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Telecom Argentina S.A. Announces the Commencement of the Tender Offer for its 8.500% Notes due 2025

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Telecom Argentina S.A.

Offer to Purchase for Cash Up to U.S.$100,000,000 Aggregate Principal Amount of the Outstanding
8.500% Notes due August 6, 2025

(CUSIP Nos. 879273 AT7 and P9028N AZ4; ISIN Nos. US879273AT79 and USP9028NAZ44)

BUENOS AIRES, Argentina, July 8, 2024 /PRNewswire/ — Telecom Argentina S.A. (“Telecom” or “we”) hereby announces the commencement of its offer to purchase for cash (the “Offer”) from each registered holder (each, a “Holder” and, collectively, the “Holders”), on the terms and subject to the conditions set forth in the offer to purchase dated July 8, 2024 (as it may be amended or supplemented from time to time, the “Statement”), up to U.S.$100,000,000 outstanding aggregate principal amount (reflecting, for the avoidance of doubt, any amortization) (the “Tender Cap”) of its outstanding 8.500% Notes due August 6, 2025 (the “Notes”). Telecom reserves the right, in its sole discretion, subject to applicable law, to increase or decrease the Tender Cap; however, there can be no assurance that it will do so.

Morrow Sodali International LLC is acting as the information and tender agent (the “Information and Tender Agent”) for the Offer. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, BBVA Securities Inc., BCP Securities, Inc., Latin Securities, S.A., Agente de Valores, and UBS Securities LLC are acting as dealer managers (the “Dealer Managers”) for the Offer. 

The aggregate cash consideration for each U.S.$1,000 principal amount of Notes purchased pursuant to the Offer will be (i) U.S.$993 per U.S. $1,000 principal amount of Notes (the “Early Tender Offer Consideration”) payable only in respect of Notes validly tendered and not validly withdrawn at or prior to 5:00 P.M. New York City time on July 19, 2024 (the “Early Tender Deadline”) and accepted for purchase, or (ii) U.S.$963 per U.S.$1,000 principal amount of Notes (the “Tender Offer Consideration”) payable in respect of Notes validly tendered after the Early Tender Deadline but at or before 5:00 P.M., New York City time, on August 5, 2024 (the “Expiration Time”) and accepted for purchase. Only Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline will be eligible to receive the Early Tender Offer Consideration. Notes validly tendered after the Early Tender Deadline but at or before the Expiration Time will be eligible to receive only the Tender Offer Consideration.  In addition, Telecom will pay accrued and unpaid interest and additional amounts, if any, in respect of any Notes purchased in the Offer from the last interest payment date to the Payment Date.

If the purchase of all validly tendered Notes would cause Telecom to purchase a principal amount greater than the Tender Cap, then the Offer will be oversubscribed and, if Telecom accept Notes in the Offer, Telecom will accept for purchase tendered Notes on a prorated basis as described below.  If at the Early Tender Deadline, the aggregate principal amount of Notes validly tendered and not validly withdrawn by Holders exceeds the Tender Cap, we will not accept any Notes validly tendered by Holders after the Early Tender Deadline, unless we decide to increase the Tender Cap, subject to applicable law, in our sole discretion.

The following table sets forth certain terms of the Offer:

Title of
Security

CUSIP / ISIN Nos.

Original Principal
Amount of Notes(1)

 

Principal Amount
Reflecting Any Amortization(2)

Tender Cap(3)

Tender Offer
Consideration(4)

Early Tender
Offer
Consideration(5)

8.500%
Notes
due
August 6, 2025

144A Notes

CUSIP No.: 879273 AT7
ISIN No.: US879273AT79

 

