BELLUS Health moves forward on nutraceutical and pharmaceutical fronts - Reports Results for First Half of 2008 Aug 5, 2008
An amount of $4,491,000 is shown in Investment in ABCP and is no longer presented as restricted cash since it has ceased to be pledged to a bank as collateral for the letter of credit issued in favour of Centocor. The difference of $569,000, relating to the amount pledged under lease agreements, is presented as part of Restricted Cash. (Canada Newswire)
Judge: Swerdlow had no agreement Aug 5, 2008
A $15 million letter of credit by Swerdlow was never presented to the city, nor was a $10 million endowment set up to fund the International Swimming Hall of Fame, according to the final court judgment. In February 2003, Pompano Beach Vice Mayor Herb Skolnick died. (South Florida Business Journal, FL)
Northgate Generates Cash Flow from Operations of $41 million in the Second Quarter Aug 1, 2008
In connection with the acquisition of Perseverance, the Corporation was required to pledge a cash amount of A$109,400,000 in a stand-by letter of credit ("SBLC"). A portion of the SBLC was released upon payment of the consideration for the debt instruments noted above. (Canada Newswire)
Hospital departments move into new wing Aug 1, 2008
Forgey reported that local hospital administrators are continuing to monitor the financial performance of Fifth Third Bank, which holds the letter of credit on the hospitals 2006 bond issue ... Well continue to watch Fifth Thirds financial performance in preparation of a letter of credit renewal due in May of 2011, Forgey said. (Brownstown Jackson County Banner, IN)
Turkey: "Muslim Calvinists" in Anatolia Show How Piety Can Blend with Modernity Jul 25, 2008
"Now, capital is available to everybody. Getting a letter of credit is all it takes for a small tradesman to become a fully-fledged exporter.". Small wonder Kayseri considered applying to the Guinness Book of Records in 2004 for laying the foundations of 101 new factories in one day. (EurasiaNet.org)
Loblaw Companies Limited reports second quarter 2008 results Jul 25, 2008
The independent trusts' recourse to PC Bank's assets is limited to PC Bank's retained interests and is further supported by the Company through a standby letter of credit for $89 million (2007 - $80 million) on a portion of the securitized amount. Cash Flows (used in) from Financing Activities Second quarter cash flows used in financing activities were $139 million in 2008 compared to $323 million in 2007. (Canada Newswire)
$80 million in bonds reissued Jul 25, 2008
Instead, University will reissue variable rate bonds backed by a letter of credit from SunTrust Bank. While it means eating about $2 million in costs from the 2006 issue, University will get a rate of about 2. (The Augusta Chronicle)
No Agreement Just Yet Jul 24, 2008
The councilman also said he would consider asking the builder for a performance bond or a bank letter of credit that would insure the completion of the streets if the development doesn t get past Phase I.. In other action, councilmen. (Fredericksburg Standard Radio Post, TX)
It Could Be Curtains For Linens 'n Things Jul 24, 2008
To keep merchandise flowing, Linens 'n Things recently obtained a 100 million letter of credit. While the company has tried to assure vendors it will guarantee deliveries, many suppliers remain concerned that the instrument won't be enough to guarantee the mounds of inventory needed for the crucial back-to-school season, and aren't parti 00004000 cipating. (New York Post -- Business)
West Bend contractor fined for bluff work in Mequon Jul 23, 2008
Anton Matuszczak, operator of , of West Bend, was fined $75,000 by Ozaukee County Circuit Judge Tom Wolfgram and ordered to apply $140,000 from a letter of credit for the project to restoration of the affected property. In a motion for summary judgment in the case, prosecutors from the state attorney general s office contended that Matuszczak repeatedly violated permit conditions, changed plans without informing the state Department of Natural Resources and promoted erosion by taking too long to... (Milwaukee Business Journal, WI)
Special Court opens with RM3m suit against royal Jul 22, 2008
