Term loan – Kent Tribune http://kenttribune.com/ Thu, 04 Aug 2022 02:09:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kenttribune.com/wp-content/uploads/2021/05/icon.png Term loan – Kent Tribune http://kenttribune.com/ 32 32 8×8, Inc. Announces $250 Million Senior Secured Term Credit Facility Under Custom Capital Solution Led by Francisco Partners https://kenttribune.com/8x8-inc-announces-250-million-senior-secured-term-credit-facility-under-custom-capital-solution-led-by-francisco-partners/ Thu, 04 Aug 2022 02:09:00 +0000 https://kenttribune.com/8x8-inc-announces-250-million-senior-secured-term-credit-facility-under-custom-capital-solution-led-by-francisco-partners/

CAMPBELL, Calif.–(BUSINESS WIRE)–8×8, Inc. (NYSE: EGHT) (the “Company” or “8×8”), a leading provider of integrated cloud communications platforms, today announced a new secured term loan facility of ranking of $250 million in a transaction led by Francisco Partners. Under the credit agreement, the Company intends to use the facility to fund the cash portion of an exchange in principal amount of approximately $404 million of the 0.50 % of the Company due 2024 and the concurrent repurchase of approximately $60 million of common stock of the Company.

We are delighted to partner with 8×8 in providing a customized capital solution,” said Scott Eisenberg, Head of Credit and Structured Solutions at Francisco Partners. “8×8 is a leader in the large and growing cloud communications market and we look forward to supporting management by helping to advance their vision for the business and drive value for all stakeholders.

Francisco Partners’ equity commitment to 8×8 recognizes the opportunity and importance of our XCaaS vision to deliver a single-vendor cloud communication and contact center solution that empowers workers in today’s hybrid workplaces today,” said Samuel Wilson, CFO of 8×8. “By simultaneously executing a term loan, convertible debt exchange and share buyback, we are extending the maturity of over 80% of our 2024 convertible debt while limiting the potential dilutive impact on existing shareholders. Our continued focus on operational efficiency was a key factor in negotiating favorable terms for these transactions. Consistent with the increased focus on profitability and cash flow generation that we communicated with our fiscal first quarter earnings release, we reiterate our recently communicated objectives of maintaining positive operating cash flow and generating operating profit on a non-GAAP basis.

Term Loan Facility Details

The Term Loan Facility will mature in July 2027. Advances under the Term Loan Facility will bear interest at an annual rate equal to the Guaranteed Term Overnight Funding Rate (SOFR), plus a margin of 6.50%, subject to a floor of 1.00% and a credit spread adjustment of 0.10%. Wilmington Savings Fund Society, FSB will act as administrative agent, with certain affiliates of Francisco Partners as lenders (the “Credit Agreement”).

Along with the term loan facility, the Company also issued exercisable detachable warrants for an aggregate of 3.1 million shares of common stock of the Company to Francisco Partners and its affiliates. The warrants have a term of five years and an exercise price equal to $7.15, which represents a premium of 27.5% over the closing price of the common shares of the Company on August 3, 2022, date of pricing.

Loans under the Credit Agreement contain customary financial covenants as well as positive and negative covenants customary for transactions of this type, including minimum liquidity and limitations on indebtedness, liens, investments , dividends, disposal of assets, change of activity and transactions with affiliated companies. .

The Credit Agreement will be secured by certain of the Company’s wholly-owned subsidiaries, other than intangible subsidiaries and other customary exceptions, and secured by a perfected security interest in substantially all of the Company’s tangible and intangible assets, as well as almost all of the tangible and intangible assets of the guarantors.

Initial funding of the loans under the credit agreement is expected to occur on August 10, 2022, subject to customary closing conditions.

J. Wood Capital Advisors LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to the Company in connection with the transaction.

About 8×8 Inc.

8×8, Inc. (NYSE: EGHT) is transforming the future of enterprise communications as the leading software-as-a-service provider of 8×8 XCaaS™ (eXperience Communications as a Service™), an integrated contact center, communications voice, video, chat and API built on a global cloud communication platform. 8×8 uniquely breaks down the silos between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) to meet the communication needs of all employees globally as they work together to deliver differentiated customer experiences. For more information, visit www.8×8.com, or follow 8×8 on LinkedIn, Twitter and Facebook.

8×8®, 8×8 XCaaS™, eXperience Communications as a Service™, eXperience Communications Platform™ are registered trademarks of 8×8, Inc.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Any statements that are not historical facts may be considered forward-looking. statements. For example, words such as “may”, “will”, “should”, “estimate”, “predict”, “potential”, “continue”, “strategy”, “believe”, “anticipate”, “plan” , “expects, “intends” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, the Company’s ability to complete the foregoing transactions within the time periods described, with the terms anticipated, or and whether the Company remains positive and profitable on a non-GAAP basis. Actual results could differ materially from those projected in the forward-looking statements depending on a variety of factors. These include that the closing of transactions is subject to For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the reports. of the company on Forms 10-K and 10-Q, as well as other reports that 8×8 files from time to time with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and 8×8 undertakes no obligation to publicly update any forward-looking statement for any reason, except as required by law, even if new information become available or if other events occur in the future.

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All About Group Term Life Insurance Policy in India – Forbes Advisor INDIA https://kenttribune.com/all-about-group-term-life-insurance-policy-in-india-forbes-advisor-india/ Mon, 01 Aug 2022 18:44:12 +0000 https://kenttribune.com/all-about-group-term-life-insurance-policy-in-india-forbes-advisor-india/

Having suitable life insurance at your workplace seems really convenient and hassle-free. Many employers offer their employees group term life insurance policies at little or no cost. In fact, more employees are covered by such workers’ compensation insurance plans than have their own individual life insurance.

So, is opting for a collective term life plan a good idea? Here’s our guide to help you learn more about group term insurance plans, how they work, their benefits, and whether or not you should have one.

Types of group term life insurance plans available to buy in India

What is Group Term Life (GTL)?

Group term life insurance refers to a life insurance plan that provides coverage to multiple people or a group of people under one plan. Group term insurance plans are intended to provide financial protection to the agent or beneficiary in the event of the death of the person covered during the term of the contract.

The most common example of group term life insurance is when a company offers term insurance to all of its employees under a single plan or contract. The contract is given to the employer who, in turn, provides coverage to its employees. These plans also have a primary insured, who acts as the central administrator on behalf of the group members, which is the employer in this case.

Compared to individual term insurance, group term life insurance is relatively inexpensive. Note that group term coverage is in effect until employment is not terminated or until the end of the policy term. Currently, the insured has the option of converting their group coverage into an individual policy if they plan to leave their current employer. However, this conversion tends to be much higher than the premiums of policies offered to individuals.

How does group term life insurance work?

Continuing with the above example of employer-employee group term insurance, the employer being the primary policyholder issues the sum insured coverage to its employees through the single primary policy. The main underwriter decides the amount of the sum insured (life cover) that can be made on the basis of:

Flat cover: Offer similar life coverage to all employees.

Graduated coverage: Life cover is given according to the hierarchical levels of the company.

In the case of formal groups like a company, the sum insured is either tied to the member’s loan amount or the employee’s salary. If linked to salary, the life cover becomes equal to a multiple of the annual salary. The amount of life cover is usually equal to one or two times your annual salary. Supposedly, if a member has an annual salary of INR 5 lakh and the considered multiple is two, the life cover amount would be INR 10 lakh.

Typically, the employer pays the entire premium amount, but in some cases the maximum portion of the premium payment is made by the employer and the remainder is deducted from the employee’s salary. The amount of the premium is not the same and depends on factors such as the size of the organization, the number of employees covered, the average age of the employees, etc.

It is also possible to add riders to the policy, such as accidental death, critical illness and terminal illness, which enhance the coverage of the pure term insurance policy. One can also choose the option of settling employees’ home or auto loans, should they die.

What are the main features of group term life insurance?

  • Provides life insurance coverage to multiple people under one policy.
  • The premium is paid in full or the large sum is paid by the employer.
  • Group term life insurance plans are renewable on an annual basis.
  • As all employees receive free life cover, actual cover becomes limited and depends on factors such as risk class and group size.
  • The sum insured is paid to the agent on the death of the insured person.
  • Apart from the death benefit, no other benefits such as maturity and survivor benefits are provided.
  • The individual has the option of covering their spouse and dependent children under the same policy.
  • This is a cost effective option as life cover is available at lower premium rates.
  • Simple and hassle-free process of adding and removing members in the policy.
  • Additional riders such as Critical Illness, Accidental Death, Disability may be selected at nominal additional premium cost.
  • A minimum of 10 members is required to enroll in the group term insurance plan in the case of a formal group (employer-employee), and a minimum group of 50 members can enroll in this plan in the case of a group informal (non-employer-employee) .

What are the main benefits of group term life insurance?

Who is eligible for group term life insurance?

  • Employer-employee groups.
  • Non-employer-employee groups.
  • Small and medium-sized enterprises (SMEs).
  • Microfinance institutions.
  • Banks and non-banking financial institutions.
  • Professional groups.
  • start-up

What are the disadvantages of group term life insurance?

  • It does not include maturity and survivorship benefits.
  • Restriction on customization of the plan according to individual choice, as the premium and sum insured are decided by the employer.
  • The individual has no control over his policy. Coverage is also low, which is also set by the employer.
  • The covered employee cannot continue the policy if he decides to change or leave his current job.

Methodology

For our Forbes Advisor India ratings, we analyzed 35 Indian life insurance companies offering group term life insurance plans and selected the top ones offering the most suitable group term insurance, based on the parameters following:

  • Cost competitiveness (20% of score)
  • Claims settlement ratio (20% of score)
  • Full coverage provided (20% of score)
  • Additional benefits and endorsements (20% of the score)
  • Flexibility to customize policy (10% of score)
  • Customer Support Team (10% of score)

Frequently Asked Questions (FAQs)

Which is better: an individual term life insurance plan or a group term life insurance plan?