Regulation S Notes

CUSIP No.: P9028N AZ4
ISIN No.: USP9028NAZ44

U.S.$388,871,000

U.S.$260,543,570

U.S.$100,000,000

U.S.$963

U.S.$993

(1) As of July 8, 2024. This amount does not reflect any amortizations or repurchases.
(2) The original principal amount of Notes of U.S.$388,871,000 is subject to a variable amortization factor (the “Amortization Factor”) which is calculated in accordance with amortization payments made and expected to be made in accordance with the terms and conditions of the Notes.  As of the date of the Statement, the Amortization Factor is 0.67 and the aggregate outstanding principal amount of the Notes is U.S.$260,543,570. On or after August 6, 2024, the Amortization Factor is expected be 0.34 and the aggregate outstanding principal amount of the Notes is expected to be U.S.$132,216,140.
(3) Tender Cap to be applied to the outstanding aggregate principal amount of Notes (such aggregate principal amount of the Notes being subject to the Amortization Factor). For the avoidance of doubt, determination as to whether or not the Tender Cap has been exceeded will be made based on the aggregate principal amount of the Notes validly tendered and accepted for purchase after the application of the Amortization Factor that is expected to be applicable on the Payment Date (0.34).
(4) Per U.S.$1,000 principal amount of Notes that are validly tendered at or prior to the Expiration Time but after the Early Tender Deadline and that are accepted for purchase. The Tender Offer Consideration will be paid following the application of the relevant Amortization Factor applicable on the Payment Date. The Tender Offer Consideration excludes accrued interest. Holders whose Notes are validly tendered and accepted for purchase pursuant to the Offer will receive accrued interest and will be paid in U.S. dollars.
(5) Per U.S.$1,000 principal amount of Notes that are validly tendered at or prior to the Early Tender Deadline and that are accepted for purchase. The Early Tender Offer Consideration will be paid following the application of the relevant Amortization Factor applicable on the Payment Date. The Early Tender Offer Consideration excludes accrued interest. Holders whose Notes are validly tendered at or prior to the Early Tender Deadline and that are accepted for purchase pursuant to the Offer will receive accrued interest and will be paid in U.S. dollars.

The purpose of the Offer is to acquire a portion of the outstanding Notes as part of a plan to extend the maturity profile of our existing debt. Concurrently with the commencement of the Offer, Telecom is announcing an offering (the “New Notes Offering”) of a new series of notes (the “New Securities”) to be issued by Telecom in reliance on an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The New Notes Offering will be made in compliance with all the requirements of, and will be subject to the procedural requirements established in, the Argentine Negotiable Obligations Law No. 23,576, as amended and supplemented (the “Negotiable Obligations Law”), Law No. 26,831, as amended and supplemented (the “Argentine Capital Markets Law”), the General Resolution No. 622, as amended and supplemented, issued by the CNV, and any other applicable laws and regulations of Argentina. Telecom expects to use the net proceeds from the New Notes Offering, (i) to pay all or a portion of the consideration for the Offer and accrued and unpaid interest on the Notes validly tendered and accepted by Telecom on or before the Expiration Time, (ii) to pay fees and expenses incurred in connection with the Offer, (iii) to pay or prepay in whole or in part one or more credit facilities and (iv) the remainder, if any, for general corporate purposes. The Offer is conditioned upon, among other things, the successful completion of the New Notes Offering (the “Financing Condition”). No assurance can be given that the New Notes Offering will be completed successfully. In no event will this announcement or the information contained in this announcement regarding the New Securities constitute an offer to sell or a solicitation of an offer to buy any New Securities. Any investment decision to purchase any New Securities should be made solely on the basis of the information contained in the offering memorandum to be prepared in connection with the New Notes Offering, which will include the final terms of the New Securities, and no reliance is to be placed on any information other than that contained in the offering memorandum. Subject to compliance with all applicable securities laws and regulations, the offering memorandum will be available from the Dealer Managers on request. Certain of the Dealer Managers are acting as initial purchasers in the New Notes Offering.

Upon the pricing of the New Notes Offering, we may launch an offer to exchange (the “Exchange Offer”) our outstanding 8.000% Notes due 2026 for new securities of the same series offered in the New Notes Offering. The offering of the New Securities is not conditioned on the successful consummation of the Exchange Offer. However, the Exchange Offer is expected to be contingent on the successful consummation of the New Notes Offering. The Exchange Offer is not being made pursuant to this announcement. The Exchange Offer is to be made solely on the terms and subject to the conditions set out in a separate offer document. The Dealer Managers are expected to act as dealer managers in the Exchange Offer. No assurances can be made that we will launch the Exchange Offer.

