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Why You Should Avoid Payday Loans


Payday loans have become a life-line for many American
families strapped for cash. Payday loans are basically
high-interest, high-risk, short-term loans largely made to
sub-prime borrowers who don’t have any other means of obtaining
much needed funds.

According to
research figures

released by the Pew Charitable Trust in 2012, 12 million American
adults depended on payday loans in 2010 to make ends meet while
figures will most certainly have further risen until 2014.

In 2010, the average borrower took out eight loans per year
with a loan size of $375 each and paid a whopping $520 on

Payday loan companies providers clearly take advantage of
cash-hungry, vulnerable consumers who need quick cash and are
desperate enough to turn to these financing companies.

Source: Wikimedia Commons

While it is widely accepted in American society to take on
consumer debt, payday loans should clearly be the absolutely last
solution for people who need a short-term cash influx.

Payday loans are usually available on the spot, but they pose
the very real danger of creating a dependency that could lead to
a devastating debt spiral. So when you think about taking out a
payday loan, you better understand very well what you are getting

The dangers of easy cash

The popularity of payday loans can largely be explained by how
easy it is to obtain them. All you have to do is fill out on
application, possibly on the Internet, agree to the lending terms
and you get your cash fairly quickly.

Unfortunately, the availability of easy cash can seduce
consumers and encourage them to adopt unhealthy spending

Of course, there might be situations in which a short-term
cash infusion will help you with an emergency such as paying for
a car repair or a medical bill.

However, be aware that payday loans can push you in a debt
spiral in which you are required to roll over one payday loan
into the next one, with little hope of breaking the cycle.

Excessive interest rates

Make sure you understand, that payday loans are very short-term
loans that need to be paid back in full plus sizable interest and
fee components.

Annualized interest rates (also called annual percentage
rates, or APRs) can be as much as a
couple of hundred percent

according to information from the Consumer Financial Protection
Bureau and it is not unusual for borrowers to pay back a total of
interest and fees that exceeds the amount borrowed.

If you take out a payday loan, be prepared to pay 100% or more
of your requested loan size in interests and fees. There is a
reason why payday loan companies can be compared to loan sharking

Payday loans as a last resort

Given the excessive interest rates and fees being charged, payday
loans clearly should be avoided at all costs. If you have any
other chance of making up for your cash shortfall, by all means
use it.

Do not use payday loans to finance purchases of consumption
goods and resist the urge of taking advantage of easy credit. You
will pay dearly.

The Foolish Bottom Line

Payday loans should be the absolutely last resort if you are
strapped for cash. You are well advised to tap all other possible
funding sources first and avoid payday loans like the plague.

The easy availability of fast credit also poses a significant
risk of creating a short-term debt dependency in which consumers
roll over their expensive payday loans into new loans on a
consistent basis.

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China Commercial Credit Issues Update on Recovery of Loan Guarantee Payments

WUJIANG, CHINA–(Marketwired – Jul 25, 2014) – China Commercial Credit, Inc. (NASDAQ: CCCR), a microfinance company providing financial services to small-to-medium enterprises (SMEs), farmers and individuals in Jiangsu Province, today said it has made progress toward recovering a significant portion of the $5.4 million it paid in the first quarter of 2014 to lenders on behalf of 11 loan guarantee service customers who had borrowed funds from these lenders but defaulted on their loan repayments.

After determining that the majority of these defaulting borrowers had subsequently acquired the capability of repaying these funds, CCCR recovered approximately $0.7 million in cash from these borrowers and converted an additional $2.1 million of their debt into one-year loan notes payable by the borrowers directly to the company. All funds reclaimed via the above measures will be applied to CCCR’s total capital available for use on its microfinance lending and loan guarantee businesses.

The company expects to announce that its second quarter payments to lenders on behalf of loan guarantee customers, although less than in the first quarter, will still amount to about $3.7 million. Of this total, CCCR has thus far recovered $1.1 million and converted an additional $1.6 million of their debt into one-year loan notes payable by the borrowers directly to the company. The financial adjustments related to these events will be included in the company’s upcoming Q2 report.

About China Commercial Credit

China Commercial Credit (, founded in 2008, provides business loans and loan guarantee services to more than 260 small-to-medium enterprises (SMEs), farmers and individuals in China’s Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals — which historically had been excluded from borrowing funds from State-owned and commercial banks — are now able to borrow money at competitive rates from microfinance lenders. According to 2012 data, SMEs account for eight of ten jobs in China and comprise nearly 60 percent of the nation’s GDP.Utilizing proceeds of the recently completed secondary public offering, the company intends to commence its financial leasing business. It also recently launched a peer-to-peer online lending platform designed to pair SME borrowers with willing lenders.

