The cost of Gaylord’s extinguishment
Posted on November 9, 2009 at 8:27 am
In its newly filed 10-Q, the hotel and convention center operator says it will take a $6 million charge during the fourth quarter on the buyback of $260 million of debt due in 2013. Earlier this year, the company (Ticker: GET) booked a $25 million gain on another buyback.
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Noranda buys back more debt
Posted on November 6, 2009 at 2:11 pmThird-quarter losses at Franklin-based Noranda Aluminum hit the middle of its previously projected range, coming in at $4.3 million. The company also bought back more than $80 million in debt during the quarter, pushing its year-to-date total in that deparment to almost $300 million.
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Cracker Barrel tweaks debt deals
Posted on at 12:34 pm
CFO Sandy Cochran has renegotiated the maturity dates of Cracker Barrel’s revolving line of credit (while also shrinking it by a third) and long-term loans. About two-thirds of the revolver now won’t be due until 2013, about 40 percent of the term loans until 2016. The tweaks will add about $2 million in interest costs this fiscal year for Cracker Barrel, whose shares (Ticker: CBRL) are flat on the day.
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LP buys back chunk of debt
Posted on November 4, 2009 at 8:25 amIn its quarterly filing with the SEC, Louisiana-Pacific says it spent $113 million late last month to buy back more than a third of its debt series due in 2017. The company (Ticker: LPX) will take a $21 million charge this quarter to account for the deal.
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Genesco in stock-for-debt swap
Posted on November 3, 2009 at 8:10 amNashville-based retailer Genesco will convert almost $30 million of bonds into common shares over the course of the next month. When that’s done, the company (Ticker: GCO) will have less than $25 million of long-term debt on its books. (Search for ‘Note 7.’)
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If doing it three times is good…
Posted on November 2, 2009 at 8:18 amAmerican HomePatient and its debt holders have for the fourth time extended a repayment deadline for $226 million that was originally due Aug. 1.
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Fifth Third launches private-equity lending unit
Posted on October 28, 2009 at 9:51 amFifth Third, the fifth-largest bank by Middle Tennessee deposits, has launched a division to lend to companies sponsored by private-equity firms.
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Local investors look to fill bank credit gap with $100M fund
Posted on October 13, 2009 at 3:14 pm
Nashville-based Claritas Capital has begun raising up to $100 million for a mezzanine fund that would commit between $3 million and $15 million to health care and business services companies left without capital-raising options. A team led by Morgan Keegan alum Bruton Harvey will lend based on enterprise value and charge double-digit interest rates.
Claritas is aiming at health care-services and business-services companies with $2 million to $10 million in earnings before interest, taxes, depreciation and amortization. Banks have fled that market since the meltdown, and Claritas is betting they won’t return for two to three years.
SEE ALSO: Banks are hurting small biz’s growth potential
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Gaylord finds some willing sellers
Posted on October 8, 2009 at 9:50 amBondholders of the Nashville-based hotel and convention operator have submitted for redemption more than $200 million of debt due in 2013.
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We’ll have the money next month
Posted on October 2, 2009 at 7:27 amAmerican HomePatient has negotiated a third extension to the deadline for paying back more than $220 million in debt. Mark your calendars for Nov. 2.
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LP cuts the check
Posted on September 29, 2009 at 1:36 pmAfter raising more than $130 million in a stock offering, Louisiana-Pacific execs have given the word to Bank of New York Mellon to redeem more than a third of the $375 million of debt it raised earlier this year.
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Nissan wrap: Sales, new debt and a nod from Cars.com
Posted on September 2, 2009 at 7:28 am
Three tidbits from the world of Nissan:
• Cash for clunkers lifted August sales of the Versa, but the truck segment is still wheezing.
• The auto maker is preparing to bring to market more than $1 billion in debt backed by auto loans that will be covered by a Federal Reserve program aimed at making the credit-card, student-loan and auto-loan markets more liquid.
• Cars.com calls the Altima one of the most improved cars of the last decade: “Its accomplishment since 2002 is how it’s provided sportier looks and driving than the big dogs have, without sacrificing livability.”
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HomePatient holds off the hangman again
Posted on September 1, 2009 at 6:51 amHome health care provider American HomePatient (Ticker: AHOM) has extended until Oct. 1 a forbearance agreement with its largest debt holders. The investors will hold off on exercising their option to take control of the company to see if CEO Joe Furlong and his team can come up with a way to repay more than $220 million in debt.
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Two reasons why CRE is the next domino to fall
Posted on at 6:44 am
The first, say the Journal’s Lingling Wei and Peter Grant, is bad underwriting — the commercial equivalent of making mortgages to people who couldn’t afford them — that already is making its way through the system. The second factor will take a little longer to fully manifest itself.
By the end of 2012, some $153 billion in loans that make up CMBS are coming due, and close to $100 billion of that will face difficulty getting refinanced, according to Deutsche Bank. Even though the cash flows of these properties are enough to pay interest and principal on the debt, their values have fallen so far that borrowers won’t be able to extend existing mortgages or replace them with new debt. That means losses not only to the property owners but also to those who bought CMBS — including hedge funds, pension funds, mutual funds and other financial institutions — thus exacerbating the economic downturn.
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Clunker’s remorse
Posted on August 27, 2009 at 11:17 am
A CNW Research poll finds that one in six people who bought a new car under the cash for clunkers program already wishes they hadn’t because of the debt they’ve taken on. That’s more than double the typical level of remorse.
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