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Sunesis Announces Amendment to Loan Agreement

SOUTH SAN FRANCISCO, Calif., March 2, 2015 (GLOBE NEWSWIRE) — Sunesis Pharmaceuticals, Inc. (SNSS) today announced the signing of an amendment to its loan and security agreement (the “Loan Agreement”) with Oxford Finance LLC, Silicon Valley Bank, and Horizon Technology Finance Corporation (collectively, “the Lenders”).

The amendment, effective February 27, 2015, creates an interest-only period from March 1, 2015 through February 1, 2016 on the remainder of Sunesis’ loan balance. Principal payments will resume March 1, 2016. In consideration for the amendment, Sunesis will issue the Lenders warrants to purchase an aggregate of 61,467 shares of Sunesis common stock at an exercise price of $2.22 per share. Additionally, the final payment will be deferred by 12 months to the fourth quarter of 2016, and will be increased from 3.75% to 4.65% of the total loan amount, a difference of $225,000. Sunesis entered into the $25 million Loan Agreement with the Lenders in October 2011.

“This amendment to our loan facility provides us with additional financial flexibility to execute our corporate strategy, including the potential submission in 2015 of U.S. and European filings for regulatory approval of vosaroxin in relapsed or refractory acute myeloid leukemia,” said Eric Bjerkholt, Executive Vice President of Corporate Development and Finance and Chief Financial Officer of Sunesis. “We believe that this loan amendment, together with our current cash position, provide us with the resources to fund operations through the first quarter of 2016.”

About Sunesis Pharmaceuticals

Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the potential treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, vosaroxin, in multiple indications to improve the lives of people with cancer.

For additional information on Sunesis, please visit http://www.sunesis.com.

SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.

This press release contains forward-looking statements, including statements related to Sunesis’ overall strategy, the preliminary analysis, assessment and conclusions of the results of the VALOR trial and Sunesis’ other clinical trials, the efficacy and commercial potential of vosaroxin, and the sufficiency of Sunesis’ cash resources and the use of the proceeds under the loan facility with Oxford Finance LLC, Horizon Technology Finance Corporation and Silicon Valley Bank. Words such as “believe,” “expect,” “potential,” “provide,” “through,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Sunesis’ current expectations. Forward-looking statements involve risks and uncertainties. Sunesis’ actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to Sunesis’ need for substantial additional funding to complete the development and commercialization of QINPREZO, risks related to Sunesis’ ability to raise the capital that it believes to be accessible and is required to fully finance the development and commercialization of QINPREZO, the risk that Sunesis’ development activities for QINPREZO could be otherwise halted or significantly delayed for various reasons, the risk that Sunesis’ clinical studies for QINPREZO may not demonstrate safety or efficacy or lead to regulatory approval, the risk that data to date and trends may not be predictive of future data or results, risks related to the conduct of Sunesis’ clinical trials, and the risk that Sunesis’ clinical studies for vosaroxin may not lead to regulatory approval. These and other risk factors are discussed under “Risk Factors” and elsewhere in Sunesis’ Annual Report on Form 10-K for the year ended December 31, 2013, and Sunesis’ other filings with the Securities and Exchange Commission, including Sunesis’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. Sunesis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Sunesis’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

View photo.FinanceBusinessSunesis Pharmaceuticals Contact: Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
[…]

This Bizarre Russian ATM Wants to Lend You Money

Walking past a row of vending machines and ATMs at the Kursky train station in Moscow, Sergei Amirkhanov stops in front of a bright orange cash machine. Instead of inserting his bank card, he scans his passport, poses for a photo and enters his mobile number. He receives a text message on his phone a few minutes later, telling him to return to the machine and withdraw the cash he needs.

This strange kind of ATM began popping up at railway stations and shopping malls around Moscow last year. It looks like a regular cash machine, but it’s designed to accept loan applications and dole out money on the spot.

More from Bloomberg.com: Target Quarterly Profit Tops Estimates as Holiday Sales Grow

The loan ATM is a product of Oleg Boyko, a Russian billionaire who made his fortune running slot machine halls. When President Vladimir Putin banned gambling in 2009, Boyko moved the gambling business outside the country, but he continues to control financial firms and other companies in Russia. One of his investments is 4finance Holding and its affiliate, SMS Finance, which operates the micro-loan machines. Boyko, a paraplegic who helps support the Paralympic Games, has also dabbled in Hollywood. He’s an investor in Summer Crossing, a movie based on a Truman Capote novel that will be Scarlett Johansson’s directorial debut.

