Baltimore, MD -- (SBWIRE) -- 04/06/2011 -- Waste Management Inc. (WM - Analyst Report) has sold $400 million of its 4.6% senior notes due March 1, 2021 under an effective shelf registration statement previously filed with the Securities and Exchange Commission.

Waste Management is offering the 4.6% senior notes at 99.762% of face value. The offering is expected to close on February 28, 2011.

The net proceeds of the offering will be utilized to repay $147 million principal amount of 7.65% Senior Notes that mature in March 2011, plus accrued and unpaid interest. The balance will be used for general corporate purposes, including additions to working capital, capital expenditures and the funding of potential acquisitions and business investments.

Waste Management ended 2010 with a long-term debt balance of $8.7 billion compared with $8.1 billion at the end of 2009. Of the long-term debt outstanding, Waste Management had $5.45 million in senior notes and debentures, maturing through 2039, with interest rates ranging from 4.75% to 7.75% (weighted average interest rate of 6.5% as on December 31, 2010).

As of December 31, 2010, the debt-to-capitalization ratio was 58.7%, compared with 58.5% as of December 31, 2009. The net effect of the issuance and the repayment will be an accretion of 68 basis points to the debt-to-capital ratio.

The company incurred net interest expenses of $473 million in 2010 compared with $426 million in 2009.

The significant increase was due to the issuance of an additional $600 million of senior notes in November 2009 to support acquisitions and investments made throughout 2010, considerably higher costs rellated to the execution and maintenance of Waste Management's revolving credit facility (which was refinanced in June 2010) and a decrease in benefits to interest expense provided by active interest rate swaps as a result of decreases in the notional amount of swaps outstanding.

Waste Management's high debt level is a cause of concern. Further, Waste Management's debt-to-capitalization ratio exceeds that of its peer Republic Services Inc.'s (RSG - Analyst Report) ratio of 46.2%. Besides the weak financial strength, the company continues to be plagued by lower volumes.

Though the company asserted stabilizing volumes, we still see weakness in the market. Given the uncertain economic conditions, we believe it will take more than a couple of quarters before the company sees a substantial improvement in its volumes. On this note of caution, we currently have a Zacks #3 Rank (short-term Hold recommendation) on the stock.

Houston, Texas-based Waste Management is the largest provider of comprehensive waste management services in North America. The company provides collection, transfer, recycling and resource recovery, and disposal services to nearly 20 million residential, commercial, industrial and municipal customers. It is also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the U.S.

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Baltimore, MD -- (SBWIRE) -- 04/01/2011 -- Capital Business Credit LLC (CBC) (http://www.capitalbusinesscredit.com) announced the appointment of Marc Adelson as president and chief executive officer. Andrew Tananbaum, the company's current president and CEO, will assume the role of executive chairman.

As the new executive team at CBC, Adelson and Tananbaum will work together to expand CBC's offerings to create a global integrated financial products and services company, focused on middle-market businesses. CBC will offer such companies the ability to secure asset-based financing which they may not be able to obtain through traditional financing sources or commercial banks.

Adelson, age 50, brings to CBC more than 30 years of corporate finance experience, with an emphasis on secured lending. He has developed a number of asset-based lending businesses for CIT Business Capital, from 2000 to 2009, including serving as co-president, growing assets to more than $7 billion. During his tenure at CIT, Adelson spent two years in London building the Company's European corporate finance practice.

Prior to CIT he held positions at Heller Financial, as executive vice president and head of asset-based lending, as we well as at Citicorp and Security Pacific Business Credit. Most recently he led the financial restructuring practice at Getzler Henrich & Associates.

Commenting on the hiring of Adelson, Tananbaum said, "Over the past several months as the economy has begun to improve, CBC recognized that a void exists in the commercial finance industry for a company focused on the needs of the middle market. For decades, CBC has been known for its extensive experience in factoring and trade finance. With Marc on board, CBC is positioned to take advantage of the opportunity to expand its products and services and to provide middle-market companies with a comprehensive and integrated finance offering that does not exist today."

Adelson said, "Having worked in corporate finance for decades, I decided to join CBC given its established platform that has been in place for years, as well as the opportunity to grow an organization that provides financial services tailored for the middle market. With a strong capital base, a stellar team of professionals and CBC's existing infrastructure, we will move quickly to ensure that middle market companies can secure financing up to $20 million."

Richard Perry, chief executive officer of Perry Capital and CBC board member said, "With Tananbaum and Adelson working together, CBC is positioned to seize a great market opportunity. This management team will offer middle-market companies creative financing solutions that traditional sources are not providing."

Adelson has a Bachelor of Science degree in accounting from Brooklyn College, CUNY. He is a member of the Commercial Finance Association, American Bankruptcy Institute and the Turnaround Management Association.