Well, it totally depends on your personal financial goals. If you are looking for low cost life insurance protection for a specific period to cover your family or to cover any mortgages, you can simply opt for a group term life insurance plan. However, if you are looking for huge, whole life coverage, you must have your own individual term life insurance policy.

Will I receive product at maturity with group term life insurance?

What do you mean by free coverage limit in group term life insurance?

How long will I be covered by group term life insurance?

My personal habits such as smoking, etc. will they affect the cost of the group term life insurance premium?

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Bay Area Community Impact Fund 2022 Report – The San Francisco Foundation https://kenttribune.com/bay-area-community-impact-fund-2022-report-the-san-francisco-foundation/ Thu, 28 Jul 2022 02:15:48 +0000 https://kenttribune.com/bay-area-community-impact-fund-2022-report-the-san-francisco-foundation/
Developing our impact investments

It’s hard to believe we’re more than halfway through 2022. As each month seems to bring a new challenge, from the latest COVID variant to a rollback in reproductive rights, we find ourselves even more motivated to create an equitable Bay Area. .

Exclusionary policies and practices have resulted in racial inequalities that prevent far too many Bay Area residents from thriving. For example, white residents are almost twice as likely to own their homes as black residents and 50% more likely than Latinx Bay Area residents. And the rate of business ownership is six times higher for white workers in the Bay Area than for black workers, and five times higher than for Latinx workers.

As one of the foundation’s tools to address these inequalities, our Bay Area Community Impact Fund (BACIF) provides local nonprofits and social enterprises with low-interest loans. We’re excited to share our 2022 Bay Area Community Impact Fund report, to give you insight into how our impact investing is helping us advance our mission.

With the publication of this report, we announce an exciting expansion of our impact investments: SFF now allocates a portion of our two long-term investment pools to BACIF. This year, we are allocating over $4 million for additional impact investments in local communities and will increase this amount over time with a targeted allocation of 5% of each pool (~$24 million), subject to demand for additional loans.

Additionally, BACIF closed a new $1 million impact loan to the REAL People’s Fund last month to provide funding to entrepreneurs of color based in East Oakland, West Oakland, Richmond and San Pablo. Through this partnership, SFF is helping break down barriers to capital, build community wealth, and create quality jobs in communities of color.

Advancing racial equity requires bold solutions. In addition to our grants and advocacy, our local impact investments, made in partnership with our donors, are essential to these solutions. I invite you to explore this page ⁠—our 2022 Bay Area Community Impact Fund report ⁠—to learn more about our new BACIF allocation and other ways SFF’s impact investments are creating a more equitable Bay Area.

Sonja Velez, Chief Financial Officer

Investment Spotlight

The impact of our investments

The Bay Area Community Impact Fund helps make the Bay Area a better, more inclusive place through investments in community organizations that create and maintain jobs, affordable housing, and sustainable communities.

BACIF Bay Area Community Impact Fund Loans 2009-Present

Growing the Investment Pool for the Future of the Bay Area

We have $24 million in the fund and a strong pipeline of opportunities looking for investment. Our goal is to grow the fund to at least $30 million so we can continue to grow our impact in supporting relief, recovery and renewal in the Bay Area. To date, the fund has provided 26 loans totaling $26 million to zero loss.

2022 BACIF Bay Area Community Impact Fund Investment Sources

The Bay Area Community Impact Fund is a pooled fund with investments from the SFF endowment and donor-advised funds.

2022 BACIF Bay Area Community Impact Fund Allocation

The Bay Area Community Impact Fund has grown from $5 million in 2009 to $24 million. We have now lent out more than the size of our current funds as the loans are repaid and we recycle the funds into new investments.

See the list of current investments.

Maximize the impact of your Donor Advised Fund

The Bay Area Community Impact Fund combines unrestricted funds from the San Francisco Foundation with donor-advised fund allocations to make program-related investments in organizations and projects that align with our vision of a Bay Area. Fair area for all residents. By providing nonprofits and social enterprises with access to long-term, low-interest loans, especially in communities of color, the Bay Area Community Impact Fund enables organizations to expand their activities and fund high-impact projects.

As loans are repaid, we make new investments from the Fund, recycling capital back into communities. Any capital not used in direct lending is deployed in other mission-aligned investments, such as insured deposits at local community banks and credit unions that support strategies such as affordable housing, economic opportunity, and lending. entrepreneurship of women and people of color. Learn more about the Bay Area Community Impact Fund.

Learn more and join the effort

For more information about investing in the Bay Area Community Impact Fund, contact the Philanthropy and Donation Planning team at (415) 733-8590 or Donor Services[at]sff.org.

