ISC may sell Staten Island land Nov 13, 2009
If the deal closes, the proceeds will go into ISC's cash reserves, where it could be used to pay down a $75 million revolving credit account or go toward the required equity needed for a proposed half-billion-dollar casino and hotel project in Kansas City, Kan. ISC and Penn National Gaming Inc. await a Dec. 28 decision from the Kansas Lottery Gaming Facility Review Board on their plan to build and operate a casino overlooking Turn 2 of Kansas Speedway. (Daytona Beach News Journal -- Business)
Xtreme Coil Achieves Record Third Quarter EBITDA and Operating Days and Provides Update Nov 13, 2009
The amendment extends the existing credit facilities, continuing the $15 million operating loan facility ("Tranche A") and converting the $60 million revolving credit facility into an extendible term loan ("Tranche B"). Terms of Tranche A remain essentially unchanged. (CCNMatthews Press Releases)
Belo offers notes to pay down credit line Nov 12, 2009
Dallas-based Belo Corp. (NYSE: BLC) said proceeds from the notes will be used to pay down the company s revolving credit facility. Belo says the notes will pay 8 percent interest a year, payable twice a year on May 15 and Nov. 15 beginning next year. (Dallas Business Journal, TX)
Peyto Energy Trust Announces Third Quarter 2009 Results Nov 12, 2009
The Trust has a syndicated $550 million extendible revolving credit facility with a stated term date of April 30, 2010 ... The Trust is exposed to interest rate risk in relation to interest expense on its revolving credit facility ... The following are the contractual maturities of financial liabilities as at September 30, 2009: less than 1-2 2-5 ($000s) 1 Year Years Years Thereafter ---------------------------------------------------------------------------- Accounts payable and accrued... (CCNMatthews Press Releases)
NASDAQ grants exception to InfoLogix Nov 12, 2009
The company said the recently agreed upon restructuring would wipe out $5 million of its debt to Hercules and provide it with up to $5 million of credit on a revolving credit facility from Hercules ... 5 million and a revolving credit facility of $12 million, of which $7 million would be considered to be already drawn down. (Philadelphia Business Journal, PA)
Kinross Says Received $125M Credit Guarantee Nov 12, 2009
The new financing is in addition to a recently amended $450 million revolving credit facility. Chief Financial Officer Thomas M. Boehlert said the two moves gave the company more available credit to deal with future funding needs. (ABC News -- Wire)
Television Company Belo Corp. (BLC) Prices Senior Notes Nov 11, 2009
Belo intends to use the net proceeds from the offering to reduce its borrowings under the Company's revolving credit facility, which is to be amended and extended upon closing of the note offering. The amendment will provide greater flexibility under the facility's leverage and interest covenants and also reduce the commitments to approximately $461 million through June 7, 2011 and approximately $205 million thereafter through expiration of the facility on December 31, 2012. (Yahoo! Wire -- Entertainment News)
NuStar Energy could raise $262 million in offering Nov 11, 2009
The company could also use some or all of the net proceeds to reduce outstanding borrowings under its revolving credit facility. San Antonio-based NuStar is a publicly traded, limited partnership that owns 8,417 miles of crude oil and refined product pipelines; 82 terminal facilities that store and distribute crude oil, refined products and specialty liquids; four crude oil storage tank facilities; and two asphalt refineries with a combined throughput capacity of 104,000 barrels per day. (San Antonio Business Journal, TX)
CC Media Holdings, Inc. Reports Third Quarter 2009 Results Nov 10, 2009
7million available on its bank revolving credit facility and had a balance of approximately $1. 2billion in short-term investments, which is included in cash and cash equivalents on the Companys balance sheet. (Yahoo! Wire -- Entertainment News)
Cincinnati's Fifth Third will take a hit from Arena Football Ch. 11 Nov 10, 2009
Fifth Third made loans to the league through a secured revolving credit line and term loans, according to bankruptcy court filings. Those loan agreements were finalized in 2003. (Cincinnati Business Courier, OH)
Tighter Bank Lending Standards Reinforce Fed's Decision to Keep Rates Low Nov 10, 2009
In response to a special question on the decline in commercial and industrial loans, banks cited lower originations of loans and decreased draws on revolving credit lines as the two most important reasons for the drop. About a net 15 percent of banks tightened standards on commercial and industrial loans, half of the prior and below the peak of about 80 percent a year ago, the Fed said. (Bloomberg -- US)
Live Nation Reports Strong Third Quarter 2009 Results Nov 10, 2009
0 million outstanding on our revolving credit facility. Free cash as of September 30, 2009 was $9. (Yahoo! Wire -- Entertainment News)
Tearing down barriers along state lines is a prescription for disaster Nov 8, 2009
The result is that credit card companies are now charging 25 to 30 percent on cash advances and revolving credit. On the health care front, Jacoby suggests that individuals negotiate on their own, but what power do individuals have. (Boston Globe -- Editorial)
Consumer borrowing drops $14.8B in September Nov 8, 2009
Borrowing by consumers for revolving credit, including credit cards, fell at an annual rate of 13. 3% in September, the same as August. (USA Today -- Money)
Rosetta Resources Inc. Announces Third Quarter 2009 Results and Provides Update On Emerging Plays Nov 7, 2009
During October 2009, the borrowing base under the amended and restated revolving credit agreement was reset to $350 million from a previous amount of $375 million. The company now has $190 million borrowed under the revolving credit agreement with unused availability of $160 million ... 64) ======== ======== ========= ========= Weighted average shares outstanding: Basic 50,994 50,813 50,961 50,636 Diluted 51,291 50,813 50,961 50,636 Rosetta Resources Inc. Consolidated Statement of Cash Flows (In... (Primezone Releases)
Knology Reports Results for the Third Quarter and Announces Definitive Agreement to Acquire the Assets of Private Cable Co., LLC for $7.5 Million Cash Nov 7, 2009
The amendment includes, among other modifications, interest terms of LIBOR + 350 (with no LIBOR floor provisions) on the extended term loans, a $10 million increase in the revolving credit facility to $35 million, and an annual, cumulative restricted payment allowance of $10 million for dividends and/or share repurchases utilizing excess cash flow and subject to a maximum leverage test. Summary of Private Cable Co., LLC Transaction. (Yahoo! Wire -- Entertainment News)
Frozen Food Express Industries, Inc. Announces Third Quarter 2009 Results Nov 6, 2009
Despite the third quarter operating loss, the Company continues to be in a strong cash position with no borrowings outstanding under its revolving credit agreement as of the end of the quarter. For the nine months ending September 30, 2009, the Company generated cash flows from operations of $6. (Primezone Releases)
Productivity Up: Bad News for Job Seekers? Nov 6, 2009
The amount we pay in taxes today, at least the ones that actually pay taxes, the top 50% of wage earners will only be paying taxes to cover the interest on the debt and the debt will never be paid, much like a revolving credit card ... The amount we pay in taxes today, at least the ones that actually pay taxes, the top 50% of wage earners will only be paying taxes to cover the interest on the debt and the debt will never be paid, much like a revolving credit card. (CBS News)
CBS Corporation Secures New $2 Billion Revolving Credit Facility Nov 6, 2009
NEW YORK, Nov. 5 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE: - and - ) announced today that is has entered into a new three-year $2 billion revolving credit facility. The new credit facility replaces the Company's previous, undrawn, revolving credit facility that was scheduled to expire in December 2010. (Yahoo! Wire -- Entertainment News)
Norwegian to sell $450M in notes Nov 6, 2009
Privately held Norwegian also said it has entered into an agreement for a new $750 million senior secured revolving credit agreement that should close at the same time as the offering. The collateral for the notes are four cruise ships: Norwegian Star, Norwegian Spirit, Norwegian Sun and Norwegian Dawn. (South Florida Business Journal, FL)
