On Monday, Shares of Planned Hotels & Resorts, Inc. (NYSE:BEE), gained 2.57% to $12.36.
Planned Hotels & Resorts, declared that it has closed a new $750.0 million unsecured credit facility with an accordion feature allowing for additional borrowing capacity up to $1.0 billion. The new facility is comprised of a $450.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan. The new facility replaces a $300.0 million stock secured revolving credit facility.
The new revolving credit facility’s interest rate is based upon a leverage-based pricing grid ranging from LIBOR plus 165 basis points to LIBOR plus 240 basis points. Initial pricing will be LIBOR plus 165 basis points, which is a reduction from the previous facility’s pricing of LIBOR plus 200 basis points. The new term loan’s interest rate is also based upon a leveraged based pricing grid ranging from LIBOR plus 160 basis points to LIBOR plus 235 basis points. Initial pricing will be LIBOR plus 160 basis points. At closing, the Company has $80.0 million outstanding on the revolving credit facility in addition to the $300.0 million funded unsecured term loan. The combined unsecured facility has a five-year term and will mature in May 2020.
The unsecured facility is supported by a pool of unencumbered assets that will initially comprise of nine of the company’s hotels: the Fairmont Chicago, Fairmont Scottsdale Princess, Four Seasons Austin, Four Seasons Jackson Hole, Four Seasons Scottsdale Resort at Troon North, Four Seasons Silicon Valley, Marriott Lincolnshire, Ritz-Carlton Laguna Niguel and Westin St. Francis.
In addition, the Company closed a $115.0 million term loan secured by the Ritz-Carlton Half Moon Bay hotel. Under terms of the agreement, the loan bears interest at a floating rate of LIBOR plus 240 basis points and has a five-year initial term with two, one-year extension options accessible to the Company upon satisfying certain financial and other conditions. Deutsche Bank Securities Inc. originated the financing.
Planned Hotels & Resorts, Inc is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It is owner and asset manager of the highest quality portfolio of upper-upscale and luxury hotels and resorts. The firm was formerly known as Planned Hotel Capital Inc. Planned Hotels & Resorts, Inc was founded in 1997 and is based in Chicago, Illinois.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL), declined -1.40% to $14.09, during its last trading session.
On June 3, Marvell Technology Group, declared it will incorporate Microsemi Corporation’s (MSCC) Power over Ethernet (PoE) power sourcing equipment (PSE) offering into its industry-leading turnkey manufacture-ready reference designs, bundled with software solutions. The combined technologies from Marvell and Microsemi will enable a large range of IoT and other connected network applications counting wireless access points, 4G/LTE small cells, sensors, IP cameras and lighting.
Pervasiveness of the Ethernet infrastructure has been driving PoE adoption at a rapid pace enabling a variety of intelligent networked applications and sensor-embedded smart industries. PoE is one of the most widely deployed technologies to power connected devices in an enterprise and small and medium-sized enterprise (SME) environment. It is a cost-effective way to enable better communication, partnership and ease of administration without compromising ease of quick deployment.
The Marvell Prestera® DX family of packet processors enables secure, high-density and intelligent 10GbE/2.5GbE/1GbE switching solutions at the access/edge and aggregation layers of campus, industrial, SME and service provider networks.
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers mobile and wireless products comprising communications and applications processors; thin modems; and connectivity solutions, counting Wi-Fi, Bluetooth, near field communication, and FM; and mobile computing products, in addition to silicon solutions and Kinoma software.
Finally, KeyCorp. (NYSE:KEY), ended its last trade with -0.13% loss, and closed at $15.35.
Beth Mooney is the first and only female CEO of a top 25 U.S. bank, but she doesn’t expect it to be that way for long, according to American City Business Journals.
According to Mooney, who was named chairman and CEO of KeyCorp four years ago, there are “lots of really talented women” climbing the corporate ranks of the nation’s financial institutions.
It’s Mooney’s job, she said, to lead the way.
“I have an obligation,” said the 60-year-old Michigan native. “It’s often like having a torch in your hands. You can use it to light the way for others.”
KeyCorp operates as the bank holding company for KeyBank National Association that provides various retail and commercial banking services to individual, corporate, and institutional clients in the United States.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
