- Feb 12, 2000
- 10,652
- 39
- 48
- 50
Stock Market Thread - ALL COMBINED
- Thread starter vinnie
- Start date
Fear! And also they feel if this is pandemic, nobody will want to get out and spend money. I just look at it as a good day for puts and shorts, atleast right at the open. Looks like dow,nasdaq, and s and p are at slim trading ranges so who knows how long it will last.
Possibly, however looks like there might be support at 120. Looks overbought for now, but its been so strong. If it breaks 120, then it could get the move to the 30d avg at about 113. GL
- Feb 12, 2000
- 10,652
- 39
- 48
- 50
I hope we see SRZ 0.90 again soon. I want my full position back.
Set sell order on LEA at 0.95.
Any whispers on ACTC news?
I really don't see a whole lot of reason to be in the broad market right now. It's a coin flip whether we see 7500 or 8500 first.
If I don't get my 57.00 sell order on DXD tomorrow, I'm bailing on that position.
Set sell order on LEA at 0.95.
Any whispers on ACTC news?
I really don't see a whole lot of reason to be in the broad market right now. It's a coin flip whether we see 7500 or 8500 first.
If I don't get my 57.00 sell order on DXD tomorrow, I'm bailing on that position.
i *almost* sold half my position in SRZ today as i'm getting nervous without hearing from the company so close to their deadline of april 30th.
we might see .90 tomorrow if we don't get some news. i'm sure i'm not the only one getting nervous.
and it sure doesn't look like news is coming tomorrow based on the volume and today's close of 1.04
not sure what i'm gonna do.
we might see .90 tomorrow if we don't get some news. i'm sure i'm not the only one getting nervous.
and it sure doesn't look like news is coming tomorrow based on the volume and today's close of 1.04
not sure what i'm gonna do.
haven't even read it but i know it's gonna be good. brb...
Form 8-K for SUNRISE SENIOR LIVING INC
<HR noShade SIZE=1>
28-Apr-2009
<B><BIG>Entry into a Material Definitive Agreement, Financial Statements and Ex</BIG></B>
Item 1.01. Entry into a Material Definitive Agreement.
On April 28, 2009, Sunrise Senior Living, Inc. ("Sunrise") entered into a Twelfth Amendment (the "Amendment"), effective as of April 28, 2009 (the "Amendment Effective Date"), to its Credit Agreement (as previously amended, the "Credit Agreement"), dated as of December 2, 2005, by and among Sunrise, certain subsidiaries of Sunrise that are parties thereto, the lenders that are parties thereto from time to time and Bank of America, N.A., as administrative agent (the "Administrative Agent") and in its capacity as Swingline Lender and letter of credit issuer (the "L/C Issuer").
The Amendment, among other matters, extends the suspension through December 2, 2009 (the "Maturity Date") of the obligation of the lenders and the L/C Issuer under the Credit Agreement to (1) advance any additional proceeds of the loans to the borrowers or (2) issue any new letters of credit for the accounts of any of the obligors (which include the borrowers and the guarantors under the Credit Agreement) or their subsidiaries. Consistent with prior amendments to the Credit Agreement, this Amendment provides for the renewal of certain scheduled letters of credit in accordance with the annual renewal provisions of such letters of credit, for up to twelve months beyond the expiration dates of such letters of credit; provided that the borrowers under the Credit Agreement shall be required to cash collateralize on or prior to November 25, 2009 any letters of credit with expiration dates after November 25, 2009. Further, to the extent permitted by existing agreements and applicable laws and regulations, the obligors under the Credit Agreement agreed to cause their subsidiaries to become parties to the security agreement executed in connection with the Credit Agreement and grant to the Administrative Agent and lenders security interests in specified assets as security for the obligors' performance of their obligations under the Credit Agreement.
The Amendment further provides that the aggregate commitments of the lenders under the Credit Agreement shall be reduced by all payments received by the Administrative Agent for the accounts of the lenders from (1) cash proceeds of certain approved dispositions, (2) cash proceeds of certain federal tax refunds that the obligors may be entitled to receive and (3) a cash payment required to be made by Sunrise on October 31, 2009 that will be equal to the greater of (x) all unrestricted cash of Sunrise and its subsidiaries as of the preceding business day in excess of $35 million or
$2 million, which cash payment will be paid in two installments of $1 million on each of October 31, 2009 and November 30, 2009.
