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NEW YORK (AP) — J.C. Penney says it has secured a $2.25 billion loan, $500 million more than it had expected.
The Plano, Texas-based retailer has been burning through cash and struggling to win back customers.
The company last month fired its CEO, Ron Johnson after his ambitious turnaround plan backfired and caused sales to plummet. J.C. Penney brought back Johnson’s predecessor Mike Ullman to take over the top spot.
Proceeds from loan will be used to fund the company’s operations and pay off some of its debt, J.C. Penney said Wednesday.
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JC Penney secures bigger-than-expected $2.25B loan
FORT WORTH, Texas, May 22, 2013 /PRNewswire-iReach/ — Getting through college can be very difficult situation for a student who has never been employed and cannot rely on any kind of security deposits. As a way of helping students overcome their financial difficulties and cover for their college expenses, Payday-Loans.org is offering fast cash loans to those who have a bad credit history.
This is a very reliable and efficient manner of dealing with college expenses, considering the fact that being a student requires higher amounts of money nowadays. Besides this, students have to think about living expenses and paying for their education at the same time, which can become a very stressful situation for them.
A fast cash loan can help them overcome their economic struggles, regardless of their credit history and without having to supply any collateral at all. Because such a large number of students have not been able to form credit scores, Payday-Loans.org has decided to help those in this situation by offering them short term loans with a very fast approval time.
Lenders are confident that by offering students a chance to overcome their difficulties and pay for their expenses, they are actually offering them a chance to start building credit. In this way students learn how to apply for the most affordable lending options and will become more responsible with their future income.
By submitting their application form online, students will instantly be matched with the most appropriate lenders on the market. They will be receiving the most convenient loan deal, in a very short period of time. The things which will be taken into consideration will be the specific amount of money that will be requested by the student as well as the repayment conditions.
Because students normally don’t own properties and can’t show proof of their employment condition, the terms of the loan will be different from those of a usual personal loan option. This is why, students who opt for fast cash loans will have easier form of repayment, generated by specialized lenders who will try to find the most affordable loan deals based on their specific situation.
Apart from this, students will have to show proof of their university information and fill in an easy application form with their personal details. It takes about a couple of seconds to complete and the overall process is extremely easy and accessible to everyone.
Students have a better chance of paying for their college expenses by applying for a fast cash loan provided by Personal-Loans.org. Even if they cannot provide good credit scores, they can also benefit from the advantages of having instant cash.
To find out more about this topic please access: http://www.payday-loans.org/Fast_cash.html.
Media Contact: Johnny Gordon Payday Loans Organization Ltd, (818) 533-1996, info@payday-loans.org
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Payday Loans Organization Ltd
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Fast Cash Loans Are Now Available For Credit-Challenged Students, According to Payday-Loans.org
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cash loan – Yahoo! News Search Results:
By Deepa Seetharaman
DETROIT (Reuters) – A boutique carmaker led by former General Motors Co executive Bob Lutz and China’s largest auto parts supplier made an offer this month to buy cash-strapped “green” car company Fisker Automotive, people familiar with the matter said.
VL Automotive and China’s Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy. This comes alongside a separate push by investors in Europe and Hong Kong, including billionaire Richard Li, to buy out the U.S. Department of Energy’s position in Fisker.
Sources cautioned that efforts to revive Fisker are ongoing and may fall apart. They spoke on a condition of anonymity because the talks are private.
Fisker, maker of the $100,000-plus Karma plug-in hybrid, has faced a barrage of negative news this year while it scrambles to find a buyer and preserve cash. Fisker hired bankruptcy advisers and fired most of its workforce this year.
The automaker, which has not built a car since July, is also struggling to repay its federal loan. Last month, Republican lawmakers grilled company co-founders Henrik Fisker and Barny Koehler over the automaker’s finances.
Henrik Fisker left the automaker over “major disagreements” with the company’s executive team in March. Since then he’s been in touch with various investor groups to discuss a potential role for himself in car company should Fisker finds a new owner, sources said.