Legacy Reserves LP Announces Third Quarter 2009 Results Nov 5, 2009
Adjusted EBITDA is defined in our revolving credit facility as net income (loss) plus. -- Interest expense; -- Income taxes; -- Depletion, depreciation, amortization and accretion; -- Impairment of long-lived assets; -- (Gain) loss on sale of partnership investment; -- (Gain) loss on disposal of assets; -- Unit-based compensation expense arising from liability and equity-based awards; -- Equity in (income) loss of partnerships; and -- Unrealized (gain) loss on oil and natural gas derivatives. (Primezone Releases)
Daylight Resources Trust Reports Third Quarter 2009 Financial and Operating Results- Significant Operational Results Validate Resource Play Strategy on Multiple Fronts Nov 5, 2009
Pursuant to the terms of the revolving credit facilities dated May 7, 2008, Daylight may, with the bank's approval, extend the revolving period from April 30, 2010 for a further 364 day period. If not extended, the revolving facility will automatically convert to a one year and one day non-revolving term facility with the entire payment due on the 366th day after commencement of the term period. (CCNMatthews Press Releases)
Trico Reports Third Quarter Results -- Strength Continues in Subsea Services Businesses as Company Dramatically Improves Balance Sheet Nov 5, 2009
0 ---------------------- (1) Multi-purpose service vessels (2) Subsea platform supply vessels/Multi-purpose platform supply vessels (3) Anchor handling, towing and supply vessels and platform supply vessels (4) Offshore supply vessels Trico Marine Service, Inc. Debt Schedule at September 30, 2009 and Pro Forma for High-Yield Notes (Unaudited) (In thousands) Without Pro-Forma High for High Yield Yield Notes Notes -------- -------- Sept. 30, Sept. 30, 2009 2009 -------- -------- Remaining debt:... (Primezone Releases)
Delphi Reports Strong Third Quarter Financial and Operating Results Nov 5, 2009
The Company also has a 364 day revolving credit facility with a syndicate of Canadian chartered banks with a one year term-out provision. The following are the contractual maturities of financial liabilities as at September 30, 2009. (CCNMatthews Press Releases)
Integra LifeSciences Reports Third Quarter 2009 Financial Results Nov 4, 2009
"We finished the quarter with $106.7 million in cash and $140 million in capacity under our revolving credit facility." ... The various measures of adjusted net income consist of GAAP net income (loss), excluding: (i) acquisition-related charges; (ii) facility consolidation, manufacturing and distribution transfer and system integration charges; (iii) certain employee termination and related costs; (iv) charges associated with discontinued or withdrawn product lines; (v) charges related to... (Primezone Releases)
St. Joe loses $14M in 3Q Nov 4, 2009
The company s $100 million revolving credit facility remained undrawn at the end of the quarter. Jacksonville-based St. Joe (NYSE: JOE) is a real estate development company primarily engaged in real estate development and sales, with significant interests in timber. (Jacksonville Business Journal, FL)
* Business Briefs Nov 4, 2009
24 million credit cards from 38 issuers were in circulation as of the end of September, with revolving credit loans amounting to NT$216. 4 billion, and cash-advance loans totaling NT$116. (Taipei Times, Taiwan -- World Business)
RehabCare to buy Triumph HealthCare for $570 million Nov 4, 2009
and have provided a commitment for a new senior secured credit facility consisting of a $500 million term loan and a $125 million revolving credit facility. RehabCare said it anticipates about $10 million in expenses related to the deal, which it expects to close by Dec. 1. (St. Louis Business Journal, MO)
Terra Industries Rises After CF Boosts Takeover Bid to About $4.05 Billion Nov 3, 2009
Morgan Stanleys financing for CF consists of a $1 billion senior secured term loan, a $300 million revolving credit line, and a $1. 2 billion senior secured bridge loan, according to a filed today with the U.S. Securities and Exchange Commission. (Bloomberg -- Canada)
Ford Posts Surprise Profit Nov 3, 2009
