Le réseau Visa B2B Connect s’étend à 32 nouveaux pays et est désormais intégré avec Infosys

L’expansion va aider les institutions financières à traiter rapidement et de manière sécurisée les paiements transfrontaliers des entreprises

SAN FRANCISCO–(BUSINESS WIRE)–Visa Inc. (NYSE : V) a annoncé aujourd’hui que son réseau Visa B2B Connect avait doublé sa portée, passant des 30 couloirs commerciaux globaux, du tout début en juin 2019, aux 62 offerts aujourd’hui. L’objectif de l’entreprise est de s’étendre à plus de 100 pays en 2020.

En outre, Infosys, un leader mondial dans le domaine des services et du conseil numériques de nouvelle génération, s’est intégré au réseau Visa B2B Connect pour offrir à la plateforme Visa B2B Connect un nouvel accès à leurs institutions financières participantes dans le monde entier.

Grâce à cette nouvelle connexion, les institutions financières participantes, à l’échelle internationale vont pouvoir tirer parti de la possibilité de traiter rapidement et de manière sécurisée les paiements transfrontaliers des entreprises dans le monde entier, via Visa B2B Connect.1

« Visa B2B Connect est un réseau rapide, sécurisé et plus efficace, conçu spécifiquement pour surmonter les obstacles dans l’espace des paiements transfrontaliers des entreprises », a déclaré Alan Koenigsberg, responsable mondial des nouveaux flux de paiement, au sein de la division Visa Business Solutions. « Nous sommes ravis de pouvoir profiter d’Infosys et d’étendre Visa B2B Connect à de nouvelles zones géographiques, le tout dans le cadre d’un effort conjoint visant à accélérer l’innovation et à accroître les efficacités aussi bien pour les institutions financières que leurs entreprises clientes. »

En plus de la nouvelle collaboration de Visa avec Infosys, les clients participants peuvent également se connecter à Visa B2B Connect par le biais de Bottomline et FIS, les partenaires de hub de Visa, précédemment annoncés.

Les clients participants peuvent désormais se connecter à Visa B2B Connect via le service Universal Aggregator de Bottomline. Les clients communs peuvent tirer parti de la connectivité API moderne de Bottomline, pour accéder facilement à Visa B2B Connect et commencer à effectuer des transactions à partir de leurs connexions Bottomline existantes, le tout en minimisant les ajustements technologiques.

Selon une récente enquête commandée par Visa2, près de six répondants sur dix (59 %) s’attendent à ce que les recettes globales générées par les paiements transfrontaliers augmentent au cours des cinq prochaines années en raison de la plus grande rapidité des paiements. Près du quart des répondants (24 %) s’attendent à ce que les paiements plus rapides entraînent une augmentation des revenus de près de 25 %.

Visa B2B Connect aide à éliminer les frictions et le temps consacré par les entreprises aux paiements transfrontaliers, en facilitant les transactions depuis la banque d’origine directement jusqu’à la banque bénéficiaire. Le réseau accroît considérablement la visibilité au sein du flux de la transaction, offrant aux acheteurs et aux fournisseurs la possibilité de suivre en temps réel ou presque le statut des paiements, depuis la banque d’origine directement jusqu’à la banque de destination.

Visa B2B Connect peut également réduire considérablement le temps nécessaire au règlement des fonds, lequel peut passer de plusieurs semaines à un ou deux jours. Le réseau offre aux institutions financières et à leurs clients une vision claire des frais associés à un paiement, aidant ainsi les sociétés à mieux gérer leurs flux de trésorerie. Pour commencer à effectuer des transactions via Visa B2B Connect, les institutions financières participantes du monde entier peuvent se connecter de deux manières : directement au réseau ou par l’intermédiaire des partenaires de hub de Visa.

La fonctionnalité d’identité numérique unique de Visa B2B Connect tokenise les informations commerciales sensibles d’une organisation, telles que les coordonnées bancaires et les numéros de compte, en leur donnant un identifiant unique pouvant être utilisé pour faciliter les transactions sur le réseau. La fonctionnalité d’identité numérique de Visa B2B Connect transformera ainsi la manière dont les informations sont échangées dans les transactions interentreprises transfrontalières.

