Latest news with #NationalAssociation
Yahoo
3 days ago
- Business
- Yahoo
Why tax changes are a 'huge deal' for small homebuilders
Homebuilder confidence edged up in July after 15 months in negative territory. Jim Tobin, CEO of the National Association of Home Builders (NAHB), joins Market Catalysts to discuss what's driving cautious optimism amid high interest rates and new tax policies. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts here. Homebuilder confidence rose slightly in July with the National Association of Homebuilders Housing Market Index rising to 33, up from 32 in June. The index has remained in negative territory for 15 months straight. Here with more on the outlook for homebuilders is Jim Tobin, NAHB CEO. Jim, it is good to see you here. So, a small improvement, I guess we'll take it, right, in this environment? Um, what, uh, do you think drove that improvement in confidence? Well, good morning, Julie. Uh, I I think I think we're bouncing along at the bottom here. Uh, I I think, you know, one one one point up, which which is great to see us to move move in any positive direction. Uh, really, I just think we've reached the bottom and, you know, I travel across the country speaking to home builders in every market and every state. Uh, and and they're still there's still a level of confidence in in the market even though things have slowed considerably over the last couple of months. I also think the news out of Washington with the passage and and and enactment of the one big beautiful bill act, I think that sets the the business and individual tax taxation in this country ahead for the next 10 years. I think that is a positive aspect. Plus the deregulation that President Trump is starting to to implement, I think there's some good signs on the horizon. We're just stuck in a, you know, high interest rate and still a regulatory environment that's uh, that's hurting home building. Hey, Jim, um, in that bill, can you point to some specific stuff for people who might not be, well, I mean, I guess it would be difficult for anyone to be familiar with all of the intricacies of the bill. But in terms of the parts of the bill that are most relevant for your industry, what can you point to that, uh, could potentially be helpful? The vast majority of homes built in this country are built by small and medium-sized businesses. So locking in that 20% deduction for pass-through entities to keep them competitive with the corporate rates, that is a huge deal and that has been made permanent. Uh, so that's great for the business side of the home building industry. For consumers, they didn't touch any of the housing tax incentives, meaning the loan to housing, sorry, meaning the mortgage interest deduction or the, uh, the the exclusion of capital gains on the sale of a home. Uh, but also, we've also created the pathway to build more low-income affordable rental units, allowing people to get into safe, decent, affordable rental, and then build build, uh, a nest egg so they can move into home ownership. So, there's a lot in there both from the business and individual side for housing. Uh, and again, setting the setting the tax structure of this country for the next five to 10 years, a really big, uh, a really big boost for the industry. And I think as we see that move into the economy over the next several months, that's going to add to to more optimism for our industry. Related Videos United CEO is 'adjusting to the new realities' of the industry Novartis CEO on pharma tariffs, raised outlook, competition PepsiCo, Citizens Financial, US Bancorp: Earnings movers Retail sales jump in June: Consumer is 'powering through' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
09-07-2025
- Politics
- The Guardian
Undocumented builders face unchecked exploitation amid Trump raids: ‘It's more work, less pay'
As the Trump administration ramps up its crackdown on immigration, undocumented workers in the construction industry claim raids and arrests have emboldened some contractors to cut pay and increase hours. Rogelio, a tile setter, works for various contractors in the the Tucson, Arizona region. He is undocumented, and did not provide his full name. When Donald Trump returned to office in January, Rogelio said his employers cut their rates by 30% to 40%. Other laborers told him they had endured similar treatment. 'They decreased the pay by piece because they know most of the tile setters don't have social security numbers, so they take advantage of that. We are in their hands,' Rogelio told the Guardian. 'It's more work, less pay. We have no choice right now. 'We're struggling with bills. We're struggling with food. We're struggling with everything because we don't get enough money to pay whatever we need to pay.' Many of the undocumented immigrants Rogelio knows are only leaving home to work, Rogelio said. 'We have a lot of fear,' he told the Guardian. 'We look for news in the morning to see if we're able to go to work or not.' With around 2.9 million US construction workers – some 34% of the workforce – foreign-born, construction sector lobbyists have publicly urged the Trump administration to soften their hardline stance on immigration. 'While the need for safe and secure borders is paramount, mass deportation is not the answer,' Buddy Hughes, chairman of the National Association of Home Builders, said in a statement. Advocates for workers rights say some operators in the sector are using Trump's crackdown to abuse undocumented workers. 'Especially in construction, there're a lot of subcontractors that take advantage of this situation by not paying them the fair wage or not even paying them at all,' said Laura Becerra, movement politics director of the non-profit Workers Defense Project based in Texas. Undocumented workers are unlikely to lodge an official complaint, she added. 'Since people don't want to say anything because they don't want to be put on the radar, and they're also getting retaliated against if they do say something.' The administration is pushing ahead with public raids on undocumented immigrant workers. The Immigration and Customs Enforcement (Ice) agency is arresting an increasing number of immigrants without any criminal history, according to a Guardian analysis of federal government data. 'It's an attack,' Becerra said. 'It's taking a toll on families, families that need to make ends meet, that are already suffering from low wages and doing work no one wants to do.' In Tucson, undocumented workers are avoiding freeways, according to Rogelio. 'Freeways are one of the worst places to drive right now because of all the police and border patrol and they look for mostly hispanic people to stop,' he said. 'We are living day by day and not knowing what's going to happen tomorrow.' In some areas 'there are spots where you can work with no problem,' he said. 'But others, there are racist people living there and they don't want us. They want our work, they want cheap labor, but they don't want us. 'We came here because we want to work and provide for our families. The only reason I'm here, personally, I have two kids who are American citizens. I'm not asking for any benefits from the government.' Reports from across the US suggest undocumented workers are facing unprecedented pressure. Savannah Palmira, director of organizing for the International Union of Painters and Allied Trades district council 5, which covers workers in states around the Pacific north-west, said the threat of raids is making it harder for workers to organize. A roofing company in Washington was raided by Immigration and Customs Enforcement (Ice) earlier this year after workers filed safety complaints, Palmira claimed, with the fear of retaliation stemming from that case spreading to other job sites, and leaving workers reluctant to speak out and file complaints against abusive work practices. 'What contractors are doing is taking an opportunity to not be held accountable for their bad practices,' said Palmira. 'The more and more people are starting to talk about workers getting taken advantage of, Ice is getting called on them. They're taking a tool away from us to be able to put bad contractors on notice.' In Washington, another undocumented construction worker – who requested to remain anonymous for fear of retaliation – said many of his coworkers were 'thinking about going back to their countries' due to the reality of life in the US. 'The last company I worked for took advantage of people in every situation,' he said, from dissuading injured workers from getting medical attention to denying overtime and breaks. 'They say, you are undocumented, so they will pay you $10 an hour because you have no work permit,' he added. 'And if not, they will tell Ice.' 'In Washington state, immigrants make up 25% of the trades workforce in construction. With a consistent labor shortage and demand for housing constantly growing, residential construction needs all the skilled workers available,' a spokesperson for the Building Industry Association of Washington said in an email. 'We've provided our members with guidance on how to legally employ immigrants, including verifying the identity and US employment authorization of all employees. We also generally support improving US Immigration policy to allow responsible and law-abiding undocumented worker a pathway to achieving citizenship.' Arizona Builders Alliance did not respond to multiple requests for comment. On a national level the construction industry has repeatedly warned of the negative impacts of immigration raids on what they claim has already been a severe labor shortage in US construction. Asked about contractors allegedly using the ramp up in immigration enforcement to cut pay and increase workloads, the National Association of Home Builders issued a statement from Hughes, its chairman, which did not directly address the claims. 'With the construction industry facing a deficit of more than 200,000 workers, policymakers must consider that any disruption to the labor force would raise housing costs, limit supply and worsen the nation's housing affordability crisis,' Hughes said. 'To address this pressing national issue, NAHB is urging Congress to support meaningful investments in our nation's education system to encourage students to pursue careers in the skilled trades. 'Policymakers should also support sensible immigration policies that preserve and expand existing temporary work visa programs while also creating new market-based visa programs that will accurately match demand with available labor.'