Investors seeking additional information on CCCR or wishing to register for company Email Alerts may go to or the Asia IR/PR client page at .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of United States securities laws. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. You should review the factors described in the section entitled “Risk Factors” in our registration statement on Form S-1 filed with the SEC on May 7, 2014 and other documents we file from time to time with the SEC. We qualify all of our forward-looking statements by these cautionary statements.


Jimmy Caplan

Rick Eisenberg

Horizon Technology Finance Announces Prepayment and Termination of Term Loan Facility

FARMINGTON, CT–(Marketwired – Jun 17, 2014) – Horizon Technology Finance Corporation (NASDAQ: HRZN) (the “Company” or “Horizon”), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and cleantech industries, announced today the termination of its term loan credit facility (“Term Loan Facility”) with Fortress Credit Co LLC, an affiliate of Fortress Investment Group LLC (“Fortress Credit”) and the Company’s prepayment of all outstanding amounts due thereunder. Horizon maintains borrowing capacity pursuant to its existing $50 million revolving credit facility (the “Key Facility”) with Key Equipment Finance Inc. (“Key”) which contains an accordion feature allowing for an increase in the total loan commitment up to an aggregate commitment of $150 million.

“Horizon made the strategic decision to prepay the Term Loan Facility in order to significantly reduce its future interest expense and better align Horizon’s total borrowing commitments with its current equity base,” stated Christopher M. Mathieu, Senior Vice President and Chief Financial Officer. “The termination of the Term Loan Facility is expected to result in an effective interest rate on Horizon’s borrowings for the second half of 2014 of approximately 6.2%, as compared to an effective interest rate of approximately 6.9% for the first half of 2014.”

In connection with the prepayment and termination of the Term Loan Facility, Horizon expects to record a one-time interest expense charge of $1.9 million for the quarter ended June 30, 2014. These nonrecurring expenses consist of a non-cash expense of $1.1 million from the acceleration of unamortized debt issuance costs, and a cash expense of $0.8 million incurred by the payment of a prepayment fee. The non-recurring expenses are expected to be partially offset by a reduction of approximately $0.7 million in incentive fees that would otherwise have been due to the Company’s advisor in the second quarter if the Term Loan Facility had not been terminated. As a result, the net impact from the prepayment and termination of the Term Loan Facility on Horizon’s net investment income is expected to be approximately $1.2 million, or $0.12 per share, for the quarter ended June 30, 2014. There will be no ongoing obligations or expenses associated with the termination and prepayment of the Term Loan Facility.

As a result of the termination and prepayment of the Term Loan Facility, commencing with the third quarter of 2014, Horizon expects to reduce its quarterly interest expense by approximately $0.3 million, or $0.03 per share. These anticipated expense savings reflect the elimination of debt issuance costs and non-usage fees with respect to the Term Loan Facility, as well as lower future borrowing costs under the Key Facility. The Key Facility has a current interest rate of 4.00%, as compared to an interest rate of 7.00% under the Term Loan Facility. Horizon currently has no outstanding borrowings under the Key Facility, but expects to borrow under the Key Facility by the end of the second quarter.

About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and cleantech industries. The investment objective of Horizon is to maximize total returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants that it receives when making such loans. Headquartered in Farmington, Connecticut, with regional offices in Walnut Creek, California and Reston, Virginia, Horizon is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “HRZN.” In addition, Horizon’s 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol “HTF.” To learn more, please visit

Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

FinanceInvestment & Company Information

Horizon Technology Finance Corporation

Christopher M. Mathieu

Chief Financial Officer

(860) 676-8653

Investor Relations and Media
The IGB Group
Michael Cimini
(212) 477-8261

Leon Berman
(212) 477-8438

Allegiant Travel Company Announces Pre-payment of Existing Term Loan

Allegiant Travel Company Announces Pre-payment of Existing Term Loan

LAS VEGAS. April 14, 2014 – Allegiant Travel Company (ALGT) has pre-paid the company`s $125 million senior secured term loan facility, which was scheduled to mature in March 2017.  In addition, the company has borrowed $45.3 million from Wells Fargo Bank.  Both of these transactions occurred on April 11, 2014.