Fisker, Wanxiang, VL Automotive and the DOE were not immediately available for comment. Henrik Fisker declined to comment through a spokesman.
HALF OFF THE KARMA
Details of the bid from Wanxiang and VL Automotive were not immediately clear, but both companies have an interest in Fisker’s survival.
Wanxiang bought Fisker’s lithium-ion battery supplier, A123 Systems Inc, out of bankruptcy. This week, a judge approved the bankruptcy plan for A123, which changed its name to B456 Systems Inc.
At the Detroit auto show this year, VL Automotive showcased a car called the VL Destino, which combines the shell of a Fisker with the guts of a Chevrolet Corvette ZR1.
The company is a venture between Lutz and his partner, industrialist Gilbert Villarreal. They build the Destino, which will sell for around $180,000, in Auburn Hills, Michigan.
“I want Fisker to live and succeed, if only to ensure a continuing supply of Karma bodies for my and my parter’s (sic) VL Destino, a de-electrified Karma with a Corvette drive train, for which there is brisk demand,” Lutz said in a blog post posted on Forbes.com on April 26.
Any attempt to revive the company faces an uphill battle with future investors, dealers and consumers, said Donn Vickrey, an analyst with research firm Gradient Analytics. In some areas, the Karma prices have fallen by half.
“They’re literally selling at something at 50 cents per dollar right now,” Vickrey said. “That’s a lot of confidence lost. I’m not sure how you get that back.”
He added that it may be “more feasible” to fold Fisker’s operations into another firm, rather than continue to operate the company as a standalone automaker.
BUYING OUT THE DOE
Henrik Fisker founded the company with Barny Koehler in 2007 and together they raised about $1.2 billion in private funds. In 2009, Fisker won a $529 million DOE loan in 2009 as part of a U.S. government program to promote advanced vehicles.
Fisker got $192 million in funds before the DOE froze Fisker’s credit line in mid-2011 after Fisker missed key performance targets. The resulting cash crunch prompted Fisker to overhaul its management team and look for buyers.
The terms of the loan have been a source of friction between the DOE and Fisker. Prospective buyers have been unwilling to assume the obligations spelled out in the loans, sources close to the company have previously said.
Last year, Fisker tried to refinance the federal loans through a bond offering that did not gain traction, according to sources and internal DOE documents released last month during the congressional hearing. In April, the DOE seized $21 million from Fisker’s coffers to repay a portion of the loan.
Investors from Europe are working with Hong Kong businessman Li, who is chairman and chief executive of the Pacific Century Group, to buy out the DOE’s position in Fisker, most likely at a discount, sources said on Tuesday.
This measure would allow Fisker to wrest free of the loan’s current obligations and allow the DOE to recover more than they might get in a bankruptcy. But this route may open the DOE to criticism and raises questions about Fisker’s future strategy.
“That’s not that uncommon in the financial circles,” Vickrey said. “If you can settle that debt at discount and sell the assets to another automaker, it might make sense as an investment.”
(Reporting by Deepa Seetharaman; Editing by Leslie Gevirtz)
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Exclusive: Bob Lutz, Chinese in bid to buy Fisker Automotive – sources
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It’s the newest quick and convenient way to send cash — convenient for fraudsters, that is, who collect fees for bogus job offers or lottery jackpots, then vanish without leaving a money trail.
The U.S. Federal Trade Commission Tuesday announced new restrictions on “novel payment methods” that phone and Internet scammers favor — including cash reload codes, which are typically used to replenish prepaid cards.
The FTC’s proposed changes to the Telemarketing Sales Rule will make it illegal for telemarketers to ask for payment using the cash reload mechanisms, along with other cash transfer methods.
“People are being asked to go down to the store and purchase a reload,” said Karen Hobbs, an attorney in the FTC Bureau of Consumer Protection. “It is essentially cash — there’s no governance out there.”
