Term loan – Kent Tribune http://kenttribune.com/ Sun, 09 Jan 2022 02:02:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://kenttribune.com/wp-content/uploads/2021/05/icon.png Term loan – Kent Tribune http://kenttribune.com/ 32 32 Does the “Fagan Fragment” set a precedent for the return of the Parthenon sculptures? https://kenttribune.com/does-the-fagan-fragment-set-a-precedent-for-the-return-of-the-parthenon-sculptures/ Sun, 09 Jan 2022 02:02:10 +0000 https://kenttribune.com/does-the-fagan-fragment-set-a-precedent-for-the-return-of-the-parthenon-sculptures/
Italy sends back to Greece a fragment of the Parthenon sculptures. Credit: Antonino Salinas Museum

The return of the “Fagan fragment” from the Antonino Salinas museum in Palermo, Italy, Greece is considered the precedent for the return of the Parthenon sculptures.

The fragment of the eastern frieze of the Parthenon represents the foot of the goddess Artemis looking through a tunic.

The peculiar frieze on the beast side of the Parthenon depicts the Olympian gods seated while observing the annual Panathenaic procession in honor of the city’s patroness, Athena.

Grecian Delight supports Greece

The fragment belonged to the collection of Robert Fagan (1761-1816), a painter, diplomat and archaeologist who had served as British Consul for Sicily and Malta. It will be on display at the Acropolis Museum for eight years from Monday.

In exchange for the “Fagan fragment”, the Acropolis Museum will send the headless statue of Athena from the 5th century BC to the Antonino Salinas museum. AD and an amphora from the 8th century BC.

Will the British Museum do the same?

While the Antonino Salinas Museum did well in sending the ‘Fagan Fragment’ to be exhibited alongside its marble siblings, it remains to be seen whether the British Museum will do the same.

In statements to the British newspaper “The Telegraph”, Greek Prime Minister Kyriakos Mitsotakis said that “the momentum that is being built”, step by step, will lead to the repatriation of the Parthenon sculptures.

“The debate has reached a delicate stage,” he said, referring to the aftermath of his November 16 meeting with British Prime Minister Boris Johnson.

“My feeling is that a dynamic is really building and of course ‘the elephant in the room’ is the discussion we should be having with the British Museum,” Mitsotakis said.

The Greek Prime Minister also noted that his visit to Downing Street and the publicity it received has helped to create “a great wave of international support” for this purpose, as British public opinion also supports the demand for restitution of the sculptures.

“This is an important fragment, part of the frieze that represents the gods that was in Sicily for about two centuries,” Mitsotakis noted.

The fragment likely to remain indefinitely in Greece

Mitsotakis stressed that the return of the “Fagan fragment” from Italy is an “important step” and stressed that “it should not be repaid in the form of a loan but in the form of a deposit for eight years with the prospect of remaining in the country (Greece) indefinitely. “

When announcing the deal, Greek Culture Minister Lina Mendoni explained the importance of the return of the “Fagan fragment”.

The minister said the piece is not on a long-term loan (deposit) for exhibition, but with the prospect of staying permanently (sine die) in the Acropolis museum, reunited with the Parthenon frieze forever. .

“The intention and aspiration of the Sicilian government to repatriate the section from Palermo to Athens for good, confirms the long-standing cultural ties and brotherhood of the two regions,” Mendoni said.

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Barcelona’s Philippe Coutinho agrees to join Aston Villa on loan until end of season https://kenttribune.com/barcelonas-philippe-coutinho-agrees-to-join-aston-villa-on-loan-until-end-of-season/ Fri, 07 Jan 2022 09:47:50 +0000 https://kenttribune.com/barcelonas-philippe-coutinho-agrees-to-join-aston-villa-on-loan-until-end-of-season/

Aston Villa have reached a deal to sign former Liverpool midfielder Philippe Coutinho on loan from Barcelona until the end of the season, the Premier League club announced on Friday.

Sources have told ESPN that five Premier League teams have had talks with Coutinho’s side, Villa and another English club showing the most serious interest.

– ESPN + Viewers Guide: LaLiga, Bundesliga, MLS, FA Cup, more

However, the presence of Steven Gerrard, Coutinho’s former Liverpool team-mate, helped tip the scales in Villa’s favor.

The Premier League club said in a statement: “Aston Villa and FC Barcelona have agreed that Philippe Coutinho will spend the rest of the season on loan at Villa Park.

“The deal, which is subject to the player passing a medical examination and receiving a work permit, also includes an option to purchase and Philippe will travel to Birmingham within the next 48 hours.”

Gerrard, who left Rangers to replace Dean Smith as Villa Park coach late last year, was instrumental in convincing the Brazilian to move to the Midlands.

Coutinho, 29, was previously reluctant to leave Barca, but the desire to play football regularly during a World Cup year has led to a change of mind.

Barca made Coutinho their most expensive signing of all time when they paid Liverpool € 160million in 2018.

His first season at Camp Nou, alongside Luis Suarez and Lionel Messi, ended in a national brace but he lost his way in his second term.

