ABL

Progress Software Corp. Announcement under the Irish Takeover Rules

Retrieved on: 
Friday, April 5, 2024
ACT, MAKE, RDBMS, OpenEdge, ANY, MarkLogic, Organization, Semaphore, SQL, FIRM, RAG, Acquisition, JDBC, AI, TCO, MADE, LTS, IRISH, Progress, ABL, ODBC, NOT, MariaDB

BURLINGTON, Mass., April 05, 2024 (GLOBE NEWSWIRE) -- As was announced on 26 March, 2024, Progress Software Corp. (“Progress”) has expressed interest in acquiring MariaDB plc (“MariaDB”), via an announcement under Rule 2.4 of the Takeover Rules. Why do we believe this acquisition makes sense for Progress, for MariaDB customers and developers and for existing Progress customers and shareholders?

Key Points: 
  • THIS IS AN ANNOUNCEMENT UNDER THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE "TAKEOVER RULES").
  • IT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER RULES.
  • BURLINGTON, Mass., April 05, 2024 (GLOBE NEWSWIRE) -- As was announced on 26 March, 2024, Progress Software Corp. (“Progress”) has expressed interest in acquiring MariaDB plc (“MariaDB”), via an announcement under Rule 2.4 of the Takeover Rules.
  • Why do we believe this acquisition makes sense for Progress, for MariaDB customers and developers and for existing Progress customers and shareholders?

Acuity Brands Reports Fiscal 2024 Second-Quarter Results

Retrieved on: 
Wednesday, April 3, 2024
Acuity Brands, EPS, Adjustment, ABL, ISG, Video game

“Our fiscal 2024 second quarter was another quarter of solid execution,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share.

Key Points: 
  • “Our fiscal 2024 second quarter was another quarter of solid execution,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share.
  • Adjusted operating profit was $140.1 million in the second quarter of fiscal 2024, an increase of $8.0 million, or 6.1 percent, compared to the prior year.
  • ISG operating profit was $9.1 million in the second quarter of fiscal 2024, an increase of $2.8 million compared to the prior year.
  • ISG adjusted operating profit was $14.3 million in the second quarter of fiscal 2024, an increase of $3.5 million compared to the prior year.

Elena Plesco Joins Abacus Life (ABL) as Chief Capital Officer

Retrieved on: 
Tuesday, April 2, 2024
KKR, J. P. Morgan, Investment, Growth, ABL, Capital

ORLANDO, Fla., April 02, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (NASDAQ: ABL) (“Abacus” or the “Company”), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today announced that Elena Plesco has joined Abacus as Chief Capital Officer.

Key Points: 
  • ORLANDO, Fla., April 02, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (NASDAQ: ABL) (“Abacus” or the “Company”), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today announced that Elena Plesco has joined Abacus as Chief Capital Officer.
  • Based in New York, Ms. Plesco has over a decade of investing experience in the financial services and assets sectors.
  • As Chief Capital Officer for Abacus, Ms. Plesco will oversee capital management initiatives, ensuring optimization of the company's financial structure and facilitating global expansion through strategic investments.
  • “We’re thrilled to welcome Elena to the Abacus team as we continue to broaden our financial and business scope,” said Abacus Chief Executive Officer Jay Jackson.

Introducing Finley's Verification Suite, A New Standard for Accuracy, Automation, and Efficiency in Asset-Based Lending

Retrieved on: 
Monday, April 8, 2024
SAN, Multimedia, Automation, Investment, ABL, Credit

SAN FRANCISCO, April 8, 2024 /PRNewswire/ --  Today, Finley, the leading debt capital management platform for borrowers and asset managers, announced the launch of the Finley Verification Suite, a set of capabilities that enables lenders in asset-backed lending (ABL) arrangements to verify the accuracy of borrower asset data and calculations.

Key Points: 
  • Finley, a debt capital software company, announces a Verification Suite for private credit lenders.
  • "Today's asset managers tend to rely on spot checks or manual review to make sure that debt transactions are in line with credit agreements.
  • But that leaves an unacceptable amount of room for error," said Finley co-founder and CEO Jeremy Tsui.
  • "Finley's Verification Suite automatically runs thousands of checks on borrower data as soon as it arrives.

Par Pacific Announces Amendment to ABL Credit Facility and Credit Rating Upgrade by Moody’s Investors Service

Retrieved on: 
Monday, March 25, 2024
Par Pacific Holdings, ABL

HOUSTON, March 25, 2024 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) today announced that, on March 22, 2024, it entered into the previously announced amendment to its asset-based revolving credit facility (“ABL”).

Key Points: 
  • HOUSTON, March 25, 2024 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) today announced that, on March 22, 2024, it entered into the previously announced amendment to its asset-based revolving credit facility (“ABL”).
  • The ABL amendment will increase the size of the Company’s ABL from $900 million to $1.4 billion and is conditioned upon the termination of the Company’s existing intermediation agreement, which is expected to occur on or about May 31, 2024.
  • The increase is based, in part, on the addition of certain collateral assets in Hawaii, including refined product inventory and accounts receivable.
  • In addition, the Company today announced that Moody’s Investors Service has upgraded its corporate family rating to Ba3 from B1.