The scams start out like a regular cash reload transaction: A buyer goes into a store and pays the cashier for a reload product such as MoneyPak or REloadit. In exchange for cash, the consumer gets a piece of paper or plastic bearing a shielded code number that only the buyer can reveal — often by scratching off a protective coating like those on lottery tickets. Once unveiled, the code number can be activated by the phone or Internet.
The code can be used to recharge a prepaid card, or send money to relatives. But when crooks gets involved, consumers are conned into giving the number to scammers, who can load the cash onto their own prepaid cards and withdraw the money from an ATM, anonymously and untraceably.
“This makes it difficult to identify or track down the perpetrator of the fraud and return funds to customers,” the FTC’s proposed rule states.
Digital cash
Cash reload mechanisms have become popular virtual deposit slips, allowing people without bank accounts to convert cash into digital form. In addition to leaving no link to the parties involved, reload codes are not subject to consumer protections that limit your losses from fraud in conventional bank and credit card transactions.
The rule change would also bar telemarketers from asking you to pay via remote check authorization — where the recipient of funds uses your bank account information to create a check or electronic payment order. Also prohibited in telemarketing sales would be cash-to-cash money transfer services such as those from MoneyGram and Western Union.
Scammers have used the novel payment methods to collect more than $100 million in ill-gotten gains, the FTC’s proposed rule stated.
Growing scam
In one example, the St. Louis Better Business Bureau has seen a rash of employment scams that used cash reloads to defraud victims. One Alton, Ill., man received a call about a supposed $17-an-hour cleaning job, and was told he needed to load $89 on a MoneyPak card to pay for a background check. After he gave the reload code number to the caller, the supposed employer disappeared.
“The scams tell you this is the best way to send money, that it’s insured,” said Bill Smith, investigator for the St. Louis BBB. Such untrue statements are part of the scam.
The untracked payments have been used in a wide range of cons, the BBB said, including supposed loan offers that require an advance payment of insurance. Hobbs at the FTC said that phantom debt collection fraudsters have also used cash reloads to shake down victims, threatening them with jail unless they paid the money immediately.
Other cash-based money transfers via services such as MoneyGram and Western Union can be similarly unprotected, but warnings about paying unknown merchants with those services have driven fraudsters to new techniques, Smith said. Both MoneyGram and Western Union have entered settlements with multiple state attorneys general that required them to set up anti-fraud programs and provide warnings to customers.
Public comments sought
The FTC will take public comments on the proposed rules until July 29. The rule change also broadens a ban against seeking advanced fees for so-called “recovery services,” which promise to help victims recover funds they lost to fraud. The ban, which is currently limited to offers involving funds lost to a telemarketing transaction, would be extended to offers involving any transaction.
Warnings with REloadit already tell customers not to use the cash code to pay merchants. Green Dot, owner of MoneyPak, lists merchants on its website that are authorized to accept payment via cash code and warns against paying others via MoneyPak.
See related: 9 credit card scams to watch out for
FTC targets cash-reload code scams
How to pick a bankruptcy attorney
Proposed rule could help kids replace stolen Social Security numbers
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FTC targets cash-reload code scams
WAUKESHA, Wis.–(BUSINESS WIRE)–
Generac Holdings Inc. (NYSE: GNRC, the “Company”), a leading designer
and manufacturer of generators and other engine powered products,
provided an update today on its previously announced credit facility
refinancing in conjunction with its proposed special cash dividend to
shareholders.
The Company has received commitments from a syndicate of lenders to
provide $1.2 billion of senior secured term loans to replace its
existing term loan facilities. Subject to execution of definitive
documentation and customary closing conditions, the new term loans are
expected to mature in 2020 and bear interest at an initial rate of LIBOR
plus 2.75%, with a LIBOR floor of 0.75%. It is expected that, beginning
in the second quarter of 2014, the spread to LIBOR can be reduced to
2.50% once the Company’s net debt leverage ratio falls below 3.0 times.
