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Monday, January 24, 2000 Y2K Lending by SEI and Chase Gets Little Response Jittery about possible Y2K problems, and in order to ensure liquidity in a volitile market, SEI Investments has teamed up with Chase Securities to arrange a lending facility for fund families administered by SEI. The $435-million lending facility was formed to help SEI clients find sufficient capital to meet liquidity needs without selling portfolio positions. The facility includes a special repayment provision for loans made last November through January, during the height of the Y2K scare. Funds are allowed to repay these loans over a 60-day term, rather than the standard 30-day term.
Despite the lack of participation to date, the facility will continue into the future. The market remains volatile, and the need for a facility to ensure liquidity continues, according to Filippo. SEI and Chase worked together to assemble the consortium of lenders. Chase will manage the syndication effort and serve as administer the facility. SEI will act as reporting agent, coordinating all communication and reporting requirements with the participant funds. Printed from: MFWire.com/story.asp?s=25464 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |