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Level 3 secures $2B loan to finance cash portion of tw telecom acquisition

Level 3 has gotten commitments from its lenders to increase its borrowing power under its secured credit facility through a new $2 billion Tranche B 2022 Term Loan, part of which will finance the cash portion of its acquisition of tw telecom.

In connection with the closing of that acquisition, parts of the loan will be used to refinance certain existing indebtedness of tw telecom, including fees and premiums.

The service provider’s Level 3 Financing Inc. subsidiary will amend and restate its existing senior secured credit facility to include the new Tranche B 2022 Term Loan, which will mature on Jan. 31, 2022.

Level 3 Financing said that interest on the Tranche B 2022 Term Loan will be equal to LIBOR plus 3.5 percent with LIBOR set at a minimum of 1.0 percent. The Tranche B 2022 Term Loan was priced at 99.25 percent of par.

After meeting customary closing conditions, Level 3 Financing expects the closing of the Tranche B 2022 Term Loan will take place with the closing of the pending acquisition of tw telecom.

Sunit Patel, executive vice president and CFO of Level 3, said that in addition to securing the new loan it “has received all necessary approvals from the various U.S. state public utility commissions for the completion of the tw telecom transaction and related borrowings.”

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Barclays Bank PLC, Goldman Sachs Bank USA, Jefferies Finance LLC and JP Morgan Securities LLC are acting as Joint Lead Arrangers and Joint Bookrunning Managers for the Tranche B 2022 Term Loan.

For more:
– see the release

Related articles:
Comcast, Level 3’s mega-mergers could shake up the Ethernet market, says VSG
Level 3 to acquire tw telecom for $5.7B, bolstering enterprise service capabilities
Level 3 supplies cloud-based video services to iStreamPlanet
Level 3’s Georgia expansion challenges AT&T, adds 300 on-net buildings

[…]

Fitch Rates Level 3 Financing Secured Credit Facility 'BB+/RR1'; Outlook Remains Positive

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings has assigned a ‘BB+/RR1’ rating to Level 3 Financing, Inc.’s proposed senior secured term loan (Tranche B 2022 Term Loan) under its existing senior secured credit facility. Level 3 Financing is a wholly owned subsidiary of Level 3 Communications, Inc. (LVLT). The Issuer Default Rating (IDR) for both LVLT and Level 3 Financing is ‘B+’ with a Positive Rating Outlook. LVLT had approximately $8.4 billion of consolidated debt outstanding on June 30, 2014.

Proceeds generated from the Tranche B 2022 are expected to be used to fund the cash utilized to fund, in part, the cash consideration of LVLT’s previously announced acquisition of TW Telecom, Inc. (TWTC). The terms of the Tranche B 2022, including the security and guaranty structure are expected to be substantially similar to the existing Tranche B-III 2019 term loan and the Tranche B 2020 term loan.

Overall, LVLT expects to issue $3 billion of debt, including Level 3 Escrow II, Inc.’s $1 billion issuance of 5.375% senior notes due 2022, which will be used to pay the cash consideration of the TWTC acquisition and repay outstanding TWTC indebtedness. Pro forma for the TWTC acquisition, Fitch estimates LVLT will have approximately $11.5 billion of debt. The transaction is subject to shareholder approval (vote scheduled for Oct. 28, 2014) and customary regulatory approvals including the FCC and other U.S. and state regulatory agencies. The U.S. Department of Justice previously approved LVLT’s pending acquisition of TWTC on Sept. 8, 2014. LVLT anticipates the transaction will close by year-end 2014.

KEY RATING DRIVERS

–The TW Telecom, Inc. (TWTC) acquisition increases LVLT’s scale and focus on high-margin enterprise account revenues while increasing the company’s overall competitive position and ability to capture incremental market share.

–The acquisition is clearly in line with LVLT’s strategy to shift its revenue and customer focus to become a predominantly enterprise-focused entity.

–LVLT remains committed to operate within its 3x to 5x net leverage target. The enhanced scale and ability to generate meaningful free cash flow (FCF) resulting from the transaction reinforces Fitch’s expectation for further strengthening of LVLT’s credit profile.

–The company is poised to generate sustainable levels of free cash flow (FCF; defined as cash flow from operations less capital expenditures and dividends). Fitch anticipates LVLT FCF generation during 2014 will range between 4% and 4.5% of consolidated revenues on a stand-alone basis, growing to nearly 10% of revenues by year-end 2016 on a pro forma basis.

