| Monitronics Seeks $225 Million Loan as Debt Prices Extend Gains
Jul 11th 2013, 20:37
Monitronics International Inc. is seeking a $225 million loan to fund an acquisition as loan prices climb for a fourth straight day.
The security alarm monitoring provider that's buying Security Networks LLC will pay interest on the five-year debt at 3.25 percentage points more than the London interbank offered rate with a 1 percent minimum, the same as an existing loan, according to a person with knowledge of the matter who asked not to be identified because the deal is private. Prices of leveraged-loans rose for the fourth straight day gaining 0.21 cents to 97.87 cents on the dollar, according to the Standard & Poor's/LSTA Leveraged Loan 100 Index. Since the end of April, loans have dropped only 0.3 percent compared with a 2.77 percent decline in high-yield bonds, according to Citigroup Inc. "For the most part, loans are fulfilling their role as an oasis within the rate-weary fixed-income market," Citigroup analysts led by Michael Henry Anderson wrote in a report today. ClubCorp Club Operations Inc., a golf- and country-club operator, proposed the rate it may pay on approximately $300 million in term loans, according to a person with knowledge of the transaction. The seven-year debt may pay interest at 3.5 percentage points more than Libor with a 1 percent minimum, said the person, who asked not to be identified because terms are private. The company is offering the loan to lenders at 99.5 cents to 99.75 cents on the dollar. Stone Point Capital LLC-controlled managed care provider Genex Services Inc. is seeking to pay 4.25 percentage points to 4.5 percentage points more than the Libor with a 1 percent minimum on a $190 million first-lien term loan, according to a person familiar with the deal. A $55 million second-lien piece may pay interest at 8.25 percentage points to 8.5 percentage points more than the lending benchmark with a 1 percent floor, said the person. JPMorgan Chase & Co. is arranging the transaction for which proceeds will refinance debt and pay a dividend. Royal Adhesives & Sealants LLC, ADCO Global Inc., and ADCO Products Inc. are seeking $544 million in loans to support Royal Adhesive's acquisition of ADCO Global and refinance debt. The transaction includes a $350 million first-lien loan due in five years that may pay interest at 4.25 percentage points more than Libor with a 1.25 percent minimum; a $154 million, 5.5-year second-lien portion that may pay interest at 8.25 percentage points to 8.5 percentage points more than Libor with a 1.25 percent floor; and a $40 million, five-year revolving line of credit. Credit Suisse Asset Management priced a 309 million euro ($403.49 million) collateralized loan obligation. Bank of America arranged the financing. There have been 2.7 billion euros of European CLOs sold this year, according to data compiled by Bloomberg. To contact the reporter on this story: Krista Giovacco in New York at kgiovacco1@bloomberg.net To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net  |
| Italy Corporate Loans Down EUR100M A Day Since Jan - Unimpresa
Jul 11th 2013, 05:13
By Giovanni Legorano
MILAN--Italy's small and medium sized businesses are still suffering from a lack of access to bank loans, business lobby group Unimpresa said Thursday. The lobby group said Italian banks have decreased the amount of money it is lending to small and medium sized firms since the start of the year by a daily rate of 100 million euro ($128.16 million). Loans to the public administration--which includes both local and central government--declined by a daily rate of more than EUR150 million, while loans to households dropped by EUR20 million a day in the same period. "The situation of financing is dramatic," said Unimpresa's President Paolo Longobardi in a statement. Unimpresa, elaborating on Bank of Italy data, said total loans to companies dropped to EUR848.3 billion at the end of May from EUR864.6 billion since the beginning of the year. In the same period, loans to households declined to EUR606.8 billion from EUR610 billion, while those to the public administration dropped to EUR1,967 billion, from EUR1,990 billion. Italy's banks are struggling with a combination of shrinking revenue and mounting bad loans which are forcing them to put aside large amounts of cash to cover for future losses on bad loans. As a result, banks reacted to the difficult macro-economic conditions by tightening the requirements companies have to meet to be granted loans. Italian banks have recently signed a number of agreements with different groups in order to fund companies' specific plans, such as their expansion abroad. The banks' lobby group ABI has also asked the government to look into tax-relief on losses on future loans in order to make it less risky for banks to loan. Write to Giovanni Legorano at giovanni.legorano@dowjones.com |
| Mortgage Broker in Liverpool Backs Balls Comments on Pay Day Loans
Jul 11th 2013, 01:12
Liverpool, UK -- (SBWIRE) -- 07/11/2013 -- Ed Balls says "Financial education for adults is vital to stop consumers falling into payday loan traps" Balls said that regulation and consumer protection around payday loans and lending could only go so far in helping the public avoid making the wrong loan choice while education would create a grown-up society of sensible decision makers.
