Newcourt raises $400-million (U.S.)

Article Abstract:

Newcourt Credit Group Inc. of Toronto, Ontario, has successfully raised $400 million in a private placement. The company's stocks received an additional boost on May 20, 1998, when news reached the stock market that Janus Capital Corp. of Denver, CO, has agreed to purchase nearly 8.7 million special warrants of the firm for C$66.75 per piece. The company, whose stock rose C$3.85 a piece to C$69.95 per share at the Toronto Stock Exchange, will use $300 million of the new funds to repay all of its trust originated preferred securities, also called TOPRS.

Comment:

Has successfully raised $400 mil in another offering

Ontario, Lending Services

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Bay Street's Newcourt infatuation continues

Article Abstract:

Newcourt Credit Group Inc. stock continues to be the favorite of so-called short-sellers, or stock buyers who do not retain their securities for long periods of time, due to swift sell-offs. Although most analysts regard the stock to be highly volatile, it is currently considered to be undervalued and has been predominantly classified with stock ratings of buy or strong buy. Recently, stock of the asset-backed finance company, based in Toronto in Ontario, Canada, declined by 31.6% in the week starting September 28, 1998.

Comment:

Stock continues to be the favorite of so-called short-sellers, and has been regarded to be undervalued

Business Credit Institutions, All Other Nondepository Credit Intermediation, Commercial finance companies

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Bonuses at Newcourt almost double

Article Abstract:

The bonuses and pay packages of the top executives of Canadian commercial finance firm Newcourt Credit Group Inc increased by almost 100% in 1998. CEO Steven Hudson received a bonus of $3.8 million, an increase of 76%, and $204,680 in other compensation. Three executives were also given low- interest loans from $3.8 million to $7 million to finance their second homes. While the bonuses were out of proportion to the company's stock performance, its owned and managed assets and profits increased by 200%

Personal income information, Nonbank Credit Institutions

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