“This decision allows us to refinance more expensive debt and also provides flexibility to maintain future fleet growth as well as return cash to shareholders,” stated Maurice J. Gallagher, Jr., Chairman and CEO of Allegiant Travel Company.  “We are pre-paying our term loan with a payout of the balance of $121.3 million.  After giving effect to these two deals, our total debt balance will be $149 million, which improves the company`s already strong balance sheet.”

The company has paid off the $121.3 million balance of the term loan through a combination of the $45.3 million loan received from Wells Fargo Bank and $76 million of internally generated cash.  The elimination of the term loan unencumbers 53 MD-80 aircraft, as well as four 757 aircraft.  The company has pledged the 53 MD-80 aircraft as collateral under the Wells Fargo Bank loan. 

As of today, the company has 53 encumbered MD-80 aircraft, seven encumbered A320 aircraft, one encumbered A319 aircraft (Airbus aircraft were pledged in previous financings), one encumbered 757 aircraft, and five unencumbered 757 aircraft.

Allegiant, Travel is our deal.®
Las Vegas-based Allegiant Travel Company (ALGT) is focused on linking travelers in small cities to world-class leisure destinations. The company operates a low-cost, high-efficiency, all-jet passenger airline through its subsidiary, Allegiant Air, while also offering other travel-related products such as hotel rooms, rental cars, and attraction tickets. All can be purchased through the company website, The company has been named one of America`s 100 Best Small Companies by Forbes Magazine for four consecutive years. For downloadable press kit, including photos, visit: ALGT/G

Note: This news release was accurate at the date of issuance. However, information contained in the release may have changed. If you plan to use the information contained herein for any purpose, verification of its continued accuracy is your responsibility.

For further information please visit the company`s investor website:

Reference to the Company`s website above does not constitute incorporation of any of the information thereon into this news release.

Media Inquiries:
Investor Inquiries: Christopher Allen:

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Allegiant Travel Company via GlobeNewswire

Airline IndustryFinanceAllegiant Travel CompanyWells Fargo [...]

IF Bancorp, Inc. Announces Cash Dividend


IF Bancorp, Inc. (NASDAQ Capital: IROQ) (the “Company”), the holding company for Iroquois Federal Savings and Loan Association, today announced that its Board of Directors declared a cash dividend of $0.05 per common share. The dividend will be paid on or about April 15, 2014, to stockholders of record as of the close of business on March 24, 2014. This is the second cash dividend for the Company since the completion of its initial public offering on July 7, 2011.

“We are pleased to pay a cash dividend to our shareholders,” said Alan D. Martin, President and Chief Executive Officer of the Company. “The payment of dividends represents our long-term commitment to enhancing shareholder value and based upon our financial results and capital planning strategies, we will strive to continue to pay dividends on a semi-annual basis.”

Iroquois Federal Savings and Loan Association is a community-oriented financial institution that conducts its operations from its four full-service banking offices located in the municipalities of Watseka, Danville, Clifton and Hoopeston, Illinois and its loan production and wealth management office in Osage Beach, Missouri. Iroquois Federal Savings and Loan Association offers a broad array of retail and commercial lending and deposit services.

Banking & BudgetingFinanceSavings and Loan Associationcash dividend

IF Bancorp, Inc.

Walter H. Hasselbring, III

(815) 432-2476 [...]

Avago to Buy LSI in Deal Valued at About $6.6 Billion

Avago Technologies Ltd. (AVGO), a chip
manufacturer that began as a unit of Hewlett-Packard Co. (HPQ), agreed
to buy LSI Corp. (LSI) for $6.6 billion, gaining semiconductors for
disk drives and other electronics.

Avago will pay $1 billion in cash and use a $4.6 billion
bank loan, the companies said in a statement today. Silver Lake
Partners, a private-equity firm that helped acquire Avago before
its initial public offering in 2009, will provide a $1 billion
investment toward the all-cash purchase.

LSI and Avago may be combining to gain more resources as
the cost of designing and building semiconductors rises,
potentially heralding a wave of deals in the industry, said Suji De Silva, an analyst at Topeka Capital Markets Inc. Packaged
together, some of the companies’ storage products may be more
attractive to large Internet data-center operators, such as
Google Inc., he said.

“The question is whether this is the beginning of a
consolidation trend in semiconductors — scale does make
sense,” said De Silva, who recommends buying LSI shares. “This
clearly extended that data-center footprint.”

LSI jumped 39 percent to $10.96 at the close in New York.
The shares of the Milpitas, California-based company had gained
12 percent this year before the acquisition was announced.
Avago, whose stock was up 44 percent for the year before today,
rose 9.7 percent to $50.10.