« Les capacités différenciées de Visa B2B Connect et notre travail avec les utilisateurs précoces ont été véritablement conçus pour transformer la vitesse, la sécurité et la rentabilité de l’ensemble de l’écosystème », a ajouté M. Koenigsberg.

Rob Eberle, président et chef de la direction de Bottomline, a confié pour sa part : « Nous sommes ravis de nous associer à Visa pour une initiative aussi importante. La puissante combinaison de nos technologies, associée à un engagement et à des investissements soutenus dans l’innovation liée aux paiements B2B transfrontaliers, va permettre aux banques de prospérer et de se développer dans un monde des paiements ouvert et de plus en plus rapide. »

« Infosys se réjouit à l’idée de travailler en partenariat avec Visa pour créer de nouveaux flux de paiement pour Commercial Payments », a confié pour sa part Narayan Sivaram (Nans), vice-président et responsable mondial de la division cartes et paiements, chez Infosys. « Nous sommes convaincus que cet engagement va nous permettre d’atteindre conjointement un grand nombre de banques et de répondre à leurs besoins transfrontaliers. »

Pour en savoir plus sur Visa B2B Connect, retrouvez Visa sur le stand n° K123 au salon Sibos 2019, qui se tiendra du 23 au 26 septembre à Londres. Des informations complémentaires sont disponibles en consultant l’article intitulé « Visa B2B Connect: Cross-Border Payments Reimagined », sur www.visa.com/visab2bconnect, ou en envoyant un courriel à VisaB2BConnect@visa.com.

À propos de Visa Inc.

Visa Inc. (NYSE : V) est le leader mondial des paiements numériques. Notre mission est de relier le monde grâce au réseau de paiement le plus innovant, le plus fiable et le plus sûr, et, ce faisant, de permettre aux individus, aux entreprises et aux économies de prospérer. Notre réseau de traitement global de pointe, VisaNet, fournit des paiements sécurisés et fiables dans le monde entier, et est capable de gérer plus de 65 000 messages de transaction par seconde. La focalisation incessante de la société sur l’innovation est un catalyseur pour la croissance rapide du commerce numérique accessible à tous sur tout type d’appareil et partout. À l’heure où le monde est en train de passer de l’analogique au numérique, Visa met à disposition sa marque, ses produits, ses employés, son réseau et son envergure pour remodeler l’avenir du commerce. Pour en savoir plus, consultez la rubrique À propos de Visa, et visitez visa.com/blog et @VisaNews.


1 La disponibilité varie d’un pays à l’autre.

2 Enquête commandée par Visa Inc. et menée auprès de banques et d’entreprises dans 20 marchés, en juin 2019, par East & Partners.

Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

Contacts

Aida Hadzibegovic

ahadzibe@visa.com
415-805-4242

Think Global Forum Unveils a Brand-New Identity

DUBLIN–(BUSINESS WIRE)–The Think Global Forum unveils a brand-new identity today, ahead of the launch of the Think Global Awards.

The newly revealed identity reflects the purpose of the global forum, embodying a new visual language while retaining the brand position and personality. The new positioning is designed to work effortlessly across digital and physical channels in addition to observing the past and signifying a clear forward momentum for all aspects of the Think Global Forum.

The timing of the new identity comes ahead of the latest Think Global Awards. The awards are also in line to receive a new brand identity upgrade to celebrate the third year of the expanding program.

This is the right time to refresh our brand, as we remain focused on thought leadership, networking, and growing our global community. Thank you to everyone involved with the Think Global Forum around the world and for the ongoing support of the Forum Executives, industry experts, speakers, and community members,” commented Simon Hodgkins, Founder, Think Global Forum and Think Global Awards.

About Think Global Forum

The Think Global Forum is a community of global individuals, including forum participants, industry experts, speakers, and Forum Executives. The Think Global Forum is designed to provide insights and thought leadership in the context of Technology, Travel, Manufacturing, Life Sciences, Retail, eCommerce, and a growing number of sectors around the world. The forum offers keen insights into the here and now and, most importantly, the future.