There are currently about 20 automated loan machines installed throughout Moscow. They allow customers to request as much as 15,000 rubles ($241) that must be paid back in 20 days or less. The interest rate is 2 percent a day, which works out to 730 percent on an annualized basis. That may seem insane, but some Russians have been willing to embrace the technology to make ends meet between paychecks.

More from Bloomberg.com: Caisse’s Sabia Says Stock Markets Will ‘Run Out of Gas’

Amirkhanov, 37, took out a 3,000 ruble ($48) loan after he lost his construction job at a Moscow power station in February. He needed the money to hold him and his family over while he searches for work because his bank won’t let him borrow cash. “I have a banking card, but its balance is zero,” he says. “I am in a desperate situation.” Fallout from the conflict in Ukraine has taken a toll on the Russian economy, resulting in a freeze on some construction projects and an influx of Ukrainian refugees, who are creating more competition for jobs, he says. Amirkhanov was granted 15 days to pay back the loan, including 900 rubles in interest.

For many Russians, it’s the only way to borrow. After the value of the ruble began to plummet late last year, local banks took hits to their credit ratings and were no longer able to find lenders abroad. As a result, Russian banks have less cash to lend and are tightening client-scoring procedures to avoid bad loans. Leave it to a gambling magnate to have the stomach for risky consumer loans in this economy.

More from Bloomberg.com: Meredith Whitney Wins Early Victory in Fund Survival War

Payday lenders similar to 4finance, such as Britain’s Wonga.com, are often characterized as vultures feeding on the vulnerable. Typical customers have poor credit or problems with employment or are uneducated about what financial options are available to them, according to Olga Naydenova, an analyst at BCS Financial Group in Moscow. “Their rates are way too high,” she says. “While regulation has been tightening for traditional banks, the micro-finance business has much softer requirements for capital adequacy.”

The absence of strict regulation allows micro-loan companies to provide options to people who would be passed over by traditional banks, according to Kieran Donnelly, chief executive officer of Boyko-backed 4finance. The company offers consumer loans in a dozen European countries, primarily through websites people access via computers or phones. More than 11 million loan applications have been submitted to 4finance, which lent €831 million ($944 million) last year. The company, which recently spun off the Russian SMS Finance unit to appease risk-averse investors, plans to hold an initial public offering as soon as 2016, Donnelly says. “Our objectives are about profitability and return on investment,” he says. “A big part of what we are offering to people is convenience.”

Recognizing that many potential customers may not have access to the Internet or trust it with their banking information, SMS Finance began working on the ATM and installed the first ones in Moscow in May 2014. They contain software that matches a photo taken by the machine with one on a passport to verify customers’ identities, which help the company evaluate each applicant’s creditworthiness within 15 minutes. It’s still something of an experiment, but the company plans to test the ATMs in Poland and Spain next.

When a loan repayment is due, customers can settle it at a local bank, an electronics store, online, or by using a digital payment system such as Qiwi or Yandex.Money. If someone tries to skip out on paying, company representatives send e-mails, text messages, and phone calls. After two to three months of chasing a customer, they may involve debt collectors. About 10 percent of borrowers default on their loans, but the company is recovering 55 percent of overdue debt, says Donnelly. As Boyko, the investor and gaming billionaire, can probably attest, those are better odds than he’ll get at the casino.

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Stewart Information Services to Increase Annual Cash Dividend to $1.00

HOUSTON–(BUSINESS WIRE)–

Stewart Information Services Corp. (STC) (“Stewart”), a leading provider of real estate services, including global residential and commercial title insurance, escrow and settlement services, lender services, underwriting, specialty insurance and other solutions that facilitate successful real estate transactions, today announced that its Board of Directors has approved an increase in the Company’s cash dividend payable to common shareholders from $0.10 per share annually to $1.00 per share to be paid quarterly at a rate of $0.25 per share beginning in the second quarter of this year. The Company’s existing share repurchase authorization will remain in effect and be used opportunistically based on various factors such as the Company’s stock price, operational performance and other relevant criteria.