He spent the 2019-20 season on loan at German giants Bayern Munich, scoring twice as they beat Barca 8-2 on their way to Champions League victory, before returning to Spain for the next campaign. .

Ronald Koeman has said he will help Coutinho return to his best form but injury issues have kept the player under the Dutchman.

He missed the second half of last season with injuries and has only started once, a 1-0 loss to Real Betis, since the appointment of new manager Xavi Hernandez in November.

Coutinho tested positive for COVID-19 last week but is expected to be cleared to travel to England in the coming days and could enter Villa’s Premier League game against Manchester United on January 15.

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Low rate personal loans by OMM https://kenttribune.com/low-rate-personal-loans-by-omm/ Wed, 05 Jan 2022 05:22:56 +0000 https://kenttribune.com/low-rate-personal-loans-by-omm/

What you need to know about unsecured personal loans from WMO.

Whether you need a personal loan to finance home renovations, a car, a wedding, or other life expenses that arise, it can be difficult to find the right provider. The interest rate is only one thing you need to consider – loan terms and flexibility are other important factors as well.

OurMoneyMarket, or OMM, is one of the largest personal loan providers in the Australian market. Find out what the brand has to offer below.

Who is OMM?

Founded in 2017, OurMoneyMarket, or OMM, is one of Australia’s newest and largest peer-to-peer personal loan providers. Peer-to-peer basically means that there are investors on the other end of your loan, so as the borrower you pay a nominal interest rate, and investors also receive a return on their investment. WMO says this type of loan can offer more competitive rates and a “better deal for everyone”.

OMM personal loans

OMM offers fixed rate unsecured personal loans that can be repaid weekly, bi-monthly or monthly over a period of one to seven years up to a maximum of $ 75,000. OMM offers personal loans for debt consolidation, home renovations, medical / dental bills, education, weddings, vacations, cars, trailers, motorcycles and boats.

Here is an overview of WMO personal loans.

Rates based on a $ 30,000 loan for a five-year term. * Disclaimer: This comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Rates are correct as of January 5, 2022. See disclaimer.

See how OMM personal loans stack up against some of the lowest rate personal loans on the market.

Rates based on a $ 30,000 loan for a five-year term. * Disclaimer: This comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Rates are correct as of January 5, 2022. See disclaimer.

OMM offers staggered interest rates based on your credit score, using the illion credit bureau for its credit assessment process. The breakdown of the illion credit score is as follows:




Very well very well




Average / Fair


Below average / low


Usually, checking your credit score is free. You can use our credit score calculator to get a rough idea of ​​what your credit score might be.

Why choose OMM for personal loans?

OMM has several outstanding features on its personal loans beyond the competitive interest rates. Some features include:

  • Quick application: Completely digital and takes five minutes, with a decision in under a minute.

  • “Free estimate”: A no-obligation quote gives borrowers an indication of their interest rate, without a request appearing or affecting a credit report.

  • No hidden costs: No account maintenance fees, no exit fees and no prepayment fees.

OMM personal loan criteria

You will also need to provide personal and financial information as part of your application as well as three months of bank statements.

OMM Important people

  • Steve Lambert – President

  • Adam Sutherland – Founder and CEO

  • Crystal Anderson – Co-founder & COO / CFO

  • Bruce Sutherland – Co-Founder and Director

  • Chris Kok Wan Chun – Non-Executive Director

  • Roger Lee – CTO

Frequently Asked Questions

How long does it take for OMM to approve a personal loan?

Loan applications can take as little as five minutes, with approval in as little as a minute. As OMM is a peer-to-peer loan provider, your loan will then be placed in the investor market where investors can choose to fund it. It can take as little as a day.

What other loans does WMO offer?

OMM is a peer-to-peer personal loan provider, offering unsecured fixed-term loans for everything from debt consolidation to purchasing a vehicle.

Photo by Avel Chuklanov on Unsplash

The entire market was not taken into account in the selection of the above products. On the contrary, a small part of the market has been envisaged. Products from some vendors may not be available in all states. To be considered, the product and the price must be clearly published on the website of the supplier of the product. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, the Savings Media Group is associated with the Firstmac Group. To learn more about how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

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East African countries embark on lending frenzy to fill huge budget deficits https://kenttribune.com/east-african-countries-embark-on-lending-frenzy-to-fill-huge-budget-deficits/ Mon, 03 Jan 2022 06:48:53 +0000 https://kenttribune.com/east-african-countries-embark-on-lending-frenzy-to-fill-huge-budget-deficits/


East African economies are starting the new year with a borrowing frenzy with their eyes riveted on commercial debt to boost their economies out of the downturn in the Covid-19 pandemic.

Kenya, Tanzania and Uganda have indicated they will be in the market as early as this month for a mix of sovereign bonds, syndicated and commercial loans as they seek to support their budgets, which have to huge deficits, amid impending loan repayments for ongoing infrastructure projects. .

Kenya plans to issue two new sovereign bonds over the next six months to fund the budget and repay part of its inaugural Eurobond issued in 2014.

Kenya’s National Treasury told the International Monetary Fund (IMF) last week that it plans to launch an issue under the external component of budget financing for the current fiscal year, and another by June 2022. to refinance the 10-year $ 2 billion bond issued. in 2014.

