Asset-backed security

First Trust Senior Floating Rate Income Fund II Declares its Monthly Common Share Distribution of $0.097 Per Share for July

Retrieved on: 
Tuesday, June 20, 2023
Banking, Professional Services, Finance, Vaccine, AIB (NI), Uncertainty, New York Stock Exchange, Risk, Loss, ERISA, Financial Conduct Authority, LIBOR, COVID-19, NAV, Infection, Terrorism, Judgement, Internal Revenue Code, FTP, Asset-backed security, FCT, London Interbank Bid Rate, Investment, Internal Revenue Code section 1031, Debtor, FINRA, United Kingdom, Fund, NYSE, FTA, Disease, Security (finance), Life insurance, Financial adviser, Bank

First Trust Senior Floating Rate Income Fund II (the "Fund") (NYSE: FCT) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.097 per share payable on July 17, 2023, to shareholders of record as of July 5, 2023.

Key Points: 
  • First Trust Senior Floating Rate Income Fund II (the "Fund") (NYSE: FCT) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.097 per share payable on July 17, 2023, to shareholders of record as of July 5, 2023.
  • The Fund has a practice of seeking to maintain a relatively stable, attractive monthly distribution which may be changed periodically.
  • The Fund pursues these investment objectives by investing primarily in senior secured floating-rate corporate loans.
  • Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in lower grade debt instruments.

First Trust Intermediate Duration Preferred & Income Fund Declares its Monthly Common Share Distribution of $0.1075 Per Share for July

Retrieved on: 
Tuesday, June 20, 2023
Banking, Professional Services, Finance, Vaccine, AIB (NI), Uncertainty, New York Stock Exchange, Risk, Loss, ERISA, Interest, Investment, Financial Conduct Authority, LIBOR, COVID-19, Stonebridge, Infection, Terrorism, Judgement, Internal Revenue Code, FTP, Asset-backed security, Hedge fund, Trust, London Interbank Bid Rate, Internal Revenue Code section 409A, FINRA, United Kingdom, Fraud, Fund, NYSE, FTA, Bankruptcy, Disease, Security (finance), Life insurance, Financial adviser, Bank

First Trust Intermediate Duration Preferred & Income Fund (the "Fund") (NYSE: FPF) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.1075 per share payable on July 17, 2023, to shareholders of record as of July 5, 2023.

Key Points: 
  • First Trust Intermediate Duration Preferred & Income Fund (the "Fund") (NYSE: FPF) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.1075 per share payable on July 17, 2023, to shareholders of record as of July 5, 2023.
  • The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income.
  • The Fund seeks to achieve its investment objectives by investing in preferred and other income-producing securities.
  • First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor.

First Trust Advisors L.P. Announces Distribution for First Trust Income Opportunities ETF

Retrieved on: 
Monday, June 12, 2023
Banking, Professional Services, Finance, Vaccine, AIB (NI), Inventory, Uncertainty, Federal Deposit Insurance Corporation, Maintenance, Risk, Reputational damage, Loss, ETF, Rule, ERISA, Failure, Indian Sugar Mills Association, Investment, Face, Average revenue per user, MLP, Internal Revenue Service, LIBOR, COVID-19, Tax, NAV, Investment Company Act of 1940, Judgement, Government, Index, Internal Revenue Code, FTP, Asset-backed security, Prospectus, London Interbank Bid Rate, Internal Revenue Code section 409A, FINRA, Security (finance), United, Fund, Environment, Recession, FTA, Bankruptcy, Disease, Financial adviser, Bank, Life insurance, Cryptocurrency, Risk management, Insurance

FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services.

Key Points: 
  • FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services.
  • An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges.
  • The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings.
  • However, unlike mutual funds, shares may only be redeemed directly from a fund by authorized participants in very large creation/redemption units.

Navient completes plans for orderly LIBOR transition

Retrieved on: 
Monday, June 5, 2023
LIBOR, Navient, SOFR, Asset-backed security, Interest rate, Federal Reserve, Adjustable-rate mortgage, USD, NAVI, Bank

WILMINGTON, Del., June 05, 2023 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI), a leader in technology-enabled education finance and business processing solutions, announced that it plans to transition outstanding U.S. Dollar (USD) LIBOR-indexed Navient-issued instruments to Secured Overnight Financing Rate (SOFR) after June 30, 2023.

