Principal Amount – Flight 93 http://flight93.org/ Sat, 19 Nov 2022 11:26:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://flight93.org/wp-content/uploads/2021/07/icon-5-150x150.png Principal Amount – Flight 93 http://flight93.org/ 32 32 Tori Dunlap sheds light on the sneaky way loan companies keep you in debt https://flight93.org/tori-dunlap-sheds-light-on-the-sneaky-way-loan-companies-keep-you-in-debt/ Sat, 19 Nov 2022 11:00:00 +0000 https://flight93.org/tori-dunlap-sheds-light-on-the-sneaky-way-loan-companies-keep-you-in-debt/ Image source: Getty Images Tori Dunlap, an internationally renowned money expert, has her work cut out for her with lenders of all shapes and sizes. This involves how difficult it is for lenders to make it difficult for borrowers to prepay debt. Fortunately, on her financial feminist podcast, Dunlap also offers tips for outsmarting sneaky […]]]>

Image source: Getty Images

Tori Dunlap, an internationally renowned money expert, has her work cut out for her with lenders of all shapes and sizes. This involves how difficult it is for lenders to make it difficult for borrowers to prepay debt. Fortunately, on her financial feminist podcast, Dunlap also offers tips for outsmarting sneaky lenders.

Understand the basics

while writing his book financial feminist, Dunlap found that some women didn’t fully understand how a loan worked. In fact, it was the main reason given by women for going into debt or going into more debt.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

Although Dunlap didn’t say so, it’s safe to assume that many people, regardless of gender, don’t know exactly how the loans work. We have a “rough idea” but don’t always understand the details included in the loan agreements we sign.

The simple stuff

Most people understand that there are two parts to a loan: principal and interest. Let’s say you take out a $20,000 loan at 9% interest. Principal refers to the $20,000 that ends up in your Bank account (or covering the cost of something you bought), and interest is the amount you have to pay the lender to borrow money. A large portion of each payment (especially in the first few months or years of the loan) is used to pay interest, and little to reduce the amount of principal you owe.

Where things get a little confusing

Most loans include compound interest. Here’s what that means: In addition to paying the 9% interest you agreed to pay when you borrowed the $20,000, you must pay interest on 9% interest. It’s true. Lenders charge interest on the interest you already pay as if it were part of the principal.

Compound interest is a thing of beauty when you earn on investmentsbut it’s pretty stinky when you’re trying to get out of debt.

You must love Dunlap for quoting Albert Einstein here. Einstein is reported to have said, “Compound interest is the eighth wonder of the world. He who understands it, earns it…he who doesn’t…pays for it.”

How Lenders Can Be Downright Sneaky

According to Dunlap (and everyone in the free world), corporations are there to make a profit. “So they’re going to do everything they can to help them make more money. That includes making it harder or harder to pay off your loan sooner.”

Let’s say you have a Personal loan or a car loan that you would like to prepay. You send an extra $100 every month, believing the funds are paying off the principal. However, the company does not apply this money to the principal at all. Instead, they apply it to the next month’s payment or apply part to principal and part to interest.

It might not seem like a big deal, but as Dunlap says, “Instead of just putting extra money into the loan in general, you want to contribute all the extra money you have to the principal of that loan.” If you repay the principal, you will ultimately pay less interest.

The plan

Dunlop tells an interesting story of a time when she wanted to pay for her car early. Every month she would send an extra $50 to Toyota. After realizing that the company was not applying the funds to the principal, she went to Toyota’s website. The automaker didn’t want to make it easy, and its website gave no instructions for making principal-only payments.

When she called customer service, Dunlap said she had spent 20 minutes on hold, only to be told that if she wanted to make contributions to the principal, she should send money to a random PO box in Iowa. She only knew because she called and asked.

Businesses know that most people won’t bother to call and ask.

And that’s where Dunlap’s plan comes in. She says if you have extra money to put in to pay off a loan sooner, call the lender. It doesn’t matter if it’s a credit card company, mortgage lender, or another type of lender. Call before sending extra money. Make sure you know the lender’s process for directly repaying the principal.

Dunlap’s message bears repeating: “Corporations aren’t there to help you. They’re there to put you in debt because it makes them money.”

Fortunately, once you figure out how to focus on paying principal, it’s in your power to reduce it.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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OpenText Announces Pricing of Note Offering and Successful Term Loan Syndication in Micro Focus Acquisition Financing https://flight93.org/opentext-announces-pricing-of-note-offering-and-successful-term-loan-syndication-in-micro-focus-acquisition-financing/ Wed, 16 Nov 2022 22:30:00 +0000 https://flight93.org/opentext-announces-pricing-of-note-offering-and-successful-term-loan-syndication-in-micro-focus-acquisition-financing/ WATERLOO, ON, November 16, 2022 /PRNewswire/ — OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced that Open Text Corporation (the “Company” or “OpenText”) has priced an offering (the “Note Offering”) of 1 billion US dollars principal amount of 6.90% senior secured fixed rate notes due 2027 (the “Notes”) in connection with its proposed acquisition (the “Acquisition”) […]]]>

WATERLOO, ON, November 16, 2022 /PRNewswire/ — OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced that Open Text Corporation (the “Company” or “OpenText”) has priced an offering (the “Note Offering”) of 1 billion US dollars principal amount of 6.90% senior secured fixed rate notes due 2027 (the “Notes”) in connection with its proposed acquisition (the “Acquisition”) of Micro Focus International plc ( “Micro-Focus”).