The Guardian
09-07-2025
- Politics
- The Guardian
Undocumented builders face unchecked exploitation amid Trump raids: ‘It's more work, less pay'
As the Trump administration ramps up its crackdown on immigration, undocumented workers in the construction industry claim raids and arrests have emboldened some contractors to cut pay and increase hours. Rogelio, a tile setter, works for various contractors in the the Tucson, Arizona region. He is undocumented, and did not provide his full name. When Donald Trump returned to office in January, Rogelio said his employers cut their rates by 30% to 40%. Other laborers told him they had endured similar treatment. 'They decreased the pay by piece because they know most of the tile setters don't have social security numbers, so they take advantage of that. We are in their hands,' Rogelio told the Guardian. 'It's more work, less pay. We have no choice right now. 'We're struggling with bills. We're struggling with food. We're struggling with everything because we don't get enough money to pay whatever we need to pay.' Many of the undocumented immigrants Rogelio knows are only leaving home to work, Rogelio said. 'We have a lot of fear,' he told the Guardian. 'We look for news in the morning to see if we're able to go to work or not.' With around 2.9 million US construction workers – some 34% of the workforce – foreign-born, construction sector lobbyists have publicly urged the Trump administration to soften their hardline stance on immigration. 'While the need for safe and secure borders is paramount, mass deportation is not the answer,' Buddy Hughes, chairman of the National Association of Home Builders, said in a statement. Advocates for workers rights say some operators in the sector are using Trump's crackdown to abuse undocumented workers. 'Especially in construction, there're a lot of subcontractors that take advantage of this situation by not paying them the fair wage or not even paying them at all,' said Laura Becerra, movement politics director of the non-profit Workers Defense Project based in Texas. Undocumented workers are unlikely to lodge an official complaint, she added. 'Since people don't want to say anything because they don't want to be put on the radar, and they're also getting retaliated against if they do say something.' The administration is pushing ahead with public raids on undocumented immigrant workers. The Immigration and Customs Enforcement (Ice) agency is arresting an increasing number of immigrants without any criminal history, according to a Guardian analysis of federal government data. 'It's an attack,' Becerra said. 'It's taking a toll on families, families that need to make ends meet, that are already suffering from low wages and doing work no one wants to do.' In Tucson, undocumented workers are avoiding freeways, according to Rogelio. 'Freeways are one of the worst places to drive right now because of all the police and border patrol and they look for mostly hispanic people to stop,' he said. 'We are living day by day and not knowing what's going to happen tomorrow.' In some areas 'there are spots where you can work with no problem,' he said. 'But others, there are racist people living there and they don't want us. They want our work, they want cheap labor, but they don't want us. 'We came here because we want to work and provide for our families. The only reason I'm here, personally, I have two kids who are American citizens. I'm not asking for any benefits from the government.' Reports from across the US suggest undocumented workers are facing unprecedented pressure. Savannah Palmira, director of organizing for the International Union of Painters and Allied Trades district council 5, which covers workers in states around the Pacific north-west, said the threat of raids is making it harder for workers to organize. A roofing company in Washington was raided by Immigration and Customs Enforcement (Ice) earlier this year after workers filed safety complaints, Palmira claimed, with the fear of retaliation stemming from that case spreading to other job sites, and leaving workers reluctant to speak out and file complaints against abusive work practices. 'What contractors are doing is taking an opportunity to not be held accountable for their bad practices,' said Palmira. 'The more and more people are starting to talk about workers getting taken advantage of, Ice is getting called on them. They're taking a tool away from us to be able to put bad contractors on notice.' In Washington, another undocumented construction worker – who requested to remain anonymous for fear of retaliation – said many of his coworkers were 'thinking about going back to their countries' due to the reality of life in the US. 'The last company I worked for took advantage of people in every situation,' he said, from dissuading injured workers from getting medical attention to denying overtime and breaks. 'They say, you are undocumented, so they will pay you $10 an hour because you have no work permit,' he added. 'And if not, they will tell Ice.' 'In Washington state, immigrants make up 25% of the trades workforce in construction. With a consistent labor shortage and demand for housing constantly growing, residential construction needs all the skilled workers available,' a spokesperson for the Building Industry Association of Washington said in an email. 'We've provided our members with guidance on how to legally employ immigrants, including verifying the identity and US employment authorization of all employees. We also generally support improving US Immigration policy to allow responsible and law-abiding undocumented worker a pathway to achieving citizenship.' Arizona Builders Alliance did not respond to multiple requests for comment. On a national level the construction industry has repeatedly warned of the negative impacts of immigration raids on what they claim has already been a severe labor shortage in US construction. Asked about contractors allegedly using the ramp up in immigration enforcement to cut pay and increase workloads, the National Association of Home Builders issued a statement from Hughes, its chairman, which did not directly address the claims. 'With the construction industry facing a deficit of more than 200,000 workers, policymakers must consider that any disruption to the labor force would raise housing costs, limit supply and worsen the nation's housing affordability crisis,' Hughes said. 'To address this pressing national issue, NAHB is urging Congress to support meaningful investments in our nation's education system to encourage students to pursue careers in the skilled trades. 'Policymakers should also support sensible immigration policies that preserve and expand existing temporary work visa programs while also creating new market-based visa programs that will accurately match demand with available labor.'