He said: "Savings are a good thing but having loans is part of life, like having a mortgage or a loan for a car. Most people don't get into distress because they have borrowed too much, it is because they borrowed what seemed like a proper amount at a time when they had stability in their lives but the loss of a job, an illness to a family member or the break-up of a relationship suddenly transforms the situation. Panic sets in and they borrow more to get out of the situation which makes it worse." Max Erskine of UK Mortgage Advice Liverpool, says "We are starting to see the same trend within our clients who, unfortunately take out these high interest loans without taking any financial advice or guidance, we strongly advise our clients to contact us before any decision is made. On numerous occasions we have capital raised through remortgaging, as this is the most cost effective route for most of our clients." Erskine also agrees with Balls in that, too much regulation may exacerbate the problem by forcing troubled consumers down even higher risk routes. He said: "I'm all for the tougher regulation of payday loan companies but I also know that there can be huge dangers in driving people into illegal loans and lending from loan sharks so we have to be careful of the unintended consequences. Payday loans are currently regulated by the Office of Fair Trading but the regulatory responsibility will pass to the Financial Conduct Authority from 1 April 2014. About ukmortgageadvice.org.uk UK Mortgage Advice are expert mortgage brokers that offer free independent mortgage advice across the UK they use whole of market sourcing to find their clients the best mortgage deal. |
| Same Day Cash Loans Online Now Available For People in Emergencies
Jul 3rd 2013, 07:41
NEW YORK, July 3, 2013 /PRNewswire-iReach/ -- LoanWebAdvice.com understands that when emergencies strike, many people are likely to be short on cash during that. By offering same day cash loans online, the website gives people across all credit ratings an option to get cash immediately. In case of emergencies, people can apply here.
These so-called payday loans online same day no credit check options are one of the quickest ways to get cash during emergencies. They are short-term loans designed to help borrowers to bridge the gap between spending for the emergency and for everyday living expenses. These loans, sometimes also referred to as fast online loans same day, are not only ideal for people with bad credit, but also for those with non-liquid assets. And since these loans are meant to cover urgent situations, applicants can get same day cash loans online in less than an hour. Among others, getting same day personal loans online can cover hospital stays, doctor visits, surgeries, medicines and ambulatory care. Similarly, by applying for same day cash loans online, people who may be stretched thin paying up their existing credit will have extra cash to continue their payments without jeopardizing the credit score. Getting same day personal loans online is also helpful in times when people postpone medications or treatments because of financial strain. Delays are not only life-threatening; they can also lead to more complications and, needless to say, more expensive medical costs. To facilitate applications faster, LoanWebAdvice.com searches through a wide range of lenders offering same day payday loans. As a result, potential borrowers will have wider options to choose the most suitable interest terms and pay options. Likewise, documentation is made simple; the applicants need only to submit basic personal and financial information and they may even expect fund transfers within the day. When emergencies happen, it's good to apply for loans online as a backup plan. Click here to start your free loan application. Media Contact: Adrian Howard, LoanWebAdvice.com, +48502337284, howardadrian@yahoo.com News distributed by PR Newswire iReach: https://ireach.prnewswire.com |