–The operating leverage inherent within LVLT’s business model positions the company to expand both gross and EBITDA margins.

LVLT leverage strengthened to 4.7x as of the LTM ended June 30, 2014, reflecting a decrease from 5.2x as of year-end 2013 and 5.4x as of the LTM ended June 30, 2013. Fitch expects LVLT leverage on a stand-alone basis will approach 4.5x by the end of 2014. Fitch continues to expect LVLT’s credit profile will strengthen as the company benefits from anticipated EBITDA growth, FCF generation and cost synergies related to the TWTC acquisition. Consolidated leverage on a pro forma basis is 5.1x before consideration of any operating cost synergies and declines to 4.7x after factoring in $200 million of anticipated operating cost synergies.

The TWTC acquisition improves LVLT’s ability to generate consistent levels of FCF. Fitch anticipates LVLT FCF generation during 2014 will range between 4% and 4.5% of consolidated revenues on a stand-alone basis before growing to nearly 10% by year-end 2016 on a pro forma basis. The company has generated approximately $147 million of FCF through the LTM ended June 30, 2014. Fitch believes the company’s ability to grow high-margin core network services (CNS) revenues coupled with the strong operating leverage inherent in its operating profile position the company to generate consistent levels of FCF.

The TWTC acquisition is in line with LVLT’s strategy to shift its revenue and customer focus to become a predominately enterprise-focused entity. TWTC’s strong metropolitan network supports LVLT’s overall strategy. Pro forma for the transaction, LVLT’s revenue from enterprise customers increases to 70% of total CNS revenue from 66%. From a regional perspective North America CNS revenue would increase to 78% of total CNS revenue, up from approximately 71%.

LVLT’s network capabilities, in particular its strong metropolitan network, along with a broad product and service portfolio emphasizing IP-based infrastructure and managed services provide the company a solid base to grow its enterprise segment revenues. Fitch believes that revenue growth prospects within LVLT’s CNS segment stand to benefit from the transition among enterprise customers from legacy time division multiplexing (TDM) communications infrastructure to Ethernet or IP VPN infrastructure based on Internet protocol.

Fitch believes that LVLT’s liquidity position is adequate given the rating, and that overall financial flexibility is enhanced with positive FCF generation. The company’s liquidity position is primarily supported by cash carried on its balance sheet which as of June 30, 2014 totaled approximately $637 million, and expected FCF generation. LVLT does not maintain a revolver, which limits its financial flexibility in Fitch’s opinion. LVLT has no significant maturities scheduled during the remainder of 2014. LVLT’s next scheduled maturity is not until 2015 when approximately $475 million of debt is scheduled to mature or convert into equity.

RATING SENSITIVITIES

What Could Lead to a Positive Rating Action:

–Consolidated leverage maintained at 4x or lower;

–Consistent generation of positive FCF, with FCF-to-adjusted debt of 5% or greater;

–Positive operating momentum characterized by consistent core network service revenue growth and gross margin expansion.

What Could Lead to a Negative Rating Action:

–Weakening of LVLT’s operating profile, as signaled by deteriorating margins and revenue erosion brought on by difficult economic conditions or competitive pressure;

–Discretionary management decisions including but not limited to execution of merger and acquisition activity that increases leverage beyond 5.5x in the absence of a credible de-leveraging plan.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Corporate Rating Methodology’ (May 28, 2014).

Applicable Criteria and Related Research:

Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715139

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=891054

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinance Contact:

Fitch Ratings

Primary Analyst

David Peterson, +1-312-368-3177

Senior Director

Fitch Ratings, Inc.

70 W. Madison Street

Chicago, IL 60602

or

Secondary Analyst

Bill Densmore, +1-312-368-3125

Senior Director

or

Committee Chairperson

Michael Weaver, +1-312-368-3156

Managing Director

or

Media Relations

Brian Bertsch, New York, +1-212-908-0549

brian.bertsch@fitchratings.com […]

Lease or Loan? What You Need to Know to Decide

When farmers consider acquiring equipment, they often think of their payment option as a “lease versus buy” decision. In any economic environment, when preserving owner or shareholder capital is an important goal, financing equipment through a lease or loan will enable your business to preserve its cash.

Choosing Your Financing Option

Whether you finance equipment through a lease or loan, each has its advantages. In evaluating your options, it is important to look at each alternative to determine which will best balance usage, cash flow and your financial objectives. To help determine the most appropriate option, consider the following questions.

10 Considerations in a Lease or Loan Decision:

1. How long will the equipment be required?

Generally speaking, if the length of time the equipment is expected to be used is short term (which usually means 36 months or less), leasing is likely the preferable option. Equipment expected to be used for longer than three years could be a candidate for either a lease or a loan.

2. What is the monthly budget for the equipment?

As with any ongoing business expense, consider the monthly cost for a piece of equipment and how it fits into your budget. In general, leasing will provide lower monthly payments.

3. Will the equipment become obsolete while it is still needed for the operation?

Protection against obsolescence is one of the many benefits of equipment leasing, since the risk of obsolescence is assumed by the lessor. Certain lease financing programs allow for technology upgrades and/or replacements within the term of the lease contract.

4. Is the equipment going to be used for a specific contract or can it be used for other projects?

Often, the business objective of equipment is for it to be revenue-producing. If a piece of equipment has limited use within a specific contract and won’t be used for other projects, it’s not ideal for it to be idle while you continue to make payments on it. It makes sense to stop the equipment expense when the income from it ceases, which you can do with a lease.

5. How much cash would be required up front for a lease and for a loan?

Leasing can often provide 100 percent financing of the cost of the equipment as well as the costs for transportation, delivery, installation set-up, testing and training, and other deferred costs (e.g., sales tax). Loans usually require a down payment and don’t include the other cost benefits. Ask how much of a down payment is needed and assess the availability and desirability of allocating company capital for that down payment.

6. Can the company use the depreciation or would the company get a greater benefit from expensing the lease payments?

The tax treatment of the financing arrangement is an important consideration in choosing between a lease and a loan. A loan provides you with the depreciation tax benefit; with a lease, the lessor owns the equipment and realizes the tax benefit, which is usually reflected in a lower monthly rent payment for your business as well as the ability to expense the payment. In many instances, if your business cannot use the tax benefit, it makes more sense to lease than to purchase through a loan because you can trade the depreciation to the lessor in exchange for better cash flow.

7. How will a working capital facility be impacted?

Many businesses have an aggregate line of credit through a bank that they can use for inventory purchases, improvements and other capital expenditures. Depending on the lending covenants, it is often possible, as well as preferable, to preserve your bank working capital by leasing equipment through an equipment finance provider.

8. How flexible does your business want the financing terms to be?

A lease can provide greater flexibility, since it can be structured for a variety of contingencies, whereas with a loan, flexibility is subject to the lender’s rules. If your business has continuing use for the equipment at lease termination, extended rentals, purchase options, trade-ups and return options are available. The lease term allows your business to match all expenses to the term of the equipment’s use, including income tax expense, book expense and cash expense. Most importantly, as mentioned previously, the expense stops when the equipment is no longer required.

9. Do you anticipate the need for additional equipment under your financing agreement? If your business is planning for growth, you can enter into a master lease that will allow you to acquire multiple pieces of equipment under multiple schedules with the same basic terms and conditions. This provides greater convenience and flexibility than a conditional loan contract, which must be renegotiated for additional equipment acquisitions.

10. Who can help me evaluate what’s best for my business? Whether you finance equipment through a lease or loan, each has its advantages. When making the decision between a lease and a loan, it is highly recommended that you consult with your accounting professional, as well as draw on the resources of your equipment financing provider to enable you to secure the best possible terms for your lease and/or loan.

These are some of the key considerations that should go into the lease versus loan decision-making process. For a lease/loan comparison and online tools, visit www.equipmentfinanceadvantage.org/ef101/llc.cfm .

[…]

Fitch Affirms GT Loan Financing I, Ltd.'s Ratings

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the class A notes issued by GT Loan Financing I, Ltd. (GT Loan I) at ‘AAAsf’. The Rating Outlook remains Stable.

KEY RATING DRIVERS

The affirmation is based on the stable performance of the underlying portfolio since Fitch’s last review and the stable credit enhancement available to the notes. As of the July 14, 2014 trustee report, the transaction continues to pass all of its coverage tests and collateral quality tests, and there are currently no defaults in the underlying portfolio.

The loan portfolio par amount plus principal cash is approximately $191 million, compared to the effective date target balance of $190 million. The minimum required weighted average spread (WAS) trigger is 4.0%, versus a current WAS of 4.4%, as reported by the trustee. Additionally, the weighted average rating factor is at ‘B/B-‘, in line with the level at closing. Fitch considers 2.6% of the collateral assets to be rated in the ‘CCC’ category versus 6.2% at closing, based on Fitch’s Issuer Default Rating (IDR) Equivalency Map. Currently, 94.3% of the portfolio has strong recovery prospects or a Fitch-assigned Recovery Rating of ‘RR2’ or higher.

The Stable Outlook reflects the expectation that the class A notes have a sufficient level of credit protection to withstand potential deterioration in the credit quality of the portfolio, based on the results of the Fitch sensitivity analysis described below.

RATING SENSITIVITIES

The ratings of the notes may be sensitive to the following: asset defaults, portfolio migration, including assets being downgraded to ‘CCC’, portions of the portfolio being placed on Rating Watch Negative, overcollateralization (OC) or interest coverage (IC) test breaches, or breach of concentration limitations or portfolio quality covenants. Fitch conducted rating sensitivity analysis on the closing date of GT Loan I, incorporating increased levels of defaults and reduced levels of recovery rates, among other sensitivities.

GT Loan Financing I, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that is managed by GoldenTree Asset Management, LP (GoldenTree). Net proceeds from the issuance of the secured and subordinated notes were used to purchase a portfolio of approximately $190 million of primarily senior secured leveraged loans. The CLO has a four-year reinvestment period, ending in October 2017.

This review was conducted under the framework described in the report ‘Global Rating Criteria for Corporate CDOs’ using the Portfolio Credit Model (PCM) for projecting future default and recovery levels for the underlying portfolio. Given the stable performance of the deal since closing in September 2013, no updated cash flow modeling was completed. The WAS, WAL, and PCM outputs are similar to the levels at closing. The current portfolio’s ‘AAAsf’ Rating Default Rate (RDR) and Rating Recovery Rate (RRR) outputs from PCM are 53.6% and 39.4%, respectively, versus an RDR of 63.9% and RRR of 35.2% for the Fitch stressed portfolio at closing.

Initial Key Rating Drivers and Rating Sensitivity are further described in the New Issue Report published on Oct. 22, 2013. A comparison of the transaction’s Representations, Warranties, and Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is also available by accessing the reports and links indicated below.

Fitch has affirmed the following ratings:

–$110,000,000 class A notes ‘AAAsf’; Outlook Stable;

Fitch does not rate the class B, C, or the Subordinated Notes.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria & Related Research:

–‘Global Structured Finance Rating Criteria’ (August 4, 2014);

–‘Global Rating Criteria for Corporate CDOs’ (July 25, 2014);

–‘Counterparty Criteria for Structured Finance and Covered Bonds’ (May 14, 2014);

–‘GT Loan Financing I, Ltd. New Issue Report’ (Oct. 22, 2013);

–‘GT Loan Financing I, Ltd. – Appendix’ (Oct. 22, 2013).

Applicable Criteria and Related Research:

GT Loan Financing I, Ltd.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=719236

GT Loan Financing I, Ltd. – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=716722

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753057

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=861594

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Primary Surveillance Analyst

Shashi Srikantan

Director

+1-212-908-0393

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Derek Miller

Senior Director

+1-312-368-2076

or

Media Relations

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com […]

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Payday Loan Business: Payday Loans – Cash For Your Needs …

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According to recent research, there is an increasing number of Americans running into credit problems, with more and more having adverse marks on their credit reports. Even one negative mark on your credit can prevent you from getting a loan or a line of credit; especially the way credit card companies and banks operate in post-recession world, tightening lending criteria. A lesser number of banks are willing to lend to consumers with average credit scores these days, put aside bad credit borrowers. However, even with banks suspending their lending activities to high risk borrowers, it is possible to obtain financing even with bad credit in form of a payday loan.

Payday Loans Are a Good Short-Term Financing Solution

Payday loans, often called cash advances, are short-term low-amount loans that may be utilized to address temporary financing needs. They are called payday loans since repayment periods are very short, with loan repayment often due on the date of your next paycheck. Some cash advances, however, may feature longer terms, but they almost never exceed a month or two. While such loans may be a great relief for short-term problems, they are in no way a long-term credit solution. This is mainly due to interest composition of payday loans.

