FLY Leasing Limited (NYSE: FLY) said it has re-priced its 2012 Term Loan.
The interest rate on the amended loan will be LIBOR plus 2.75 percent, a 0.75 percent reduction from the previous margin. In addition, the LIBOR floor will be reduced from 1.00 percent to 0.75 percent. As of December 31, 2014, the facility had an outstanding principal balance of USD451.5 million and financed 29 aircraft.
“We have now re-priced our 2012 Term Loan for the third time, highlighting our active approach to liability management and our commitment to lowering FLY´s overall cost of funding,” said Colm Barrington, CEO of FLY. “Our secured funding costs have steadily decreased over the last three years as we have actively managed the company´s capital structure to improve the returns to our stakeholders.”
The transaction is anticipated to close before the end of April 2015, subject to customary closing conditions.
FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft.
Reflect said it has added three new members to their board of directors.
The turnkey provider for digital media solutions said it has expanded its strategic advisory team to further increase the value it provides to its growing base of Fortune 500 companies.
“As we looked at Reflect´s growth trajectory, it was imperative we add top level expertise in areas that afford increased value to our clients. The newly elected board members will do just that, providing decades of knowledge in the disciplines of branding, consulting and media, ensuring we deliver the services our clients need in order to be competitive,” said Bill Warren, CEO and chairman of the board, Reflect.
Dave Rader brings over 35 years of finance, marketing and branding expertise to Reflect. He retired as Executive Vice President Frito-Lay North America in 2010 after a lengthy career with PepsiCo in various executive positions across the company.
Guy Kerr brings over 35 years of legal experience and media involvement to Reflect. Kerr is a highly experienced business executive, chief legal officer, government affairs lead and law firm partner with significant involvement in public company board governance, management and compliance, mergers and acquisitions, SEC, finance and regulatory matters, as well as First Amendment and other media industry issues.
Matt Bender brings over 20 years of market strategy and consulting capabilities to Reflect´s board of directors. As managing director of Riveron Consulting, Bender is responsible for market strategy, practice development, engagement delivery, and client loyalty in the firm´s Southwest Region.
Reflect provides solutions for brands to create engaging digital media experiences.
The Comodo organization said it has announced the next generation of its data loss prevention solution, Comodo MyDLP version 2.8.
MyDLP 2.8 is an all-in-one software solution with a single user license which monitors, discovers and prevents data leakage from multiple endpoints across a company network.
“The endpoint is the most volatile security risk for data loss in networks today, as IT administrators struggle to balance security needs without hindering employee needs and performance,” said Burak Akin, Product Manager for MyDLP, Comodo. “MyDLP helps ensure regulatory compliance and limiting access to those who can move information, helping enterprises manage and control data leakage from both controlled and uncontrolled endpoints.”
Comodo is a global innovator and developer of cyber security solutions, founded on the belief that every single digital transaction deserves and requires a unique layer of trust and security.
Image Searcher, Inc. said it has released a new version of CamFind for iOS, a mobile visual search engine.
The new update promises to improve on CamFind´s image recognition and visual search technology, and to provide a brand new user interface allowing interaction with pictures being taken by users around the globe.
Although CamFind first made visual search available in 2013, this marks a major achievement for the industry as a whole, as for the first time visual search has become social. Users will now have the ability to “search the physical world” and to like images in order to upvote them in CamFind´s new “Popular” pictures feed.
“We wanted to literally and figuratively give developers the gift of ´sight,´ meaning we would provide the visual search technology for their products and services,” said CamFind cofounder and CEO Dominik Mazur. “We also want developers to use their imaginations to create new and exciting possibilities for physical devices.”
Image Searcher, Inc. was founded on September 7, 2012, by Bradford Folkens and Dominik Mazur. Image Searcher´s mission is to deliver the most superior mobile visual search solution to people around the world.
Elephant Talk Communications Corp. (NYSE MKT: ETAK) said it had total revenue of approximately USD20.4 million for the year ended December 31, 2014 as compared to a restated USD19.5 million for the year ended December 31, 2013.
At the end of calendar 2014, the company had completed its multi-year transition away from its legacy landline business to the current mobile and security services business. As a result and following an exchange with the Audit and Finance Committee of the board of directors and management on revenue recognition, the company started a comprehensive review of the revenue recognition policies applicable to its mobile and security business and after discussion and consultation with its auditors and advisors, determined that it was necessary to restate previously reported financial results to comply with US GAAP accounting rules used by similar service providers.
In accordance with US GAAP, certain revenue that had originally been recognized in 2013 and part of 2014 is now being recognized over an extended timeframe. The amount of revenue earned or to be earned over the entire period of recognition essentially remains unchanged from the amount historically recognized. There was neither a change to the cash characteristics of the transactions being restated nor the company´s liquidity directly relating to these transactions. As a result of the restatement, the balance sheet reflects a significant increase in deferred revenue, which will be recognized as revenue over a number of years.