Semiconductor Deals

The transaction marks the year’s second-biggest deal for
the semiconductor industry, following the $9.4 billion
acquisition of Tokyo Electron Ltd. (8035) by Applied Materials Inc. (AMAT) in
September. Avago’s purchase of LSI would create a business with
about $5 billion in annual revenue and provide Avago with a
range of storage chips that it can sell to data-center
customers. Avago, which operates dual headquarters in Singapore
and San Jose, California, also expects to get $200 million in
yearly cost savings.

“They will be a strong enterprise storage player,” said
Hans Mosesmann, an analyst at Raymond James & Associates Inc.
“In this day and age, as things consolidate, the bigger guys
are going to have more power.”

LSI’s stockholders will receive $11.15 in cash for each
share of LSI common stock at the completion of the deal, which
is expected in the first half of 2014, according to the
statement. The transaction will boost Avago’s free cash flow and
earnings per share immediately after it closes, the company

“This combination will increase the company’s scale and
diversify our revenue and customer base,” Hock Tan, Avago’s
chief executive officer, said in the statement. “As we
integrate LSI onto the Avago platform, we expect to drive LSI’s
operating margins toward Avago’s current levels.”

Hewlett-Packard Unit

The purchase would be the largest deal for Avago, which was
founded in 1961 as an electronics division of Hewlett-Packard.
It pioneered the market for light-emitting-diode displays before
expanding into fiber-optic transmitters, optical mouse sensors
and other equipment. It then became part of the Agilent
Technologies Inc. spinoff from Hewlett-Packard in 2000.

In 2005, a group of private-equity firms, including Silver
Lake and KKR & Co. (KKR), acquired the business for $2.66 billion.
They orchestrated an IPO for the company, which debuted on the
Nasdaq Stock Market in 2009.

Deutsche Bank AG advised Avago on the transaction, while
Qatalyst Partners LLC assisted LSI.

To contact the reporters on this story:
James Callan in New York at;
Nick Turner in San Francisco at

To contact the editors responsible for this story:
Nick Turner at;
Pui-Wing Tam at


Advent Boosts Investor Confidence – Analyst Blog

Information technology software solutions and services provider,
Advent Software Inc. ( ADVS ) recently
announced a special cash dividend of $9 per share to be paid on Jul
9 to shareholders of record as of Jul 1.

The special cash dividend was approved by Advent’s board of
directors on Jun 12 and the company clarified that the amount
carried a dividend factor (roughly $2-$4 per share) and a
return-of-capital factor. The decision to return value as well as a
portion of capital is based on Advent’s strong liquidity position
and positive free cash flow generation capabilities.

Advent mentioned that the special dividend worth $470.0 million
will be paid using cash-in-hand and a senior credit facility. The
credit facility, which amounts to $425.0 million, consists of a
$225.0 million term-loan facility and a $200.0 million revolving
credit facility. Both the term loan and revolving credit facility
will carry an interest of LIBOR plus 225 basis points. Notably, the
company repaid the outstanding loans before taking the new loan of
$425.0 million.

The decision to pay a special dividend is actually a windfall for
shareholders as Advent had never declared any dividends earlier.
The company also plans to retain future earnings for funding
development and business growth, instead of declaring any dividend.
Nevertheless, Advent will remain proactive on the share buyback

Now let’s have a look at how Advent performed in the first quarter
of 2013. Advent recorded earnings per share of 23 cents, in line
with the Zacks Consensus Estimate. Revenues grew 6.4% year over
year to $92.5 million. Efficient cost optimization led to an
operating margin of 17.5%, which was up from 13.6% in the year-ago

Cash and marketable securities were $184.7 million versus $169.4
million in the prior quarter. Long-term debt balance declined $2.5
million to $82.5 million. Cash flow from operating activities was
$17.2 million and capital expenditure was $959,000.

Given the strong balance sheet and ability to pay off debt, we
think the move makes sense. We are also positive on Advent’s
recurring revenue model, higher renewal rates, strong product
portfolio and new product launches.

Currently, Advent has a Zacks Rank #1 (Strong Buy). Similar stocks
that warrant a look include Aspen Technology Inc.
( AZPN ),
Pegasystems Inc. ( PEGA ) and SAP
( SAP ).
All three stocks have a Zacks Rank #1 (Strong Buy).

ADVENT SOFTWARE (ADVS): Free Stock Analysis

ASPEN TECH INC (AZPN): Free Stock Analysis

PEGASYSTEMS INC (PEGA): Free Stock Analysis

SAP AG ADR (SAP): Free Stock Analysis Report

To read this article on click here.