Nairobi is seeking $ 2.19 billion in the two commercial loans.

Last June, Kenya issued a $ 1 billion bond.


Kenya is expected to return to the Eurobond market in the first half of 2022 to raise funds, with $ 1.1 billion in the 2021/22 budget, as well as a takeover bid for part of the $ 2 billion. of dollars 6.875%, 2024 Eurobond. The Treasury is considering issuing in euros, ”says the latest Sovereign Debt Radar from REDD, a data and market intelligence company.

Nairobi is also considering lifting the debt ceiling of $ 78.9 billion set two years ago, as its debt stock of $ 67.5 billion is on the verge of exceeding that target.

The government had planned to borrow $ 5.49 billion domestically in the year ending June 2022, and as of December 10, it had already borrowed more than half of that amount, or 2.77 billions of dollars.

Modification of the debt ceiling

Loan servicing expenses are set at $ 5.46 billion, of which $ 2.33 billion will be principal repayments of domestic debt.

In November 2021, the Treasury submitted to the Attorney General and Parliament a proposal to change the debt ceiling under the Public Financial Management Act.

According to the IMF, the new debt anchor will be set at 55% of GDP, with debt being measured in terms of present value.

Kenya’s overall public debt has increased in recent years. Gross public debt fell from 44.4% of GDP at the end of 2015 to 71% of GDP at the end of 2020, reflecting high deficits, in part due to past spending on large infrastructure projects, and in 2020 by global shocks of Covid-19.

About half of Kenya’s public debt is owed to external creditors.

In the third quarter of its fiscal year, Nairobi paid $ 262.5 million to Chinese creditors to lift the deadlock on debt repayments. Payments were made to Chinese lenders, most notably Exim Bank, after suspending disbursements for projects in Kenya due to Chinese pushback to Kenya demanding a suspension of debt repayment.

In January 2021, Kenya applied for the G20 Debt Service Suspension Initiative (DSSI), as it finalized details of an Extended Finance Facility (EFF) and Extended Facility program. $ 2.4 billion three-year credit facility (ECF) with the IMF, which was approved in April.

DSSI’s request, which allowed Nairobi to receive $ 425 million in relief through December, added to existing tensions in its relationship with China, its largest bilateral creditor.

While the Exim Bank of China is a widely recognized bilateral creditor, its $ 3.6 billion loan to Kenya for the construction of the standard gauge railway has been extended on commercial terms, hence the insistence of Beijing to be treated on an equal basis with other commercial borrowers.

In Budget 2021/2022, Kenya set aside $ 1.03 billion to service its debt to China, including $ 217.1 million in interest payments and $ 817.6 million in repayments. , according to budget documents.

This year Nairobi will only receive $ 89 million in debt relief, lower than the $ 379 million originally planned, Treasury Cabinet Secretary Ukur Yatani said in a recent letter to the IMF.

Kampala in the market

Across the border, Uganda is also in preliminary talks with lenders for a new $ 500 million syndicated loan that is expected to be launched before April 2022.

Kampala has already sent out a request for proposals to lenders, but no bank has yet been appointed. It is understood that Uganda is looking for a 10 year facility, but it is unlikely to achieve such a long maturity period.

Uganda has yet to issue a Eurobond, although it has been approved by major credit rating agencies since 2013. It was active in the international syndicated loan market in March 2021 when it was first released. signed a $ 200 million seven-year facility with Societe Generale and East and South Africa. Bank of commerce and development. Kampala had requested a syndicated loan of $ 351.8 million.

REDD analysts said in December that although a Eurobond issue for Kampala is unlikely in the near term, the domestic bond market has attracted increased inflows over the past 18 months, as non-resident holdings increasing rapidly in the second half of 2020 and the first half of 2021.

“Although the stock of non-resident domestic debt holdings is still significantly lower than Ghana’s in terms of GDP and total market share, potential withdrawals could still be destabilizing due to the smaller size of the financial sector. “, he added. REDD report says.

Uganda’s total public debt is valued at $ 14 billion while the debt-to-GDP ratio is just under 50%. Overall debt repayment expenditure represents more than 15% of the total budget.

Tanzania has also indicated that it will seek loans in the new year to carry out its ambitious infrastructure projects, days after signing a contract with Turkish company Yapi Merkezi for the construction of a section 368 km of its standard gauge railway, which will be financed by loans. and is expected to cost $ 1.9 billion.

President Samia Suluhu said Tanzania would borrow to finance the project.

“We will find friendly loan facilities and the best way to get loans. We will not get this money from levies or internal taxes. We will continue to implement projects despite efforts to discourage us from borrowing. Even developed countries have debts. We will borrow to complete the development projects that we have initiated, ”she said.

In February 2021, Tanzania launched a $ 200 million seven- and ten-year loan in syndication.

Dodoma is keen to keep its infrastructure investments on track and is building, among other things, a high speed standard gauge railway from the port of Dar es Salaam to the hinterland border with Rwanda.

Tanzania’s stance on borrowing comes amid growing debate over the country’s new lending frenzy, which Speaker of Parliament Job Ndugai has called “unhealthy”.