If the purchase of all validly tendered Notes would cause Telecom to purchase a principal amount greater than the Tender Cap, then the Offer will be oversubscribed and, if Telecom accepts Notes in the Offer, Telecom will accept for purchase tendered Notes on a prorated basis, with the prorated aggregate principal amount of each Holder’s validly tendered Notes accepted for purchase rounded down to the nearest U.S.$1,000. Depending on the amount tendered and the proration factor applied, if the principal amount of Notes returned as a result of proration would result in less than the minimum denomination of the Notes being tendered or returned, Telecom will accept or reject all of such Holder’s validly tendered Notes. However, Notes validly tendered at or prior to the Early Tender Deadline will be accepted for purchase in priority to Notes tendered after the Early Tender Deadline.

The Early Tender Offer Consideration or the Tender Offer Consideration, as applicable, will not be due in respect of any Notes returned due to proration. Notes must be tendered on behalf of each beneficial owner due to potential proration.

So long as the terms and conditions described herein (including the Financing Condition) are satisfied, Telecom intends to accept for payment all Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline, and will only prorate such Notes if the aggregate amount of Notes validly tendered and not withdrawn at or prior the Early Tender Deadline exceeds the Tender Cap. If the Offer is not fully subscribed as of the Early Tender Deadline, Notes validly tendered after the Early Tender Deadline and at or before the Expiration Time may be subject to proration, whereas Notes validly tendered at or prior to the Early Tender Deadline would not be subject to proration. Furthermore, if the Offer is fully subscribed as of the Early Tender Deadline, Notes validly tendered after the Early Tender Deadline may not be accepted for payment, unless Telecom decides to increase the Tender Cap, subject to applicable law, in its sole discretion. In any scenario, Notes validly tendered at or prior to the Early Tender Deadline and not validly withdrawn will have priority in payment over Notes validly tendered after the Early Tender Deadline and at or before the Expiration Time. Telecom will announce the results of proration, if any, by press release promptly after the Early Acceptance Date (as defined below) or the Final Acceptance Date (as defined below), as the case may be.

Any Notes tendered may be validly withdrawn at or before 5:00 P.M., New York City time, on July 19, 2024 (the “Withdrawal Deadline”), but not thereafter, by following the procedures described herein. Tenders of Notes may not be withdrawn after the Withdrawal Deadline, unless mandated by applicable law. If the Offer is terminated without Notes being purchased, any Notes tendered pursuant to the Offer will be returned promptly, and neither the Early Tender Offer Consideration nor the Tender Offer Consideration, as the case may be, will be paid or become payable.

Subject to the terms and conditions of the Offer (including the Financing Condition) being satisfied or waived, we reserve the right, at any time following the Early Tender Deadline but prior to the Expiration Time (the “Early Acceptance Date”), to accept for purchase the Notes validly tendered at or before the Early Tender Deadline and not validly withdrawn at or before the Withdrawal Deadline, subject any required proration.

Subject to the terms and conditions of the Offer being satisfied or waived, and to our right to extend, amend, terminate or withdraw the Offer, we will, after the Expiration Time (the “Final Acceptance Date”), accept for purchase all Notes validly tendered at or before the Expiration Time and not validly withdrawn at or before the Withdrawal Deadline subject to proration, if applicable. We will pay the Early Tender Offer Consideration and the Tender Offer Consideration for Notes accepted for purchase at the Final Acceptance Date on a date (the “Payment Date”) promptly following the Final Acceptance Date. We will pay the Early Tender Offer Consideration and the Tender Offer Consideration following the application of the relevant Amortization Factor applicable on the Payment Date. Also, on the Payment Date, we will pay accrued and unpaid interest, and additional amounts, if any, to, but not including, the Payment Date, on Notes accepted for purchase at the Final Acceptance Date.

For the avoidance of doubt, we expect to have a single Payment Date for (i) Notes validly tendered before the Early Tender Deadline, and (ii) Notes validly tendered after the Early Tender Deadline and at or before the Expiration Time that are, in each case, accepted for purchase.

Telecom’s obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn pursuant to the Offer, is subject to the satisfaction or waiver of a number of conditions, including the Financing Condition and the General Conditions (as defined in the Statement). Telecom reserves the right, subject to applicable law, in its sole discretion, to waive any of the conditions of the Offer, in whole or in part, at any time and from time to time.

