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Colt Defense LLC Enters into a New $33 Million Senior Secured Term Loan Facility.

WEST HARTFORD, Conn.–(BUSINESS WIRE)–

Colt Defense LLC (“Colt”) announced today that it has entered into a new senior secured term loan facility with Cortland Capital Market Services LLC, as agent, and certain lender parties thereto (the “Cortland Facility”). The Cortland Facility provides for a term loan of $33 million, which includes the arrangement of certain cash collateralized letters of credit in an aggregate face amount of up to $7 million, of which approximately $5 million will be used in connection with the termination of Colt’s existing revolving credit agreement. Proceeds from the Cortland Facility will be used to repay all amounts outstanding under Colt’s existing revolving credit agreement and terminate such revolving credit agreement, for cash collateral for certain letters of credit, to pay fees incurred in connection with the consummation of the Cortland Facility and the termination of the existing revolving credit agreement, for additional liquidity and for general working capital purposes. The Cortland Facility provides for the accrual of interest at a fixed rate of 10% per annum and matures August 15, 2018. The lenders under Colt’s existing term loan agreement dated as of November 17, 2014 (the “Term Loan Agreement”) have also agreed to amendments to the Term Loan Agreement necessary for Colt to enter into the Cortland Facility.

About Colt Defense LLC

Colt is one of the world’s oldest and most renowned designers, developers and manufacturers of firearms for military, personal defense and recreational purposes. Our founder, Samuel Colt, patented the first commercially successful revolving cylinder firearm in 1836 and, in 1847, began supplying U.S. and international military customers with firearms that have set the standards of their era. The “Colt” name and trademarks stand for quality, reliability, accuracy and the assurance of customer satisfaction. Our brand and global footprint position us for long-term growth in a world market that offers continued opportunities in all of our sales channels: military, law enforcement and commercial. We operate from facilities located in West Hartford, Connecticut and Kitchener, Ontario, Canada. More information on Colt Defense LLC is available at www.colt.com and www.coltcanada.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Any statements about the Company’s expectations, beliefs, plans, objectives, assumptions or future events or Company’s future financial performance and/or operating performance are not statements of historical fact and reflect only the Company’s current expectations regarding these matters. These statements are often, but not always, made through the use of words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “predict,” “potential,” “estimate,” “plan” or variations of these words or similar expressions. These statements inherently involve a wide range of known and unknown uncertainties. The Company’s actual actions and results may differ materially from what is expressed or implied by these statements. Factors that could cause such a difference include, but are not limited to, those set forth as “Risk Factors” in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2013, which was filed with the Securities and Exchange Commission on September 15, 2014, as updated by the Company’s Quarterly Report on Form 10-Q/A for the quarter ended September 28, 2014, which was filed with the Securities and Exchange Commission on December 2, 2014. Given these factors, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance nor use historical trends to anticipate results or trends in future periods. The Company expressly disclaims any obligation or intention to provide updates to the forward-looking statements and estimates and assumptions associated with them.

FinanceInvestment & Company InformationSamuel Colt Contact:

Colt Defense LLC
Sheri Miller, 1-860-236-6311 x1505

[…]

Feds To Write New Rules For Payday Loans: WSJ – Huffington Post

Image reuters_logo.jpg

NEW YORK, Jan 4 (Reuters) – A U.S. regulator focused on consumer protection is planning the first federal regulations ever for lenders that make small loans to borrowers seeking cash before their next pay day, The Wall Street Journal reported on Sunday.
The Consumer Financial Protection Bureau will convene a panel of small lenders early this year to discuss possible rules for payday loans designed to make them easier to repay, the report said.
Consumer advocates say the loans, which can carry annualized interest rates of more than 500 percent, can trap primarily low-income borrowers in a cycle of mounting debt. They are concerned in particular about online lenders, which they say sometimes skirt state laws for payday loans.
Until now, payday lenders have been regulated by states rather than by the federal government, but the CFPB and the Federal Trade Commission have both sued payday lenders for abusive practices.
The CFPB also ordered payday lender ACE Cash Express in July to pay $10 million to settle accusations that it had used unfair debt collection practices such as threatening to sue borrowers to pressure them into taking out new loans.
(Reporting by Emily Flitter; Editing by Leslie Adler)

[…]

How to avoid online payday loan scams

MEMPHIS, Tenn. — It’s hard to miss all the signs for the payday loan stores on what seems to be nearly every corner in some Memphis neighborhoods.

Banned in Arkansas, but still available in Tennessee, consumer advocates have long warned against the high-interest loans.

WREG spoke with a customer, who didn’t reveal his identity on camera, who was highly aware of the risks.

