Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Rentech Secures Additional Loan Commitment of up to $63 Million from Blackstone’s GSO Capital Partners

LOS ANGELES–(BUSINESS WIRE)–

Rentech, Inc. (RTK) announced today that GSO Capital Partners LP (GSO), the credit investment arm of Blackstone, has increased its credit facility for Rentech by up to $63 million. The majority of the proceeds from this new facility are expected to fund completion of Rentech’s Canadian wood pellet projects through positive cash flow. Rentech now estimates the cost to complete the construction of its Canadian wood pellet projects to be $125 to $130 million.

“We appreciate the support GSO Capital Partners continues to provide us, this time in the form of additional term loans,” said Keith Forman, President and CEO of Rentech. “The task at hand remains clear–to complete the construction and commissioning of, and to place into service, our new pellet facilities in Canada. This will be done in as timely and safe a manner as possible to preserve profitability for our investors. At the same time, we will continue our focus on operating our fertilizer assets profitably, safely and efficiently. We will work to simplify our capital structure and add to our liquidity in the future. Our focus on cost containment is an ongoing process and will continue to evolve, as indeed our company will evolve, over the next year.”

GSO Term Loan

The new lending commitment, in the form of a two-tranche delayed draw term loan, will be available for up to one year. One tranche of the term loan allows Rentech to borrow up to $45 million, of which Rentech has initially borrowed $25 million. The company expects the $45 million tranche to fund construction, working capital and other costs of the Atikokan and Wawa pellet projects until they generate positive cash flow. Rentech may utilize the remaining commitment, of up to $18 million, in the event of certain unplanned downtime at the East Dubuque facility, or unfavorable changes in commodity prices that affect cash distributions from Rentech Nitrogen Partners.

The term loans mature on April 9, 2019. The loans are secured by, among other things, a fixed number of units of Rentech Nitrogen owned by Rentech as well as certain other assets of Rentech and its subsidiaries. The new loan has an interest rate of LIBOR plus 900 basis points per annum, with a LIBOR floor of 1.00%. Rentech also increased the collateral securing its obligations under the preferred stock holders’ existing put option right agreements. Additional details about the terms of the financing will be provided in a Form 8-K that Rentech will file with the Securities and Exchange Commission.

Canadian Wood Pellet Projects Update

Rentech expects that the new term loan, together with its other cash resources, will be sufficient to fund its Atikokan and Wawa pellet projects until they have been commissioned and begin to generate positive cash flow. Rentech currently estimates that the cost to acquire and construct the two plants will be $125 to $130 million, up from $105 million. The majority of the increase is due to delays in construction and higher labor costs for installation of electrical and mechanical components. Rentech expects that working capital and the cost to commission the plants will add approximately $6 to $10 million to the estimated total project cost. Rentech does not expect the plants to generate positive EBITDA or cash flow for the year 2015. Annual stabilized EBITDA projected for both plants remains in line with previous guidance of C$17 to C$20 million.

The Atikokan facility is currently in the commissioning phase and is producing and selling pellets to Ontario Power Generation. Rentech expects the Atikokan facility to be operating at full capacity in six to 12 months.

The Wawa facility is nearing completion of construction. Rentech expects the facility to begin startup and commissioning in the second quarter of 2015 and to operate at full capacity within one year from the start of commissioning.

Expense Reduction Plan

Under the supervision of the Finance Committee, the company engaged an independent consulting firm to assess its cost structure. The company has taken actions to reduce its projected consolidated cash operating costs and expenses in 2015 by approximately $15 million compared to 2014. Cash selling, general and administrative (SG&A) expenses in 2015 for Rentech (excluding Rentech Nitrogen) are expected to be approximately $10 million lower than in 2014, which includes cost savings due to discontinuing energy technologies. Rentech Nitrogen expects 2015 cash operating costs and expenses to be approximately $5 million lower than in 2014, due to, among other things, cost savings from the restructuring of the Pasadena facility. The projection for 2015 reflects $3 million of nonrecurring SG&A expense due to the delayed startup of the Atikokan and Wawa plants. Rentech expects to further discuss its outlook for 2015 on March 17 when it reports results for 2014.

About Rentech, Inc.