To learn more or to join the Think Global Forum, please visit https://www.thinkglobalforum.org

Contacts

Media
Priscillia Charles

Communications Director, Think Global Forum

www.thinkglobalforum.org
priscillia@thinkglobalforum.org

Thryv® Named to Service World Expo’s Top 10 New Products List For 2019

DALLAS–(BUSINESS WIRE)–Thryv, Inc. — the leading small business software provider — is delighted to announce it has been named to Service World Expo’s list of Top 10 New Products for 2019. The industry’s premier event for residential service contractors, Service World Expo is the number one meeting for HVAC, plumbing, electrical and remodeling contractors to get access to top business insights, marketing strategies, moneymaking practices and more.

Thryv is pleased to showcase its better-than-ever small business software at the event in Las Vegas October 16 through 18, 2019. Thryv will be featured in the Innovation Showcase for the event’s more than 2,700 expected attendees.

At Thryv, we know contractors work better with the right tools — and that includes their software. Our team works exceptionally hard to ensure Thryv works specifically for our clients who spend the majority of their time out in the field,” said Chief Strategy Officer Gordon Henry.

Thryv VP of Product and Marketing Ryan Cantor added that the company’s software, though it has multiple features, has one goal in mind. “Thryv’s fully mobile, and it’s packed with features that help contractors work smarter from the field. Thryv helps them get new jobs, manage their jobs, and get recognized online — all so they can get back to work.”

Thryv includes:

  • Online appointment scheduling
  • Contact and client management
  • Estimates, invoices and payment processing
  • Online reputation management
  • And more

Headed to the show? Schedule a Thryv demo to get a hands-on, personalized demonstration of how Thryv can do the heavy lifting for your small business.

About Thryv, Inc.

Thryv, Inc. builds and owns the simple, easy-to-use software Thryv® that helps small business owners with the daily demands of running a business; and allows them to take control and be more successful. Thryv provides modernized business functions allowing them to manage their time, communicate with clients, and get paid. These include building a digital customer list, communicating with customers via email and text, updating business listings across the internet, accepting appointments, sending notifications and reminders, managing ratings and reviews, generating estimates and invoices, processing payments, and issuing invoices and coupons.

Thryv delivers business services to more than 400,000 small businesses across America that enable them to compete and win in today’s economy.

Thryv also provides consumer services through our market-leading search, display and social products—and connects local businesses via The Real Yellow Pages® from the over 25 million monthly visitors of DexKnows.com®, Superpages.com® and yellowpages.com search portals; and local print directories. For more information about the company, visit thryv.com.

Contacts

Paige Blankenship

Thryv, Inc.
972.453.3012

paige.blankenship@thryv.com

Tad Doering

Thryv, Inc.
972.453.7229

tad.doering@thryv.com

Direct Sellers Urge Lawmakers to Protect and Clarify Independent Contractor Status During Direct Selling Day on Capitol Hill

WASHINGTON–(BUSINESS WIRE)–#AmericasOrginalEntrepreneur–The Direct Selling Association (DSA), the national trade association for direct selling companies, hosted its annual Direct Selling Day on Capitol Hill for executives and independent direct sellers throughout the United States.


More than 125 people representing 19 DSA member companies met with Members of Congress to emphasize the importance of protecting independent workers and discuss how direct selling offers a flexible, and low-risk pathway to entrepreneurship for millions of Americans.

Direct Selling Day on Capitol Hill is part of the DSA’s broader efforts to urge passage of H.R. 3522, the Preserving the Direct Seller Independence Act, which is intended to modernize independent work laws to keep pace with updates in the economy and with the nature of labor.

“As we see more people choosing independent work in today’s economy, it’s important that we recognize that all independent work is not the same,” said Joseph N. Mariano, president and chief executive officer for the Direct Selling Association. “Choice is a critical distinction to make, and H.R. 3522 preserves direct sellers’ ability to choose the products they want to sell, the customers they engage with, and the hours they will work – and make those decisions based on their own needs, responsibilities and aspirations.”

“Direct selling is a force for good, and we make a positive difference in the lives of so many across the U.S. and beyond,” explained Ryan Napierski, DSA Chairman and President, Nu Skin Enterprises. “It is important for us to ensure that our representatives here in Washington, D.C. understand what we do and what makes direct selling different from newer gig economy players. The importance of the work we are doing today cannot be understated.”

