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Powell reiterates that economy remains 'a long way' from Fed's goals

‘UK will do things differently’: Rishi Sunak says Brexit deal will see changes in financial world

Suban Abdulla
·3 min read
Chancellor of the Exchequer Rishi Sunak leaves 11 Downing Street, London, ahead of delivering his one-year Spending Review in the House of Commons. (Photo by Yui Mok/PA Images via Getty Images)
Chancellor of the Exchequer Rishi Sunak. Photo: Yui Mok/PA Images via Getty Images

UK chancellor Rishi Sunak has said that the Brexit agreement between Britain and the European Union will see changes in the financial world, and allow the country to “do things differently.”

It comes as prime minister Boris Johnson conceded that his trade deal with the EU may fall short of his desires for the sector.

Sunak has vowed on Sunday to make the City of London “the most attractive place” to list new firms.

There is not much detail yet on financial services and the trade treaty brokered with Brussels on Thursday provides little information on EU market access — which must still be negotiated for British-based companies in specific deals.

“But this deal also provides reassurance because there’s a stable, regulatory co-operative framework mentioned in the deal which I think will give people that reassurance that we will remain in close dialogue with our European partners,” Sunak said.

Speaking for the first time since he announced the Brexit deal on Thursday, Johnson said that the trade agreement secures “access for solicitors, barristers” and a “good deal” for digital.

Johnson hinted at a potential overhaul of the tax and regulatory system for businesses. He said that Sunak was now conducting a “big exercise on all of this,” suggesting changes could come as early as the Budget in March.

READ MORE: UK and European Union strike historic Brexit trade deal

However, Johnson did admit that the deal doesn’t “perhaps go as far as we would like” on financial services.

Banks, insurers and other financial firms based in the UK will not be granted automatic access to EU markets from the end of the transition period on 31 December. Instead they will have to be deemed by the EU to be governed by rules as robust as within the bloc.

But the chancellor said anyone who is worried about the economic implications of the breach with the EU should be "enormously reassured about the comprehensive nature" of the deal.

He added: “I think there was always going to be people who want to reopen the debates of four years ago but I don’t think that would be the right thing to do,” he said in the interview.

“I actually think this deal can represent an enormously unifying moment for our country and bring people together after the divisions of the past few years.

“For those who voted to leave, this deal means that we will have the freedom that people sought, control of our laws, our borders, our trade.

“But for those who were anxious about the economic implications of leaving they should be enormously reassured by the comprehensive nature of this free trade agreement, ensuring tariff-free, quota-free access for British businesses to the European market, ensuring that close economic partnership and crucially protecting British jobs.”

Watch: Brexit trade deal can be 'unifying moment for our country', Rishi Sunak says

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  • First Eagle Alternative Capital BDC Reports Fourth Quarter 2020 Financial Results and Declares a Dividend of $0.10 Per Share