About Capital Business Credit
Established in 1988, Capital Business Credit LLC (http://www.capitalbusinesscredit.com) is a commercial finance company specializing in providing creative supply chain financing solutions. The Company's service offerings include: full-service factoring; accounts receivable management services; inventory lending; asset-based lending; and international financing. CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S.-based importers working with Asia-based suppliers (exporters). Capital Business Credit is based in New York, with offices in Hong Kong; Shanghai, Los Angeles; Charlotte, NC; and Ft. Lauderdale, Fla.

SOURCE Capital Business Credit LLC

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Baltimore, MD -- (SBWIRE) -- 04/01/2011 -- AppFolio's web-based property management software now includes the ability for customers to manage their business at anytime and from anywhere using their iPhone. This new application makes it even easier for

AppFolio clients to run a mobile property management business.
The AppFolio iPhone application is designed for customers using AppFolio's web-based property management software and works only if you are a current client. The application is available for free download from the iTunes store.

Key Features Include:
• Access All Contact Information: The AppFolio iPhone application provides immediate access to all resident, owner, property, unit and vendor records while working in the field – dramatically increasing productivity while away from the office.

• Respond Faster: Simply click to call or email contacts on the spot so you can respond to urgent issues even faster.

• Integrated Maps: Show maps with properties, units and tenants in each record so you can find your destination in seconds.

• Take Photos for Marketing & Documentation: Once reaching their destination, a property manager can now snap photos from their iPhone and upload the images directly to AppFolio for site inspections or marketing purposes.

• Most Current Data: The data is synchronized on the iPhone application so you're always connected to the most accurate information.

• "I love that I have the freedom to conduct business outside of the office", says Ray Scarabosio, Owner of Jackson Group Property Management in San Francisco, CA. "At property inspections, we used to carry a notepad, camera, laptop, broadband card, etc. but now all we need is an iPhone. This mobility is just a huge benefit to our business."

AppFolio's web-based property management software allows property management companies to more easily market, manage and grow their business with one single solution. AppFolio customers find and retain better residents faster, increase their profitability and love the ability to work from anywhere. If you're interested, learn more about AppFolio here.

About AppFolio
Headquartered in Santa Barbara, AppFolio was started by a team of technology leaders with proven experience creating software that businesses love to use. AppFolio creates complete, easy-to-use, web-based solutions for multiple vertical markets and the first AppFolio SaaS service was specifically created for residential property managers. With investors including Cisco Systems, BV Capital and the Investment Group of Santa Barbara, AppFolio's rapid growth is being fueled by very happy and loyal customers.

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Baltimore, MD -- (SBWIRE) -- 03/25/2011 -- Capital Business Credit LLC (CBC) (http://www.capitalbusinesscredit.com) announced the appointment of Marc Adelson as president and chief executive officer. Andrew Tananbaum, the company's current president and CEO, will assume the role of executive chairman.

As the new executive team at CBC, Adelson and Tananbaum will work together to expand CBC's offerings to create a global integrated financial products and services company, focused on middle-market businesses. CBC will offer such companies the ability to secure asset-based financing which they may not be able to obtain through traditional financing sources or commercial banks.

Adelson, age 50, brings to CBC more than 30 years of corporate finance experience, with an emphasis on secured lending. He has developed a number of asset-based lending businesses for CIT Business Capital, from 2000 to 2009, including serving as co-president, growing assets to more than $7 billion. During his tenure at CIT, Adelson spent two years in London building the Company's European corporate finance practice.

Prior to CIT he held positions at Heller Financial, as executive vice president and head of asset-based lending, as we well as at Citicorp and Security Pacific Business Credit. Most recently he led the financial restructuring practice at Getzler Henrich & Associates.

Commenting on the hiring of Adelson, Tananbaum said, "Over the past several months as the economy has begun to improve, CBC recognized that a void exists in the commercial finance industry for a company focused on the needs of the middle market. For decades, CBC has been known for its extensive experience in factoring and trade finance. With Marc on board, CBC is positioned to take advantage of the opportunity to expand its products and services and to provide middle-market companies with a comprehensive and integrated finance offering that does not exist today."

Adelson said, "Having worked in corporate finance for decades, I decided to join CBC given its established platform that has been in place for years, as well as the opportunity to grow an organization that provides financial services tailored for the middle market.

With a strong capital base, a stellar team of professionals and CBC's existing infrastructure, we will move quickly to ensure that middle market companies can secure financing up to $20 million."

Richard Perry, chief executive officer of Perry Capital and CBC board member said, "With Tananbaum and Adelson working together, CBC is positioned to seize a great market opportunity. This management team will offer middle-market companies creative financing solutions that traditional sources are not providing."