Zacks Investment

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.


Former Bank of America workers allege it lied to home owners

(Reuters) – Six former Bank of America Corp employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents.

The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court.

The former employees, who worked at Bank of America (Other OTC: BACYLnews) centres throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp (NYSE: TGTnews) and Bed Bath & Beyond Inc (NasdaqGS: BBBYnews) .

For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 (318.35 pounds) bonus. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing.

About twice a month, the bank cleaned out its HAMP backlog in an operation called “blitz,” where it declined thousands of loan modification requests just because the documents were more than 60 months old, the court documents say.

The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.

Rick Simon, a Bank of America Home Loans spokesman, said the bank had successfully completed more modifications than any other servicer under HAMP.

“We continue to demonstrate our commitment to assisting customers who are at risk of foreclosure and, at best, these attorneys are painting a false picture of the bank’s practices and the dedication of our employees,” Simon said in a email, adding the declarations were “rife with factual inaccuracies.”

Borrowers filed the civil case against Bank of America in 2010 and are now seeking class certification. The affidavits, dated June 7, are the latest accusations over the mishandling of mortgage modifications by some top U.S. banks.

Mortgage problems have dogged Bank of America since its disastrous purchase of Countrywide Financial in 2008. The bank paid $42 billion to settle credit crisis and mortgage-related litigation between 2010 and 2012, according to SNL Financial.

Bank of America and four other banks reached a $25 billion landmark settlement with regulators in 2012, following a scandal in late 2010 when it was revealed employees “robo signed” documents without verifying them as is required by law.

But problems have persisted. Since 2012, more than 18,000 homeowners have filed complaints about Bank of America with the Consumer Financial Protection Bureau, a new agency created to help protect consumers. Recently, the attorney generals of New York and Florida accused Bank of America of violating the terms of last year’s settlement.

The government created HAMP in 2009 in response to the foreclosure epidemic and to encourage banks to give homeowners loan modifications, allowing some borrowers to stay in their homes.


The court documents paint a picture of customer service operations where managers roamed the floor with headsets, able to listen into any call without warning. Service representatives were told to lie to homeowners, telling them their paperwork and payments had not been received, when in reality they had.

“This is exactly what’s been happening to homeowners for years,” said Danielle Kelley, a foreclosure defence lawyer in Florida. “No matter how many times they send in their paperwork, or how often they make their payments, they simply can’t get loan modifications. They wind up in foreclosure instead.”

The former employees said they were told to falsify electronic records and string homeowners along in foreclosure as long as possible. The problem was exacerbated because the bank did not have enough employees handling modifications, adding to the backlog of cases purged during the “blitz” operations.

Once a HAMP application was delayed or rejected, Bank of America would offer an in-house alternative, charging as high as 5 percent when the loan could have been modified for 2 percent under HAMP, according to an affidavit by William Wilson, who worked at the bank’s Charlotte, North Carolina office.

Wilson, who was a case management team manager, said he told his supervisors the practices were “ridiculous” and “immoral.” He said he was fired in August 2012.

Bank of America said it was not at liberty to discuss personnel matters.

(Reporting By Michelle Conlin and Peter Rudegeair in New York; Editing by Paritosh [...]

Advent Software Announces Recapitalization Transaction; Declares a Special Dividend of $9 per Share; Closes $425 …

SAN FRANCISCO, CA–(Marketwired – Jun 13, 2013) – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced a one-time special cash dividend of $9 per share totaling approximately $470 million. The special dividend will be financed with cash on hand and proceeds from Advent’s recently closed $425 million senior credit facility.

“We have worked hard to build a business with healthy and predictable cash flows so that we can deliver value to our shareholders while making the investments that will continue to benefit our clients. With our large client base and predictable business model, we can both service this debt and execute on our strategy to eliminate boundaries between systems, information and people,” said Pete Hess, Advent’s CEO and President. “Advent’s Board believes we can best maximize shareholder value by taking advantage of the favorable liquidity and flexibility of current debt capital markets with a recapitalization of our balance sheet, which allows us to return capital to shareholders and enable them to continue to participate in Advent’s future performance.”

Special Cash Dividend of $9 per Share
The special dividend was approved by Advent’s Board of Directors on June 12, 2013 and will be payable on July 9, 2013 to stockholders of record at the close of business on July 1, 2013. Of the $9 per share distribution, Advent currently expects between $2 to $4 per share to be characterized as a dividend, and the remaining amount of the distribution to be characterized as a return of capital. The ultimate tax characterization of the distribution will be reported to shareholders on a Form 1099-DIV shortly after the end of the year. Stockholders should consult their tax advisors regarding the tax effects of the dividend to them.