    BOSTON, March 04, 2021 (GLOBE NEWSWIRE) -- First Eagle Alternative Capital BDC, Inc. (NASDAQ: FCRD) (“First Eagle Alternative Capital BDC” or the “Company”), a direct lender to middle market companies, today announced financial results for its fourth fiscal quarter and year ended December 31, 2020. Additionally, the Company announced that its Board of Directors (the “Board”) has declared a first fiscal quarter 2021 dividend of $0.10 per share payable on March 31, 2021, to stockholders of record as of March 15, 2021. HIGHLIGHTS ($ in millions, except per share amounts) Portfolio resultsAs of Dec. 31, 2020 Total assets$356.4 Investment portfolio, at fair value$337.7 Net assets$185.2 Net asset value per share$6.15 Weighted average yield on investments 7.1% Year endedDec. 31, 2020Quarter endedDec. 31, 2020Portfolio activity Total portfolio investments made, at par$82.0 $31.2Total portfolio investments made, at cost$80.6 $30.3Number of new portfolio investments 15 8Number of portfolio investments at end of year 51 51Operating results Total investment income$29.8 $7.5Net investment income$10.8 $3.3Net increase (decrease) in net assets from operations$(36.7)$0.1Net investment income per share$0.35 $0.11Dividends declared per share$0.51 $0.10 PORTFOLIO AND INVESTMENT ACTIVITY In the fourth quarter, the Company closed on eight new investments totaling $23 million at par and an additional $8.2 million at par in follow-on investments, including delayed draw and revolver fundings. New investments during the fourth quarter at par were: $3.8 million first lien senior secured term loan in Multi Speciality Healthcare LLC;$3.3 million first lien senior secured term loan in Action Point, Inc.;$3.2 million first lien senior secured term loan in MarkLogic Corporation;$3.1 million first lien senior secured term loan in Aurotech, LLC;$3.0 million first lien senior secured term loan in Trace3, LLC;$2.9 million first lien senior secured term loan in AppFire Technologies, LLC;$1.6 million first lien senior secured term loan in Doxa Insurance Holdings, LLC; and,$2.1 million first lien senior secured term loan in Advanced Web Technologies. Notable realizations for the quarter included: Repayment of a first lien senior term loan in SynteractHCR Holdings Corporation at par, which resulted in proceeds received of $6.1 million;Repayment of first lien senior secured term loans in Simplicity Financial Marketing Holdings Inc. at par, which resulted in proceeds received of $4.5 million;Repayment of first lien senior secured term loans in NCP Investor, Inc. at par, which resulted in proceeds of $7.6 million; andSale of equity holdings in C&K Market, Inc., which resulted in cash proceeds of $10.7 million, the receipt of a subordinated sellers note of $5.8 million at par value, and warrants with a nominal value. As of December 31, 2020, these transactions, coupled with changes in net unrealized depreciation on the portfolio during the quarter, bring the total fair value of First Eagle Alternative BDC’s investment portfolio to $337.7 million across 51 portfolio investments. The Company’s investment portfolio by investment type at fair value is presented below ($ in millions): DescriptionFair Value Percentage ofTotalFirst lien senior secured debt$233.7 69.2%Investment in Logan JV 68.1 20.2%Second lien debt 22.1 6.5%Subordinated debt 5.8 1.7%Equity investments 5.1 1.5%Investments in funds 2.9 0.9%Total investments$337.7 100.0% As of December 31, 2020, the weighted average yield of the debt and income-producing securities, including the Logan JV, LLC (the “Logan JV”), in the investment portfolio at their current cost basis was 7.1 percent. As of December 31, 2020, First Eagle Alternative Capital BDC had loans on non-accrual status with an aggregate amortized cost of $15.5 million and fair value of $7.4 million, or 3.9 percent and 2.2 percent of the portfolio’s amortized cost and fair value, respectively. As of December 31, 2020, 97 percent of the Company’s income-producing debt investments bore interest based on floating rates, such as the London Interbank Offered Rate, or LIBOR, which may be subject to interest rate floors. This compares to the portfolio as of December 31, 2019, which had a fair value of $384.1 million across 52 portfolio investments. First Eagle Alternative Capital BDC’s investment portfolio by investment type at fair value as of December 31, 2019 is presented below ($ in millions): DescriptionFair Value Percentage ofTotalFirst lien senior secured debt$263.6 68.7%Investment in Logan JV 83.4 21.7%Equity investments 21.5 5.6%Second lien debt 12.0 3.1%Investments in funds 3.6 0.9%Total investments$384.1 100.0% As of December 31, 2019, the weighted average yield of the debt and income-producing securities, including the Company’s investment in Logan JV, LLC (the “Logan JV”), in the investment portfolio at their cost basis was 8.7 percent. As of December 31, 2019, First Eagle Alternative Capital BDC had loans on non-accrual status with an aggregate amortized cost of $36.0 million and fair value of $15.1 million, or 8.1 percent and 3.9 percent of the portfolio’s amortized cost and fair value, respectively. As of December 31, 2019, 100 percent of the Company’s income-producing debt investments bore interest based at floating rates, which may be subject to interest rate floors, such as LIBOR, which may be subject to interest rate floors. RESULTS OF OPERATIONS Investment income A breakdown of investment income for the three months ended December 31, 2020 and 2019 is presented below ($ in millions): Three months ended Dec. 31, 2020 2019Interest income on debt securities Cash interest$4.4 $6.0PIK interest 0.3 0.5Prepayment premiums 0.1 —Net accretion of discounts and other fees 0.3 0.3Total interest on debt securities 5.1 6.8Dividend income 2.2 3.0Interest income on other income-producing securities — —Other income and fees 0.2 0.3Total investment income$7.5 $10.1 The decrease in investment income between periods was primarily due to contraction in the Company’s overall investment portfolio since December 31, 2019, coupled with declining LIBOR rates, which led to lower interest income. Additionally, dividend income decreased due to a smaller Logan JV portfolio. A breakdown of investment income for the years ended December 31, 2020 and 2019 is presented below ($ in millions): Years ended Dec. 31, 2020 2019Interest income on debt securities Cash interest $17.0 $30.6PIK interest 1.1 2.4Prepayment premiums 0.1 0.4Net accretion of discounts and other fees 0.9 1.2Total interest on debt securities 19.1 34.6Dividend income 10.0 14.1Interest income on other income-producing securities — 0.3Other income and fees 0.7 3.5Total investment income $29.8 $52.5 The decrease in investment income between periods was primarily due to contraction in the Company’s overall investment portfolio and declining LIBOR rates since December 31, 2019. Additionally, dividend income decreased due to a smaller Logan JV portfolio and the sale of Copperweld Bimetallics LLC in September 2019. Other income and fees declined during the period due to lower one-time fees. Expenses A breakdown of expenses for the three months ended December 31, 2020 and 2019 is presented below ($ in millions): Three months ended Dec. 31, 2020 2019 Expenses Interest and fees on borrowings$3.0 $3.1 Base management fees 0.9 1.1 Incentive fees — (0.1)Other expenses 0.9 0.7 Administrator expenses 0.3 0.3 Total expenses 5.1 5.1 Management fee waiver (0.9) — Total expenses, net of fee waivers 4.2 5.1 Income tax provision, excise and other taxes — 0.1 Total expenses after taxes$4.2 $5.2 The decrease in expenses for the respective periods was driven by the Advisor’s waiver of its base management fees during the three months ended December 31, 2020. A breakdown of expenses for the years ended December 31, 2020 and 2019 is presented below ($ in millions): Years ended Dec. 31, 2020 2019Expenses Interest and fees on borrowings$12.3 $14.1 Base management fees 3.7 6.0 Incentive fees (0.4) (0.1)Other expenses 3.9 3.7 Administrator expenses 1.1 1.5 Total expenses 20.6 25.2 Management fee waiver (1.8) (0.5)Total expenses, net of fee waivers 18.8 24.7 Income tax provision, excise and other taxes 0.1 0.4 Total expenses after taxes$18.9 $25.1 The decrease in expenses from 2019 to 2020 was primarily due to lower net base management fees due to portfolio contract, as well as the effect of the Advisor’s waiver of base management fees beginning in the third quarter of 2020. Additionally, interest and fees on borrowing decreased due to a reduction in borrowings outstanding, and a decrease in LIBOR and lower fees resulting from a reduction in credit facility size. Net investment incomeNet investment income totaled $3.3 million and $4.9 million for the three months ended December 31, 2020 and 2019, respectively, or $0.11 and $0.16 per share, respectively, based upon 30,109,384 and 30,227,995 weighted average common shares outstanding, respectively. Net investment income totaled $10.8 million and $27.4 million for the years ended December 31, 2020 and 2019, respectively, or $0.35 and $0.87 per share, respectively, based upon 31,341,857 and 31,312,987 weighted average common shares outstanding, respectively. The decrease in net investment income for the respective periods is primarily attributable to a decrease in interest income on debt and other income-producing investments due to portfolio contraction, and decrease in LIBOR, partially offset by lower borrowing costs, incentive and net base management fees (net of waivers). Net realized gains and losses on investments, net of income tax provisionFor the three months ended December 31, 2020, the Company recognized a net realized gain on portfolio investments of $1.6 million, primarily related to a $3.8 million realized gain in connection with the sale of its equity holdings in C&K Market, Inc., partially offset by a $2.4 million realized loss in the restructuring of smarTours, LLC. For the three months ended December 31, 2019, the Company recognized a net realized loss on portfolio investments of $5.8 million, primarily related to a $5.5 million realized loss in connection with the sale of its subordinated term loan in Martex Fiber Southern Corp. For the year ended December 31, 2020, the Company recognized a net realized loss on portfolio investments of $44.2 million, primarily related to the $17.5 million realized loss from the restructuring of OEM Group, LLC, the $17.3 million loss from the disposition of our holdings in Holland Intermediate Acquisition Corp and the $5.3 million loss from the restructuring of the Company’s investment in Allied Wireline Services, partially offset by a realized gain of $3.8 million from the sale of its equity positions in C&K Market, Inc. For the year ended December 31, 2019, the Company recognized a net realized loss on portfolio investments of $39.7 million, primarily related to realized losses of $24.6 million in connection with the liquidation of Charming Charlie, $23.0 million from the sale of certain business segments of LAI International and $5.5 million from the sale of its subordinated term loan in Martex Fiber Southern Corp, offset by a realized gain of $16.3 million from a realization of a controlled investment in Copperweld Bimetallics LLC. Net change in unrealized appreciation (depreciation) on investmentsFor the three months ended December 31, 2020 and 2019, the Company’s investment portfolio had a net change in unrealized depreciation of $4.7 million and $14.5 million, respectively. For the years ended December 31, 2020 and 2019, the Company’s investment portfolio had a net change in unrealized depreciation of $3.5 million and $12.5 million, respectively. The net change in unrealized depreciation on investments was primarily the result of the performance of certain portfolio investments, including certain control investments, partially offset by the reversal of prior period unrealized depreciation upon the realization of certain investments. Change in net assets resulting from operationsThe net increase (decrease) in net assets resulting from operations totaled $0.1 million and ($15.4) million, or $0.00 and ($0.51) per share based upon 30,109,384 and 30,227,995 weighted average common shares outstanding, for the three months ended December 31, 2020 and 2019, respectively. The net decrease in net assets resulting from operations totaled $36.7 million and $24.6 million, or $1.17 and $0.79 per share based upon 31,341,857 and 31,312,987 weighted average common shares outstanding, for the years ended December 31, 2020 and 2019, respectively. The decrease in net assets resulting from operations for the respective periods is primarily due to lower interest income as a result of portfolio contraction and declining LIBOR rates resulting in reduced coupon rates, and the increase of realized and unrealized losses in the portfolio, partially offset by lower interest and fees on borrowings, base management and incentive fees. FINANCIAL CONDITION, INCLUDING LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2020, the Company had cash of $7.6 million. As of December 31, 2020, the Company had $169.3 million in outstanding borrowings, which was comprised of $57.7 million outstanding on the revolving credit facility and $111.6 million of notes payable outstanding. As of December 31, 2020, borrowings outstanding had a weighted average interest rate of 5.45 percent. For the year ended December 31, 2020, the Company borrowed $25.5 million and repaid $34.0 million under the revolving credit facility. For the year ended December 31, 2020, the Company’s operating activities provided cash of $19.5 million primarily in connection with the purchase and sale of portfolio investments. Financing activities included the issuance of $30.0 million of new common stock and net repayments of $8.5 million on the credit facility, and used $15.8 million for distributions to stockholders, $21.8 million to repurchase common stock and $1.6 million for the payment of financing and offering costs. For the year ended December 31, 2019, the Company’s operating activities provided cash of $83.3 million primarily in connection with the purchase and sale of portfolio investments. Financing activities included net repayments of $42.0 million on the credit facility and used $26.2 million for distributions to stockholders, $15.4 million to repurchase common stock and $0.5 million for the payment of financing and offering costs. RECENT DEVELOPMENTS From January 1, 2021 through March 4, 2021, First Eagle Alternative Credit BDC made two follow-on investments totaling $2.1 million at par and revolver and delayed draw fundings totaling $1.4 million at par at a combined weighted average yield based upon cost at the time of investment of 7.7 percent. On March 2, 2021, the Board declared a dividend of $0.10 per share payable on March 31, 2021 to stockholders of record at the close of business on March 15, 2021. CONFERENCE CALL First Eagle Alternative Capital BDC will host a conference call to discuss these results and its business outlook on March 5, 2021, at 9:30 a.m. Eastern Time. For those wishing to participate by telephone, please dial (877) 375-9141 (domestic) or (253) 237-1151 (international). Use passcode 1894272. The Company will also broadcast the conference call live via the Investor Relations section of its website at www.FEACBDC.com. Starting approximately two hours after the conclusion of the call, a replay will be available through March 15, 2021, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering passcode 1894272. The replay will also be available on the Company’s website.AVAILABLE INFORMATIONFirst Eagle Alternative Capital BDC’s filings with the Securities and Exchange Commission, press releases, earnings releases, investor presentation and other financial information are available on its website at www.FEACBDC.com. FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES(in thousands, except per share data) December 31, 2020 December 31, 2019Assets: Investments at fair value: Non-controlled, non-affiliated investments (cost of $250,928 and $263,444, respectively)$243,855 $242,189 Controlled investments (cost of $148,373 and $178,769, respectively) 93,826 141,932 Non-controlled, affiliated investments (cost of $1 and $2, respectively) 1 4 Cash 7,615 5,890 Escrows and other receivables 3,508 12,353 Interest, dividends, and fees receivable 2,659 4,623 Deferred tax assets 2,222 2,267 Deferred financing costs 1,757 1,619 Distributions receivable 97 327 Prepaid expenses and other assets 628 296 Deferred offering costs 180 206 Due from affiliate 85 192 Total assets$356,433 $411,898 Liabilities: Loans payable$57,661 $66,161 Notes payable ($111,607 and $111,607 face amounts, respectively, reported net of deferred financing costs of $1,932 and $2,742, respectively) 109,675 108,866 Accrued expenses and other liabilities 1,924 3,434 Deferred tax liability 1,673 1,927 Base management fees payable — 1,103 Accrued incentive fees 156 568 Accrued interest and fees 149 384 Total liabilities 171,238 182,443 Commitments and contingencies Net Assets: Common stock, par value $.001 per share, 100,000 common shares authorized, 30,109 and 30,022 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 30 30 Paid-in capital in excess of par 418,379 415,596 Accumulated deficit (233,214) (186,171)Total net assets$185,195 $229,455 Total liabilities and net assets$356,433 $411,898 Net asset value per share attributable to First Eagle Alternative Capital BDC, Inc.$6.15 $7.64 FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) For the years ended December 31, 2020 2019 2018 Investment Income: From non-controlled, non-affiliated investments: Cash interest income $18,090 $28,609 $44,959 PIK interest income 1,071 848 453 Dividend income — — 33 Other income 347 2,708 914 From non-controlled, affiliated investments: Cash interest income — 57 782 PIK interest income — — 907 Other income 217 572 1,044 From controlled investments: Cash interest income (81) 3,921 4,535 PIK interest income — 1,553 930 Dividend income 9,972 14,079 12,128 Other income 150 147 257 Total investment income 29,766 52,494 66,942 Expenses: Interest and fees on borrowings 10,159 12,412 14,498 Base management fees 3,719 6,043 9,006 Incentive fees (411) (109) 1,696 Administrator expenses 1,139 1,498 2,083 Other general and administrative expenses 1,643 1,422 1,742 Amortization of deferred financing costs 2,116 1,716 2,232 Professional fees 1,560 1,552 1,505 Directors' fees 718 702 742 Total expenses 20,643 25,236 33,504 Incentive fee waiver — — (1,741)Management fee waiver (1,819) (525) — Total expenses, net of fee waivers 18,824 24,711 31,763 Income tax provision, excise and other taxes 97 418 355 Net investment income 10,845 27,365 34,824 Realized (Loss) Gain and Change in Unrealized (Depreciation) Appreciation on Investments: Net realized (loss) gain on investments: Non-controlled, non-affiliated investments (27,949) (31,608) (37,784)Non-controlled, affiliated investments (2,534) (24,652) — Controlled investments (13,692) 16,714 5,424 Foreign currency transactions — (189) (205)Net realized loss on investments (44,175) (39,735) (32,565)Net change in unrealized (depreciation) appreciation on investments: Non-controlled, non-affiliated investments 14,182 (1,609) 15,220 Non-controlled, affiliated investments (2) 12,751 (12,750)Controlled investments (17,709) (23,245) (16,077)Translation of assets and liabilities in foreign currencies — (391) 1,736 Net change in unrealized (depreciation) on investments (3,529) (12,494) (11,871)Net change in unrealized (depreciation) attributable to non-controlling interests — — (703)Net realized and unrealized loss from investments (47,704) (52,229) (45,139)Benefit (provision) for taxes on unrealized gain/loss on investments 209 254 (284)Net decrease in net assets resulting from operations $(36,650) $(24,610) $(10,599)Net investment income per common share: Basic and diluted $0.35 $0.87 $1.07 Net decrease in net assets resulting from operations per common share: Basic and diluted $(1.17) $(0.79) $(0.32)Weighted average shares of common stock outstanding: Basic and diluted 31,342 31,313 32,634 About First Eagle Alternative Capital BDC, Inc. First Eagle Alternative Capital BDC, Inc. (NASDAQ: FCRD) is a closed-end management investment company that has elected to be treated as a business development company under the 1940 Act. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company is a direct lender to middle market companies and invests primarily in directly originated first lien senior secured loans, including unitranche investments. In certain instances, the Company also makes second lien secured loans and subordinated or mezzanine, debt investments, which may include an associated equity component such as warrants, preferred stock or other similar securities and direct equity co-investments. The Company targets investments primarily in middle market companies with annual EBITDA generally between $5 million and $25 million. The Company is headquartered in Boston, with additional origination teams in Chicago, Dallas, Los Angeles and New York. The Company’s investment activities are managed by First Eagle Alternative Credit, LLC (the “Advisor” or the “Adviser”), an investment adviser registered under the Investment Advisers Act of 1940. For more information, please visit www.feac.com. Forward-Looking Statements Statements made in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements reflect various assumptions by the Company concerning anticipated results and are not guarantees of future performance. These statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” ”should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. These statements include but are not limited to, projected financial performance, expected development of the business, anticipated share repurchases or lack thereof, plans and expectations about future investments, plans and expectations concerning future offerings by the Company, including any tender offers, anticipated dividends and the future liquidity of the company. The accuracy of such statements involves known and unknown risks, uncertainties and other factors that, in some ways, are beyond management’s control, including the risk factors described from time to time in filings by the Company with the Securities and Exchange Commission (the “SEC”). Such factors include: the introduction, withdrawal, success and timing of business initiatives and strategies; changes in political, economic or industry conditions, the impact of COVID-19 and the availability of effective vaccines, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets; the relative and absolute investment performance and operations of our investment adviser; the impact of increased competition; the impact of future acquisitions and divestitures; the unfavorable resolution of legal proceedings; our business prospects and the prospects of our portfolio companies; the impact, extent and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or the Advisor; the ability of the Advisor to identify suitable investments for us and to monitor and administer our investments; our contractual arrangements and relationships with third parties; any future financings by us; the ability of the Advisor to attract and retain highly talented professionals; fluctuations in foreign currency exchange rates; the impact of changes to tax legislation and, generally, our tax position; our ability to exit a control investment in a timely manner; and the ability to fund Logan JV’s unfunded commitments to the extent approved by each member of the Logan JV investment committee. The Company undertakes no duty to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release. Additional Information and Where to Find It This press release is for informational purposes only, is not a recommendation to buy or sell any securities of First Eagle Alternative Capital BDC, Inc., and does not constitute an offer to buy or the solicitation to sell any securities of First Eagle Alternative Capital BDC, Inc. Investor Contact:First Eagle Alternative Credit, LLC Michael Herzig(212) 829-101michael.herzig@feim.com Media Contact:Stanton Public Relations and Marketing, LLCKenneth Mintz(516) 468-8019kmintz@stantonprm.com