At current LIBOR interest rates, the new term loans are expected to
result in a 275 basis point reduction in interest rate as compared to
the Company’s current term loan facility, which currently has an
outstanding balance of approximately $785 million and accrues interest
at LIBOR plus 5.0% with a LIBOR floor of 1.25%.
Additionally, subject to execution of definitive documentation and
customary closing conditions, the Company has obtained commitments to
extend its existing $150 million senior-secured, asset-based revolving
credit facility by one year. As a result, the revolving credit facility
is now expected to terminate in 2018, and will continue to accrue
interest on drawn proceeds at the same rate using an availability-based
pricing grid starting at LIBOR plus 2.0%.
As previously announced, subject to closing of the credit facilities,
the Company intends to use a portion of the proceeds from the new term
loans to fund a special cash dividend to its stockholders of up to $5.00
per share, or approximately $342 million in the aggregate. After paying
off the outstanding principal and accrued interest on the existing term
loan facilities, the remaining funds from the new term loans will be
used for working capital, capital expenditures and other general
corporate purposes, and to pay related financing fees and expenses.
The closing of the new senior secured credit facilities and related
borrowings thereunder is expected to take place on or around May 31,
2013. Upon the successful closing, the Company plans to issue a press
release updating its guidance for interest expense for the remainder of
2013. In addition, at that time the Company expects to provide further
details on the special cash dividend confirming the specific amount
along with timing of the date of record, payment date and ex-dividend
date.
Forward-looking Information
Certain statements contained in this news release, as well as other
information provided from time to time by Generac Holdings Inc. or its
employees, may contain forward looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
those in the forward looking statements. Forward-looking statements give
Generac’s current expectations and projections relating to the Company’s
financial condition, results of operations, plans, objectives, future
performance and business. You can identify forward-looking statements by
the fact that they do not relate strictly to historical or current
facts. These statements may include words such as “anticipate,”
“estimate,” “expect,” “project,” “plan,” “intend,” “believe,”
“confident,” “may,” “should,” “can have,” “likely,” “future” and other
words and terms of similar meaning in connection with any discussion of
the timing or nature of future operating or financial performance or
other events.
Any such forward looking statements are not guarantees, and involve
risks, uncertainties (some of which are beyond the Company’s control)
and assumptions. Although Generac believes any forward-looking
statements are based on reasonable assumptions, you should be aware that
many factors could cause outcomes to differ materially from those
anticipated in any forward-looking statements. With respect to the
forward-looking statement regarding future interest rates, one such
factor is an unexpected increase in LIBOR. In addition, regarding the
timing and committed terms of the new credit facility, another factor is
an unanticipated disruption in the credit markets that would cause the
closing not to occur or to occur on modified terms.
Any forward-looking statement made by Generac in this press release
speaks only as of the date on which it is made. Generac undertakes no
obligation to update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may be
required by law.
SOURCE: Generac Holdings Inc.
Contact:
Generac Holdings Inc.
York A. Ragen
Chief Financial Officer
(262) 506-6064
InvestorRelations@generac.com
or
Michael W. Harris
Director – Finance and Investor Relations
(262) 544-4811 x2675
Michael.Harris@generac.com
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Generac Provides Update on Credit Facility Refinancing
NEW YORK (AP) — Standard & Poor’s Ratings Services is lowering the rating it gave J.C. Penney’s term loan further into junk status because the struggling department store operator boosted the loan’s size.
J.C. Penney Co. increased the size of the term loan to $2.25 billion from $1.75 billion.
S&P said Tuesday that it is cutting the rating for the term loan to “B-” from “B.” It maintained all of the Plano, Texas company’s other ratings. The outlook is negative.
J.C. Penney has been struggling with weak sales for some time and recent efforts to revitalize the retailer flopped. The company has since appointed a new CEO, but investors remain skeptical.
On Thursday the J.C. Penney reported that its first-quarter loss widened on a 16 percent drop in revenue. It marked the fifth-straight quarter that the chain has posted large declines.
