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The LOC provides full coverage of principal, interest equal to 108 days calculated at a maximum rate of 10% based on a year of 365 days, and purchase price. The LOC will expire on Dec. 1, 2010, unless extended pursuant to the LOC bank's option. Fitch's rating will expire on the earliest to occur of the expiration date of the LOC, any prior termination of the LOC or defeasance of the bonds. The remarketing agent for the bonds is W.R. Taylor & Company, LLC.
The bonds currently bear interest in the weekly interest rate mode, but may be converted to a fixed interest rate mode. While bonds bear interest in the weekly interest rate mode, interest is payable on the first Thursday of each of February, May, August and November. The next scheduled interest payment date is Nov. 5, 2009. Bondholders may tender their bonds for purchase on any business day with seven days' prior notice to the trustee during the weekly rate mode. The bonds are subject to mandatory tender upon conversion to the fixed interest rate mode, expiration or termination of the LOC and on the effective date of any alternate LOC. Optional redemption provisions also apply to the bonds.
Bonds proceeds were used to acquire and install equipment constitution a feed mill processing facility at the company's Nemaha County, Kansas plant.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings, New York Mario Civico, 212-908-0796 or Media Relations: Cindy Stoller, 212-908-0526 Email: cindy.stoller@fitchratings.com
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
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