Tag Archive: secured financing

2016
01/31

Category:
Secured Financing

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New life for the Americus?

When the NIZ arrived in 2011, its powerful tax incentives seemed to provide an answer to the Americus funding problems. But some ANIZDA members dont trust Abdouches plan, arguing that his cost estimates for renovations are unrealistic.

After months of sparring with Abdouche, ANIZDA last fall struck a compromise with him. Theyd pay half the $10,000 cost of having an independent consultant assess how much it would take to reopen the 1927 hotel with a three-diamond rating, based on the hotel rating system by AAA Travel.

Of the roughly 60 hotels in the Lehigh Valley, only the Sands Casino Hotel in Bethlehem has a four-diamond rating, though the Renaissance in Allentown is expected to reach that when it is rated later this month. The rest are rated at three diamonds or fewer, according to AAA Travel spokeswoman Theresa Poduguski. Seventy-six percent are rated at three diamonds, she said.

If the independent assessment came in close to Abdouches estimate, he could proceed with NIZ tax money, provided he secured financing and a qualified hotel operator. If the estimate came in closer to the $25 million to $30 million some ANIZDA members expected, hed have to provide a performance bond and secure financing to match the estimate.

Bakers 118-page report, received by ANIZDA on Wednesday, states that the hotel can reach the three-diamond rating for $15.7 million. The estimate includes renovations on every floor, with more than $1.7 million of it going for finishings such as bathroom fixtures and counters, and another $1.6 million for furniture.

The biggest line item, at $2.4 million, is for a contingency fund to handle cost overruns. The estimates total, minus that contingency, virtually matches the $13.2 million Abdouche had estimated in the plan he first delivered to ANIZDA in 2013.

2016
01/30

Category:
Secured Financing

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MPC Brings in Peter Ganz for Shipping

Until last year Ganz served as CFO of Hapag-Lloyd AG for six years. In that role he was deeply involved in the successful restructuring of Hapag-Lloyd, primed the company for operating on the capital market and thereby secured financing for additional growth.

2016
01/28

Category:
Secured Financing

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Renamed Pikes Peak Small Business Development Center broadens its scope

The Colorado Springs Small Business Development Center has changed its name to the Pikes Peak Small Business Development Center to reflect its new focus on serving areas in the larger Colorado Springs area, including the Tri-Lakes area, Park County and Woodland Park and Cripple Creek in Teller County.

The center and its three-person staff, along with nearly 30 volunteers, offer classes and workshops and consult with startup and expanding small businesses to develop business plans, secure financing, improve marketing efforts and learn more about accounting and regulatory compliance. Much of the centers work has been focused on clients in Colorado Springs, and in recent years, helping small businesses recover from the Waldo Canyon and Black Forest fires as well as flooding that hit Manitou Springs and many other areas of El Paso County in the wake of the two fires.

As the centers disaster recovery efforts have wound down, we now have the ability to focus on areas of the region that we hadnt been able to serve as well, including reaching out to the two other counties – Teller and Park – that we serve in addition to El Paso County, said Aikta Marcoulier, the centers executive director. The Pikes Peak Small Business Development Center can help businesses in the entire region, not just Colorado Springs. We hope the new name broadens our appeal to sponsors as well as highlights our resources for clients.

During the past three years, the center put on more than 200 workshops and seminars that attracted nearly 4,500 people and provided more than 5,000 hours of counseling to more than 1,300 businesses, more than half of which were trying to remain and expand in the Colorado Springs area, Marcoulier said. Those businesses created more than 300 jobs and continued to employ nearly 600 people, boosted their sales by $6.6 million and secured financing or other capital totaling $21.5 million, according to information the businesses provided to the center.

Besides expanding its geographic reach, the center also is adding workshops, seminars and consulting to both new and expanding businesses in web design and cybersecurity, on how to get contracts from the Colorado Department of Transportation and other state and federal government agencies and helping veterans start businesses, Marcoulier said. The center continues to offer disaster recovery services to businesses that suffered losses and workers that lost jobs due to the fires and floods, but is stressing preparedness for and sustainability after natural disasters, she said.

The center, located in the El Paso County Citizens Service Center, 1675 W. Garden of the Gods Road, was started in 1987 and has an annual budget totaling $280,000 funded by the US Small Business Administration, the University of Colorado at Colorado Springs College of Business and the city of Colorado Springs.