“Today’s dividend increase highlights the solid progress we have made toward transforming Stewart and reflects our confidence in the Company’s ability to deliver solid cash flow in 2015 and beyond,” said Matthew W. Morris, Chief Executive Officer. “We continue to engage our shareholders regarding our capital return strategy. Given the continued progress in our business, we are pleased to be in a position to advance a competitive and sustainable dividend policy alongside our share repurchase program. Going forward, we will remain committed to returning meaningful amounts of capital to shareholders on a regular basis while also maintaining our ratings and a capital base that supports the growth in our business.”

The continuation of the quarterly cash dividend is subject to certain factors, including, among others, the ability to obtain excess capital from Stewart’s regulated insurance subsidiary, the performance of the Company’s business, the Company’s ratings and the capital surplus position of the Company.

About Stewart

Stewart Information Services Corp. (NYSE:STC) is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States and county governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; collateral valuations; due diligence for capital markets; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Stewart offers personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, and is the preferred real estate services provider. More information can be found at http://www.stewart.com/news, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.

Forward-looking statements

Certain statements in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “will,” “foresee” or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the tenuous economic conditions; adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect of title losses on our cash flows and financial condition; the impact of vetting our agency operations for quality and profitability; changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; the outcome of pending litigation; the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; our dependence on our operating subsidiaries as a source of cash flow; the continued realization of expense savings from our cost management program; our ability to successfully integrate acquired businesses; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including the Form 10-K, our quarterly reports on Form 10-Q, and our Current Reports on Form 8-K. We expressly disclaim any obligation to update any forward-looking statements contained in this news release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

Trademarks are the property of their respective owners.

FinanceInvestment & Company Informationreal estate Contact:

Stewart Information Services Corp.

John Arcidiacono, 713-625-8019

Chief Marketing Officer

jarcidia@stewart.com

Nat Otis, 713-625-8360

Director-Investor Relations

nat.otis@stewart.com […]

Cash Sales On Track To Decline To Pre-Crisis Levels By 2017

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Cash Sales On Track To Decline To Pre-Crisis Levels By 2017

Peoples Home Equity shares a recent article from Corelogic regarding the share of cash sales recorded in October 2014 and what it means going forward.

Lenders like Peoples Home Equity has a high expectation of more active home buyers this spring and summer

Chicago, IL (PRWEB) February 16, 2015

Peoples Home Equity was intrigued by a recent January 14th Corelogic article titled “At Current Rate of Decline, Cash Sales Share Should Reach Pre-Crisis Levels in 2017.”

Corelogic begins its article by highlighting the fact that “Cash sales made up 35.5 percent of total home sales in October 2014, down from 38.7 percent in October 2013. In addition, this decline marks the 22nd consecutive month of year-over-year price declines since January 2013.

In terms of monthly performance Corelogic stated “Month over month, the cash sales share ticked up by half of a percentage point, as is typical for the fall and winter months. Due to seasonality in the housing market, cash sales share comparisons should be made on a year-over-year basis. The peak occurred in January 2011 when cash transactions made up 46.4 percent of total home sales. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. At the current rate of year-over-year decrease, the cash sales share should be back to pre-crisis levels in 2017.”

Peoples Home Equity thinks a pre-crisis level of cash sales will create a great environment for first-time home buyers to thrive. While cash sales have been on the decline since the great recession, the few number of first-time home buyers approved for a home loan have had to compete with cash buyers. Now that the number of cash sales are drying up, and more American’s have jobs, a larger number of credit worthy pre-approved first-time home buyers are set to spark a surge of financed home sales this spring and summer. Lenders like Peoples Home Equity has a high expectation of more active home buyers this spring and summer since Corelogic’s map (picture attached) showed that both East and Midwest states had the highest number of total home sales being cash. To name a few; Indiana 41% of total sales were cash sales, Kentucky 41%, Tennessee 41%, Michigan 43%, New York 44%, Alabama 51%, and Florida 51%. To be more specific, “Miami-Miami Beach-Kendall, Fla. had the highest share of cash sales at 56.6 percent.”

The area with the lowest share of cash sales was “Washington-Arlington-Alexandria, D.C.-Va.-Md at just 16%. Maryland was the only state to have the total share of cash sales be under 20%, at just 15%.

If in need of a mortgage, contact a Peoples Home Equity loan officer today at: 262-563-4026


[…]

Flight to safety for lenders amid China property woes

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Lenders are expected to stay cautious towards China’s cash-strapped property sector as Shenzhen-based developer Kaisa’s debt woes continue to rattle the market. But they will continue to lend to larger mainland companies.

