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Leveraged Loan Issuance Plunges To $5B Amid Cash Outflows, Postponements

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U.S. leveraged loan issuance slid to $5.3 billion last week from more than $20 billion the week prior as institutional investors continued their retreat from all things leveraged finance, forcing a number of borrowers to rework deals or shelve them altogether.

With the week’s activity, year-to-date loan volume totals $392 billion, down from the $408 billion at this point in 2013 (there was a record $605 billion recorded during all of last year).

To be sure, the recent investor withdrawal from the leveraged finance segment – leveraged loans and, even more pronounced, high yield bonds – has thrown the market akilter, including high-profile credits that had been on the horizon.

“Let’s remember, big executions came to market on the idea that issuers could take advantage of hot market conditions, and a summer lull to print deals way in advance of closing,” wrote LCD’s Chris Donnelly late last week. “But it’s not working out like that.”

Indeed, in a high-profile example, Jupiter Resources shelved a $1.125 billion credit backing M&A. As well, SeaStar Solutions scrapped a credit planned to refinance some $208 million in debt while HCP HCP Global shelved a $380 million loan backing a dividend to shareholders. Also notable was Charter Communications, which revised a loan backing the company’s acquisition of Comcast assets.

Of the handful of deals launched during the week, a $2.3 billion credit backing Travelport Travelport, owned by private equity sponsor Blackstone, was the largest.

[…]

Payday loans company fined for spamming mobile owners – Recombu

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Ever had an annoying payday loans text? Well justice is being served.

Payday loans company First Financial has suffered something of a smackdown for sending millions of unlawful spam texts. The Information Commission Office (ICO) slapped the money lenders with a penalty of £175,000 after an investigation discovered it was acting unlawfully.

First Financial sent messages to mobile phone owners claiming to be one of the recipient’s friends, telling them they had been given significant amounts of cash and a Web URL to visit so they could do the same. The spam texts were sent using un-registered SIM cards in order to avoid detection.

First Financial’s former director, Hamed Shabani, was prosecuted in October after failing to notify the ICO of his company’s processing of personal information, a legal requirement under the Data Protection Act. He was fined £1,180 despite claiming to have no affiliation with the company.

Privacy and Electronic Communications Regulations (PERC) rules require companies to obtain a person’s permission before sending marketing content by text. 4,301 complaints were made against messages sent by First Financial, who had not obtained consent to send the texts.

ICO director of operations, Simon Entwisle, said: “We will continue to target these companies that continue to blight the daily lives of people across the UK. We are also currently speaking with the government to get the legal bar lowered, allowing us to take action at a much earlier stage.”

Image: Flickr

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[…]

Payday loans company fined for mass spam texting – Credit Today

Payday loans company, First Financial, has been charged with a £175,000 penalty by the Information Commissioner’s Office (ICO) for sending millions of unlawful spam texts.

The investigation by the ICO was launched after 4,031 complaints were made against messages sent from numbers found belonging to First Financial.

In accordance with the Privacy and Electronic Communications Regulation (PECR), which governs electronic marketing, organisations are required to obtain an individual’s permission before sending marketing messages by text.

Some of the messages in question claimed to be from the recipient’s friends, reading: “Hi Mate hows u? I’m still out in town, just got £850 in my account from these guys www.firstpaydayloanuk.co.uk.”

Messages such as this resulted in separate regulatory actions from the Advertising Standards Authority.

Simon Entwisle, ICO director of operations, said: “People are fed up with this menace and they are not willing to be bombarded with nuisance calls and text messages at all times of the day trying to get them to sign up to high interest loans.”

The spam-texts were sent through un-registered SIM cards, commonly used to avoid detection.

Each message had similar content and referred the recipients to a website used by First Financial.

The penalty followed the prosecution of the company’s former sole director, Hamed Shabani, in October 2013 after he failed to notify the ICO of First Financial’s processing of personal information.

Despite trying to claim he had no affiliation with the company, Shabani was fined £1,180.66.

Entwisle added: “The fact that this individual tried to distance himself from the unlawful activities of his company shows the kind of individuals we’re dealing with here.

“We are currently speaking with the government to get the legal bar lowered, allowing us to take action at a much earlier stage.”