Contact Wayne Heilman: 636-0234

Twitter @wayneheilman

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2016
01/25

Category:
Secured Financing

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SSE, Coillte secure financing for Galway Wind Park

LONDON Jan 7 (Reuters) – British energy supplier SSE
, in partnership with Irish firm Coillte, has secured
financing to complete construction of Galway Wind Park, the
companies said on Thursday.

The companies raised 176 million euros to finish Irelands
largest wind farm, which is set to generate 169 megawatts of
power.

The project finance was agreed with mandated lead arranger
banks BBVA, Cooperatieve Rabobank UA and NORD/LB.

The wind farm is due to begin operation in the third quarter
of 2017.

(Reporting by Sarah McFarlane; editing by Jason Neely)

2016
01/25

Category:
Secured Financing

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CIT Group Inc. (CIT) Downgraded by Zacks Investment Research

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters consensus estimate of $0.75 by $0.49. During the same period last year, the company earned $2.76 EPS. Analysts predict that CIT Group will post $5.81 earnings per share for the current fiscal year.

CIT has been the subject of several other research reports. Macquarie raised shares of CIT Group from a neutral rating to an outperform rating and raised their price objective for the stock from $39.88 to $65.00 in a research note on Thursday, October 22nd. Oppenheimer raised their price objective on shares of CIT Group from $51.00 to $54.00 and gave the stock an outperform rating in a research note on Wednesday, November 4th. Credit Suisse decreased their price objective on shares of CIT Group from $48.00 to $47.00 and set a neutral rating for the company in a research note on Thursday, October 8th. Barclays raised their price objective on shares of CIT Group from $46.00 to $48.00 and gave the stock an equal weight rating in a research note on Wednesday, November 4th. Finally, BTIG Research reissued a buy rating and issued a $56.00 price objective on shares of CIT Group in a research note on Thursday, October 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $53.04.

CIT Group Inc. is a bank holding company (NYSE:CIT), which provides financing, leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF), provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries, and North American Commercial Finance (NACF)., which consists of four divisions: Commercial Services, Corporate Finance, Equipment Finance and Real Estate Finance. Commercial Services provides factoring, receivable management products, and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.

2016
01/24

Category:
Secured Financing

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TCFCF Provides Financing to Support Dubin Clark Investments

TCF Capital Funding (TCFCF), a division of TCF National Bank, announced that it provided secured financing to support the refinancing of Dubin Clark Company portfolio company, Restoration Parts Group, Inc., and its acquisition of Auto Accessories of America, Inc. d/b/a Corvette America.  Headquartered in Reedsville, PA, Corvette America is one of the leading manufactures in the world of Corvette parts and accessories.

RPUI is based in Lebanon (Cincinnati), OH, and focuses on selling restoration parts and accessories to dealers serving automotive restoration enthusiasts.  The RPUI Group of companies includes seven leading automotive restoration brands: Trim Parts, Parts Unlimited Interiors, The Right Stuff Detailing, SoffSeal, First Place Auto Products, Mr. Mustang, and Corvette America.

“Dubin Clark has significant experience in the automotive aftermarket space, and we are excited to support RPUI as it expands its product offering with a very iconic brand,” said TCF Capital Funding Senior Vice President Edward Ryczek.

TCF Capital Funding provides cash flow and asset-based lending to lower middle-market businesses.  National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. 

2016
01/23

Category:
Secured Financing

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Healdsburg’s Saggio Hills project moving forward


More than seven years after it was first approved, work is set to begin this year on a five-star resort and luxury home development in northern Healdsburg that will also include a large park and affordable housing that the city is requiring.

Saggio Hills, a 130-room resort with 70 homes expected to sell at more than $2 million each, also could include up to 150 affordable “workforce housing” units on a 14-acre site that the developer is required to deed to the city.

“The developer will make money,” said Mayor Tom Chambers, but “there are a lot of good things the city is getting out of it.”

He lauded a previous City Council for “driving a hard bargain” to make sure the project’s developer provides land for affordable housing, a fire station and a 36-acre public park with a playground, pavilion, hiking trails and athletic fields.

The developer, Robert S. Green Jr. of Encinitas, gave the city official notice last week that he was going forward with Saggio Hills, indicating that he has secured financing and is ready to apply for the final approval to begin building.