The suit arose after the member of the royalty had on or about Feb 12, 1999, established through SCBMB 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 by the latter to a US company called Texas Encore LLC (TEC). The bank is suing the defendant after he had failed to undertake the express terms of the Documentary Credit Application (DCA). (The Star Online, Malaysia)
SunTrust ordered to pay $4 million for breach of agreement Jul 16, 2008
Employees in SunTrust's San Francisco office had provided a letter of credit to Foster Farms to buy the chicken business of its largest rival, Zacky Farms, in 2001, said Carmine Zarlenga, a Washington, D.C., attorney who represented Foster Farms in the case. Wanger ruled that SunTrust then used Foster Farm's confidential information when it decided to loan money to Zacky Farms, based in El Monte, Calif. (Atlanta Journal-Constitution -- Business)
New UW-L building sets sights on LEED certification Jul 14, 2008
The university must raise 3 million by Aug. 31 to solicit a letter of credit from local banks by Nov. 30. KJ Lang can be reached at (608) 791-8226 or. (La Crosse Tribune, WI)
The Conference Board(R) Korea Business Cycle Indicators(SM) Korea Leading Economic Indicators and Related Composite Indexes for May 2008 Jul 13, 2008
Letter of credit arrivals, yield of government bonds (inverted), real exports, index of inventories to shipments (inverted) and value of machinery orders all made substantial negative contributions to the index, while the stock price index made the only positive contribution ... Negative contributors -- from the largest negative contributor to the smallest -- were letter of credit arrivals, the (inverted) yield of government public bonds, real exports FOB, the (inverted) index of inventories to... (PR Newswire)
Fitch Affirms Sherwin-Williams' IDR at 'A'; Outlook Stable Jul 13, 2008
Over the past few years, SHW also improved its liquidity with an additional $1 billion in revolving and letter of credit facilities and a $500 million accounts receivable securitization facility. SHW has $500 million outstanding under certain of its revolving and letter of credit facilities. (FOXBusiness)
Rodriguez pays $4 million settlement to West Va. Jul 13, 2008
5 million letter of credit, acknowledging that was the maximum that he owed the university after leaving for Michigan, where he was introduced on Dec. 17 as he replaced the retiring Lloyd Carr. The $4 million agreement settles West Virginia's lawsuit against Rodriguez that was set to go to trial in the fall. (FOX23.com, OK)
Covenant Transportation Group Announces New Credit Facility and Amendment of Existing Revolving Credit and Accounts Receivable Securitization Facilities Jul 8, 2008
Amendment of Revolving Credit Facility and Securitization Facility "In addition to closing the Daimler facility, we entered into amendments with our revolving credit and securitization providers. The main amendments to our revolving credit facility were as follows: (i) to authorize the Daimler financing and release the lenders' liens on any collateral securing the Daimler financing, (ii) to reduce the maximum borrowing limit under the revolving credit facility from $190 million to $81 million,... (PR Newswire)
San Antonio hotel tax bonds receive top rating Jul 4, 2008
The short-term 'F1+' rating is based on a direct-pay letter of credit (LOC) issued by , N.A. securing the bonds. The long-term 'AA+' rating is based on Fitch's methodology, which considers the joint probability of the failure of both a rated obligation and a bank LOC provider. (San Antonio Business Journal, TX)
Municipal Market's `Fire in the Disco' Burns Hospitals, Schools, Cities Jul 4, 2008
The Las Vegas airport plans to line up a new letter of credit for its bonds, betting it will drive the rate back down, Walker said. If that fails, he'll refinance them into new without insurance, as he had to do with five separate bond issues battered by the other insurer downgrades earlier this year. (Bloomberg)
Transport sector got N947 billion, says CBN Jul 4, 2008
5 billion was used to open Letter of Credit in favour of the contractor who was to execute the project. At this stage, about early November, 2006, 2nd Accused/Applicant (Prof. (Guardian News, Nigeria)
Despite foreclosure threat, buyer forced SimDag's hand Jul 3, 2008
