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Also relating to the term loan, during May of 2022, we swapped a floating rate of the term loan to a fixed rate of $40 million of a loan, and we are further offsetting debt service costs by investing excess cash at favorable short-term fixed income rates.
Also relating to the term loan, during May of 2022, we swapped a floating rate of the term loan to a fixed rate of $40 million of a loan, and we are further offsetting debt service costs by investing excess cash at favorable short-term fixed income rates.
As previously announced, during the fourth quarter, we prepaid the remaining portion of our IH 2018-1 securitization using the delayed draw feature of our seven-year unsecured term loan that closed in June 2022.
Cerence estimates net proceeds of approximately $184.1 million, which will be used for various purposes including repurchasing its 2025 notes and repayment of its term loan facility.
Cumulatively, since November 2021, we have now paid $400 million on the term loan.
Envision’s first lien term loan, the safest debt held by its creditors, fell to 50 cents on the dollar in 2019, when the initial effort to ban surprise medical bills nearly succeeded.
Source: https://www.counterpunch.org/2023/05/08/envision-healthcare-on-the-rocks/
Our senior term loan balance is $240 million, and we had $10 million drawn on our revolver loan, which has a $75 million capacity.
The £2.5m five-year 12-month interest-only term loan is followed by a 24-month repayment plan.
Thus the incremental interest of the term loan essentially offsets the benefit of the lower weighted average outstanding share count for our fiscal 2023 EPS figure.
We also took another big step forward in strengthening our balance sheet with a proactive $1.1 billion refinancing of the company's 2025 term loan B to extend the debt maturity by more than five years to June 2030.
We retain access to additional equity up to $950 million through our $500 million revolving credit facility and $450 million delayed draw term loan facility, both of which remain entirely undrawn.