Mr. Ndugai argued that the country cannot rely on external borrowing to support its large infrastructure projects, instead proposing the use of internal revenue.

“Is it appropriate for us Tanzanians to continue to borrow and increase the national debt which currently stands at around $ 33.8 billion or will we agree to shoulder the burden ourselves?” Asked Mr. Ndugai.

“Should we continue to borrow and sing praises once we get the loans or should we continue to charge direct debits whether people are ready or not, but the end goal is to build our infrastructure with our own money? “

For the past four years, Tanzania has taken out syndicated loans to advance its infrastructure plans. In August 2017, she turned to Credit Suisse Bank for a five-year $ 500 million loan and returned to the market two years later to apply for a $ 1 billion syndicated loan from Trade and Development. Bank.

Since March 2021, when President Samia took power, the country has received more than $ 3 billion in debt, including concessional loans and aid funds from the World Bank, IMF and the Bank. African development.

BoT data

The latest data from the Bank of Tanzania (BoT) shows that Dodoma plans to borrow at least $ 2.34 billion from foreign financiers to finance its 2022/2023 draft budget of $ 17.1 billion.

According to Finance Minister Mwigulu Nchemba, $ 1.32 billion of the 2022/23 budget will be financed by direct concessional loans and grants from development partners under the traditional general budget support agreement.

An additional $ 1.04 billion will come from project-specific commercial loans from international lenders, Nchemba said during the presentation of the 2022/2023 budget proposals to parliament in November.

The government will borrow an additional $ 2.32 billion from the domestic market to secure at least $ 12.4 billion in domestic funding from its 2022/2023 budget to balance external funding.

Tanzania’s total national debt stands at $ 33.88 billion, with the latest BoT report showing the national debt increased by $ 182.3 million at the end of August compared to July.

External debt represented 76.6% of the stock (at $ 25.95 billion), while external debt service payments stood at $ 27.8 million in August 2021, of which 18 Millions of dollars were spent on paying principal and the rest on repaying accrued interest, the central bank said. A total of $ 4.63 billion has been allocated to repay the public debt in the 2021/2022 budget, representing 29% of total spending.

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Six Premier League players Sheffield Wednesday, Rotherham United and Doncaster Rovers could be loaned out https://kenttribune.com/six-premier-league-players-sheffield-wednesday-rotherham-united-and-doncaster-rovers-could-be-loaned-out/ Sat, 01 Jan 2022 12:26:00 +0000 https://kenttribune.com/six-premier-league-players-sheffield-wednesday-rotherham-united-and-doncaster-rovers-could-be-loaned-out/

In recent seasons Premier League and Championship loans have become more common as League One clubs try to save money.

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For clubs in the upper divisions, this is an opportunity for their rising stars to gain experience of senior football in a very competitive division.

POTENTIAL TARGET: Folarin Balogun. Image: Getty Images.

Doncaster Rovers has put money aside for new manager Gary McSheffrey as he is tasked with getting the club out of the League One relegation zone.

Sheffield Wednesday have lacked defenders, including center-backs and left side of all four defenders, so far this season. Discussions have been held with Everton over defender Lewis Gibson as the loaned Owls player continues to grapple with injury issues.

Below are six potential Premier League and Championship players who could potentially be available for Yorkshire League 1 clubs this month.

POTENTIAL TARGET: Liam Delap. Image: Getty Images.

Arsenal academy director Per Mertesacker has probed the 20-year-old forward as the Gunners’ youngster most likely to leave on loan this month.

The New York-born player, who represents England at youth level, made his senior debut for Arsenal in October 2020. He is slowly moving up to the Gunners’ first team, but Mersteacker believes he needs a ready to help it grow.

He’s only played a few times for Arsenal’s first team and a Yorkshire loan would surely benefit all parties.

POTENTIAL TARGET: Anthony Elanga. Image: Getty Images.

The 20-year-old Tottenham Hotspur midfielder was an unused replacement as Antonio Conte’s side drew 1-1 at Southampton midweek.

In the second half of last season he spent time on loan with Portsmouth in League One. Considering his background in the division, he could prove to be a useful asset for one of Yorkshire’s third tier clubs.

The Manchester City youngster has been plagued with injuries throughout 2021. He signed a new contract with City this summer which will keep him at the Etihad Stadium until 2026.

He is one of the top-rated young players at Premier League academy level and sparked the interest of several league clubs this summer, who were looking to have him on loan.

The West Brom forward has already been linked with a loan transfer to Sheffield on Wednesday. He previously worked with Darren Moore at the Baggies and joined the Owls manager on loan at Doncaster Rovers last season.

However, he suffered a serious hamstring injury in his second appearance for Rovers, which meant his loan was terminated earlier.

The Watford midfielder has only played a handful of times under Claudio Ranieri. He was a big part of the Hornets’ promotion to the Championship last season, but fell down the pecking order at Vicarage Road.

Having started 38 of the 46 league games last season, the Swede has the experience of being part of a promoted squad. The only question is whether he would lose two levels after fighting fiercely to help Watford enter the top flight.