“So you’re talking about you’re repaying a loan that you know is high interest, but it’s hard to get out of it once you get in it,” the customer admitted.

That cycle of debt is one thing, but experts say there is a greater risk that consumers need to know about.

Better Business Bureau President Randy Hutchinson talked about the dangers of online payday loans with the On Your Side Investigators.

Instead of walking into a brick and mortar store to get a loan, consumers now have more and more options to get payday loans online. Some of the traditional stores have simply added the option to their websites while others are online only.

Experts say while online payday loans may seem more discreet and convenient; there are some serious risks to consider.

“You add the security risk, the risk of identity theft that you’re providing information to somebody that’s online,” explained Hutchinson.

Hutchinson says part of the problem is that customers have no idea who they’re exchanging information with, or if the company is even legitimate!

He also says the company may not even be licensed to do business in your particular state.

The Federal Trade Commission recently helped shut down a Florida based company that was supposed to be offering payday loans to customers, but instead, just stole their money.

In another case, Hutchinson says some of the people never even applied for a loan.

“One of the companies just bought information from somebody else and starting setting up phony loans,” Hutchinson explained.

Whether you’re applying for a payday loan at a store or online, understand the fees and risks, check the company out and pay close attention to your bank account.

The gentleman WREG spoke with says the combination of a tight budget and a family emergency led him to the payday loan store, but he has some advice for others.

“If you can stay away, do so.”

Contrary to popular belief, lots of payday loan customers are working and middle-class families.

Experts say cheaper loan options include getting one from the bank, credit union or even a finance company.

There’s also a cash advance from a credit card, or simply borrowing from a relative.

[…]

Avoid Online Payday Loan Scams | WREG.com

MEMPHIS, Tenn. — It’s hard to miss all the signs for the payday loan stores on what seems to be nearly every corner in some Memphis neighborhoods.

Banned in Arkansas, but still available in Tennessee, consumer advocates have long warned against the high-interest loans.

WREG spoke with a customer, who didn’t reveal his identity on camera, who was highly aware of the risks.

“So you’re talking about you’re repaying a loan that you know is high interest, but it’s hard to get out of it once you get in it,” the customer admitted.

That cycle of debt is one thing, but experts say there is a greater risk that consumers need to know about.

Better Business Bureau President Randy Hutchinson talked about the dangers of online payday loans with the On Your Side Investigators.

Instead of walking into a brick and mortar store to get a loan, consumers now have more and more options to get payday loans online. Some of the traditional stores have simply added the option to their websites while others are online only.

Experts say while online payday loans may seem more discreet and convenient; there are some serious risks to consider.

“You add the security risk, the risk of identity theft that you’re providing information to somebody that’s online,” explained Hutchinson.

Hutchinson says part of the problem is that customers have no idea who they’re exchanging information with, or if the company is even legitimate!

He also says the company may not even be licensed to do business in your particular state.

The Federal Trade Commission recently helped shut down a Florida based company that was supposed to be offering payday loans to customers, but instead, just stole their money.

In another case, Hutchinson says some of the people never even applied for a loan.

“One of the companies just bought information from somebody else and starting setting up phony loans,” Hutchinson explained.

Whether you’re applying for a payday loan at a store or online, understand the fees and risks, check the company out and pay close attention to your bank account.

The gentleman WREG spoke with says the combination of a tight budget and a family emergency led him to the payday loan store, but he has some advice for others.

“If you can stay away, do so.”

Contrary to popular belief, lots of payday loan customers are working and middle-class families.

Experts say cheaper loan options include getting one from the bank, credit union or even a finance company.

There’s also a cash advance from a credit card, or simply borrowing from a relative.

[…]

Local woman has warning about payday loan scam

Las Vegas, NV (KTNV) — Most of us need a little extra cash in our pocket from time to time. When funds are low, some turn to a payday loan company.

But as one Las Vegas woman recently learned, you’ve got to be careful about who you do business with.

“So it’s just been really, you know, I’m having a hard time,” said Sandra Pickens.

She said money is tight. She’s been out of work for the last nine months. To cover her expenses, Sandra said she applied for a payday loan.

“Just did a Google search you know, put in a general application,” said Sandra.

Sandra said she applied through an unknown service, that sent her application to a number of loan providers. Shortly after, she got a call from someone claiming to be a lender.

“I couldn’t understand what he was saying. I’m like, excuse me. What do I need to do? Who are you calling from?” said Sandra.

The person told Sandra she was approved for a $2,000 loan. But before getting the money, Sandra was told she’d have to pay an up front fee of $200.

“He’s like, well we need you to go purchase a prepaid card, like Green Dot, and put $200 on the card and then call us back,” said Sandra.

She said the request raised a red flag. Not only did she feel uncomfortable sending money, but she explained, she didn’t have $200.