Many people take cash advances out and roll them over every week or two, paying interest and leaving the principal aside. While this may seem convenient enough for some borrowers, it is a losing proposition in the long run, since rates on cash advances are a multiple of interest on traditional bank loans in terms of APR. Also, laws in some states do not allow borrowers to extend payday loans over specified amount of time.

Payday Loans Are Extremely Easy To Obtain

Despite having obvious disadvantages, such as high interest charges and short terms, payday loans are getting increasingly popular due to the fact that they are very easy to qualify for. Since they do not require a credit check, almost anybody may qualify for a payday loan, provided he or she has a regular source of income and a valid bank account. Most lenders offer instant approval and cash disbursement in exchange of a promise to repay in form of a post-dated check or a signed bank withdrawal authorization. Many payday lenders operate online, with all of loan steps, from approval to loan repayment, being done electronically: the loan proceeds are deposited into a bank account of the borrowers via a bank transfer with loan repayment being electronically withdrawn on the due date.

Do Your Homework to Avoid Disappointment

Since payday lenders offer different rates and terms, it is important to perform due diligence in order to get the deal best, suited to your financing needs. There are a number of resources online that may perform this work for you, saving a good amount of time. Before giving any personal information to potential payday lenders, always make sure that they are legitimate, as there is an increasing number of scammers operating online, trying to collect personal and banking information for criminal use. Checking with your local Better Business Bureau or consumer rights office would typically do the trick. It is also important to make sure that all the terms and conditions are clear to you before committing to any payday loan offer.

[…]

Fitch Rates GT Loan Financing I, Ltd.

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following rating and Rating Outlook to GT Loan Financing I, Ltd.:

–$110,000,000 class A notes ‘AAAsf’; Outlook Stable.

TRANSACTION SUMMARY

GT Loan Financing I, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by GoldenTree Asset Management, LP (GoldenTree). Net proceeds from the issuance of the secured and subordinated notes will be used to purchase a portfolio of approximately $190 million of primarily senior secured leveraged loans. The CLO is initially expected to invest in new-issue loans from the primary market and will have a four-year reinvestment period, ending in October 2017.

KEY RATING DRIVERS

Sufficient Credit Enhancement: Credit enhancement (CE) of 42.1% for class A notes, in addition to excess spread, is sufficient to protect against portfolio default and recovery rate projections in an ‘AAAsf’ stress scenario. The degree of CE available to class A notes is above average for recent CLO issuances.

‘B/B-‘ Asset Quality: The average credit quality of the indicative portfolio is ‘B/B-‘, which is comparable to recent CLOs. Issuers rated in the ‘B’ rating category denote a highly speculative credit quality; however, in Fitch’s opinion, class A notes are unlikely to be affected by the foreseeable level of defaults. Class A notes are projected to be able to withstand default rates of up to 67%.

Strong Recovery Expectations: The indicative portfolio consists of 98.8% first lien senior secured loans, of which approximately 92.4% have either strong recovery prospects or a Fitch-assigned recovery rating of ‘RR2’ or higher.

Portfolio Parameters: Most of the concentration limitations and collateral quality test levels are within the range of limits set in the majority of recent CLOs. However, GT Loan Financing I, Ltd. is expected to maintain a somewhat more concentrated portfolio in terms of unique obligors than other recent CLOs, and also permits higher industry concentration levels than most recent CLOs. Fitch accounted for the higher expected concentrations in the Fitch stressed portfolio analysis.

Low Degree of Ramp-Up at Close: As a result of the focus on new-issue loans the portfolio was only 14.9% ramped by the closing date, with the arranger expecting the target par amount to be ultimately purchased within five or six months. Fitch reviewed the traded portfolio as of the closing date and believes that the characteristics of these loans are in line with the expected composition of the portfolio at the effective date in terms of credit quality, average spread, and projected diversification. Fitch views the risk of interest shortfalls associated with a slow ramp-up as being mitigated by several factors, including an expected $1.5 million interest reserve amount that will be available to cover any interest shortfalls on the first payment date. Fitch expects that this amount would be sufficient to completely cover class A interest even if no interest proceeds were received from the collateral. Fitch also expects to receive an interim report during the ramp-up period to help Fitch monitor the portfolio’s risk characteristics as the portfolio takes shape.