Business Wire
26-06-2025
- Business
- Business Wire
Penguin Solutions Strengthens Balance Sheet with Refinancing
MILPITAS, Calif.--(BUSINESS WIRE)-- Penguin Solutions, Inc. ('Penguin Solutions' or the 'Company') (Nasdaq: PENG) today announced that it has completed a refinancing of its credit facilities via a $400 million Revolving Credit Facility, which includes a $35 million letter of credit subfacility (collectively, the 'Credit Facilities'). 'This refinancing represents a significant financial milestone for the Company,' said Nate Olmstead, chief financial officer. 'As part of the transaction, the Company has meaningfully reduced leverage while also extending our overall debt maturity. This new financing provides future flexibility for the Company's capital needs and reduces debt service costs due to the lower funded debt following this transaction.' The transaction refinances and replaces the $300 million Term Loan A Facility due 2027 and the $250 million Revolving Credit Facility due 2027 (collectively, the 'Existing Credit Facilities'). The Existing Credit Facilities were repaid and terminated in connection with the transaction. The Credit Facilities closed on June 24, 2025, and the Company borrowed $100 million under the new Revolving Credit Facility. The Company repaid in full the $300 million outstanding under the Existing Credit Facilities with a mix of the $100 million in borrowings under the Credit Facilities and $200 million in available cash, reducing the Company's funded debt by $200 million. The Credit Facilities mature in 2030. Interest on the Credit Facilities will be based on a Total Net Leverage grid, with the initial interest rate being the Secured Overnight Financing Rate ('SOFR') plus 1.75%. JPMorgan Chase Bank, N.A. led the transaction with BofA Securities, Inc., Citizens Bank, N.A., PNC Bank, National Association, and Santander Bank, N.A. acting as joint lead arrangers and Fifth Third Bank, National Association, and Goldman Sachs Bank USA acting as co-documentation agents. Additional information about this transaction can be found in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission. Use of Forward-Looking Statements This press release contains 'forward-looking statements,' which are based on current expectations and preliminary assumptions that are subject to factors and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside the Company's control, including, among others: the Company's liquidity position, the Company's ability to draw on the Credit Facilities, the Company's compliance with the terms and conditions of the Credit Facilities (including the covenants contained therein), fluctuations in the SOFR, the aggregate overall level of indebtedness that the Company incurs, global business and economic conditions, and other factors and risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, which include the Company's most recent reports on Form 10-K and Form 10-Q. Such factors and risks as outlined above and in such filings do not constitute all factors and risks that could cause actual results of Penguin Solutions to be materially different from our forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we do not undertake to update the forward-looking statements contained in this press release to reflect the impact of circumstances or events that may arise after the date that the forward-looking statements were made. About Penguin Solutions The most exciting technological advancements are also the most challenging for companies to adopt. At Penguin Solutions, we support our customers in achieving their ambitions across our Advanced Computing, Integrated Memory, and Optimized LED business segments. With our expert skills, experience, and partnerships, we turn our customers' most complex challenges into compelling opportunities. For more information, visit
Yahoo
18-06-2025
- Business
- Yahoo
Koppers Extends Revolving Credit Facility Maturity Date to 2030
PITTSBURGH, June 18, 2025 /PRNewswire/ -- Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today announced that the company successfully extended the maturity date of its $800 million revolving credit facility (Revolving Facility) to the earlier of (i) ninety-one (91) days prior to the maturity date of the company's secured term loan facility; or (ii) June 17, 2030. This transaction also modifies the total net leverage ratio financial covenant by removing the step down to 4.50:1.00 for the fiscal quarter ending September 30, 2026 and making the test 4.75:1.00 through the life of the deal. In addition, this transaction modifies the interest rate margins on the Revolving Facility by removing the 10 bps credit spread adjustment applicable to certain SOFR loans, and increasing the total