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Stock Market & Financial Investment News

News Breaks
March 5, 2013
08:56 EDTFIG, NCT, HBCHSBC to sell loan portfolios to Springleaf, Newcastle for $3.2B
HSBC Finance Corporation, an indirect wholly-owned subsidiary of HSBC Holdings (HBC), has entered into an agreement to sell its Personal Unsecured Loan and Personal Homeowner Loan portfolios to SpringCastle Acquisition LLC, a Delaware-based company owned by Springleaf Finance and Newcastle Investment Corp. (NCT). The portfolios sale transaction is scheduled for completion in the second quarter of 2013 and is subject to customary closing conditions. HFC has also entered into an agreement to sell its loan servicing facility and related assets in London, Kentucky to Springleaf. Completion of the sale of the building and assets, which is subject to customary closing conditions, is expected in the fourth quarter of 2013, following a transitional period to allow for the conversion of loans being sold to SpringCastle. Upon completion of the sale of the Facility, the majority of employees located in the Facility will transfer to become employees of Springleaf. At December 31, 2012, the carrying value of the gross assets being sold was approximately $4.3B. The total consideration to be paid by SpringCastle and Springleaf is $3.2B.
News For HBC;NCT;FIG From The Last 14 Days
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May 26, 2015
10:12 EDTFIGFortress management to meet with JMP Securities
Meeting to be held in Boston on May 27 hosted by JMP Securities.
May 22, 2015
19:35 EDTFIGFortress, Mount Kellett Capital to form strategic alliance, terms not disclosed
Fortress Investment Group and Mount Kellett Capital Management announced they have reached an agreement for an affiliate of Fortress to become co-manager with Mount Kellett of the Mount Kellett investment funds and related accounts. Mount Kellett affiliates will continue to serve as general partner of the Funds. Additionally, affiliates of Fortress will become special limited partners of the Funds. Financial terms of the transaction were not disclosed. The transaction is subject to receipt of Mount Kellett investor consent and certain other approvals and the execution of definitive agreements. The transaction is expected to close on or about June 30.
May 19, 2015
06:31 EDTFIG, NCTFortress Investment reports 6.4% stake in Newcastle Investment
Fortress Investment Group (FIG) reports a 6.4% stake in Newcastle Investment (NCT).

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