Telecom reserves the right, subject to applicable law, in its sole discretion, to (1) extend, terminate or withdraw the Offer at any time, (2) increase or decrease the Tender Cap, or (3) otherwise amend the Offer in any respect, without extending the Withdrawal Deadline. The foregoing rights are in addition to the right to delay acceptance for purchase of Notes tendered pursuant to the Offer or the payment of Notes accepted for purchase pursuant to the Offer in order to comply with any applicable law, subject to Rule 14e-1(c) under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), which requires that Telecom pay the consideration offered or return the deposited Notes promptly after the termination or withdrawal of the Offer.

Notes tendered by or on behalf of persons that are (i) Argentine Entities (as defined in the Statement) or (ii) Foreign Beneficiaries (as defined in the Statement) that are residents in a “non-cooperative jurisdiction” for Argentine income tax purposes, or that acquired the Notes with funds originating in a non-cooperative jurisdiction must be accompanied in each case with such documentation as Telecom may require to make the withholdings mandated by Argentine income tax regulations.

The Information and Tender Agent for the Offer is:

Morrow Sodali International LLC

E-mail: telecomargentina@investor.morrowsodali.com

Offer Website: https://projects.morrowsodali.com/telecomargentina 

In London

103 Wigmore Street

W1U 1QS

London

Telephone: +44 20 4513 6933

In Stamford

333 Ludlow Street,

South Tower, 5th Floor

Stamford, CT 06902

Telephone: +1 203 658 9457

Any question regarding the terms of the Offer should be directed to the Dealer Managers.

The Dealer Managers for the Offer are: 

Deutsche Bank Securities Inc.

1 Columbus Circle
New York, New York, 10019
United States
Attention: Liability
Management
Call Collect: (212) 250-2955

Toll-Free: (866) 627-0391

J.P. Morgan

Securities LLC

383 Madison Avenue

New York, New York 10179

United States

Attention: Latin America Debt
Capital Markets

Call Collect: (212) 834-7279

Toll-Free: (866) 846-2874

Santander US Capital
Markets LLC

437 Madison Ave
New York, New York 10022

United States

Attention: Liability Management
Call Collect: (212) 350-0660
Toll-Free: (855) 404-3636

 

BBVA Securities Inc.

1345 Avenue of the Americas,

44th Floor

New York, New York 10105

United States of America

Attn: Liability Management

Collect: +1 (212) 728 2446

U.S. Toll Fee: +1 (800) 422 8692

Email: liabilitymanagement@bbva.com 

BCP Securities, Inc.

289 Greenwich Avenue

Greenwich, CT 06830

United States

Attention: James Harper

(203) 629-2186

Email: jharper@bcpsecurities.com 

Latin Securities S.A. Agente de Valores

Zonamérica

Ruta 8, Km 17,500

Edificio M2, Ofic. 002

Montevideo, CP 91600

Uruguay

Attention: m.sagaseta@latinsecurities.com.uy

UBS Securities LLC

1285 Avenue of the Americas

New York, NY 10019

Attention: Liability Management Group

Call Collect: (212) 882-5723

Toll Free: (833) 690-0971

Email: Americas-lm@ubs.com  

The Offer shall be available online at https://projects.morrowsodali.com/telecomargentina until the consummation or termination of the Offer.

View original content:https://www.prnewswire.com/news-releases/telecom-argentina-sa-announces-the-commencement-of-the-tender-offer-for-its-8-500-notes-due-2025–302191216.html

SOURCE Telecom Argentina S.A.

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Travertine Spa Atelier Collaborates with Osmo Labs and Christophe Laudamiel to Develop Luxury Perfume Utilizing AI

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FULLERTON, Calif., Nov. 15, 2024 /PRNewswire/ — Travertine Spa Atelier, the luxury fragrance house is developing a new fragrance using the power of artificial intelligence (AI) in collaboration with the digital olfaction company Osmo.

It can take a year or more to create a fine fragrance. With Osmo’s cutting-edge AI technologies, the development process from concept to final creative wrap-up is reduced to several weeks. Travertine embraces AI for the benefits that it offers in fragrance formulation along with ethical rules that Travertine and Osmo do not compromise on.

“Touring the Osmo laboratories and seeing robots digitize scent left me speechless,” said Terry Carter, chief perfumer of Travertine. “The digital amalgamation of olfactive data and safety protocols does not hinder but rather assists my creative process. Our ethos is to combine indulgent ingredients with modern science. Collaborating with Master Perfumer Christophe Laudamiel and working with new fragrance molecules is a high honor.”

