Today's LIBOR Rates
1 M |
0.31563 |
 |
3 M |
0.47500 |
|
6 M |
0.68794 |
|
1 YR |
1.06438 |
|
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Homeland Energy Group Announces LIBOR-Based Financing |
January 11, 2010
According to a company press release, Homeland Energy Group, a Toronto-based coal producer, will obtain a loan with rates based on LIBOR, the London Interbank Offered Rate. LIBOR is a filtered average of rates that banks charge each other for short-term, unsecured loans.
GRM Energy, Homeland Energy Group’s top shareholder, will provide the loan of nearly C$5 million. Homeland Energy Group will use the funds for general corporate purposes at its Kendal operation in South Africa. The loan has an interest rate of 600 basis points (6%) margin above LIBOR and will be due on March 31, 2010. In obtaining its new LIBOR-based loan, Homeland Energy Group is fulfilling conditions required to amend a revolving credit facility with Nedbank Capital.