Category Archives: Financial

Merrill Lynch Study Finds New Retirement Realities Usher in Opportunities and Challenges

Recently, Bank of America Merrill Lynch released a breakthrough new study, which revealed major gaps in retirement readiness. Among pre-retirees, the survey discovered that half don’t have any positive financial role models and consider finance topics too taboo to discuss openly. Furthermore, financial decisions are the most second-guessed of any major life decisions, and people are more concerned about their personal economy than the overall economy.

Lending Club Reports Fourth Quarter and Full Year 2016 Results

Lending Club (NYSE: LC), the world’s leading online marketplace connecting borrowers and shareholders, recently declared financial results for the fourth quarter and full year ended December 31, 2016  and full year 2017.

CIT Names Dorene Dominguez to Board of Directors

CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, declared that Dorene Dominguez was named to its board of directors, effective Feb. 10, 2017. Dominguez will continue to serve as a director of the company’s banking partner, CIT Bank, N.A., a role she has held since 2015.

EnLink Midstream Reports Fourth Quarter and Full-Year 2016 Results

The EnLink Midstream companies (EnLink), EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner or ENLC), recently stated financial results for the fourth quarter and full-year 2016, reaffirmed guidance outlook for full-year 2017, and offered an operational update.

Highlights:

  • ENLK stated a net loss of about $565 million for the year ended December 31, 2016. ENLK achieved about $775 million of adjusted EBITDA net to ENLK for the same period, surpassing guidance for the year. Adjusted EBITDA is a non-GAAP measure and is explained in greater detail under “Non-GAAP Financial Information.”
  • ENLC stated a net loss of $460 million for the year ended December 31, 2016. ENLC achieved about $202 million of cash available for distribution for the same period, which was in-line with guidance. Cash available for distribution is a non-GAAP measure and is explained in greater detail under “Non-GAAP Financial Information.”
  • EnLink declared commercial success in the prolific Delaware Basin with the addition of a long-term, fee-based contract with a large, investment-grade producer who is very active in the region. Related to this new business, EnLink declared the acceleration of the Lobo II processing facility expansion, from its current 60 million cubic feet per day (MMcf/d) capacity to 120 MMcf/d of capacity, which is expected to be operational during the second quarter of 2017. The volume commitments associated with the new contract are expected to utilize the majority of the expanded capacity.
  • EnLink also recently declared gas gathering and processing commercial successes in the STACK with the signing of a contract with Newfield Exploration Co. and the formation of a joint venture with Kinder Morgan Inc. EnLink continues to expand and deepen key relationships in the STACK.

Launch of USD $200 Million Bentham IMF Investment Vehicle to Assist Company Scale Up U.S. Operations

IMF Bentham Limited (ASX: IMF), the parent company of U.S.-based Bentham IMF (Bentham), has raised a USD $200 million litigation finance funding vehicle together with funds managed and advised by a large U.S. hedge fund (collectively, The Funds). The Funds will invest up to USD $150 million and IMF will invest up to USD $50 million.

The funding vehicle, Bentham IMF 1 LLC (Bentham IMF Funding Vehicle), is IMF’s first investment vehicle. IMF will direct all U.S. opportunities to the Bentham IMF Funding Vehicle for three years or such shorter period required to deploy the committed capital. By leveraging its investments in the U.S., IMF is aiming to generate a return from the capital it invests in the Bentham IMF Funding Vehicle that is far superior to the return it would expect to achieve by investing the same amount directly into litigation funding assets.

Federal Realty Investment Trust Declares Fourth Quarter and Full Year 2016 Operating Results

Federal Realty Investment Trust (NYSE: FRT) recently stated operating results for its fourth quarter and year ended December 31, 2016. Highlights of the quarter and full year include:

Third Point Reinsurance Ltd. Declares Date for 4th Q Earnings Release

Third Point Reinsurance Ltd. (NYSE: TPRE) declared that it is planning to release its fourth quarter and full year 2016 results after the market close on Thursday, February 23, 2017. The Company will also hold a conference call to discuss its results at 8:30 am (Eastern Time) on Friday, February 24, 2017.

WEBK Declares Date Of 2017 Annual Meeting Of Shareholders

Wellesley Bancorp, Inc. (Nasdaq: WEBK) recently declared that its annual meeting of shareholders will be held on Wednesday, May 24, 2017.

MFA Financial, Inc. Plans Live Audio Webcast and Conference Call

MFA Financial, Inc. (NYSE: MFA) plans to host a live audio webcast of its shareholder conference call on Thursday, February 16, 2017, at 11:00 a.m. (Eastern Time) to discuss its fourth quarter 2016 financial results, which are planned to be declared earlier that day.

Voya Financial, Inc. (NYSE: VOYA) Expands its Suite of Retirement Income Solutions

Voya Financial, Inc. (NYSE: VOYA), declared recently it has expanded its suite of fixed index annuity products by introducing the new Voya Journey Index Annuity. Its innovative design provides individuals with a simple “two stage” interest-crediting approach that offers full growth potential, while providing protection from market declines.