OpenText Logo (PRNewsfoto/Open Text Corporation) (PRNewsfoto/Open Text Corporation)

OpenText further announced that it has successfully fully syndicated its first lien term loan facility due 2029 (the “Term Loan”) in the amount of US$3.585 billionwhich will bear interest at an annual rate equal to the adjusted forward SOFR plus 3.50%.

Upon the closing of the issuance of Notes and an amendment to the Term Credit Agreement, the Bridge Loan Agreement entered into in connection with the Acquisition will be terminated without being drawn, and all of the full amount announced previously US$4.585 billion the overall arrangement of the debt financing for the acquisition will be finalized.

The Note Offering is expected to close and the Term Facility Agreement is expected to be amended on December 1, 2022, subject in each case to the conditions of use. The net proceeds from the offering of notes, borrowings under the Company’s term loan and existing revolving credit facility, and cash on hand will be used to fund the acquisition.

As previously announced, Micro Focus shareholders have approved the terms of the acquisition. The acquisition is expected to close in the first calendar quarter of 2023, subject to regulatory approvals and customary closing conditions.

After taking into account the note offering and borrowings noted above, after the closing of the acquisition, the Company’s long-term debt would be approximately US$9.3 billion (composed of approximately 46% fixed rate debt and 54% variable rate debt), with a weighted average interest rate of approximately 5.88% and a weighted average maturity of approximately 6 years. As previously announced, OpenText is targeting a net leverage ratio of less than three times within eight quarters of closing the acquisition.

Further information

The Notes and the Term Loan will be secured on a first lien basis by existing wholly owned subsidiaries of OpenText organized in United States Where Canada which borrow or guarantee the obligations of OpenText under its senior credit facilities and, simultaneously or within one business day after the closing of the Acquisition, also by Open Text UK Holding Limited. The Notes and related guarantees will be secured on the same basis as the Company’s senior credit facilities.

The Securities and associated collateral will not be registered under the Securities Act of 1933, as amended (the “Securities Act”). The notes and related collateral are issued pursuant to Rule 144A and Regulation S of the Securities Act. The Securities and associated guarantees may not be offered or sold in United States or to, or on behalf of or for the benefit of U.S. Persons (as defined in Regulation S of the Securities Act), other than persons reasonably considered to be qualified institutional purchasers on the basis of the registration exemption provided by Rule 144A under the Securities Act and to certain persons in offshore transactions under Regulation S under the Securities Act. The Notes have not been and will not be qualified for sale to the public by prospectus under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis exempt from the prospectus requirements of such securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration. , qualification or exemption under the securities laws of such jurisdiction.

About OpenText

OpenText, The Information Company™, empowers organizations to gain insight through market-leading information management solutions powered by OpenText Cloud Editions.

Publication on a website

This announcement and certain related materials will be available, subject to certain restrictions, on the OpenText website at https://investors.opentext.com/ no later than 12 noon (London hour) on the business day following the publication of this announcement. This announcement and certain associated materials available on the OpenText website are provided solely to comply with the requirements of the UK City Code on Takeovers and Mergers. Neither the content of any of the websites mentioned in this advertisement nor the content of any website accessible from hyperlinks in this advertisement is incorporated into, or forms part of, this advertisement.

Caution Regarding Forward-Looking Statements

Certain statements contained in this announcement, including statements regarding the completion and timing of the closing of the note offering, the completion and timing of the amendment to the term credit agreement, including the completion of certain conditions prior to borrowing under the term loan, statements regarding OpenText’s targeted net leverage ratio and its timing, OpenText’s plans, objectives, expectations and intentions with respect to the acquisition, expected contribution from the acquisition to the results of OpenText, the financing and closing of the acquisition, as well as the timing and expected benefits of the acquisition, the impact on future financial performance, including with respect to revenues annual recurring, cloud growth, adjusted EBITDA, cash flow and earnings, may contain words that are deemed to be forward-looking statements or information under applicable laws on applicable securities. These statements are based on OpenText’s current expectations, estimates, forecasts and projections regarding the operating environment, economies and markets in which OpenText operates, and the impact of the ongoing COVID-19 pandemic. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and actual results may differ materially. OpenText’s assumptions, although believed to be reasonable by OpenText as of the date of this announcement, may prove to be inaccurate and, accordingly, its actual results could differ materially from the expectations set forth herein. For more information about the risks and other factors that may arise, see OpenText’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission and other securities regulators. Except as otherwise required by applicable securities laws, OpenText disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Copyright © 2022 OpenText. All rights reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.

OTEX-MNA

For more information, please contact:

Harry E. Blount
Senior Vice President, Investor Relations
Open Text Corporation
415-963-0825
investors@opentext.com

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SOURCEOpen Text Corporation

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G2S2 CAPITAL INC. FILES EARLY WARNING REPORT FOR INVESTMENT IN CALFRAC WELL SERVICES LTD. https://flight93.org/g2s2-capital-inc-files-early-warning-report-for-investment-in-calfrac-well-services-ltd/ Fri, 11 Nov 2022 22:10:00 +0000 https://flight93.org/g2s2-capital-inc-files-early-warning-report-for-investment-in-calfrac-well-services-ltd/ HALIFAX, N.S., November 11, 2022 /CNW/ – G2S2 Capital Inc. (“G2S2”) announces that its wholly-owned subsidiary has disposed of 808,296 common shares (“Common Shares”) of Calfrac Well Services Ltd. (“Calfrak”). More specifically, on November 10, 2022G2S2’s wholly-owned subsidiary, Armco Alberta Inc., disposed of 808,296 common shares at a price of $7.2568 per share through the […]]]>

HALIFAX, N.S., November 11, 2022 /CNW/ – G2S2 Capital Inc. (“G2S2”) announces that its wholly-owned subsidiary has disposed of 808,296 common shares (“Common Shares”) of Calfrac Well Services Ltd. (“Calfrak”).

