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Stock Market & Financial Investment News

News Breaks
January 7, 2013
09:15 EDTSTRS, CMAStratus Properties refinances Comerica revolving credit facility
Stratus Properties (STRS) announced that effective December 31, 2012, it entered into a Loan Agreement with Comerica Bank (CMA) that renews, extends and modifies Stratus' $45.0M credit facility with Comerica, comprised of a $35.0M revolving line of credit and a $10.0M term loan, that was scheduled to mature on December 31, 2012. The Loan Agreement provides for a $48.0M credit facility, divided into three tranches as follows: a $35M revolving line of credit, $3M for letters of credit, and a $10M construction loan. The interest rate applicable to amounts borrowed under each loan is an annual rate of LIBOR plus 4.0%, with a minimum interest rate of 6.0%. The credit facility will mature on November 30, 2014. Proceeds from the revolving loan may be used to fund Stratus' working capital needs, including land acquisitions; however, without prior approval from Comerica, individual land acquisitions shall not exceed $3.0M and aggregate land transactions shall not exceed $10.0M. Proceeds from the letter of credit tranche shall be used to fund additional working capital needs. Proceeds from the construction loan shall be used to develop the regional road and infrastructure for Section N of Barton Creek.
News For STRS;CMA From The Last 14 Days
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August 14, 2014
08:10 EDTSTRSStratus Properties reports Q2 EPS 3c vs. 8c last year
Reports Q2 revenue $22.52M vs. $42.53M a year ago.
August 13, 2014
10:01 EDTCMAComerica Chief Credit Officer John Killian to retire in May 2015
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