Business

Revlon says it has replaced Citi as agent on revolver loan

Published

3 years ago

May 10, 2021

Revlon Inc said it had replaced Citigroup Inc as its collateral and administrative agent on a revolving loan facility, months after the bank mistakenly sent $894 million of its own money to repay the cosmetic maker’s lenders.

Revlon on Monday replaced Citi with MidCap Financial, as part of an amendment to a 2016 loan agreement that extends its maturity nearly a year to May 7, 2024. This facility is different from the one that Citi repaid.

Citi assisted with the amendment to the loan facility and earned a fee for its work.

Administrative agents offer housekeeping services between borrowers and lenders, including sending interest payments and facilitating borrowings.

In August, Citi had intended to make a small interest payment on Revlon’s behalf, but instead used its own money to repay the cosmetics company’s loan in full.

While about $390 million was returned to Citi, a U.S. judge earlier this year ruled that 10 lenders need not repay the remainder. Citi is appealing the decision.

Revlon’s shares fell 9% in afternoon trading after it reported lower quarterly revenue.

The company said Citi remains a partner and it looks “forward to continuing to work with them in a number of capacities”.

Citi declined to comment on Monday’s announcement from Revlon.

(Reporting by Uday Sampath in Bengaluru; Editing by Amy Caren Daniel)

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

10 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

10 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

10 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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