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Business, Finance, Occupation & Industry

Local Corporation To Raise $5 Million

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By Business Wirevia The Motley Fool

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Local Corporation To Raise $5 Million

IRVINE, Calif.–(BUSINESS WIRE)– Local Corporation (NAS: LOCM) , a leading online local media company, today announced that it has entered into a definitive agreement with The Tail Wind Fund Ltd., as lead investor, to sell $5 million in convertible subordinated notes and warrants to purchase common stock. The proceeds are to be used for general working capital.

The convertible subordinated notes bear interest at 7 percent per year and are convertible into shares of Local Corporation‘s common stock at $2.01 per share, representing a 14.2 percent premium to the company’s closing price on April 9, 2013. In connection with the sale of the convertible notes, the company also issued to the investors warrants to purchase 746,268 shares of common stock at an exercise price of $2.01 per share. The convertible notes mature on April 11, 2015. The warrants are exercisable through April 11, 2018.

“This investment represents a welcome endorsement of our long-term strategy, which is dedicated to sustaining strong revenue and earnings growth through building competitive advantages in the markets we serve,” said Heath Clarke, Local Corporation chairman and CEO. “It allows us to improve our liquidity and fund our key growth initiatives.”

“We believe that Local Corporation is well-positioned to capitalize on the growing revenue opportunities within the local online advertising market,” said Daniel Nye, Portfolio Manager for CIM Investment Management Ltd., the fund manager of The Tail Wind Fund Ltd. “We are looking forward to the company’s future growth opportunities and continued success.”

Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX:MERR) acted as lead Placement Agent and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS) assisted on the transaction.

About Local Corporation

Local Corporation (NAS: LOCM) is a leading online local media company that connects brick-and-mortar businesses with over a million online and mobile consumers each day using a variety of innovative digital marketing products. To advertise, or for more information, visit: http://localcorporation.com.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of

From: http://www.dailyfinance.com/2013/04/11/local-corporation-to-raise-5-million/

Business, Finance, Occupation & Industry

Macquarie Group Expands Credit Sales and Trading Team

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By Business Wirevia The Motley Fool

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Macquarie Group Expands Credit Sales and Trading Team

  • New hires complement current credit sales and trading efforts
  • Will expand upon the products and services currently offered to clients

NEW YORK–(BUSINESS WIRE)– Macquarie Group (“Macquarie”) (ASX: MQG; ADR: MQBKY) today announced the further expansion of its Credit Sales and Trading Division with the addition of seven new professionals. The New York-based appointments continue the growth of the firm’s credit trading business, which was established in 2008. The hires will support a range of activities including par and distressed loan and bond trading and portfolio financing solutions.

The new hires include:

  • Brian Foley who joins as a Managing Director responsible for a team that structures and trades funding for portfolios of financial assets. He was previously with Bank of America Merrill Lynch where he was a Director in their Strategic Funding Trading business, focusing on long-term structured products funding, utilizing total return swaps and repo. Mr. Foley will be supported by Ramya Gopalakrishnan who joins as a Vice President from Bank of America Merrill Lynch and Raymond Hugel who joins as an analyst.
  • Michael Miller joins as a Managing Director focused on Distressed Bond and Loan Trading. He was previously at Nomura Securities where he was a Managing Director responsible for trading Senior High Yield/Distressed Debt. Prior to that, he was head of High Yield Trading at Oppenheimer & Co., a portfolio manager and trader in the Global Credit Strategies team at UBS, and a President of Morgan Stanley’s Special Situations Group and Co-Head U.S. High Yield / Distressed Corporate Risk Management and Trading.
  • Alan Chao joins as a Associate Director focused on Par Loan Trading Analytics. He comes from Kamsky Associates where he oversaw the development of a potential China-related private equity arm for the firm. Prior to that he spent five years as a Portfolio Manager at Canaras Capital Management where he helped create an alternative investment manager focused on leveraged finance and structured products. He will work closely with Nick Gustafson who joins as a Par Loan Trader. Mr. Gustafson previously served as a leveraged loan trader at J.P. Morgan Securities where he was a market maker of high yield, distressed and institutional corporate loans for as many …read more
    Source: FULL ARTICLE at DailyFinance
Business, Finance, Occupation & Industry

Westwood Income Opportunity Fund Surpasses $1 Billion in Assets

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By Business Wirevia The Motley Fool

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Westwood Income Opportunity Fund Surpasses $1 Billion in Assets

DALLAS–(BUSINESS WIRE)– Westwood Holdings Group, Inc. (NYSE: WHG) today announced that the Westwood Income Opportunity mutual fund has surpassed $1 billion in assets. Advisors and investors continue to demonstrate a strong appetite for the fund’s combination of current income, the opportunity for capital appreciation and potentially lower volatility delivered in a multi-asset fund.

Brian Casey, Westwood’s President & CEO, commented, “This is truly a remarkable achievement as only 6% of mutual funds have assets greater than $1 billion. I applaud the team effort of Mark Freeman, Chief Investment Officer and Senior Portfolio Manager; Todd Williams, Portfolio Manager; and our entire investment research department for delivering such high quality results in a tumultuous market environment. Achieving this milestone is the result of not just one good decision, but a series of good decisions.”

The Westwood Income Opportunity Fund invests in a diversified group of income-producing asset classes including dividend-paying common stock, preferred stock, convertible securities, government and corporate debt securities, money market instruments, royalty trusts, master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”). The Fund is available in an institutional share class (WHGIX) and an A share class (WWIAX).

About Westwood

Westwood Holdings Group, Inc. provides investment management services to institutional investors, private wealth clients and financial intermediaries. Westwood manages a variety of investment strategies including U.S., Global, and Emerging Markets equities as well as income-oriented portfolios. Access to these strategies is available through separate accounts, commingled funds and the Westwood FundsTM family of mutual funds. Westwood has significant, broad-based employee ownership and trades on the New York Stock Exchange under the symbol “WHG.” Based in Dallas, Westwood also has offices in Omaha and Toronto.

For more information on Westwood, please visit www.westwoodgroup.com.

For more information on the Westwood Funds, please contact Mark Dunbar at mdunbar@westwoodgroup.com or visit www.westwoodfunds.com.

Mutual fund investing involves risk, including possible loss of principal. In addition to the normal risks associated with investing, bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds are highly speculative and carry a greater degree of risk. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. Additionally, investments in securities of MLPs involve risk that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP. …read more
Source: FULL ARTICLE at DailyFinance