UW-L academic building to continue despite bad financial news Nov 13, 2008
Because banks have become more conservative, the UW-L Foundation has not been able to secure a 6 million letter of credit from local banks to help pay for the new building. However, the project will stay on schedule. (La Crosse Tribune, WI)
ATS reports second quarter fiscal 2009 results Nov 12, 2008
During the first quarter of fiscal 2009, the Company established a new primary credit facility (the "Credit Agreement") with total credit facilities of up to $85 million, comprised of an operating credit facility of $40 million which, after the Company has met certain conditions, shall increase by $5 million monthly increments up to $65 million and a letter of credit facility of up to $20 million for certain purposes ... The operating credit facility is available in Canadian dollars by way of... (Canada Newswire)
Work on $12.5 million airport terminal starts in 2009, completed in 2010 Nov 11, 2008
That means the airport board could either borrow the money for the interim period, obtain a letter of credit that would be acceptable to a contractor, seek grant funds or find some other way to bridge the one-year gap. Toward that end, the board agreed to apply for a 1. (Cody Enterprise, WY)
RHI Entertainment Announces Results for the Third Quarter and Nine Months Ended September 30, 2008 Nov 7, 2008
8 million available under its revolving credit facility, net of an outstanding letter of credit, subject to the terms and conditions of that facility. Historically, the Company has financed its operations with funds from operations, capital contributions from its owners and the use of credit facilities. (Yahoo! Wire -- Entertainment News)
Newalta Income Fund Announces Strong Third Quarter Results Nov 5, 2008
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
Grande Cache Coal Corporation Reports Net Income of $47.1 Million in Second Quarter Fiscal 2009 Nov 5, 2008
"Financing Activities:- During the second quarter, Brookfield Bridge Lending Fund Inc. ("Brookfield") converted the remaining $9.85 million balance on the three year floating rate senior secured convertible debenture into common shares at a conversion price of $1.825 per share. The conversion resulted in the issuance of 5.4 million common shares and eliminated the Corporations remaining debt.- The Corporation has an unused $20 million revolving debt facility with Brookfield which matures on... (CCNMatthews Press Releases)
Northgate Reports Third Quarter 2008 Financial and Operating Results Nov 4, 2008
In connection with the acquisition of Perseverance, the Corporation was required to pledge a cash amount of A$109,400,000 in the form of a stand-by letter of credit ("SBLC") in favour of a major Australian financial institution. A portion of the SBLC was released upon Northgate satisfying a portion of the debt obligations assumed by the Corporation in connection with the Perseverance acquisition. (Canada Newswire)
Rupiah weakening Nov 3, 2008
In my line of business (trading) we normally ask the buyer to open a letter of credit through a prime international bank or get the LC confirmed by one. Now the term prime international bank sounds like one big joke. (Jakarta Post, Indonesia -- Editorial)
First government bailouts awarded to Russian oligarchs Oct 31, 2008
Separately, the billionaire partners in Alfa Group, an investment company, were given a $2 billion letter of credit from VEB that rescued the company's most valuable telecommunications asset, VimpelCom, which is listed on the New York Stock Exchange and operates under the Beeline brand in Russia. By Friday, shares pledged as collateral for a loan from Deutsche Bank had fallen below the triggers for margin calls, and the bank could have seized the more than 40 percent stake in VimpelCom, which is... (International Herald Tribune -- Business)
Fortis Earns $49 Million in the Third Quarter Oct 31, 2008
Letters of credit of $50 million previously outstanding at Terasen Inc., related to its previously owned petroleum transportation business and secured by a letter of credit from the former parent company, were cancelled during the second quarter of 2008. Regulated Utilities. (CCNMatthews Press Releases)
Hospital to initiate identity theft prevention Oct 31, 2008
Forgey also outlined for the board the impact of recent stock market volatility on the hospitals 2006 adjustable rate bonds, which are backed by a letter of credit from Fifth Third Bank ... 125 per cent. Each rate includes the letter of credit fee of 47. (Brownstown Jackson County Banner, IN)
Fortescue steels itself for drop in demand Oct 31, 2008
Fortescue has only had to change one shipment so far when a letter of credit from a smaller mill in China was not accepted. It was able to sell the ore to another customer. (Sydney Morning Herald -- Business)
Canadian Oil Sands Trust announces third quarter 2008 results and a reduction in the quarterly distribution to $0.75 per Trust unit Oct 30, 2008
