Mortgage law

PREIT Takes Steps to Significantly Strengthen Balance Sheet and Solidify Future of Business

Retrieved on: 
Monday, December 11, 2023
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PHILADELPHIA, Dec. 11, 2023 /PRNewswire/ -- PREIT (OTCQB: PRET), a leading operator of diverse retail and experiential destinations, today announced it is taking steps to execute a comprehensive reorganization to strengthen its balance sheet, reduce its total indebtedness by approximately $880 million and extend its maturity runway.  The reorganization plan (the "Prepackaged Plan") is supported by 100% of PREIT's First and Second Lien Lenders. To facilitate this process, the Company has received commitments for new money debtor-in-possession ("DIP") and exit revolver financing in an aggregate amount of approximately $135 million from a diverse group of leading investors, led by Redwood Capital Management, LLC and Nut Tree Capital Management, LP. This funding commitment, together with the unanimous support from the Company's existing lender group for the Prepackaged Plan, is a testament to the lenders' confidence in the Company's forward path and represents a crucial source of capital to support the Company's financial stability and long-term growth.

Key Points: 
  • "We are pleased to be moving forward with strengthening the Company's balance sheet and positioning it for long-term success through this Prepackaged Plan.
  • The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring.
  • Under the terms of the Prepackaged Plan, a reorganized PREIT would emerge following the court-supervised process with a restructured balance sheet.
  • Equity Payment: Existing Preferred and Common Shares of PREIT will be canceled and PREIT will no longer be a publicly traded company.

SilverBow Resources Announces Third Quarter 2023 Results

Retrieved on: 
Wednesday, November 1, 2023
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SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today announced operating and financial results for the third quarter of 2023.

Key Points: 
  • SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today announced operating and financial results for the third quarter of 2023.
  • Net oil production for the third quarter of 2023 averaged 15,326 Bbls/d, an increase of 81% compared to the third quarter of 2022.
  • As of October 27, 2023, SilverBow had 79% of total production hedged for the remainder of 2023, using the midpoint of guidance.
  • Investors and participants can listen to the call by dialing 1-888-415-4465 (U.S.) or 1-646-960-0140 (International) and requesting SilverBow Resource's Third Quarter 2023 Earnings Conference Call or by visiting the Company's website.

NFI Completing Comprehensive Refinancing Plan

Retrieved on: 
Friday, August 25, 2023
BMO Capital Markets, John J. Moran Medium Security Facility, Private, Toronto Stock Exchange, Share (finance), Element, Equity (finance), Private placement, OTC, TSX, Private placement agent, Mortgage law, News, EDC, NFI, Commercial property, Security (finance), Financial services, Management, Colosseum

WINNIPEG, Manitoba, Aug. 25, 2023 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB, NFI.R) NFI Group Inc. (“NFI” or the “Company”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, announced that it is in the process of completing all elements of its previously announced comprehensive refinancing plan (the “Refinancing Plan”) to raise total gross proceeds of approximately $444 million, with completion of closing expected later today.

Key Points: 
  • Gross Proceeds of $444 Million Positions NFI to Capitalize on Operational Recovery, Record Backlog and Market Demand
    All amounts shown in this press release are in U.S. dollars unless otherwise indicated
    WINNIPEG, Manitoba, Aug. 25, 2023 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB, NFI.R) NFI Group Inc. (“NFI” or the “Company”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, announced that it is in the process of completing all elements of its previously announced comprehensive refinancing plan (the “Refinancing Plan”) to raise total gross proceeds of approximately $444 million, with completion of closing expected later today.
  • “The completion of this Refinancing Plan positions NFI to capitalize on our record $6.7 billion backlog and current unprecedented market demand, while remaining laser focused on operational execution,” said Paul Soubry, President and CEO of NFI.
  • NFI intends to issue a further news release later today to confirm completion of funding and closing of the Refinancing Plan.
  • “The Board, following detailed reviews and consultation with our financial and legal advisors, feels that the Refinancing Plan offers the best solutions for NFI and demonstrates the strong support of its shareholders.