The only large U.S. automaker not to file for bankruptcy in 2009, Ford also said later on Monday it is seeking to extend its revolving credit facility from 2011 to 2013 and raise another $3 billion of capital through convertible debt and equity offerings. The quarterly results provided more evidence that Ford has distanced itself from U.S. rivals General Motors Co and Chrysler, which have struggled to complete restructurings after emerging from government-funded bankruptcies earlier in 2009. (ABC News -- Wire)
Ford to Raise $3.3 Billion in Stock, Debt Sales Nov 3, 2009
Ford said it will pay down 25 percent of the revolving credit line and is offering higher interest and fees on its remaining debt if lenders would agree to push back the date the credit line is due by two years to Nov. 30, 2013. In a filing with the Securities and Exchange Commission earlier this year, Ford listed borrowings under its secured revolving loan due in 2011 at about $10. (ABC News -- Wire)
Denbury to Buy Oil Developer Encore for $2.64B Nov 2, 2009
6 billion bank revolving credit facility and a $1. 25 billion in debt financing. (ABC News -- Wire)
Sinclair Broadcast refinances some debt Oct 31, 2009
The company also extended $75 million of its $175 million revolving credit facility until Dec. 31, 2013. Sinclair (NASDAQ: SBGI) has been hammered by a downturn in advertising revenue impacting all media companies, But the company recently raised its third-quarter revenue expectations. (Baltimore Business Journal, MD)
Sinclair Refinances a Portion of Its Bank Credit Facility; Closes Second Lien Notes Offering Oct 30, 2009
6 million tranche A-1 term loans, which were to mature in December 2011 and December 2012, respectively, and to reduce amounts outstanding under the revolving credit facility of the Bank Credit Agreement. Sinclair also amended and restated its existing $175 million revolving credit facility under the Bank Credit Agreement ... 5 million in existing commitments will remain in place under the existing revolving credit facility pricing, which as of June 30, 2009 was priced at LIBOR plus 0. (Yahoo! Wire -- Entertainment News)
Commercial Vehicle sees 'positive trends' despite $16M loss Oct 30, 2009
CFO Chad Utrup said in a release the company had no borrowings under a revolving credit line as of Sept. 30, adding that executives are very optimistic about our potential going forward. Commercial Vehicle isn t, however, offering earnings or revenue projections for the rest of the year. (Columbus Business First, OH)
Innospec Reports Third Quarter Financial Results Oct 30, 2009
5) Cash Flows from Financing Activities Net (repayment)/receipt of revolving credit facility (7. 0) 31. (Primezone Releases)
Mercer International Inc. Reports Improved Pulp Prices Leading to Stronger 2009 Third Quarter Results Oct 29, 2009
0 million of higher current indebtedness resulting from the reclassification of the revolving credit facility for our Celgar mill, which matures in May 2010, to a current liability ... We currently expect to complete an extension of the maturity of the revolving credit facility for Celgar in the fourth quarter of 2009. (Primezone Releases)
Kaiser Aluminum Corporation Reports Third Quarter and Year-to-Date 2009 Financial Results Oct 29, 2009
3 Revolving credit facility and other long-term debt 7. 1 43. (Primezone Releases)
OPTI Canada Announces Third Quarter 2009 Results Oct 28, 2009
CALGARY, Oct. 28 /CNW/ - OPTI Canada Inc. (OPTI) announced today the Company's financial and operating results for the quarter ended September 30, 2009. Our objectives in the third quarter were to complete the planned turnaround and to start-up the final components of the Upgrader, which are the thermal cracker and the solvent deasphalter. (Canada Newswire)
GulfMark Offshore Reports Operating Results for the Third Quarter of 2009 Oct 28, 2009
0 million revolving credit facility. Total debt at September 30, 2009 was $463. (Primezone Releases)
Standard Register to reduce workforce, close facilities Oct 28, 2009
Smith said the debt is a revolving credit agreement financed by seven banks, which Standard Register already has tentative refinancing commitments from, and that the company is waiting for terms to become more favorable in the market before finalizing the deal. We don t anticipate that s going to be an issue, he said. (Dayton Business Journal, OH)
FairPoint phone company files for bankruptcy Oct 27, 2009
It said it received commitments for a $75 million debtor-in-possession revolving credit facility while in bankruptcy. . (Concord Monitor)
