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Cash America Unit Enova Intl. Prices $500 Mln Senior Notes Offering

By RTT News, May 23, 2014, 11:57:00 AM EDT

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(RTTNews.com) – Enova International, Inc., a subsidiary of Cash America International, Inc. ( CSH ), said Friday that it has priced its offering of $500 million of 9.75% Senior Notes due 2021.

The Notes will bear interest at a rate of 9.75% and are being sold at a discount of the principal amount thereof to yield 10.0% to maturity.

The offering is expected to close on or about May 30.

Enova plans to use all of the net proceeds from the sale of the Notes to repay all of its outstanding intercompany debt that Enova owes to Cash America and to pay a cash dividend to Cash America.

Cash America plans to use the proceeds it receives from Enova mainly for the repayment of a portion of its existing indebtedness, and the remaining proceeds will be used for general corporate purposes.

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Bill Would Restart Payday Lending in N.C.

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Bill Would Restart Payday Lending in N.C.

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Raleigh News & Observer
February 14, 2013

In North Carolina, Senate Bill 89 has proposed to make payday lending lawful in the state once again — much to the dismay of Attorney General Roy Cooper and consumer advocates. Lawmakers abolished the practice there more than a decade ago, on the grounds that the loans snarled borrowers in a cycle of high-cost debt. Now, the legislation offered by Sens. Jerry Tillman (R-Archdale), Tom Apodaca (R-Hendersonville), and Clark Jenkins (R-Tarboro) would allow consumers to take out advances on post-dated checks of up to $500. They would have up to 35 days to repay the debt and could be charged as much as 15 percent in fees. Although Senate Bill 89 includes some measures that purportedly will protect borrowers, Chris Kukla of the Center for Responsible Lending says the provisions are toothless. For example, he explains, “The lender is supposed to ask whether the borrower has another loan outstanding, but there’s no way to verify. There is no penalty on the lender if they end up making a loan to a consumer with a loan outstanding.” AG Cooper also voiced his opposition to the legislation. “This is the same old rip-off we ran out of our state years ago,” he declared. “Payday lending was a bad idea then, and it’s a bad idea now.”
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Naugatuck Valley Financial Decides Not To Declare And Pay Cash Dividend For Q3

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Naugatuck Valley Financial Decides Not To Declare And Pay Cash Dividend For Q3

(RTTNews.com) – Naugatuck Valley Financial Corp. (NVSL), the holding company for Naugatuck Valley Savings and Loan, announced Tuesday that its board has determined not to declare and pay a cash dividend for the third-quarter ended September 30, 2012.

The company stated that the Board considered the various factors under the company’s dividend policy, including the results of the previously reported restatement of the company’s financial results for the first and second quarters and the effect of the restatement on the third quarter and year-to-date financial results.

The company noted that its board intends to evaluate these same factors in determining whether or not to declare and pay any cash dividends in subsequent periods.

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Genesis HealthCare Closes Acquisition Of Sun Healthcare Group – Quick Facts

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Genesis HealthCare Closes Acquisition Of Sun Healthcare Group – Quick Facts

(RTTNews.com) – Genesis HealthCare announced that it completed the acquisition of Sun Healthcare Group Inc. (SUNH).

As per the terms of the agreement, Genesis acquired Sun for $8.50 per share of common stock in cash. The aggregate amount of the merger consideration was approximately $215 million, excluding closing costs and the repayment of approximately $89 million of Sun indebtedness. Genesis financed the transaction using borrowings under a term loan and available cash.

The new company will have nearly 80,000 employees and combined annual revenue of approximately $4.6 billion. The Genesis HealthCare headquarters will remain in Kennett Square, Pennsylvania.

Simultaneous with the Genesis / Sun merger, Sun’s SolAmor Hospice segment was sold to Life Choice Hospice, a provider of in-home hospice care, for approximately $85 million. Net cash sale proceeds of $75 million were used to repay Genesis senior indebtedness. Genesis owns an approximate one-third interest in Life Choice Hospice.