  • Capstone Infrastructure Corporation Reports Fourth Quarter and Fiscal 2020 Results and Declares a Quarterly Dividend

    TORONTO, March 04, 2021 (GLOBE NEWSWIRE) -- Capstone Infrastructure Corporation (TSX: CSE.PR.A) (the "Corporation" or "Capstone") today reports and filed its results for the fourth quarter and fiscal year ended December 31, 2020. The Corporation’s 2020 Management’s Discussion and Analysis ("MD&A") and unaudited interim consolidated financial statements are available at www.capstoneinfrastructure.com and on SEDAR at www.sedar.com. Capstone's MD&A details the "Results of Operations" and provides a "Financial Position Review" for the quarter ended December 31, 2020. Dividend Declarations The board of directors today declared a quarterly dividend on the Corporation’s Cumulative Five-Year Rate Reset Preferred Shares, Series A (the “Preferred Shares”) of $0.2044 per Preferred Share to be paid on or about April 30, 2021 to shareholders of record at the close of business on April 15, 2021. The dividend on the Preferred Shares covers the period from January 31, 2021 to April 29, 2021. The dividends paid by the Corporation on its Preferred Shares are designated “eligible” dividends for the purposes of the Income Tax Act (Canada). An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents. About Capstone Infrastructure Corporation Capstone's mission is to power society, protect the environment, contribute to communities, and create value for its shareholders. Capstone owns and operates, approximately net 570 MW of installed capacity across 28 facilities in Canada, including wind, hydro, solar, biomass, and natural gas power plants. Please visit www.capstoneinfrastructure.com for more information. Caution Regarding Forward-Looking Statements Certain of the statements contained within this document are forward-looking and reflect management’s expectations regarding the future growth, results of operations, performance and business of the Corporation based on information currently available to the Corporation. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “intend”, “estimate”, “plan”, “believe” or other similar words. These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions, including the material assumptions set out in the management’s discussion and analysis of the results of operations and the financial condition of the Corporation (“MD&A”) for the year ended December 31, 2019, as updated in subsequently filed MD&A of the Corporation (such documents are available under the Corporation’s SEDAR profile at www.sedar.com). Although the Corporation believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements due to inherent risks and uncertainties. For a comprehensive description of these risk factors, please refer to the “Risk Factors” section of the Corporation’s Annual Information Form dated March 23, 2020, as supplemented by disclosure of risk factors contained in any subsequent annual information form, material change reports (except confidential material change reports), business acquisition reports, interim financial statements, interim management's discussion and analysis and information circulars filed by the Corporation with the securities commissions or similar authorities in Canada (which are available under the Corporation’s SEDAR profile at www.sedar.com). The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. The forward-looking statements within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements. For further information, please contact: Andrew KennedyChief Financial Officer (416) 649-1300akennedy@capstoneinfra.com

