Axos Financial Shares Rise 12% After Buying Two Loan Portfolios From FDIC
08 Dezembro 2023 - 1:29PM
Dow Jones News
By Chris Wack
Axos Financial shares were up 12% to $49.80 on Friday after the
company's wholly owned Axos Bank subsidiary completed the
acquisition of two performing commercial real estate loan
portfolios from the Federal Deposit Insurance Corporation.
The stock hit its 52-week low of $32.05 on Nov. 13, and is now
up 29% in the past 12 months.
Axos Bank bought the portfolios, including multi-family loans,
for a purchase price equal to 63% of par value, resulting in an
discount to par value for the purchased loans of $463.7
million.
Axos Bank paid cash for the acquired loans.
All 58 loans are current on principal and interest payments. The
transaction value was enhanced by the inclusion of a series of
back-to-back interest rate swaps that allow the borrowers to pay an
average fixed rate of 3.8%, while Axos receives a primarily
variable note rate of 6.9%.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 08, 2023 11:14 ET (16:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Axos Financial (NYSE:AX)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Axos Financial (NYSE:AX)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024
