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Stock Market & Financial Investment News

News Breaks
December 6, 2012
08:38 EDTCHUY, WFCChuy's announces new $25M credit agreement with Wells Fargo Bank
Chuy's Holdings announced that it has entered into a new five-year $25M revolving credit facility with Wells Fargo Bank (WFC), The new facility replaces an existing senior secured credit facility that was scheduled to mature in May 2016. At closing, $5M was drawn under the new revolving credit facility to pay off the balance of the old facility plus accrued interest and fees. Excluding the existing balance, the new facility allows for available borrowings of $20M compared to availability of approximately $10.5M under the old facility. Additionally, the new facility bears interest between 1.75%-2.25% over LIBOR, dependent upon the company's leverage ratio, with no LIBOR floor. As of closing, the company's borrowing rate was reduced by approximately five percent compared to the current rates under the previous facility and is expected to reduce annual interest expense by approximately $250,000 at current borrowing levels. In conjunction with the refinancing, the company will record a one-time pre-tax expense of approximately $91,000 related to the write-off of financing costs previously deferred for the old facility.
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August 27, 2014
08:00 EDTWFCSEC seen completing rules on MBS detail disclosures, WSJ says
The Securities and Exchange Commission is expected to complete rules requiring banks and other financial institutions to give investors greater detail about the quality of mortgages and other loans pooled into bonds known as asset-backed securities, reported The Wall Street Journal. Publicly traded big U.S banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:29 EDTCHUYStephens to hold a plane trip
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August 26, 2014
14:38 EDTCHUYChuy's management to meet with Jefferies
Meeting to be held in Kansas City, MO on August 29 hosted by Jefferies.
August 21, 2014
06:43 EDTWFCRegulators up bank warning efforts for poor risk assessment, Reuters says
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August 20, 2014
06:02 EDTWFCWells Fargo wins approval for $62.5M settlement, Charlotte Observer says
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August 19, 2014
13:42 EDTWFCWells Fargo looks to bulk up asset-management business, WSJ says
Wells Fargo is looking to increase the size of its asset-management business to over $1T over the next decade by making acquisitions of smaller asset managers and more aggressive sales to larger investors, says the Wall Street Journal. Reference Link

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