This is simply bridge financing of otherwise sound business activity.
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In addition, there are commitments for US$4bn of bridge financing.
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Faraday announced on Monday that it had received $103 million in bridge financing.
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The company also said it had secured $2.5 billion in committed bridge financing.
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The loans include a bridge financing and a US$5bn revolving credit facility.
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The company also said it had secured $2.5 billion in committed bridge financing
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Goldman Sachs Group Inc advised Amazon on the deal and provided bridge financing.
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Tyson Foods has also secured committed bridge financing from Morgan Stanley for the AdvancePierre deal.
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"What we need is a bridge financing from the likes of these investors," he said.
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Together with HSBC UBS is providing AMS's 4.2 billion euro bridge financing for the deal.
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ZURICH (Reuters) - Bridge financing is "committed and irrevocable" for ChemChina's $43 billion takeover of Syngenta SYNN.
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This facility is open to investment grade companies and will provide bridge financing of four years.
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Now the company is in the midst of getting bridge financing to fund clinical trials and manufacturing.
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Suez has secured bridge financing for the deal, and may refinance it with a 750 million euro capital increase.
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Bayer said BofA Merrill Lynch, Credit Suisse , Goldman Sachs, HSBC and JP Morgan had committed to providing the bridge financing.
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There will be a further windfall from the bridge financing, which is forecast to yield $45 million in arrangement fees.
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The round did not come together, and the company was forced to take a very dilutive and painful bridge financing.
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There will be a further windfall from the bridge financing, which is forecast to yield some $45 million in arrangement fees.
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Reuters previously reported that Comcast was talking to banks about obtaining bridge financing in preparation for a possible all-cash bid.
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It has already lined up bridge financing with investment banks, for instance, according to the people briefed on the company's strategy.
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Due to the high coupon and the low investment yield in Hong Kong, mezzanine loans are usually used as bridge financing.
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Bayer said Bank of America/Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC and JP Morgan had committed to providing the bridge financing.
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Industry sources say Boeing already has had to provide or arrange bridge financing for several airlines because of the gap in EXIM funds.
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But it seems to be a given that the euro zone's central bank will provide some sort of bridge financing for the region's lenders.
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The sources said Comcast has been speaking with investment banks about getting ahold of bridge financing to stop the deal between Disney and Fox.
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Bridges to opportunityChang&aposs firm specializes in merchant cash advances, which is short-term credit (or bridge financing) for small and medium-sized businesses.
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BMPS also outlined the bridge financing it needs to deconsolidate - and eventually securitise - 27.1bn in non-performing loans that are currently burdening its balance sheet.
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Bridge financing so far this year roughly matches volume in the same period of 2015, and is the lowest since about US$31bn four years ago.
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While at Citi, Hackley has helped lead the $16.2 billion bridge financing for Aetna's acquisition of Humana and subsequent $13 billion seven-tranche debt offering in June.
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"The net proceeds from the sale of the notes will be used mainly to refinance the bridge financing for ChemChina's acquisition," the company said in a statement.
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Brookfield has also agreed to provide Genworth with up to $850 million in bridge financing if regulatory approvals for the deal are not received by Oct. 31.
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Goldman and Bank of America Corp, which provided bridge financing to Amazon, could receive between $35 million and $50 million in debt arranging fees, according to Freeman.
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Europcar said it had agreed bridge financing with a large international banking syndicate to support the deal, which is expected to close in the second half of 2017.
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But the unprecedented halt raises doubt over the financing for some upcoming deliveries, pushing up demand for commercial loans and placing pressure on Airbus to offer bridge financing.
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The expensive bridge financing of C$2 billion provided by HOOPP came with an effective interest rate of 22.5 percent on the first C$1 billion drawn down.
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The 364-day senior unsecured bridge financing, which is initially provided by JP Morgan, will be replaced with a permanent financing prior to the closing of the acquisition.
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Trafigura, which signed a $650 million trade finance framework agreement with Nyrstar in November, will also provide Nyrstar with up to $250 million of secured bridge financing, Nyrstar said.
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Fairplane argues Niki, which is registered as a company in Austria, had been profitable but lost access to bridge financing when insolvency proceedings were opened in Germany in December.