“He was like can’t you go borrow it from your friends and family? And I’m like if I could, I wouldn’t be borrowing it from you,” said Sandra.

That’s when Sandra hung up and decided to reach out to Contact 13. She wants to make sure others know who they’re applying with, when looking for a payday loan.

“He had all my personal information. My date of birth, my social, where I live. I’m just glad I got the sense, to, I’m not sending them any money,” said Sandra.

Here’s the contact 13 bottom line: The Federal Trade Commission says if you’re told to pay a fee in advance for a loan, then it’s a scam. Never send money to someone you don’t know with a prepaid credit card or through a wire service.

Once that money is sent, it’s gone for good.

[…]

Local woman with warning about payday loan scam

Las Vegas, NV (KTNV) — Most of us need a little extra cash in our pocket from time to time. When funds are low, some turn to a payday loan company. But as one Las Vegas woman recently learned, you’ve got to be careful about who you do business with.

“So it’s just been really, you know, I’m having a hard time, says Sandra Pickens.

She says money is tight. She’s been out of work for the last 9 months. To cover her expenses, Sandra says she applied for a payday loan.

“Just did a Google search you know, put in a general application,” says Sandra.

Sandra says she applied through an unknown service, that sent her application to a number of loan providers. Shortly after, she got a call from someone claiming to be a lender.

“I couldn’t understand what he was saying. I’m like, excuse me. What do I need to do? Who are you calling from?” says Sandra.

The person told Sandra she was approved for a $2,000 loan. But before getting the money, Sandra was told she’d have to pay an up front fee of $200.

“He’s like, well we need you to go purchase a prepaid card, like Green Dot, and put $200 on the card and then call us back,” says Sandra.

She says the request raised a red flag. Not only did she feel uncomfortable sending money, but she explained, she didn’t have $200.

“He was like can’t you go borrow it from your friends and family? And I’m like if I could, I wouldn’t be borrowing it from you,” says Sandra.

That’s when Sandra hung up and decided to reach out to Contact 13. She wants to make sure others know who they’re applying with, when looking for a payday loan.

“He had all my personal information. My date of birth, my social, where I live… I’m just glad I got the sense, to, I’m not sending them any money,” says Sandra.

So here’s the contact 13 bottom line. The Federal Trade Commission says, if you’re told to pay a fee in advance for a loan, then it’s a scam. Never send money to someone you don’t know, with a prepaid credit card or through a wire service.

Once that money is sent, it’s gone for good.

If you feel you’ve been the target of a scam, remember, we’ve got your back Southern Nevada. Contact us at 13investigates@ktnv.com. For Contact 13, I’m Tricia Kean.

[…]

China loosens requirements for loan-to-deposit ratio

BEIJING – China’s banking regulator is relaxing the rules for the calculation of banks’ loan-to-deposit ratio in a bid to release more cash into the system to support the real economy.

As of July 1, selected loans to small firms and the farm sector will be excluded in the computation of banks’ loan-to-deposit ratio, the China Banking Regulatory Commission said in a statement on its website.

The definition of deposits will also be broadened to include items such as large negotiable certificates of deposit, the regulator said.

The amendments will allow banks to re-lend more of their deposits, which could help shore up activity in China’s cooling economy.

Chinese laws cap banks’ loan-to-deposit ratios at 75 percent, which means banks can lend no more than three quarters of their deposits.

To meet the loan-to-deposit requirement, banks often demand more cash at the end of each quarter and year so that they can attract more deposits and dress up their quarterly financial statements.

Despite the changes, the regulator did not go as far as some had hoped in revising the rules.

Some investors had speculated that China would broaden its definition of deposits to include interbank loans when calculating the ratio.

But that change was rejected by the regulator as it felt interbank loans are not a steady form of income and should not be included in the computation of the loan-to-deposit ratio, said a source with knowledge of the matter.

The source declined to be named as she is not authorised to speak to the media.

[…]

Anderson City Council approves $1.2 million loan to water utility

ANDERSON — The Anderson City Council approved an additional $500,000 loan to the Anderson water utility to bridge the cash-flow gap over the next 18 months until an increase in water rates is approved by the state.

The council Thursday approved the loan through the three required readings.

Last December the council approved a $700,000 loan from the sewer department to the water utility to cover an anticipated cash-flow shortage. Those funds were to be repaid by June 30.

Anderson City Controller Jason Fenwick said Thursday that the water utility is not able to repay the $700,000 to the sewer department by the end of the month. An additional $500,000 is needed until the new water rates are approved by the Indiana Utility Regulatory Commission (IURC), he explained.

