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KBRA Preliminary Ratings to BANK 2021-BNK31

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Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 36 classes of BANK 2021-BNK31, a $905.2 million CMBS conduit transaction collateralized by 61 commercial mortgage loans secured by 126 properties.

The collateral properties are located throughout 30 MSAs, the largest three of which are New York (20.3%), Sacramento (9.9%), and Miami (8.8%). The pool has exposure to all of the major property types, except for lodging, with four types representing more than 10.0% of the pool balance: office (33.9%), retail (25.6%), self-storage (16.4%), and mixed-use (11.6%). The loans have principal balances ranging from $1.0 million to $90.0 million for the largest loan in the pool, McClellan Park (9.9%), which is secured by a 6.9 million sf mixed-use business park located in McClellan, California. The five largest loans also include Miami Design District (2nd largest, 8.8%), 605 Third Avenue (3rd largest, 8.8%), ExchangeRight Net Leased Portfolio #42 (4th largest, 4.5%, 14 properties) and 250 West 57th Street (5th largest, 4.2%), and represent 36.3% of the initial pool balance, while the top 10 loans represent 55.4%.

KBRAs analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts’ evaluation of the underlying collateral properties’ financial and operating performance, which determine KBRAs estimate of sustainable net cash flow (KNCF) and KBRA value using our U.S. CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 9.5% less than the issuer cash flow. KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 44.1% less than third party appraisal values. The pool has an in-trust KLTV of 94.6% and an all-in KLTV of 103.5%. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings.

Click here to view the report. To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Analytical Contacts

Caitlin Parrella, CFA, Associate Director (Lead Analyst)

+1 (646) 731-3310

[email protected]

James Wang, Senior Director

+1 (646) 731-2450

[email protected]

Dayna Carley, Senior Director

+1 (646) 731-2391

[email protected]

Nitin Bhasin, CFA, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-23334

[email protected]

Business Development Contact

Michele Patterson, Managing Director

+1 (646) 731-2397

[email protected]

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Gold Fields Welcomes NERSA Approval Of South Deep Solar Plant

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JOHANNESBURG, Feb. 25, 2021 /PRNewswire/ — Gold Fields Limited (Gold Fields) (JSE: GFI) (NYSE: GFI) welcomes the electricity generation licence approved today by the National Energy Regulator of South Africa (NERSA) for the construction of a 40MW solar power plant at its South Deep mine.

The acting CEO of NERSA now has to authorise the license, a decision that should be forthcoming over the next two weeks. All the regulatory approvals to proceed with the project are then in place.

Gold Fields will update its definitive costings and finalise all the required internal processes to commence the project as soon as possible. The solar plant has the potential to provide around 20% of South Deep's average electricity consumption.

Says Nick Holland, Gold Fields' CEO: “The solar power plant will increase the reliability and affordability of power supply to South Deep, ultimately enhancing the long-term sustainability of the mine.

“The approval of this licence sends a strong, positive message to mining companies and their investors, potentially leading to decisions being taken to sustain and grow mining operations in the country, especially in deep-level, underground, marginal mines. Enabling companies to generate their own power also gives Eskom room to address operational issues at its power plants.”

Gold Fields' energy objectives are based on four pillars – energy must be reliable, available, cost-effective and clean – which promote a shift to self-generation using renewable energy sources. “We are fully committed to making our contribution towards net-zero emissions,” says Holland.  

During 2020, Gold Fields successfully implemented solar and wind power plants, backed by battery storage, at two of its Australian mines, Agnew and Granny Smith, and committed to renewables at its other Australian mines, Gruyere and St Ives, as well as the Salares Norte project in Chile when it starts operations in 2023. All its other mines are also reviewing renewable energy options.

Since full commissioning of the Agnew microgrid, renewable electricity averages over 55% of total supply at the mine. During 2020, renewable electricity averaged 8% for the Australia region and 3% of total Group electricity. Once the South Deep project is commissioned, renewable's contribution to the Group total will rise to approximately 11%.

Holland says: “We expect our investment in renewable and low-carbon energy sources to contribute significantly to our carbon emission reductions over the next few years. Power from the South Deep solar plant will partially replace coal-fired electricity from Eskom, enabling us to significantly reduce our Scope 2 carbon emissions.”

Notes to editors

About Gold Fields

Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. We have total attributable annual gold-equivalent production of 2.2Moz, attributable gold-equivalent Mineral Reserves of 51.3Moz and Mineral Resources of 115.7Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE).

Enquiries

Investors

Avishkar Nagaser
Tel:  +27 11 562-9775
Mobile:  +27 82 312 8692
Email: [email protected]

Thomas Mengel
Tel:  +27 11 562-9849
Mobile:  +27 72 493 5170
Email: [email protected]

Media

Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 83 260 9279
Email: [email protected]

 

Cision View original content:http://www.prnewswire.com/news-releases/gold-fields-welcomes-nersa-approval-of-south-deep-solar-plant-301235815.html

SOURCE Gold Fields Limited

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Northern Shipping Fund Management LLC Announces Final Closing Of Northern Shipping Fund IV LP

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STAMFORD, Conn., Feb. 25, 2021 /PRNewswire/ — Northern Shipping Fund Management LLC (“Northern Shipping”) announced that it had a final closing for Northern Shipping Fund IV LP (“NSF IV”) with total investor commitments of $636 million, exceeding its $600 million target. NSF IV received commitments from new and existing investors, including public and private pension funds, insurance companies and other institutions.

