SOFR

Digi International Enters into New Senior Secured Credit Facility

Retrieved on: 
Monday, December 11, 2023
Software, Networks, Internet, Hardware, Data Management, Technology, IOT (Internet of Things), Mobile, Wireless, EBITDA, Internet of things, SOFR, Bank, CFO, Digi, Public expenditure, MUFG Bank, GAAP, Bank of America, Term, Borrowing base, Security (finance)

Digi International® Inc. (Nasdaq: DGII), a leading global provider of business and mission critical Internet of Things ("IoT") products, services and solutions, today announced it has entered into a new senior secured credit facility.

Key Points: 
  • Digi International® Inc. (Nasdaq: DGII), a leading global provider of business and mission critical Internet of Things ("IoT") products, services and solutions, today announced it has entered into a new senior secured credit facility.
  • The new bank debt provides Digi a $250 million senior secured revolving credit facility with an accordion feature that provides for additional borrowing capacity of the greater of $95 million or one hundred percent of trailing twelve month adjusted EBITDA.
  • Digi estimates this will save approximately $4 million in interest payments over the first year of the facility.
  • The reduced interest due under the new credit facility is anticipated to generate positive net cash flow in fiscal 2024.

RBB Bancorp Announces Appointment of Lynn Hopkins as Interim Executive Vice President and Chief Financial Officer

Retrieved on: 
Monday, December 11, 2023
Banking, Professional Services, Finance, Acquisition, Federal Deposit Insurance Corporation, Climate change, Royal Business Bank, Risk management, Interim, Financial Accounting Standards Board, CFO, Treasury, Strategic planning, Commercial bank, FDIC, Growth, Banq, Knowledge, Pandemic, Disclosure, Bank, Executive, University, LIBOR, Forecasting, Bank Secrecy Act, Update, Consumer protection, Certified Public Accountant, Insurance, Weather, Failure, Earthquake, Terrorism, SOFR, Annual report, FRB, California Department, COVID-19, London Interbank Bid Rate, SBA, Risk, Interim management, Management, Financial services, PacWest Bancorp, First Interstate Bancorp

RBB Bancorp (the “Company”, “we”, “us” or “our”) (NASDAQ: RBB) is pleased to announce the appointment of Ms. Lynn M. Hopkins as Interim Executive Vice President and Chief Financial Officer of Royal Business Bank (the “Bank”) and RBB Bancorp effective December 7, 2023.

Key Points: 
  • RBB Bancorp (the “Company”, “we”, “us” or “our”) (NASDAQ: RBB) is pleased to announce the appointment of Ms. Lynn M. Hopkins as Interim Executive Vice President and Chief Financial Officer of Royal Business Bank (the “Bank”) and RBB Bancorp effective December 7, 2023.
  • Prior to joining the Company, Ms. Hopkins held the position of Executive Vice President and Chief Financial Officer, at Banc of California, Inc., a publicly traded bank holding company with $9.3 billion in assets.
  • Ms. Hopkins also held Chief Financial Officer roles at First Choice Bancorp and Commercial Bank of California, and various executive finance and corporate leadership roles at PacWest Bancorp, California Community Bancshares and Western Bancorp.
  • David Morris, Chief Executive Officer of the Company, expressed enthusiasm for Ms. Hopkins’ appointment, stating, “We are thrilled to have Lynn join us as Interim Chief Financial Officer and look forward to her contributions to the Company.

KBRA Assigns Rating to Blue Owl Technology Income Corp.'s $100 Million Floating Rate Senior Unsecured Notes

Retrieved on: 
Wednesday, December 6, 2023
Banking, Professional Services, Finance, EBITDA, KBRA, NYSE, SOFR, Investment, Risk management, Blue Owl Capital, Business Development Company, Risk, BDC, BBB, SVP, Growth, RIC, AUM, Security (finance), Bank

KBRA assigns a BBB rating to Blue Owl Technology Income Corporation’s (“OTIC” or “the company”) $100 million floating rate senior unsecured notes due January 15, 2029.

Key Points: 
  • KBRA assigns a BBB rating to Blue Owl Technology Income Corporation’s (“OTIC” or “the company”) $100 million floating rate senior unsecured notes due January 15, 2029.
  • The company changed its name from Owl Rock Technology Income Corporation effective July 6, 2023.
  • The company is managed by Blue Owl Technology Credit Advisors II LLC, an indirect subsidiary of Blue Owl Capital, Inc. (NYSE: OWL), which had approximately $157 billion of AUM, as of September 30, 2023.
  • The company’s investment strategy coincides with the strategies of Blue Owl Technology Finance Corp. (KBRA Issuer/Senior Unsecured Debt ratings of BBB/Stable Outlook) and Blue Owl Technology Finance Corp. II (KBRA Issuer/Senior Unsecured Debt ratings of BBB/Stable Outlook).