Travertine and Osmo are aligned to incorporate a global perspective and hinder biases of some AI data sets. The fragrance is inspired by an island in the Mediterranean sea. A rich cultural history, terroir, geographical influences, spices, sunshine and originality are elements of the fragrance concept brief.

“We are combining decades of human expertise and ground-breaking technologies from multiple industries. It is imperative that artists and scientists collaborate to discover new molecules and expand the art,” said Osmo Master Perfumer, Christophe Laudamiel. “Art development for thousands of years has always been enabled by scientific discoveries. Fostering education of the artists and the public also goes hand in hand with more grandiose art forms. We also walk that talk at Osmo in our collaboration with colleague perfumers.”

Perfumery is one of many facets of Osmo’s technological innovation.

“I am obsessed with smell and fully committed to digitizing our sense of smell,” said Osmo CEO, Alex Wiltschko. “Our solutions enable large corporations and a multitude of underserved smaller companies to achieve quality perfume design. The history-making technology of Osmo can be used for innumerable applications ranging from fragrance creation to the early detection of disease.”

The unisex fragrance is anticipated to launch in Spring 2025.

About Travertine Spa Atelier
Founded in 2004, Travertine Spa Atelier is a luxury lifestyle brand of high-quality skin care, body care and fine fragrance. We travel the globe for inspiration, ancient skincare rituals, and therapeutic body treatments to create a unique line of vitamin-rich, olfactorily-delicious botanical products. Travertine is favored by fragrance enthusiasts and those in the know. Travertine custom formulates fragrance for ultra-luxe resorts and multinational corporations and is a pledger of the Perfumery Code of Ethics. The Travertine Perfumery Workshop is a top-rated in-demand experience. Travertine Eucalyptus Steam Shower Sprays and products have been featured on major outlets such as FOX, NBC, ABC, Forbes, Bravo, and Extra.

About Osmo Labs
Launched in January 2023 with $60 million Series A funding led by Lux Capital and Google Ventures, Osmo fuses machine learning, data science, psychophysics, olfactory neuroscience, electrical engineering, and chemistry in a multi-disciplinary approach to digitizing scent. The company has begun work in the flavor and fragrance market to create a new generation of better, safer, environmentally-friendly scent molecules, breaking new ground in developing captivesdesigning scents through images and words, and teleporting scent. Osmo has also begun work in the commercial (authenticating products through scent) and public health (discovering new insect repellents) sectors, and expects to expand into others in the future.

For media inquiries: info@travertinespa.com and press@osmo.ai

 

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SOURCE Travertine Spa, Inc.

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Fraud Week 2024 shines a light on AI-driven deception, Nov. 17 – 23

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SAS joins forces with the ACFE to explore the two-edged sword that is GenAI and showcases organizations using advanced analytics to get the upper hand

CARY, N.C., Nov. 15, 2024 /PRNewswire/ — Among the 13,500 people surveyed for SAS’ 2023 Faces of Fraud consumer fraud study, 7 in 10 reported falling victim to fraud at least once. Nearly 40% of the 16-country survey’s respondents reported two or more fraud experiences. To counter rampant AI-fueled scams, data and AI leader SAS again allies with the Association of Certified Fraud Examiners (ACFE) and hundreds of organizations worldwide to promote anti-fraud readiness and education throughout International Fraud Awareness Week, Nov. 17 – 23, 2024.

Preventing #fraud starts with awareness. Learn more & join the conversation online, Nov. 17-23. #FraudWeek

 “AI technology, and generative AI in particular, has proven incredibly dangerous in the wrong hands,” said ACFE President John Gill. “According to our most recent anti-fraud technology study with SAS, 83% of anti-fraud professionals anticipate adding GenAI tools to their defenses over the next two years. They’re forced to keep up in what’s become an escalating tech arms race with criminal enterprises – but it’s an uneven playing field because, unlike their adversaries, fraud fighters must use these technologies ethically and comply with regulations.”

AI vs. AI: using advanced tech to outmaneuver fraudsters
As generative AI continues to reshape the fraud and financial crime landscape, how can anti-fraud pros best position their organizations to foil spiraling criminal exploits? Join SAS and the ACFE for a Fraud Week webinar – open for the first time to ACFE members and non-members alike – where experts will discuss the evolution of GenAI and its growing role in fraud prevention and detection.