b) The $67 million line of credit is a one-year revolving letter of credit facility. Letters of credit drawn on the facility mature April 30th each year and are automatically renewed, unless notification to cancel is provided by Canadian Oil Sands or the financial institution providing the facility at least 60 days prior to expiry. (PR Newswire)
Commodity traders feel the heat Oct 29, 2008
Our banker, State Bank of India, opened a letter of credit (LC) favouring the exporter, but the suppliers bank refused to discount the the exporters bill and pay him. We will now have to negotiate with another banker to get the consignment totalling 1. (India Times)
Credit `Tsunami' Swamps Trade From Chicago to Mumbai as Banks Cut Funding Oct 29, 2008
He told Burnett, president of Cross Creek Sales LLC in Augusta, Georgia, he couldn't get a letter of credit to guarantee payment for at least six months ... The system breaks down when banks don't trust one another and are unwilling to accept a letter of credit as proof that payment is coming ... Then she waited eight days before the company that hired her was able to secure a letter of credit that was acceptable to Iraq, the country selling the cargo, according to two people involved in the... (Bloomberg -- US)
Canfor Pulp Income Fund Announces Third Quarter 2008 Results Oct 28, 2008
4 million of the Revolving Facility reserved for a standby letter of credit issued to BC Hydro and $4 ... 4 million of the Revolving Facility reserved for a standby letter of credit issued to BC Hydro and $4. (CCNMatthews Press Releases)
Fortescue Iron Ore Exports Face Delay, Cancellation Risks, Citigroup Says Oct 28, 2008
Fortescue ``has had only had one customer fail to take a shipment due to inability to get a letter of credit, but this shipment was taken by another customer,'' Citigroup's Wilkins said in the report. which has A$5. (Bloomberg -- Australia & New Zealand)
Port settles on deal with Hanjin Oct 28, 2008
But the proposed deal would give some protection to Jaxport by requiring Hanjin to post a letter of credit in the amount of the next year's debt payment. In that worst-case scenario, Jaxport would draw on the letter of credit to pay the debt installment for a year while seeking another tenant for the terminal. (Florida Times-Union)
Ailing bond market is putting local nonprofits on edge Oct 25, 2008
With the blessing of a government body like D.C. or Alexandria, a nonprofit gets into the bond market by first getting a letter of credit from a bank, like. With the letter of credit in hand, the nonprofit then pays a fee to a third-party remarketing agent usually a bank that sells the bonds to tax-exempt money market funds like Fidelity ... At that point, with sky-high interest rates on top of hefty fees paid to letter of credit providers and remarketers, some nonprofits found themselves paying... (Washington Business Journal, DC)
Singing Machines gets $13M credit facility Oct 23, 2008
has arranged for a multi-tiered financing program with Ltd. that includes $7 million in accounts receivable factoring, $4 million in letter of credit financing for accounts payable, and $2 million in negotiable export bills under letters of credit. The bank facility agreement replaces a $3. (South Florida Business Journal, FL)
Metro takes hit on municipal bond market Oct 21, 2008
Metro, St. Louis mass transit system, had purchased a letter of credit from German bank WestLB, which stepped in to purchase bonds that were not remarketed the week of Oct. 14, said John Noce, Metro s chief financial officer. That action pushed up the cost of Metro going to the tax-free bond market. (St. Louis Business Journal, MO)
Court orders Negri ruler to RM3.5mil Oct 16, 2008
5mil) to Standard Chartered Bank Malaysia Bhd to honour his commitment in a letter of credit over a business deal ... The suit arose after Tuanku Jaafar had on Feb 12, 1999 established through the bank a Standby Letter of Credit (SBLC) valued at US$1mil made in favour of the Connecticut Bank of Commerce (CBC) in the United States for credit facilities to be extended to an American company called Texas Encore LLC (TEC) ... He said: By merely looking at the documents alone, there is not the... (The Star Online, Malaysia -- News)
Negri ruler Tuanku Jaafar ordered to pay bank US$1m (updated) Oct 15, 2008
5mil) to Standard Chartered Bank of Malaysia Bhd to honour his commitment in a letter of credit over a business deal ... The suit arose after Tuanku Jaafar had on Feb 12, 1999 established through the bank a Standby Letter of Credit (SBLC) valued at US$1mil made in favour of the Connecticut Bank of Commerce (CBC) in the United States for credit facilities to be extended to a US company called Texas Encore LLC (TEC) ... He said: By merely looking at the documents alone, there is not the... (The Star Online, Malaysia -- News)
Falling gas prices: Where's the outrage? Oct 15, 2008