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There are also questions around the bad loans that BMPS is shedding, with this week's bridge financing details revealing that this piece of the puzzle is far from certain.
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In September, Takeda Pharmaceutical raised a ¥700bn loan to refinance a US$2953bn bridge financing that backed the £46bn (US$62bn) acquisition of London-listed rare-disease specialist Shire.
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J.P. Morgan Securities, Bank of China and Banca IMI, the investment arm of Intesa Saopaolo, have already provided the bridge financing, BEH Chief Executive Petio Ivanov told a news conference.
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These days, investors might be inclined to use a margin loan as "bridge financing," funding a down payment if they're in between selling their home and buying a new one.
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It plans to raise $19 billion toward the deal by issuing convertible bonds and new shares, and has lined up as much as $57 billion of bridge financing from banks.
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Bankers said there is appetite to lend as much as $100 billion to $125 billion in a single bridge financing, if such a large deal were to crop up again.
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I have seen some CEOs tolerate excessive burn rates for too long, then come to their VCs with an urgent need for a new investment round, or a "bridge" financing.
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The expensive bridge financing provided by HOOPP affected the company's ability to originate new mortgages since it could not afford to lend money at lower rates than its cost of borrowing.
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In a typical bankruptcy, this kind of financing is provided by private lenders, but in the midst of a crisis the private sector may be unwilling to provide that bridge financing.
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Christine Chang is the CEO of 6th Avenue Capital, a working capital provider that specializes in short-term bridge financing in amounts up to $500,483 for small and medium sized businesses.
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Europcar said it had signed a dedicated bridge-financing with a large and international banking syndicate to support the deal, which is expected to close in the second half of 2017.
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Maryland-based McCormick, which expects the hot sauce category to maintain robust growth, said it had obtained bridge financing and expects to permanently finance the deal through a combination of debt and equity.
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Seele was also quoted as saying it was hard to raise project financing for 70 percent of the costs and that partners in the project were ready to provide bridge financing if necessary.
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Comcast is asking investment banks to increase the bridge financing facility they have already arranged for the Sky offer by as much as $60 billion to finance the Fox bid, Reuters previously reported.
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US medical supplier Becton Dickinson's US$15.7bn bridge loan to buy medical technology company C R Bard, this year's largest US bridge financing, is an example of the quicker turnaround to longer-term debt.
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The other investment Faraday Future recently announced came in the form of bridge financing (or a short-term loan) from Chicago firm Birch Lake Associates, which is known for dealing with restructurings and bankruptcies.
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Bayer currently has in place a fully underwritten bridge financing facility to backstop the transaction and has committed to pay Monsanto a $2 billion termination fee if the transaction fails to receive regulatory approvals.
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It plans to raise $19 billion to help fund the deal by issuing convertible bonds and new shares to its existing shareholders, and said banks had also committed to providing $57 billion of bridge financing.
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EU loans are extended to countries facing economic difficulties, predominantly EU MS. The largest single exposure is Portugal (BB+/Positive), and EU granted a one-month bridge financing to Greece in 244 (already fully repaid).
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"Bankers would prefer whoever would be doing a bridge financing first, but if there isn't a bridge then we want to see what they will do in bonds and term loans," said another senior banker.
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Prosecutors said Borland promised double-digit rates of return for providing temporary "bridge" financing for the airport in Placencia, roughly 110 miles (177 km) south of Belize City, and secured by real property in Belize.
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These undrawn facilities included EUR50 billion (USD52.7 billion) bridge financing facilities and term loans for the planned acquisition of Monsanto maturing between 13 and 2021, as well as a EUR3.5 billion syndicated facility maturing in 2020.
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The company did not break out the ratio of equity and debt offered, but a source familiar with the matter told Reuters that Juul sold convertible debt in a bridge financing to bolster its balance sheet.
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There was no immediate comment from the office of the head of the new government, Sebastian Kurz, when asked if it would continue to look into possible bridge financing for Niki as the previous cabinet had.
