Mitel Networks (MITL) Amends Certain Senior Secured Credit Facility Covenants

by admin on October 7th, 2015

filed under Secured Credit

Mitel Networks (Nasdaq: MITL) announced that its syndicate of lenders has agreed to amend certain covenants contained in its senior secured credit facility. The amendment provides greater flexibility with respect to Mitels permitted leverage ratio, the primary financial covenant contained in the credit agreement.

As part of prudent treasury management, Mitel monitors our covenant position on an ongoing basis to ensure we maintain appropriate operating flexibility and the amendment announced today provides that, said Steve Spooner, Chief Financial Officer, Mitel. The willingness of our lender group to agree to this amendment demonstrates the confidence they have in the company.


Exclusive – Bombardier turns to Caisse for cash: sources

by admin on October 7th, 2015

filed under Business Loans

MONTREAL/WASHINGTON Bombardier Inc (BBDb.TO) is in discussions with the Caisse de depot et placement du Quebec, which manages Quebecs public pension plans, on a deal that could inject more cash into the troubled plane and train maker, according to two sources familiar with the matter.

It was not immediately clear how a potential deal would be structured. One source familiar with the companys thinking said the Caisse, already one of Bombardiers biggest shareholders, was contemplating taking a larger stake in the Montreal-based company.

Its not a done deal yet, said a source from Canada’s second-largest pension fund.

If it closes a deal with the Caisse, it will be the second...

Moody’s downgrades Fairmount Santrol’s Corporate Family Rating to B2; outlook …

by admin on October 6th, 2015

filed under Secured Credit

Approximately $1.2 billion of debt affected

New York, October 01, 2015 — Moodys Investors Service downgraded Fairmount Santrol, Inc.s
(Fairmount) Corporate Family Rating (CFR) and its senior secured credit
facility to B2 from B1. The Probability of Default Ratings was
also downgraded to B3-PD from B2-PD. The rating outlook
was revised to negative from stable.

The following actions were taken:

Corporate Family Rating, downgraded to B2 from B1;

Probability of Default Rating, downgraded to B3-PD from B2-PD;

Senior secured credit facility, downgraded to B2 (LGD3) from B1


Low credit score? Use asset-backed (secured) credit cards

by admin on October 5th, 2015

filed under Secured Credit

Naveen Kukreja

The credit card penetration in India has been dismal, reaching just 21 million in 2014-15. The primary reasons for this snail-paced growth are tough standards and filters used to issue cards to credit-worthy applicants. You can be denied a credit card based on your credit score, low or irregular salary, among many other reasons. In such cases, an asset-backed (secured) credit card can come to your rescue.

Banks offer secured credit card against fixed deposits (FDs) opened with them. These credit cards are called secured because banks can close your FD in case you default on bill payments. These FDs, in turn, are lien marked and therefore,...

The Catch-22 millennials face in getting a credit card

by admin on October 5th, 2015

filed under Secured Credit

Theres a Catch-22 in the millennial credit world. Fewer millennials are applying for credit cards when compared with prior generations, but staying debt-free for too long can make it difficult to borrow in the future.

Getting a credit card helps establish a credit history, telling lenders how reliable a potential borrower is in paying back a loan.

By not having any credit cards or student loans, I didnt have a credit report or credit score, recalled Allen Walton, a 27-year-old entrepreneur. I effectively didnt exist to anyone looking me up.

But to avoid becoming a member of the credit invisible generation requires careful planning and financial responsibility to know when...

Chesapeake Energy amends $4 billion line of credit

by admin on October 4th, 2015

filed under Secured Credit

Under terms of the deal, Chesapeakes existing credit line has become a secured credit facility, the company said late Wednesday. Chesapeake did not disclose what it is using as collateral for the secured loan. The credit facility can become unsecured again if the company meets certain conditions, which it did not disclose.

Cash Burn or Cash Build?

by admin on October 4th, 2015

filed under Business Loans

Steve Allard, Chief Credit Officer, Farm Credit Mid-America

Given crop prices and production costs projected by the USDA for 2016, it appears many corn, soybean and wheat farmers will be operating at a cash flow deficit, or what is called cash burn. Because were coming off several prosperous years, cash burn rates havent been top of mind in quite some time. However, understanding cash burn or cash build rates is important, as they indicate if youll enter the coming year in a position of strength or a position of challenge.

In our work with farmer customers, weve identified areas where they can minimize the impact of cash burn. By understanding fixed costs, outlining an approach...

Oklahoma’s Top Lender Earns Honor for 6th Consecutive Year

by admin on October 3rd, 2015

filed under House Loan

OKLAHOMA CITY, Sept. 22, 2015 /PRNewswire/ –Mortgage Executive Magazine has named Heather Bomar of Cornerstone Home Lending, Inc. as #1 Mortgage Originator in Oklahoma this year. As a Senior Mortgage Advisor, Bomar has earned this recognition for six straight years, and serves as an example of service excellence to her fellow loan officers in the Oklahoma region. Many loan officers have modeled their image after the Bomar Team, which Heather began with her husband, Brian Bomar, who serves as a Senior Vice President and Regional Sales Manager for Cornerstone.

In addition to the Mortgage Executive Magazine recognition, Heather Bomar has also earned the distinction of Top Producer...

Chesapeake Wins Bank Reprieve at Higher Risk to Bondholders

by admin on October 3rd, 2015

filed under Secured Credit

Chesapeake Energy Corp. negotiated a reprieve from its banks that comes at the expense of its bondholders.

Under a new financing agreement the embattled oil and gas producer’s unsecured $4 billion revolver will be converted into a secured credit line, according to a company statement....

Challenges facing women entrepreneurs in India

by admin on October 2nd, 2015

filed under Personal Funding

Global competitiveness: India jumps to 55th place

Saurabh Gupta | 14 Sep, 2015

Although the issues and challenges of an woman-run small and medium enterprise (SME) are not much different from issues of Indian SMEs, but when we talk about gender equality our government must introduces some specific measures for women entrepreneurs to encourage them so that the true potential of women entrepreneurs get tapped.

Funding, knowledge, marketing and branding are the major issues before women entrepreneurs, President of FICCI Ladies Organization (FLO), Archana Garodia Gupta recently said at a event in New Delhi. She said women entrepreneurs have...