In June 2012, Sun Healthcare Group had said that it signed a definitive agreement to be acquired by Genesis Healthcare. As per the deal, Genesis would acquire Sun Healthcare for $8.50 per share, in cash, resulting in about $275 million net of cash and debt acquired.

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Arch Coal Completes Senior Note And Term Loan Offerings – Quick Facts

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Arch Coal Completes Senior Note And Term Loan Offerings – Quick Facts

(RTTNews.com) – Arch Coal, Inc. (ACI) said it closed on its previously announced $375 million senior unsecured notes and $250 million incremental secured term loan. Under the terms of the credit agreement, the $250 million incremental term loan will reduce the size of Arch’s revolving credit facility to $350 million from $600 million.

The company noted that it intends to use the net proceeds from these financings for general corporate purposes. Following these transactions, Arch has cash and investments of $1.2 billion and total available liquidity of approximately $1.4 billion, on a pro forma basis as of September 30.

Separately, Arch successfully amended its senior secured revolving credit facility, relaxing the financial maintenance covenants until December 31, 2015. Among other revisions, Arch must adhere to a minimum liquidity covenant that requires the company to maintain available liquidity of at least $450 million through December 30, 2015.

The incremental term loan will carry an interest rate of LIBOR plus 4.50 percent initially, subject to a LIBOR floor of 1.25 percent. The interest rate on the incremental term loan can step down to LIBOR plus 4.25 percent after 12 months from the original term loan issuance date, subject to certain conditions. The incremental term loan was priced at 99 percent of par, resulting in a 6 percent annual yield.

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Pa. Senate Considers Bill Regulating 'Payday' Loans

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Pa. Senate Considers Bill Regulating ‘Payday’ Loans

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Pittsburgh Post-Gazette
September 20, 2012
Olson, Laura

An effort to legalize payday lending in Pennsylvania is on the table again in Harrisburg. Senators this week debated a measure that would let the state Department of Banking license and oversee businesses that intend to offer short-term, payday loans. The proposal would restrict these loans and related charges, while a real-time compliance system would monitor compliance with those limits. The bill, introduced by state Rep. Chris Ross (R-Chester) passed the House in June; and if it passes the Senate without amendments, it will then advance to the governor’s desk. Opponents say the measure would harm low-income borrowers, those most likely to seek a short-term loan but less likely to repay them quickly. Supporters argue that short-term lending already exists in Pennsylvania, through online businesses and third-party groups that advertise on television. Under the bill, consumers could borrow either $1,000 or 25 percent of their monthly income — whichever is less. The cost of the loans would be limited to a 12.5 percent finance charge and a $5 fee, and loans could not be rolled over.
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Consumer Advocates: Banks Bringing Back Payday Loans

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WRAL.com
August 31, 2012
Binker, Mark

Although North Carolina outlawed payday lending over a decade ago, the state is again seeing the short-term, high-interest loans — this time from banks. Alabama-based Regions Bank offers a product called “Regions Ready Advance,” which lets consumers borrow up to $500 by pledging their next direct deposit. “If they weren’t a bank, they wouldn’t be able to offer this product in North Carolina,” said Chris Kukla, senior vice president at the Center for Responsible Lending (CRL). Kukla says the effective interest rates for Ready Advance loans could amount to 365 percent annually. However, the bank says that the product is essentially a small-dollar line of credit and does not fit the term “payday loan.” North Carolina allowed payday loans from 1997 until 2001, but lawmakers passed legislation that authorized the store-front shops to expire. The fees, though usually small, amounted to annual percentage rates that exceeded North Carolina usury laws. Regions Bank began offering its Ready Advance product 18 months ago, essentially breaking a de facto embargo on the practice. SunTrust, a much larger bank, is considering a similar product. Fees for payday products were typically $16 for every $100 borrowed, compared to Regions’ Ready Advance product, which charges $10 per $100. Although that seems like a small amount, CRL says that it amounts to an effective annual percentage rate of 365 percent. Kukla said that consumers have better options, such as a low-cost, small-dollar loan from the N.C. Employee’s Credit Union, which charges only a few dollars upfront. Across the country, regulators like the Consumer Finance Protection Bureau are noticing this trend of bank products that are similar to payday loans, but most banks operate under state banking laws rather than federal regulators.
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Consumer Advocates: Banks Bringing Back Payday Loans

