leap forward to a brighter future.
  • Under the terms of the Credit Facilities, the Revolvers interest rate is LIBOR plus 2.25%, with a minimum LIBOR floor of 1.0%.
  • Additional details regarding the Credit Facilities can be found in the Form 8-K filed by the Company with the U.S. Securities and Exchange Commission today.
  • Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years.

ICE Benchmark Administration launches GBP SONIA ICE Swap Rate as a benchmark for use by licensees

Retrieved on: 
Tuesday, December 15, 2020
Banking, Professional services, Finance, Swaps, Money, Interest rates, Finance, Economy, Interest rate swap, Swap rate, Libor, Sonia, Constant maturity swap, ICE Benchmark Administration, Intercontinental Exchange, SONIA

GBP SONIA ICE Swap Rate benchmark settings are determined using the published ICE Swap Rate Waterfall methodology using eligible input data in respect of SONIA interest rate swaps, and are available for the same tenors and at the same time as the current GBP LIBOR ICE Swap Rate.

Key Points: 
  • GBP SONIA ICE Swap Rate benchmark settings are determined using the published ICE Swap Rate Waterfall methodology using eligible input data in respect of SONIA interest rate swaps, and are available for the same tenors and at the same time as the current GBP LIBOR ICE Swap Rate.
  • The launch of the GBP SONIA ICE Swap Rate benchmark follows a positive market response to feedback and consultation papers issued by IBA, and the successful publication of GBP SONIA ICE Swap Rate settings on an indicative Beta basis since October 2020 .
  • IBA reserves all rights in the ICE Swap Rate methodology, and in the ICE Swap Rate and GBP SONIA ICE SWAP Rate settings.
  • ICE Swap Rate, ICE LIBOR, LIBOR and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.

GFL Environmental Prices Offering of Senior Secured Notes

Retrieved on: 
Tuesday, December 15, 2020
Money, Finance, Interest rates, Financial services, GFL Environmental, Libor

VAUGHAN, ON, Dec. 15, 2020 /PRNewswire/ -GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced the pricing of US$750.0 million in aggregate principal amount of 3.500% senior secured notes due 2028 (the "Notes").

Key Points: 
  • VAUGHAN, ON, Dec. 15, 2020 /PRNewswire/ -GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced the pricing of US$750.0 million in aggregate principal amount of 3.500% senior secured notes due 2028 (the "Notes").
  • GFL intends to use the net proceeds from the offering of the Notes (the "Notes Offering") to repay a portion of amounts outstanding under the Company's term loan facility, which matures on May 31, 2025, and to pay related fees and expenses.
  • GFL also announced today that it expects to complete substantially concurrently with the closing of the Notes Offering, a repricing of the balance of the term loan facility not otherwise repaid with the proceeds of the Notes Offering, representing approximately US$1.31 billion, by reducing the LIBOR floor from 1.00% to 0.50%.
  • Due to the demand for the repricing of the term loan facility, the Company elected to reduce the original size of the Notes Offering.

Council endorses new rules addressing cessation of financial benchmarks

Retrieved on: 
Thursday, December 10, 2020
Money, Finance, Interest rates, Financial services, Banking, Benchmark, Libor, European Union law

LIBOR reference rates and other major benchmarks are widely used as references in a large variety of contracts and financial instruments.

Key Points: 
  • LIBOR reference rates and other major benchmarks are widely used as references in a large variety of contracts and financial instruments.
  • Mandatory replacement of benchmarks, including by EU legislation

    The new rules give the Commission the power to replace so-called 'critical benchmarks', which could affect the stability of financial markets in Europe, and other relevant benchmarks, if their termination would result in a significant disruption in the functioning of financial markets in the EU.

  • The Commission will also be able to replace third-country benchmarks if their cessation would result in a significant disruption in the functioning of financial markets or pose a systemic risk for the financial system in the EU.
  • Use of third-country benchmarks

    The Council and the Parliament have also extended the transition period to ensure a smooth transition to the new rules for the use of third-country benchmarks.