Manchester United recently gave the 19-year-old winger a new 4.5-year contract at Old Trafford.

He made his debut for the club in May 2021 but has featured little and could benefit from regular first-team action.

The Red Devils’ Ethan Galbraith is already on loan at Doncaster – could he be the one to try the much-loved Elanga at Keepmoat Stadium? Only time will tell.

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CONCENTRIX CORP: entering into a material definitive agreement, completing the acquisition or disposal of assets, creating a direct financial obligation or obligation under a registrant’s off-balance sheet arrangement, disclosure of the FD regulation, financial statements and supporting documents (form 8- K) https://kenttribune.com/concentrix-corp-entering-into-a-material-definitive-agreement-completing-the-acquisition-or-disposal-of-assets-creating-a-direct-financial-obligation-or-obligation-under-a-registrants-off-balance/ Thu, 30 Dec 2021 22:02:04 +0000 https://kenttribune.com/concentrix-corp-entering-into-a-material-definitive-agreement-completing-the-acquisition-or-disposal-of-assets-creating-a-direct-financial-obligation-or-obligation-under-a-registrants-off-balance/

Article 1.01. The conclusion of an important definitive agreement.

In connection with the closing of the acquisition of ProKarma Holdings Inc., a
Delaware company (“PK”) (as indicated in point 2.01 below), the December 27, 2021, Concentrix Corporation (the “Company”) entered into an addendum to its credit agreement dated October 16, 2020 (the “Credit Agreement”), with the lenders who are parties to it, Bank of America, NA., as an administrative agent, and some we subsidiaries of the Company, as guarantors (the “Amendment”).

Among other things, the Addendum amends the Credit Agreement (as amended, the “Amended Credit Agreement”) (i) to fully refinance the existing term loan under the Credit Agreement with a new term loan, which has been fully advanced, in the total principal amount of $ 2.1 billion (the “New Term Loan”), (ii) to increase the revolving loan commitment (the “Revolver”) of lenders under the Credit Agreement in order to $ 1.0 billion, (iii) extend the maturity of the Credit Agreement to December 27, 2026, (iv) replace LIBOR with SOFR (the guaranteed overnight funding rate) as the main reference rate used to calculate interest on loans under the Credit Agreement, and (v) modify the commission of commitment on the unused portion of the Revolver and the margins exceeding the reference rates at which borrowings under the Credit Agreement bear interest. Substantially all of the proceeds from the new term loan were used to repay the existing term loan under the credit agreement and to finance the acquisition of PK, including the repayment of certain debts of PK and the payment of debts. related costs and expenses.

Borrowings under the Rider Credit Agreement bear interest, in the case of borrowings at the SOFR rate, at an annual rate equal to the applicable SOFR rate (but not less than 0.0%), increased by an adjustment between 0 , 10% and 0.25% depending on the interest period of each SOFR loan, plus an applicable margin, which varies from 1.25% to 2.00%, depending on the consolidated leverage ratio of the Company. Loans under the Amended Credit Agreement that are not SOFR rate loans bear interest at an annual rate equal to (i) the greater of (a) the Federal Funds rate in effect on that day plus 1/2 of 1.00%, (b) the last interest rate publicly announced by Bank of America as its “prime rate” and (c) the SOFR forward rate plus 1.00%, plus (ii) an applicable margin, which varies from 0.25% to 1.00%, based on the ratio consolidated leverage of the Company. As amended, the commitment fee on the unused portion of the Revolver ranges from 22.5 to 30 basis points, also based on the Company’s consolidated leverage ratio.

Start August 31, 2022, the unpaid principal of the new term loan is payable in quarterly installments of $ 26.25 million with the unpaid balance due in full by the due date.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated in this Section 1.01 by reference.

Article 2.01. Completion of the acquisition or disposal of assets.

At December 27, 2021, the Company has completed the previously announced acquisition of PK. The acquisition was completed in accordance with the terms and conditions of the Agreement and the Merger Plan, dated November 19, 2021, by and among the Company,
CNXC Fusion Sub, Inc., a Delaware Company and the Company’s wholly owned subsidiary (“Merger Sub”), PK, and Carlyle Partners VI Holdings, LP, a
Delaware limited partnership, as representative of the holders of PK securities, since this agreement and this merger plan were amended on 20 December 2021 (as amended, the “Merger Agreement”). The Acquisition was completed by the merger of Merger Sub with and into PK (the “Merger”), PK surviving as a wholly owned subsidiary of the Company, for merger consideration of approximately $ 1.6 billion cash, up or down for certain adjustments set out in the merger agreement, including a calculation of target net working capital, and assumption of certain outstanding PK stock options .