FairPoint files for Chapter 11 in deal that gives control to lenders Oct 27, 2009
In connection with the restructuring plan, FairPoint has received commitments for a $75 million debtor-in-possession revolving credit facility to ensure liquidity during the company s restructuring. The plan also provides for a new, $1 billion secured term loan. (Charlotte Business Journal, NC)
FairPoint files for bankruptcy Oct 27, 2009
"Besides negotiating with banks and bondholders to restructure its debt, FairPoint has been asking its nearly 3,000 union employees in the three-state region for concessions in a cost-cutting move.Union leaders, meanwhile, said FairPoint's problems were caused by "crushing debt and an organizational chaos," not by its work force."We recognized from the start that the business plan was flawed, the debt was too high and they were in over their heads in rolling into their new computer systems,"... (Seacoast New Hampshire)
Nation's airlines in two camps: profit vs. loss Oct 25, 2009
5 billion in cash, cash equivalents and short-term investments and $300 million available in a revolving credit line. On the flip side, improvements it has made in on-time performance and being insulated from the slump in international travel helped Alaska Air post a profit for the third quarter. (Juneau Empire)
Fortune Brands tops profit expectations Oct 24, 2009
It also said it is now in an undrawn position on its existing revolving credit facility and remains in a strong liquidity position. Fortune Brands' shares, which gained 16 percent over the past three months through Thursday, rose 12 cents to finish Friday at $43. (Crain's Chicago Business)
Canfor Pulp Income Fund Announces Third Quarter 2009 Results Oct 24, 2009
The Partnership manages liquidity risk through management of its capital structure in conjunction with cash flow forecasting including anticipated investing and financing activities, and use of the new revolving credit facility to meet short-term working capital requirements. On September 30, 2009, the Partnership completed a new $40 million bank credit facility with a maturity date of November 30, 2011. (CCNMatthews Press Releases)
Leveraged Buyouts Left for Dead Finding Life Trimming $527 Billion of Debt Oct 24, 2009
It has raised $650 million of second-lien term loans in the last two months to reduce borrowings under its $750 million revolving credit facility due in 2013 and replace existing bonds. Realogys 11 percent toggle notes due April 2014 have jumped 56 cents on the dollar since Feb. 26 to 68 cents, Trace data show. (Bloomberg)
Nucor posts 3Q loss of $29.5M Oct 23, 2009
3 billion revolving credit facility that matures in 2012. Most Read Stories. (Charlotte Business Journal, NC)
PlainsCapital prices IPO Oct 23, 2009
The bank plans to use those proceeds to pay back $92 million in bailout money received from the U.S. Treasury Department plus dividends and then pay back $20 million owed to an affiliate of under a revolving credit line. The remaining proceeds would be use to support and enhance PlainsCapital s operations. (Dallas Business Journal, TX)
Banks abusing credit card fees Oct 23, 2009
In July, revolving credit, which is largely credit-card borrowing, declined. But reducing debt during these tough times is not an option for many. (Atlanta Journal-Constitution -- Opinion)
AirTran posts $10.4M 3Q profit Oct 22, 2009
The carrier also improved its liquidity position, extending a letter of credit and its revolving credit line, and completing more than $165 million in debt and equity financing. Most Read Stories. (Wichita Business Journal, KS)
LodgeNet Reports Results for Third Quarter 2009 Oct 22, 2009
LodgeNet Interactive Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) (Dollar amounts in thousands) Nine Months Ended September 30, ---------------- 2009 2008 ---- ---- Operating activities: Net loss $(4,237) $(26,750) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 77,590 94,648 Gain on extinguishment of debt (non-cash) (9,292) - Unrealized loss on derivative instruments 412 - Loss on early retirement of... (Yahoo! Wire -- Entertainment News)
READ: Wells Fargo's press release Oct 22, 2009