Key Points: 
  • WILMINGTON, Del., June 05, 2023 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI), a leader in technology-enabled education finance and business processing solutions, announced that it plans to transition outstanding U.S. Dollar (USD) LIBOR-indexed Navient-issued instruments to Secured Overnight Financing Rate (SOFR) after June 30, 2023.
  • USD LIBOR will stop being published after June 30, 2023 and will be replaced by SOFR in many financial contracts.
  • Navient and certain of its affiliates/subsidiaries have issued private education loans and asset-backed securities that are indexed to USD LIBOR.
  • Starting in July, the relevant LIBOR rate included in impacted LIBOR contracts will be replaced with the applicable SOFR rate and tenor spread adjustment provided for in the Adjustable Interest Rate (LIBOR) Act of 2022 and the Federal Reserve Board’s final rule issued pursuant to the LIBOR Act.

First Trust Advisors L.P. Announces Distribution for First Trust Enhanced Short Maturity ETF

Retrieved on: 
Tuesday, May 30, 2023
Professional Services, Finance, Vaccine, AIB (NI), Federal Deposit Insurance Corporation, Uncertainty, Risk, Loss, ERISA, Investment, Face, Financial Conduct Authority, LIBOR, COVID-19, Infection, Terrorism, Judgement, Index, Internal Revenue Code, FTP, Asset-backed security, Prospectus, ETF, Adviser, London Interbank Bid Rate, Internal Revenue Code section 409A, FINRA, United Kingdom, Volatility, Credit, FTA, Disease, Financial adviser, Bank, Security (finance), Fund

First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor.

Key Points: 
  • First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor.
  • FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services.
  • Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period.
  • Such exposures could cause the Fund's net asset value to experience significant increases or declines in value over short periods of time.

Ranger Energy Services, Inc. Announces New Asset Based Lending Facility

Retrieved on: 
Wednesday, May 31, 2023
Energy, Other Energy, Oil, Gas, ABL, Wells Fargo, Ownership of Rangers F.C., Asset-backed security, SOFR, Winston & Strawn, NYSE, Ranger

Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”), a leading provider of well service rigs and associated services to the oil and gas industry, is pleased to announce the successful closing of a new asset based lending facility (“ABL”) with Wells Fargo Bank, N.A, as administrative agent and sole lender.

Key Points: 
  • Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”), a leading provider of well service rigs and associated services to the oil and gas industry, is pleased to announce the successful closing of a new asset based lending facility (“ABL”) with Wells Fargo Bank, N.A, as administrative agent and sole lender.
  • This new facility will consolidate all material existing debt instruments into the new expanded facility, enabling Ranger to simplify its debt structure and reduce its cost of capital.
  • The asset based facility incorporates a tiered pricing structure based on the Secured Overnight Financing Rate (SOFR), offering borrowing levels with significantly better economic terms compared to the existing financings.
  • Winston & Strawn LLP served as legal counsel to Ranger on the ABL facility.

Algoma Steel Upsizes ABL Credit Facility and Extends Maturity Date to 2028

Retrieved on: 
Thursday, May 25, 2023
Canada, LLP, STE, Bank of Montreal, SOFR, Goodmans, ASTL, Asset-backed security, TSX, Bank, Credit

MARIE, Ontario, May 25, 2023 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has successfully upsized its senior secured asset-based revolving credit facility (“ABL Credit Facility”) from US$250 million to US$300 million and extended the term of the ABL Credit Facility to May, 2028.

Key Points: 
  • MARIE, Ontario, May 25, 2023 (GLOBE NEWSWIRE) -- Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced that it has successfully upsized its senior secured asset-based revolving credit facility (“ABL Credit Facility”) from US$250 million to US$300 million and extended the term of the ABL Credit Facility to May, 2028.
  • The interest rate on the ABL Credit Facility will be based on the Secured Overnight Financing Rate (SOFR) plus a credit spread adjustment of 10 basis points plus an applicable margin, which will vary depending on usage.
  • Rajat Marwah, Algoma’s Chief Financial Officer, commented, “With this new ABL Credit Facility, we have strengthened our liquidity, extended the maturity out five years and increased our financial flexibility.
  • The ABL Credit Facility can be used to fund working capital needs, general corporate purposes and strategic growth initiatives.

