Did I miss this news yesterday? ***HCPC News:
February 27th - Heritage Capital Credit Corporation Receives Allocation Up to $300 Million
Heritage Capital Credit Corporation (HCPC) announced Tuesday that one of its affiliates has secured an institutional investor to purchase up to $300 million in BCLOC Trust Notes, which will fund commercial projects. The closing on this funding is scheduled to begin on March 15, 2007.
Heritage Capital Credit Corporation has received confirmation that the investor has signed a letter of authorization with their brokerage firm that when the funds are on deposit, they can be used to purchase only BCLOC Trust Notes.
The BCLOC Trusts can purchase the commercial property assets originated by Independent Capital Credit Corporation, a subsidiary of Heritage Capital Credit Corporation.
Upon completion of the $300 million funding, the Company anticipates pre-tax earnings of $0.085 per share by the end of the third calendar quarter.***