More specifically, on November 10, 2022G2S2’s wholly-owned subsidiary, Armco Alberta Inc., disposed of 808,296 common shares at a price of $7.2568 per share through the facilities of the Canadian Securities Exchange (the “Provision”).

Immediately prior to the disposition, G2S2, through its wholly owned subsidiary, owned and exercised control over an aggregate of 11,516,496 common shares and $23,302,000 10% principal amount of senior secured convertible-in-kind notes (“convertible notes”) which, if converted, would entitle G2S2 to an additional 17,487,430 common shares, representing a percentage ownership of 45.12% of the common shares (determined on a partially diluted basis assuming the conversion of G2S2 only $23,302,000 principal amount of the Convertible Bonds).

Immediately following the disposition, G2S2, through its wholly owned subsidiary, owns and exercises control over an aggregate of 10,708,200 common shares and $23,302,000 principal amount of the convertible notes which, if converted, would entitle G2S2 to an additional 17,487,430 ordinary shares, representing an equity ownership percentage of 43.86% of the ordinary shares (determined on a partially diluted basis in assuming the conversion of only G2S2 titles $23,302,000 principal amount of the Convertible Bonds).

The common shares have been alienated for investment purposes. G2S2 may, from time to time, acquire additional Common Stock or Convertible Notes, or dispose of all or a portion of its current or additional Common Stock or Convertible Notes, in the normal course of its investing activities.

G2S2 has filed an early warning report relating to this press release on the System for Electronic Document Review and Analysis (SEDAR) at www.sedar.com under Calfrac’s issuer profile. Calfrac’s corporate address is Suite 500, 407 – 8th Avenue SW, Calgary, ABT2P 1E3.

About G2S2

G2S2 Capital Inc. is a private investment holding company focused on creating value in a variety of businesses over the long term. G2S2 is incorporated under the laws of Canada. G2S2 is controlled by George & Simé Armoyan.

SOURCE G2S2 Capital Inc.

For further information: For further information or to obtain a copy of the early warning report, please contact: George Armoyan, Executive Chairman of G2S2 at 416-855-1922.

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ALERIAN MLP ETF REPORTS $0.75 DISTRIBUTION IN FOURTH QUARTER https://flight93.org/alerian-mlp-etf-reports-0-75-distribution-in-fourth-quarter/ Wed, 09 Nov 2022 14:30:00 +0000 https://flight93.org/alerian-mlp-etf-reports-0-75-distribution-in-fourth-quarter/ DENVER, November 9, 2022 /PRNewswire/ — The Alerian MLP ETF (NYSE Arca: AMLP) declared its fourth quarter 2022 distribution of $0.75 on Tuesday, November 8, 2022. The dividend is payable on November 16, 2022 to shareholders of record on November 10, 2022. Based on current financial information, the distribution is estimated to consist of a […]]]>

DENVER, November 9, 2022 /PRNewswire/ — The Alerian MLP ETF (NYSE Arca: AMLP) declared its fourth quarter 2022 distribution of $0.75 on Tuesday, November 8, 2022. The dividend is payable on November 16, 2022 to shareholders of record on November 10, 2022. Based on current financial information, the distribution is estimated to consist of a 100% return of capital.

AMLP distributions:

  • Ex-Date: Wednesday, November 9, 2022
  • Registration Date : Thursday, November 10, 2022
  • Payment date : Wednesday, November 16, 2022

ALPS Portfolio Solutions Distributor, Inc. is also the distributor of the Alerian Energy Infrastructure ETF and the ALPS | Alerian’s energy infrastructure portfolio. Please direct all inquiries to [email protected] or by calling 1-866-759-5679.

Important Disclosures

An investor should carefully consider the investment objectives, risks, charges and expenses before investing. For a flyer with this and other information, call 1-866-759-5679 or visit www.alpsfunds.com. Read the prospectus carefully before investing.

Shares are not individually redeemable. Investors buy and sell stocks in a secondary market. Only market makers or “authorized participants” can trade directly with the Fund, generally in blocks of 5,000, 25,000 or 50,000 shares.

All investments are subject to risk, including loss of money and possible loss of all principal invested. Additional information regarding the risks of this investment is available in the prospectus.

Investments in Master Limited Partnerships (MLP) securities involve risks that differ from an investment in common stock. MLPs are controlled by their general partners, who generally have conflicting interests and limited fiduciary duties to the MLP, which may allow the general partner to favor its own interests over the MLPs.

Part of the benefits you should derive from the Fund’s investment in MLPs largely depends on whether MLPs are treated as partnerships for federal income tax purposes. As a partnership, an MLP does not have to pay federal income tax at the entity level. Accordingly, treatment of one or more MLPs as a corporation for federal income tax purposes may affect the ability of the Fund to achieve its investment objective and may reduce the amount of cash available to pay or pay you. distribute. Legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis, could adversely impact the value of an investment in MLPs and, therefore, the value of your investment in the Fund.

The Fund invests primarily in a particular industry and may experience greater volatility than a fund investing in a broader range of industries.