Rentech, Inc. (RTK) owns and operates wood fibre processing, wood pellet production and nitrogen fertilizer manufacturing businesses. Rentech offers a full range of integrated wood fibre services for commercial and industrial customers around the world, including wood chipping services, operations, marketing, trading and vessel loading, through its subsidiary, Fulghum Fibres. The Company’s New England Wood Pellet subsidiary is a leading producer of bagged wood pellets for the U.S. heating market. Rentech manufactures and sells nitrogen fertilizer through its publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (RNF). Please visit www.rentechinc.com and www.rentechnitrogen.com for more information.

Forward Looking Statements

This news release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as: the estimated cost of acquiring and constructing the Atikokan and Wawa plants; working capital and startup costs of the two plants; cash flow and EBITDA projections for the plants; timelines associated with various phases of the plants, including operating at full capacity; and anticipated cost savings in 2015. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in Rentech’s press releases and periodic reports filed with the Securities and Exchange Commission, which are available via Rentech’s website at www.rentechinc.com. The forward-looking statements in this news release are made as of the date of this release and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.

ConglomeratesFinanceRentech Contact: Rentech, Inc.

Julie Dawoodjee Cafarella

Vice president of Investor Relations and Communications

310-571-9800

ir@rentk.com […]

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

WEST HARTFORD, Conn.–(BUSINESS WIRE)–

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

About Colt Defense LLC

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

Cautionary Statement Regarding Forward-Looking Statements

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

FinanceInvestment & Company InformationSamuel Colt Contact:

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

[…]

Cash America Announces New Share Repurchase Authorization for up to 4 Million Shares

FORT WORTH, Texas–(BUSINESS WIRE)–

Cash America International, Inc. (CSH) announced today that its board of directors, at its regularly scheduled meeting, authorized the repurchase of up to 4.0 million shares of the Company’s outstanding common stock, par value $0.10 per share. The share repurchase authorization does not have an expiration date, and the amount and prices paid for any future share purchases under the new authorization will be based on market conditions and other factors at the time of the purchase. Repurchases under the share repurchase program will be made through open market purchases or private transactions, in accordance with applicable federal securities laws. This new authorization cancels and replaces a previous authorization to purchase up to 2.5 million shares of common stock, under which approximately 41% of the authorized shares had been repurchased as of December 31, 2014.

Repurchased shares will be held as treasury stock for general corporate purposes. As of December 31, 2014, there were approximately 29 million shares of Cash America common stock issued and outstanding; therefore, the new authorization represents approximately 14% of the currently issued and outstanding shares of common stock.

In a separate release today, the Company also announced that its board of directors increased the quarterly cash dividend to 5 cents per share from 3.5 cents per share. The dividend will be payable on February 25, 2015 to shareholders of record on February 11, 2015. See the separate press release for additional details.

About the Company

As of December 31, 2014 Cash America International, Inc. (the “Company”) operated 943 total locations offering specialty financial services to consumers, which included the following:

859 lending locations in 21 states in the United States primarily under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday Advance,” and “Cashland;” and 84 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 12 states in the United States under the name “Mr. Payroll.”

For additional information regarding Cash America International, Inc. visit its website located at www.cashamerica.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward-looking statements about the business, financial condition, operations and prospects of the Company. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation: the effect of, compliance with or changes in domestic pawn, consumer credit, tax and other laws and governmental rules and regulations applicable to the Company’s business or changes in the interpretation or enforcement thereof; the regulatory and examination authority of the Consumer Financial Protection Bureau, including the effect of and compliance with a consent order the Company entered into with the Consumer Financial Protection Bureau in November 2013; risks related to the separation of the Company and Enova International, Inc.; a claim relating to the terms of the Company’s 5.75% senior notes; the actions of third parties who provide, acquire or offer products and services to, from or for the Company; public and regulatory perception of the Company’s business, including its consumer loan business and its business practices; the effect of any current or future litigation proceedings or any judicial decisions or rule-making that affect the Company, its products or its arbitration agreements; fluctuations, including a sustained decrease, in the price of gold or deterioration in economic conditions; a prolonged interruption in the Company’s operations of its facilities, systems and business functions, including its information technology and other business systems; changes in demand for the Company’s services and changes in competition; impairment risk related to the Company’s goodwill and intangible assets; the Company’s ability to attract and retain qualified executive officers; the ability of the Company to open new locations in accordance with its plans or to successfully integrate newly acquired businesses into the Company’s operations; interest rate fluctuations; changes in the capital markets, including the debt and equity markets; changes in the Company’s ability to satisfy its debt obligations or to refinance existing debt obligations or obtain new capital to finance growth; security breaches, cyber-attacks or fraudulent activity; acts of God, war or terrorism, pandemics and other events; the effect of any of such changes on the Company’s business or the markets in which it operates; and other risks and uncertainties indicated in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this release.

FinanceInvestment & Company Information Contact:

Cash America International, Inc.
Thomas A. Bessant, Jr., 817-335-1100

[…]

HFF, Inc. Declares Special Cash Dividend for Shareholders of Record as of February 2, 2015

PITTSBURGH–(BUSINESS WIRE)–

HFF, Inc. (NYSE:HF or the Company) announced today that its Board of Directors has declared a special cash dividend of $1.80 per Common Share, payable February 13, 2015 to shareholders of record on February 2, 2015. The aggregate dividend payment will total approximately $67.8 million based on the number of shares of Class A Common Stock currently outstanding. This follows special cash dividends paid in December 2012 and February 2014 of $1.52 per share and $1.83 per share, or approximately $56.3 million and $68.2 million, respectively. When paid in February 2015, the combined special cash dividends paid by the Company since December 2012 will total approximately $192.3 million.

Business Comments

“Due to the extraordinary effort expended by the entire HFF Team during 2014 and the strong cash position resulting from such passion and dedication in satisfying our customers’ capital markets objectives, we are pleased to announce our Board of Directors has declared its third special cash dividend in the amount of $1.80 per Class A Common Share,” said Mark D. Gibson, the Company’s chief executive officer.

“As we have continually communicated to our shareholders and the market, we believe in three guiding principles relative to managing our cash position and returning capital to our shareholders. These three guiding principles are to 1) maintain sufficient working capital to operate the HFF platform commensurate with a ‘best in class’ real estate capital markets service firm, 2) maintain sufficient cash reserves to not only survive a downturn such as during 2008 and 2009, but also to thrive in such a downturn given the significant opportunities for growth generally afforded well-capitalized firms in difficult times, and 3) maintain sufficient cash reserves to grow our business pursuant to our strategic initiatives and to take advantage of unexpected opportunities as they arise. We have clearly demonstrated our commitment to returning capital to shareholders once we have satisfied our three guiding principles, as evidenced by the payment of $192.3 million to our shareholders through the three special dividends since December 2012,” said Mr. Gibson.

“As we stated in previous releases, if, in the future, we find ourselves in a similar position and can fully satisfy the three guiding principles outlined above, it would be our current intention to recommend to our Board of Directors to return capital to our shareholders in some amount depending on the competitive position of the Company and other strategic options that might be available to the Company, as well as the macro and micro economic conditions and the legal and regulatory environment at that time. Therefore, it is important to note that future special dividends, if declared, may vary in timing and amount as it relates to previous dividend payments,” said Mr. Gibson.

About HFF, Inc.

Through its subsidiaries, Holliday Fenoglio Fowler, L.P. and HFF Securities L.P., the Company operates out of 23 offices nationwide and is one of the leading providers of commercial real estate and capital markets services, by transaction volume, to the U.S. commercial real estate industry. The Company offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales and commercial loan servicing.

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar expressions constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: (1) general economic conditions and commercial real estate market conditions, including the recent conditions in the global markets and, in particular, the U.S. debt markets; (2) the Company’s ability to retain and attract transaction professionals; (3) the Company’s ability to retain its business philosophy and partnership culture; (4) competitive pressures; (5) the Company’s ability to integrate and sustain its growth; and (6) other factors discussed in the Company’s public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K.

Additional information concerning factors that may influence HFF, Inc.’s financial information is discussed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in the Company’s most recent Annual Report on Form 10-K, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission. Such information and filings are available publicly and may be obtained from the Company’s web site at www.hfflp.com or upon request from the HFF, Inc. Investor Relations Department at investorrelations@hfflp.com.

HFF, Inc. Contact:

HFF, Inc.

Mark D. Gibson,

214-265-0880

Chief Executive Officer

mgibson@hfflp.com

or

Gregory R. Conley,

412-281-8714

Chief Financial Officer

gconley@hfflp.com

or

Myra F. Moren,

713-852-3500

Director, Investor Relations

mmoren@hfflp.com […]

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
[…]

Federal Home Loan Bank Of New York Declares A 4.05% Dividend For The Third Quarter Of 2014

NEW YORK, Nov. 20, 2014 /PRNewswire-USNewswire/ — The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that, on November 20, 2014, its Board of Directors (“Board”) approved a dividend for the third quarter of 2014 of 4.05% (annualized). The dollar amount of the third quarter of 2014 dividend will be approximately $57.3 million. The cash dividend will be distributed to member financial institutions on November 21, 2014.

“Our consistently strong performance over the first nine months of 2014 has positioned the Federal Home Loan Bank of New York to be able to provide our members with a reasonable dividend in each of the first three quarters of the year,” said José R. González, president and CEO of the FHLBNY. “This consistency reflects the stability of our cooperative, which remains a reliable and trusted partner for our region’s local lenders.”

The dividend reflects the FHLBNY’s low-risk profile and conservative business strategy, and is also reflective of the continuation of a low interest rate environment. The payout represents approximately 84 percent of available GAAP net income for the quarter (after setting aside restricted retained earnings); the remainder of net income will be put towards unrestricted retained earnings. After payment of the third quarter of 2014 dividend, the FHLBNY’s level of unrestricted retained earnings will be approximately $800.8 million as of September 30, 2014. The FHLBNY’s level of restricted retained earnings as of the same date was $204.7 million. The FHLBNY will continue to maintain total retained earnings at levels calibrated to help ensure future regulatory compliance and provide additional protection for the capital investment of its stockholders.

The FHLBNY filed its Form 10-Q for the third quarter of 2014 with the U.S. Securities and Exchange Commission on November 7, 2014.

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves more than 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Eric Amig
(212) 441-6807
Brian Finnegan
(212) 441-6877

SOURCE Federal Home Loan Bank of New York

[…]

Southside Bancshares, Inc. Declares Cash Dividend

TYLER, Texas, Nov. 6, 2014 (GLOBE NEWSWIRE) — The Board of Directors of Southside Bancshares, Inc., (SBSI), parent company of Southside Bank, declared a regular quarterly cash dividend of $0.22 per common share. In a separate action the Board declared a special cash dividend for 2014 of $0.10 per common share in addition to declaring a regular quarterly cash dividend of $0.22 per common share. The cash dividend is payable to common stock shareholders of record November 20, 2014. The cash dividend is scheduled for payment on December 4, 2014.

“The special dividend is reflective of another successful year for Southside,” stated Sam Dawson, President and Chief Executive Officer. We believe the acquisition of OmniAmerican, when completed, combined with our strong loan growth and solid financial results this year, provide a strong foundation for 2015.

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company with approximately $3.4 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 50 banking centers in Texas and operates a network of 48 ATMs.

To learn more about Southside Bancshares, Inc., please visit our investor relations website at www.southside.com/investor. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Susan Hill at (903)531-7220, or susan.hill@southside.com.

Forward-Looking Statements

Certain statements of other than historical fact that are contained in this document and in other written material, press releases and oral statements issued by or on behalf of the Company, a bank holding company, may be considered to be “forward-looking statements” within the meaning of and subject to the protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “likely,” “intend,” “probability,” “risk,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, discussions about trends in asset quality, capital, liquidity, the pace of loan growth, earnings and certain market risk disclosures, including the impact of interest rate and other economic uncertainty, are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual income gains and losses could materially differ from those that have been estimated. In addition, with respect to the pending acquisition of OmniAmerican Bancorp, including future financial and operating results, Southside’s and OmniAmerican’s plans, objectives, expectations and intentions, the expected timing of completion of the merger and other statements are not historical facts. Among the key factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the following: (i) the risk that a regulatory approval that may be required for the proposed mergers is not obtained or is obtained subject to conditions that are not anticipated; (ii) the risk that a condition to the closing of the mergers may not be satisfied; (iii) the timing to consummate the proposed merger; (iv) the risk that the businesses will not be integrated successfully; (v) the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; (vi) disruption from the transaction making it more difficult to maintain relationships with customers, employees or vendors; (vii) the diversion of management time on merger-related issues; and (viii) liquidity risk affecting Southside’s and OmniAmerican’s abilities to meet its obligations when they come due.

Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 under “Forward-Looking Information” and Item 1A. “Risk Factors,” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Additional Information About the Proposed Merger and Where to Find It

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed merger between Southside and OmniAmerican, on September 5, 2014, Southside filed with the SEC a joint proxy statement/prospectus of Southside and OmniAmerican which also constitutes a definitive prospectus for Southside. Southside and OmniAmerican delivered the definitive joint proxy statement/prospectus to their respective shareholders or stockholders on or about September 11, 2014. On September 16, 2014, each of Southside and OmniAmerican filed a Current Report on Form 8-K, which also constitutes additional definitive proxy statement materials for OmniAmerican and a definitive prospectus for Southside, that contained supplemental proxy statement materials. SOUTHSIDE AND OMNIAMERICAN URGE INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders may obtain (when available) copies of all documents filed with the SEC regarding the merger, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from (i) Southside’s website (www.southside.com) under the tab “Investor Relations,” and then under the tab “Documents”; (ii) Southside upon written request to Corporate Secretary, P.O. Box 8444, Tyler, Texas 75711; (iii) OmniAmerican’s website (www.omniamerican.com) under the tab “Investor Relations,” and then under the tab “SEC Filings”; or (iv) OmniAmerican upon written request to Keishi High at 1320 South University Drive, Suite 900, Fort Worth, Texas 76107.

Mergers, Acquisitions & TakeoversFinance Contact:

For further information:
Lee R. Gibson
903 531-7221

[…]

Federal Home Loan Bank of Seattle Announces Third Quarter 2014 Unaudited Preliminary Financial Highlights

SEATTLE–(BUSINESS WIRE)–

Today, the Federal Home Loan Bank of Seattle (Seattle Bank) announced preliminary financial highlights for the three and nine months ended September 30, 2014, reporting $15.3 million and $40.8 million of net income, compared to $21.2 million and $47.6 million for the same periods in 2013, and an increase in its retained earnings balance to $327.2 million as of September 30, 2014, from $287.1 million as of December 31, 2013.

Based on the bank’s third quarter 2014 financial results, the Seattle Bank’s Board of Directors declared a $0.025 per share cash dividend, to be paid on October 31, 2014. Dividends will be paid based on average Class A and Class B stock outstanding during third quarter 2014. In addition, the bank announced that it will repurchase up to $100 million of excess capital stock during fourth quarter 2014. The Seattle Bank repurchased $98.5 million and $296.9 million of excess capital stock during the three and nine months ended September 30, 2014.

“We’re pleased that the Seattle Bank has remained profitable and that it continues to grow its retained earnings, which is its principal form of loss-absorbing capital,” stated Seattle Bank President and CEO Michael L. Wilson. “But advance demand remains tepid, and as a consequence, the bank continues to rely primarily on investments to drive its net income. This is one of the reasons that the proposed merger with the Federal Home Loan Bank of Des Moines is a strategically attractive option for our members.”

Key features of the Seattle Bank’s operating results for the three and nine months ended September 30, 2014, included:

Higher net interest income. Net interest income after provision (benefit) for credit losses for the three and nine months ended September 30, 2014, increased to $40.5 million and $105.4 million, from $36.4 million and $105.1 million for the same periods in 2013, primarily due to increased interest income on investments and lower cost of funding partially offset by lower interest income on mortgage loans held for portfolio and advances. The changes in interest income on investments and advances were primarily yield driven. Additionally, lower prepayment fees on advances contributed to a decrease in interest income. The change in interest income on mortgage loans held for portfolio was primarily driven by the continued decline in the average balances outstanding during the three- and nine-month periods ended September 30, 2014, as the remaining mortgage loans in the portfolio continued to pay down. Lower non-interest income (loss). Non-interest income (loss) decreased $5.1 million and $3.0 million for the three and nine months ended September 30, 2014, compared to previous periods. Non-interest income (loss) was negatively impacted by higher credit-related losses on other-than-temporarily impaired private-label mortgage-backed securities and lower gains on derivative and hedging activities and early debt extinguishments during the three and nine months ended September 30, 2014, compared to the previous periods. Higher other non-interest expense. The Seattle Bank’s other non-interest expense increased $5.5 million and $4.8 million for the three and nine months ended September 30, 2014, compared to the same periods in 2013, due to an increase in compensation and benefits and other operating expenses. Included in operating expenses for the three months ended September 30, 2014, is $3.3 million of merger-related costs. The increase on a year-to-date basis was partially offset by the impact of a one-time $4.0 million write-off of software during the second quarter of 2013 without similar activity in 2014.

Other Financial Information

Total assets decreased to $35.0 billion as of September 30, 2014, from $35.9 billion as of December 31, 2013. Advances outstanding decreased to $10.2 billion as of September 30, 2014, from $10.9 billion as of December 31, 2013, primarily due to the maturity of advances with Bank of America, N.A., in the first quarter of 2014, partially offset by an increase in advances in the second and third quarters of 2014. Mandatorily redeemable capital stock decreased by $204.2 million as of September 30, 2014, compared to December 31, 2013, primarily due to the Seattle Bank’s repurchases of excess capital stock during the first three quarters of 2014, partially offset by a redemption request resulting from a merger between two members. Accumulated other comprehensive income (loss) improved to a gain of $23.7 million as of September 30, 2014, from a loss of $71.8 million as of December 31, 2013, primarily due to improvements in the market values of the bank’s available-for-sale securities including those previously determined to be other-than-temporarily impaired. Total capital increased to $1.2 billion as of September 30, 2014, from $1.1 billion as of December 31, 2013. The Seattle Bank paid cash dividends (including interest on mandatorily redeemable capital stock) totaling $644,000 and $2.0 million during the three and nine months ended September 30, 2014. During the three months ended September 30, 2013, the Seattle Bank paid cash dividends of $683,000. No cash dividends were paid during the first half of 2013.

Unaudited Selected Financial Data ($ in thousands)

Selected Statements of Condition Data As of September 30, 2014 As of December 31, 2013 Advances $ 10,225,898 $ 10,935,294 Investments (1) 22,944,890 22,545,976 Mortgage loans held for portfolio, net 684,935 797,620 Total assets 35,017,001 35,870,314 Consolidated obligations 31,551,587 32,402,896 Mandatorily redeemable capital stock 1,543,500 1,747,690 Total capital stock 858,843 922,977 Retained earnings 327,153 287,090 Accumulated other comprehensive income (loss) 23,668 (71,768 ) Total capital (2) 1,209,664 1,138,299 For the Three Months Ended For the Nine Months Ended September 30, September 30, Selected Statements of Income Data 2014 2013 2014 2013 Net interest income $ 40,219 $ 35,393 $ 105,486 $ 104,052 Provision (benefit) for credit losses (273 ) (989 ) 84 (1,018 ) Net interest income after provision (benefit) for credit losses 40,492 36,382 105,402 105,070 Non-interest income (loss): Other-than-temporary impairment credit loss (1,556 ) (1,495 ) (3,185 ) (1,837 ) Derivatives and hedging activities 175 2,720 2,584 2,730 Other non-interest income (loss) (3) 435 2,879 1,751 3,217 Other non-interest expense 22,474 16,935 61,126 56,293 Total assessments 1,749 2,400 4,672 5,334 Net income $ 15,323 $ 21,151 $ 40,754 $ 47,553 Selected Performance Measures As of September 30, 2014 As of December 31, 2013 Regulatory capital (4) $ 2,729,496 $ 2,957,757 Risk-based capital surplus (5) $ 1,383,650 $ 1,483,070 Regulatory capital-to-assets ratio 7.79 % 8.25 % Leverage capital-to-assets ratio 11.56 % 12.21 % Market value of equity (MVE) to par value of capital stock (PVCS) ratio 114.36 % 107.67 % Return on PVCS vs. one-month London Interbank Offered Rate (LIBOR) (6): Return on PVCS 2.12 % 2.26 % Average annual one-month LIBOR 0.15 % 0.19 % Core mission activity (CMA) assets to consolidated obligations (7) 41.10 % 41.51 % (1) Consists of securities purchased under agreements to resell, federal funds sold, available-for-sale securities, and held-to-maturity securities. (2) Excludes mandatorily redeemable capital stock, which totaled $1.5 billion and $1.7 billion as of September 30, 2014 and December 31, 2013. (3) Depending upon activity within the period, may include the following: gain (loss) on sale of available-for-sale or held-to-maturity securities, gain (loss) on financial instruments held under fair value option, gain (loss) on early extinguishments of consolidated obligations, service fees, and other non-interest income. (4) Includes total capital stock, retained earnings, and mandatorily redeemable capital stock. (5) Defined as the excess of the bank’s permanent capital (which consists of Class B capital stock, including Class B capital stock classified as mandatorily redeemable, and retained earnings) over its risk-based capital requirement. (6) Return on PVCS is computed as year-to-date net income divided by year-to-date average PVCS, annualized. Average annual one-month LIBOR is the year-to-date average one-month LIBOR. (7) Defined as advances, acquired member assets (such as mortgage loans), and certain housing finance agency obligations as a percentage of consolidated obligations.

The Seattle Bank expects to file its third quarter 2014 quarterly report on Form 10-Q with the Securities and Exchange Commission (SEC) on or around November 6, 2014.

Proposed Merger with the Des Moines Bank

On September 25, 2014, the Seattle Bank and the Federal Home Loan Bank of Des Moines (Des Moines Bank) entered into a definitive agreement to merge the two banks. Material details of the merger agreement are included in the banks’ related Form 8-K filings with the SEC. The next step in the process is for the banks to submit a merger application to the Federal Housing Finance Agency (FHFA). Following regulatory approval of the merger application, the Seattle and Des Moines Banks’ members will receive detailed information about the proposed merger. The proposed merger must be ratified by the members of both banks through a voting process that is expected to occur in the first half of 2015.

Consent Arrangement

The Seattle Bank continues to address the requirements of the Consent Order issued by the FHFA, effective November 22, 2013 (collectively, with related understandings with the FHFA, the Amended Consent Arrangement), which superseded the previous Consent Order and related understandings put in place in October 2010 (2010 Consent Arrangement). In addition to continued compliance with the terms of the plans and policies adopted and implemented to address the 2010 Consent Arrangement, the Amended Consent Arrangement requires development and implementation of a plan acceptable to the FHFA to increase advances and other CMA assets as a percentage of the bank’s consolidated obligations, Board of Directors’ monitoring for compliance with the terms of such plans and policies, and continued non-objection from the FHFA prior to repurchasing or redeeming any excess capital stock or paying dividends on the bank’s capital stock. With FHFA non-objection, the Seattle Bank has repurchased up to $25 million of excess capital stock on a quarterly basis since the third quarter of 2012 and paid modest quarterly dividends to its shareholders based on the bank’s quarterly net income since July 2013. In addition to the three quarterly repurchases of up to $25 million of excess capital stock, with FHFA non-objection, during the first nine months of 2014, the Seattle Bank redeemed an additional $224.6 million of excess capital stock on which the redemption waiting periods had been satisfied. The FHFA reviews the bank’s requests to repurchase and pay dividends on its capital stock on a quarterly basis.

About the Seattle Bank

The Seattle Bank is a financial cooperative that provides liquidity, funding, and services to enhance the success of its members and support the availability of affordable homes and economic development in the communities they serve. The Seattle Bank’s funding and financial services enable our member institutions to provide their customers with greater access to mortgages, commercial loans, and funding for affordable housing and economic development.

The Seattle Bank is one of 12 Federal Home Loan Banks in the United States. The Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, and Wyoming, the U.S. territories of American Samoa and Guam, and the Commonwealth of the Northern Mariana Islands. Members include commercial banks, credit unions, thrifts, industrial loan corporations, insurance companies, and non-depository community development financial institutions.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including preliminary highlights of financial statements and information as of and for the three and nine months ended September 30, 2014, and information regarding a potential merger with the Des Moines Bank. Forward-looking statements are subject to known and unknown risks and uncertainties. Actual financial performance and condition for the three and nine months ended September 30, 2014, and other actions or transactions, including those relating to the ability of the Seattle Bank and the Des Moines Bank to obtain FHFA and member approvals relating to the proposed merger, the completion of the proposed merger, and the Amended Consent Arrangement and payments of dividends and repurchases of shares, may differ materially from those expected or implied in forward-looking statements because of many factors. Such factors may include, but are not limited to, finalization of the financial statements, regulatory and legislative actions and approvals (including those of the FHFA relating to the stock repurchases, dividends and the proposed merger), the ability to obtain the required approvals from the banks’ members relating to the proposed merger, the ability of the parties to complete a transaction pursuant to the terms of the merger agreement, changes in general economic and market conditions (including effects on, among other things, U.S. debt obligations and mortgage-related securities), demand for advances, changes in the bank’s membership profile or the withdrawal of one or more large members, shifts in demand for the bank’s products and consolidated obligations, business and capital plan and policy adjustments and amendments, competitive pressure from other Federal Home Loan Banks and alternative funding sources, the Seattle Bank’s ability to meet adequate capital levels, accounting adjustments or requirements (including changes in assumptions and estimates used in the bank’s financial models), interest-rate volatility, changes in projected business volumes, the bank’s ability to appropriately manage its cost of funds, changes in the bank’s management and Board of Directors, and hedging and asset-liability management activities. Additional factors are discussed in the Seattle Bank’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission. The Seattle Bank does not undertake to update any forward-looking statements made in this announcement.

Members of the Seattle Bank will be provided a Disclosure Statement in connection with the anticipated member vote on the ratification of the merger agreement. Members are urged to read the Disclosure Statement carefully when it becomes available.

FinanceInvestment & Company Informationinterest incomeSeattle Contact:

Federal Home Loan Bank of Seattle

Connie Waks, 206-340-2305

cwaks@fhlbsea.com […]

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

[…]

Cairn stock falls 6.6% over $1.25-bn loan to parent

Thumbnail

advocates and analysts have slammed , an group company, for extending a loan of $1.25 billion to , another group company, at generous terms, instead of using the cash for development of its operations.

Cairn India’s stock on Thursday fell 6.5 per cent to Rs 322 a share, losing Rs 4,400 crore of market value, as angry investors gave a sell order on the company’s shares. Cairn had indicated after its June quarter results on Wednesday that the two-year facility to the foreign Sesa subsidiary will yield better returns than its fixed deposits. This was the first time the company made this disclosure.

But investors are not buying the argument. “Although Cairn’s management believes the interest rate earned is more than that received from its fixed deposits in the US currency, we believe it is negative for all shareholders of Cairn India, as the corporate loan of Libor plus three per cent rate of interest is too cheap, and hampers overall capital allocation of Cairn,” says Motilal Oswal Securities Analyst Nitish Rathi.

Of the loan, Cairn has already disbursed $800 million so far and plans to disburse the rest in the next few weeks. The company had cash and cash equivalents of $4 billion on its book as of June this year.

Corporate governance advocates say Cairn did not make disclosures to small investors about such a large related-party transaction; this itself was a violation of Sebi norms and warranted an investigation. “This is in complete disregard of the disclosure norms. Of the loan, almost $800 million has already been disbursed. And the company chose to do it before October 1 when, according to the new company law, a majority of small shareholders need to clear such related-party transactions,” says Shriram Subramanian, Founder of InGovern Research Services.

Analysts say the company has taken the necessary approvals for extending this facility from the Board and Audit Committee, in which the related parties were not allowed to vote. However, the related-party loan facility is worrying in the light of large debt levels of Sesa Sterlite, they say. Sesa Sterlite’s consolidated debt stood at Rs 80,000 crore as of March this year after London-based

transferred its stake in Cairn and its debt to the Indian company.

“The management ruled out the option of returning surplus cash to shareholders in the form of higher dividends, as the company might require the given amount for capex on development of new discoveries from 2016-17 onwards, by which time the loan will be repaid to the company,” write Kotak Securities analysts Tarun Lokhotia, Sanjiv Prasad and Vinay Kumar in a note. “We see the related-party loan facility to a subsidiary of Sesa Sterlite as a significant negative, as it warrants concern on effective utilisation of existing cash/equivalents and future cash flows of the company, notwithstanding the near-term economic rationale indicated by the management,” they write.

Cairn India reported a 65 per cent year-on-year decline in its consolidated net profit for the April-June 2014 quarter, owing to a change in depreciation procedures. The net profit was also below Street consensus estimates of Rs 2,538 crore, but revenues were mostly in line with market expectations. The bottom line also took a hit, with a 38.5 per cent year-on-year jump in regular depreciation and amortisation and nearly two-and-a-half times jump in exploration cost in the first quarter.

[…]