KBRA Assigns Preliminary Ratings to BX 2023-XL3

Retrieved on: 
Tuesday, December 5, 2023
Professional Services, Finance, KBRA, SOFR, Engineering, BX, KLTV, CMBS, NCF, Telescopic sight

KBRA announces the assignment of preliminary ratings to five classes of BX 2023-XL3, a CMBS single-borrower securitization.

Key Points: 
  • KBRA announces the assignment of preliminary ratings to five classes of BX 2023-XL3, a CMBS single-borrower securitization.
  • The loan has an initial two-year term with three, one-year extension options and requires monthly interest-only payments based on SOFR cap of 5.00%.
  • In total, the portfolio contains 8.5 million sf and is located in nine states throughout the US.
  • The top five markets include California (61.9% of allocated loan amount), Texas (13.2%), Tennessee (9.8%), Florida (4.5%) and Oregon (3.9%).

Grindr Secures New $350 Million Credit Facility

Retrieved on: 
Wednesday, November 29, 2023
Technology, Finance, Banking, LGBTQ+, Communications, Professional Services, Software, Social Media, Consumer, EBITDA, NYSE, SOFR, Bank, Silicon Valley Bank, J. P. Morgan, Citizens Bank, Asset-backed security, Grindr, LGBTQ, Growth, Bank of America, Inc., Environment, Revolving credit, First Citizens BancShares, Security (finance)

Grindr Inc. (NYSE:GRND), the world’s largest social network for the LGBTQ community, today announced that it completed a refinancing via a new $300 million Term Loan A facility and a $50 million Revolving Credit facility.

Key Points: 
  • Grindr Inc. (NYSE:GRND), the world’s largest social network for the LGBTQ community, today announced that it completed a refinancing via a new $300 million Term Loan A facility and a $50 million Revolving Credit facility.
  • The transaction is an important milestone for Grindr, as the only public company built and run by and for the LGBTQ community, in strengthening key relationships with the world’s top banks.
  • “We would like to thank our new financial partners for backing Grindr and the diverse gay community we represent,” said Grindr CEO George Arison.
  • “Restructuring our high-cost lending facility was a key objective in our first year as a public company, and we’re very pleased with our successful outcome, especially in a challenging interest rate environment,” said Grindr CFO Vanna Krantz.

BJ’s Wholesale Club Holdings, Inc. Announces Third Quarter Fiscal 2023 Results

Retrieved on: 
Friday, November 17, 2023
Supermarket, Retail, Home Goods, Department Stores, Investment, ID, EBITDA, Share repurchase, GAAP, SOFR, EPS, Loblaw Companies, Consumer, Gilt-edged securities, Security (finance), Video game, Beauty salon

Total comparable club sales increased by 0.3% in the third quarter of fiscal 2023 compared to the third quarter of fiscal 2022.

Key Points: 
  • Total comparable club sales increased by 0.3% in the third quarter of fiscal 2023 compared to the third quarter of fiscal 2022.
  • Gross profit increased to $902.5 million in the third quarter of fiscal 2023 from $877.1 million in the third quarter of fiscal 2022.
  • Selling, general and administrative expenses ("SG&A") increased to $697.1 million in the third quarter of fiscal 2023 compared to $674.4 million in the third quarter of fiscal 2022.
  • Net income increased to $130.5 million in the third quarter of fiscal 2023 compared to $129.9 million in the third quarter of fiscal 2022.

Synovus announces early tender results in connection with previously announced tender offer and extends early tender payment to apply through expiration time

Retrieved on: 
Thursday, November 16, 2023
Finance, Consulting, Banking, Professional Services, Asset Management, First Franklin Financial Corp., NYSE, Information, SOFR, Mini-tender offer, SNV, Tender offer, Morgan Stanley, Personal Information Agent, Settlement, News, Tender, Swap rate, Cryptocurrency, Security (finance), Synovus

As of the Early Tender Time, $82,382,000 aggregate principal amount of the 2029 notes had been validly tendered and not validly withdrawn.