But more deals are falling through as sellers decide they don't trust the financial institution named in the buyer's letter of credit, analysts said. "There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. (Salon)
Axis Bank Q2 net zooms 77 Oct 14, 2008
Mr Nayak said the lower CAR was due to the increased balance sheet and a growth in off-balance sheet items such as guarantees and letter of credit. Axis Bank is looking at raising around Rs 1,500 crore of subordinate debt in the second half of the year. (Economic Times)
UPS now delivers loans Oct 14, 2008
(The loan also means Pedors doesn t have to mess around securing a letter of credit, another financing option. . (Atlanta Journal-Constitution)
No cover for US-bound goods Oct 13, 2008
Second, the credit risk has also gone up because of deterioration in the financials of many US banks involved with the letter of credit. Even if the exporter raises funds against a letter of credit in advance, the local bank stil 00004000 l has recourse to the exporter in case the foreign bank fails to make payment. (India Times)
Lucas Energy Secures Credit Facility With Amegy Bank Oct 13, 2008
The revolving line of credit and letter of credit facility has a maximum note amount of $100,000,000, but is initially limited to a borrowing base of $3,000,000. The borrowing base will be periodically re-determined based on reserve growth of Lucas Energy. (Primezone Releases)
More of this story Oct 11, 2008
Developers would post a Stand By Letter of Credit to cover its responsibilities. Once a fixed price or guaranteed construction contract is entered into with an acceptable general contractor, monthly draws would be drawn on the Bond Escrow Account. (Lake Wales News, FL)
Gas Mart Purchases Vogelgesang's Mobil Oct 11, 2008
The funds had to be provided in cash, guaranteed check or a via a letter of credit from a bank. The full amount of the sale must be posted to the sale trustee or Farmers ants Bank in St. Clair by 3 p.m. Tuesday. (Missourian Publishing, MO)
Wachovia extends $50M credit to Tekelec Oct 11, 2008
Tekelec also secured a separate, $10 million letter of credit facility from Charlotte-based Wachovia (NYSE:WB). Reader Comments. (Charlotte Business Journal, NC)
The new improved Paulson plan Oct 11, 2008
But more deals are falling through as sellers decide they don t trust the financial institution named in the buyer s letter of credit, analysts said. There s all kinds of stuff stacked up on docks right now that can t be shipped because people can t get letters of credit, said Bill Gary, president of Commodity Information Systems in Oklahoma City. (Salon)
Grange Insurance gets money option at Federal Home Loan Bank Oct 10, 2008
What you used to do to augment liquidity is get a letter of credit with a bank, he said. But that got to be a little bit expensive and became extremely cumbersome. (Columbus Business First, OH)
Local firm gets $50M nod from Wachovia Oct 10, 2008
Tekelec also has secured a separate, $10 million letter of credit facility from Wachovia. Letters of credit are bank guarantees that a lender will make good on a debt. (Raleigh Triangle Business Journal, NC)
Boston Scientific revises estimates Oct 10, 2008
Boston Scientific said it planned to post a surety bond worth $7 million in fees, backed by a letter of credit, to secure the damages award. The company, in a disclosure released Wednesday, said it did not expect any additional cash outflow relating to the award during the appeal process, which should last 12 to 15 months. (Twin Cities Business Journal, MN)
Land deal nets city $1.4 million Oct 8, 2008
Smith said if the second option is selected, the city would be provided a guarantee of a letter of credit. The city would be guaranteed the full cost of the property if the deal fell through, Smith said. (Menomonie Dunn County News, WI)
Fairmont owner pulls out of Aqua project Oct 4, 2008
The company estimates it will record a $36-million charge in the third quarter to cover a $28 million letter of credit backing the contract and about $8 million in planning and development costs. The move will not affect the REITs projected comparable funds from operations (FFO) for the full year, currently $1. (Crain's Chicago Business)
UW-L faculty, staff show support for large academic endeavor Sep 25, 2008
The foundation is still in the process of working with local banks to secure a letter of credit for 6 million by Nov. 30. The foundation must have 6 million in cash and pledges to get 38 million in state funding to pay for the 44 million building. (La Crosse Tribune, WI)
Teacher Retirement System suspends some security lending Sep 23, 2008
The loans are secured by collateral, such as cash, government securities or a letter of credit. The securities are often borrowed to cover a short position or to help settle a trade. (Dallas Business Journal, TX)
Statement From Sears Holdings Following Fitch Ratings Announcement Sep 20, 2008
