Collateral

Telesat Canada Announces Pricing of Notes Offering and Sizing of Senior Secured Credit Facilities

Retrieved on: 
Friday, November 22, 2019
Economy, Articles, Loans, Business law, Property law, Credit, Telesat, Lien, Collateral

OTTAWA, Nov. 22, 2019 (GLOBE NEWSWIRE) -- Telesat Canada (Telesat) today announced the pricing of an offering of US$400 million aggregate principal amount of 4.875% senior secured notes due 2027 (the Senior Secured Notes) by Telesat and Telesat LLC.

Key Points: 
  • OTTAWA, Nov. 22, 2019 (GLOBE NEWSWIRE) -- Telesat Canada (Telesat) today announced the pricing of an offering of US$400 million aggregate principal amount of 4.875% senior secured notes due 2027 (the Senior Secured Notes) by Telesat and Telesat LLC.
  • The Senior Secured Notes will be secured by a first priority lien on the collateral that secures the Existing Credit Agreement (as defined below).
  • The Senior Secured Notes are expected to be issued on or around December 6, 2019, subject to customary closing conditions.
  • Concurrently with the issuance of the Senior Secured Notes, Telesat expects to amend its Existing Credit Agreement (as defined below).

Telesat Canada Announces Proposed Amendment to Existing Credit Agreement and Proposed Secured Notes Offering

Retrieved on: 
Monday, November 18, 2019
Economy, Finance, Money, Loans, Credit, Debt, Property law, Personal finance, Collateral, Lien, Promissory note

The proposed amendment would extend the maturity of the Term Loan B facility and the Revolving facility under the Existing Credit Agreement, as well as make certain other amendments.

Key Points: 
  • The proposed amendment would extend the maturity of the Term Loan B facility and the Revolving facility under the Existing Credit Agreement, as well as make certain other amendments.
  • In connection with the amendment, Telesat expects to repay a portion of the Term Loan B borrowings.
  • Telesat today also announced that, together with Telesat LLC, as co-issuer, it intends to issue US$500 million of senior secured notes due 2027 (the Senior Secured Notes) secured by a first priority lien on the collateral that secures the Existing Credit Agreement.
  • Telesat intends to use the net proceeds from the proposed offering of Senior Secured Notes to repay a portion of the Term Loan B borrowings outstanding under the Existing Credit Agreement and pay related fees and expenses.

KBRA Assigns Preliminary Ratings to FS RIALTO 2019-FL1

Retrieved on: 
Wednesday, November 13, 2019
Professional services, Finance, Repurchase agreement, Kroll Bond Rating Agency, Collateral, CLO, FL1

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FS Rialto 2019-FL1, a $426.2 million managed CRE CLO with the ability to reinvest principal proceeds for 24 months, which includes a six-month ramp-up period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FS Rialto 2019-FL1, a $426.2 million managed CRE CLO with the ability to reinvest principal proceeds for 24 months, which includes a six-month ramp-up period.
  • The transaction is initially collateralized by 22 whole loans (or participations therein) with an in-trust balance of $377.8 million and $48.5 million of cash collateral.
  • This transaction includes an interest coverage (IC) test and a par value test (also referred to as an overcollateralization (OC) test).
  • For complete details on the analysis, please see our pre-sale report, FS RIALTI 2019-FL1 published at www.kbra.com .

KBRA Assigns Preliminary Ratings to Credit Acceptance Auto Loan Trust 2019-3

Retrieved on: 
Thursday, November 7, 2019
Banking, Professional services, Finance, Finance, Money, Economy, Kroll Bond Rating Agency, Credit, Credit Acceptance, Credit rating agency, Structured finance, KBRA, Collateral, Financial law

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Credit Acceptance Auto Loan Trust 2019-3 (CAALT 2019-3), an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Credit Acceptance Auto Loan Trust 2019-3 (CAALT 2019-3), an auto loan ABS transaction.
  • The loans were originated by Credit Acceptance Corporation (Credit Acceptance) indirectly through automobile dealers.
  • Credit Acceptance was founded in 1972, has completed 26 144A term ABS transactions and 11 bank-sponsored commercial paper conduit transactions and is publicly traded on the NASDAQ under the symbol CACC.
  • KBRA applied its Global Auto Loan ABS methodology and its Global Structured Finance Counterparty Methodology as part of its analysis of the transactions underlying collateral pool, the proposed capital structure and Credit Acceptances historical static pool data.

KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2019-4

Retrieved on: 
Wednesday, November 6, 2019
Banking, Professional services, Finance, Finance, Money, Economy, Structured finance, Loans, Credit, Kroll Bond Rating Agency, Credit rating agency, Receivables, Collateral, Tranche

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-4 (FCAT 2019-4), an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2019-4 (FCAT 2019-4), an auto loan ABS transaction.
  • The collateral in the FCAT 2019-4 transaction includes approximately $321 million of receivables as of the October 31, 2019 initial cutoff date.
  • The Notes are collateralized by a pool of auto loan contracts originated (1) on an indirect basis mainly through franchise auto dealers and (2) a direct basis from online aggregators and other fulfillment partners.
  • The preliminary ratings reflect the initial credit enhancement levels of 35.50% for the Class A notes, 26.75% for the Class B notes, 15.50% for the Class C notes, 6.50% for the Class D notes and 1.50% for the Class E notes.

KBRA Assigns Preliminary Ratings to Usil (European Loan Conduit No. 36) DAC

Retrieved on: 
Friday, October 18, 2019
Banking, Professional services, Finance, Economy, Money, Finance, Loans, Kroll Bond Rating Agency, KBRA, Mortgage loan, Lien, Collateral

Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of Usil (European Loan Conduit No.

Key Points: 
  • Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of Usil (European Loan Conduit No.
  • The collateral for the transaction consists of a 723.9 million limited recourse, first lien mortgage loan.
  • The largest asset is 6.7% by allocated loan amount, while the 10 largest assets (36.8%) are just over one-third of the pool.
  • The results of our analysis yielded a KBRA net cash flow (KNCF) of 48.0 million, individual property capitalisation rates of 6.00% to 9.50%, a KBRA Value of 722.2 million, and a KBRA Loan to Value (KLTV) of 100.2%.

KBRA Assigns Preliminary Ratings to OBX 2019-EXP3 Trust (OBX 2019-EXP3)

Retrieved on: 
Monday, October 14, 2019
Banking, Professional services, Finance, Finance, Money, Economy, Structured finance, Loans, Mortgage-backed security, United States housing bubble, Mortgage industry of the United States, Residential mortgage-backed security, Mortgage loan, Collateral

OBX 2019-EXP3 Trust is a residential mortgage-backed securities (RMBS) 2.0 transaction that includes a significant concentration of collateral that KBRA considers to be expanded prime.

Key Points: 
  • OBX 2019-EXP3 Trust is a residential mortgage-backed securities (RMBS) 2.0 transaction that includes a significant concentration of collateral that KBRA considers to be expanded prime.
  • The collateral pool contains a majority (56.1%) of non-qualified mortgages (non-QM) and a small remaining population of qualified mortgages (QM).
  • In addition, the pool contains loans secured by investor properties exempt from Ability-to-Repay (ATR) rules.
  • For complete details on the analysis, please see our pre-sale report, OBX 2019-EXP3 Trust , which was published on www.kbra.com .

L.A.-Based Comedians Sue Smith and Austin Rodrigues Launch Copywriting Studio "CopyCat"

Retrieved on: 
Thursday, October 3, 2019
Communication design, Chatbot, Instant messaging, Natural language parsing, Copywriting, Internet bot, Collateral, Bot

LOS ANGELES, Oct. 3, 2019 /PRNewswire/ -- Sue Smith and Austin Rodrigues today launched CopyCat , an innovative digital studio focused on content creation and editing for online brands, chatbots, social media channels, and marketing and business development collateral.

Key Points: 
  • LOS ANGELES, Oct. 3, 2019 /PRNewswire/ -- Sue Smith and Austin Rodrigues today launched CopyCat , an innovative digital studio focused on content creation and editing for online brands, chatbots, social media channels, and marketing and business development collateral.
  • "There is a constant demand for businesses to promote their brands with unique, original content and CopyCat helps our clients meet those demands with memorable and meaningful content that leaves a lasting impression."
  • CopyCat services include a full suite of digital content needs including: bot copywriting, website copywriting, social community management, and proofreading and copyediting for print and digital marketing and business development collateral.
  • "With today's launch, Sue and I are fulfilling a dream we've had since we first started writing together over a decade ago," added Austin Rodrigues, CopyCat's co-founder who helped design and launch the Poncho chatbot on multiple platforms, has written for Funny or Die, Splitsider, and Above Average.

Market Dynamics Will Dictate Fraud Risk Outlook, According to First American’s Loan Application Defect Index

Retrieved on: 
Thursday, September 26, 2019
Residential Building & Real Estate, Banking, Commercial Building & Real Estate, Construction & Property, REIT, Professional services, Insurance, Other Construction & Property, Economy, Money, Finance, Loans, Mortgage loan, Collateral

The Defect Index reflects estimated mortgage loan defect rates over time, by geography and loan type.

Key Points: 
  • The Defect Index reflects estimated mortgage loan defect rates over time, by geography and loan type.
  • Declining for the fifth consecutive month, the Loan Application Defect Index for purchase transactions continued its downward trend, falling 3.8 percent in August compared with July.
  • Our research indicates natural disasters go hand-in-hand with rising loan application defect risk, as natural disasters create greater opportunity for misrepresentation of collateral condition .
  • The next release of the First American Loan Application Defect Index will take place the week of October 28, 2019.

Online Pawn Lending Goes Back Offline

Retrieved on: 
Tuesday, September 24, 2019
Professional services, Retail, Luxury, Finance, Banking, Economy, Money, Finance, Loans, Pawn shops, Borro Private Finance, Collateral, Pawn, Assetline

Prominent online lender Borro Private Finance unexpectedly ceased its collateral-based lending program this summer after nearly ten years of business.

Key Points: 
  • Prominent online lender Borro Private Finance unexpectedly ceased its collateral-based lending program this summer after nearly ten years of business.
  • The UK-US-based establishment specialized in online pawn loans against valuable assets, including fine art, jewelry, and watches.
  • View the full release here: https://www.businesswire.com/news/home/20190924005064/en/
    Gold and diamond jewelry and luxury watches were two of the most common assets used to secure online pawn loans at Borro.
  • Online lending may be dead, but the pawn industry shows no signs of losing power.