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Stock Market & Financial Investment News

News Breaks
December 27, 2012
08:04 EDTUPG, CMAUniversal Power Group secures $30M revolving credit agreement with Comerica
Universal Power Group (UPG) announced the signing of a four-year credit agreement and term loan with Comerica Bank (CMA). The $30M credit facility includes an accordion feature that will allow for a $10M increase to the credit line if needed. The new credit agreement expires on Dec. 31, 2016, and replaces UPG’s current credit agreement which expires on June 30, 2013. The interest rate associated with the new credit agreement is based on the LIBOR, plus 1.875% for the first year of the agreement. During years two through four of the agreement, the rate will vary based on the ratio of UPG’s total debt to total tangible net worth, and will be set at LIBOR plus a spread of between 1.875% and 2.125%. In conjunction with the new credit agreement, UPG has implemented a $4M, four-year term loan which will be used to refinance existing debt under the Company’s previous credit facility.
News For UPG;CMA From The Last 14 Days
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September 15, 2014
17:17 EDTCMAComerica releases results of its mid-cycle stress test
In a severely adverse scenario, Comerica's total risk based capital ratio would be 11.4% through 2Q16. Reference Link
September 8, 2014
07:56 EDTCMAComerica loan growth weaker than expected, says BMO Capital
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07:55 EDTCMAComerica reports Q3 average loans though August $47.1B.
Comerica, in slides disclosed late Friday for an upcoming presentation by CEO Ralph Babb Jr. at the Barclays Global Financial Services Conference on Tuesday, September 9, updated on its third quarter. Comerica said average loans were tracking up 3% to $47.1B through August 31, compared to the Q2 average loans of $46.7B. In discussing July and August trends, Comerica said H.8 data shows commercial loan growth has slowed, compared to 1H14, and that pressure on yield persists from the low rate environment. The company added that its outlook for moderate average loan growth year over year remains unchanged.

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