“The clock starts ticking, ” said City Manager David Mickaelian, describing how Green will be required to meet various deadlines to transfer portions of land to the city, along with paying almost $6 million to subsidize the affordable housing, park and substation for the fire department.

2016
01/22

Category:
Secured Financing

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Goldman Sachs Lowers CIT Group Inc. (CIT) Price Target to $47.00

Several other equities research analysts have also recently commented on the company. BTIG Research reissued a buy rating and issued a $56.00 price target on shares of CIT Group in a research note on Thursday, October 22nd. Stifel Nicolaus reduced their target price on shares of CIT Group from $52.00 to $50.00 and set a buy rating for the company in a research note on Monday, November 9th. Barclays boosted their target price on shares of CIT Group from $46.00 to $48.00 and gave the stock an equal weight rating in a research report on Wednesday, November 4th. BMO Capital Markets began coverage on shares of CIT Group in a research note on Monday, November 2nd. They set a market perform rating on the stock. Finally, Credit Suisse dropped their price target on shares of CIT Group from $48.00 to $47.00 and set a neutral rating on the stock in a research note on Thursday, October 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the companys stock. CIT Group presently has an average rating of Buy and an average price target of $53.08.

CIT Group Inc. is a bank holding company (NYSE:CIT), which provides financing, leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF), provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries, and North American Commercial Finance (NACF)., which consists of four divisions: Commercial Services, Corporate Finance, Equipment Finance and Real Estate Finance. Commercial Services provides factoring, receivable management products, and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.

2016
01/20

Category:
Secured Financing

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Catalyst, LandPlan to develop new Legacy-area luxury apartment community

Dallas-Fort Worth-based developers Catalyst Urban Development and LandPlan Development have secured financing to kick off a new luxury apartment community adjacent to Legacy Business Park in West Plano.

The details of the financing were undisclosed. HFF secured the loan for the joint venture through a regional bank and equity through Canyon Partners Real Estate LLC.

2016
01/19

Category:
Secured Financing

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Premier Biomedical Announces $1.6mil Financing – Consolidates Funding Needs …

EL PASO, Texas–(BUSINESS WIRE)–Premier Biomedical, Inc. (OTCQB:
BIEI) a biotech research company focused on discovering,
developing, and commercializing medical treatments for a wide range of
diseases in humans, including innovative therapies for breast cancer,
announced today that they have consolidated and secured financing via a
convertible note with restricted shares per tranche to fund their
aggressive development plans through 2016, when revenues from world-wide
joint ventures are anticipated to meet their ongoing financial needs.
The financing arrangement allows Premier to remove old debt from its
books and consolidate financing with a single funding source, while
meeting its medium-term cash needs.

William A. Hartman, President and CEO of Premier stated, “We are pleased
to be able to get our financing needs for the coming year behind us via
non-toxic means so we can concentrate on moving the company forward,
growing our technology, and expanding our reach globally, facilitating
revenue generation and mid-term self-funding.”

Chardan Capital Markets acted as placement agent for this transaction.

Contact William Hartman at (724) 633-7033, PR@premierbiomedical.com.

About Premier Biomedical, Inc.

Premier
Biomedical, Inc. (OTCQB: BIEI)
is a research-based company that intends to discover and develop medical
treatments for a wide range of diseases in humans. Premier has obtained,
via license agreements, the technology behind multiple provisional
patents in the United States and a PCT Europe National Patent. Founded
in 2010, Premier has partnered with the Department of Defense with
Center of Expertise at the William Beaumont Army Medical Center. The
companys Ramp;D efforts are centered in El Paso, TX. The Company is a
fully-reporting issuer whose common stock trades on the OTCQB
marketplace maintained by OTC Markets Group, Inc. under the ticker
symbol BIEI.

For more information, visit our website http://www.premierbiomedical.com/

Safe Harbor Notice

Certain statements contained herein are “forward-looking statements” (as
defined in the Private Securities Litigation Reform Act of 1995).
Premier Biomedical, Inc. cautions that statements, and assumptions made
in this news release constitute forward-looking statements and makes no
guarantee of future performance. Forward-looking statements are based on
estimates and opinions of management at the time statements are made.
These statements may address issues that involve significant risks,
uncertainties, estimates made by management. Actual results could differ
materially from current projections or implied results. Premier
Biomedical, Inc. undertakes no obligation to revise these statements
following the date of this news release.