Direct sellers participating in the Capitol Hill events represent the more than 6 million entrepreneurs – about 75 percent of whom are women – in the United States. According to 2019 DSA National Salesforce Study, ‘flexibility’ was the top reason for becoming a direct seller.

Attendees urged almost 100 Members of Congress to consider the implications and importance of maintaining the independent contractor status for all direct sellers. Emphasizing that direct selling offers individuals a low-risk way for to participate in today’s fast-growing economy.

During the morning program, attendees heard from members of the Direct Selling Caucus about their support of the direct selling business. Speakers were:

  • Rep. Josh Gottheimer (D-NJ)
  • Rep. Richard Hudson (R-NC)
  • Rep. Debbie Lesko (R-AZ)
  • Rep Tim Walberg (R-MI)

“As the son of an entrepreneur, I understand what it takes to build a business on your own terms,” explained Rep. Gottheimer (D – NJ). “As co-author of H.R. 3522, the Preserving Direct Seller Independence Act, I believe direct selling and the good that it does universally for American families is something that all legislators, regardless of politics and party affiliation, can stand behind.”

Rep. Hudson said, “As the co-chair of the direct selling caucus, there is no better time to represent this industry here on Capitol Hill. I know direct selling: it’s what helped me pay my way through college.”

“I know what it means to be self-made, and I understand the focus and determination needed to reach individual goals. Direct sellers are people I respect, and as a member of the Direct Selling Caucus, I am proud to stand up for and help protect what you do,” said Rep. Lesko (R-AZ)

“When we talk about employment today, we can’t talk about the type of employment that we’ve always known – things have changed so much, and this is why I am fighting to protect direct sellers’ independence through H.R. 3522, the Preserving Direct Seller Independence Act,” explained Rep. Walberg (R – MI) and member of the Direct Selling Caucus. “Standing for direct selling is important because of what you do for so many millions. I am committed to preserving your personal freedom and what you do to improve the lives of so many on your own terms.”

DSA continues to work with Members of Congress as a part of ongoing efforts to police, protect, and promote direct selling, and to ensure direct sellers are fully understood at all levels of government.

ABOUT THE DIRECT SELLING ASSOCIATION

The Direct Selling Association (DSA) is the national trade association for companies that offer entrepreneurial opportunities to independent sellers to market and sell products and services, typically outside of a fixed retail establishment. In 2018, direct selling took place across the United States, generating $35.4 billion in retail sales. More than six million entrepreneurs in the U.S. are selling products or services through the direct selling channel, providing a personalized buying experience for more than 36.6 million customers.

Contacts

Ginger Greenberg

ggreenberg@sunwestpr.com
214-732-5832

sPower Closes Debt and Tax Equity Financing for 218 MW Wind Farm

Financing secured for Prevailing Wind Park in South Dakota

SALT LAKE CITY–(BUSINESS WIRE)–sPower, a leading renewable energy Independent Power Producer (IPP), today announced that the company closed on the debt financing and tax equity commitment for Prevailing Wind Park, in Bon Homme, Charles Mix and Hutchinson Counties in South Dakota.

Lenders for the approximately $319 million construction/term facility are HSBC and CIBC. The banks’ commitment will be backed by a $189 million tax equity commitment from Bank of America Merrill Lynch.

sPower is very pleased to announce the concurrent closing of the construction debt, term debt and tax equity on this 218 MW wind project. This is a first for us in the wind finance space and continues to demonstrate sPower’s position as the industry leader in renewable energy finance,” said Brian Callaway, Vice President of Structured Finance and M&A at sPower.

This is a milestone project for us, and it is rewarding to realize success with wind similar to what we have historically done with solar. We have always expected wind power to be an increasingly large portion of the sPower portfolio. This achievement strengthens our desire to leg further into the wind space,” said David Shipley, Chief Financial Officer at sPower.