Investments in the energy infrastructure sector are subject to: reduced volumes of natural gas or other energy products available for transportation, processing or storage; changes in the regulatory environment; extreme weather conditions and; an increase in interest rates which could lead to an increase in the cost of capital and push investors towards other investment opportunities.

All K-1s are received and processed by the Alerian MLP ETF. The Alerian MLP ETF distributes a single Form 1099 to its shareholders. This notice is provided to you for informational purposes only and should not be considered tax advice. Please consult your tax advisor for further assistance.

If, due to changes in tax laws, a Portfolio MLP is deemed to be a corporation rather than a partnership for federal income purposes, then the income would be subject to federal tax at the level of the MLP. This would reduce the amount of cash available for distribution to the fund, which could lead to a reduction in the value of the fund. The Fund is taxed as an ordinary corporation for federal income purposes, which reduces the net asset value of the Fund Units by the accumulation of any deferred tax liability. Depending on the taxes paid by the fund as a result of income and/or gains from investments and/or the sale of MLP interests, the return on an investment in the fund will be reduced. This differs from most investment companies, which choose to be treated as “regulated investment companies” to avoid paying entity-level income taxes. The ETF is taxed as an ordinary corporation and is subject to US federal income tax on taxable income at the corporate tax rate (currently as high as 21%), as well as state and local.

For federal income tax purposes, the Fund is classified as an ordinary taxable corporation or a so-called subchapter “C” corporation. As a “C” corporation, the Fund recognizes a deferred tax liability for its future tax liability associated with capital appreciation of its investments and distributions received by the Fund on equity securities of limited partnerships principal considered a return of capital and for any net operating gains. The Fund’s accrued deferred tax liability, if any, is reflected daily in the Fund’s net asset value per share. Deferred tax expense/(benefit) represents an estimate of the potential tax expense/(benefit) of the Fund if it were to recognize unrealized gains/(losses) in the portfolio. An estimate of the deferred tax expense/(benefit) depends on the net income/(loss) of the Fund’s investments and the realized and unrealized gains/(losses) on the investments, and such expenses may vary significantly from year to year and day to day depending on the nature of the Fund’s investments, the performance of those investments and general market conditions. Therefore, any estimate of deferred tax expense/(profit) cannot be reliably forecast from year to year.

The Fund employs a “passive management” – or indexing – investment approach and seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index. Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell or buy a security unless that security is removed from or added to the underlying index, respectively.

ALPS Advisors, Inc. and ALPS Portfolio Solutions Distributor, Inc., affiliated entities, are not affiliated with VettaFi and the Alerian Index Series.

ALPS Portfolio Solutions Distributor, Inc. is the distributor of the Fund.

Not FDIC insured • No bank guarantee • May lose value

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the largest global enterprises to small and midsize enterprises, rely on SS&C for their expertise, scale and technology. Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

About SS&C ALPS Advisors

SS&C ALPS Advisors, a wholly owned subsidiary of SS&C Technologies, is a leading provider of investment products for advisors and institutions. With over $18.36 billion under management since September 30, 2022, SS&C ALPS Advisors is an open-architecture investment manager offering portfolio building blocks, active vision and an unwavering drive to guide clients to investment results through sustainable income, thematic and alternative growth strategies . For more information, visit www.alpsfunds.com.

SOURCESS&C/AMLP

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Five things you can do if you’re worried about rising interest rates https://flight93.org/five-things-you-can-do-if-youre-worried-about-rising-interest-rates/ Mon, 07 Nov 2022 00:35:00 +0000 https://flight93.org/five-things-you-can-do-if-youre-worried-about-rising-interest-rates/ You don’t have to look far yet to find stories of recent first-time homebuyers with serious financial worries. On Reddit over the weekend, a buyer who bought in 2021 said he was worried about what might happen to his $1.4 million home loan. Even though they had a household income of $250,000, the prospect of […]]]>

You don’t have to look far yet to find stories of recent first-time homebuyers with serious financial worries.

On Reddit over the weekend, a buyer who bought in 2021 said he was worried about what might happen to his $1.4 million home loan. Even though they had a household income of $250,000, the prospect of seeing their 3.45% interest rate turn into 7% or more was frightening.

” To my knowledge, [I] am unable to sell without having to pay the bank again,” the person wrote.

“Whereas [I] I know I am in a privileged position, this has a huge impact on my mental health, especially seeing other FHB colleagues and close friends applauding the fall in property prices. Obviously, FOMO and bearing the consequences, it looks like a weekly drop of bad news on bad news.

READ MORE:
* Your Money Questions Answered: I’m Afraid My Mortgage Rate Will Rise
* Answers to your money questions: what to do with my revolving credit?
* How to Avoid Your Mortgage “Vacation” Costing Thousands of Dollars

If you’re in a similar situation and wondering how to get out of it, there are a few things you can do.

Determine what your refunds are likely to be

Mortgage adviser Glen McLeod says there’s no magic bullet, so the first thing most people need to do is figure out what their repayments will rise to when they’re fixed, and how their family budgets could be modified to deal with it.

“At the end of the day, I think we’re going to see a lot of that over the next two years – it’s only going to get worse before it gets better.”

Your bank’s website will give you an idea of ​​current rates, and you can use a home loan calculator to determine your repayment amount.

From there, you can see if there are enough changes you can make to your current expenses to make them affordable.

“Maybe you’re not doing that Bali vacation or whatever this year, maybe it has to be in Whitianga,” McLeod said.