$425 Million Senior Credit Facility
The senior credit facility is composed of a $225 million term loan facility and a $200 million revolving credit facility. The new term loan has repayments of $5 million per quarter and the remaining balance will mature in June 2018. Interest on the term loan and any revolving loan initially accrues at LIBOR + 225 basis points. Beginning in the fourth quarter of 2013, the LIBOR spread can be reduced to the extent Advent’s leverage ratio decreases. The revolving credit facility will also mature in June 2018. Advent may prepay the term loans and revolving loans at any time without penalty. Prior to replacing Advent’s current facility with this new senior credit facility, Advent repaid in full the outstanding loans under its existing credit facility. J.P. Morgan Securities LLC and BofA Merrill Lynch acted as Joint Lead Arrangers and Joint Bookrunners for the senior credit facility. The terms of the senior credit facility are more fully described in Advent’s current report on Form 8-K filed today.

Equity Award Modifications
The Company modified its outstanding stock option awards to reflect the dividend by reducing the exercise price by $9 per option. For certain options that cannot be reduced by the full $9, Advent will compensate those option holders with a cash payment for the difference between $9 and the reduction of their exercise price. Holders of restricted stock units (RSU) will receive the right to receive $9 per RSU upon vesting.

Financial Impact of the Recapitalization Transactions

In connection with the recapitalization transactions, the Company incurred various fees from third parties that are not included in capitalized debt issue costs. The Company currently expects its financial results to be impacted by these third-party expenses, equity award modifications, and other debt costs as described in the table below.

Description of Charge
Cash or Non Cash
Expense in Q2 2013
Expense Over Vesting Period (From Q3 2013 to Q2 2017)
Third-Party Costs within Operating Expenses
$5 – $6 million
Incremental Operating Expense from Employee Option Modification
$15 – $17 million
$8 – $13 million
Employee Option Cash Adjustment Payments
$5 – $7 million
Employee RSU Modification
$11 million
Third-Party Costs within Interest Expense

The Company will exclude all of the above charges from the calculation of its non-GAAP financial measures. (The ultimate stock option modification charges and payments will be determined after the ex-dividend date and therefore these charges may be impacted by changes in market conditions.)

Additionally, interest expense for the second quarter of 2013 (including creditor fees and third-party expenses incurred in connection with the debt issuance) is expected to be approximately $1.7 million and interest expense in the third quarter of 2013 (including cash interest from the new debt and the amortization of capitalized debt issue costs) is currently expected to be approximately $2.7 million.

Common shares outstanding as of June 12, 2013 were 52 million shares. On a fully diluted basis, weighted average shares outstanding for the second quarter of 2013 is expected to be 54 million shares.

Qatalyst Partners LP acted as financial advisor to Advent in this transaction.

Forward-looking Statement
The estimates and other forward-looking statements included in this presentation reflect management’s best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties include potential fluctuations in the number of shares outstanding and other risks detailed from time to time in our SEC reports including, but not limited to, our quarterly reports on Form 10-Q and our 2012 annual report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Advent
Advent Software, Inc. (, a global firm, has provided trusted solutions to the world’s financial professionals since 1983. Advent’s proven solutions can increase operational efficiency, reduce risk, and eliminate the boundaries between systems, information and people so you can focus on what you do best. With more than 4,500 client firms in over 60 countries, Advent has established itself as a leading provider of mission-critical solutions to meet the demands of investment management operations around the world. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products visit

Advent, the Advent logo and Advent Software are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective [...]

Asian Mineral Resources Announces Project Financing Proposal With Lien Viet Post Bank; Shares Up in Early Trade

Asian Mineral Resources Limited (ASN.V) today announced that its
90% owned subsidiary, Ban Phuc Nickel Mines LLC is currently in
advanced negotiations with Lien Viet Post Bank (LVPB) on the
provision of a US$20 million project financing loan for its Ban
Phuc Nickel Project. As part of this proposal, and pending final
credit approval of the Project Debt, LVPB has granted an initial
US$11 million loan to BPNM secured by cash collateral from AMR’s
existing cash resources. The Initial Loan allows expenditure to
bring the Ban Phuc Nickel Project into production to continue

Asian Mineral is up half a cent from a yr low, to 3.5 cents in
early trade.

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