We wish to thank Fitch for retracting the incorrect statement that appeared in its Retail Register Report published on September 17, 2008 in which reference was made to concerns stemming from the elimination of the Bank of America cash-backed letter of credit facility. As noted in the correction issued today by Fitch, that facility did not provide incremental liquidity over and above the existing $4 billion credit facility. (PR Newswire)
Brownstown Town Board Approves annexation ordinance Sep 19, 2008
Council also signed utility easement agreements and approved an 85,000 letter of credit for the senior housing project. Annexation will be effective 30 days after publication of the ordinance in the newspaper. (Brownstown Jackson County Banner, IN)
SinoFresh HealthCare Inc. gets letter of credit Sep 18, 2008
said it has received a letter of credit to support debt funding of up to $10 million from LTD.. Funding will be in the form of five-year debenture bonds secured against the letter of credit, said a SinoFresh release. (Tampa Bay Business Journal, FL)
RMC considers 6 percent rate increase in 2009 Sep 14, 2008
7 million by selling new variable rate bonds and getting a letter of credit enhancement for better backing of the bonds. The process would take two to three months. (Orangeburg Times and Democrat, SC)
Claire's Stores, Inc. Reports Fiscal 2008 Second Quarter Results Sep 12, 2008
9 million letter of credit in connection with our self-insured workers' compensation program. Cash and cash equivalents were $35. (PR Newswire)
PPT Vision moving to Bloomington, completes $900K placement Sep 12, 2008
Eden Prairie-based PPT, which makes camera systems for the manufacturing industry, said Leahy also agreed to secure a letter of credit in a beginning amount of $237,500 in favor of the company s building owner. This funding enabled it to terminate its existing lease on its 35,000-square-foot facility, and it plans to move in to a smaller 17,000 square-foot facility in Bloomington. (Twin Cities Business Journal, MN)
Health Central gets A, A- bond ratings Sep 10, 2008
The rating is jointly based upon a letter of credit and the hospital's rating. Health Central operates a 171-bed acute-care hospital, 228-license long-term-care facility, an ambulance service, an outpatient surgery center, physician practices, a foundation and an ambulatory clinic. (Orlando Business Journal)
RMC trustee questions IT contract Sep 6, 2008
7 million by selling new variable rate bonds and getting a letter of credit enhancement. Under a letter of credit enhancement, a bank s credit rating would be used for better backing of the bond ... Sussman said under the letter of credit/variable bond rate scenario, in two or three years the hospital could make new investments which would create capital capacity and help the hospital remain competitive in the marketplace. (Orangeburg Times and Democrat, SC)
Commissioners to advertise subdivision ordinance Sep 5, 2008
Commissioner Steve Gill voted against publication of the ordinance, which includes a requirement for a performance bond rather than letter of credit since a bond is much more costly for the developers ... A 225,000 letter of credit for the performance bond of Poplar Cove subdivision, section three, was approved and commissioners signed the final plat. (Brownstown Jackson County Banner, IN)
IDA chugging along on rail spur Sep 4, 2008
The Board is expecting a Letter of Credit from Innoware, ensuring their partnership. Also, Board members have considered funding possibilities from the USDA and McIntosh Trail. (Thomaston Times, GA)
Lake City firefighters Robert Oliver (left) and Blaiyze Neeley wrap a fire hose on top of Fire Engine 9. The department is looking to bring the vehicle out of surplus and equip it to become a reserve engine. JASON MATTHEW WALKER/Lake City Reporter Sep 3, 2008
n Approved amendment six with First Federal Bank of Florida to increase the Irrevocable Stand-by Letter of Credit issued to Florida Gas Utility from $195,000 to $283,000. n Appointed Ward as vice mayor. (Lake City Reporter, FL)
Internsh00001BDAips Aug 31, 2008
Application Instructions: To apply, please submit an , resume, two letters of recommendation, letter of credit from your university, school transcript and a one-page essay on why you want to work in Broadcast Journalism to. Katie Curcio Internship Coordinator CBS News 524 West 57th Street New York, NY 10019 cc5@cbsnews. (CBS News -- Iraq)
Little justice Aug 31, 2008
Exxon says that's the money it's had to put up over 12 years of appeals for a letter of credit that it would pay any final judgment. So it wants the plaintiffs to pay those costs out of their settlement. (Anchorage Daily News)
Griffin: Monetary support of project remaining strong Aug 30, 2008
Coles Together was backed up by a letter of credit approved by the city of Mattoon through First Mid-Illinois Bank & Trust. This credit backing was needed to prevent any delay of the land purchases due to a time lapse between receipt of some donors cash and the closure on the property sales. (Mattoon Journal-Gazette, IL)