“Do you need to buy that cheese at $30 a block? Everyone needs to watch this stuff now – even filling up your car now is so expensive, it’s all over the place. But as long as you can make it work, it’s only for a moment, it will go up but then it will come down.

Increase your income

If things are really tight, you may need to research how you can increase your income.

This may mean pressuring your boss for a raise (apologizing to the Reserve Bank), moving to a better-paying job, or a part-time weekend job.

Things reported last week that a borrower who worried about rising interest rates at the same time the value of his home fell took on a second job to help cover the costs. You can also take on a roommate or boarder to help you out.

People who bought last year are in a particularly difficult situation, the prices of real estate are falling at the same time as the rates are soaring.

Kelly Hodel / Stuff

People who bought last year are in a particularly difficult situation, the prices of real estate are falling at the same time as the rates are soaring.

Restructure your loan

Katrina Shanks, managing director of Financial Advice NZ, said you might be able to get some relief by changing the terms of your mortgage.

If you’ve had a loan for a while, or took it out for a shorter term, you may be able to reduce your repayments by restructuring it to be repaid over 30 years.

A loan of $500,000 at a rate of 6% works out to $1,383 per fortnight over 30 years, compared to $1,486 over 25 years.

Some people took the opportunity to pay more than the minimum on their home loans when interest rates were low. If this was the case for you, it gives you more flexibility to negotiate lower refunds when you come to refix.

Interest only

Shanks said another option could be to ask your bank to make your home loan “interest-only” for a period of time.

This means that you only pay the interest on the debt, you do not reduce the principal due. A $500,000 interest-only loan would cost $577 per week at 6%, compared to $691 per week in principal and interest over 30 years.

Take mortgage leave

In extreme cases, you could apply for a mortgage holiday. You can do this by notifying your bank that you are having difficulty and following their process for applying for the vacation.

This gives you a break from your payments for a short period of time. But interest is still charged, so you’ll come out of the vacation with more money. You will need a plan to deal with it.

Shanks said it was important not to panic. “Remember to speak to your lender before you start missing payments – there is almost always a solution, you need to speak to experts such as financial advisers to help you.”

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Acrisure Announces Additional Term Loan Facility https://flight93.org/acrisure-announces-additional-term-loan-facility/ Fri, 04 Nov 2022 13:43:00 +0000 https://flight93.org/acrisure-announces-additional-term-loan-facility/ GRAND RAPIDS, Michigan, November 04, 2022–(BUSINESS WIRE)–Acrisure, LLC (the “Company”) today announced that it has entered into an additional senior secured term loan facility in the aggregate principal amount of $1 billion (the “Term Loans additional”). The additional term loans will constitute a new tranche of term loans under the Company’s existing credit agreement, between […]]]>

GRAND RAPIDS, Michigan, November 04, 2022–(BUSINESS WIRE)–Acrisure, LLC (the “Company”) today announced that it has entered into an additional senior secured term loan facility in the aggregate principal amount of $1 billion (the “Term Loans additional”). The additional term loans will constitute a new tranche of term loans under the Company’s existing credit agreement, between Acrisure Intermediate, Inc., a Delaware corporation and the Company’s direct parent company, the Company, guarantors who are party to it from time to time, lenders who are party to it from time to time, and JPMorgan Chase Bank. NA, as administrative agent.

The Company intends to use the net proceeds from the additional term loans to fund future acquisitions and pay related fees and expenses.

About Acrisure

Acrisure is a global fintech company that offers a wide range of products, including insurance, real estate services, cyber services, and asset and wealth management. The company has seen its revenue grow from $38 million to nearly $4 billion in just over nine years with more than 14,000 employees and locations worldwide. Learn more about www.acrisure.com.

Forward-looking statements

This press release contains “forward-looking statements” that are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should”, “may”, “will”, “plan”, “expect”, “intend”, “plan”, “believe”, “seek”, “estimate” , “intends” and similar expressions identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These forward-looking statements include statements regarding the intention to use additional proceeds from the term loan to fund acquisitions. These forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update the forward-looking statements.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221104005392/en/

contacts

Analyst Requests:
Kent Snyder
Vice President, Finance and Capital Markets
(616) 541-1359
ksnyder@acrisure.com

Media inquiries:
Elliott Bundy
Head of Communications and Marketing
(347) 561-0276
ebundy@acrisure.com

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John Trischitti III has the best fundraising period of the Midland ISD candidates https://flight93.org/john-trischitti-iii-has-the-best-fundraising-period-of-the-midland-isd-candidates/ Wed, 02 Nov 2022 02:15:55 +0000 https://flight93.org/john-trischitti-iii-has-the-best-fundraising-period-of-the-midland-isd-candidates/ John Trischitti III, a member of the Midland ISD school board, presented the best fundraising period of all the candidates during the October campaign fundraising period. Trischitti raised $35,075 – about four times what he had raised in the previous period – compared to the $9,050 raised by his District 5 opponent Brandon Hodges. Overall, […]]]>

John Trischitti III, a member of the Midland ISD school board, presented the best fundraising period of all the candidates during the October campaign fundraising period.

Trischitti raised $35,075 – about four times what he had raised in the previous period – compared to the $9,050 raised by his District 5 opponent Brandon Hodges. Overall, Trischitti now leads the overall fundraising race ($44,100 to $30,850) and said he has $39,303 in his campaign war chest with the Nov. 8 election just around the corner. .