”CIBC is pleased to have partnered with sPower to lead the financing on this groundbreaking project,” said Susan Rimmer, Managing Director and Head, CIBC Global Corporate Banking. “The ability to execute such a landmark project speaks to sPower’s capabilities as a leading renewables developer. We look forward to partnering with and supporting sPower’s continued expansion in the US renewable energy industry.”

HSBC is doing our part in the world’s transition to a low carbon economy by offering innovative solutions such as this structured finance transaction for sPower,” said James Wright, Managing Director and Head of Power, Utilities and Renewables at HSBC Bank USA. “By supporting the Prevailing Wind Park project, we are financing a sustainable future.”

The 218 MW wind farm represents sPower’s largest project to-date and is the largest single asset financing in the company’s history.

The electricity generated by Prevailing Wind Park will be sold to a utility under a 30-year Power Purchase Agreement. The expected electricity generated at full capacity is enough to meet the consumption of up to 90,000 average South Dakota homes.

CohnReznick Capital served as financial advisor and McDermott Will & Emery served as sPower’s counsel in the deal.

About sPower

Headquartered in Salt Lake City, sPower is one of the fastest-growing utility-scale renewable energy companies in the United States. sPower owns and operates more than 155 utility and commercial distribution electrical generation systems and has a portfolio of solar and wind assets exceeding 13.0 GW between operation, construction and development. As a vertically integrated platform, with technology neutrality, sPower develops projects at the lowest cost; funds projects from development through operations; and provides access to a mature, highly viable pipeline of projects. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), and the Alberta Investment Management Corporation.

sPower provides renewable energy for a sustainable future. For more information, visit www.spower.com.

Contacts

Lara Hamsher, Government Relations and Communications Manager, sPower
Telephone: 385.415.1455
Email: lara.hamsher@spower.com
Website: www.sPower.com

KBRA Releases Single-Borrower SFR Comprehensive Surveillance Report

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases a Comprehensive Surveillance Report for the KBRA-rated universe of 19 outstanding single-borrower, single-family rental (SFR) securitizations. In connection with this report, 86 ratings have been affirmed and 21 ratings have been upgraded. Of the 21 upgraded ratings, 17 are on securities issued in connection with four transactions issued by American Homes 4 Rent, which were primarily driven by continued increases in cash flow and deleveraging owing to home price appreciation of the underlying portfolios and amortization of each respective loan. The remaining four ratings upgrades are related to Progress 2015-SFR3, which were mainly driven by deleveraging through home price appreciation of the underlying assets.

The ratings were issued in connection with 19 single-borrower transactions, each of which is collateralized by a single loan. The underlying loans, which have an aggregate balance of $11.7 billion, are secured by 75,423 SFR properties.

The report provides various key credit metrics that were analyzed and compared to both issuance and ongoing performance data for the individual transactions. While the report provides an individual tear sheet for each deal, KBRA has also presented rolled-up information for each of the issuing shelf, which provides useful insights into the overall performance of each sponsor’s securitized portfolio. Finally, the publication also provides key takeaways from our analysis, some of which are as follows:

  • Property portfolio values have appreciated by 15.4%, on average, since issuance of the respective transactions as implied by July 2019 CoreLogic HPI data.
  • Portfolio net operating incomes (NOI) are, on average, 9.1% higher than the issuer’s underwritten NOI, and higher than 5.9% compared to our last review in September 2018. The servicer NOI for the current review was 33.4% higher, on average, compared to KBRA assumed NOI at issuance.

    • Contractual rental rates (rent per property) have increased by an average of 9.4% across all of the outstanding deals since issuance.
    • The current vacancy rate across all the portfolios is 4.4%, on average, which is equivalent to the average vacancy as of our last review in September 2018, but lower than the average of 6.1% as of the November 2017 review. Tenant delinquency rates have averaged 0.5%, which is in-line with 0.6% in our previous review.
    • Tenant Retention Rates have averaged 72.5% across all of the transactions, which is higher than the 70.0% at the time of the last comprehensive surveillance report.
    • Servicer reported operating expenses are, on average, 21.1% higher than each issuer’s underwritten figures at issuance. In comparison, operating expenses as of the last review in September 2018 were, on average, 17.3% higher than the issuer’s underwritten figures at securitization.
  • LTVs across all transactions have continued to decline since the issuance average of 73.2% to a current Implied LTV of 62.1%. This average Implied LTV as of the last review in September 2018 was slightly higher, at 63.9%.
  • Average NOI debt service coverage (DSC) and NOI debt yield (DY) for all of the deals are 1.98x and 8.0%, respectively.