  • President Biden speaks with NASA’s Perseverance team after successful Mars landing

    President Biden speaks virtually to NASA’s Perseverance team after the rover successfully landed on Mars.

  • Imax Q4 Sales Slump On Covid Theater Closures But Robust Asia Box Office Bodes Well For Moviegoing

    Imax sales slumped last quarter but beat Wall Street estimates and it swung to a loss. The stock popped in late trading as the company highlighted a strong box office in China and Japan, upbeat outlook and continued sales of its big-screen systems despite the pandemic. Revenue of $56 million was down from $124 million […]

  • Waitr Expanding into Cannabis Market

    Waitr Holdings Inc. (Nasdaq: WTRH) ("Waitr" or the "Company"), a leader in on-demand food ordering and delivery, today announced the Company has agreed to pursue a partnership with Flow Payments to create a compliant marketplace, delivery and payment solution for dispensaries selling cannabis.

  • Georgia moving to repeal citizen's arrest after Arbery death

    ATLANTA — Georgia moved closer Thursday to the possible repeal of an 1863 law that lets private citizens make an arrest, more than a year after the fatal shooting of Ahmaud Arbery, a Black man chased by white men who said they suspected he had committed a crime. House Bill 479 was approved unanimously by the chamber's Judiciary Committee and could soon move to the House floor for a vote. Georgia's current law was enacted during the Civil War and allows citizens to arrest someone if a crime is committed in their presence or they have “immediate knowledge” that a crime has been committed. Critics say it has long been used to justify lynchings of African Americans. Gov. Brian Kemp has endorsed the bill, saying Arbery’s death on Feb. 23, 2020, shows it’s time for the law to be changed. “Some tried to justify the actions of the killers by claiming they had protection under an antiquated law that is ripe for abuse,” Kemp said last month. The bill would remove from state law the broad powers granted to ordinary citizens to make an arrest, while allowing store and restaurant employees to detain those suspected of stealing. Licensed security guards and private detectives also would be able to make arrests. A previous version of the bill limited the time a person could be detained before police arrive to one hour, but that was changed to stipulate a person could be held for a “reasonable” amount of time. The father and son who armed themselves and pursued Arbery, Greg and Travis McMichael, weren’t arrested or charged until more than two months after the shooting. The first outside prosecutor assigned to the case cited Georgia’s citizen arrest law in a letter to police arguing the shooting was justified. The McMichaels’ lawyers have said they pursued Arbery suspecting he was a burglar, after security cameras had previously recorded him entering a home under construction. They said Travis McMichael shot Arbery while fearing for his life as they grappled over a shotgun. The McMichaels were charged with murder. Video of the fatal encounter was taken by William “Roddie” Bryan, a neighbour who joined the chase and also was later charged with murder. Prosecutors have said Arbery stole nothing and was merely out jogging when the McMichaels and Bryan chased him. They remain jailed without bond. The Associated Press

