Stock Markets
Albany International amends credit agreement terms
ROCHESTER, NH – Albany International Corp . (NYSE:) has updated the terms of its credit agreement, a move that adjusts the interest rate benchmark for its Canadian Dollar-denominated borrowings. The amendment, which was finalized on June 28, 2024, introduces the Adjusted Term CORRA as the new benchmark, replacing the previous CDO Rate.
The First Amendment to the Amended and Restated Credit Agreement, originally dated August 16, 2023, was signed by the company and JPMorgan Chase (NYSE:) Bank, N.A., serving as the Administrative Agent. The change includes a credit spread adjustment of 0.29547% for loans with one-month interest periods and 0.32138% for loans with three-month interest periods.
This modification reflects an ongoing shift in financial markets away from traditional benchmarks towards more reliable and transparent alternatives. The Adjusted Term CORRA is expected to provide a more stable and predictable basis for calculating interest rates on loans.
The full details of the First Amendment will be disclosed in Albany International’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2024. The company, headquartered at 216 Airport Drive in Rochester, New Hampshire, operates in the manufacturing sector, specifically within the broadwoven fabric mills, man-made fiber, and silk industry.
Investors and stakeholders of Albany International can anticipate the company’s adherence to the updated financial terms in its future financial activities. This strategic financial decision is indicative of Albany International’s proactive approach to managing its credit facilities in alignment with market developments.
This news is based on a press release statement and the company’s recent SEC filing.
In other recent news, Albany International Corp has experienced a mix of challenges and successes. The company reported solid first-quarter results for 2024, with significant growth in its Machine Clothing and Engineered Composites segments, primarily driven by the integration of Heimbach.
Despite a slight dip in organic demand in Europe, the company saw strong performance in North America. Albany International also reaffirmed its full-year guidance, demonstrating confidence in its ability to meet financial targets.
However, BofA Securities recently adjusted its outlook on Albany International, reducing the price target on the company’s shares while maintaining an Underperform rating. This revision follows concerns about the lack of organic growth in the Machine Clothing division, attributed to ongoing weakness in Europe and a slow recovery in Asia.
The Albany Engineered Composites segment is also facing challenges due to a decrease in LEAP engine production, low production rates of the 737MAX, and an oversupply of LEAP fan blades.
Despite these challenges, Albany International is seen to have a favorable outlook in the defense sector, mainly due to increased involvement with the CH-53K helicopter. However, potential growth restrictions could arise from delays in the F-35 program and possible postponements in funding for the Joint Air-to-Surface Standoff Missile. These are some of the recent developments surrounding Albany International.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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