NEW YORK -- Infinity Broadcasting Corp. said it has gotten an additional $50 million as part of an amended bank credit and also bought back about $87 million face amount of its 14.25% senior subordinated discount debentures, using some of the funds from the new bank pact.
Infinity said its existing shareholders contributed about $30 million in equity to the company as a requirement of the bank pact, in which Chase Manhattan Bank was agent.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