The Amendment also removes all financial covenants set forth in the Credit Agreement, except for a minimum liquidity covenant, and adds new financial, operational, and liquidity reporting requirements. The Amendment further extends and modifies the application of certain negative covenants through the Maturity Date that limit Sunrise's ability to (i) pledge certain assets of Sunrise or its subsidiaries or grant consensual liens on such assets, (ii) incur additional indebtedness for borrowed money and (iii) dispose of real estate, improvements or material assets of Sunrise or its subsidiaries, and provides exceptions from such covenants for certain contemplated financings, contemplated sales transactions, and approved dispositions.
The Amendment increases the interest rate on borrowings to (i) LIBOR plus 5.25% per annum for Eurodollar rate loans and (ii) the base rate as defined in the Credit Agreement plus
<HR width="75%" color=#999999 noShade SIZE=2><!---------------------------------------------------------------------------------- -->3.75% per annum with respect to base rate loans; provided that the minimum rate at which interest may accrue upon the loans at any time shall not be less than 5.75% per annum. The Amendment also increases the letter of credit fee for all standby letters of credit to 4.25% per annum. In connection with the execution and delivery of the Amendment, Sunrise agreed to pay consenting lenders an amendment fee of $500,000, of which $250,000 will be paid on the Amendment Effective Date and the remaining $250,000 will be paid on or prior to the 90th day following the Amendment Effective Date.
As of April 27, 2009, Sunrise had outstanding borrowings of $72.7 million under the Credit Agreement and outstanding letters of credit of approximately $24.5 million.
From time to time, Sunrise has had customary commercial banking relationships with certain of the lenders under the Credit Agreement, including other commercial lending and banking arrangements. In addition, Sunrise has engaged and may in the future engage, from time to time, one or more of the lenders or their affiliates to provide investment banking and other advisory and financial services to Sunrise.
The Credit Agreement was filed as Exhibit 10.1 to Sunrise's Current Report on Form 8-K filed on December 8, 2005. The foregoing description of the terms of the Amendment is not complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
On April 28, 2009, Sunrise issued a press release announcing the execution of the Amendment. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
<CENTER><TABLE><TBODY><TR><TD>
(a) Not applicable(b) Not applicable(c) Not applicable(d) Exhibits. Twelfth Amendment to the Credit Agreement, dated April 28, 2009, by and among Sunrise10.1 Senior Living, Inc., certain subsidiaries of Sunrise Senior Living, Inc. party thereto, the lenders from time to time party thereto and Bank of America, N.A.99.1 Press Release of Sunrise Senior Living, Inc., dated April 28, 2009, relating to the Execution of the Twelfth Amendment to the Credit Agreement</PRE></TD></TR></TBODY></TABLE></CENTER>
Form 8-K for SUNRISE SENIOR LIVING INC
<HR noShade SIZE=1>
28-Apr-2009
<B><BIG>Entry into a Material Definitive Agreement, Financial Statements and Ex</BIG></B>
Item 1.01. Entry into a Material Definitive Agreement.
On April 28, 2009, Sunrise Senior Living, Inc. ("Sunrise") entered into a Twelfth Amendment (the "Amendment"), effective as of April 28, 2009 (the "Amendment Effective Date"), to its Credit Agreement (as previously amended, the "Credit Agreement"), dated as of December 2, 2005, by and among Sunrise, certain subsidiaries of Sunrise that are parties thereto, the lenders that are parties thereto from time to time and Bank of America, N.A., as administrative agent (the "Administrative Agent") and in its capacity as Swingline Lender and letter of credit issuer (the "L/C Issuer").