Loans 90 Days or More Past Due and Still Accruing (1) (Excluding Insured/Guaranteed GNMA and Similar Loans) Includes Wells Fargo and Wachovia Sept. 30, June 30, (in millions) 2009 2009 Commercial and commercial real estate: Commercial $ 458 415 Real estate mortgage 693 702 Real estate construction 930 860 Total commercial and commercial real estate 2,081 1,977 Consumer: Real estate 1-4 family first mortgage 1,552 1,497 Real estate 1-4 family junior lien mortgage 484 660 Credit card 683 680 Other... (USA Today -- Money)
First Cash Reports Record Third Quarter Earnings; EPS Growth of 21% Exceeds Estimates on Strong Revenues, Raising Full Year 2009 Guidance Oct 20, 2009
" Forward-Looking Information This release may contain forward-looking statements about the business, financial condition and prospects of the Company. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as "believes," "projects," "expects," "may," "estimates," "should," "plans," "targets," "intends," "could," or "anticipates," or the negative thereof, or other variations... (Primezone Releases)
LBO Loans Making Comeback Cuts Financing Costs for Blackstone, Spurs Deals Oct 17, 2009
Barclays Capital, , and are arranging a 6 1/2-year, $950 million senior secured term loan and a five-year, $100 million revolving credit line to finance a portion of Blackstones purchase of AB InBevs parks unit, according to the person familiar with the transaction ... The $30 million revolving credit facility will have a margin of 4. (Bloomberg -- Europe)
Lithia Raised $46M in Offering of 4.6M Shares Oct 16, 2009
Lithia said it will use the money to pay down revolving credit lines and one or more of the lines of credit it uses to put vehicles on the showroom floor. It will use the rest for general corporate purposes, including working capital and potential acquisitions. (ABC News -- Wire)
Dayton Superior to exit bankruptcy Oct 16, 2009
The company will emerge with a new $110 million, four-year revolving credit facility and a $100 million term loan. We have substantially reduced the debt burden that the company has labored under for nearly a decade and positioned the company for a bright future, said Eric Zimmerman, president and chief executive officer. (Dayton Business Journal, OH)
Slim pickings, no appetite Oct 15, 2009
Lenders have pulled back most from revolving credit , such as credit cards, where they have more flexibility to cut. In the past two years credit-card lines have been cut by a whopping $1. (The Economist)
Talecris launches $550M debt offering Oct 14, 2009
The company plans to use the proceeds to repay its first- and second-lien term loans and part of its revolving credit facility ... Talecris, which makes protein therapies derived from blood plasma, is doing more than just repaying part of its revolving credit facility with. (Triangle Business Journal)
Personal finance commitments rise 4.1% Oct 12, 2009
The August data released today by the ABS showed personal loans - fixed and revolving credit - rose by a seasonally adjusted 4. 1 per cent compared to July to $7. (Sydney Morning Herald -- Business)
Watson, Towers Perrin Enter $500M Credit Facility Oct 10, 2009
Management consulting firms Watson Wyatt Worldwide Inc. and Towers Perrin, which plan to combine in 2010, said Friday they will enter into a $500 million revolving credit facility. The companies committed to the facility to pave the way for their combination. (ABC News -- Wire)
State, Vermont Yankee reach deal; vote awaits Oct 10, 2009
In an eight-page "memorandum of understanding" filed Thursday, the state said that Entergy's addition of a provision guaranteeing Vermont Yankee's access to $100 million in revolving credit from Enexus alleviated concerns that the plant wouldn't have the financial wherewithal to safely operate it under the new owners. The deal also calls for Enexus to have access to a $60 million line of credit and requires the spinoff company to take out an additional $50 million line of credit if its credit... (Concord Monitor)
U.S. consumer credit falls by 5.8% in August Oct 8, 2009
Demand for no revolving credit used to finance cars, vacations, education and other things, meanwhile, was down 1. 6 percent. (Xinhuanet, China)
Firan Technology Group Corporation Announces Financial Results for the Third Quarter 2009 Oct 8, 2009
- Renewed U.S. $6M Revolving Credit Facility for three additional years. - Reduced net debt by $0. (CCNMatthews Press Releases)