net leverage ratio test used to determine the interest rate margin applicable to all loans. All other material terms, conditions and covenants of the Revolving Facility remain unchanged. Chief Financial Officer Jimmi Sue Smith said, "We are very pleased with this extension of our revolving credit facility, which strengthens our capital position, enhances financial flexibility, and lowers our borrowing costs. This agreement reflects the continued confidence our banking partners have in Koppers, and we appreciate their ongoing support as we advance our strategic priorities." PNC Bank, National Association, is acting as revolving administrative agent and swingline loan lender. PNC Capital Markets LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Citizens Bank, N.A., Fifth Third Bank, National Association and Truist Securities, Inc. are acting as joint lead arrangers and bookrunners for the Revolving Facility. About Koppers Koppers (NYSE: KOP) is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds. Our team of 2,100 employees create, protect and preserve key elements of our global infrastructure – including railroad crossties, utility poles, outdoor wooden structures, and production feedstocks for steel, aluminum and construction materials, among others – applying decades of industry-leading expertise while constantly innovating to anticipate the needs of tomorrow. Together we are providing safe and sustainable solutions to enable rail transportation, keep power flowing, and create spaces of enjoyment for people everywhere. Protecting What Matters, Preserving The Future. Learn more at Inquiries from the media should be directed to Ms. Jessica Franklin Black at BlackJF@ or 412-227-2025. Inquiries from the investment community should be directed to Ms. Quynh McGuire at McGuireQT@ or 412-227-2049. Safe Harbor Statement Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, acquisitions, restructuring, declines in the value of Koppers assets and the effect of any resulting impairment charges, profitability and anticipated expenses and cash outflows. All forward-looking statements involve risks and uncertainties. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "outlook," "guidance," "forecast," "believe," "anticipate," "expect," "estimate," "may," "will," "should," "continue," "plan," "potential," "intend," "likely," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or other documents filed with the Securities and Exchange Commission, or in Koppers communications and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, regarding future dividends, expectations with respect to sales, earnings, cash flows, operating efficiencies, restructurings, cost reduction efforts, product introduction or expansion, the benefits of acquisitions, divestitures, joint ventures or other matters as well as financings and debt reduction, are subject to known and unknown risks, uncertainties and contingencies. Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements include, among other things, availability of and fluctuations in the prices of key raw materials, including coal tar, lumber and scrap copper; the impact of changes in commodity prices, such as oil, copper and chemicals, on product margins; the extent of the dependence of certain of our businesses on certain market sectors and customers; economic, political and environmental conditions in international markets, including governmental changes, tariffs, restrictions on trade and restrictions on the ability to transfer capital across countries; general economic and business conditions; potential difficulties in protecting our intellectual property; the ratings on our debt and our ability to repay or refinance our outstanding indebtedness as it matures; our ability to operate within the limitations of our debt covenants; unexpected business disruptions; potential delays in timing or changes to expected benefits from cost reduction efforts; potential impairment of our goodwill and/or long-lived assets; demand for Koppers goods and services; competitive conditions; capital market conditions, including interest rates, borrowing costs and foreign currency rate fluctuations; disruptions and inefficiencies in the supply chain; changes in laws; the impact of environmental laws and regulations; unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly our latest annual report on Form 10-K and any subsequent filings by Koppers with the Securities and Exchange Commission. Any forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For Information: Quynh McGuire, Vice President, Investor Relations412 227 2049McGuireQT@ View original content to download multimedia: SOURCE KOPPERS HOLDINGS INC. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