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Consumer Advocates: Banks Bringing Back Payday Loans

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WRAL.com
August 31, 2012
Binker, Mark

Although North Carolina outlawed payday lending over a decade ago, the state is again seeing the short-term, high-interest loans — this time from banks. Alabama-based Regions Bank offers a product called “Regions Ready Advance,” which lets consumers borrow up to $500 by pledging their next direct deposit. “If they weren’t a bank, they wouldn’t be able to offer this product in North Carolina,” said Chris Kukla, senior vice president at the Center for Responsible Lending (CRL). Kukla says the effective interest rates for Ready Advance loans could amount to 365 percent annually. However, the bank says that the product is essentially a small-dollar line of credit and does not fit the term “payday loan.” North Carolina allowed payday loans from 1997 until 2001, but lawmakers passed legislation that authorized the store-front shops to expire. The fees, though usually small, amounted to annual percentage rates that exceeded North Carolina usury laws. Regions Bank began offering its Ready Advance product 18 months ago, essentially breaking a de facto embargo on the practice. SunTrust, a much larger bank, is considering a similar product. Fees for payday products were typically $16 for every $100 borrowed, compared to Regions’ Ready Advance product, which charges $10 per $100. Although that seems like a small amount, CRL says that it amounts to an effective annual percentage rate of 365 percent. Kukla said that consumers have better options, such as a low-cost, small-dollar loan from the N.C. Employee’s Credit Union, which charges only a few dollars upfront. Across the country, regulators like the Consumer Finance Protection Bureau are noticing this trend of bank products that are similar to payday loans, but most banks operate under state banking laws rather than federal regulators.
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Ohioans Big Users of Payday Lending

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Ohioans Big Users of Payday Lending

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Columbus Dispatch (OH)
July 20, 2012
Candisky, Catherine

Ohioans have one of the highest rates of payday borrowing in the United States, with about one in 10 residents using payday loans in the past five years, according to the Pew Charitable Trusts’ Safe Small-Dollar Loans Research Project. Nationally, 5.5 percent of adults have used payday loans — most commonly for everyday expenses such as rent and utilities — but usage at the state level ranged from 1 percent in Connecticut to 13 percent in Oklahoma. The report found that Ohioans visit check-cashing stores and Web sites more than residents in all but three other states: Missouri, Oklahoma, and Washington. Unlike many other states, Ohio has looser laws on check-cashing and payday stores; so loans there have higher rates of lending. Campaign contributions from payday lenders to Ohio lawmakers has turned a little more attention on state regulation of the industry, however. In 2008, the General Assembly cracked down on payday lenders and capped rates at 28 percent; but many stores continued to charge higher rates by switching to a different license and by issuing checks instead of cash.
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Nationwide Pew Survey Challenges Conventional Wisdom on Payday

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Nationwide Pew Survey Challenges Conventional Wisdom on Payday Loans

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MarketWatch
July 18, 2012

Pew Charitable Trusts has released a new report, “Payday Lending in America: Who Borrows, Where They Borrow, and Why.” In it, the organization calculates that U.S. consumers spend $7.4 billion annually on payday loans, forking out interest at an average of $520 per borrower for eight $375 loans or extensions. Payday loans often are considered a “last resort,” but a majority of short-term borrowers cited several alternatives they would use if payday loans become unavailable. Nick Bourke, project director for Pew’s Safe Small-Dollar Loan Research Project, notes that while payday loan regulations have effectively curtailed storefront operations, they have not prompted consumers to seek such loans online. “In states that restrict storefront lending, 95 percent of would-be borrowers have elected not to use payday loans at all. Just five percent went online or elsewhere,” he reports. Pew’s survey about payday borrowing found that most users are employed, white, female, and 25 to 44 years old. A disproportionate amount of consumers who use payday loan products, however, lack a four-year college degree, are home renters, are African American, earn less than $40,000 annually, and are separated or divorced. Pew also discovered that most consumers use payday loans for everyday living expenses — including shelter and utilities — rather than for emergencies.
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