Markets

Sector Update: Financial

Financial stocks were ending narrowly mixed this afternoon with the NYSE Financial Sector Index slipping less than 0.1% and the S&P Financial 100 Index climbing 0.1%.

In company news, shares of Strategic Hotels & Resorts ( BEE ) were slightly higher in late Friday trading and the real estate investment trust today closing on a new, $120 million loan package.

The new, seven-year limited recourse loan is secured by the company's Loews Santa Monica Beach Hotel and replaces BEE's previous $108.0 million credit facility tied to the property.

The loan bears a floating interest rate of LIBOR plus 255 basis points - or currently about 3.09% based on the one-year LIBOR rate of 0.54% - with an initial three-year term and four one-year option extensions.

BEE shares were up 0.5% at $10.87 apiece shortly before the closing bell Friday afternoon, maintaining a perch 5 cents under intra-day high. The stock has a 52-week range of $7.63 to $11.11 a share, setting its high-water mark during Tuesday trading and adding 35.2% in value over the past 12 months.

In other sector news,

(+) KFS, Regains compliance with NYSE listing criteria requiring companies maintain an average market capitalization of at least $50 mln over a 30-day period. The company is subject to a 12-month follow-up period to ensure ongoing compliance.

(-) IBN, Moody's leaves unsecured credit rating of the Indian bank unchanged at Baa2 following its tap bond offering of notes issued by its Dubai branch. The rating outlook is stable.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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