The results show that J.C. Penney is still reeling from the turnaround plan orchestrated by former CEO Ron Johnson, who was ousted last month after less than a year and a half on the job.
The plan included getting rid of coupons and most sales in favor of everyday low prices, bringing in hip brands like Joe Fresh and remaking outdated stores. But the changes that were meant to attract younger, wealthier shoppers, wound up turning off its loyal middle-income, middle-age customers who favor sales and basic merchandise like loose-fitting khakis.
Last month J.C. Penney rehired Johnson’s predecessor, Mike Ullman, who is resuming sales and bringing back basics. It also announced the term loan from Goldman Sachs in April, a move that helped to ease concerns that J.C. Penney could run out of cash this year.
The Plano, Texas-based company’s stock added 14 cents to $18.95 in midday trading. They have ranged from $13.55 to $32.55 over the past year.
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S&P cuts rating on JC Penney term loan
LMP Corporate Loan Fund Inc (
TLI
) will begin trading ex-dividend on May 22, 2013. A cash dividend
payment of $0.0725 per share is scheduled to be paid on May 31,
2013. Shareholders who purchased TLI stock prior to the ex-dividend
date are eligible for the cash dividend payment. This marks the
11th quarter that TLI has paid the same dividend. At the current
stock price of $13.79, the dividend yield is 6.31%.
The previous trading day’s last sale of TLI was $13.79,
representing a -6% decrease from the 52 week high of $14.67 and a
21.93% increase over the 52 week low of $11.31.
For more information on the declaration, record and payment
dates, visit the
TLI
Dividend History
page.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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LMP Corporate Loan Fund Inc (TLI) Ex-Dividend Date Scheduled for May 22, 2013
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Student loan defaults have surged this year, with the U.S. Department of Education reporting 6.8 million federal student loan borrowers failing to make payments. What does that mean for student-loan payers across the nation? Most of you are doing it wrong.
[More from Manilla.com: Personal Budgeting Tips]
And as the cost of higher education continues to rise, and the increasing amount of student loan debt threatens to push the economy past its breaking point, it’s more important than ever to know the mistakes before it is too late.
Here are four mistakes to make sure you avoid.
1. Picking the wrong plan for you. Experts generally recommend to not take out loans that exceed your expected starting salary after you graduate. There are four main plans you can chose to pay off your loans with, ranging from a minimum of $50 a month for 10 years or incrementally increasing payments for as much as 30 years. But if you know you’re going to have a low income and you’re worried about defaulting, consider the income-based repayment plan, which is best for graduates who do not have a steady cash flow. The annual amount you owe is based off of 15 percent of your projected income for the year and after the 25th year, the rest of the debt is exonerated.
[More from Manilla.com: The Best Credit Cards for 2013 College Students & Grads]
2. Stalling payments when you don’t have to. If a graduate qualifies for deferment or forbearance, postponing the payments may seem like tempting options. But some deferments and all forbearances will continue to tack on interest rates to the overall debt, increasing the total amount a borrower will have to pay. During deferment, borrowers with subsidized loans won’t have to pay interest on the debt, while unsubsidized loans will still accrue the extra charges.
3. Paying the minimum each month. Transaction charges and interest rates will drive up the cost of the total amount a borrower owes. Graduates with student loan debt also should consider that the longer a payment plan lasts, the more money will be tacked on to the overall bill. For some options which can take up to 30 years, you could have to pay thousands more.
[More from Manilla.com: 6 Areas Where Students May Be Overspending]
4. Thinking you can likely get out of it with bankruptcy. Unless you can prove continuing to repay your student loans after bankruptcy would cause “undue hardship” in court, your student loan debt won’t go away after filing for bankruptcy. While knowing that there isn’t an easy way out may be daunting, but it’s better to know now instead of banking on that escape route.
More from Manilla.com:
Financial Tracking & Budgeting
Win $250 in Manilla’s Gifts to Grads Sweepstakes
How to Make the Financial Transition into the “Real World”
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4 Mistakes to Avoid When Repaying Your Student Loans
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