Park National Corp
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Financials : Banks | Company profile

Park National Corporation (Park) is a financial holding company. Park's principal business consists of owning and supervising its subsidiaries. Park's banking operations are conducted through The Park National Bank (Park National Bank). Its segments include Park National Bank, Guardian Financial Services Company (Guardian Finance) and SE Property Holdings, LLC (SEPH). Park National Bank is a national banking association with its main office in Newark, Ohio and financial service offices in Ashland, Athens, Butler, Champaign, Clark, Clermont, Coshocton, Crawford, Darke, Hocking, Holmes, Knox, Licking, Madison, Marion, Mercer, Miami, Morrow, Muskingum, Perry, Richland, Tuscarawas, Warren and Wayne Counties in Ohio. Guardian Finance provides consumer finance services in the central Ohio area. SEPH has operations in Ohio, with the sole purpose of such operations being to sell other real estate owned and work out or sell problem loan situations with the respective borrowers.

Closing Price
$101.16
Day's Change
2.76 (2.80%)
Bid
--
Ask
--
B/A Size
--
Day's High
101.51
Day's Low
98.78
Volume
(Heavy Day)
Volume:
46,661

10-day average volume:
37,699
46,661

PG&E secures $5.5 billion in DIP financing to fund operations through bankruptcy

8:00 am ET January 22, 2019 (MarketWatch)
Print

PG&E Corp. (PCG) disclosed Tuesday that it has entered into a commitment letter for $5.5 billion in debtor-in-possession (DIP) financing from J.P. Morgan Chase & Co. Bank of America Corp. (BAC), Citigroup Inc. (C) and Barclays PLC (BARC.LN), ahead of the utility company's planned bankruptcy filing (http://www.marketwatch.com/story/pge-to-file-for-bankruptcy-due-to-california-wildfires-2019-01-14) on Tuesday. PG&E expects the DIP financing will provide it with "sufficient liquidity to fund its ongoing operations. The company expects the Chapter 11 cases to take about two years. The DIP financing is in the form of a $3.5 billion revolving credit facility, a $1.5 billion term loan and a $500 million delayed draw term loan facility. PG&E's bankruptcy filing comes as it faces more than $30 billion in potential liability related to itsrole in the recent California wildfires (http://www.marketwatch.com/story/pge-bankruptcy-the-first-major-corporate-casualty-of-climate-change-2019-01-18). The stock slipped 0.4% in premarket trade. It has plunged 85% over the past three months through Friday, while the Dow Jones Utility Average has slipped 4.8% and the Dow Jones Industrial Average has declined 2.4%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

January 22, 2019 08:00 ET (13:00 GMT)

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