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.
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