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BRIEF-Equitable Bank Renews $400 Million Secured Backstop Facility

Published 2019-06-19, 06:53 p/m
BRIEF-Equitable Bank Renews $400 Million Secured Backstop Facility
EQB
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June 19 (Reuters) - Equitable Group Inc EQB.TO :

* EQUITABLE BANK RENEWS $400 MILLION SECURED BACKSTOP FACILITY

* EQUITABLE GROUP- CO DID NOT DRAW ON ITS PREVIOUS FACILITY THAT WAS PUT IN PLACE FOLLOWING A PERIOD OF FUNDING MARKET INSTABILITY IN SPRING OF 2017

* COST OF NEW FACILITY, ON AN UNDRAWN BASIS, IS 60 BASIS POINTS OR $2.4 MILLION PER ANNUM

* EQUITABLE GROUP -NEW 2-YEAR FACILITY REPLACES MORE EXPENSIVE MATURING BACKSTOP, RESULTS IN SAVINGS OF ABOUT $1.6 MILLION PER QUARTER COMPARED WITH Q1 2019

* COMPANY DOES NOT ANTICIPATE DRAWING ON NEW FACILITY.

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