City officials expect to file the necessary paperwork with the state next week for the water department to raise rates by 21.18 percent in 2015 and 2016 and to issue $14.3 million in bonds for infrastructure improvements.

The increase will result in the monthly bill for the minimum user of 3,000 gallons or less to climb from $13.36 to $19.62 and the bill for the average user of 5,000 gallons to increase from $18.98 to $27.87.

The council approved the rate increase and the bond by a 5-to-3 vote in March after discussions in several meetings.

Fenwick said Thursday the $1.2 million loan is to be repaid within the next 18 months.

“I wanted some flexibility,” he said. “Hopefully, we will be able to repay some of the loan amount early next year.”

Electric rates

The council approved through two readings — three are required — a new rate schedule and charges for Anderson Light & Power. The changes were approved by the state this year.

Officials with the administration of Mayor Kevin Smith had sought a third reading by the council, but a motion to suspend the rules failed.

Kyle Hupfer, an attorney representing the city, said the IURC approved a three-percent decrease in revenues for the utility, based on the 2012 revenues and expenditures.

[…]

Federal Judge Rules Against AMG Payday Lending Operation

U.S. District Judge Gloria M. Navarro in Nevada has ruled that Kansas-based payday lending operation AMG Services intentionally deceived borrowers about the cost of their loans. AMG and some of its affiliated companies that had ties to American Indian tribes were found to have inflated fees and failed to disclose charges.

The inflated fees left borrowers with debts higher than the original amount they borrowed, Navarro said. In her May 28 decision, she wrote that employees of the lending firms “were instructed to conceal how the repayment plans worked in order to keep potential borrowers in the dark.”

The Federal Trade Commission (FTC) filed charges against the companies in April 2012, accusing them of failing to disclose loan terms and of improperly requiring customers to preauthorize electronic payments before they received a loan. AMG and affiliates used deceptive documentation for at least 5 million loans, the FTC reported. Last July, the companies reached a partial settlement with the agency on several issues. Under this settlement, the lenders were prohibited from using threats of arrest to collect loan payments and were banned from requiring advance bank account withdrawals. Navarro ruled in March that the lenders’ tribal affiliations did not exclude them from the FTC’s jurisdiction.

[…]

Kitchen repays $2,500 of illegal $4,000 cash gift

Published: Wed, April 2, 2014 @ 12:03 a.m.

By David Skolnick

skolnick@vindy.com

YOUNGSTOWN

Failed Youngstown mayoral candidate DeMaine Kitchen lent $1,500 to his campaign and used $1,000 left in that account to repay $2,500 of an improper cash contribution given to him by former Mayor Charles Sammarone.

Sammarone, a Democrat, gave a $4,000 cash contribution to the campaign of Kitchen, an independent candidate who worked as the former mayor’s chief of staff/ secretary.

State law doesn’t permit cash contributions of more than $100.

The Vindicator reported Tuesday that the Mahoning County Board of Elections filed a complaint Monday with the Ohio Elections Commission about the cash contribution and that Kitchen’s post- general-election report was filed nearly three months after its deadline.

Kitchen filed an amended campaign finance report with the board of elections at 3:50 p.m. Tuesday showing the loan, a copy of a check dated Tuesday for $2,500 to Sammarone, and outstanding debt of $1,400 to the former mayor.

Kitchen’s amended report shows a $127.07 fund balance.

In a prepared statement Tuesday, Kitchen wrote he “intends to repay Chuck Sammarone the $1,400 balance as soon as he can afford it.”

Kitchen also wrote that “this should correct the original contribution mistake. [I want] the public to realize that the $4,000 contribution was always reported, however, it should have been in check form. This should put an end to the issue.”

It was Kitchen’s first public statement since he resigned from his city job on Dec. 2, four days before an investigation concluded he sexually harassed a city employee.

Just before Kitchen filed his amended report Tuesday, Sammarone, who gave the $4,000 cash contribution Oct. 27, 2013, said he hasn’t talked to Kitchen or anyone affiliated with his campaign, and hadn’t received a check.

“Whatever has to be done [to correct the situation] will be done,” Sammarone said.

Sammarone, who is now city council president, said he should have known the law better when it came to cash contributions.

The amended report will be sent to the state elections commission, Kale-Pesta said.

“It’s up to the commission how to handle it,” she said.

The commission could fine a candidate up to three times the amount that exceeds the maximum cash contribution limit, but that isn’t likely for a first-time offender, Philip C. Richter, the commission’s executive director, said recently.

Also, the commission doesn’t have the authority to compel a candidate to refund the money to the donor.

Other stories of interestYSU search consultant confident of solid candidate poolPort authority buys Austintown site for new Mahoning dog poundYoungstown police probe first two homicides of ’14Northside residents have hope for Youngstown […]