Adelson has a Bachelor of Science degree in accounting from Brooklyn College, CUNY. He is a member of the Commercial Finance Association, American Bankruptcy Institute and the Turnaround Management Association.

About Capital Business Credit
Established in 1988, Capital Business Credit LLC (http://www.capitalbusinesscredit.com) is a commercial finance company specializing in providing creative supply chain financing solutions. The Company's service offerings include: full-service factoring; accounts receivable management services; inventory lending; asset-based lending; and international financing. CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S.-based importers working with Asia-based suppliers (exporters). Capital Business Credit is based in New York, with offices in Hong Kong; Shanghai, Los Angeles; Charlotte, NC; and Ft. Lauderdale, Fla.

Contact:
Danielle DeVoren
KCSA Strategic Communication
212-896-1272 / ddevoren@kcsa.com

http://www.prnewswire.com

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Tucson, AZ -- (SBWIRE) -- 03/23/2011 -- HTG, Inc., provider of molecular technology solutions, today announced the closing of a Series D financing round led by new investor Novo A/S. Fletcher Spaght Ventures (FSV) also a new investor, joined the round along with existing investors Merck Capital Ventures, Solstice Capital and Valley Ventures.

The new financing will be used to fuel the growth and adoption of HTG's multi-plex gene expression testing platform for validation and clinical applications across different therapeutic areas. HTG's qNPA platform is in use at major academic and cancer research centers as well as big pharma. This cash infusion will help drive additional utilization across these areas as well as into new high growth molecular diagnostic opportunities. The company will also be looking to hire additional personnel in 2011 including sales and marketing, operations and development scientists with particular experience working in diagnostics.

"HTG had a breakthrough year in 2010 achieving significant milestones in our commercial adoption, expanding our product solutions and building a pipeline of diagnostic tests and we are now positioned to accelerate our momentum, "said TJ Johnson, chief executive officer, HTG. "The financial investment, and confidence, from both new, and current investors, is a true testament to our management team's ability to execute against our growth plans and bring the value of HTG's testing platform beyond the research phase into the clinical setting."

"Novo Ventures is thrilled to collaborate with the management team at HTG and we have been very impressed with the company's ability to execute despite limitations prior to this round of financing," said Peter Bisgaard, partner, Novo A/S. "HTG's technology platform offers considerable benefits especially in formalin-fixed paraffin-embedded (FFPE) tissue samples which are particularly difficult to evaluate. This technology is a cost-effective, valuable tool in the ultimate pursuit of personalized medicine options for patients."

"Fletcher Spaght Ventures is pleased to become an investor in HTG. HTG's breakthrough technology represents enormous potential to facilitate the work of life science researchers as well as healthcare clinicians," said Molly Hoult, director, Fletcher Spaght Ventures. "The company has an experienced management team and a knowledgeable, supported investment syndicate. We look forward to assisting HTG with its objective of developing a world-class company."

About HTG
HTG is a leading provider of molecular-based solutions for gene expression profiling, miRNA and mRNA measurement, translational medicine and diagnostic applications. The Company's qNPATM molecular technology platform is well-suited for reliably detecting small, yet important, changes in gene expression levels in a variety of sample types. Privately-held HTG is based in Tucson, Arizona. Additional information is available at http://www.htgenomics.com.

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Baltimore, MD -- (SBWIRE) -- 03/21/2011 -- In what is expected to be a multi-million-dollar transaction, Chicago-based Prime Group Realty Trust (PINK SHEETS: PMGEP) and Five Mile Capital Partners LLC, a Connecticut-based alternative investment and asset management company, jointly announced that affiliates of Five Mile have signed a definitive merger contract and other agreements to acquire the REIT. The deal is expected to close in the second half of 2011.

In a prepared statement, the parties say Five Mile will acquire Prime Group for $5 in cash per share for the company's 9% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (the "Series B Preferred Shares").

There are currently no common shares of beneficial interest of the company outstanding. Prime Group's Board of Trustees has approved the merger agreement and plans to submit the merger for approval by the holders of the Series B Preferred Shares.

Following completion of the transaction, the Company's Series B Preferred Shares will cease to be traded as an over-the-counter security.

The Company and Five Mile also announced that an affiliate of Five Mile and a Prime Group affiliate have signed a joint venture contract on the ownership, management and operation 330 N. Wabash Avenue, a Chicago office building landmark.

The joint venture contract calls for the pay down of $20 million of principal and the additional reduction of the principal by $20 million; the extension of the maturity date to Jan. 31, 2016; the reduction of the loan commitment to $128 million (of which $30 million remains available to be drawn for tenant improvement, building redevelopment and other costs); and providing certain additional contingent interest to the lenders not to exceed $20 million. Five Mile also agreed to provide up to $75 million of additional capital to the joint venture.