Abacus Life Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, March 21, 2024
Growth, Webcast, Intangibles, Policy, ROE, ABL, Asset, GAAP, Income tax, Eastern Time Zone, Total, Video game

ORLANDO, Fla., March 21, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today reported results for the quarter and full year ended December 31, 2023.

Key Points: 
  • Total revenue for the fourth quarter of 2023 grew 25% to $23.6 million, compared to $18.8 million in the prior-year period.
  • Adjusted net income for the fourth quarter of 2023 was $5.9 million, compared to $11.0 million in the prior-year period.
  • Adjusted EBITDA for the fourth quarter of 2023 was $11.0 million, compared to $11.1 million in the prior-year period.
  • Total operating expenses for the fourth quarter of 2023 were $20.0 million, compared to $4.4 million in the prior-year period.

Academy Sports + Outdoors Reports Fourth Quarter and Fiscal 2023 Results

Retrieved on: 
Thursday, March 21, 2024
Acquisition, ABL, Environment

KATY, Texas, March 21, 2024 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy" or the "Company") today announced its financial results for the fourth quarter and fiscal year ended February 3, 2024. Fourth quarter and fiscal year 2023 included 14 and 53 weeks respectively, compared to 13 and 52 weeks in fourth quarter and fiscal 2022.

Key Points: 
  • The dividend is payable on April 18, 2024, to stockholders of record as of the close of business on March 26, 2024.
  • Academy opened seven new stores during the fourth quarter for a total of 14 stores in 2023.
  • “In 2023, topline sales did not meet our expectations, but we were pleased with the Q4 trajectory change.
  • Academy is providing the following initial guidance for fiscal 2024 (year ending February 1, 2025).

Par Pacific Announces Expected Increase in ABL Commitments to up to $1.4 billion and Replacement of Intermediation Facility

Retrieved on: 
Wednesday, March 20, 2024
Par Pacific Holdings, Documentation, ABL

HOUSTON, March 20, 2024 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today announced an expected increase in lender commitments under its existing asset-based revolving credit facility (“ABL”) to up to $1.4 billion.

Key Points: 
  • HOUSTON, March 20, 2024 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today announced an expected increase in lender commitments under its existing asset-based revolving credit facility (“ABL”) to up to $1.4 billion.
  • The increase is expected to be based, in part, on the addition of certain collateral assets in Hawaii, including refined product inventory and accounts receivable.
  • Par Pacific also intends to refinance its existing working capital financing facilities for its Hawaii operations, a supply and offtake agreement and discretionary draw facility, with a combination of funds from the increased ABL facility and a smaller crude-only intermediation agreement.
  • The financing is anticipated to reduce the Company’s working capital financing costs by approximately $10 million per year and increase flexibility of funding.

TAB Bank Promotes Terri Lins to Chief Credit Officer

Retrieved on: 
Wednesday, March 20, 2024
Syndication, Culture, Risk management, Business, TAB, Knowledge, Washington Mutual, Senior, MBA, Committee on Finance, ABL

OGDEN, Utah, March 20, 2024 (GLOBE NEWSWIRE) -- TAB Bank announced today the promotion of Terri Lins as Chief Credit Officer, effective immediately.

Key Points: 
  • OGDEN, Utah, March 20, 2024 (GLOBE NEWSWIRE) -- TAB Bank announced today the promotion of Terri Lins as Chief Credit Officer, effective immediately.
  • Lins has been an integral part of the TAB Bank team for more than a decade, most recently serving as Senior Vice President and Senior Credit Officer.
  • As Chief Credit Officer, Lins will oversee all aspects of the bank’s credit risk, including the special assets, underwriting and credit administration groups.
  • “Terri Lins is a mentor to many members of our credit team and has been instrumental in shaping and implementing credit policies, ensuring sound credit decisions,” said Tyler Heap, President at TAB Bank.

JOANN Enters into Agreement to Reduce Debt and Receive $132 Million in New Capital and Related Financial Accommodations with Strong Support of Key Financial and Industry Stakeholders

Retrieved on: 
Monday, March 18, 2024
Growth, Lazard, Security (finance), United States bankruptcy court, Bankruptcy, ABL, Creativity, Interim, Latham & Watkins, TSA, FILO

HUDSON, Ohio, March 18, 2024 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN” or the “Company”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, today announced that it has entered into a Transaction Support Agreement (“TSA” or “Agreement”) with a majority of its financial stakeholders and additional industry financing parties to strengthen the Company’s financial position. In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million. The parties have also agreed to a six-month extension of the Company’s existing ABL and FILO credit facilities, effective upon the Company’s emergence from the court-supervised process. Under the TSA and related transaction documents, all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business.

Key Points: 
  • In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.
  • We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change.
  • With the significant support of the Company’s financial stakeholders, JOANN expects to complete this process on an expedited basis, as early as late April 2024.
  • Gibson Dunn & Crutcher LLP is serving as legal counsel to certain of the Company’s term lenders, with Lazard serving as financial advisor.