[…]

Entravision Communications Corporation Initiates Quarterly Cash Dividend

SANTA MONICA, Calif., Dec. 5, 2013 /PRNewswire/ — Entravision Communications Corporation (EVC) announced today that its Board of Directors has approved the initiation of a quarterly cash dividend to shareholders and has declared an initial quarterly cash dividend of $0.025 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.2 million. The initial quarterly dividend will be payable on December 30, 2013 to shareholders of record as of the close of business on December 16, 2013, and the common stock will trade ex-dividend on December 12, 2013. The Company currently anticipates that future cash dividends will be paid on a quarterly basis. Any decision to pay future cash dividends will be subject to further approval by the Board.

The Company’s Board of Directors has also declared a special one-time cash dividend of $0.10 per share to shareholders of the company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $8.8 million. The special one-time dividend will be payable on December 30, 2013 to shareholders of record as of the close of business on December 16, 2013, and the common stock will trade ex-dividend on December 12, 2013.

In addition, the Company announced its intention to prepay $10 million of term loans under the Company’s senior secured term loan credit facility entered into on May 31, 2013. The Company currently anticipates funding this prepayment by using cash on hand. Following the prepayment, approximately $364 million will remain outstanding under the Company’s term loan credit facility.

“Our strong financial performance and balance sheet offers us the opportunity to return value directly to our shareholders through the first quarterly dividend in Entravision’s history,” said Walter F. Ulloa, Chairman and Chief Executive Office of Entravision. “We are pleased to deliver additional returns through the one-time special dividend as well as further reduce our debt and strengthen our balance sheet. Our liquidity position remains solid and we are focused on continuing to execute our growth strategy and generate strong operating results.”

About Entravision Communications Corporation

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television, radio and digital operations to reach Latino consumers across the United States, as well as the border markets of Mexico. Entravision is the largest affiliate group of both the top-ranked Univision television network and Univision’s UniMas network, with television stations in 19 of the nation’s top 50 Latino markets. The company owns and/or operates 56 primary television stations and also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 49 owned and operated radio stations. Additionally, Entravision has a variety of cross-platform digital content and sales offerings designed to capitalize on the company’s leadership position within the Latino broadcasting community. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

[…]

Clear Channel Communications, Inc. Announces Successful Closing of Its Previously Announced Offer to Extend Existing …

SAN ANTONIO–(BUSINESS WIRE)–

Clear Channel Communications, Inc. (“CCU”) announced today the closing of its previously announced offer to amend CCU’s cash flow credit facility pursuant to which Term Loan B lenders and/or Term Loan C lenders agree to extend the maturity of a portion of their loans due 2016 through the creation of a new $5.0 billion Term Loan D facility due January 30, 2019. Approximately $6.7 billion in aggregate principal amount of term loans was submitted for extension in the offer and, accordingly, the amount of each lender’s term loans that was accepted for extension was reduced by a proration factor of approximately 74.6808%. Upon the closing of the offer, CCU’s cash flow credit facility consisted of an approximately $3.0 billion Term Loan B facility which matures on January 30, 2016, an approximately $198.2 million Term Loan C facility which matures on January 30, 2016 and a $5.0 billion Term Loan D facility which matures on January 30, 2019. Concurrently with the closing of the offer, CCU entered into an amendment to the agreement governing its cash flow credit facility, which permits CCU to make AHYDO catch-up payments beginning in May 2018 with respect to the new Term Loan D facility and any notes issued in connection with CCU’s previously announced exchange offer with respect to its outstanding 10.75% Senior Cash Pay Notes due 2016 and 11.00%/11.75% Senior Toggle Notes due 2016.

The new Term Loan D facility has the same security and guarantee package as the outstanding Term Loans B and C and borrowings under the new Term Loan D facility bear interest at a rate equal to, at CCU’s option, adjusted LIBOR plus 6.75% or a base rate plus 5.75%.

About Clear Channel Communications

Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.

Contact:

Media

Wendy Goldberg, 212-549-0965

Executive Vice President – Communications

or

Investors

Gregory Lundberg, 212-549-1717

Senior Vice President – Investor Relations

[…]

House panel hears tweaked payday-like loan bill – seattlepi.com

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[…]

Jumbo consolidation loan improves cash flow


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Clear Channel Communications, Inc. Announces It Has Received Requisite Consents to Amendments to Its Credit Facilities

SAN ANTONIO–(BUSINESS WIRE)–

Clear Channel Communications, Inc. (“CCU”) announced today that it has obtained the requisite consent of lenders under its cash flow credit facilities to certain amendments to the agreement governing the cash flow credit facilities (the “Amendment”).