In accordance with the terms and subject to the conditions set out in the Merger Agreement, upon the Merger, each issued and outstanding common share of PK immediately before the Effective Time (as defined in the Merger Agreement ) (except for ordinary shares Shares held by the Company, Merger Sub, PK or any of their respective subsidiaries) and each PK Restricted Share Unit (“RSU”) issued and outstanding immediately prior to Time was canceled and converted to the right to receive (x) a cash amount at closing equal to the estimated merger consideration per share, plus (y) the amount, if any, of certain payments post-closing to holders of PK securities who have become payable for this ordinary PK or PK RSU share in accordance with the

————————————————– ——————————

Merger agreement. In accordance with the terms and subject to the conditions set out in the Merger Agreement, each option to purchase shares of PK outstanding immediately before the Effective Time that has vested or vested as a result of the Merger and which had an exercise price lower than the estimated price per share of the merger consideration, immediately before the entry into force of the merger, with the exception of the stock options of PK which were assumed by the Company in accordance with the merger agreement, has been automatically canceled and converted into a right to receive (x) a cash amount equal to the product (i) of the number of ordinary shares of PK subject to such an option purchase of shares and (ii) the difference between the exercise price of that stock option and the estimated merger consideration per share, plus (y) the amount, if any certain post-closing payments to holders of PK securities which have become due in respect of e this option to purchase shares in accordance with the merger agreement.

The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement and Plan, which has been filed as Exhibit 2.1 of the current Form Report. 8-K filed by the Company on November 24, 2021, and the First Amendment to the Merger Agreement and Plan, which was filed as Exhibit 2.1 of the current report on Form 8-K filed by the company on 23 December 2021, each of which is incorporated in this Section 2.01 by reference.

Article 2.03. Creation of a direct financial obligation or obligation under an off-balance sheet arrangement of a registrant.

The information set out in Section 1.01 of this current report on Form 8-K is incorporated in this Section 2.03 by reference.

Article 7.01. FD Regulation Disclosure. At December 27, 2021, the Company issued a press release announcing the closing of the acquisition of PK. A copy of the press release is provided attached as Exhibit 99.1 and incorporated into this Section 7.01 by reference.

Article 9.01. Financial statements and supporting documents.

    Exhibit No.            Description
        10.1                 First Amendment to Credit Agreement and Joinder Agreement, dated as of
                           December 27, 2021, by and among Concentrix Corporation, the subsidiaries
                           of Concentrix Corporation named therein, the lenders party thereto, and
                           Bank of America, N.A., as administrative agent.
        99.1                 Press release issued by Concentrix Corporation on December 27, 2021.
        104                Cover Page Interactive Data File (embedded within the Inline XBRL

————————————————– ——————————

© Edgar online, source Previews

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Animal husbandry department promotes Kisan credit card programs (KCC) and provides loans for animal husbandry https://kenttribune.com/animal-husbandry-department-promotes-kisan-credit-card-programs-kcc-and-provides-loans-for-animal-husbandry/ Wed, 29 Dec 2021 01:30:00 +0000 https://kenttribune.com/animal-husbandry-department-promotes-kisan-credit-card-programs-kcc-and-provides-loans-for-animal-husbandry/

The reduction in jobs and the increase in unemployment led officials from the Thane District Livestock Department to launch awareness campaigns for Kisan Credit Card (KCC) programs in all districts.

Campaigns are carried out throughout the district with the aim of helping villagers take advantage of KCC programs, which provide term loans to farmers or those interested in establishing animal or goat farms.

Authorities say they have received 388 inquiries to date from villagers interested in raising animals. However, the application will be accepted throughout the Taluka district of Thane until February 2022.

The livestock department made two trips to Kalyan Taluka and received 70 applications. First trip made to Murbad Taluka, where around 170 applications were received. Whereas two readers at Bhiwandi Taluka 67 candidates have expressed their interest. Likewise in Shahapur about 16 and Ambarnath about 65 applications were received.

“The government is helping citizens enjoy the benefits of the Kisan credit card program. More villagers interested in starting an agricultural business should take advantage of these benefits offered by the government. This will help them grow their business, ”said Kirti Doijode, District Animal Husbandry Officer, Thane Collectors Office.

Doijode further added that the beneficiaries would get a loan of up to Rs 1.60 lakhs under the program. The amount can be used to obtain fodder, medicine, vaccines, working capital for animal feed. Authorities say the program will be available to dairy companies, poultry farming, goat breeding, sheep breeding and respect for boars, “she added.

Authorities say 7% interest will be charged on the loan. The government will provide a 2 percent subsidy. In addition, if the beneficiary regularly repays the loan amount, he will benefit from an interest reduction of 3%.

The authorities further explained that the villagers can inquire and obtain details about the loan and the program at the breeding hospital, the office of the head of the breeding of their Taluka, the office of Panchayat Samiti and continue the process. application process, ”added Doijode.

The training was carried out under the direction of Rajesh Narvekar, collector of Thane district.

The KCC program has short term credit limits for crops and term loans. With fewer jobs throughout the district, they had to go to MIDC or market areas but were barely paid. However, with the help of such loans, they can start their own business to earn a better living.

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Posted on: Wednesday, December 29, 2021, 7:00 a.m. IST Source link

Doha Bank closes $ 762.5 million term loan facility https://kenttribune.com/doha-bank-closes-762-5-million-term-loan-facility/ Mon, 27 Dec 2021 09:07:39 +0000 https://kenttribune.com/doha-bank-closes-762-5-million-term-loan-facility/

(MENAFN- The Peninsula) The Peninsula

Doha: Doha Bank QPSC announced yesterday that it has successfully completed the signing of a 3-year syndicated term loan facility (the “Facility”) on December 20, 2021. The facility includes an option to extend the term of a year at the end of the initial 3-year term. The Facility was fully drawn on December 23, 2021.

