Auction rate security

First Horizon Announces CME Term SOFR as Benchmark Replacement Rate for Certain Outstanding USD LIBOR Securities After June 30, 2023

Retrieved on: 
Tuesday, April 25, 2023
Benchmark, First Horizon Corporation, CME, Small business, FHN, First Horizon Bank, Adjustable-rate mortgage, Financial Conduct Authority, LIBOR, SOFR, Chicago Board of Trade, Multimedia, USD, Language, Judgement, First, Auction rate security, Trust, Interest rate, NYSE, Regulation, Federal Reserve Board of Governors, Security (finance), Medical device

MEMPHIS, Tenn., April 25, 2023 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term SOFR as the reference rate used in certain outstanding securities issued by FHN or its affiliates.

Key Points: 
  • MEMPHIS, Tenn., April 25, 2023 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term SOFR as the reference rate used in certain outstanding securities issued by FHN or its affiliates.
  • Subsequently, the Federal Reserve Board (the "Board") adopted Regulation ZZ that identified CME Term SOFR, a forward term rate based on SOFR administered by CME Group Benchmark Administration, Ltd., plus a spread adjustment, as the replacement rate for securities for any interest rate calculations after June 30, 2023.
  • First Horizon Corporation and First Horizon Bank have previously issued securities including preferred stock and trust preferred securities that reference USD LIBOR and are expected remain outstanding after June 2023.
  • FHN is issuing this press release to notify all holders of the securities listed below, the replacement benchmark rate shall be the 3-month CME Term rate plus a spread adjustment of 0.26161%, on the first reset date after USD LIBOR ceases publication in June 2023.

Best’s Special Report: Key LIBOR Transition Dates Loom on Horizon

Retrieved on: 
Wednesday, November 17, 2021
Professional Services, Insurance, Finance, News, Insurance, Adoption, Industry, AM Best, LIBOR, ALL, London Interbank Bid Rate, United Kingdom, SOFR, Horizon, Auction rate security, Bank

The Bests Special Report, titled, Key LIBOR Transition Dates on the Horizon, notes that insurers are facing numerous challenges in the transition period away from LIBOR, and are continuing to identify LIBOR exposures as key dates approach.

Key Points: 
  • The Bests Special Report, titled, Key LIBOR Transition Dates on the Horizon, notes that insurers are facing numerous challenges in the transition period away from LIBOR, and are continuing to identify LIBOR exposures as key dates approach.
  • With the changeover, insurer debt structures could be impacted, especially those with floating-rate obligations currently tied to LIBOR.
  • Although SOFR has been identified as the replacement for the U.S. dollar-based LIBOR rate, non-LIBOR rate alternatives also are being considered by companies, including Ameribor rates.
  • Some fallback provisions require the use of alternative bank reference rates in the event LIBOR is no longer available.

Gabelli Dividend & Income Trust Commences Exchange Offer for Auction Rate Preferred Shares

Retrieved on: 
Wednesday, March 17, 2021
Banking, Professional services, Financial markets, Finance, Money, Equity securities, Stock market, Corporate finance, Preferred stock, Liquidation preference, Auction rate security, New York Stock Exchange, Auction, Split share corporation

The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the Fund) authorized an exchange offer (the Offer) for its Series B Auction Market Preferred Shares, Series C Auction Market Preferred Shares, and Series E Auction Rate Preferred Shares (the Auction Rate Preferred Shares).

Key Points: 
  • The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the Fund) authorized an exchange offer (the Offer) for its Series B Auction Market Preferred Shares, Series C Auction Market Preferred Shares, and Series E Auction Rate Preferred Shares (the Auction Rate Preferred Shares).
  • Under the terms of the Offer, which commences March 17, 2021 and expires April 14, 2021, existing owners of the Auction Rate Preferred Shares may exchange their Auction Rate Preferred Shares at the Exchange Ratio of 0.96 of each newly issued Series J Preferred Term Share, par value $0.001 and liquidation preference of $25,000 per share, (the Series J Preferred), for each Auction Rate Preferred Share validly tendered and not withdrawn pursuant to the Offer.
  • In lieu of any fractional shares of Series J Preferred Shares, holders of Auction Rate Preferred Shares following the consummation of the Exchange Offer shall receive a cash amount, without interest, equal to 96.0% of the Liquidation Preference of any fractional shares remaining.
  • The Series J Preferred is callable by The Fund on March 26, 2024, at the liquidation preference plus accrued and unpaid dividends.