For further details, please see a copy of the report, entitled Single-Borrower SFR: Comprehensive Surveillance Report, published at www.kbra.com.

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

CONNECT WITH KBRA

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
Daniel Tegen, Senior Director

(646) 731-2429

dtegen@kbra.com

Akshay Maheshwari, Director

(646) 731-2394

amaheshwari@kbra.com

Keith Kockenmeister, Senior Managing Director

(646) 731-2349

kkockenmeister@kbra.com

Nitin Bhasin, CFA, Senior Managing Director

(646) 731-2334

nbhasin@kbra.com

Piper Jaffray Completes the Sale of the Midstream Energy Asset Management Business of Advisory Research, Inc.

MINNEAPOLIS–(BUSINESS WIRE)–Piper Jaffray Companies (NYSE: PJC) a leading investment bank and institutional securities firm, announced today it has completed its sale of the midstream energy asset management (MLP) business of Advisory Research Inc. to Tortoise Capital Advisors.

Combining the Tortoise and Advisory Research midstream energy investment teams, two of the longest tenured in the midstream energy space, creates a “best-in-class” organization with a comprehensive suite of solutions for clients. “Tortoise has built an excellent investment management platform focused on essential assets. The midstream energy infrastructure team will bring unique perspectives that will create an even stronger and deeper combined team,” commented Deb Schoneman, president of Piper Jaffray.

About Piper Jaffray

Piper Jaffray is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. Through a distinct combination of candid counsel, focused expertise and empowered employees, we deliver insight and impact to each and every relationship. Our proven advisory teams combine deep product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in Hong Kong, Aberdeen and London. www.piperjaffray.com

About Tortoise

Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 15 years. Tortoise’s infrastructure expertise includes midstream energy, renewables and water. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.tortoiseadvisors.com.

Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through five separate investment advisory affiliates.

Follow Piper Jaffray: LinkedIn | Facebook | Twitter

© 2019 Piper Jaffray Companies. 800 Nicollet Mall, Suite 1000, Minneapolis, Minnesota 55402-7036

Contacts

Piper Jaffray Companies
Pamela Steensland

Tel: 612 303-8185

pamela.k.steensland@pjc.com

Certain Morgan Stanley Closed-End Funds Declare Quarterly Dividends

NEW YORK–(BUSINESS WIRE)–Each of the Morgan Stanley closed-end funds listed below (the “Funds”) today declared the following dividends.

RECORD DATE

PAYABLE DATE

9/30/19

10/15/19

Name of Closed-End Fund

 

NYSE

Ticker

Net Investment

Income Per

Share

Morgan Stanley Emerging Markets Debt Fund, Inc.

MSD

$0.13

Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.

EDD

$0.14

For more information call: 1-800-231-2608.

The amount of net investment income to be paid by the Funds is determined in accordance with federal income tax regulations. It is possible that all or a portion of the Funds’ fiscal year 2019 dividend may be a return of capital and that determination cannot yet be made.

The amount of dividends paid by each of the Funds may vary from time to time. Past amounts of dividends are no guarantee of future dividend payment amounts.

The final determination of the source and tax characteristics of all distributions in 2019 will be made after the end of the year.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 665 investment professionals around the world and $497 billion in assets under management or supervision as of June 30, 2019. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im

Morgan Stanley is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.

Morgan Stanley Investment Management does not provide tax advice. Investors should always consult a legal or tax professional for information concerning their individual situation.

Investing involves risk and it is possible to lose money on any investment in the Funds.

Contacts

For more information: 800.231.2608

Tortoise Completes Acquisition of Advisory Research’s Midstream Energy Business

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise today announced it has completed its previously announced acquisition of the midstream energy asset management business of Advisory Research Inc. from Piper Jaffray Companies (NYSE: PJC).

