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News Breaks
January 7, 2013
09:15 EDTCMA, STRSStratus 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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April 29, 2015
09:10 EDTCMAComerica appoints Curtis C. Farmer as President
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April 28, 2015
14:29 EDTCMAComerica increases authorization for stock, warrant repurchases
The board of Comerica increased the number of shares of common stock that Comerica is authorized to repurchase under its share repurchase program by up to 10M additional shares and increased the number of warrants that Comerica is authorized to repurchase by up to 2.6M additional outstanding warrants. These actions were taken in conjunction with Comerica's announcement on March 11 that the Federal Reserve did not object to Comerica's 2015 capital plan and contemplated capital distributions. The plan includes up to $393M in equity repurchases for the five-quarter period commencing in the second quarter 2015 and ending in the second quarter 2016. Shares and/or warrants will be purchased from time to time in the open market or otherwise. The repurchased shares may be held as treasury stock or retired. The repurchased warrants may be retired and cancelled.
14:24 EDTCMAComerica raises dividend 5% to 21c per share
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