CIBC Wood Gundy closed a $1.5 billion revolving credit facility for
A portion of the loan, which carries a five-year term, will be used to
The loan, like the previous two loans for Phillip, was oversubscribed,
CIBC Wood Gundy served as the administrative agent and co-arranger for
Bankers Trust Co., which served as a managing agent on the previous loan
Managing agents for the deal included Credit Lyonnais, Bank of Tokyo-
Phillip is a resource recovery and industrial services company based in
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