The Amendment, among other matters, extends the suspension through December 2, 2009 (the "Maturity Date") of the obligation of the lenders and the L/C Issuer under the Credit Agreement to (1) advance any additional proceeds of the loans to the borrowers or (2) issue any new letters of credit for the accounts of any of the obligors (which include the borrowers and the guarantors under the Credit Agreement) or their subsidiaries. Consistent with prior amendments to the Credit Agreement, this Amendment provides for the renewal of certain scheduled letters of credit in accordance with the annual renewal provisions of such letters of credit, for up to twelve months beyond the expiration dates of such letters of credit; provided that the borrowers under the Credit Agreement shall be required to cash collateralize on or prior to November 25, 2009 any letters of credit with expiration dates after November 25, 2009. Further, to the extent permitted by existing agreements and applicable laws and regulations, the obligors under the Credit Agreement agreed to cause their subsidiaries to become parties to the security agreement executed in connection with the Credit Agreement and grant to the Administrative Agent and lenders security interests in specified assets as security for the obligors' performance of their obligations under the Credit Agreement.
The Amendment further provides that the aggregate commitments of the lenders under the Credit Agreement shall be reduced by all payments received by the Administrative Agent for the accounts of the lenders from (1) cash proceeds of certain approved dispositions, (2) cash proceeds of certain federal tax refunds that the obligors may be entitled to receive and (3) a cash payment required to be made by Sunrise on October 31, 2009 that will be equal to the greater of (x) all unrestricted cash of Sunrise and its subsidiaries as of the preceding business day in excess of $35 million or
$2 million, which cash payment will be paid in two installments of $1 million on each of October 31, 2009 and November 30, 2009. The Amendment also removes all financial covenants set forth in the Credit Agreement, except for a minimum liquidity covenant, and adds new financial, operational, and liquidity reporting requirements. The Amendment further extends and modifies the application of certain negative covenants through the Maturity Date that limit Sunrise's ability to (i) pledge certain assets of Sunrise or its subsidiaries or grant consensual liens on such assets, (ii) incur additional indebtedness for borrowed money and (iii) dispose of real estate, improvements or material assets of Sunrise or its subsidiaries, and provides exceptions from such covenants for certain contemplated financings, contemplated sales transactions, and approved dispositions.
The Amendment increases the interest rate on borrowings to (i) LIBOR plus 5.25% per annum for Eurodollar rate loans and (ii) the base rate as defined in the Credit Agreement plus
<HR width="75%" color=#999999 noShade SIZE=2><!---------------------------------------------------------------------------------- -->3.75% per annum with respect to base rate loans; provided that the minimum rate at which interest may accrue upon the loans at any time shall not be less than 5.75% per annum. The Amendment also increases the letter of credit fee for all standby letters of credit to 4.25% per annum. In connection with the execution and delivery of the Amendment, Sunrise agreed to pay consenting lenders an amendment fee of $500,000, of which $250,000 will be paid on the Amendment Effective Date and the remaining $250,000 will be paid on or prior to the 90th day following the Amendment Effective Date.
As of April 27, 2009, Sunrise had outstanding borrowings of $72.7 million under the Credit Agreement and outstanding letters of credit of approximately $24.5 million.
From time to time, Sunrise has had customary commercial banking relationships with certain of the lenders under the Credit Agreement, including other commercial lending and banking arrangements. In addition, Sunrise has engaged and may in the future engage, from time to time, one or more of the lenders or their affiliates to provide investment banking and other advisory and financial services to Sunrise.
The Credit Agreement was filed as Exhibit 10.1 to Sunrise's Current Report on Form 8-K filed on December 8, 2005. The foregoing description of the terms of the Amendment is not complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
On April 28, 2009, Sunrise issued a press release announcing the execution of the Amendment. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
<CENTER><TABLE><TBODY><TR><TD>
(a) Not applicable(b) Not applicable(c) Not applicable(d) Exhibits. Twelfth Amendment to the Credit Agreement, dated April 28, 2009, by and among Sunrise10.1 Senior Living, Inc., certain subsidiaries of Sunrise Senior Living, Inc. party thereto, the lenders from time to time party thereto and Bank of America, N.A.99.1 Press Release of Sunrise Senior Living, Inc., dated April 28, 2009, relating to the Execution of the Twelfth Amendment to the Credit Agreement</PRE></TD></TR></TBODY></TABLE></CENTER>
