American Capital Strategies has obtained a $230 million unsecured revolving credit facility led by Wachovia Capital Markets and BB&T Capital Markets as joint lead arrangers and Citicorp North America and JPMorgan Chase Bank N.A. are co- documentation agents for a syndicate of eight lenders. The facility, which facility replaces American Capital's previous $100 million unsecured facility, priced at 137.5 basis points over Libor.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
3h ago -
Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
10h ago -
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24