  • Tall order; Pirates 6-7 prospect Cruz adjusting on the fly

    Oneil Cruz insists he's a shortstop. One problem: genetics. The Dominican Republic native was 6-foot-1 or so 16-year-old when the Pittsburgh Pirates signed him. The tools — particularly the power and arm strength — were evident. So was the potential. That potential has only grown over the last half-decade plus. So too, however, has Cruz's frame. The 22-year-old has stretched out to 6 feet, 7 inches during his slow steady rise through Pittsburgh's system. And as much as he'd love to follow in the footsteps of the late Tony Fernandez and play shortstop in the big leagues, his body might not give him the chance. Fernandez, a five-time All-Star and a four-time Gold Glover winner during his 17 seasons, dazzled at the position at 6 feet, 2 inches. Cruz blew past that number long ago. “To this day I’m still praying that I stop growing,” Cruz said with a smile on Thursday. It might already be too late. While teams are becoming increasingly more comfortable with keeping taller prospects at short — San Diego's, Fernando Tatis Jr., Corey Seager of the Los Angeles Dodgers and Houston's Carlos Correa are all 6 feet, 4 inches — Cruz might already be too far gone. Though the Pirates have insisted their long-range plans include giving Cruz every opportunity at shortstop, they are hedging their bets of late. He is beginning to see some time in the outfield, following a path they took last season with Cole Tucker, who came up through the ranks at shortstop but found himself manning both right field and centre field at the major-league level in 2020. Cruz began preparing himself during Winter League back in the Dominican Republic, and Pittsburgh's staff told Cruz to get ready to switch up gloves this spring as an experiment of sorts. “I’m just an athlete and a player that I never want to be caught by surprise,” Cruz said. “So from the first moment that I started to hear conversations and comments about that, I began to quicken myself and preparing myself so that whenever that opportunity does arrive, I’m not only mentally equipped but I’m also physically equipped for the opportunity.” It's an opportunity Cruz considers himself lucky to have. His career entered a crossroads last September when the SUV he was driving collided with a motorcycle, killing three people. He was arrested and the district attorney said Cruz had ingested an unspecified amount of alcohol. Cruz, however, was not administered a test of any kind and the Pirates contend the assertion alcohol was involved is not true. While Cruz declined to talk about the accident and the status of the case, he was cleared to return to the United States and said he is currently “at peace.” Cruz admits he's relishing the chance to use his massive wingspan to rob a potential home run or two during his side gig in the outfield but stressed he remains very much set on playing his favourite position. “I still see myself as a shortstop,” Cruz said. “No one is going to move me out of there.” Cruz spoke with the self-confidence required to play professional baseball and even though the team continues to trot him out to different spots, Cruz might not be wrong in his assessment. “I think every guy who’s ever played shortstop thinks that way,” second-year Pittsburgh manager Derek Shelton said. “I have no problem with that. I actually think it’s a great comment. We view him as a shortstop. We think he can play shortstop. His work has continued to be good there and he’s played well in games.” Finding enthusiasm to tackle a new position while remaining adamant about holding onto his primary one is a fine line to walk. How Cruz develops at the plate and whether the log jam ahead of him at shortstop at the major league level — where Kevin Newman, Erik Gonzalez and Tucker are all currently fighting for playing time — will have a say in whichever way Cruz goes. His power is obvious. Cruz's batting practice sessions are often filled with fireworks and he hit a respectable .298 in 2019 while playing at three different minor-league levels. He spent 2020 at the team's satellite camp in Altoona, Pennsylvania, which he called “great” considering the alternative was not playing at all. “There was just something special about being together as brothers, sharpening each other, pushing each other and challenging one another” Cruz said. “It was a season filled with ‘iron sharpens iron.'” NOTES: The Pirates and PNC Bank reached an agreement on a 10-year extension on their naming rights deal that will keep the Pittsburgh-based financial institution as the title sponsor at PNC Park. The 20-year agreement between the two sides was set to expire at the end of the 2021 season. ___ More AP MLB: https://apnews.com/hub/MLB and https://twitter.com/AP_Sports Will Graves, The Associated Press

  • Guidewire Software: Fiscal Q2 Earnings Snapshot

    SAN MATEO, Calif. (AP) _ Guidewire Software Inc. (GWRE) on Thursday reported a loss of $8.7 million in its fiscal second quarter. The San Mateo, California-based company said it had a loss of 10 cents per share. The results topped Wall Street expectations.

  • Dallas police officer charged with 2 counts capital murder

    DALLAS — A Dallas police officer was arrested Thursday on two counts of capital murder after a man told investigators that he kidnapped and killed two people at the officer's instruction in 2017, authorities said. Bryan Riser, a 13-year veteran of the force, was taken into custody Thursday morning and taken to the Dallas County Jail for processing, according to a statement from the police department. A lawyer for him couldn't immediately be identified. Riser was arrested in the unconnected killings of Liza Saenz, 31, and Albert Douglas, 61, after a man came forward in August 2019 and told police he had kidnapped and killed them at Riser's direction, police Chief Eddie Garcia said during a news conference. He said investigators don't know the motives for the killings, but that they were not related to Riser's police work. Garcia did not explain why Riser was arrested more than a year after the witness came forward, and police did not immediately respond to questions about the timing or whether the person who implicated Riser has also been charged. The chief stressed that his homicide division and the FBI were still investigating. Saenz's body was pulled from the Trinity River on March 10, 2017, with several bullet wounds, the chief said. Douglas was reported missing that year and his body hasn't been found. The murder charges are not the officer's first alleged crimes. In May 2017, Riser faced a domestic violence charge for allegedly assaulting and injuring an ex-girlfriend. It wasn't immediately clear how that case was resolved, and Garcia declined to comment on it Thursday. Riser joined the department in 2008 and was working as a patrol officer before his arrest. Garcia acknowledged that Riser had been patrolling Dallas while under investigation for murder and said the department is reviewing his arrests. Riser has been put on administrative leave pending the outcome of an internal affairs investigation. Garcia said “we’re going to expedite our process” toward his firing. “We will not allow anyone to tarnish this badge," the chief said. Riser had not been booked into the jail as of early Thursday afternoon, a sheriff’s spokesman said. A spokeswoman for the Dallas County district attorney’s office said her office didn’t have information on the case. ___ Associated Press writers Jamie Stengle in Dallas and Jill Bleed in Little Rock, Arkansas, contributed to this report. Jake Bleiberg, The Associated Press

