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Junk-Loan Volume Plunges as Yields Rise: Credit Markets

Leveraged loan issuance plummeted in the U.S. this month as investors punished borrowers in an increasingly volatile market for high-yield, high-risk debt.

Borrowers including TransFirst Inc. and Norwegian Cruise Line Holdings Ltd. have sold $6.5 billion of U.S leveraged loans to institutional investors in what’s poised to be the slowest November since 2008, according to data compiled by Bloomberg. Volume was almost $30 billion in October. Fewer deals are getting done after loan prices plunged more than 3 percent last month from a July peak and yields rose to 6.2 percent, the highest in more than two years.

“I’m not expecting an explosion of deal flow,” John Fraser, managing partner at the U.S. debt arm of London private equity firm 3i Group Plc, said in a phone interview on Nov. 21. “A lot of borrowers have already done what they were trying to do,” said Fraser, whose unit oversees $4.2 billion in assets.

The drop-off in issuance comes as regulators scrutinize Wall Street’s lending practices and demand for the speculative-grade debt fades. Leveraged loans are typically issued by companies that have ratings of less than Baa3 by Moody’s Investors Service and below BBB- by Standard & Poor’s.

‘Still Suffering’

The loans have returned 2.4 percent this year, down from 4.6 percent in the similar period of 2013 and underperforming 4.1 percent gains from U.S. junk bonds, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 and Bank of America Merrill Lynch indexes.

Banks have arranged $473 billion of U.S. institutional loans this year, compared with a record of about $700 billion in all of 2013, according to data compiled by Bloomberg.

“The loan market is still suffering from cash flowing out from mutual funds,” said Peter Toal, Barclays Plc’s New York-based head of global leveraged finance syndicate.

Investors have pulled a net $15.5 billion from U.S. mutual funds and exchange-traded funds that buy leveraged loans this year, according to Lipper, the data provider owned by Thomson Reuters Corp. In April, they snapped 95 straight weeks of inflows that included a record $62.9 billion of deposits last year.

Receding Demand

Demand began receding about seven months ago, kicking off the biggest flight from the debt since 2008 as investors abandoned expectations that interest rates would rise as a result of the Federal Reserve tightening its monetary policy. Payments collected from loans are usually tied to floating benchmark rates, unlike bonds, which typically offer fixed coupons.

The reversal shifted the power into the hands of investors asking for more favorable terms, including increased yields by selling the loans at discounts.

“Almost no matter what you show them, they are rolling up their sleeves and saying ‘What else do I want?’” said Kevin Lockhart, co-head of global leveraged finance at Jefferies Group LLC in New York. “That is different from the first half of this year, when investors were essentially forced to accept terms they did not necessarily like.”

Regulators shifted to a deal-by-deal review of the debt in recent months, showing new urgency in avoiding the kind of risky lending that was blamed for igniting the financial crisis, people with knowledge of the matter said in September.

European Issuance

Leveraged loan issuance in Europe fell to 2.1 billion euros ($2.6 billion) this month, the lowest for any period in almost four years, according to data compiled by Bloomberg. That compares with a seven-year high of 19.7 billion euros in June, the data show.

“The high levels of market volatility had an impact across the market,” according to Dagmar Kent-Kershaw, the London-based head of credit fund management at Intermediate Capital Group Plc. “It feels now as if there’s an early close down for 2014.”

JPMorgan Chase & Co. last week increased the discount on a loan backing Tibco Software Inc.’s more than $4 billion buyout by Vista Equity Partners to 95 cents on the dollar after failing to attract investors at 98.5 cents to 99 cents, according to a person with knowledge of the deal.

Jefferies helped arrange the software maker’s loan, which was increased by $20 million to $1.67 billion, and will pay interest at 5.5 percentage points more than the London interbank offered rate, 1 percentage point higher than originally proposed.

‘Just Acquisitions’

Tibco is graded B3 by Moody’s. That’s the lowest level of a category the ratings company considers to be “high credit risk” and “speculative.” S&P gives it an equivalent B-.

Generally, “spreads are still wide given fundamentals,” Leland Hart, the head of loans at BlackRock Inc. in New York, said in a telephone interview. The trailing 12-month global speculative-grade default rate was 2.3 percent in October, remaining below the historical average of 4.7 percent, according to Moody’s.

“It’s just acquisitions that need to get done that are coming to the market today,” said Lockhart. ‘We’re not seeing opportunistic financings, so you’re seeing things driven by the M&A calendar.’’

Jefferies, the top arranger this month of U.S. institutional loans, is leading $1.8 billion of bank debt for private-equity firm Thoma Bravo LLC’s $2.5 billion buyout of Detroit-based software provider Compuware Corp., according to data compiled by Bloomberg.

Below Par

Jefferies also arranged $1 billion of loans for Vista Equity Partners’ takeover of Happauge, New York-based TransFirst this month, while Norwegian Cruise Line of Miami turned to Barclays to help arrange a $350 million term loan backing its acquisition of Prestige Cruises International Inc., Bloomberg data show.

With loans trading below par after market volatility last month, investors are being more selective partly because they don’t have to rely on new deals for bargains.

Loan prices averaged 97.2 cents on the dollar yesterday, after plunging mid-October to an almost two-year year low of 95.7 cents, according to the S&P/LSTA U.S. Leveraged Loan 100 index. Prices are still down from this year’s peak of 99.1 cents in July.

“There is no specific new issue I need to buy because there are so many opportunities in the secondary market,” BlackRock’s Hart said.

While Jefferies is looking at a lot of potential financings for acquisitions that have yet to be announced, the firm doesn’t expect to bring those deals to market next month, according to Lockhart.

“I don’t think you’re going to see a very busy December,” he said. “Most people are looking right now to January.”

To contact the reporter on this story: Christine Idzelis in New York at cidzelis@bloomberg.net

To contact the editors responsible for this story: Shannon D. Harrington at sharrington6@bloomberg.net Mitchell Martin

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[…]

Most Orlando luxury estate buyers come with cash in hand

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The buyer who purchased Dwight Howard‘s estate in Seminole County last month wasn’t the Orlando market’s only luxury seeker to come with cash in hand.

The NBA star had three cash offers on his lakefront mansion, which sold last month for $3.4 million — $1.5 million less than the asking price.

Of the 20 Metro Orlando homes that sold for $2 million or more during the second quarter, 12 of them, or 60 percent, went for cash, according to a new study by the real estate research firm RealtyTrac. Nationally, 45 percent of buyers in that price range paid cash during the period.

Related Dwight Howard unloads Chateau D’Usse for $3.4 million Get text alerts on your phone! Pictures: Orlando power brokers Photos Pictures: Orlando powerhouse businesses Pictures: Closed for business: Orlando-area retail and restaurant closings Pictures: Notable chains make their way to Orlando See more photos » Topics Orlando Real Estate Homes Real Estate Buyers See more topics »

Regardless of how they are funded, the number of high-end deals has increased in the Orlando market. Reports from the Orlando Regional Realtor Association show that the core Orlando market, which mostly includes Orange and Seminole counties, had 156 sales of $1 million or more from January through July — more than double the rate five years ago during the real-estate downturn.

“The vast percentage of my high-end sales have been cash” for at least the past year, said Nancy Bagby, an associate for Fannie Hillman and Associates of Winter Park. “There are a couple of reasons for this. For one, we’re getting cash offers from people who know they can get a better deal if they don’t have a 30-day contingency on getting financing.”


Pictures: Orlando attractions that have closed

In addition, she said, cash buyers can avoid going through the appraisal process. Appraisers have come under fire from real-estate agents for various reasons — including being too conservative and being unfamiliar with neighborhood values, according to a 2013 survey of agents by the National Association of Realtors.

Anecdotally, real-estate agents say those buyers also “crowd-fund” by getting friends and family to loan them cash so they have a better chance of getting a contract in multiple-offer situations, said Daren Blomquist, vice president of RealtyTrac. After the sale closes, they secure more traditional financing to repay their original lenders.

In markets such as Orlando and Miami, the high proportion of cash sales is also being driven by foreign buyers who are looking for a place to park some of their savings.

“The thing we hear the most from brokers and agents working with foreign investors is that the U.S. real estate market is considered a safe haven and, now that it’s coming off from a downward cycle, they also consider it a value proposition,” Blomquist added.

Wayne Weger, the listing agent on Howard’s house, said prospective buyers for the home on Markham Woods Road were all of Middle Eastern descent. But they weren’t looking for a safe haven for their money as much as they were seeking a place to enjoy their success, he said. Software entrepreneur Nisim Heletz purchased the 11,000-square-foot house.

Just as Orlando had a disproportionately high rate of cash deals in the upper end of the residential market, it also attracted plenty of cash for more affordable housing. For houses and condominiums selling for $100,000 or less, more than 80 percent of the buyers paid cash in Metro Orlando. The rates were 78 percent statewide and 67 percent nationally.

The number of cash deals is declining in Florida, however. In the four-county Orlando region, 52 percent of residential sales during the second quarter were cash — down from 56 percent a year earlier. The rate of cash buying declined similarly throughout the state but increased slightly across the nation.

mshanklin@tribune.com or 407-420-5538407-420-5538

[…]

Mink Producers Granted More Time to Repay Cash Advances

OTTAWA, ONTARIO–(Marketwired – Jul 16, 2014) – Agriculture and Agri-Food Canada

Canada’s mink producers facing financial challenges as they adjust to a dramatic shift in the world mink market have been granted more time to repay cash advances under the Advance Payments Program (APP). Agriculture Minister Gerry Ritz today announced a national Stay of Default for mink producers who have a 2013 APP cash advance on mink pelts issued through the Agri-Commodity Management Association (ACMA), the PEI Federation of Agriculture, the Canada Mink Breeders Association, the Newfoundland and Labrador Federation of Agriculture, and the Fur Farmers of Canada Marketing Association.

Mink producers now have until June 1, 2015 to repay their 2013 advance in full. The Stay of Default was granted at the request of the APP administrators to provide producers with an additional eight months to sell their pelts and to repay their outstanding APP advances. Producers will also have the option to repay their APP advances in cash without penalty and at a lower rate than the original APP advance rate, to reflect the decline in prices.

Producers who received an APP advance on milk pelts for the 2013 production period are eligible for the Stay of Default and are encouraged to contact their APP program administrator for more details.

Quick facts

The price of mink fur has dropped significantly this past year. As a result, mink producers may be unable to repay their APP advances by the September 30, 2014 deadline. The APP is a financial loan guarantee program that provides producers easier access to credit through cash advances. Under the APP, producers can receive cash advances of up to $400,000 on the value of their agricultural product, of which the first $100,000 in each production year is interest free. The deadline to repay APP advances for the 2013 production period has now been extended to June 1, 2015. Canada was home to 233 mink farms in 2012, up from 224 in 2008. Farm cash receipts from the sales of furs (including both fox and mink) in Canada amounted to almost $248 million in 2013, up from almost $92 million in 2008. (Statistics Canada)

Quotes

“This stay of default will alleviate some of the pressures Canada’s mink producers currently face giving them more time to sell their pelts, increase their cash flow, and contribute to our economy.”

– Agriculture Minister Gerry Ritz

“The extra eight-month extension to make repayment will ease a lot of the current cash flow pressure, allowing ranchers to get their current pelt crop to market in the winter and spring.”

Brad McCallum, Executive Director, Agri-Commodity Management Association

Additional links

Advance Payments Program

Agri-Commodity Management Association (ACMA)

PEI Federation of Agriculture

Canada Mink Breeders Association

Newfoundland and Labrador Federation of Agriculture

Fur Farmers of Canada Marketing Association

Software Contact:

Jeff English

Director of Communications

Office of the Honourable Gerry Ritz

613-773-1059

Media Relations

Agriculture and Agri-Food Canada

Ottawa, Ontario

613-773-7972

1-866-345-7972

Follow us on Twitter: @AAFC_Canada

[…]

ANZ New Zealand records biggest first-half profit gain among units of Australian lender


ANZ New Zealand records biggest first-half profit gain among units of Australian lender

Thursday 1st May 2014

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ANZ New Zealand posted a 27 percent gain in first-half cash profit, recording the biggest gain among the four operating divisions of Australia’s third-largest lender after growing its home loan book and cutting costs.

Cash profit, which excludes non-core items, rose to $887 million in the six months ended March 31, from $697 million a year earlier, the Auckland-based lender said in a statement. Statutory profit rose 31 percent to $853 million. Operating income rose 8 percent to $1.9 billion and operating expenses fell 5 percent to $725 million.

ANZ New Zealand is the nation’s biggest lender, having merged its operations with National Bank last year and phased out that brand. Its commercial operations were the biggest contributor to statutory profit, rising 14 percent to $377 million, while retail banking profit rose 25 percent to $222 million.

Its ANZ Wealth unit, which accounts for 25.8 percent of New Zealand KiwiSavers, lifted earnings to $121 million from $38 million, while earnings from its institutional arm slipped 2 percent to $163 million.

Cash profit for Melbourne-based parent Australia & New Zealand Banking Group rose 11 percent to A$3.52 billion, beating estimates in a Bloomberg survey. Net income climbed 15 percent to A$3.38 billion.

The parent’s results record a 38 percent gain to A$546 million in cash profit from New Zealand, the biggest quarterly growth among its divisions. That was driven by “above system growth in mortgages, a reduction in credit impairment charges (reflecting strong improvements in credit quality across the lending book), a 6 percent decrease in operating expenses and favourable foreign exchange translation.”

Cash profit from Australia rose 5 percent to A$1.48 billion and earnings from international and institutional banking rose 14 percent to A$1.37 billion. Global wealth earnings climbed 11 percent to $226 million.

The company will pay a first-half dividend of 83 Australian cents, or a total of A$2.3 billion, up 14 percent from a year earlier.

(BusinessDesk)

BusinessDesk.co.nz




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When thinking of a home loan, ask this

When thinking of a home loan, ask this | www.ajc.comNewslettersMobile

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Want A Payday Loan? Go through These Tips Very first! | www …


Want A Payday Loan? Go through These Tips Very first!

Posted onSeptember 28, 2013byadmin

Payday cash loans will help folks should they be there to assist in the case of emergency. For example, banking institutions may be sealed or you may have an unforeseen financial predicament. att uverse tv packages Should you be in a place that you feel you have to obtain a pay day loan, be aware that you will likely shell out an very higher monthly interest. There are many businesses that will charge a fee an rates of interest as much as 150% – 200Per cent for extended times. Payday loan companies depend on usury laws and regulations.A great suggestion for people looking for pay day loan is to ensure that every little thing on the software. You might be lured for just one reason or another, however you might find yourself with prison time rather.Pay day loans could be the answer for those people who are in needy need money quick. Folks need to comprehend what they are though before you apply for just one. Curiosity fees are often extremely high and with the service fees it can be hard to repay.Only get a financial loan from the lenders themselves.You will find Financing Plant-type web sites that will ahead your data to numerous creditors, but a few of them are dangerous and can use your sensitive info to grab your personal identity.The normal word of a payday advance is fourteen days.If you realise yourself incapable of pay back the loan within that point structure, you won’t actually enter into default standing. Numerous facilities provide a refinancing option.Most payday loans call for a bank account. The lender will probably request you authorize a primary settlement in the bank account around the because of particular date in the loan. The total amount will be withdrawn the funds when you get your salary is predicted to become deposited.These applying for a payday advance could be smart to do their investigation well before completing the application. Don’t you need to take the very first bank loan or firm you discover.Examine the ideal one.Ensure you are aware about any roll-over kind transaction setups on your own account. Your financial institution could have a system that renews the loan and quickly take cash away from your checking account. Know and fully grasp what you really are stepping into.You can just neglect a settlement and you’ll be Alright. Cash advance buyers generally pay back in fascination when all is claimed and accomplished. Keep that in mind when you produce a finances.Should you do not have the funds to repay the payday loan when it is expected, try to get an extension. You might be able to get yourself an a few day extension with very little inconvenience from the organization. Just bear in mind that you will turn out owing more when you get an extension.A lot of see payday cash loans as a convenient way to get money during times of economic strain. Nonetheless, prior to applying for one particular, it is very important recognize how they work. The data in the following paragraphs can assist you stay away from a high priced error.

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Action 9 investigates car title loans

Action 9 investigates car title loans | www.wftv.comEnterprise Feedback Management
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Advent Boosts Investor Confidence – Analyst Blog

Information technology software solutions and services provider, Advent Software Inc. ( ADVS ) recently announced a special cash dividend of $9 per share to be paid on Jul 9 to shareholders of record as of Jul 1.

The special cash dividend was approved by Advent’s board of directors on Jun 12 and the company clarified that the amount carried a dividend factor (roughly $2-$4 per share) and a return-of-capital factor. The decision to return value as well as a portion of capital is based on Advent’s strong liquidity position and positive free cash flow generation capabilities.

Advent mentioned that the special dividend worth $470.0 million will be paid using cash-in-hand and a senior credit facility. The credit facility, which amounts to $425.0 million, consists of a $225.0 million term-loan facility and a $200.0 million revolving credit facility. Both the term loan and revolving credit facility will carry an interest of LIBOR plus 225 basis points. Notably, the company repaid the outstanding loans before taking the new loan of $425.0 million.

The decision to pay a special dividend is actually a windfall for shareholders as Advent had never declared any dividends earlier. The company also plans to retain future earnings for funding development and business growth, instead of declaring any dividend. Nevertheless, Advent will remain proactive on the share buyback front.

Now let’s have a look at how Advent performed in the first quarter of 2013. Advent recorded earnings per share of 23 cents, in line with the Zacks Consensus Estimate. Revenues grew 6.4% year over year to $92.5 million. Efficient cost optimization led to an operating margin of 17.5%, which was up from 13.6% in the year-ago quarter.

Cash and marketable securities were $184.7 million versus $169.4 million in the prior quarter. Long-term debt balance declined $2.5 million to $82.5 million. Cash flow from operating activities was $17.2 million and capital expenditure was $959,000.

Given the strong balance sheet and ability to pay off debt, we think the move makes sense. We are also positive on Advent’s recurring revenue model, higher renewal rates, strong product portfolio and new product launches.

Currently, Advent has a Zacks Rank #1 (Strong Buy). Similar stocks that warrant a look include Aspen Technology Inc. ( AZPN ), Pegasystems Inc. ( PEGA ) and SAP AG ( SAP ). All three stocks have a Zacks Rank #1 (Strong Buy).

ADVENT SOFTWARE (ADVS): Free Stock Analysis Report

ASPEN TECH INC (AZPN): Free Stock Analysis Report

PEGASYSTEMS INC (PEGA): Free Stock Analysis Report

SAP AG ADR (SAP): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

[…]

Advent Boosts Investor Confidence

Information technology software solutions and services provider, Advent Software Inc. (ADVS) recently announced a special cash dividend of $9 per share to be paid on Jul 9 to shareholders of record as of Jul 1.

The special cash dividend was approved by Advent’s board of directors on Jun 12 and the company clarified that the amount carried a dividend factor (roughly $2–$4 per share) and a return-of-capital factor. The decision to return value as well as a portion of capital is based on Advent’s strong liquidity position and positive free cash flow generation capabilities.

Advent mentioned that the special dividend worth $470.0 million will be paid using cash-in-hand and a senior credit facility. The credit facility, which amounts to $425.0 million, consists of a $225.0 million term-loan facility and a $200.0 million revolving credit facility. Both the term loan and revolving credit facility will carry an interest of LIBOR plus 225 basis points. Notably, the company repaid the outstanding loans before taking the new loan of $425.0 million.

The decision to pay a special dividend is actually a windfall for shareholders as Advent had never declared any dividends earlier. The company also plans to retain future earnings for funding development and business growth, instead of declaring any dividend. Nevertheless, Advent will remain proactive on the share buyback front.

Now let’s have a look at how Advent performed in the first quarter of 2013. Advent recorded earnings per share of 23 cents, in line with the Zacks Consensus Estimate. Revenues grew 6.4% year over year to $92.5 million. Efficient cost optimization led to an operating margin of 17.5%, which was up from 13.6% in the year-ago quarter.

Cash and marketable securities were $184.7 million versus $169.4 million in the prior quarter. Long-term debt balance declined $2.5 million to $82.5 million. Cash flow from operating activities was $17.2 million and capital expenditure was $959,000.

Given the strong balance sheet and ability to pay off debt, we think the move makes sense. We are also positive on Advent’s recurring revenue model, higher renewal rates, strong product portfolio and new product launches.

Currently, Advent has a Zacks Rank #1 (Strong Buy). Similar stocks that warrant a look include Aspen Technology Inc. (AZPN), Pegasystems Inc. (PEGA) and SAP AG (SAP). All three stocks have a Zacks Rank #1 (Strong Buy).

Read the Full Research Report on ADVS

Read the Full Research Report on SAP

Read the Full Research Report on PEGA

Read the Full Research Report on AZPN

Zacks Investment Research

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[…]

Advent Software Reports Recapitalization Transactions; Declares Special Dividend

By RTT News, June 13, 2013, 08:48:00 AM EDT

(RTTNews.com) – Advent Software Inc. ( ADVS ) announced the recapitalization transactions and a one-time special cash dividend of $9 per share totaling approximately $470 million.

The company said that the special dividend was approved by its Board on June 12, 2013 and will be payable on July 9, 2013 to stockholders of record at the close of business on July 1, 2013. Of the $9 per share distribution, Advent currently expects between $2 to $4 per share to be characterized as a dividend, and the remaining amount of the distribution to be characterized as a return of capital.

The company noted that the special dividend will be financed with cash on hand and proceeds from Advent’s recently closed $425 million senior credit facility.

The $425 million senior credit facility is composed of a $225 million term loan facility and a $200 million revolving credit facility. The new term loan has repayments of $5 million per quarter and the remaining balance will mature in June 2018. Interest on the term loan and any revolving loan initially accrues at LIBOR + 225 basis points. Beginning in the fourth quarter of 2013, the LIBOR spread can be reduced to the extent Advent’s leverage ratio decreases. The revolving credit facility will also mature in June 2018.

The company said that it modified its outstanding stock option awards to reflect the dividend by reducing the exercise price by $9 per option. For certain options that cannot be reduced by the full $9, Advent will compensate those option holders with a cash payment for the difference between $9 and the reduction of their exercise price. Holders of restricted stock units or RSU will receive the right to receive $9 per RSU upon vesting.

In connection with the recapitalization transactions, the Company said it incurred various fees from third parties that are not included in capitalized debt issue costs. The Company currently expects its financial results to be impacted by these third-party expenses, equity award modifications, and other debt costs.

For comments and feedback: contact editorial@rttnews.com

http://www.rttnews.com

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