At the time, he said he put down $148,208 in cash, 10 percent of his total unit's cost, as well as a letter of credit from his bank for another 10 percent. Ricci filed a suit against SimDag in early 2007 but delayed finalizing the case through early 2008 based on what he said were promises from SimDag to repay him his full deposit. (Tampa Bay Business Journal, FL)
`Banker's Dream Market' Appears in UBS Muni Lawsuit Jul 1, 2008
To avoid paying such rates, issuers such as states and municipalities sought to convert their auction-rate debt to fixed, or to variable-rate backed with a letter of credit. After the fails -- I am being bombarded. (Bloomberg -- Columnists)
California Reels Under Schwarzenegger Debt Interest Dwarfing Davis Burden Jul 1, 2008
The average cost of a backstop such as a standby purchase agreement or letter of credit is 1 percentage point of the amount of bonds being sold, said , an analyst at Municipal Market Advisors. That's up from about a quarter- percentage point a year ago. (Bloomberg)
RMC trustees will examine complaints vs. chairman Jun 30, 2008
At the board s April board meeting, KaufmannHall representative Mark McIntire encouraged the board to seek a letter of credit to address its outstanding Series 1998 bonds, rather than paying the debt off with cash. The letter of credit would serve as a wrap around the current bond, which would use a bank s credit rating for better backing of the bond, providing credit enhancement. (Orangeburg Times and Democrat, SC)
Deliberations set for Monday Jun 28, 2008
Cornale also questioned a condition that Iberdrola provide the county "with security in the form of an irrevocable letter of credit or cash placed in a county escrow account." He said he would prefer cash in a non-biased escrow account and that the money should not be held in a Livingston County escrow account. A bank or financial institution in Livingston County. (Pontiac Daily Leader, IL)
SMI division takes oil hit Jun 27, 2008
It involves a $12 million letter of credit Speedway recorded with of Paris to facilitate fuel oil trades ... Ultimately, there were four contracts, culminating with a letter of credit for $12 million issued to BNP to back the deals. (Charlotte Business Journal, NC)
Justices pare jury award in Exxon Valdez oil spill case Jun 26, 2008
Exxon has obtained a letter of credit and set aside $5. 4 billion to cover its payments in the case. (Boston Globe)
Port lines up money for railroad buyout (2) Jun 25, 2008
At its regular meeting Thursday, the port s Board of Commissioners authorized Executive Director Jeffrey Bishop to sign a letter of credit for 12 ... The actual cost to the port for signing the letter of credit is about 62,500. (Coos Bay-North Bend The World, OR)
Bill Harrell Vies For Laurens County Sheriffs Post Jun 24, 2008
Each of them has either a letter of credit or an escrow account. This ensures that if a bond is forfeited the money will be in place to satisfy the bond amount. (Dublin Courier Herald, GA)
Transat A.T. Inc. and National Bank of Canada reach an agreement of financing related to Asset-Backed Commercial Paper - Transat will further enhance financial flexibility through new credit facilities Jun 23, 2008
This agreement is in addition to the credit facilities put in place in November 2007 with NBC, which include a 5-year, $150 million unsecured revolving credit facility and a 5-year $60 million secured revolving letter of credit facility. As of April 30, 2008, Transat had cash and cash equivalents of $289. (Canada Newswire)
Enstar Group Limited Announces Proposed Transaction Jun 21, 2008
2 million) irrevocable standby letter of credit from JP Morgan. Goshawk owns Rosemont Reinsurance Limited, a Bermuda-based reinsurer that wrote primarily property and marine business. (PR Newswire)
IECC board puts projects on state wish list Jun 21, 2008
In addition, the financial institution must offer to the district pledged securities or a letter of credit from the Federal Home Loan Bank in the amount of the uninsured portion of invested funds ... The new law will enable local financial institutions meeting the district s capitalization requirements to successfully bid amounts in excess of 100,000 by joining with other financial institutions in the CDARS System without a pledge of securities or a letter of credit, thus allowing more... (Olney Daily Mail, IL)
