REC Limited closes US$75million SOFR linked Term Loan with Sumitomo Mitsui Banking Corporation (SMBC)

Oct 21, 2021 | Business

 In a first for any NBFC in India, REC Limited has successfully raised a USD 75 million, 5-year Secured Overnight Financing Rate (“SOFR”) linked Syndicated Term Loan on October 7, 2021, with Sumitomo Mitsui Banking Corporation (SMBC), Singapore Branch appointed as the sole Mandated Lead Arranger and Bookrunner. Along with the loan, REC has also entered into interest rate swap referencing SOFR to hedge the interest rate risk on this facility, which is the first such deal by any Corporate in India.

The proceeds from this facility shall be utilized to fund infrastructure power sector projects as permitted under the ECB guidelines of the Reserve Bank of India.

Commenting on the successful closure of the USD Term Loan, Mr. Sanjay Malhotra, Chairman and Managing Director of REC, said, “With the imminent cessation of LIBOR and following the notification from the Reserve Bank of India on roadmap for LIBOR Transition, we are very happy to raise this SOFR linked Term Loan Facility, which is also the first one by any NBFC in India. The experience gained from the process will enable REC in USD LIBOR transition to SOFR for our existing term loans in a better manner.”

About REC Limited: REC Limited is a Navratna NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; different type of projects includes Generation, Transmission, Distribution Projects, and Renewable Energy projects.

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MV/IG

(Release ID: 1765192)
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All Star Gaming Limited Add Jay Lundy as an Advisor & Non-Executive Board Member

Sep 24, 2021 | Business

 A British gaming company, All Star Gaming Limited has added Jay Lundy to it’s board as an advisor and non-executive director. Jay Lundy has also become a shareholder.

Jay Lundy is currently employed as the Vice President of Investments & New Ventures for Sean “Love” Combs’ (P Diddy / Puff Daddy) Combs Enterprises. He will share his wealth of knowledge, experience and contacts with All Star Gaming Limited, as well as advising them as they seek to grow their business and first brand WBT (Warzone Banter Tournaments).

In his role at Combs Enterprises, Jay leads new ventures, investment diligence, business development strategy and is actively looking at gaming/esports opportunities. He also has extensive experience in management consulting at BCG, where he has led growth strategy and operational transformation projects globally, including work with major global technology & media companies.

Jay has spent time working on projects across the EU and UK and advises a number of UK-based celebrity-run companies. He founded FuelGood Protein, a health & wellness company in 2015 and Civitas, a govtech platform in 2020.

Jay is an investor, board member and advisor for several startups. He has degrees from Harvard College, Harvard Kennedy School and The Wharton School.

All Star Gaming Limited Co-Founder & CEO, Nadeem Butt, said, “We are proud and excited to add someone with the experience and standing of Jay Lundy at this early stage. We have extremely exciting plans which will all be announced upon the launch of our 1st automated tournament platform, expected to launch in 2021. Jay will be integral to the growth of both All Star Gaming Limited and WBT.” Co-founder and President Zeki Fryers added, “Jay Lundy has been supportive of us from the beginning and it made sense to bring him on-board in an official capacity, we are thrilled with the addition and excited to see the impact he will have.”

All Star Gaming Limited was founded in July 2021.

All Star Gaming Limited

Nadeem Butt

+447746435783

www.allstargaming.gg

ContactContact

Categories

  • Electronic Games

CCI approves acquisition of Bikaji Foods International Limited by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust

Aug 11, 2021 | Business

The Competition Commission of India (CCI) approves acquisition by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust (Lighthouse Employee Trust) (collectively referred to as Acquirers) of Bikaji Foods International Limited (Target) under Section 31(1) of the Competition Act, 2002, yesterday.

The Proposed Combination involves acquisition of additional 2.727% of equity shareholding in the Target by Fund III and Lighthouse Employee Trust. Lighthouse Funds currently has 7.472% equity shareholding in Bikaji through one of its funds.

Lighthouse Funds is a US based company and act as the sponsor and controls private equity funds that make investments in consumer companies in India. Till date, it has raised three private equity funds that are domiciled in Mauritius. Fund III is one of these three funds and Lighthouse Employee Trust is a trust settled in India.

The Target is engaged in the manufacture and sale of snacks such as bhujia, namkeen, papad, chips, sweets and cookies.

A detailed order of the CCI will follow.

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RM/KMN

(Release ID: 1744506)
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Bunge Limited Declares Dividends on Common and Preference Shares 2021

Aug 9, 2021 | Business

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About Bunge

At Bunge (www.bunge.com, NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have more than 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.

Website Information

We routinely post important information for investors on our website, www.bunge.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Albacado Limited Partnership Sells Site in North Andover Massachusetts for a Self-Storage Facility

Jul 31, 2021 | Business

 Albacado Limited Partnership sold a 2.96-acre lot on the corner of Beechwood Dr. and RT.125 in North Andover, Massachusetts to a private equity joint venture. The joint venture has received approvals to develop a state-of-the-art 90,000 2.96-acre self-storage facility. This site is directly across the street from the redevelopment of a 2.5 million sq. ft. Amazon distribution center.

This self-storage facility will serve the Andover, North Andover and Haverhill communities. North Andover and Andover have unmet demand for a facility of this type. Haverhill, MA downtown has gone through a major regentrification effort with market rate apartments and condominiums. The downtown is dotted with boutique shops and restaurants that appeal to the millennial generation that live there. Haverhill supplies housing costs for these workers that are significantly less that what they would pay in the Boston proper market. With the development of a new transportation center in Haverhill, residents have several choices, including rail to get to the downtown Boston area without having that extra parking expense.

The self-storage facility will be the first in this market to offer touch free shopping and renting for a self-storage unit. Customers will also be able to access the security gate system and access to the building from their smart phone completely touch free.

Steve Desisto of Coldwell Banker Commercial represented the seller and Joe Mendola and Joe Robinson of NAI Norwood Group represented the buyer in this transaction. Mendola and Robinson are Argus Self-Storage Real Estate Advisors covering New England for Argus. Mendola also assembled the private equity joint venture for this development.

Joseph Mendola is located in Bedford, New Hampshire and is the Argus Self Storage Advisor broker affiliate for northern New England. He can be reached at 603-668-7000 x203. Based in Denver, Colorado, Argus Self Storage Advisors was formed in 1994 to assist owners and investors of self-storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self-storage and income property investments. Now the largest self-storage brokerage network in the United States, Argus has 36 Broker Affiliates covering nearly 40 markets. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit www.argus-selfstorage.com.

Argus Self Storage Advisors

Amy Hitchingham

800-557-8673

www.argus-selfstorage.com

ContactContact

Categories

  • Commercial Real Estate