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Revlon Stock: Fasten your seat belts, it’s going to be a bumpy bust (NYSE:REV) https://kenttribune.com/revlon-stock-fasten-your-seat-belts-its-going-to-be-a-bumpy-bust-nyserev/ Tue, 26 Jul 2022 01:03:00 +0000 https://kenttribune.com/revlon-stock-fasten-your-seat-belts-its-going-to-be-a-bumpy-bust-nyserev/

justin sullivan

Bankrupt Revlon Trade (NYSE: REV) the stock has had a bumpy ride over the past few weeks and I expect their entire Ch.11 bankruptcy process to have an extremely bumpy ride due to the complexity of this case. Of course, Revlon’s actual future operating results are critical to stakeholders, but certain future court rulings could have a significant impact on investors holding Revlon’s debt and stock. This article is an update to my previous article on Revlon bankruptcy.

Official Equity Committee

As expected, some shareholders filed a request with the US Trustee for the appointment of a formal equity committee. (Seeking Alpha published this story on July 13.) I contacted the U.S. Administrator’s office but received no official response, but since no committee has yet been appointed, I assume it was refused at this point. The next step would be for those equity holders to file a petition in bankruptcy court asking Judge Jones to order the US trustee to appoint a formal equity committee. Since he is a brand new judge, he has no prior record on this issue.

Formal equity committees are covered by section 1102, but this section does not specifically state the requirements for appointment. These have been established by long case law. All of the following conditions must be met – not just most:

Revlon meets these requirements

*The case must be large and complex. *There is an active market for the stock. *Stock is widely held. *The request is timely.

Questionable if Revlon meets these requirements

*The company is not “hopelessly insolvent”. *Shareholders cannot be adequately represented without a formal equity committee.

Revlon is unlikely to meet these requirements

*Reasonable chance of significant recovery by shareholders. *Shareholder needs outweigh costs.

Just because a formal equity committee is appointed doesn’t mean there will be a takeover for Revlon shareholders. Breitburn Energy Partners had one and had fairly good legal representation, but shareholders still haven’t received anything. Horsehead Holding had one, but partly because the committee’s legal representation was absolutely horrible, in my opinion, shareholders got nothing.

Revlon stock price over the past three months

Chart
Data by YCharts

DIP funding motion

The next real fight in this bankruptcy case will be the hearing, which is currently set for July 28 and will most likely continue until the following day, for the approval of DIP’s request for funding (File 28). I expect this hearing to be very intense, as much of the case hinges on the issues associated with this motion.

The DIP Facility (Folder 44) is approximately $2 billion:

1) Super senior DIP facility, first lien and seed term up to $1.025 billion, including $575 million new money and $450 million refinancing for the pre-petition ABL facility. 2) ABL DIP super-priority facility, first lien and seed guarantee up to $400 million. 3) the amount of the Secured Junior Super-Priority Intercompany DIP Facility shall not exceed the amount of royalty payments due to the BrandCo Entities as licensors under the BrandCo License Agreements. (Implicit amount up to $575 million)

The fight is between the BrandCo DIP lenders and everyone else. In 2020, Revlon transferred much of its intellectual property, including brand names, to new entities (BrandCos). These new entities received royalties under licensing agreements. At first glance, it looks like a bunch of business-to-business payments, but these BrandCos entities issued secured debt. (I plan to cover the issues associated with these transactions in more detail in a future article.)

There are many items in the DIP motion that are being discussed and I am only covering a few of them. First, the official Unsecured Creditors’ Committee filed an objection (Folder 239) which included a proposal to extend by at least three months the DIP stage period required to file an RSA by November 1 and an “acceptable by November 30 (until at least February 1 and early March 2023). This would factor the results of the busy holiday shopping season and potential supply chain shrinkage issues into the creation of the Ch.11 reorganization plan. (The longer the better for REV shareholders, in my opinion.)

The requirement for a plan “acceptable” by BrandCo’s DIP lenders would effectively mean that BrandCo’s DIP lenders would be in the driver’s seat of creating the plan. Under Section 1121(b), Debtors (Revlon) have an exclusive 120 day time limit to file a plan and if filed within 120 days, it has an automatic 60 day extension. to request acceptance of the plan. Often, extensions are requested and granted to extend the 120-day period. The Committee is trying to review this “veto power” of the BrandCo DIP lenders.

The proposed DIP has no exception for paying post-petition vendors. The Committee wants an exception so that sellers are much more comfortable being paid. I think this exclusion is absolutely critical for Revlon because some vendors might still be reluctant to do business with Revlon even though they are considered 503(b)(1)(A) administrative expense claims that have the priority for payment. The problem is that if Revlon’s results worsen, they could become “administratively insolvent” and be unable to fully pay administrative expenses. Many vendors might be well aware of what happened to post-petition Sears Holdings (OTC:SHLDQ) vendors who agreed to a significant “haircut” and are still awaiting payment of their remaining reduced 503(b) claims.