Fighting Financial Crime in the Generative AI Age
Nov. 21, 2024, at 10 a.m. CST (and available later on demand)

The webinar will explore current GenAI trends, future implications of the technology and how organizations can keep pace with accelerating innovation. Attendees will get guidance on how to:

Future-proof against GenAI threats in fraud.Utilize advancements and innovative solutions to reshape their anti-fraud programs.Establish trust and responsibility when implementing GenAI technologies.

“Banks, government agencies, insurers, merchants and other businesses continue to modernize with apps and digital offerings to match public demand – and in parallel, criminals are finding and exploiting weaknesses using increasingly sophisticated tools, particularly generative AI,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “But as our customers are proving with their many fraud-fighting successes, even in this climate, establishing robust data ecosystems of digital data points and effective use of composite AI – AI aligned to a specific use case – can help organizations agilely adapt to evolving threats.”

Predicting real-time payment fraud with real-time analytics
Financial institutions have milliseconds to approve or deny an incoming transaction – a staggering task considering that total global credit card transactions alone averaged nearly two billion daily in 2023, the equivalent of almost 23,000 transactions per second. To quickly and accurately identify suspicious activity, digital payments service provider Nets (part of Milan-based Nexi Group) uses anti-fraud technology from SAS. 

Nets provides digital payment services used by over 740,000 merchant outlets and hundreds of banks. Critically, SAS’ AI capabilities enable the European paytech to continually improve its predictive fraud modeling to ensure that the millions of consumers it serves enjoy seamless – and safe – instant payments.

“With SAS Fraud Management, we can process massive amounts of data to identify unusual patterns and sift the fraudulent transactions from the authentic ones – all in real time,” said Jukka-Pekka Kokkonen, Head of Fraud and Dispute at Nexi Group.

“Because of the nature of this battle, it’s critical to constantly monitor fraud detection performance,” added Kokkonen. “The SAS solution … allows us to adapt as needed to battle changing threats in different regions of the world.”

Fighting claims fraud to deliver quality service and reasonable premiums
Since issuing its first policy in 1994, Quálitas MX has grown into the leading auto insurer in Mexico, serving nearly one-third of the market. It boasts more than 20,000 agents and provides coverage for more than five million vehicles. Remaining at the forefront of innovation and technology is an operational cornerstone outlined in Quálitas’ vision statement – and it is reflected in the company’s cloud-based approach to fighting fraud.

For more than a decade, Quálitas has relied on SAS Fraud Framework to detect and prevent claims fraud. The insurer is building AI models to better detect suspicious activity. Early and accurate fraud detection reduces losses, which helps keep premiums down while also expediting the payment of legitimate claims. Both are key factors in delivering quality service and nurturing customer loyalty.

“We have a lot of data in the company, a lot of transactions, and the challenge for us is to use that data to answer questions and make better decisions,” said Rene Abdala, Director of Strategic Planning at Quálitas. “SAS delivers a single view of our customers that helps us identify fraud and other risks. We also use SAS for optimizing pricing and to monitor KPIs across the company.”

Detecting fraud within seconds with real-time data monitoring
Techcombank is a Vietnamese joint-stock bank, serving nearly 14 million retail and corporate customers through its digital banking platform, mobile app and more than 300 branches nationwide. In Vietnam, more than 50% of digital fraud attacks target banks and financial firms, so identifying and preventing fraud is paramount.

Techcombank has implemented a proactive data monitoring system using an enterprise fraud solution from SAS, allowing employees to analyze customer behavior in real time. The results: enhanced fraud detection and prevention capabilities across multiple products and channels on a single platform. The bank slashed the time needed for fraud detection to mere seconds while also minimizing false positives.

“While many banks are reactive and may implement solutions only after fraud issues catch up with them, we made the decision to move early on this front,” said Joseph Vu, Director of Technology and Digital Risk Management at Techcombank. 

“With SAS, we consolidated our fraud detection and investigation while also assigning data authorization to the right specialists. We now act faster, more effectively and more precisely in our information sharing, reporting, business rule writing, triggering alerts and investigation.”