Key Points: 
  • As of the Early Tender Time, $82,382,000 aggregate principal amount of the 2029 notes had been validly tendered and not validly withdrawn.
  • Payment for all 2029 notes validly tendered after the Early Tender Time and accepted for purchase will be made promptly after the Expiration Time.
  • None of Synovus, the Dealer Manager, the Tender and Information Agent or any of their respective affiliates makes any recommendation as to whether holders of the 2029 notes should tender their 2029 notes pursuant to the Tender Offer.
  • Holders must make their own decision as to whether to tender their 2029 notes and, if so, the principal amount of the 2029 notes to tender.

Sally Beauty Holdings Reports Fourth Quarter and Full Year Fiscal 2023 Results

Retrieved on: 
Tuesday, November 14, 2023
Teens, Women, Men, Specialty, Family, Fashion, Lifestyle, Consumer, Cosmetics, Retail, BSG, Pressure, Sally, Acquisition, NYSE, SOFR, Human, International, Share repurchase, SBH, Consultant, Amika Shail, Sally Beauty Holdings, Capital, Capital expenditure, COVID-19, GAAP, Adjustment, Zero balance account, Central Time, Forecasting, Growth, State Administrative Expenses, Goldwell, Cryptocurrency, Arms industry, Bank, Commercial property, Marketing, Video game, Pharmaceutical industry, Textile

“Our teams are executing well on our strategic initiatives designed to reignite top line growth and improve profitability -- enhancing our customer centricity, growing our high margin own brands and amplifying innovation, and increasing the efficiency of our operations. Building on our strong foundation, we are focused on the future and remain committed to creating value for our shareholders.”

Key Points: 
  • Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”), the leader in professional hair color, today announced financial results for its fourth quarter and full year ended September 30, 2023.
  • The acquisition is expected to result in an incremental sales benefit of approximately 1% to the Company’s Beauty Systems Group segment in fiscal 2024.
  • Fourth quarter consolidated net sales were $921.4 million, a decrease of 4.3% compared to the prior year.
  • Consolidated gross profit for the fourth quarter was $466.6 million compared to $463.5 million in the prior year, an increase of 0.7%.

Sonida Senior Living, Inc. Announces Third Quarter 2023 Results

Retrieved on: 
Tuesday, November 14, 2023
Health, Consumer, Residential Building & Real Estate, Seniors, Managed Care, Construction & Property, EBITDA, SOFR, Fannie Mae, MCF, Tax, Chebucto Community Net, GAAP, IRC, Ally Financial, Loan, Cash conversion cycle, Cryptocurrency, Security (finance), Q3

(1) Includes $0.5 million, $0.0 million, and $0.4 million of state grant revenue received in Q3 2023, Q3 2022, and Q2 2023, respectively.

Key Points: 
  • (1) Includes $0.5 million, $0.0 million, and $0.4 million of state grant revenue received in Q3 2023, Q3 2022, and Q2 2023, respectively.
  • Adjusted EBITDA for the three months ended September 30, 2023 was $9.3 million compared to $4.4 million for the three months ended September 30, 2022.
  • Subsequent to September 30, 2023, the Company elected to draw down an additional $4.0 million of the Conversant Equity Commitment in October which was received on November 1, 2023.
  • The Company issued 400,000 shares of common stock to Conversant on November 1, 2023.

RBB Bancorp Announces Corrections to Third Quarter Earnings Release

Retrieved on: 
Tuesday, November 14, 2023
Banking, Professional Services, Finance, Pandemic, Earthquake, Disclosure, Terrorism, Bank Secrecy Act, Royal Business Bank, Bank, SOFR, Climate change, Risk management, Federal Deposit Insurance Corporation, Financial Accounting Standards Board, Community development, Consumer Protection Act, Annual report, Bank statement, FRB, Award, LIBOR, California Department, Weather, COVID-19, FDIC, Update, Acquisition, London Interbank Bid Rate, SBA, Risk, Fire, Information, Life insurance

The Company had previously announced in its quarterly earnings release that the Company’s noninterest income for the three months ended September 30, 2023 was $7.7 million, which included the full amount of the $5.0 million Award.

Key Points: 
  • The Company had previously announced in its quarterly earnings release that the Company’s noninterest income for the three months ended September 30, 2023 was $7.7 million, which included the full amount of the $5.0 million Award.
  • The Company subsequently determined that the income recognition should be deferred and not included in noninterest income for the interim period.
  • The Company has also made available on its website, www.royalbusinessbankusa.com , an updated investor presentation reflecting the corrected third quarter earnings results, which contains certain historical and forward-looking information relating to the Company.
  • RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California.