New record set: Porsche Financial Services, Inc. places $1.04 billion ABS issuance in the USA

Retrieved on: 
Thursday, May 25, 2023
IPO, SEC Rule 144A, Asset-backed security, PFS, ABS, Bank of America, Investment, Bank, Wells Fargo, Environment, J. P. Morgan, Financial services, Security (finance), Porsche

Atlanta, May 25, 2023 (GLOBE NEWSWIRE) -- Porsche Financial Services, Inc., headquartered in Atlanta, Georgia, has issued Asset Backed Securities (ABS) in the USA with a principal amount of $1.04 billion.

Key Points: 
  • Atlanta, May 25, 2023 (GLOBE NEWSWIRE) -- Porsche Financial Services, Inc., headquartered in Atlanta, Georgia, has issued Asset Backed Securities (ABS) in the USA with a principal amount of $1.04 billion.
  • Porsche Financial Services is an indirect, wholly owned subsidiary of German luxury car maker Dr. Ing.
  • Porsche Financial Services, Inc. (PFS) has issued ABS offerings since 2011 in the USA.
  • “To break our own record in such a competitive market is a pleasing result”, Tobias Hausladen, Treasurer & Chief Financial Officer, Porsche Financial Services, Inc., explained.

First Trust High Yield Opportunities 2027 Term Fund Declares its Monthly Common Share Distribution of $0.13 Per Share for June

Retrieved on: 
Monday, May 22, 2023
Professional Services, Finance, Vaccine, AIB (NI), Uncertainty, New York Stock Exchange, Risk, Loss, ERISA, Financial Conduct Authority, LIBOR, COVID-19, NAV, Infection, Terrorism, Judgement, Internal Revenue Code, FTP, Asset-backed security, London Interbank Bid Rate, Investment, Internal Revenue Code section 409A, Nationalization, FINRA, United Kingdom, Fund, Environment, NYSE, FTA, Debt-to-GDP ratio, Disease, Life insurance, Security (finance), Financial adviser, Bank

First Trust High Yield Opportunities 2027 Term Fund (the "Fund") (NYSE: FTHY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.13 per share payable on June 26, 2023, to shareholders of record as of June 2, 2023.

Key Points: 
  • First Trust High Yield Opportunities 2027 Term Fund (the "Fund") (NYSE: FTHY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.13 per share payable on June 26, 2023, to shareholders of record as of June 2, 2023.
  • The Fund has a practice of seeking to maintain a relatively stable, attractive monthly distribution which may be changed periodically.
  • High yield debt securities include U.S. and non-U.S. corporate debt obligations and senior, secured floating rate loans ("Senior Loans").
  • The Fund is not a "target term" Fund and its primary objective is to provide high current income.

First Trust Intermediate Duration Preferred & Income Fund Declares its Monthly Common Share Distribution of $0.1075 Per Share for June

Retrieved on: 
Monday, May 22, 2023
Banking, Professional Services, Finance, Vaccine, AIB (NI), Uncertainty, New York Stock Exchange, Risk, Loss, ERISA, Interest, Investment, Financial Conduct Authority, LIBOR, COVID-19, Stonebridge, Infection, Terrorism, Judgement, Internal Revenue Code, FTP, Asset-backed security, Hedge fund, Trust, London Interbank Bid Rate, Internal Revenue Code section 409A, FINRA, United Kingdom, Fraud, Fund, NYSE, FTA, Bankruptcy, Disease, Life insurance, Security (finance), Financial adviser, Bank

First Trust Intermediate Duration Preferred & Income Fund (the "Fund") (NYSE: FPF) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.1075 per share payable on June 15, 2023, to shareholders of record as of June 2, 2023.

Key Points: 
  • First Trust Intermediate Duration Preferred & Income Fund (the "Fund") (NYSE: FPF) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.1075 per share payable on June 15, 2023, to shareholders of record as of June 2, 2023.
  • The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income.
  • The Fund seeks to achieve its investment objectives by investing in preferred and other income-producing securities.
  • First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor.