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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
[…]

Tighter payday loan rules intended to shield debtors | TribLIVE

WASHINGTON — Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt.

The Consumer Financial Protection Bureau said state laws governing the $46 billion payday lending industry often fall short and that fuller disclosures of the interest and fees — often an annual percentage rate of 300 percent or more — may be needed.

Details of the proposed rules, expected early this year, would mark the first time the agency has used the authority it was given under the 2010 Dodd-Frank law to regulate payday loans. In recent months, it has tried to step up enforcement, including a $10 million settlement with ACE Cash Express, accusing the payday lender of harassing borrowers to collect debts and take out multiple loans.

A payday loan, or a cash advance, is generally $500 or less. Borrowers provide a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts. The total includes charges often ranging from $15 to $30 per $100 borrowed. Interest-only payments, sometimes referred to as “rollovers,” are common.

Legislators in Ohio, Louisiana and South Dakota unsuccessfully tried to broadly restrict the high-cost loans in recent months. According to the Consumer Federation of America, 32 states now permit payday loans at triple-digit interest rates, or with no rate cap.

“Our research has found that what is supposed to be a short-term emergency loan can turn into a long-term and expensive debt trap,” said David Silberman, the bureau’s associate director for research, markets and regulation.

The agency is considering options that include establishing tighter rules to ensure a consumer has the ability to repay. That could mean requiring credit checks, placing caps on the number of times a borrower can draw credit or finding ways to encourage states or lenders to lower rates.

Payday lenders say they fill a vital need for people who hit a rough financial patch. They want a more equal playing field of rules for both nonbanks and banks, including the way the annual percentage rate is figured.

“We offer a service that, if managed correctly, can be very helpful to a diminished middle class,” said Dennis Shaul, chief executive of the Community Financial Services Association of America, which represents payday lenders.

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[…]

Federal regulators plan payday loan rules to protect borrowers

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A payday loans sign in the window of Speedy Cash, London, December 25, 2013. For the first time, the Consumer Financial Protection Bureau plans to regulate payday loans using authority it was given under the Dodd-Frank law. Photo by Suzanne Plunkett/Reuters.

WASHINGTON — Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first-ever rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt.

The Consumer Financial Protection Bureau says state laws governing the $46 billion payday lending industry often fall short, and that fuller disclosures of the interest and fees – often an annual percentage rate of 300 percent or more – may be needed.

Full details of the proposed rules, expected early this year, would mark the first time the agency has used the authority it was given under the 2010 Dodd-Frank law to regulate payday loans. In recent months, it has tried to step up enforcement, including a $10 million settlement with ACE Cash Express after accusing the payday lender of harassing borrowers to collect debts and take out multiple loans.

A payday loan, or a cash advance, is generally $500 or less. Borrowers provide a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts. The total includes charges often ranging from $15 to $30 per $100 borrowed. Interest-only payments, sometimes referred to as “rollovers,” are common.

Legislators in Ohio, Louisiana and South Dakota unsuccessfully tried to broadly restrict the high-cost loans in recent months. According to the Consumer Federation of America, 32 states now permit payday loans at triple-digit interest rates, or with no rate cap at all.

The CFPB isn’t allowed under the law to cap interest rates, but it can deem industry practices unfair, deceptive or abusive to consumers.

“Our research has found that what is supposed to be a short-term emergency loan can turn into a long-term and expensive debt trap,” said David Silberman, the bureau’s associate director for research, markets and regulation. The bureau found more than 80 percent of payday loans are rolled over or followed by another loan within 14 days; half of all payday loans are in a sequence at least 10 loans long.

The agency is considering options that include establishing tighter rules to ensure a consumer has the ability to repay. That could mean requiring credit checks, placing caps on the number of times a borrower can draw credit or finding ways to encourage states or lenders to lower rates.

Payday lenders say they fill a vital need for people who hit a rough financial patch. They want a more equal playing field of rules for both nonbanks and banks, including the way the annual percentage rate is figured.

“We offer a service that, if managed correctly, can be very helpful to a diminished middle class,” said Dennis Shaul, chief executive of the Community Financial Services Association of America, which represents payday lenders.

Maranda Brooks, 40, a records coordinator at a Cleveland college, says she took out a $500 loan through her bank to help pay an electricity bill. With “no threat of loan sharks coming to my house, breaking kneecaps,” she joked, Brooks agreed to the $50 fee.

Two weeks later, Brooks says she was surprised to see the full $550 deducted from her usual $800 paycheck. To cover expenses for herself and four children, she took out another loan, in a debt cycle that lasted nearly a year.

“It was a nightmare of going around and around,” said Brooks, who believes that lenders could do more to help borrowers understand the fees or offer lower-cost installment payments.

Last June, the Ohio Supreme Court upheld a legal maneuver used by payday lenders to skirt a 2008 law that capped the payday loan interest rate at 28 percent annually. By comparison, annual percentage rates on credit cards can range from about 12 percent to 30 percent.

Members of Congress also are looking at payday loans.

Sen. Sherrod Brown of Ohio, the top Democrat on the Senate Banking, Housing and Urban Affairs Committee, plans legislation that would allow Americans to receive an early refund of a portion of their earned income tax credit as an alternative to a payday loan.

Sen. Elizabeth Warren, D-Mass., wants the U.S. Postal Service to offer check-cashing and low-cost small loans. The idea is opposed by many banks and seems unlikely to advance in a Republican-controlled Congress.

[…]

Regulators prepare rules on payday loans to shield borrowers

WASHINGTON (AP) — Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first-ever rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt.

The Consumer Financial Protection Bureau says state laws governing the $46 billion payday lending industry often fall short, and that fuller disclosures of the interest and fees — often an annual percentage rate of 300 percent or more — may be needed.

Full details of the proposed rules, expected early this year, would mark the first time the agency has used the authority it was given under the 2010 Dodd-Frank law to regulate payday loans. In recent months, it has tried to step up enforcement, including a $10 million settlement with ACE Cash Express after accusing the payday lender of harassing borrowers to collect debts and take out multiple loans.

A payday loan, or a cash advance, is generally $500 or less. Borrowers provide a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts. The total includes charges often ranging from $15 to $30 per $100 borrowed. Interest-only payments, sometimes referred to as “rollovers,” are common.

Legislators in Ohio, Louisiana and South Dakota unsuccessfully tried to broadly restrict the high-cost loans in recent months. According to the Consumer Federation of America, 32 states now permit payday loans at triple-digit interest rates, or with no rate cap at all.

The CFPB isn’t allowed under the law to cap interest rates, but it can deem industry practices unfair, deceptive or abusive to consumers.

“Our research has found that what is supposed to be a short-term emergency loan can turn into a long-term and expensive debt trap,” said David Silberman, the bureau’s associate director for research, markets and regulation. The bureau found more than 80 percent of payday loans are rolled over or followed by another loan within 14 days; half of all payday loans are in a sequence at least 10 loans long.

The agency is considering options that include establishing tighter rules to ensure a consumer has the ability to repay. That could mean requiring credit checks, placing caps on the number of times a borrower can draw credit or finding ways to encourage states or lenders to lower rates.

Payday lenders say they fill a vital need for people who hit a rough financial patch. They want a more equal playing field of rules for both nonbanks and banks, including the way the annual percentage rate is figured.

“We offer a service that, if managed correctly, can be very helpful to a diminished middle class,” said Dennis Shaul, chief executive of the Community Financial Services Association of America, which represents payday lenders.

Maranda Brooks, 40, a records coordinator at a Cleveland college, says she took out a $500 loan through her bank to help pay an electricity bill. With “no threat of loan sharks coming to my house, breaking kneecaps,” she joked, Brooks agreed to the $50 fee.

Two weeks later, Brooks says she was surprised to see the full $550 deducted from her usual $800 paycheck. To cover expenses for herself and four children, she took out another loan, in a debt cycle that lasted nearly a year.

“It was a nightmare of going around and around,” said Brooks, who believes that lenders could do more to help borrowers understand the fees or offer lower-cost installment payments.

Last June, the Ohio Supreme Court upheld a legal maneuver used by payday lenders to skirt a 2008 law that capped the payday loan interest rate at 28 percent annually. By comparison, annual percentage rates on credit cards can range from about 12 percent to 30 percent.

Members of Congress also are looking at payday loans.

Sen. Sherrod Brown of Ohio, the top Democrat on the Senate Banking, Housing and Urban Affairs Committee, plans legislation that would allow Americans to receive an early refund of a portion of their earned income tax credit as an alternative to a payday loan.

Sen. Elizabeth Warren, D-Mass., wants the U.S. Postal Service to offer check-cashing and low-cost small loans. The idea is opposed by many banks and seems unlikely to advance in a Republican-controlled Congress.

___

Follow Hope Yen on Twitter at http://twitter.com/hopeyen1

LoansInvesting Educationpayday loansannual percentage rate […]

Best Business Cash Indicator

You need cash to run your business. Then why don’t you know how to read your cash flow statement? It might be the truest way to tell when the tank begins to run seriously dry.

I don’t mean your profit and loss (P&L) statement and I don’t mean your balance sheet. I bet that lots of you run businesses that don’t even prepare a cash flow statement.

This statement combines your P&L and balance sheet to tell you what happened to your cash over a given period. It tells you if you create cash or use cash. And if you don’t create cash, you and your company might come in for an unhappy surprise.

Thought your P&L told you if you made money? Your P&L can tell you revenues, costs and expenses and whether you made money according to generally accepted accounting principles – guidelines that sometimes don’t help a lot with the realities of running a small business.

For instance, remember that bank loan you made a payment on? The principle of that loan doesn’t show up on your P&L; it does show up on your cash flow statement. Ditto the cost of that new truck you just bought for the business and the money you spent on increasing your inventory.

In your business, you either create cash or use it. If your business grows really quickly you might actually show a profit while having negative cash. Think of firms worth a lot on paper because they have big deals in the works – deals still yet to pay a dime.

Your cash flow statement tells it like is. These documents are one of the quarterly financial reports any publicly traded company must disclose to the U.S. Securities and Exchange Commission and – maybe an even harsher judge – the shareholding public. In your hands, this document is your best business friend who always puts the truth to you straight.

If you look at your cash flow statement at least monthly, you can see trends. You see if your inventory grows. You see if your principle payments to lenders are too high and you might see need to re-negotiate a better repayment schedule.

Once you understand your cash flow statement, you really start to get a handle on what’s going on in your business. And so do others.

Banks, for example, are very aware that cash reigns in your business. Your bank will take your numbers and look first for how many times your cash flow can make interest payments on your outstanding loans. If your cash flow is $200,000 and your interest payments $20,000, your bank will be happy.

Next your bank sees how your cash flow does paying both interest and principle. With the above numbers, if your annual bank payments total $50,000, your bank is still happy. If your annual payments total $150,000, on the other hand, your bank might not be as happy.

In short, to know how your bank thinks, know how to read and understand your cash flow statement.

Happiness (in business, anyway) is positive cash flow. Know how to spot it.

Follow AdviceIQ on Twitter at @adviceiq.

Josh Patrick is a founding principal of Stage 2 Planning Partners in South Burlington, Vt. He contributes to the NY Times You’re the Boss blog and works with owners of privately held businesses helping them create business and personal value. You can learn more about his Objective Review process at his website.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

[…]

Police Looking for Suspect in Cash Store Armed Robbery

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CORPUS CHRISTI (Kiii News) –

Corpus Christi police are on the lookout for a man that allegedly robbed a cash loan business on South Staples Street Monday afternoon.

The robbery took place at around 3 p.m. at the cash store located in the 4200 block of South Staples Street. The suspect told employees that he had a gun, but never displayed the weapon. He got away with an undetermined amount of cash.

The suspect is described as a Hispanic male in his mid-30s. If you have any information about this crime, please call Crime Stoppers at 361-888-8477.

[…]

New cash advice centre to beat the loan sharks

A NEW scheme has been launched in north Glasgow to keep residents out of the hands of loan sharks.

Last year, the Big Lottery awarded Glasgow organisation Scotcash a £1million grant to expand its services over the next four years.

It provides affordable credit, financial support and guidance to people who may otherwise not get a loan.

Scotcash has the support of a wide range of organisations including the city council, the Scottish Government and Glasgow Housing Association.

Unlike credit unions, people do not first have to save cash before they can take out a loan with the organisation.

Scotcash opened its first office on the High Street in 2007 and has gone from strength to strength.

This month it extended its services to the north of the city and plans to operate in the south from October next year and in the west by 2016.

Linzi Wilson, Scotcash finance and marketing officer, said: “Alongside credit unions, we work with some of the most vulnerable people in the city who use high cost and pay day lenders or even loan sharks.

“We offer affordable credit and where a loan is not the best option, access to free high quality money advice is offered on site through our partners in the Citizens Advice Bureau.

“In addition to this, we can open basic bank accounts and provide financial education helping improve people’s long term financial outlook and start them on the route to becoming financially included.”

Scotcash will operate five days a week from housing association offices in the north of the city.

Chief executive Sharon MacPherson said: “Scotcash is committed to supporting individuals and communities most in need and we are delighted that with Big Lottery support we are bringing our services closer to local communities in north Glasgow.”

[…]

Fitch Affirms 1 Class of South Carolina Student Loan Corp., Series 2010-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ratings on the class A notes currently rated ‘AAAsf’ issued by South Carolina Student Loan Corp., Series 2010-1. The Outlook is Stable.

Key Rating Drivers:

Collateral Quality: The trust collateral is composed of 100% Federal Family Education Loan Program (FFELP) loans. In Fitch’s opinion, the credit quality of the trust collateral is higher based on the guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The Stable Outlook on the notes is consistent with Fitch’s affirmation of the U.S. sovereign rating at ‘AAA’, Outlook Stable.

Sufficient Credit Enhancement (CE): Transaction CE is provided by overcollateralization and excess spread. As of July 2014, reported parity is at 106.87%. Excess cash has not been released as the trust is currently in turbo. All remaining funds are used to pay down the notes. Excess funds may be released once all of the notes have been paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at the greater of 0.25% of the pool balance and 0.10% of the initial pool balance. As of July 2014, reserve account balance is $1,069,884.

Satisfactory Servicing Capabilities: South Carolina Student Loan Corporation, servicing 100% of the loans, as well as Nelnet Servicing LLC as a backup servicer, have both demonstrated adequate servicing capabilities. In Fitch’s opinion, both are acceptable servicers of FFELP student loans

Rating Sensitivities

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Initial Key Rating Drivers and Rating Sensitivity further described in the New Issue Report published on Dec. 10, 2010.

Fitch has taken the following rating actions:

South Carolina Student Loan Corp., Series 2010-1:

–Class A-2 affirmed at ‘AAAsf’; Outlook Stable;

–Class A-3 affirmed at ‘AAAsf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ May 20, 2014;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ June 23, 2014.

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended’, April 17, 2012.

–‘South Carolina Student Loan Corp., Series 2010-1’, Dec. 10, 2010.

Applicable Criteria and Related Research:

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Global Structured Finance Rating Criteria

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

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=906294

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

Security Upgrades & DowngradesFinanceFitch RatingsStudent Loan Contact:

Fitch Ratings

Primary Analyst

Charlene M. Davis

Director

+1-212-908-0213

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Sandro Scenga

Media Relations

+1-212-908-0278

New York

sandro.scenga@fitchratings.com […]

Location, not cash, SC's loan player headache


Location, not cash, SC’s loan player headache

STU PIDDINGTON

Last updated 05:00 23/08/2014

Relevant offers

The South Canterbury Rugby Union is happy to fund loan players on a case-by-case basis but the problem is location not money, according to chairman Brent Isbister.

Heartland coach Chester Scott has struggled to secure quality players this season and it appears money is a major sticking point.

Isbister said there was no “set in stone budget” for loan players.

“Board policy is that funding requests will be considered on their merits. The board have an open mind on loan players.”

The Heartland team management had discussed loan player funding with the union but there have been no specific requests as yet, he said.

“The potential player needs to be significantly better than what we have here already and at a reimbursement that is affordable and meets competition rules.

“Sometimes it is not easy to find that combination.”

Isbister said funding requests are also balanced between the need to fund community rugby and the desire to be a leading Heartland union.

The budget for running the 2014 campaign is $145,000. The Herald understands less than $4000 of that is targeted on loan players. Competition rules allow three plus a “player of origin”.

Isbister said money was often not the issue.

“Our location, two hours drive from Christchurch and Dunedin, for practice and games being a key impediment, as an example.

Isbister did not necessarily believe the provinces with the best loan players won.

“I wouldn’t agree every year that is the case but I would agree it is becoming more important.

“It was important when East Coast won [in 2012] but has had long-term financial ramifications for them.”

Isbister said ideally South Canterbury would field a winning team of locally grown players.

“The board is reviewing its high performance strategy to that end.

“We are also implementing specific initiatives to fund the Heartland team’s fortunes in future seasons thus increasing budget flexibility.”

In the past they had run a “try time” initiative through the Heartland team with the funds being used to support them.

“This has been picked up again this season and members of the public can support the team by donating an amount per try.”

There was also a chance to win prizes, he said.

Isbister said the union is also running a “Green and Black” club targeting former representatives on a subscription basis.

Three days before the Heartland Championship kicked off Scott secured the services of two players to face Wanganui.

Cook Island international lock Simon Marcel, who plays club rugby in Auckland, has signed on.

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Englishman Angus Compton-Bowyer, a first five who played club rugby in Hawkes Bay, will make his appearance off the bench.

– The Timaru Herald

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South Canterbury neighbours shape up best

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[…]

Fitch to Rate South Carolina Student Loan Corp, 2014 Series; Presale Issued

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings expects to rate the South Carolina Student Loan Corporation (SCSLC) Education Loan Revenue bonds, 2014 series, issued from the South Carolina Student Loan Corp. – 1996 General Resolution, as follows:

–$328,000,000 floating rate class A-1 notes ‘AAAsf(exp)’; Outlook Stable;

–$100,000,000 floating rate class A-2 notes ‘AAAsf(exp)’; Outlook Stable;

–$73,000,000 floating rate class B notes ‘AAsf(exp)’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U.S. ‘AAA’ with Outlook Stable.

Sufficient Credit Enhancement: The cash flow results for the senior and subordinate bonds were satisfactory under Fitch’s ‘AAA’ stresses. At closing, senior and total parities are expected to be 112.00% and 105.46%, respectively. Credit enhancement (CE) is provided by overcollateralization, excess spread, and for the senior bonds, subordination provided by the class B bonds. Excess cash cannot be released from the trust until all the bonds are paid-in-full, with the exception of a one-time cash release to the issuer on or before Sept. 3, 2014, provided the parity test is met.

Adequate Liquidity Support: Liquidity support is provided by a $8,751,230 reserve account which will be funded at closing with the bond proceeds. The required reserve account balance is the greater of (a) 1% of the outstanding balance of the prior bonds and 0.25% of the outstanding balance of the 2014 series bonds, (b) 0.10% of the original principal of all bonds outstanding and (c) $750,000.

Acceptable Servicing Capabilities: Day-to-day servicing will be provided by South Carolina Student Loan Corporation and Nelnet Servicing, LLC will be the back-up servicer. All servicers have demonstrated adequate servicing capabilities.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Key Rating Drivers and Rating Sensitivities are further described in the pre-sale report titled ‘South Carolina Student Loan Corporation, 2014 Series’, dated August 4, 2014, available on www.fitchratings.com, or by clicking on the link.

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

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 2014).

Applicable Criteria and Related Research: South Carolina Student Loan Corporation 2014 Series (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753292

Global Structured Finance Rating Criteria – Effective from 20 May 2014 to 4 August 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=846194

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

Security Upgrades & DowngradesBondsFitch RatingsFFELPEducation LoanSouth Carolina Contact:

Fitch Ratings

Primary Analyst

Emily Lee

Director

+1-212-908-0667

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

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

sandro.scenga@fitchratings.com […]