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In June 2016 Equate took out a $5 billion syndicated loan, while in 2015 it raised $6 billion of bridge financing, which was mostly used to pay for the acquisition of the petrochemical company MEGlobal from Dow Chemical.
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Fairplane argues however that Niki, which is registered in as a company in Austria, had been profitable but had lost access to bridge financing when insolvency proceedings were opened in Germany in December, grounding planes and stranding passengers.
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REFINANCING OPTIONS Takeda said the bridge financing will be taken out through a combination of long-term debt, hybrid capital and available cash before the acquisition, which is expected to be completed in the first half of 239.
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However, last season's $1.8 billion loan ran out well before the end of the harvest due to overspending on road projects, forcing Cocobod to secure bridge financing from the central bank to bring in the rest of the crop.
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Berli Jucker PCL, the core retail business of Thai tycoon Charoen Sirivadhanabhakdi's TCC Group, raised a US$6.2bn-equivalent bridge financing from 15 international and domestic banks to back its proposed takeover of hypermarket operator Big C Supercenter PCL.
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What's unclear is whether the aviation industry requires Chapter 11 — debt levels are too high in the industry, and the airlines have sabotaged their balance sheets with share buybacks — or a very, very large form of emergency bridge financing.
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"This capital commitment will provide bridge financing and matching funds as required by FEMA legislation," said Stephen Spencer, a managing director at the investment bank Houlihan Lokey who is the bondholder group's financial adviser in Puerto Rico's bankruptcy case.
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Perella Weinberg Partners LP, Bank of America Corp and JPMorgan Chase & Co were financial advisers to AT&T, with Bank of America and JPMorgan also offering bridge financing, while Sullivan & Cromwell LLP and Arnold & Porter LLP provided legal advice.
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Fitch understands from management that the acquisition will be financed through a bank facility and that Bupa may also seek opportunities in debt capital markets to term out any bridge financing and achieve a more long-term capital structure.
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The Russian state news agency also quoted Seele as saying that it was hard to raise project financing for 70 percent of the costs and that partners in the Nord Stream-2 project were ready to provide bridge financing if necessary.
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"There are deliberations to do something with bridge financing, under certain circumstances, but this must be examined concretely - on the one hand insofar as the volume is concerned, on the other the legal situation," Joerg Leichtfried said on ORF radio.
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Here is the backstory: In 2014, Mexico Infrastructure Finance (MIF) provided a loan in the amount of $18 million to Par La Ville (PLV), a Bermuda developer, as bridge financing to build a St. Regis Hotel and Residences in downtown Hamilton.
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In the case above, had the CEO executed a dual-track process of pursuing the possible acquisition and keeping the bridge financing as a backup option, I think the outcome would have been far better for the company and the employees.
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Tuesday's 20163-basis-point single-day spike in three-month dollar LIBOR, (its biggest since the 2008 crisis), widening spreads on FX basis swaps, and strong participation in the ECB's initial LTRO bridge financing programme indicated a broad rush for funding.
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It says they should check whether asset management plans have been used to avoiding reporting the extent of NPLs in order to meet targets, and whether bridge financing and short-term loans have been made to hide defaults and artificially adjust other indicators.
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I also understand that €6 million of today's Series C was previously communicated, and was effectively bridge-financing while Movinga geared up for a full Series C and convinced investors it could get back on the road to building a scalable online removals venture.
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Even with Amazon's 364-day loan, which is also the thirteenth largest in the past two decades, US bridge financing of about US$57bn this year is 21% lower than the same period last year, including deals closed and in process, according to Thomson Reuters LPC.
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Matt Rodrigue, an adviser to some senior creditors holding debt backed by sales tax receipts, known as COFINA, told a panel in San Juan on Thursday that his group stood ready to provide the government with bridge financing to address the island's short-term liquidity issues.
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As of June 30, 2016, Sprint's liquidity position was $10.6 billion supported by $103 billion of cash and short-term investments, $3 billion in borrowing capacity under its $3.3 billion revolver that matures in 2018 and $2.5 billion under an unsecured bridge financing facility that matures in October 2017.
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The expensive bridge financing of C$2 billion provided by the Healthcare of Ontario Pension Plan (HOOPP) came with an effective interest rate of 22.5 percent on the first C$1 billion drawn down, and affected the company's ability to originate new mortgages since it cannot afford to lend money at lower rates than its cost of borrowing.
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Northrop Grumman's bridge loan tops the US$6.5bn 532-day bridge financing that United Technologies launched September 6 to back its merger - the first loan backing M&A in the investment-grade aerospace arena this year - and is the largest since a US$15bn bridge that United Technologies lined up for its purchase of Goodrich Corp that was announced in September 2011, according to Thomson Reuters LPC.
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According to three people familiar with the matter, Comcast is asking investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer for the media assets that Twenty-First Century Fox Inc has agreed to sell to Walt Disney Co. "As these big groups look to fight off the threat from the likes of Netflix and Amazon then scale becomes more and more important and you need scale and distribution," Numis media analyst Paul Richards said.
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According to three people familiar with the matter, Comcast is asking investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer for the media assets that Twenty-First Century Fox Inc has agreed to sell to Walt Disney Co. "As these big groups look to fight off the threat from the likes of Netflix and Amazon then scale becomes more and more important and you need scale and distribution," Numis media analyst Paul Richards said.
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Auctioneers Inc * Will acquire Ironplanet for approximately $758.5 million, subject to customary closing adjustments * Intends to finance transaction through a combination of cash on hand and new debt * Has bridge financing commitments from Goldman Sachs Bank USA * Transaction is expected to be accretive to earnings within first year * Following close and required financing, Ritchie Bros is expected to have a net debt to EBITDA ratio of no more than 3.0x * Gregory Owens has agreed to join combined company's executive committee upon closing Source text for Eikon: Further company coverage:
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Bridge finance has increased in prevalence in filmmaking in recent years. Bridge financing is an answer to the common "catch-22" problem of needing funding to get the actors, but not being able to get the funding without actors. Bridge financing, for example, can be used in scenarios where a filmmaker has a promissory note from an investor to finance a film provided the filmmaker can attach an approved actor, however without money to escrow for the actor's payment, the filmmaker is unable to meet the investor's criteria. In this instance, a short-term lender can provide a bridge loan to secure the actor with the promissory note as collateral; once the actor's payment is escrowed, the equity investment would be triggered, and the bridge loan would be paid back with a small interest.
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After going to film school and working with interactive companies, Andrew Reid realized that the research industry was behind in technology and started Vision Critical in 2000. In 2004, Angus Reid, Andrew Reid's father, joined the company. Wellington Capital, a privately held bridge financing and venture debt fund, invested in Alida in October 2006. In 2009, Alida won the Forrester Groundswell Award with customer NASCAR for the Official NASCAR Fan Council.
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23 In Canada, Ultra Energy operated out of the same hangar where Horton was re-fitting his submarine. By the mid-1970s the refit was complete, with no battery in site, and Horton dropped his support for the battery project. After obtaining some private bridge financing, they won a contract for a non-rechargeable lithium battery with a shelf life of 10 years for the fire detector company, Firenetics.Koppel, p.
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In May 2012, the carrier invited offers from banks to raise up $800 million via external commercial borrowing and bridge financing. In May 2012, the airline was fined $80,000 by the US Transportation Department for failing to post customer service and tarmac delay contingency plans on its website and adequately inform passengers about its optional fees. In 2013, the then-Civil Aviation Minister Ajit Singh stated privatisation was the key to the airline's survival.
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The company was established in 2009 and coordinates investment into renewable energy sources in the country. The company offers technical, financial, and advisory services to the lending financial institution and to the renewable energy project developer. Services offered include the following: (a) Liquidity refinance option (b) Cash reserving (c) Partial risk guarantee (d) Solar refinance facility to participating microfinance institutions (e) Bridge financing facility (f) Subordinated debt finance (g) Interest rate buy down and (h) Transaction advisory services. Participating international development partners include the World Bank and KfW.
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Maynilad thus invested in expanding access in the Western zone, but due to its business model and the heavy load of inherited foreign-currency debt it soon ran into financial difficulties. It slowed down its investments, and in April 2001 it stopped paying the concession fee to the government altogether. To avoid bankruptcy, the government had to provide bridge financing from state-owned Filipino banks to MWSS. International banks were unwilling to lend to Maynilad after the financial crisis, and the owners were not willing to inject more equity.