SilverBow Resources Announces Transformational Acquisition of Chesapeake’s South Texas Position

Retrieved on: 
Monday, August 14, 2023
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SilverBow plans to hold a conference call to discuss the Chesapeake Transaction at 7:30 a.m. Central Time on Monday, August 14, 2023.

Key Points: 
  • SilverBow plans to hold a conference call to discuss the Chesapeake Transaction at 7:30 a.m. Central Time on Monday, August 14, 2023.
  • SilverBow intends to provide updated guidance in conjunction with the closing of the Chesapeake Transaction.
  • Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “SilverBow is well positioned to convert this premium resource into tangible value for its stakeholders.
  • Legal advisors for SilverBow include Gibson, Dunn & Crutcher LLP on the Chesapeake Transaction and Vinson & Elkins LLP on the debt financing.

Bain Capital Credit Announces $1.3 Billion of Financing Investments for First Half 2023

Retrieved on: 
Tuesday, August 8, 2023
Asset Management, Professional Services, Finance, London Capital Credit Union, Common equity, EBITDA, Acquisition, Partner, Growth, LP, Financial services, Bank, Mortgage law

Bain Capital Credit, LP , a leading global credit specialist, today announced that the firm’s Private Credit Group invested $1.3 billion to support the growth of middle market and private equity-backed companies during the first half of 2023.

Key Points: 
  • Bain Capital Credit, LP , a leading global credit specialist, today announced that the firm’s Private Credit Group invested $1.3 billion to support the growth of middle market and private equity-backed companies during the first half of 2023.
  • Bain Capital Credit’s Private Credit Group invested in 30 businesses across 15 industries in the first half of 2023, supporting the refinancing, leveraged buyout, and add-on acquisition activity of both new and existing portfolio companies.
  • With a track record of investing in middle market private debt dating back 25 years, the Private Credit Group has invested over $20 billion across more than 475 portfolio companies since inception.
  • The Private Credit Group, which managed approximately $11 billion of capital as of March 31, 2023, has a dedicated global team that enables Bain Capital Credit to diligence the most complex situations and provide flexible private capital solutions to middle market businesses.

Large Loan Limit Increased to $120 Million

Retrieved on: 
Thursday, July 20, 2023
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NEW YORK, July 19, 2023 (GLOBE NEWSWIRE) -- In a significant development for the housing industry, HUD announced on June 21, 2023, that it has revised its large loan limit from $75 million to $120 million.

Key Points: 
  • NEW YORK, July 19, 2023 (GLOBE NEWSWIRE) -- In a significant development for the housing industry, HUD announced on June 21, 2023, that it has revised its large loan limit from $75 million to $120 million.
  • HUD's Multifamily Accelerated Processing ("MAP") Guide, which governs the underwriting standards for large multifamily loans, has been updated through this Mortgagee Letter to reflect the new loan limit.
  • The preferential terms that were previously applicable to loans up to $75 million will now extend to loans up to $120 million.
  • HUD's decision to revise the large loan limit to $120 million in 2023 establishes a base dollar amount and base year for future adjustments.

Covis Announces Successful Completion of Its Previously Announced Financial Recapitalization Transaction, Resulting in a Material Strengthening of Its Financial Position

Retrieved on: 
Thursday, June 1, 2023
PJT Partners, Apollo Global Management, Mortgage law, Paul, Weiss, Rifkind, Wharton & Garrison, Health, Berkeley Research Group, Weil, Gotshal & Manges, Financial adviser, Covies

ZUG, Switzerland, June 01, 2023 (GLOBE NEWSWIRE) -- Covis Finco Sarl (together with its subsidiaries “Covis” or the “Company”), today announced the closing of its financial recapitalization transaction per the previously announced Support Agreement entered into with its Equity Sponsors, 100% of its First Lien Lenders (including Revolving Facility Lenders) and 100% of its Second Lien Lenders (the “Recapitalization”). The Recapitalization and resulting ~$450 million debt reduction right-sizes Covis’ balance sheet and materially improves its go-forward liquidity and cash flow profile. Funds managed by an affiliate of Apollo Global Management (the “Equity Sponsors”) remain majority owners of the Company, while the First Lien Lenders will receive a significant minority stake.

