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NAC could agree $750m of revolving credit

Airfinance Journal - 7/18/2017
Nordic Aviation Capital (NAC) wants to increase the firepower of its revolving credit facility (RCF) from $350 million to up to $750 million, says its senior vice-president, global treasury, Jan Rosencrone von Benzon. In an interview with Airfinance Journal he reveals that NAC’s $350 million RCF features an accordion to raise its capacity. “We will look to increase its size to between $500 million and $750 million. This is the natural size for this type of facility,” von Benzon says. He says the pricing is “very attractive” but declines to disclose the terms of the deal.
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This Citi, Deutsche CMBS takes a bite out of the Big Apple

Asset Securitization Report - 7/18/2017
Deutsche Bank and Citigroup are marketing $931.6 million of commercial mortgage bonds with heavy exposure to three Manhattan skyscrapers that many investors may already hold in their portfolios. CD 2017-CD5 is a conduit transaction collateralized by 48 commercial mortgage loans secured by 134 properties. The largest loan, representing 10.7% of the portfolio, is a portion of a mortgage on the General Motors Building that has been used as collateral for at least two other CMBS.
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CMBS Trust Seen Taking Over Killeen Mall Near Fort Hood, Texas

Commercial Real Estate Direct - 7/18/2017
The CMBS trust that holds an $82 million loan against the Killeen Mall near Fort Hood, Texas, is likely to take over the property in a deed-in-lieu of foreclosure. The loan is securitized through Credit Suisse Commercial Mortgage Trust, 2008-C1, and had transferred to special servicer C-III Asset Management last month because it was not expected to be paid off by its July 11 maturity. The loan never had missed a payment, but prospects for its refinancing were dim as its collateral simply didn't generate enough cash flow to warrant a large enough loan. Last year, for instance, net operating income totaled $6.6 million, according to servicer data compiled by Trepp LLC. That would give the current loan a debt yield of 8.1 percent. And this year through March, the property had generated $1.6 million of NOI, which if annualized would result in a 7.8 percent debt yield. Both are substantially less than what most lenders would require.
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Dispute over Chicago school funds may threaten aid to districts statewide

The Bond Buyer - 7/18/2017
CHICAGO – Chicago Public Schools is banking on $300 million in new state aid as it prepares a fiscal 2018 budget, funds at the center of a dispute between Gov. Bruce Rauner and Democratic leaders that threatens the distribution of aid to all districts. The Chicago district will distribute local budgets to principals on Thursday and “in the next few weeks” will release a budget for the fiscal year that began July 1 to meet a late summer deadline for passage, said CPS spokeswoman Emily Bittner.
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