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In an effort to conserve cash, enrollment for the Phase III trial was suspended on March 26, 2009, but the trial itself is still ongoing. However on December 16, 2009, the company obtained bridge financing in the amount of $1,400,000. This will be used to conduct an interim analysis of the Phase III data for MVax. CEO John Prendergast notes: "Recent and anticipated news by companies involved with cancer vaccines and immunotherapies has resulted in renewed interest in the sector by institutional investors, larger pharma, biotechnology companies and the medical and scientific communities at large.".
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Green Mountain Development Corp. began operations as a "green" incubator when Sub-Surface Waste Management of Delaware, Inc. changed its name, its business focus, and its stock ticker from SSWM to GMND on the Pink Sheets. Green Mountain Development Corp. assists early-stage environmental product and/or service providers, particularly in their quest to become a public trading public company, or alternatively to go from being a public company to becoming a privately owned corporation. In support of these business growth-oriented transformations, Green Mountain Development Corp. provides guidance, bridge financing, and support services.
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EquityMultiple operates in the real estate crowdfunding space, structuring investments per Regulation D exemption 506(b) of the Securities Act of 1933. The platform offers senior debt, preferred equity, and common equity investments, while allowing real estate firms to raise bridge financing and equity from the platform’s investor network. EquityMultiple leans towards investments in the multifamily, hotel, industrial, office, manufactured housing, and self-storage sectors. In October 2018, the company announced that it would partner with Youngwoo & Associates - a Manhattan-based developer - to offer Opportunity Zone investments per the Investing in Opportunity Act.
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Commercial bridge loans are sometimes referred to as short term financing, bridge financing or even hard money. Bridge loans are easy to qualify for as long as there is equity remaining in the property sufficient to cover the commercial lender's risk capital. Commercial bridge lenders will overlook property issues, incomplete permits, credit and other problems in exchange for a higher rate of return. However they will look to offset that risk by lending at a lower loan to value ratio usually of under 65% of the property's value.
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The demand side consists of: those in need of cash flows (daily operational needs); those in need of interim financing (bridge financing); those in need of long-term funds for special projects (capital funds for venture financing). The supply side consists of: those who have aggregate savings (retirement funds, pension funds, insurance funds) that can be used in favor of demand side. The origin of the savings (funds) can be local savings or foreign savings. So much pensions or savings can be invested for school buildings; orphanages; (but not earning) or for road network (toll ways) or port development (capable of earnings).
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The Montello Income Fund is set up as a UK dual exempt unit trust and limited partnership that is open to individual investors, offshore bonds, and Self-invested personal pension (SIPP) investors. The Fund lends directly to end borrowers in the UK, and takes first charge security interest for all of its loans in the name of the Fund. As a bridge financing specialist, Montello provides short-term funding solutions for borrowers. Examples of where Montello provides bridging finance includes auction purchases, for corporate cash-flow issues, to complete under-market value purchases, or other instances where fast settlements are required.
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Denny and Whittier sought bankers to provide bridge financing, and one of these put them in touch with Whitney Collins, a vice- president at Menasco Motors Company and budding entrepreneur. Collins and Denny estimated it would take somewhere between $50,000 and $75,000 to bring the RP-3 up to the performance demanded by the original $11,000 contract, but Collins was willing to take a chance that this would lead to future business. Collins and his partner Harold Powell split the drone program off from Reginald Denny Hobby Shops and formed Radioplane with Denny and Whittier. Whittier was later bought out.
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In December 2019, Cobepa, majority owned by Spoelberch, increased its stake in the company from 32% to 43% and Norac sold its 25% interest. In 2020, the parent company filed for insolvency in Belgium and the United States division filed bankruptcy. In May 2020, the parent company of Le Pain Quotidien signed a deal agreement with the New York-based operator Aurify Brands LLC which will provide a bridge financing of $ 522.000 to continue the operations and to ultimate the acquisition of all the U.S. units for 3 million dollars. Aurify Brands LLC planned to reopen at least 35 units and to create 1.000 work jobs.