ATS Automation signs new credit agreement Jun 17, 2008
The new 17-month agreement provides the Company with credit facilities of up to $85 million comprised of an operating credit facility of $40 million, which will increase by $5 million monthly increments up to $65 million, subject to certain conditions, as well as a letter of credit facility of up to $20 million. "Signing this credit agreement is one of several steps we are taking to improve financial flexibility beyond the strength of our balance sheet," said Anthony Caputo, CEO. "Other... (Canada Newswire)
Asset sale puts wind in Allco's sails Jun 17, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Board tables AgriWind's request Jun 12, 2008
PRINCETON AgriWind is now going to have to wait another month for its money, as the Bureau County Board tabled any action on a revised letter of credit and decommissioning plan at its meeting Tuesday. Bureau County State s Attorney Patrick Herrmann brought before the board an agreement to change AgriWind s arrangement for the eventual decommission of its wind turbines from a cash escrow agreement to a letter of credit ... Board member Steve Sondgeroth said he was not as comfortable with a letter... (Princeton Bureau County Republican, IL)
Freedom Tower in New York to get tenant from China Jun 3, 2008
But the deal unraveled when Vantone was a few days late in posting a $45 million letter of credit. In any event, Vantone moved on to 195 Broadway, but backed out at the last minute. (International Herald Tribune -- Business)
Hospital to provide land for farmers market Jun 2, 2008
KaufmanHall has encouraged the hospital to seek a letter of credit that would wrap around the current bond, which would use a bank s credit rating for better backing of the bond. This is theater, Covington said, pointing to a graph provided by KaufmanHall on its projections of the hospital s days-cash-on-hand. (Orangeburg Times and Democrat, SC)
Grande Cache Coal Corporation Announces Fourth Quarter Fiscal 2008 Financial and Operating Results May 27, 2008
8 million in cash due to the return of restricted cash that had been used as security for a letter of credit that had been made available to a service provider. READER ADVISORY. (CCNMatthews Press Releases)
Boston Properties Agrees to Acquire the General Motors Building and Three Other Midtown Assets from Macklowe Properties May 25, 2008
The Company has posted a deposit in the form of a letter of credit in the amount of $165 million. The closing of the acquisitions is subject to customary conditions and termination rights for transactions of this type. (PR Newswire)
Host committee for RNC disappointed with lack of state help May 24, 2008
As the host committee was trying to lure either the Democratic and Republican National Conventions to St. Paul, it negotiated a package that included a state commitment to back the committee's fundraising with a letter of credit that would be executed if there's a cash flow shortage ... The $39 million letter of credit was part of a 2007 tax bill that was vetoed. (Brainerd Daily Dispatch)
City considers loans for building sprinklers May 20, 2008
Only a mortgage or letter of credit would be accepted by the city as a guarantee that the loan would be repaid. The proposal was referred back to the council s May 28 legal and finance committee for more discussion at the request of Alderman Tom Johnson. (Rapid City Journal, SD)
Bidders to lease turnpike get time to generate final offer May 13, 2008
The winning bidder will have to post a 100 million letter of credit that can be forfeited if the Legislature signs off on a deal but the bidder backs out. Rendell has proposed a 75-year lease of 500 miles of the turnpike system to raise billions of dollars to repair crumbling roadways, rebuild decaying bridges and help subsidize mass transit costs. (Somerset Daily American, PA)
DirectCash Income Fund announces results of operations for the three months ended March 31, 2008 May 13, 2008
0 million (CDN $1,027,900) letter of credit in favour of MasterCard International paid on behalf of All Trans Credit Union Ltd., pertaining to DirectCash's prepaid MasterCard program. The revolving credit facility is demand in nature and is utilized for ATM cash machine loading, working capital requirements and commercial letters of credit. (Canada Newswire)