Have You Lost Money Investing In Athenex, Inc. Securities? – Kehoe Law Firm, P.C. Class Action Investigation On Behalf Of ATNX Investors Who Have Suffered Losses Greater Than $50,000

Retrieved on: 
Tuesday, March 2, 2021
Stock market, Financial markets, Fraud, Lawsuits, Securities Class Action, Securities fraud, Security, Finance, Milberg, Auction rate security

is investigating potential securities claims on behalf of investors of Athenex, Inc. (Athenex or the Company) ( NASDAQ: ATNX ) to determine whether the Company engaged in securities fraud or other unlawful business practices.

Key Points: 
  • is investigating potential securities claims on behalf of investors of Athenex, Inc. (Athenex or the Company) ( NASDAQ: ATNX ) to determine whether the Company engaged in securities fraud or other unlawful business practices.
  • INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, ATNX SECURITIES AND SUFFERED LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRMS SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT KEVIN CAULEY, DIRECTOR, BUSINESS DEVELOPMENT, (215) 792-6676, EXT.
  • 802, [email protected] , [email protected] , [email protected] , TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
  • Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.

LAWSUITS FOR SECURITIES VIOLATIONS FILED AGAINST TILE, YY, AND LRN: Block & Leviton LLP Reminds Investors of Class Actions for Violations of the Federal Securities Laws

Retrieved on: 
Monday, January 4, 2021
Corporate crime, Class action lawsuits, Lawsuits, Primary dealers, Subprime mortgage crisis, Mutual fund scandal, Auction rate security

Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.

Key Points: 
  • Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.
  • A lawsuit alleging violations of federal securities laws has been filed against Interface and certain of its officers and directors.
  • A lawsuit alleging violations of federal securities laws has been filed against JOYY and certain of its officers and directors.
  • The firm represents many of the nations largest institutional investors as well as individual investors in securities litigation throughout the United States.

LAWSUITS FOR SECURITIES VIOLATIONS FILED AGAINST TILE, YY, AND LRN: Block & Leviton LLP Reminds Investors of Class Actions for Violations of the Federal Securities Laws

Retrieved on: 
Wednesday, December 23, 2020
Class action lawsuits, Lawsuits, Corporate crime, Mutual fund scandal, Auction rate security

Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.

Key Points: 
  • Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.
  • A lawsuit alleging violations of federal securities laws has been filed against Interface and certain of its officers and directors.
  • A lawsuit alleging violations of federal securities laws has been filed against JOYY and certain of its officers and directors.
  • The firm represents many of the nations largest institutional investors as well as individual investors in securities litigation throughout the United States.

LAWSUITS FOR SECURITIES VIOLATIONS FILED AGAINST TILE, YY, AND LRN: Block & Leviton LLP Reminds Investors of Class Actions for Violations of the Federal Securities Laws

Retrieved on: 
Wednesday, December 16, 2020
Class action lawsuits, Lawsuits, Corporate crime, Mutual fund scandal, Auction rate security

Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.

Key Points: 
  • Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.
  • A lawsuit alleging violations of federal securities laws has been filed against Interface and certain of its officers and directors.
  • A lawsuit alleging violations of federal securities laws has been filed against JOYY and certain of its officers and directors.
  • The firm represents many of the nations largest institutional investors as well as individual investors in securities litigation throughout the United States.

LAWSUITS FOR SECURITIES VIOLATIONS FILED AGAINST TILE, YY, AND LRN: Block & Leviton LLP Reminds Investors of Class Actions for Violations of the Federal Securities Laws

Retrieved on: 
Wednesday, December 9, 2020
Class action lawsuits, Lawsuits, Corporate crime, Mutual fund scandal, Auction rate security

Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.

Key Points: 
  • Interface agreed to pay a $5 million fine to resolve the matter, and was ordered to cease-and-desist from violating the federal securities laws.
  • A lawsuit alleging violations of federal securities laws has been filed against Interface and certain of its officers and directors.
  • A lawsuit alleging violations of federal securities laws has been filed against JOYY and certain of its officers and directors.
  • The firm represents many of the nations largest institutional investors as well as individual investors in securities litigation throughout the United States.