“Companies from China will remain a major source of business for loan markets this year,” said Sonia Li, head of syndicated loans for Asia at JP Morgan. “But you will see a flight to quality for Chinese borrowers, particularly in light of what is happening in the real estate sector. Lenders will be very cautious to the real estate sector,” she added.

China has become a bigger part of Asia’s loan markets. According to Thomson Reuters data, China was the largest driver for loan growth in the Asia-Pacific region last year, accounting for $141.3 billion in loan volume or about 27% of the total in the region. Infrastructure, project and real estate deals accounted for slightly more than two-thirds of that volume.

Given the increasing exposure banks have to Chinese property, a protracted downturn could have a knock-on effect on the banks. “A lot of mid-sized and big Chinese banks as well as foreign banks have exposure to the China property sector. A big downturn in China real estate market would affect everyone but the mainland banks have the most exposure to the property market,” said Christine Kuo, senior credit officer at Moody’s.

For now, however, the rating agency views Kaisa’s problems as being unique to the company and, at a briefing in Hong Kong on Tuesday, Simon Wong, Moody’s senior credit officer, told reporters that he didn’t think the Shenzhen’s developer’s problems would pose a systemic risk to the sector.

“If the Kaisa case is resolved satisfactorily, such as another developer coming in and potentially buying Kaisa’s assets at fair market value, I think that would also help to ease investors’ concerns,” Wong told reporters.

related

Kaisa given respite but is still in the doghouse Kaisa default triggers broader loan worries Agile woe compounds China’s property problems Cofco Land plans up to $500m placement Loan Week, February 6-12

For now though, investors and lenders are giving the sector a wide berth.

Kaisa had been subject to unexplained bans imposed by the Shenzhen government on the sale of its property projects in Shenzhen. Reports had been circulating that other developers including Fantasia and China Overseas Land & Investment have faced similar bans but the companies have since clarified that the blocked sales are due to administrative procedures by the authorities, and not violations by the companies.

Lenders could also turn wary towards small-cap companies. “China is an important market but we expect more large-cap and higher grade companies this year compared to last year given the concerns over the mid-cap sector,” said Amit Khattar, head of syndicated loans for Asia at Deutsche Bank.

Subordination risk

Kaisa’s problems expose the risks that offshore lenders face. It had initially defaulted on a $51 million loan with HSBC. While it subsequently got a waiver from the British lender, other creditors have frozen some of its onshore bank accounts, and if it came down to a default, onshore lenders would get first dibs on the assets.

Offshore lenders are often subordinated to mainland lenders as the loans are typically issued through offshore holding companies, using the so-called red chip structure.

China’s State Administration of Foreign Exchange (Safe) has made moves to take away some of that subordination risk and, in July last year, relaxed the rules to allow mainland companies to use onshore assets as collateral when raising funds offshore. However, there are restrictions, and Safe has made it clear that the proceeds have to be kept offshore.

“The change in Safe rules means that offshore lenders can get senior secured access to Chinese companies rather than just a red chip structure,” said Khattar. “It is a meaningful development but the number of companies using this has been limited by restrictions over the use of proceeds,” he added.

Lenders have been comfortable lending to offshore holding companies, provided they are perceived to be a strong credit. For example, smartphone company Xiaomi last year tested the market with a debut $1 billion loan, which attracted 29 lenders. Xiaomi is cash rich, with no onshore borrowings.

However, weaker companies are expected to come under more scrutiny now. “Lenders have become more comfortable with loans using offshore holding company structures,” said Deutsche Bank’s Khattar. “But they will be more wary about certain credits,” he added.

This year could be a more challenging one for mainland companies as Taiwanese lenders are keen to keep their exposure to mainland companies down, and could look to diversify to Indian or Southeast Asian companies. “Taiwanese banks were big investors for China loans in the past but they have pretty tight China limits at the moment,” said JP Morgan’s Li.

But amid ongoing market volatility, more companies could start tapping the loan markets as bond yields have risen. “Bond market volatility specially in the high yield market could see more high yield issuers trying to access the loan markets in 2015,” said Khattar.

¬ Haymarket Media Limited. All rights reserved.

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Have an unpaid loan with SSS? Read this

MANILA, Philippines – The Social Security System (SSS) is offering options for members who have failed to pay their loans.

The SSS said members with outstanding loans under the Stock Investment Loan Program (SILP) and the Privatization Fund Loan Program (PFLP) can avail of an option to sell their shares of stocks under the two programs.

“Despite loan condonation programs that we have offered in the past, there are still quite a number of SSS members who have let their unpaid SILP and PFLP loans balloon into staggering amounts due to penalties and interest,” said SSS Senior Vice President and concurrent Officer-In-Charge for Lending and Asset Management May Catherine Ciriaco.

The SSS said as of 31 December 2014, there are 3,037 delinquent SILP loan accounts with a total of P304.44 million, inclusive of penalties and interest.

There are also 5,755 delinquent PFLP loan accounts, reaching P304.19 million with penalties and interest.

In September 2014, the Social Security Commission approved the option to sell shares of stocks, as a way to lessen these delinquent accounts.

Under the option to sell shares, the member-borrower will execute a Special Power of Attorney authorizing the SSS to sell his shares of stocks at the prevailing market price, based on the quotation of an accredited broker and subject to the usual broker’s commission, taxes and other fees.

The net proceeds from the sale of the shares of stocks will then be applied to the member’s outstanding SILP or PFLP loan balance.

“Any excess amount after application to the outstanding SILP/PFLP loan balance will be applied to his delinquent salary or housing loan, if any… If none, or if there is still excess amount, then this will be refunded to the member-borrower,” Ciriaco said.

However, if the net proceeds from the sale of the member-borrower’s shares of stock are not sufficient to cover the outstanding SILP or PFLP loan balance, then the member shall be required to pay the remaining amount either in cash, from a salary loan renewal, or from the final benefits (total disability, retirement, and death). However, the remaining balance will continue to be charged with interest and penalties until fully paid.

“While this is not the condonation program that members are waiting for, the option to sell program is the next best way for members to finally pay off their outstanding loans under the SILP and PFLP to ensure that they fully enjoy their SSS benefits without deductions,” Ciriaco said.

Members interested to apply for the option to sell shares program can contact Teresita Badiola or Ma. Divina Cadorna at the SILP Section of the SSS Member Loans Department, 11/F of the SSS Main Office, or call 435-9862 and 920-6401 locals 5887 and 5915 for further details.?

[…]

Capital Senior Living Corporation Acquires Two Communities and Closes on Sale of Four Non-Core Communities

DALLAS–(BUSINESS WIRE)–

Capital Senior Living Corporation (the “Company”) (CSU), one of the nation’s largest operators of senior living communities, today announced the completion of three transactions that will strengthen the Company’s operating portfolio and enhance its cash position to provide for further growth: the acquisition of two senior living communities, the disposition of four non-core communities and the refinance of an existing community loan. The Company also announced that it recently executed early rate locks on refinancing transactions associated with two communities at an average interest rate of approximately 3.85%, both of which are expected to close by the end of the first quarter of 2015.

“We are extremely pleased to add two high-occupancy communities with excellent financial and operating metrics to our consolidated operations and to complete the sale of the four communities that are not core to Capital Senior,” said Lawrence A. Cohen, the Company’s Chief Executive Officer. “The completed loan refinance reflects the appreciation in value of this owned community and allows the Company to continue to benefit from historically low interest rates and fix this debt at attractive rates while extending the maturity to 2025, as do the two additional refinancings which will be completed in the first quarter. On a net basis, the completed and upcoming transactions announced today provide us with $35 million in incremental cash proceeds that we will use to continue to invest in the acquisition of high-performing communities, enhance our cash reserves and pay off short-term bridge loans.”

The two acquired communities were purchased for $32.8 million. One of the transactions was completed in mid-December and the other in mid-January. They are comprised of 127 assisted living units and are located in regions in which the Company already has extensive operations. The communities are financed with $24.5 million of 10-year fixed-rate debt that is non-recourse to the Company with a blended interest rate of 4.41%.

The Company is conducting due diligence on additional acquisitions of high-quality senior living communities in states with extensive existing operations totaling approximately $45 million. Subject to completion of customary closing conditions, the acquisitions are expected to close in the first half of 2015.

In January, the Company sold the four non-core communities for $36.5 million and will receive approximately $18.0 million in net proceeds after relieving the debt associated with the communities and paying customary transaction and closing costs. The communities sold were comprised of 547 independent living units. The net effect of the reinvestment of these proceeds in high-quality communities is expected to be accretive.

In December, the Company refinanced the debt associated with one community, lowering the interest rate and yielding $9.3 million in incremental cash proceeds from the new loan after customary transaction and closing costs. The new mortgage is $18.9 million with a 4.46% fixed interest rate and matures in January 2025. The new mortgage replaced $8.4 million of fixed-rate debt with an interest rate of 5.75% that was set to mature in March 2017.

The Company executed early rate lock agreements on $45.0 million of mortgage debt for two communities at an interest rate of approximately 3.85% with a 10-year maturity. These new mortgages will close by the end of the first quarter of 2015. This debt will refinance an existing mortgage of $8.0 million with an interest rate of 5.46% due to mature in August 2015 and one short-term bridge loan of $21.6 million with floating rate interest of 2.92% due to mature July 2016. Net proceeds from these two refinance transactions will total approximately $15.0 million. The Company plans to use these proceeds to pay off two short-term, floating-rate bridge loans totaling $14.0 million.

Additional highlights of the acquisitions, refinance and rate locks include:

Acquired Communities

Increases annual revenue by $5.2 million Increases CFFO by $1.2 million, or $0.04 per share Improves earnings by $0.4 million, or $0.02 per share Average monthly rent for the communities is approximately $3,606

Mortgage Debt Refinance

$18.9 million of 10-year fixed-rate mortgage debt at 4.46% 129 basis point reduction in the fixed-debt interest rate Cash proceeds to the Company of $9.3 million Extends maturity to 2025

Mortgage Rate Locks

$45.0 million of 10-year fixed-rate mortgage debt at 3.85% Net proceeds of $15.0 million upon the refinance of the two mortgages Proceeds used to pay off short-term bridge loans of $14.0 million

The Company also noted that the previously-announced plan to convert 360 independent living units to assisted living units at certain communities remains on or ahead of schedule. As of December 31, 2014, approximately 207 units had been converted with the remainder expected to be completed by the middle of 2015.

ABOUT THE COMPANY

Capital Senior Living Corporation is one of the nation’s largest operators of residential communities for senior adults. The Company’s operating strategy is to provide value to residents by providing quality senior living services at reasonable prices. The Company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age in place. The Company operates 114 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 15,000 residents.

Contact Carey Hendrickson, Chief Financial Officer, at 972-770-5600 for more information.

FinanceInvestment & Company Informationinterest rate Contact:

Capital Senior Living Corporation

Carey Hendrickson, 1-972-770-5600

Chief Financial Officer

[…]

Griffin Announces Closing on Mortgage Loan

NEW YORK, Jan. 5, 2015 (GLOBE NEWSWIRE) — Griffin Land & Nurseries, Inc. (GRIF) (“Griffin”) announced that a subsidiary of its real estate business, Griffin Land, LLC, closed on a $21.6 million nonrecourse mortgage loan (the “Mortgage Loan”) with First Niagara Bank (“First Niagara”). The Mortgage Loan is collateralized by two industrial buildings aggregating approximately 531,000 square feet in the Lehigh Valley of Pennsylvania. These two facilities, developed by Griffin Land on a parcel of undeveloped land acquired in 2010, are the Lehigh Valley Tradeport. One of the Lehigh Valley Tradeport buildings had a nonrecourse mortgage loan with First Niagara with a balance of approximately $8.9 million that was refinanced into the Mortgage Loan. The Mortgage Loan has a variable interest rate, but Griffin Land has entered into an interest rate swap agreement with First Niagara, that combined with an existing interest rate swap agreement, will fix the rate of the Mortgage Loan at 4.43% over the Mortgage Loan’s ten-year term. Payments on the Mortgage Loan are based on a twenty-five year amortization period.

At closing, Griffin Land received cash proceeds (before financing costs) of approximately $10.9 million from the Mortgage Loan. The cash proceeds are net of the current principal of the refinanced loan and $1.85 million to be advanced when, and if, a portion of the vacant space in the more recently developed Lehigh Valley Tradeport building is leased. A five-year lease for approximately 201,000 square feet of the approximately 303,000 square feet in that building was signed in the 2014 fourth quarter. The other Lehigh Valley Tradeport warehouse building is fully leased.