Uncovering noncompliance, tax avoidance and tax evasion
The Mediterranean island nation of Malta is in the midst of a three-year strategic plan to modernize the technology used to collect taxes and customs. The agency responsible – the Malta Tax and Customs Administration (MTCA) – uses SAS as part of those efforts to detect compliance issues and ensure that every citizen and corporation pays their fair share.

Noncompliance, tax avoidance and tax evasion cost governments about 10% to 20% of anticipated annual revenue – and in countries where enforcement is lax, those rates can be as high as 80%. Fixing the problem could yield millions in additional revenue. Using SAS solutions on SAS® Viya®, the MTCA can analyze real-time data, allowing for more effective monitoring and more timely interventions.

“Previously, we had an entirely manual process,” said Joseph Caruana, Commissioner for Tax and Customs at MTCA. “Now thanks to SAS advanced analytics and AI capabilities, audits are much faster and more effective, because they are based on cross-referenced data. … We are more effective because our decisions are data-driven and much timelier.”

Join the conversation online
For more customer stories, thought leadership and practical anti-fraud tips throughout the observance, follow #FraudWeek on Twitter/X and LinkedIn. You’ll find conversations and real-world guidance from SAS experts on payments fraud, identity and digital fraud, money laundering and financial crimes, claims fraud, unemployment fraud, health care fraud and cost containment, procurement fraud, and other fraud topics.

About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®. 

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.

SAS Editorial Contacts:

Danielle Bates

Trey Whittenton

danielle.bates@sas.com

trey.whittenton@sas.com 

+1 919-531-1959

919-531-2250

sas.com/news

 

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SOURCE SAS

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OnTrac Secures Agreement With Lenders To Accelerate Growth As A National Pure-Play E-Commerce Delivery Platform

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Liquidity created by the transaction enables OnTrac to advance operational and growth initiatives, strengthen its financial profile, and continue its expansion as the only last-mile alternative to the national carriers.

VIENNA, Va., Nov. 15, 2024 /PRNewswire-PRWeb/ — OnTrac Final Mile (“OnTrac” or the “Company”), a leading last-mile delivery e-commerce parcel carrier, today announced it has reached an agreement with more than 85% of the holders of its first and second lien term loans for a comprehensive financing and exchange transaction that includes new debt financing, extended debt maturities, and other liquidity enhancements. All existing OnTrac lenders will be offered the opportunity to participate in the transaction.

OnTrac is the largest last-mile delivery company in the U.S. outside of the national carriers, reaching over 70% of the population in two days or less. The Company has a footprint of 16 highly automated sort centers and nearly 100 branches across the U.S. and recently completed its expansion to the Midwest and South-Central regions. OnTrac continues to invest in its network and expand its geographies served and value proposition with customers, offering same-day delivery, 7-day delivery, and transcontinental shipping, with additional near-term service launches on the horizon.

“This transaction will strengthen our balance sheet and enhance our ability to help current and future customers to provide excellent service to their consumers,” said OnTrac CEO Mike Duffy. “We will continue identifying new opportunities for growth, expanding our geographic reach, investing in technology and automation to improve the customer experience, and completing the transition from a super-regional to a national carrier.”

Evercore Group LLC served as exclusive financial advisor and Weil, Gotshal & Manges LLP served as exclusive legal advisor to the Company.

PJT Partners Inc. served as exclusive financial advisor and Gibson, Dunn & Crutcher LLP served as exclusive legal advisor to the ad hoc group of lenders.

About OnTrac Final Mile
OnTrac is a leading last-mile delivery solutions provider, serving e-commerce retailers. Headquartered in Vienna, Virginia, the Company’s footprint stretches across the United States to reach approximately 70% of the population in 35 states and Washington, D.C. and enhance retailers’ ability to meet growing demand in the consumer e-commerce delivery market. OnTrac has evolved into a critical part of the e-commerce infrastructure and is trusted by leading retailers and shippers that desire reduced transit times and increased flexibility within their supply chains. Learn more at http://www.ontrac.com or follow us on LinkedIn, Twitter, YouTube, or Facebook.

Media Contact

Caroline Taylor, OnTrac, (703) 662-2215, mediarelations@ontrac.com, www.ontrac.com 

View original content:https://www.prweb.com/releases/ontrac-secures-agreement-with-lenders-to-accelerate-growth-as-a-national-pure-play-e-commerce-delivery-platform-302307018.html

SOURCE OnTrac

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