  • KBRA Assigns Preliminary Ratings to Mosaic Solar Loan Trust 2021-1

    Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loan Trust 2021-1 ("Mosaic 2021-1"), an asset-backed securitization collateralized by a pool of residential solar loans.

  • Dad Goals! Anderson Cooper and Andy Cohen's Cutest Moments Together with Their Kids

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  • E-L Financial Corporation Limited Announces Renewal of Normal Course Issuer Bid

    TORONTO, March 04, 2021 (GLOBE NEWSWIRE) -- E-L Financial Corporation Limited (TSX:ELF) (TSX:ELF.PR.F) (TSX:ELF.PR.G) (TSX:ELF.PR.H) (the “Company”) announced today that the Toronto Stock Exchange (the “Exchange”) has accepted a notice filed by the Company of its intention to proceed with the renewal of its Normal Course Issuer Bid (the “Bid”) to be transacted through the facilities of the Exchange or through alternative Canadian trading systems. The notice provides that the Company may, during the 12-month period commencing March 9, 2021 and ending March 8, 2022, purchase up to 185,428 common shares in the capital of the Company (“Shares”) in total, being approximately 5% of the total number of 3,708,576 Shares outstanding as at March 2, 2021. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid will be determined by management of the Company. Any Shares purchased pursuant to the Bid will be cancelled. The average daily trading volume of the Shares on the Exchange for the most recently completed six calendar months is 965. Under the Bid, the Company may purchase up to 1,000 Shares on the Exchange during any trading day. The Company has entered into a pre-defined automatic securities purchase plan with its broker to allow for the repurchase of Shares in connection with the Bid at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of the restricted periods, the timing of purchases will be determined by management of the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company. The Company’s previous Normal Course Issuer Bid (the “Previous NCIB”) expires on March 8, 2021. Under the Previous NCIB, the Company obtained the approval of the Exchange to purchase up to 200,970 Shares, which represented 5% of the 4,019,409 Shares issued and outstanding as at the close of business on March 2, 2020. The Company purchased on the open market and cancelled an aggregate of 200,970 Shares under the Previous NCIB at an average price of $598.94 per Share. The Board of Directors believes that, in the event the Shares trade in a price range that does not fully reflect their value, the purchase of the Shares would be an appropriate use of corporate funds in the best interests of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Company if the repurchased Shares are cancelled. About E-L Financial Corporation Limited The Company operates as an investment and insurance holding company. In managing its operations, the Company distinguishes between two operating segments, E-L Corporate and Empire Life. E-L Corporate represents investments in stocks and fixed income securities held directly and indirectly through pooled funds, closed-end investment companies and other investment companies. The investment strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments. Empire Life is a subsidiary of the Company. Since 1923, Empire Life has provided individual and group life and health insurance, investment and retirement products to Canadians. Empire Life’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. Forward-Looking Statements This press release may contain forward-looking information within the meaning of applicable securities regulation. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. These statements include, without limitation, statements regarding the Company’s intentions and expectations with respect to the Bid and purchases thereunder, the effects of purchases under the Bid, and the Company’s intention to enter into a pre-defined automatic securities purchase plan with its broker. Purchases made under the Bid are not guaranteed and may be suspended at the discretion of the Board of Directors. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties that may cause the results or events mentioned in this press release to differ materially from those that are discussed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general, local economic, and business conditions. All forward-looking information in this press release speaks as of the date hereof. The Company does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). For more information, please contact: Richard B. CartyVice-President, General Counsel and Corporate SecretaryE-L Financial Corporation LimitedTelephone: (416) 947-2578Fax: (416) 362-2592 Scott Ewert Vice-President, Chief Financial Officer E-L Financial Corporation LimitedTelephone: (416) 947-2578Fax: (416) 362-2592

  • Canoe EIT Income Fund Announces March 2021 Distribution

    CALGARY, Alberta, March 04, 2021 (GLOBE NEWSWIRE) -- Canoe EIT Income Fund (the “Fund”) (TSX - EIT.UN) announces the March 2021 distribution of $0.10 per unit. The distribution will be paid on April 15, 2021 to unitholders of record on March 22, 2021. The ex-distribution date for this distribution is March 19, 2021. About Canoe EIT Income FundCanoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbols EIT.UN, EIT.PR.A and EIT.PR.B, and is actively managed by Robert Taylor, Senior Vice President and Portfolio Manager, Canoe Financial. About Canoe Financial Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing over $9.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal. For further information, please contact:Investor Relations1–877–434–2796www.canoefinancial.com info@canoefinancial.com Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America. The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the Fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated. This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.