Upon effectiveness, the Amendment will, among other things: permit exchange offers of term loans for new debt securities in an aggregate principal amount of up to $5.0 billion; provide CCU with greater flexibility to prepay tranche A term loans; following the repayment or extension of all tranche A term loans, permit below par non-pro rata purchases of term loans pursuant to customary Dutch auction procedures whereby all lenders of the class of term loans offered to be purchased will be offered an opportunity to participate; following the repayment or extension of all tranche A term loans, permit the repurchase of junior debt maturing before January 2016 with cash on hand in an amount not to exceed $200 million; combine the term loan B, the delayed draw term loan 1 and the delayed draw term loan 2 under the cash flow credit facilities; preserve revolving credit facility capacity in the event CCU repays all amounts outstanding under the revolving credit facility; and eliminate certain restrictions on the ability of Clear Channel Outdoor Holdings, Inc. and its subsidiaries to incur debt.

The Amendment is expected to become effective concurrently with the closing of an offer to exchange a portion of the term loans under the cash flow credit facilities for new debt securities to be issued in a private placement by CCU.

There can be no assurance that the Amendment will become effective, on the terms described above or otherwise. This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation or an offer to buy any securities of CCU or any of its affiliates.

About Clear Channel Communications

Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on current CCU management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding the closing of the Amendment. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the terms and timing of, and whether or not CCU will ultimately consummate, the Amendment and the related transactions. Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict. CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Clear Channel Communications, Inc.
Media
Wendy Goldberg, 212-549-0965
Senior Vice President – Communications
or
Investors
Brian Coleman, 210-822-2828
Senior Vice President and Treasurer

[…]

Clear Channel Communications, Inc. Announces It is Pursuing Amendments to Its Credit Facilities

SAN ANTONIO–(BUSINESS WIRE)–

Clear Channel Communications, Inc. (“CCU”) announced today that it is pursuing amendments to its cash flow credit facilities (the “Amendment”).

The Amendment would, among other things: permit exchange offers of term loans for new debt securities in an aggregate principal amount of up to $5.0 billion; provide CCU with greater flexibility to prepay tranche A term loans; following the repayment or extension of all tranche A term loans, permit below par non-pro rata purchases of term loans pursuant to customary Dutch auction procedures whereby all lenders of the class of term loans offered to be purchased will be offered an opportunity to participate; following the repayment or extension of all tranche A term loans, permit the repurchase of junior debt maturing before January 2016 with cash on hand in an amount not to exceed $200 million; combine the term loan B, the delayed draw term loan 1 and the delayed draw term loan 2 under the cash flow credit facilities; preserve revolving credit facility capacity in the event CCU repays all amounts outstanding under the revolving credit facility; and eliminate certain restrictions on the ability of Clear Channel Outdoor Holdings, Inc. and its subsidiaries to incur debt.

The Amendment requires the consent of a majority of the outstanding loans and commitments under the cash flow credit facilities and a majority of the outstanding loans of each class of term loans under the cash flow credit facilities to become effective. Affiliates of Bain Capital, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsors”), which are affiliates of CCU, are existing holders of term loans under the cash flow credit facilities and have committed to consent to the Amendment. In addition, CCU has obtained the commitment to consent to the Amendment of certain funds and accounts managed by each of Angelo Gordon & Co., Apollo Global Management, LLC, Canyon Capital Advisors LLC and Oaktree Capital Management LP. These lenders and the Sponsors collectively represent approximately 46% of the outstanding loans and commitments under the cash flow credit facilities. The lenders’ consent to the Amendment will be due by 12:00 noon, New York City time, on October 19, 2012.

There can be no assurance that the Amendment will become effective, on the terms described above or otherwise. This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation or an offer to buy any securities of CCU or any of its affiliates.

About Clear Channel Communications

Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on current CCU management expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding the proposed Amendment. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the terms and timing of, and whether or not CCU will ultimately consummate, the Amendment and the related transactions. Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict. CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Clear Channel Communications, Inc.
Media
Wendy Goldberg, 212-549-0965
Senior Vice President – Communications
or
Investors
Brian Coleman, 210-822-2828
Senior Vice President and Treasurer

[…]