Forward-Looking Statements:

This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These forward looking statements include the statement concerning additional mortgage proceeds to be received when, and if, a portion of the currently vacant space in one of the mortgaged buildings is leased. Although Griffin believes that its plans, intentions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved. The projected information disclosed herein is based on assumptions and estimates that, while considered reasonable by Griffin as of the date hereof, are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, many of which are beyond the control of Griffin and which could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements. Important factors that could affect the outcome of the events set forth in these statements are described in Griffin’s Securities and Exchange Commission filings, including the “Business”, “Risk Factors” and “Forward-Looking Information” sections in Griffin’s Annual Report on Form 10-K for the fiscal year ended November 30, 2013. Griffin disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by law.

View photo.Oil, Gas, & Consumable FuelsFinancemortgage loanFirst NiagaraLehigh Valley Contact: Anthony Galici
Chief Financial Officer
(860) 286-1307
[…]

Reward offered for robber of cash advance store who bound clerk


Home for the holidays, Detroit woman shot to death on Christmas morning

Home for the holidays, Detroit woman shot to death on Christmas morning

Updated: Wednesday, December 31 2014 12:32 AM EST2014-12-31 05:32:29 GMT

A bright young woman with a promising future had her life cut short on Christmas morning on Detroit’s east side. Christina Samuel was sitting in her car when she was killed.

A bright young woman with a promising future had her life cut short on Christmas morning on Detroit’s east side. Christina Samuel was sitting in her car when she was killed.

Former Motown musician wants stolen instruments back

Former Motown musician wants stolen instruments back

Updated: Tuesday, December 30 2014 11:18 PM EST2014-12-31 04:18:23 GMT

A West Bloomfield woman who played on some of Motown’s biggest hits is asking for the public’s help.

A West Bloomfield woman who played on some of Motown’s biggest hits is asking for the public’s help.

Stretch of road renamed for fallen Westland firefighter

Stretch of road renamed for fallen Westland firefighter

Updated: Tuesday, December 30 2014 10:21 PM EST2014-12-31 03:21:56 GMT

A one-mile stretch of Ford Road has been re-named The Brian Woehlke Memorial Highway. And for those who fought fires alongside of him, it’s a good way to keep his memory alive, they said.

A one-mile stretch of Ford Road has been re-named The Brian Woehlke Memorial Highway. And for those who fought fires alongside of him, it’s a good way to keep his memory alive, they said.

Reward offered for robber of cash advance store who bound clerk

Reward offered for robber of cash advance store who bound clerk

Updated: Tuesday, December 30 2014 9:33 PM EST2014-12-31 02:33:25 GMT

Waterford Township police are looking for an armed suspect who robbed an Advance America Cash Advance on Dec. 23.

Waterford Township police are looking for an armed suspect who robbed an Advance America Cash Advance on Dec. 23.

Police look for killer of Inkster boy found shot to death in street

Police look for killer of Inkster boy found shot to death in street

Updated: Tuesday, December 30 2014 8:56 PM EST2014-12-31 01:56:41 GMT

Inkster police are looking for a killer after a 17-year-old boy was gunned down, his body left in the street Monday night.

Inkster police are looking for a killer after a 17-year-old boy was gunned down, his body left in the street Monday night.

Boaters, off-road drivers to face stricter drunk driving laws

Boaters, off-road drivers to face stricter drunk driving laws

Updated: Tuesday, December 30 2014 8:14 PM EST2014-12-31 01:14:18 GMT

Michigan now has stricter drunk driving laws for boaters, snowmobiles and off-road vehicles. Gov. Rick Snyder said that the new legislation will improve public safety but some people are wondering what the real intent of the law is.

Michigan now has stricter drunk driving laws for boaters, snowmobiles and off-road vehicles. Gov. Rick Snyder said that the new legislation will improve public safety but some people are wondering what the real intent of the law is.

Graffiti of angel holding police officer at gunpoint spurs outrage

Graffiti of angel holding police officer at gunpoint spurs outrage

Updated: Tuesday, December 30 2014 7:42 PM EST2014-12-31 00:42:22 GMT

Both police and the director of a youth center in Detroit call a recent graffiti painting “hurtful.”

Both police and the director of a youth center in Detroit call a recent graffiti painting “hurtful.”

Ndamukong Suh wins appeal, will play vs Dallas

Ndamukong Suh wins appeal, will play vs Dallas

Updated: Tuesday, December 30 2014 7:07 PM EST2014-12-31 00:07:24 GMT

The Lions learned Tuesday that defensive tackle Ndamukong Suh will, in fact, play in the wild card game against the Dallas Cowboys.

The Lions learned Tuesday that defensive tackle Ndamukong Suh will, in fact, play in the wild card game against the Dallas Cowboys.