Sean Durkin, Managing Partner, Northern Shipping, commented: “Northern Shipping is very pleased to have the continued support of our existing institutional investors and to welcome new investors to share in our maritime asset-based credit strategy.”

Sybren Hoekstra, Managing Partner, Northern Shipping, said: “We believe that opportunities to provide alternative financing solutions to vessel owners and operators continue to expand as the reduction in traditional bank lending to the maritime industry has accelerated during the Covid-19 pandemic.”

About Northern Shipping Fund Management LLC
Northern Shipping is a leading alternative capital provider to the maritime industry. Headquartered in Stamford, CT, Northern Shipping is led by Sean Durkin and Sybren Hoekstra. With expertise in maritime finance, commercial management, technical management, insurance, vessel operations, and naval architecture, key members of the team bring two decades of experience working together and over 200 years of industry experience collectively. Utilizing an asset-based approach to alternative maritime credit, Northern Shipping represents a stable source of capital, providing structuring flexibility and superior execution. Further information is available at northernshippingfunds.com or contact [email protected].

Contact:
John M. Daly
Director of Investor Relations
+1 203 706 2203
[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/northern-shipping-fund-management-llc-announces-final-closing-of-northern-shipping-fund-iv-lp-301235821.html

SOURCE Northern Shipping Fund Management LLC

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Quincy Data Named 2021 Best Overall Market Data Provider at TradingTech Insight Awards

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OAKLAND, Calif., Feb. 25, 2021 /PRNewswire/ — Quincy Data was named “Best Overall Market Data Provider” at the 2021 TradingTech Insight Awards – Europe.

Bob Meade, co-founder of Quincy Data, stated, “As pandemic-related lockdowns occurred in major markets around the world, Quincy Data and McKay Brothers continued to innovate and introduce new services across our global footprint. We appreciate being recognized by the industry for our efforts to serve our clients.”

Quincy Data is the industry-leading distributor of extremely low latency market data, utilizing the microwave networks of its sister company, McKay Brothers. Together they are leveling the playing field for access to the most up-to-date market data. Quincy Data distributes more market data from key exchanges globally than any wireless market data provider. The company offers discounts to small and emerging firms, short-term contracts, and a dedicated client service team.

During 2020, Quincy Data continued to improve its normalized market data feed, the Quincy Extreme Data (QED) service, by further lowering the latency from Illinois to New Jersey to ensure it remained the fastest available. On the critical London to Frankfurt route, QED extended its latency advantage over competitors. Quincy Data, working with Raft Technologies, launched the fastest commercial transatlantic market signals service between the US and Europe.

The Quincy Raw Data (QRD) service remained the industry leader in redistributing US equity market data in the native exchange formats. The Quincy Protected Data (QPD) service offers the same equity exchange data feeds as QRD, combining the lowest latency wireless with fiber to ensure reliability. Both QRD and QPD distribute the raw equity market feeds from one exchange on the NJ Equity Triangle to the data centers of the other two. In 2020, Quincy Data debuted the QRD service in the critical Aurora to Chicago futures trading corridor. McKay Brothers offers private bandwidth on all these routes.

Stephane Tyc, co-founder of Quincy Data, stated “We are constantly seeking to engineer services that provide the fastest highly reliable market data to our subscribers. We are proud to be presented with the TradingTech Insight Award again this year. We will continue to work with our clients to address their needs as they grow and adapt in the years ahead.”

About Quincy Data, LLC

Quincy Data distributes more wireless financial market data globally than any provider. The Quincy Extreme Data service is an integrated and normalized feed of select market data sourced from financial exchanges globally and delivered at extremely low latency to twenty-one major trading centers in the US, Europe, Asia, and the Middle East. The Quincy Raw Data and Quincy Protected Data services offer equity data feeds in the native exchange format on the New Jersey Equity Triangle. QRD is the lowest latency market data service for the three largest US equity exchanges and between the two largest US futures exchange. QPD is faster, cheaper and more reliable than incumbent services. Learn more at www.quincy-data.com

About McKay Brothers, LLC

McKay Brothers is the acknowledged leader in providing low latency wireless networks for firms trading in financial markets. Many of the world's most sophisticated trading operations utilize the low latency microwave networks that McKay designs, engineers, builds and operates. McKay's global wireless footprint is unrivaled by any provider serving the electronic trading community. McKay opened long-haul microwave networks in the US in 2012, Europe in 2014, and Asia in 2016. The company operates metro networks between key financial exchanges in Illinois, New Jersey and the UK. Learn more at: www.mckay-brothers.com

Cision View original content:http://www.prnewswire.com/news-releases/quincy-data-named-2021-best-overall-market-data-provider-at-tradingtech-insight-awards-301235814.html

SOURCE Quincy Data, LLC

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