Key Points: 
  • The Recapitalization and resulting ~$450 million debt reduction right-sizes Covis’ balance sheet and materially improves its go-forward liquidity and cash flow profile.
  • Funds managed by an affiliate of Apollo Global Management (the “Equity Sponsors”) remain majority owners of the Company, while the First Lien Lenders will receive a significant minority stake.
  • The Company is now positioned to scale its business through execution of organic growth initiatives while also pursuing inorganic growth opportunities, which have historically been a key value lever for the Company.
  • Covis’ advisors included Paul, Weiss, Rifkind, Wharton & Garrison LLP and Slaughter and May as legal counsel and PJT Partners as financial advisor.

KBRA Releases Report Assigning Long-Term Rating of AA to the City of Chicago Second Lien Water Revenue Bonds, Project Series 2023A and Refunding Series 2023B; Outlook Stable

Retrieved on: 
Thursday, April 13, 2023
Professional Services, Finance, KBRA, Mortgage law, City, AA, Telescopic sight

On April 11, 2023, KBRA assigned the long-term rating of AA with a Stable Outlook to the City of Chicago Second Lien Water Revenue Bonds, Project Series 2023A and Second Lien Water Revenue Bonds, Refunding Series 2023B.

Key Points: 
  • On April 11, 2023, KBRA assigned the long-term rating of AA with a Stable Outlook to the City of Chicago Second Lien Water Revenue Bonds, Project Series 2023A and Second Lien Water Revenue Bonds, Refunding Series 2023B.
  • To access ratings and relevant documents, click here .
  • Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

Covis Announces Signing of Support Agreements With Its Lenders and Equity Sponsors, Leading to a Material Strengthening of Its Financial Position, Including the Elimination of ~$450 Million of Debt

Retrieved on: 
Monday, April 3, 2023
PJT Partners, Recapitalization, Support, Apollo Global Management, Mortgage law, Paul, Weiss, Rifkind, Wharton & Garrison, Health, Berkeley Research Group, Weil, Gotshal & Manges, Credit, Financial adviser, Covi

ZUG, Switzerland, April 03, 2023 (GLOBE NEWSWIRE) -- Covis Finco Sarl (together with its subsidiaries “Covis” or the “Company”), today announced that the Company entered into the Support Agreement with its Equity Sponsors, approximately 95% of its First Lien Lenders (including Revolving Facility Lenders) and 100% of its Second Lien Lenders regarding the terms of a comprehensive financial recapitalization that will reduce its debt by ~$450 million (the “Recapitalization”). The Recapitalization leads to a material strengthening of Covis’ balance sheet as well as its liquidity position. Upon consummation of the Recapitalization, funds managed by an affiliate of Apollo Global Management (the “Equity Sponsors”) will remain majority owners of the Company, while the First Lien Lenders will receive a significant minority stake.

Key Points: 
  • The Recapitalization leads to a material strengthening of Covis’ balance sheet as well as its liquidity position.
  • Covis will also pursue inorganic growth opportunities, which have historically been a key value lever for the Company.
  • To implement the Recapitalization, the Company is soliciting approval from its lenders of the transactions contemplated by the Support Agreement.
  • Covis expects to complete this process quickly and efficiently and, with the strong support of its Equity Sponsors and lenders, anticipates a near-term closing of the Recapitalization.

Prairie Provident Resources Announces Fourth Quarter and Year-End 2022 Financial and Operating Results and Update on Repositioning Plan

Retrieved on: 
Saturday, April 1, 2023
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CALGARY, Alberta, April 01, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") announces our operating and financial results for the fourth quarter and year ended 2022.

Key Points: 
  • CALGARY, Alberta, April 01, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") announces our operating and financial results for the fourth quarter and year ended 2022.
  • Although the Company achieved production only slightly (6%) below previously guided volumes, 2022 saw headwinds for Prairie Provident, primarily through $25.5 million of realized hedging losses from mandatory credit facility hedging requirements.
  • Earlier this week PPR announced a comprehensive recapitalization plan to significantly improve the Company's financial flexibility and sustainability (detailed below).
  • From an improved financial position from the recapitalization explore transactions that may unlock value within the Company.