"We are pleased to have entered into a merger agreement that provides a cash purchase price to the holders of our Series B Preferred Shares at a premium of approximately 10.5% over the average trading closing price from May 14, 2010 through February 14, 2011," Jeffrey A. Patterson, the company's President and Chief Executive Officer, said in the statement.

"The Series B Shares have been thinly traded and we are happy to provide a cash offer that allows all of the holders to receive this price. We look forward to closing the transaction with Five Mile."

He added, "The joint venture with Five Mile for the 330 N. Wabash property provides the capital resources necessary to lease up the property to stabilization."

The closing of the merger agreement is subject to various customary conditions, including the approval by at least 2/3 of the holders of the Series B Preferred Shares.

The transaction is not subject to any financing condition. The joint venture related to the property located at 330 N. Wabash Avenue in Chicago, Illinois and the debt refinancing are not contingent on the completion of the merger, according to the statement.

Prime Group Realty Trust currently owns two office properties totaling 230,000 net rentable square feet and interests in two joint ventures that own two office properties comprised of about 1.24 million net rentable square feet.

The Company leases and manages about 1.24 million square feet comprising all of its wholly-owned properties and its 330 N. Wabash Avenue joint venture property.

Five Mile Capital Partners LLC is a privately-held alternative investment and asset management company established in 2003 and based in Stamford, CT. The firm currently manages about $2 billion of capital.

http://www.realestatechannel.com
02/22/11 8:00 AM EST

Posted by Alex Finkelstein

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Baltimore, MD -- (SBWIRE) -- 03/21/2011 -- Property development group Mirvac (MGR) delivered an interim operating profit of $200.1 million, a result boosted by higher net operating income and lower interest charges and showing better than expected numbers from the investment management and hotel management divisions.

The result was well above market expectations, as Macquarie had been forecasting an operating profit of $169 million and JP Morgan $162.7 million. While earnings will be skewed to the first half, management at the company now expects a result at the top end of previous guidance, which implies an earnings per share (EPS) outcome of 10.4-10.6c for the full year.

Forecasts have been adjusted to reflect this, Macquarie making minor increases to its estimates and BA Merrill Lynch and UBS following suit. Consensus EPS estimates according to the FNArena database now stands at 10.3c for both FY11 and FY12.

More important than the earnings in the period, BA-ML viewed Mirvac's result as a turning point given the period delivered strong investment performance, improved visibility with respect to a residential recovery and an increased focus from management on achieving higher returns on assets and for shareholders.

In BA-ML's view, this means Mirvac can be expected to execute more capital management strategies that are accretive to earnings, with a recycling of capital likely to be part of any strategy. Management also plans to close the current share price discount to Net Tangible Assets (NTA) and JP Morgan suggests one required step to achieve this is to sell trust assets at book value and buying back stock with the proceeds.

As well, JP Morgan suggests there would be benefits for Mirvac from introducing third party capital in new developments, as this would help realise inventory value and so bring forward a recovery in earnings.

A benefit should also come from improved cyclical conditions, as Macquarie notes Mirvac's property portfolio is heavily weighted to the office sector where a recovery is anticipated. As the residential market improves over the medium-term, this should also drive earnings growth in the broker's view.

While viewing the interim result as a good one, UBS suggests a key issue remaining for Mirvac is to regain market confidence. This can be achieved by delivering on a number of high profile projects such as Green Square and Harold Park without suffering significant margin erosion.

UBS notes these projects won't begin to settle until 2014, so it will be some time before the market has the margin evidence the broker suggests is needed.

Assuming earnings normalise as expected in coming years, JP Morgan sees significant upside given Mirvac currently trades at a 19% discount to the stockbroker's $1.60 estimate for net tangible asset backing. Improving development returns should close this gap in coming years, an expectation that supports the broker's Overweight rating.

JP Morgan has been joined at a Buy rating by both Macquarie and BA-ML, who have upgraded from Neutral ratings post the interim result. Relative value is behind both upgrades, as both brokers see Mirvac as offering a better total shareholder return than peers at current levels.

For UBS it is the fact it will take some time for earnings growth to really pick up that sees no change to its Neutral rating, while Citi also rates Mirvac as a Hold. One reason is while there is potential for some capital management moves; Citi sees a buyback as unlikely given a currently unfavourable valuation/return balance.

Overall, the FNArena database shows Mirvac is rated as Buy five times and Hold twice, with a consensus price target of $1.43. This is up from $1.42 prior to the interim result and reflects the increases to market earnings estimates.

Shares in Mirvac today are little changed and as at 12.00pm the stock was up 0.5c at $1.295. The market overall is slightly negative. Over the past year the stock has traded in a range of $1.18 to $1.60 and at current levels it implies upside of about 10% to the consensus price target in FNArena's database.

http://www.fnarena.com
FNArena News – February 23 2011
By Chris Shaw

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