RATING SENSITIVITIES

Fitch evaluated the structure’s sensitivity to the potential variability of key model assumptions including decreases in weighted average spread or recovery rates and increases in default rates or correlation. Fitch expects the class A notes to remain investment grade even under the most extreme sensitivity scenarios. Results under these sensitivity scenarios ranged between ‘A+’ and ‘AAAsf’ for the class A notes.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying new issue report, which will be available shortly to investors on Fitch’s website at www.fitchratings.com.

For more information about Fitch’s comprehensive subscription service FitchResearch, which includes all presale reports, surveillance and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at webmaster@fitchratings.com.

Additional information is available at www.fitchratings.com.

The sources of information used to assess these ratings were the transaction documents provided by the co-placement agent, GreensLedge Capital Markets, LLC, and the public domain.

Applicable Criteria and Related Research:
–‘Global Structured Finance Rating Criteria’ (May 24, 2013);
–‘Global Rating Criteria for Corporate CDOs’ (Aug. 8, 2013);
–‘Criteria for Interest Rate Stresses in Structured Finance Transactions’ (Jan. 25, 2013);
–‘Counterparty Criteria for Structured Finance and Covered Bonds’ (May 13, 2013).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Global Rating Criteria for Corporate CDOs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715492
Criteria for Interest Rate Stresses in Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695535
Counterparty Criteria for Structured Finance and Covered Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155

Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=801866
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings

Primary Analyst:

Robert Rhein, +1-312-606-2314

Director

Fitch Ratings, Inc.

70 West Madison Street

Chicago, IL 60602

or

Secondary Analyst:

Christine Choo, +1-212-908-0603

Director

or

Committee Chairperson:

Derek Miller, +1-312-368-2076

Senior Director

or

Media Relations:

Sandro Scenga, +1-212-908-0278

sandro.scenga@fitchratings.com […]

Fitch to Rate GT Loan Financing I, Ltd.; Issues Presale

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings has assigned the following expected rating and Rating Outlook to GT Loan Financing I, Ltd.:

–$110,000,000 class A notes ‘AAA(EXP)sf’; Outlook Stable.

TRANSACTION SUMMARY

GT Loan Financing I, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by GoldenTree Asset Management, LP (GoldenTree). Net proceeds from the issuance of the secured and subordinated notes will be used to purchase a portfolio of approximately $190 million of primarily senior secured leveraged loans. The CLO is initially expected to invest primarily in new-issue loans from the primary market and will have a four-year reinvestment period.

KEY RATING DRIVERS

Sufficient Credit Enhancement: Credit enhancement (CE) of 42.1% for class A notes, in addition to excess spread, is sufficient to protect against portfolio default and recovery rate projections in an ‘AAAsf’ stress scenario. The degree of CE available to class A notes is above average for recent CLO issuances.

‘B/B-‘ Asset Quality: The average credit quality of the indicative portfolio is ‘B/B-‘, which is comparable to recent CLOs. Issuers rated in the ‘B’ rating category denote a highly speculative credit quality; however, in Fitch’s opinion, class A notes are unlikely to be affected by the foreseeable level of defaults. Class A notes are projected to be able to withstand default rates of up to 67.3%.

Strong Recovery Expectations: The indicative portfolio consists of 98.8% first lien senior secured loans, of which approximately 92.4% have either strong recovery prospects or a Fitch-assigned recovery rating of ‘RR2’ or higher.

Portfolio Parameters: Most of the concentration limitations and collateral quality test levels are within the range of limits set in the majority of recent CLOs. However, GT Loan Financing I, Ltd. is expected to maintain a somewhat more concentrated portfolio in terms of unique obligors than other recent CLOs, and also permits higher industry concentration levels than most recent CLOs. Fitch accounted for the higher expected concentrations in the Fitch stressed portfolio analysis.

Low Expected Ramp-Up at Close: Due to the focus on new-issue loans the issuer expects only around 20% of the portfolio to be ramped at the closing date. Fitch discusses mitigants to this low ramp-up percentage in the accompanying presale report.