Jefferson County needs letters of credit from banks to make financial rescue plan work May 13, 2008
A letter of credit is basically a pledge from a bank that an obligation will be honored. The letters make the bonds more attractive to investors. (AL.com)
MTS Reports Strong First Quarter Results May 9, 2008
0 million non-revolving letter of credit facility, and a $200 ... 0 million of our non-revolving letter of credit facility, and $74. (Canada Newswire)
Eveready Income Fund Announces 2008 First Quarter Financial Results May 9, 2008
Our off-balance sheet arrangements are substantially the same as disclosed in our MD&A for the year ended December 31, 2007, except for the cancellation of a US $500 thousand letter of credit in January 2008 drawn under our Revolver credit facility, and a $168 thousand reduction in third party financings we guaranteed ... Eveready's maximum exposure to such guarantees is the same as disclosed in Eveready's annual consolidated financial statements for the year ended December 31, 2007 except for... (CCNMatthews Press Releases)
Dallas Township will use developer’s security to pave Dakota Woods road May 8, 2008
After failing to make contact with the Dakota Woods principals, the supervisors decided to call in a $35,000 letter of credit, which they will use to finish paving the development s main road ... He said he has only been involved in one situation in which the municipality had to draw on the letter of credit, and in that case it took a long time to get the money. (The Citizen's Voice, PA)
Extension sought for Stinson plan May 8, 2008
Marshall suggested that Belfast Bridge post an irrevocable letter of credit with the city for $200,000 for construction of the fish dock, with a provision for adjusting the final amount. Neither Belfast Bridge nor its lending institution could void the letter of credit without express approval of the city, Marshall said ... Any buyer of the property would have to recognize the requirement to post the letter of credit. (Courier Publications, ME)
Dispute of Toronto Theater Producers Goes to Court as Dancap Sues Mirvish May 8, 2008
As part of the acquisition, Dancap agreed to pay Key Brand $5 million and post a letter of credit for $7. 5 million for the right to manage the two theaters and to schedule shows there, according to the statement of claim. (Bloomberg -- Canada)
Passage of turnpike bill urged May 4, 2008
Among the conditions set by Rendell is that bidders must include the amount of an up-front payment being offered and back their bid with a $100 million letter of credit payable to the state in case the authorizing legislation is approved and the bidder fails to execute the agreement. What the dealmakers in the financial world may come to realize is that the dealmakers in the General Assembly don t operate on the same timetable. (The Citizen's Voice, PA)
Northgate Reports First Quarter Financial Results; Adjusted Net Earnings of $0.12 per Share May 2, 2008
In connection with the acquisition of Perseverance, the Corporation was required to pledge a cash amount of A$109,400,000 in a stand-by letter of credit ("SBLC"). A portion of the SBLC was released upon payment of the consideration for the debt instruments noted above. (PR Newswire)
Residents get opportunity to speak May 2, 2008
Michaelsen said an agreement would be in place for decommission in that case, via either an escrow account or a letter of credit from a bank or other financial institution. Another Blackstone resident, Cheryl Tate, was told in answer to some of her questions that wind turbines pose no threat to people with heart conditions or cause epileptic seizures. (Pontiac Daily Leader, IL)
Regional Roundup May 2, 2008
City Manager Blair King said a request to French bank BNP Paribas to provide a letter of credit was recently declined, making the discussion moot ... A letter of credit would have helped the city's credit rating, and perhaps allowed the city to terminate its relationship with the troubled MBIA, the nation's largest municipal bond insurer that's had its own credit downgraded. (Lodi News Sentinel, CA)
Sprayer speaks to commission about airport Apr 22, 2008