District 5 includes areas in and around Saddle Club Estates, Polo Park, Mockingbird Heights, Santa Rita Elementary, Midland Classical Academy, Midland College, and Racquet Club.

Hodges has outspent Trischitti in the past two campaign periods ($30,587 to $23,853).

Major donors included $2,500 for Jim Henry’s Hodges and $4,000 for Scott Sheffield’s Trischitti, Thomas Jorden, Tim Leach, Travis Stice.

Campaign finance reports from Oct. 1 to Oct. 30, according to information reported to Midland ISD this week.

District 5

Brandon Hodges

Total political contributions: $9,050

Total political expenditures: $27,465.10

Total political contributions upheld as of the last day of the reporting period: $1,262.80

Total principal amount of all outstanding loans as of the last day of the reporting period: $1,000

Submissions

(Contributions of $250 or more are listed)

$2,500

Jacques-Henri

$1,500

Jeanne Mauzy

$1,000

Ernest Angelo Jr.

$500

Mark Holly, Jose Cuevas Jr., William Sparks, Charles Jones, William Porter, Mike Canon

$250

Joshua Crawford, Jonathan Dunn, Juvel Reed

Loans

Brandon Hodges, $1,000

Political expenditures from political contributions

(Expenses of $250 or more are listed)

CDA Broadcasting $1,442

CAZ Consulting, $7,000

CAZ Consulting, $7,000

Edgerton Strategies, $500

CAZ Consulting, $7,000

Edgerton Strategies, $2,500

CAZ Consulting, $291.10

CAZ Consulting, $290

C3 Management, $471

CAZ Consulting, $291

CAZ Consulting, $582

Jean Trischitti III

Total political contributions: $35,075

Total political expenditures: $20,023

Total political contributions upheld as of the last day of the reporting period: $39,303

Total principal amount of all outstanding loans as of the last day of the reporting period: $0

Submissions

(Contributions of $250 or more are listed)

$4,000

Scott Sheffield, Thomas Jordan, Tim Leach, Travis Stice

$3,000

Lance Robertson

$2,500

Jack Harper, Dan Hord

$2,000

Jack Harper

$1,000

Shan Moon, James Walter, Will Hickey, Brandon Gaynor, Shan Moon, Clay Gaspar, Richard and Kim Hatchett

$500

Penelope Evans, Don Evans, Robert Shannon, John and Amy Bell

Political expenditures from political contributions

(Expenses of $250 or more are listed)

Brooke Dickson, $350

Grassfire LLC, $2,241

Nuemann and company, $18,861

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ONEOK: 6% Yield, 9% Dividend Growth, Third Quarter Earnings This Week (NYSE:OKE) https://flight93.org/oneok-6-yield-9-dividend-growth-third-quarter-earnings-this-week-nyseoke/ Sun, 30 Oct 2022 13:31:09 +0000 https://flight93.org/oneok-6-yield-9-dividend-growth-third-quarter-earnings-this-week-nyseoke/ HJBC After cratering during the Covid 2020 crash, natural gas has seen a price spike over the past 2+ years. It rose to over $9.00 in August 2022, but has fallen to around $5.00 since then. Still, that’s much higher than it has been for many years: fnvz ONEOK Inc. (New York stock market :okay) […]]]>

HJBC

After cratering during the Covid 2020 crash, natural gas has seen a price spike over the past 2+ years. It rose to over $9.00 in August 2022, but has fallen to around $5.00 since then. Still, that’s much higher than it has been for many years:

natgas

fnvz

ONEOK Inc. (New York stock market :okay) is one of the largest integrated players in the natural gas industry. It is involved in the gathering, processing, storage and transportation of natural gas in the United States. As one of the leading natural gas companies, it has benefited greatly from rising natural gas prices.

OKE has 3 segments – Natural Gas Gathering and Processing, Natural Gas Liquids – NGLs and Natural Gas Pipelines. The NGL segment is the largest, with around 60% of annual EBITDA, followed by gathering and processing at around 25% and pipelines at around 10%+.

segments

OKE website

Segment volumes:

The NGL Segment saw overall raw food volume growth of approximately 4.5% in Q2 22 compared to Q1 22; and management expects average growth of around 2% to over 12% for the full year of 2022, with around 90% of its NGL revenue based on fees.

NGL

OKE website

OKE collection and processing segment has benefited from rapidly increasing efficiency over the past few years – it now only takes about 1/3 the number of connected wells to produce 3 times the volumes processed, with much higher gas to oil ratios in the Williston Basin. As of 06/30/22, OKE had 157 connected wells. Management plans to connect 375 to 425 wells in 2022.

ng muster

OKE website

okay Natural gas pipelines are directly connected to end-use markets – local gas utilities, power generation facilities and large industrial enterprises. This segment generally has more than 95% of its transport capacity under fixed price contract.

pipelines

OKE website

Earnings:

The first quarter of 2022 saw continued strong revenue growth, with revenue up approximately 74%. Net income increased by 10.6%, while EBITDA increased by around 5% – softer growth rates than for the whole of 2021. Management has significantly increased expenditure on investment in Q1-2 22, after having reduced them by 68% in 2021 – the 72.5% increase in capital expenditure explains the 15.7% decline in DCF and the distribution coverage factor below 1X for Q1-2 22:

ttm

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Looking back shows a good jump in ROIC in 2021 compared to 2017; and good EBITDA growth through different commodity price cycles since 2013:

ebitda history

OKE website

Tips:

Management’s full-year 2022 guidance calls for median net income of $1,690 million, which would represent 6% growth over 2021. The midpoint of adjusted EBITDA of 3,620 million implies a growth of 7% in 2022.