Detroit Weather Authority Forecast: A Chilly End To 2014

Detroit Weather Authority Forecast: A Chilly End To 2014

Updated: Tuesday, December 30 2014 5:55 PM EST2014-12-30 22:55:07 GMT

Weather Authority Rich Luterman: Colder and colder through the New Year.

Weather Authority Rich Luterman: Colder and colder through the New Year.

Warren teacher charged with battery of 67-year-old woman

Warren teacher charged with battery of 67-year-old woman

Updated: Tuesday, December 30 2014 5:39 PM EST2014-12-30 22:39:59 GMT

A Warren Mott High School teacher spent part of her Christmas break in jail after being arrested in the Florida keys.

A Warren Mott High School teacher spent part of her Christmas break in jail after being arrested in the Florida keys.

[…]

Orvana Receives $7.5 Million Additional Cash Payment for Copperwood – Outstanding Short Term Loan Facility Not to be …

TSX:ORV

Dollar amounts are in U.S. dollars unless stated otherwise.

Cash position now $15.9 million Total Debt Position $5.4 million

TORONTO , Dec. 16, 2014 /CNW/– Orvana Minerals Corp. (ORV.TO) (the “Company” or “Orvana”), announced today that it has received the additional $7.5 million cash payment, which includes interest of $0.5 million , from Highland Copper Company Inc. (“Highland”) relating to the sale of the Copperwood Project (“Copperwood”) located in Michigan, U.S.A.

The base purchase price for Copperwood was $20 million . On closing of the sale to Highland on June 17, 2014 , Orvana received a cash payment of $13.0 million and a secured promissory note in the amount of $7.0 million plus interest fully repayable no later than December 15, 2014 .

As previously disclosed, an additional consideration of up to $5.0 million may be paid by Highland in cash or shares of Highland, at Orvana’s option, with $2.5 million payable no later than the fourth anniversary of the closing and $2.5 million payable following commercial production if the copper price reaches certain thresholds.

Furthermore, Orvana announced today that the availability period for its $6.5 million short-term loan facility from Fabulosa Mines Limited ended on December 15 , 2014. The Company has not renewed the facility and has started the process to release the associated security.

With the final base purchase price payment from the Copperwood sale received, Orvana’s current cash position is $15.9 million and its total debt stands at an estimated $5.4 million . The outstanding loans represent various short-term facilities associated with the Don Mario Mine in Bolivia .

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana’s operating assets consist of the producing EVBC gold-copper mines in northern Spain and the producing gold-copper-silver Don Mario Mine in Bolivia . Additional information is available at Orvana’s website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as “believes”, “expects” “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are forward-looking statements.

The forward-looking statements herein relate to, among other things, Orvana’s ability to achieve improvement in free cash flow; the potential to extend the mine life of each of Orvana’s mines beyond the life of mine estimate therefor; Orvana’s ability to optimize its assets to deliver shareholder value; Orvana’s ability to optimize production; the Company’s ability to emerge stronger from the turnaround work executed at EVBC in 2014; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company’s most recently filed Management’s Discussion & Analysis and Annual Information Form in respect of the Company’s most recently completed fiscal year (the “Company Disclosures”), or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the EVBC and Don Mario Mines being consistent with the Company’s current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company’s current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana’s current expectations.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; variations in the costs associated with the suspension of mining at Carlés; the availability of qualified personnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; the Company’s ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company’s ability to continue to operate the EVBC Mines and/or the Don Mario Mine; the Company’s ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company’s ability to obtain financing when required on terms that are acceptable to the Company; the Company’s ability to execute on its strategy; challenges to the Company’s interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in the Company Disclosures under the heading “Risks and Uncertainties”. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company Disclosures for a description of additional risk factors.

Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.

Cautionary Notes to Investors – Reserve and Resource Estimates

In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this news release have been prepared as at September 30, 2014 in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves Definitions and Guidelines” (the “CIM Guidelines”).

Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral Reserve, or is or will ever be economically or legally mineable or recovered.

SOURCE Orvana Minerals Corp.

View photo.FinanceInvestment & Company Information Contact: Michael Winship, President & Chief Executive Officer, (416) 369-1629; Daniella Dimitrov, Chief Financial Officer, (416) 369-1629; Joanne Jobin, Investor Relations Officer, (416) 369-6275, Email: jjobin@orvana.com […]