The transaction brings together two highly experienced and tenured midstream energy pioneers with strong track records and complementary investment philosophies anchored in fundamental research. The midstream energy infrastructure team, including the leadership team of Senior Portfolio Managers Jim Cunnane, Jr. and Quinn Kiley, will maintain oversight of their current midstream energy infrastructure business and client relationships. The team brings approximately $3 billion in assets under management in balanced and equity strategies through mutual funds, separate accounts and sub-advised closed-end funds.

“We are pleased to welcome Jim, Quinn and the entire team to Tortoise,” said Tortoise Chief Executive Officer, Kevin Birzer. “This partnership underscores our shared view that the midstream sector will play an essential role in the energy transition story as the U.S. exports low-cost energy to the rest of the world.”

“We are excited to become part of the Tortoise family,” said Tortoise Senior Portfolio Manager, Jim Cunnane. “We share a passion for the midstream energy sector and see tremendous opportunities to leverage our collective industry wisdom. Most importantly, we have been actively collaborating to ensure a smooth transition for our clients.”

Financial terms of the transaction were not disclosed.

About Tortoise

Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit tortoiseadvisors.com.

Contacts

Zito Partners

Deborah Kostroun

deborah@zitopartners.com
(201) 403-8185

Spirit Realty Capital, Inc. Comments on Closing of SMTA $2.4 Billion Sale to Hospitality Properties Trust

DALLAS–(BUSINESS WIRE)–Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit”), a net-lease real estate investment trust (REIT) that invests in single-tenant, operationally essential real estate, today commented on the announcement by Spirit MTA REIT (NYSE: SMTA) (“SMTA”), externally managed by a subsidiary of Spirit, that SMTA closed on the previously-announced sale of substantially all of the assets held in Master Trust 2014 by SMTA, and three travel center properties formerly owned by a subsidiary of Spirit, to Hospitality Properties Trust (“HPT”) (NASDAQ: HPT) for $2.4 billion in total cash consideration, subject to certain adjustments (the “MTA Sale”).

“This transaction marks a critical milestone in Spirit’s evolution to a simplified net lease REIT while providing SMTA shareholders with a substantial return of capital. Thanks to tremendous efforts by the Spirit team and SMTA board of trustees, we were able to achieve this positive outcome in a relatively short period of time and I am excited about the next chapter of Spirit as we continue to move forward,” stated Jackson Hsieh, President and Chief Executive Officer of Spirit.

In conjunction with closing of the MTA Sale, Spirit received approximately $265 million in aggregate proceeds, which amounts include termination fees, consideration for the repurchase of the preferred equity investment, including any accrued and unpaid dividends, consideration for the redemption of the Master Trust 2014 notes held by Spirit, and proceeds from the sale of three travel center properties.

In addition, in connection with the closing, the interim asset management agreement between a subsidiary of Spirit and SMTA whereby Spirit will receive $1 million during the initial one-year term and $4 million for any renewal one-year term, plus certain cost reimbursements, to manage and liquidate the remaining assets held by SMTA became effective; such agreement is terminable at any time by SMTA and by Spirit after the initial one year term, in each case without a termination fee.

Additional information about the transaction referenced can be found in the announcement released by SMTA at http://investors.spiritmastertrust.com/press-releases.

ABOUT SPIRIT REALTY

Spirit Realty Capital, Inc. (NYSE: SRC) is a net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term, net leases.

As of June 30, 2019, our diversified portfolio was comprised of 1,563 owned properties and 43 properties securing mortgage loans. Our owned properties, with an aggregate gross leasable area of approximately 29.3 million square feet, are leased to 255 tenants across 48 states and 32 industries.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the CPI; Spirit’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; the financial performance of Spirit’s retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers; Spirit’s ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit’s costs of borrowing as a result of changes in interest rates and other factors; Spirit’s ability to access debt and equity capital markets; Spirit’s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit’s ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; Spirit’s ability to manage its expanded operations; Spirit’s ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended Spirit’s ability to manage and liquidate the remaining SMTA assets; and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit’s most recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect Spirit’s good faith beliefs, they are not guarantees of future performance. Spirit disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

Contacts

Pierre Revol

(972) 476-1403

InvestorRelations@spiritrealty.com