State officials find wireless radio network deficient Aug 30, 2008
In that case, alternatives include trying to recover public costs under a 50 million letter of credit and exploring other technology options. Given right now where we are with M/A-COM, it's premature to say what those alternatives will be, Mayberry-Stewart said. (Auburn Citizen, NY)
UW-L Foundation $700,000 short goal for academic building Aug 29, 2008
The foundation hoped to have 3 million in cash and pledges by Sunday to convince local banks to supply a 6 million letter of credit by Nov. 30 ... 5 million letter of credit. (La Crosse Tribune, WI)
Pertamina's social task a snag Aug 29, 2008
Frederick requested PLN issue a letter of credit as a guarantee it would settle its debts, and said the government should immediately settle the problem by acting as debt guarantor to PLN.. According to Pertamina, PLN will continue to delay the payment despite having requested more fuel after exceeding its quota. (Jakarta Post, Indonesia -- Business)
Linens 'n Things To File Restructuring Plan Aug 29, 2008
To get merchandise flowing again, Linens 'n Things has secured an 100 million letter of credit. But some vendors have been slow to tap it, blaming poor communication from the retailer. (New York Post -- Business)
Boot Ranch Re-Plat Plan Okayed Aug 28, 2008
Recording of the changes will not be held until final signatures on the plat are obtained as well as a letter of credit or construction bonds for security on road improvements are provided to the county. Ken Ayers, project manager for Boot Ranch, described the changes as clustering some areas together, in order to create smaller yards and additional open areas. (Fredericksburg Standard Radio Post, TX)
(More)Permits approved for Walnut Ridge Aug 28, 2008
Kuzma also reviewed Walnut Ridge s letter of credit, which guarantees the developers will have the finances to meet the repair/road agreements. That letter of credit will be adjusted every six months to reflect current costs, she said. (Princeton Bureau County Republican, IL)
Understanding trade guidelines Aug 28, 2008
Sohs talk would, among others, touch on the standard international banking practice of accepting insurance documents, the ruling that the legacy word clean need not appear on transport documents even if a letter of credit contains the requirement for it to be certified clean on board, and introduction of the word honour in the documentary world of credit. The UCP is the work of ICC, an international organisation founded in 1919. (The Star Online, Malaysia -- Business)
Panel Clamps Down on Two Developers Aug 27, 2008
Woodhaven Estates, LLC's original letter of credit was $300,000, but Attorney Teodosio said Friday it may have been reduced subsequently. Paul Lizotte of 4 Aurora Drive, one of more than a half-dozen residents who attended last week's meeting, said he was pleased that the commission had taken some definitive action. (Voices, CT)
Nigeria:U.S. Cautious Over Anti-Corruption Body Aug 25, 2008
The work of the agency has also been central to the confidence in the Nigerian financial sector, with many banks and companies now fully integrated into the international community and instruments such as Letter of Credit (LC) now readily available to them, in addition to favourable ratings by global agencies. However, the sidelining of the ex-Chairman of EFCC, Mallam Nuhu Ribadu, which many commentators have attributed to political undercurrents, may have dampened the morale of US and its... (allAfrica.com)
First Capital renews, increases letter of credit facility Aug 23, 2008
Financial services firm has renewed and increased its letter of credit facility with , a subsidiary of (NYSE: STL). The facility was increased by $10 million, to $25 million, to support West Palm Beach-based First Capital s growing business. (South Florida Business Journal, FL)
Westcore Announces Coal Permit Acquisitions as Qualifying Transaction Aug 22, 2008
In addition, upon closing of the Qualifying Transaction, Westcore will replace a letter of credit presently posted by the Vendors with Manitoba Industry, Economic Development and Mines in connection with the Manitoba portion of the Assets and will make additional payments of approximately $194,000, which represents certain payments made by the Vendors in connection with the acquisition and preliminary assessment of the Assets ... The Vendors have also posted a letter of credit in the amount of... (CCNMatthews Press Releases)
First Payments in Vioxx Deal to Begin Aug. 28 Aug 21, 2008
Greer said Merck waived its right to walk away from the settlement on Aug. 4 and, over the next two days, deposited $500 million in one escrow account and gave the claims administrators a letter of credit worth up to $4. 1 billion to cover payments to claimants. (ABC News -- Wire)