Another disputed item is that if there is any litigation proceeds against BrandCo’s lenders that are claimed by various parties or the proceeds of any other litigation, the proceeds are part of the assets securing the DIP financing. What? So if BrandCo’s lenders eventually had to pay a judgment, that same money could go directly to BrandCo’s lenders. (It’s our legal system at its best – no). Of course, the Committee is against it.

Key employees get a retention bonus

After a hearing on July 22, Judge Jones approved (File 281) the Key Employee Retention Plan – KERP (File 116). This would pay approximately 160 “key” employees, who are not insiders, up to a total of $15.375 million. There have been some changes from the originally proposed KERP, such as the amount being reduced by $16.4 million, but the plan still involves an average payout of $96,000 per employee. This is an attempt to retain employees, but “if a KERP Participant is terminated for cause or resigns without cause prior to a plan’s confirmation date and June 30, 2023, all KERP payments received by such KERP Participant will be reimbursed” to Revlon.

Two groups of creditors

It is members of the two main groups who are currently involved in the bankruptcy process. Interestingly, some of these hedge funds own many different types of Revlon debt, including unsecured notes.

BrandCo lender ad hoc group (folder 43)

list of debt holders of Revlon BrandCo

BrandCo lender ad hoc group >

Ad Hoc Group of Term Lenders 2016 (folder 205)

list of hedge funds that hold 2016 term loans and their other Revlon holdings

Ad Hoc Group of Term Lenders 2016

Conclusion – Impact on Revlon shareholders

If the judge decides not to extend the milestone dates required for the filing of the RSA and plan of reorganization, Revlon shareholders are “toast”, in my view, as potential future positive developments will not be considered. in the plan. Given Revlon’s rather weak status, I wouldn’t expect any upside for shareholders then. Shareholders absolutely need this extension.

If there is no exclusion to pay suppliers post-petition, supply chain issues could persist as suppliers may remain reluctant to do business with Revlon, which would have a very negative impact on the results of the competition. future operations. This, of course, would then have a very negative impact on shareholders.

I don’t expect a formal equity committee as currently Revlon does not meet all of the requirements for a nomination. However, I expect an ad hoc equity committee, which is not an official committee and which does not charge its professional fees. Sometimes part or all of their fees are eventually paid as part of a confirmed reorganization plan. Oddly enough, the visual status of an official committee versus an unofficial committee is now changing because court hearings currently take place via zoom instead of official equity committee lawyers having a seat at the main table during the hearing with the lawyers of the official committee of unsecured creditors during the trial. hearings. Lawyers from the unofficial ad hoc equity committee sit on the benches with everyone else. With the zoom, they are all just on screens.

Revlon stock price has gone up since my last article, but I keep my neutral/hold note to see what might actually develop in this complex bankruptcy case.

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Strange report claims Conte wants to do something that will surely upset a Spurs player https://kenttribune.com/strange-report-claims-conte-wants-to-do-something-that-will-surely-upset-a-spurs-player/ Sat, 23 Jul 2022 20:00:00 +0000 https://kenttribune.com/strange-report-claims-conte-wants-to-do-something-that-will-surely-upset-a-spurs-player/

According to 90min, Antonio Conte is still hoping to sign another right-back for Tottenham, despite the recent arrival of Djed Spence.

What is the story?

Well, the Italian already had a choice between Emerson Royal and Matt Doherty in that department, and now has three options after Spence joined in a deal worth an initial £12.5million. sterling.

However, Conte is still not satisfied.

90min believe the 52-year-old now wants another right-back, with Wolves speedster Adama Traore a potential option for Spurs.

The Spain international came close to joining Tottenham in January, before deciding to sign for Barcelona on a short-term loan.

Traore is now back at Molineux after Xavi decided against signing the 26-year-old.

90min add that Tottenham are also trying to sign Roma striker Nicolo Zaniolo, with Conte and Fabio Paratici – director of football at Spurs – seeing a future for the Italy international as a winger.

Undoubtedly, this is a very strange ratio considering that Conte already has three right-backs and also used Lucas Moura in that role during pre-season.

Antonio Conte will upset someone at Tottenham

In our view, signing another right-back is sure to upset someone at Tottenham, with Emerson Royal or Doherty being the most likely to be affected.

These two are the only players among Conte’s current options in this area who had a chance to impress him last season, and clearly they failed to do so.

Doherty is believed to be free to leave, while Emerson Royal has also been told he can leave by Conte, so we assume it will depend on who attracts the first offer.

Whoever is sold first will surely be very upset with Conte’s decision to sign another right-back after Spence as the Italian has clearly let them down.

