Lone Star U.S. Acquisitions LLC, a private equity firm, will purchase Accredited Home Lenders Holding Co., San Diego, in an all-cash transaction valued at approximately $400 million.Dallas-based Lone Star will pay $15.10 per share for all of Accredited's common stock. The deal was made before the market opened on June 4. On June 1, Accredited's stock closed at $13.76 per share. As of late morning on June 4, it was up to $15.33 per share, a gain of $1.57 on the day, and $0.23 above the Lone Star offer. The sale is a culmination of the shifting that Accredited's management had to do in order to keep the company going. There have been layoffs, a change in accountants and threats of delisting from the Nasdaq composite index. This also included receiving a $230 million term loan from Farallon Capital Management LLC in April. The loan has a five-year term and may be repaid by Accredited at any time over the life of the loan, subject to certain conditions and prepayment fees. In connection with the financing, Farallon received warrants to acquire approximately 3.23 million shares of the company's stock at an exercise price of $10 per share.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11