RATING SENSITIVITIES

Fitch evaluated the structure’s sensitivity to the potential variability of key model assumptions, including decreases in weighted average spread or recovery rates and increases in default rates or correlation. Fitch expects the class A notes to remain investment grade even under the most extreme sensitivity scenarios. Results under these sensitivity scenarios ranged between ‘A+sf’ and AAAsf’ for the class A notes.

The expected rating is based on information provided to Fitch as of Aug. 16, 2013. Sources of information used to assess these ratings were provided by the co-placement agent, GreensLedge Capital Markets, LLC, and the public domain.

Key Rating Drivers and Rating Sensitivities are further detailed in the accompanying presale report, available at ‘www.fitchratings.com‘ or by clicking on the above link.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria & Related Research:

–‘Global Structured Finance Rating Criteria’ (May 24, 2013);

–‘Global Rating Criteria for Corporate CDOs’ (Aug. 8, 2013);

–‘Criteria for Interest Rate Stresses in Structured Finance Transactions’ (Jan. 25, 2013);

–‘Counterparty Criteria for Structured Finance and Covered Bonds’ (May 13, 2013).

Applicable Criteria and Related Research: GT Loan Financing I, Ltd. (US Structured Credit)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=716598

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715492

Criteria for Interest Rate Stresses in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695535

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=799681

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings

Primary Analyst

Robert Rhein

Director

+1-312-606-2314

Fitch Ratings, Inc.

70 West Madison Street

Chicago, IL 60602

or

Secondary Analyst

Christine Choo

Director

+1-212-908-0603

or

Committee Chairperson

Derek Miller

Senior Director

+1-312-368-2076

or

Media Relations:

Elizabeth Fogerty, +1-212-908-0526

elizabeth.fogerty@fitchratings.com […]

Brr! I was Frozen out During a Cash-out Refinancing

Dear Dr. Don, ;

I have a problem because our lender doesn’t want to proceed with a cash-out refinancing. Our home has a mortgage balance of $248,000, and it was recently appraised for about $350,000. We were in the midst of refinancing with my current lender to a lower rate and taking $20,000 out to pay some debts. But lately, the lender seems to be changing the rate and giving me a hard time about the cash I wanted to take out. I was advised to take a home equity loan to pay off my old mortgage and use the equity loan.

My existing mortgage rate is 4.625% and the new one with the home equity loan is 4.11%. How should I proceed?

Thanks, ;

-Scott Spurned

Dear Scott, ;

Since the real estate bubble burst, lenders have been very cautious about new cash-out refinancing. The good news is that the situation is said to be improving, but your lender apparently didn’t get the memo.

Compare Mortgage Rates in Your Area

As of this writing, Bankrate’s national average for a home equity loan is 6.16%, but your lender doesn’t want you paying off other debts with this loan.

You have to decide what your goal is by refinancing. You have enough equity in your home to justify a cash-out refinancing, and you would not require private mortgage insurance, helping to keep costs low. If you fail to get the interest savings associated with restructuring your other debts, you would only be capturing about 0.5% interest savings on your existing mortgage balance alone.

Should you move forward to refinance without the cash-out? It depends upon closing costs and how long you plan to stay in the home. Bankrate’s refinancing calculators can help you make that decision.

Another key decision is whether it makes sense to find a new prospective lender. Mortgage rates may be headed higher. So, by restarting the loan origination process, you could lose interest savings on the mortgage and face additional closing costs covering your $20,000 in consumer debt.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

;

Ask the adviser

To ask a question of Dr. Don, go to the “Ask the Experts” page and select one of these topics: “Financing a home,” “Saving and Investing” or “Money.” Read more Dr. Don columns for additional personal finance advice.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.

Copyright 2013, Bankrate Inc.

[…]

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Payday loans are also known as income advances. Despite the fact that a cash loan may well not audio as scary being a cash advance, this is the same. When choosing this specific service it is essential to understand that it is a loan and must be treated consequently in your price range.

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Tend not to help make your cash advance payments late. They will statement your delinquencies to the credit bureau. This may badly affect your credit history and then make it even more difficult to take out standard personal loans. When there is question that you could repay it after it is because of, tend not to use it. Get yet another method to get the funds you need.

Among so many bills and so tiny work accessible, often we really have to juggle to help make stops meet up with. Turn into a well-knowledgeable buyer while you take a look at your alternatives, and when you discover that a cash advance can be your best answer, ensure you understand all the information and terminology before signing about the dotted line.

[…]