In other news, ‘Terrible’: Merson shocked by what Conte said about 21-year-old Tottenham

]]> African countries face the challenge of raising funds in the bond market at prohibitive cost https://kenttribune.com/african-countries-face-the-challenge-of-raising-funds-in-the-bond-market-at-prohibitive-cost/ Fri, 22 Jul 2022 06:18:13 +0000 https://kenttribune.com/african-countries-face-the-challenge-of-raising-funds-in-the-bond-market-at-prohibitive-cost/ Download logo

The perfect storm of inflationary pressures, aggressive monetary tightening by central banks, combined with the worsening Russia-Ukraine crisis, have made raising capital through traditional bond markets particularly costly for African countries whose governments have been forced find innovative ways to raise capital.

Miranda Abraham, co-head of loan syndication at UK-based RMB, said: “While the quality of African sovereigns has not diminished, the risk appetite of typical bond investors has certainly diminished. , which pushed prices to prohibitive levels.”

African government bonds have historically offered long-term debt at a fair price for issuers and attractive yields for investors.

“But now the sentiment has turned; in a risk-free environment, investors generally prefer to buy investment-grade credits, and inflationary pressures mean that for investors there are many opportunities that are perceived to be lower risk and now offer higher returns.

As the international bond market becomes less attractive, African governments have begun to explore alternative options such as syndicated loans – usually offered by a group of bank lenders who work together to provide credit to large borrowers such as governments, public entities or large companies.

Bridge financing also offers an alternative solution.

This is a flexible, bridged form of financing used to cover short-term costs until a long-term financing option can be put in place. Its price is usually relatively cheap, at least initially. Borrowers benefit from a significantly lower cost of financing, as long as the bridge is refinanced on schedule.

Abraham added that banks active in Africa have reported an increase in sovereign interest in these lending products as a workaround to traditional bond market financing. And since a number of operations in the loan market have not been refinanced, banks have excess capital and are actively looking for ways to deploy these funds.

“This decoupling of the bond and loan markets has paved the way for alternative sources of financing at attractive prices. Liquidity in the loan markets is very strong,” Abraham said.

And as a result, credit insurance, which has been a popular credit risk mitigation tool in the banking market for many years, is now at the forefront as lending banks also adapt to an environment of more difficult credit.

“Credit insurance is usually arranged on a separate, private basis by individual banks when they join a syndicated loan to protect themselves from borrowers who might default.

“More recently, we have seen a growing trend of entering into agreements with some form of credit risk mitigation built into the original loan. This can take the form of integrated credit risk insurance or guarantees from the Export Credit Agency (ECA) and development finance institutions. »

Integrating upstream risk mitigation transforms the profile of syndicated credit. An improved credit profile means the deal is attractive to a much wider audience of investors.

“This improved credit profile also has the benefit of lowering the cost of financing for the borrower,” Abraham said.

Looking ahead, Abraham noted that even if inflationary pressures continue, bond markets should remain subdued.

“It is important to note however that many African sovereigns have already successfully issued bonds in the post-Covid environment: Kenya, Nigeria, Angola, Gabon and South Africa, to name a few. cite just a few.

“There is also very little pressure for most African sovereigns, as there are very few impending bond maturities looming. Technically, sovereigns could still issue, but the pricing is now very unattractive to any potential sub-Saharan issuer.

“We therefore expect more sovereigns to turn to short-term bridge financing or syndicated loans in the coming months,” Abraham concluded.

Distributed by APO Group on behalf of Rand Merchant Bank.

Issued by:
Rand Merchant Bank
Johannesburg, South Africa

Contact:
Joandra Griesel | Marketing and Communications | RMB (South Africa)
[email protected]

About RMB:
Rand Merchant Bank (RMB) is a leading African corporate and investment bank and part of one of the largest financial services groups (by market capitalization) in Africa – FirstRand Bank Limited. We offer our clients innovative and value-added solutions in advisory, financing, trading, corporate banking and principal investment.

We offer our clients innovative and value-added solutions in advisory, financing, trading, corporate banking and principal investment.

At RMB, we are passionate about solving our customers’ problems by asking the tough questions. We challenge accepted thinking. We analyze and seek solutions beyond the obvious. We are innovative in our way of thinking and turn challenges into opportunities. We call ourselves Solutionist Thinkers who respect traditional values. Innovative ideas.

Our ability to think differently, our collaborative spirit, our customer-centric solutions, and our belief that great minds don’t always have to think the same way, is what sets us apart.

As the Corporate and Investment arm of FirstRand Bank Limited (which is wholly owned by FirstRand Limited), we have access to a network of retail banks in 25 African countries, including representative offices and branches in the UK, in India and China.

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.

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Print House in Hackensack Secures $60 Million in Funding https://kenttribune.com/print-house-in-hackensack-secures-60-million-in-funding/ Mon, 18 Jul 2022 18:35:07 +0000 https://kenttribune.com/print-house-in-hackensack-secures-60-million-in-funding/

The Print House is a 271 apartment building located on the former site of the Bergen Record newspaper in Hackensack. On July 18, GS Wilcox & Co. announced that it had arranged $60 million in financing for the project from a partnership consisting of Russo Development, Hampshire Management (Hampshire Cos.) and Fourth Edition Inc.