Launched in November, the Facility originally targeted a $ 350,000,000 transaction. The facility generated strong interest from existing and new partner banks in EMEA and Asia, and the syndication was closed oversubscribed.

A total of 16 financial institutions joined the facility, and the facility was subsequently increased to $ 762,500,000. The strong response to the deal is a testament to Doha Bank’s good access to capital markets and its close relationship with a wide range of lenders.

The facility, where the loan proceeds will be used to fund general business and working capital needs of the bank, pays a margin of 85 basis points per year on US dollar LIBOR. Mizuho Bank, Ltd. and Intesa Sanpaolo SpA coordinated the transaction. Mizuho Bank is also the facility agent.


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The CBE reveals the most important indicators of the financial sustainability of the Egyptian banking sector in the third quarter of 2021 https://kenttribune.com/the-cbe-reveals-the-most-important-indicators-of-the-financial-sustainability-of-the-egyptian-banking-sector-in-the-third-quarter-of-2021/ Sat, 25 Dec 2021 16:18:05 +0000 https://kenttribune.com/the-cbe-reveals-the-most-important-indicators-of-the-financial-sustainability-of-the-egyptian-banking-sector-in-the-third-quarter-of-2021/

The Central Bank of Egypt (CBE) revealed the most important financial sustainability indicators for banks operating in the Egyptian market during the third quarter (3Q) of 2021.

According to the CBE, the total financial position of banks operating in the local market increased to around EGP 8.484 billion in September 2021, from around EGP 7.948 billion in June 2021.

On the asset side, the total cash balance of banks was around EGP 63.891 billion, compared to around EGP 65.190 billion during the comparison period. Balances with banks in Egypt recorded around EGP 1.275 billion, while balances with banks abroad stood at EGP 232.204 billion.

Customer loans and remittances recorded around EGP 2.948 billion, while treasury bill securities and investments reached EGP 3.018 billion.

On liabilities and equity, the CBE said total banks’ capital was around EGP 198.583 billion in September 2021, up from EGP 185.357 billion in June. On the other hand, reserves recorded 349.543 billion EGP, while provisions amounted to approximately 178.080 billion EGP.

Obligations to banks in Egypt amounted to around EGP 297.941 billion, while obligations to banks abroad recorded EGP 116.381 billion and total deposits reached EGP 6.059 billion, while long-term bonds and loans amounted to EGP 236.421 billion.

Regarding asset quality, the CBE said non-performing loans to total loans stood at 3.6% in September 2021, up from 3.5% in June 2021.

The CBE revealed that the 10 largest banks operating in the Egyptian market accounted for 2.7% of total NPLs, while the percentage reached 2.3% in the five largest banks.

The banks’ loan provisions covered 92.8% of their total NPLs in September 2021, up from 94% in June 2021. At the same time, the loan provisions of the 10 largest banks operating in the Egyptian market covered 100% of their non-performing loans. .

“The volume of provisions that banks allocated to cover bad loans was approximately 178.08 billion EGP in September 2021, and the share of the 10 largest banks of these provisions was 122.232 billion EGP, while it stood at EGP 103.004 billion in the five largest banks. “, According to the CBE.

Egyptian banks declared reserves worth EGP 349.543 billion in September 2021, of which the share of the 10 largest banks was EGP 264.389 billion, while the reserve volume of the five largest banks was to about EGP 222.725 billion.

In addition, the CBE said that the loan-to-deposit ratio at banks operating in the Egyptian market decreased to 48.8% in September 2021, from 50.8% in June 2021, and this ratio reached 48.8%. in the 10 biggest banks and 49.6% in the 5 biggest banks.

The ratio of loans to deposits in local currency stood at 45.3% in September 2021, against 47.9% in June 2021, and this ratio reached 44.6% in the top 10 banks, and recorded 44, 7% in the top five banks.

The ratio of bank loans to foreign currency deposits rose to 71.9% in September 2021, against 68.8% in June 2021, and this ratio reached 78.5% in the top 10 banks and 88.4% in the top five banks.

“The private sector represented 58.2% of the total loans granted by banks to their customers in September 2021, against 57.1% in June 2021”, according to the CBE.

The private sector acquired 49.7% of total loans in the top 10 banks operating in Egypt, compared to 45.5% in the top five banks.

The CBE said that the total deposits in banks amounted to about 6.059 billion EGP in September 2021, of which about 4.720 billion EGP was in the top 10 banks, while the volume of deposits in the top five. largest banks operating in Egypt is around EGP 4.157 billion. .

The ratio of deposits to assets in banks stood at 71.65% in September 2021, against 72.2% in June 2021, and this ratio reached 70.9% in the top 10 banks and 70.4% in the first five.

The CBE noted that the local currency liquidity ratio in banks increased to 45.6% in September 2021, from 45.5% in June 2021, and this ratio was 45.7% in the top 10 banks and 44.6% in the top five banks.