Diluted EPS guidance of $3.45 to $4.07 calls for a wide growth range of 2.7% to 21% over 2021. Q1-2 22 EPS was $1.79, so OKE needs to generate $1.66 – $2.28 EPS in H2 2022 in order to achieve management guidance figures for full year 2022:

Tips

OKE website

Dividends:

At its 10/28/22 intraday price of $58.34, OKE was down 6.41%. Its leakage coverage factor is 1.02X, due to higher Capex. It becomes ex-dividend on Monday 10/31/22, then should become ex-dividend on 01/28/23.

div

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At 8.92%, OKE has one of the best 5-year dividend growth rates in the midstream industry, with over 25 record highs of no dividend cut.

division history

OKE website

Profitability and leverage:

Both OKE’s ROA and ROE have improved significantly from pre-Covid numbers, both well above industry averages. EBITDA margin decreased as EBITDA growth has lagged revenue growth for the past 6 quarters.

Net debt/EBITDA improved somewhat, as did interest coverage.

deer

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Debt & Liquidity:

OKE has a $2.5 billion credit agreement, which expires in June 2027. It also has access to $1.0 billion, through its “in-the-market” ATM equity program.

As of June 30, 2022, OKE had no borrowings under its $2.5 billion credit agreement and had $135.8 million in cash and cash equivalents.

In July 2022, management redeemed the remaining $895.8 million of its $900 million 3.375% Senior Notes due October 2022 at 100% of principal amount, plus accrued and unpaid interest, with the cash and short-term borrowings. As of July 31, 2022, OKE had $860 million in short-term borrowings outstanding.

OKE’s debt has an investment grade credit rating of BBB-/Baa3.

Ratings:

At 1.22X, OKE’s P/Sales is its deepest undervaluation relative to industry averages, while its P/Book of 4.28X is also below average. It has an above average dividend yield and EV/EBITDA. While there is no compensation for P/DCF, 15.37X does not look cheap, compared to valuations we have seen in the past.

bp

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Analyst price targets:

At its 10/28/22 intraday price of $58.34, OKE is 6% above analysts’ low price target of $55.00 and around 13% below the target of average price of $67.00.

target

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Performance:

Although mostly lagging the midstream industry and broader energy sector, OKE has outperformed the S&P 500 in the month, quarter, year and so far in 2022. Its 1-year total return is around -9.68%, compared to -14.66% for the S&P.

performance

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Parting Thoughts

OKE will release its Q3 22 results after market close on November 1, 2022. Given the current environment, you may want to wait for this report. OKE is a well-run company with a good long-term balance sheet – we advise waiting for the next market panic before jumping on board.

If you’re interested in other high-performance vehicles, we’ve got them covered every Friday and Sunday in our items. All charts are provided by Hidden Dividend Stocks Plus unless otherwise stated.

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PIC AU HOLDINGS LLC AND PIC AU HOLDINGS CORPORATION, WHOLLY OWNED SUBSIDIARIES OF PEABODY, ANNOUNCE AN EXTENSION OF THE EXPIRATION DATE OF THEIR PREVIOUSLY ANNOUNCED OFFER TO PURCHASE ALL SECURE TICKETS BY 10,000% EXPIRING IN 2024 https://flight93.org/pic-au-holdings-llc-and-pic-au-holdings-corporation-wholly-owned-subsidiaries-of-peabody-announce-an-extension-of-the-expiration-date-of-their-previously-announced-offer-to-purchase-all-secure-ticke/ Thu, 27 Oct 2022 22:47:00 +0000 https://flight93.org/pic-au-holdings-llc-and-pic-au-holdings-corporation-wholly-owned-subsidiaries-of-peabody-announce-an-extension-of-the-expiration-date-of-their-previously-announced-offer-to-purchase-all-secure-ticke/ ST. LOUIS, October 27, 2022 /PRNewswire/ — Wholly owned subsidiary of Peabody (NYSE: BTU), PIC AU Holdings LLC, a Delaware limited liability company (the “Main transmitter“), and PIC AU Holdings Corporation, a Delaware company (with the main issuer, the “Co-Issuers“), announced today that they have extended the expiration date of their previously announced cash tender […]]]>

ST. LOUIS, October 27, 2022 /PRNewswire/ — Wholly owned subsidiary of Peabody (NYSE: BTU), PIC AU Holdings LLC, a Delaware limited liability company (the “Main transmitter“), and PIC AU Holdings Corporation, a Delaware company (with the main issuer, the “Co-Issuers“), announced today that they have extended the expiration date of their previously announced cash tender offer (the “To offer“) all the $81,550,000 outstanding principal amount of their 10.000% Senior Secured Notes due 2024 (the “Remarks“), at a purchase price equal to 105.91% of the principal amount of the Notes repurchased under the offer, together with accrued and unpaid interest, if any, up to the settlement date of the offer excluded, 5:00 p.m., New York City It’s time November 18, 2022unless terminated earlier in accordance with the terms of the Offer and the Deed (the “Expiration date“). The Tendered Securities may be validly withdrawn at any time before the Expiry Time, unless terminated early by the Co-Issuers. 5:00 p.m., New York City It’s time October 27, 2022, $14,099,000 the full principal amount of the Notes had been validly tendered and not validly withdrawn. The offer is being made on the terms and subject to the conditions set forth in the co-issuer’s offer to purchase, dated September 19, 2022 (there “Bid“). Except as otherwise provided in this press release, all other terms of the offer as described in the offer to purchase remain unchanged.