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Davis has been instrumental in getting federal funding for the replacement of the Woodrow Wilson Bridge.H.R. 2563 (106th Cong.): Woodrow Wilson Bridge Financing Act of 1999 govtrack.usWilson Bridge Deadlock Broken washingtonpost.com Davis sponsored legislation creating a financial control board for Washington, D.C. He was in charge, until 2000, of the Government Reform Committee's Subcommittee on the District of Columbia, generally favoring allowing the District government more autonomy. Apparently in a surprise to the House Judiciary Committee, the Reform Committee passed HR 2043 (the DC Fair and Equal House Voting Rights Act), a bill Davis introduced to provide the District of Columbia with voting representation in Congress.
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Some of the techniques that Romney employed during this temporary mission at Bain & Company were as follows: at the outset, he demanded unanimous approval from the partners at Bain & Company for his designation as CEO, and also demanded that each partner commit to staying at least a year so as to give the turnaround a fair chance. He limited partner meetings to Saturdays, so that all of the weekdays could be devoted to taking care of client business. Romney reduced the company's physical space, evaluated which partners were producing and which were not, arranged bridge financing, and focused on hiring top talent from top schools, while rescinding prior offers that were not up to standard. Although in the role for just two years before returning to Bain Capital, Romney's work had three profound impacts on the firm.
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The Stabilization Trust REO Capital Fund LLC, the financing arm of the National Community Stabilization Trust, provides specially tailored loan products to administrators of local neighborhood stabilization programs. Using philanthropic and public sources to leverage private capital for neighborhood stabilization activities, the REO Capital Fund was created to help municipalities and community-based organizations finance the acquisition, rehabilitation and interim holding of distressed properties to maximize their on-the-ground impact in neighborhoods hard hit by the foreclosure crisis. In addition, the REO Capital Fund provides short-term bridge financing of government receivables pursuant to an award of federal Neighborhood Stabilization Program (NSP) funds. Loans are underwritten and originated for local borrowers by participating locally active Community Development Financial Institutions (CDFIs), including Community Housing Capital, Enterprise Community Loan Fund, Housing Partnership Fund, LISC and Raza Development Fund.
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It seeks to explore practical ways to mainstream climate resilience into core development planning and budgeting that is consistent with poverty reduction and sustainable development goals. The PPCR will build on National Adaptation Programmes of Action (NAPAs) and other national strategies and work in 11 pilot countries and regions. It is strategically aligned with, and maintains strong links to, the Adaptation Fund established under the Kyoto Protocol. The Scaling-Up Renewable Energy Program (SREP) in Low Income Countries, approved in May 2009, is aimed at demonstrating the economic, social and environmental viability of low carbon development pathways in the energy sector by creating new economic opportunities and increasing energy access through the use of renewable energy. The Forest Investment Program (FIP), approved in May 2009, aims to support developing countries’ efforts to reduce emissions from deforestation and forest degradation by providing scaled-up bridge financing for readiness reforms and public and private investments.
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Michael Eisner (the CEO of Disney at that time) called Harvey Weinstein (co-chairman of Miramax at that time) and ordered him to drop the film. In addition, Disney sent two letters to Weinstein demanding Miramax drop the film. Weinstein felt Disney had no right to block the releasing of Fahrenheit 9/11 since the film's $6 million budget was well below the level at which Miramax needed to seek Disney's approval, and it would not be rated NC-17.Stewart, p.429-430 But Weinstein was in contract negotiations with Disney, so he offered a compromise that he would drop the film if Disney did not like it. Disney responded by having Peter Murphy send Weinstein a letter stating that the film's $6 million budget was only a bridge financing and Miramax would sell off its interest in the movie to get those $6 million back; according to the same letter, Miramax was also expected to publicly state that it would not release the film. After Fahrenheit 9/11 was nearly finished, Miramax held several preview screenings; they were "testing through the roof".Stewart, p.519-520 Weinstein informed Eisner that Fahrenheit 9/11 was finished, and Eisner was surprised by the fact that Miramax had continued making the film.
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