Hoeffner said that he would provide a bank letter of credit if a spill required the Kansas Department of Health and Environment and the Agriculture Department to respond and cleanup a spill. Goering told Hoeffner that his concern was objective rather than personal based on spillage in the early 1990s. (McPherson Sentinel, KS)
Lampert Takes A Beating Apr 22, 2008
April 22, 2008 -- Hedge fund billionaire Eddie Lampert yesterday lost 475 million on a stock plunge at his Sears Holdings after Bank of America refused to renew a 1 billion letter of credit ... 5 billion letter of credit to assure vendors that they'll be paid. (New York Post -- Business)
Sears: BofA won't renew $1B letter of credit agreement under current terms Apr 19, 2008
SAN FRANCISCO (Thomson Financial) - Sears Holding Corp. said late Friday that Bank of America N.A has advised the company that it will not agree to renew, under its existing terms, a $1 billion letter of credit agreement that is scheduled to end in July 2008 ... -based Sears said it has maintained the letter of credit agreement as a facility to enable the company to issue letters of credit when surplus cash is available fore collateral. (Forbes -- Markets)
Sears Ends Agreement for $1 Billion Letter of Credit From Bank of America Apr 19, 2008
Sears Can't Renew Letter of Credit on Same Terms (Update2) ... April 18 (Bloomberg) -- , the retailer being reorganized by hedge-fund investor , said Bank of America Corp. refused to renew a $1 billion letter of credit under existing terms, sending the shares down 3 ... 5 billion letter of credit and only used $1. (Bloomberg -- US)
Business Briefs Apr 19, 2008
Viacom pay Viacom reported total 2007 compensation of 20. 6 million for CEO Philippe Dauman, with his salary and bonus more than tripling. (New York Post -- Business)
Commissioners ponder sewers, abatement Apr 18, 2008
Jeremy Smith, representing Weslin Estates, presented a letter of credit for infrastructure already in place and requested to enter into a three-year maintenance bond ... The irrevocable letter of credit would ensure that any problems are taken care of, he said. (Brownstown Jackson County Banner, IN)
Pa. governor outlines terms of turnpike privatization bids Apr 17, 2008
They must submit a 100 million letter of credit that could be forfeited if the General Assembly signs off on a deal but the bidder backs out. He tried to lower expectations. (Somerset Daily American, PA)
TRADING DAY: Wednesday's markets Apr 17, 2008
16 US after Bank of America refused to renew a $130-million letter of credit and HSBC reduced its credit facility by more than half to $60 million. It was the biggest one-day drop in Talbots's stock price since the womens-wear chain went public in 1993. (Vancouver Sun)
Two banks to cut $265m in credit for struggling Talbots Apr 16, 2008
"If the company is unable to secure new letter of credit agreements, the company intends to purchase inventory without utilization of letters of credit, subject to the availability of cash on hand," Talbots said in the filing. Robert Weisman can be reached at. (Boston Globe)
Hopes remain for Aiken spec buidling Apr 14, 2008
The Aiken Corp. had even secured a letter of credit from Security Federal to upgrade the water line to the building. But, according to city officials, the political tide turned, and the project ended up going to another part of the state. (The Augusta Chronicle)
Euro mantra undermines sanctions Apr 12, 2008
As a result, Dubai has apparently halted incorporation of new Iran-related companies and discouraged letter of credit Iran business by its local banks (the UAE branches of international banks had already discontinued the practice). As an apparent shot across the bow, the Treasury Department also deployed an official sanction (not just a warning) against Future Bank, an enterprise in the neighboring emirate of Bahrain, a bank co-owned by the blacklisted Melli Bank of Iran. (Asia Times Online)
Mesa Air: Big Sky in default on leases Apr 12, 2008
9 million letter of credit that MAIR established with Mesa in 2005. In response, MAIR has asked a federal court in Montana that any funds Mesa takes out of the line of credit be placed in a trust until a court determines whether any damages should be awarded. (Twin Cities Business Journal, MN)