GS Wilcox President Gretchen Wilcox and Directors David Fryer and Al Raymond arranged the 10-year term loan.

“These luxury apartments are a great addition to Hackensack and we are delighted to be able to help our clients fund their vision for Hackensack’s urban renewal,” Wilcox said in a prepared statement.

A rendering for the Print House, located along the river in Hackensack. – RUSSO DEVELOPMENT

The project – a mix of luxury studios, one and two bedroom units – is the first residential phase of the property which will have 650 residences in total. Resort-style amenities accompanying the homes include a pool and deck, private dog walk, and state-of-the-art fitness center. Situated on nearly 20 acres bordering the Hackensack River – and offering direct access to its new Riverwalk – the site will also house approximately 30,000 square feet of retail space. NAI James E. Hanson was approached to lease the first phase of it, consisting of 36,529 square feet, last May.

In June 2020, JLL Capital Markets secured a $48.75 million floating rate construction loan for Print House.

According to the company, Morristown-based GS Wilcox & Co. is the only commercial mortgage banking firm founded by a woman in the United States.


happens in Hackensack:

]]> Aggressive loan growth will continue: SHFL https://kenttribune.com/aggressive-loan-growth-will-continue-shfl/ Sat, 16 Jul 2022 14:49:00 +0000 https://kenttribune.com/aggressive-loan-growth-will-continue-shfl/

Home lender plans to add branches and increase staff, says Sundaram Home Finance Ltd. MD

Home lender plans to add branches and increase staff, says Sundaram Home Finance Ltd. MD

Sundaram Home Finance Ltd. (SHFL) expects the aggressive growth in loan disbursements to continue in the current financial year, Chief Executive Lakshminarayanan Duraiswamy said.

“The segments and geographies we are targeting have continued their positive trend this year,” Duraiswamy said. “Demand has been consistent over the past 3-4 quarters. This is an indication that the growth story in the real estate space remains intact. Disbursements for the quarter ended March 31 increased 73% for reach ₹794 crore from a year earlier.The company shelled out more than ₹300 crore in March alone, the highest in its history.

“We continue to focus on Tier 2 and Tier 3 cities and expect these locations to drive our growth this year,” he added. “Our ability to understand the client and underwrite independent professionals gives us an advantage in these markets.”

SHFL also plans to add branches this year, to the current 105. in Andhra, Telangana, Karnataka and Tamil Nadu,” he said. Mr Duraiswamy had said in May that “the contribution of Tier 2 and 3 cities in the southern market” to total activity had risen to around 70% at the end of March, from around 55% a year earlier.

Expansion would likely initially be on a “hub and spoke model”, with new branches starting small and working closely with the nearest branch. “But we expect each of these new sites to become full-fledged branches within 18 months of starting operations. While the 10 branches outside the South are doing well, we will continue to expand in the Southern region this year and consolidate our presence in these markets before considering further expansion outside the South,” said Mr. Duraiswamy .

At the same time, the company also plans to increase its workforce by around 300. “We are stepping up hiring this year and are looking to hire 250 to 300 people from a base of 800. We hired around 170 people last year. We believe that hiring quality people will be an important factor in accelerating growth. Interestingly, the company has run training programs for managers to improve their interviewing skills to help identify the best-fit candidates.

Asked if a looming global recession or even a slowdown in India due to rising lending rates could end up dampening the real estate sector, Mr Duraiswamy said: “We continue to be bullish on the outlook. long-term. We do not expect consumer demand to decline in this space in the near future. We believe the real estate industry is fundamentally sound and poised to grow. Tier 2 cities are clearly catching up with growth and giving us plenty of opportunities.

He also pointed out that affordability has increased in smaller towns and buyers are now willing to invest in homes in those locations. “Investment in plots is also increasing in Tier 2 and Tier 3 locations. With the opening of new branches, we will also focus on affordable housing,” he said.

Mr Duraiswamy said the company had seen a spike in deposit inflow after two deposit rate hikes twice in the recent past. “We believe fixed deposits will continue to be a consistent source of funding for us. We expect seniors and trusts to embrace our attractive rates on 4- and 5-year deposits,” he said.

The company plans to raise ₹4,000-4,500 crore this year, he added.

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Highwoods overhauls term loan – GuruFocus.com https://kenttribune.com/highwoods-overhauls-term-loan-gurufocus-com/ Thu, 14 Jul 2022 22:18:43 +0000 https://kenttribune.com/highwoods-overhauls-term-loan-gurufocus-com/

RALEIGH, North Carolina, May 25, 2022 (GLOBE NEWSWIRE) — Highwoods Properties, Inc. (:HIW) executed an overhaul of its $200 million unsecured bank term loan by extending the maturity date from November 2022 to May 2026 and securing a $150 million deferred draw term loan that will mature in May 2027. The company plans to use the additional $150 million in borrowings, which must be fully drawn down within 90 days, for working capital, short-term financing of our development activities and acquisition and repayment of other debts.

