Equity Office Properties Trust, Chicago, has issued $1 billion of 4.75% senior unsecured notes due March 2014, with an effective interest rate of 5.54%.The office real estate investment trust said it has entered into $1 billion of fixed-to-floating interest rate swaps due March 2014. As a result of these swaps, the effective rate on the notes, which are guaranteed by EOPT, is 53 basis points over the London interbank offered rate, the REIT said. The net cash proceeds from the offering of approximately $990.4 million have been used to repay balances under EOPT's $1 billion revolving credit facility and to settle two interest rate swaps. A short-term credit facility that EOPT entered into last year has also been canceled.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24