Freddie Mac Announces First K-Deal with SOFR Indexed Multifamily Mortgages

Retrieved on: 
Monday, December 7, 2020
Finance, Money, Interest rates, Economy, Mortgage industry of the United States, United States housing bubble, Banking, Swaps, SOFR, Libor, Bond, Floating rate note

K-F95 will also include classes of floating-rate bonds indexed to LIBOR and backed by underlying mortgages that are indexed to LIBOR.

Key Points: 
  • K-F95 will also include classes of floating-rate bonds indexed to LIBOR and backed by underlying mortgages that are indexed to LIBOR.
  • Freddie Mac Multifamily began purchasing SOFR based floating rate mortgages in October 2020 and will cease all LIBOR-indexed loan purchases by the end of the year.
  • In December 2019, Freddie Mac priced K-F73 , which was the multifamily industrys first offering of SOFR-based bonds.
  • Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities.

ICE Benchmark Administration Publishes Consultation on Potential Cessation of LIBOR® Settings

Retrieved on: 
Friday, December 4, 2020
Banking, Professional services, Finance, Money, Finance, Interest rates, Financial services, Banking, Libor, Swaps, United States housing bubble, Futures exchanges, New York Stock Exchange, Intercontinental Exchange, Benchmark, ICE Benchmark Administration, Intercontinental Exchange

The consultation is open for feedback until 5:00 pm London time on January 25, 2021.

Key Points: 
  • The consultation is open for feedback until 5:00 pm London time on January 25, 2021.
  • ICE 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 EU Benchmarks Regulation.
  • 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.

ORBCOMM Closes on New Term Loan Facility and Redeems All Outstanding Senior Secured Notes

Retrieved on: 
Wednesday, December 2, 2020
Money, Finance, Economy, Credit, Orbcomm, Satellite Internet access, Machine to machine, Revolving credit, Line of credit, Libor

ROCHELLE PARK, N.J., Dec. 02, 2020 (GLOBE NEWSWIRE) -- ORBCOMM Inc. (NASDAQ: ORBC), a global provider of Machine-to-Machine (M2M) and Internet of Things (IoT) solutions, today announced that it has entered into a $200 million five-year term loan facility (the Term Loan) and a $50 million revolving credit facility.

Key Points: 
  • ROCHELLE PARK, N.J., Dec. 02, 2020 (GLOBE NEWSWIRE) -- ORBCOMM Inc. (NASDAQ: ORBC), a global provider of Machine-to-Machine (M2M) and Internet of Things (IoT) solutions, today announced that it has entered into a $200 million five-year term loan facility (the Term Loan) and a $50 million revolving credit facility.
  • Concurrently, the Company completed the redemption of all of its outstanding 8.00% senior secured notes (the Notes) and ended its previous $25 million revolver facility.
  • The Term Loan and revolving credit facility bear interest at LIBOR plus an applicable margin based on the Companys consolidated net leverage ratio and will mature on December 2, 2025.
  • The Company undertakes no obligation to publicly revise any forward-looking statements or cautionary factors, except as required by law.

AFX Forms Strategic Alliance with Citi

Retrieved on: 
Monday, November 30, 2020
Swaps, Finance, Money, Financial services, Libor, Citigroup, Interest rate swap, AFX

CHICAGO, Nov. 30, 2020 /PRNewswire/ -- AFX has formed a strategic alliance with Citi in which the Bank will join the American Financial Exchange (AFX).

Key Points: 
  • CHICAGO, Nov. 30, 2020 /PRNewswire/ -- AFX has formed a strategic alliance with Citi in which the Bank will join the American Financial Exchange (AFX).
  • Citi will also engage in position hedging using AMERIBOR futures and provide market-making in AMERIBOR interest rate swaps.
  • AFX is an electronic exchange for direct lending and borrowing for American banks and financial institutions.
  • "Supporting our clients through their transition away from LIBOR is a priority for Citi," said Geoffrey Weber, Head of Americas Linear Rates Trading at Citi.