The interest rate on our new term loan is SOFR plus an associated spread adjustment of 10 basis points and a borrowing spread of 95 basis points. As part of the above, the interest rate on our $750 million unsecured revolving credit facility was converted from LIBOR plus 90 bps to SOFR plus a related spread adjustment of 10 bps and a borrowing spread of 85 basis points. For the term loan and the revolving credit facility, the loan spread will be reduced by one basis point subject to Highwoods meeting certain sustainability targets with respect to the continued reduction of greenhouse gas emissions .

Ted Klinck, President and CEO of Highwoods Properties, said: “We appreciate the confidence shown in Highwoods by our banking group. We are pleased to have extended and increased our term loan and reduced our all-in borrowing costs. The support and partnership of our banking group has given us the financial flexibility to pursue our strategic objectives, and this overhaul further strengthens our balance sheet and improves our liquidity.

BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, Regions Bank, TD Bank, NA and JP Morgan Chase Bank, NA served as co-lead arrangers on the new term loan, along with BofA Securities, Inc. ., Wells Fargo Securities, LLC and PNC Capital Markets LLC as joint bookrunners. Bank of America, NA is the administrative agent and Wells Fargo Bank, National Association and PNC Bank, National Association are the co-syndication agents. Regions Bank, TD Bank, NA and JP Morgan Chase Bank, NA served as documentation agents. Truist Securities, Inc. and US Bank National Association Regions Bank acted as co-managers. Other lenders include First Horizon Bank and Associated Bank, National Association.

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly traded real estate investment trust (“REIT”) (:HIW) and member of the S&P MidCap 400 Index. company that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. For more information about Highwoods, please visit our website at www.highwoods.com.

Forward-looking statements
Some of the information in this press release may contain forward-looking statements. These statements include, in particular, statements about our plans, strategies and outlook such as the following: planned sales of non-core assets and expected prices and impact in relation to such sales, including the tax impact of these sales; expected financial and operating results and related assumptions underlying our expected results, including, but not limited to, potential losses related to customer difficulties, expected building use and economic activity scheduled due to COVID-19; the continued ability to borrow under the Company’s revolving credit facility; the expected total investment, projected rental activity, estimated replacement cost and expected net operating income of properties acquired and properties to be developed; and the expected future leverage of the Company. You can identify forward-looking statements by our use of forward-looking terms such as “may”, “will”, “expect”, “anticipate”, “estimate”, “continue” or other similar words. Although we believe that our plans, intentions and expectations reflected or implied by these forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be realized.

Factors that could cause actual results to differ materially from Highwoods’ current expectations include, but are not limited to, the following: buyers may not be available and prices may not be adequate in relation to anticipated asset disposals non-essential; comparable sales data on which we have based our expectations regarding the sale price of non-core assets may not reflect current market trends; the extent to which the ongoing COVID-19 pandemic affects our financial condition, results of operations and cash flows depends on future developments, which are highly uncertain and cannot be predicted with confidence, including the extent, the severity and duration of the pandemic and its impact on the US economy and potential changes in customer behavior that could adversely affect the use of and demand for office space; the financial condition of our customers could deteriorate or worsen further, which could be further exacerbated by the COVID-19 pandemic; our assumptions regarding potential losses related to customer financial hardship due to the COVID-19 pandemic may prove to be incorrect; counterparties under our debt securities, in particular our revolving credit facility, may attempt to avoid their obligations thereunder, which, if successful, would reduce our available cash; we may not be able to lease or re-let second-generation space, defined as previously occupied space that becomes available for rental, quickly or on terms as favorable as previous leases; we may not be able to lease newly constructed properties as quickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, divestiture or joint venture projects as quickly or on as favorable terms as anticipated; development activity in our existing markets could result in excess supply relative to customer demand; our markets may experience declines in economic growth and/or office employment; unexpected increases in interest rates could increase our debt servicing costs; unexpected increases in operating expenses could adversely affect our results of operations; natural disasters and climate change could negatively impact our cash flow and results of operations; we may not be able to meet our cash requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or repay or refinance outstanding indebtedness to deadline ; and the Company could lose key executives.

However, this list of risks and uncertainties is not intended to be exhaustive. You should also review the other caveats we make in the “Risk Factors” section set out in our 2021 Annual Report on Form 10-K. Given these uncertainties, you should not place undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unforeseen events.

Contact: Brendan Maiorana
Executive Vice President and Chief Financial Officer
[email protected]919-872-4924

Highwoods-Properties-Inc-.png ]]> Research: Rating Action: Moody’s Downgrades CFR from Michaels to B2; negative outlook https://kenttribune.com/research-rating-action-moodys-downgrades-cfr-from-michaels-to-b2-negative-outlook/ Tue, 12 Jul 2022 18:44:21 +0000 https://kenttribune.com/research-rating-action-moodys-downgrades-cfr-from-michaels-to-b2-negative-outlook/
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