At the same time, the foreign currency liquidity ratio in banks decreased to 65.5% in September 2021, from 73.2% in June 2021, and this ratio reached 62.7% in the top 10 banks and 61.1% in the top five.

The CBE said that the volume of investments by banks operating in the local market in securities and treasury bills amounted to around EGP 3.018 billion in September 2021, up from around EGP 2.87 billion in June 2021. Investments by Top 10 banks in these instruments amounted to around EGP 2.379 billion, compared to around EGP 2.094 billion in the top five.

The equity portfolio of banks, excluding Treasury bills, reached 24.8% of total bank assets in September 2021, against 23.8% in June 2021. This percentage reached 26.7% in the top 10 banks, and 27.6% in the top five.

The CBE said the ratio of capital base to risk-weighted assets at all banks increased slightly to 19.03% in September 2021, from 19% in June 2021, and this ratio reached 18.9. % in the top 10 banks and 18.4% in the Top five.

The ratio of Tier 1 capital to risk-weighted assets increased to 17.1% in September 2021, from 16.8% in June, and this ratio reached 16.7% in the top 10 banks and 16.3% in the top five.

According to the CBE, the ratio of common stocks to risk-weighted assets stood at 13.1% in September 2021, up from 13.2% in June 2021, and this ratio reached 12.3% in the 10 largest banks and 11.6% in the 5.

In addition, the bank leverage ratio fell slightly to 6.7% in September, from 6.9% in June 2021, and this ratio reached 6.1% in the 10 largest banks and 5.8% in the first five. According to the EPC, the percentage with a lower margin is indicated as 3%.

In another context, the CBE revealed that the net open position in foreign currencies relative to equity reached -2.2% in all banks operating in the Egyptian market in September 2021, compared to -2.4% in June 2021. This percentage was -3.4% in the top 10 banks and -3.9% in the top five. The total net open positions (short or long) for all foreign currencies must not exceed 20% of the capital base.

Meanwhile, the CBE revealed that banks operating in Egypt recorded net profits of around EGP 80.103 billion in September 2021. They achieved a net return of EGP 213.260 billion, while net income rose to a net profit of EGP 213.260 billion. amounted to EGP 265.537 billion and total expenditure amounted to EGP 185.434. billion.

According to the CBE, the top 10 banks accounted for around 85.9% of total profits, as they made around EGP 68.877 billion in September 2021. The top 10 banks achieved net revenues of EGP 212.051 billion, net returns of EGP 169.280 billion; and total expenditure spent of EGP 143.174 billion.

As for the top five banks, they accounted for 74% of total industry profits, recording 59.333 billion EGP, achieving net income of 184.531 billion EGP and net return of 146.013 billion EGP, as well as total expenditure. of EGP 125.198. billion.

The CBE said that the banks’ average return on assets registered 1.2% in September 2021, while the average return on equity was 14.9% and the net return margin reached 3.7%, unchanged from June and March 2021.

In the top 10 banks, the return on average assets reached 1.2% in September, while the return on average equity reached 15.9% and the net return margin reached 3.6%.

The return on average assets in the top five banks was 1%, while the return on average equity was 14.5%, and the net return margin reached 3.3%.

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Everything you need to know to get a payday loan in Canada https://kenttribune.com/everything-you-need-to-know-to-get-a-payday-loan-in-canada/ Thu, 23 Dec 2021 16:26:19 +0000 https://kenttribune.com/everything-you-need-to-know-to-get-a-payday-loan-in-canada/ Focus Cash Loans offers online payday loans to meet urgent or unforeseen expenses

Payday loans are designed to help people with urgent or unexpected expenses get the financing they need quickly.

If you need a quick loan but don’t want the hassle of dealing with your bank, payday loans online can help. A payday loan is the fastest, easiest way to get the money you need.

Payday loans are a type of unsecured short-term loan, which means that you don’t need to post any collateral to qualify. Instead, the decision is made based on your ability to repay your loan.

This means that if you are earning a stable income, you may be eligible for a payday loan.

Focus Cash Loans is a trusted online lender helping Canadians with instant 24/7 online wire transfer payday loans in Canada since 2008.

Their short term loans allow you to borrow up to $ 1,500. Funds are deposited directly into your bank account within minutes.

If you are currently employed or receiving Unemployment Insurance (EI), Canada Pension Plan, private pension, or private disability insurance and you are paid by direct deposit into your account, you are eligible. Your net income should be at least $ 1,200 per month.

Focus Cash Loans does not perform credit checks, it only examines your bank account activity. There are also no hidden fees or charges on their payday loans.

Applying for a personal loan online is quick and easy. You just need to fill out the online payday loan application form. You don’t need to fax or email documents.

The loan application process is fully digitized on a secure online platform. The app takes five minutes and can be done in the comfort of your home. You will receive your funds within an hour after you have been approved.

You don’t have to worry about missed payments, bounced charges or unforeseen expenses because Focus Cash Loan has you covered. If you run out of money before your next payday, you can simply apply online and get approved for a loan the same day.

To get your short-term loan quickly and easily today, visit www.focuscashloans.ca.

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