The Notes are governed by an indenture dated January 29, 2021by and among the joint issuers, Wilmington Trust, National Association, as trustee, and Peabody (on a limited basis, to the extent of its obligations specifically set forth in the indenture) (as amended and restated by the first indenture supplement dated February 3, 2021and as amended, supplemented, restated or otherwise modified on the date hereof, the “IndentureUnder the terms of the Trust Indenture, no later than 30 business days after any voluntary prepayment, redemption or redemption of Term Loans, the Co-Issuers are required to make an offer to purchase an amount in aggregate principal amount of Notes equal to the aggregate principal amount of Term Loans so prepaid, redeemed or redeemed. September 19, 2022the Co-Issuers repurchased approximately $20.4 million aggregate principal amount of their 10,000% senior secured term loan due 2024 (the “term loan“) at a weighted average purchase price of 105.91% of par, in accordance with the credit agreement dated January 29, 2021among the Co-Issuers, as Co-Borrowers, Lenders who are parties thereto from time to time and Wilmington Trust, National Association (as successor to JPMorgan Chase Bank, NA), as Administrative Agent, which governs the term loan (the “credit agreementAs such, the Offer seeks to satisfy the requirements of the Deed. In addition to the Offer and pursuant to the terms of the Credit Agreement, the Co-Issuers have concurrently made a separate offer of purchase of a total principal amount of the term loan must not exceed the lesser of (x) $61,194,954.99and (y) (i) the total principal amount of the Securities effectively repurchased under the Offer, less (ii) $20,355,045.01 at a purchase price of 105.91% of par. This offer to lenders under the term loan is also extended to remain open until November 18, 2022. The Offer is not conditional upon the separate offer to the Lenders under the Term Loan.

For each $1,000 principal amount of Bonds validly tendered (and not validly withdrawn) prior to the Expiry Time and accepted by the Co-Issuers for purchase under the Offering, Bondholders will receive $1,059.10 in cash, plus accrued and unpaid interest as set forth in the indenture, up to but not including the settlement date of the offer. The settlement-delivery date of the Offer is currently estimated at November 22, 2022the second business day following the expiry time.

This announcement is not an offer to buy or sell, or a solicitation of an offer to buy or sell, securities in any jurisdiction in which the manufacture or acceptance thereof would not be compliant with securities, blue sky or other laws of those jurisdictions.

Peabody (NYSE:BTU) is a leading coal producer, providing affordable and reliable energy and steelmaking essentials. Our commitment to sustainability underpins everything we do and shapes our strategy for the future.

Contact:
Alice Tharenos
314.342.7890

Forward-looking statements

This press release contains forward-looking statements within the meaning of securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variations of words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “projects”. , “plans”, “target”, “would”, “will”, “should”, “aim”, “could” or “may” or other similar expressions. Forward-looking statements provide management’s current expectations or forecasts regarding future conditions, events or results. All forward-looking statements speak only as of the date they are made and reflect our good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Further, we disclaim any obligation to publicly update or revise any forward-looking statements, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that could cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond our control, including the continued impact of the COVID-19 pandemic. You should understand that it is not possible to predict or identify all of these factors and, therefore, you should not consider any such list to be a complete set of all potential risks or uncertainties.

Peabody. (PRNewsFoto/Peabody Energy)

Quote

Quote

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SOURCEPeabody

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Research: Rating Action: Moody’s assigns a P-1 letter of credit rating to Idaho HFA Taxable CP Program GO Notes, Bank Secured Series https://flight93.org/research-rating-action-moodys-assigns-a-p-1-letter-of-credit-rating-to-idaho-hfa-taxable-cp-program-go-notes-bank-secured-series/ Mon, 24 Oct 2022 22:39:16 +0000 https://flight93.org/research-rating-action-moodys-assigns-a-p-1-letter-of-credit-rating-to-idaho-hfa-taxable-cp-program-go-notes-bank-secured-series/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, […]]]>


No related data.

© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, AND THE DOCUMENTS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, THE “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS COVERED BY MOODY’S CREDIT RATINGS. THE CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISKS, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACTS. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL CAREFULLY MAKE HIS OWN RESEARCH AND EVALUATION OF EACH SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE.

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MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANYONE AS A REFERENCE AS THIS TERM IS DEFINED FOR REGULATORY PURPOSES AND SHOULD NOT BE USED IN A MANNER THAT COULD CONSIDER AS A REFERENCE.

All information contained herein is obtained by MOODY’S from sources believed to be accurate and reliable. However, due to the possibility of human or mechanical error and other factors, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S takes all necessary measures to ensure that the information it uses to assign a credit rating is of sufficient quality and comes from sources that MOODY’S considers to be reliable including, where applicable, independent third-party sources. However, MOODY’S is not an auditor and cannot in any case independently verify or validate the information received as part of the rating process or the preparation of its Publications.

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Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby declares that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred shares rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for rating opinions credit and the services it renders fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold credit ratings from Moody’s Investors Service and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published annually on www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy”.

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Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a wholly owned subsidiary credit rating agency of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the credit ratings assigned by MSFJ are non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO and therefore the rated obligation will not qualify for certain types of treatment under US law. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and the services it renders a fee ranging from 100 000 JPY to around 550,000,000 JPY.

MJKK and MSFJ also maintain policies and procedures to meet Japanese regulatory requirements.

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