Home » Author Archives: Ross Reily

Author Archives: Ross Reily

COMMERCIAL FINANCE 701 — A LIBOR Update: Here comes SOFR!

  Following the sounding of LIBOR’s death knell last summer, a flurry of governmental and industry activity culminated in the selection of SOFR as a replacement index rate for commercial loans.  Accordingly, a sequel of our August 2017 column “The Passing of LIBOR” is in order. London Interbank Offered Rate (LIBOR) Recall on July 27, 2017, the Brits prospectively announced ...

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Visitor spending in Mississippi reaches $6.3 billion

MBJ staff Visitors spent $6.343 billion in Mississippi in fiscal 2017, which ended June 30, the second-highest amount on record, according to the new Visit Mississippi Tourism Economic Impact Report. Out-of-state-visitors spent an estimated $4.9 billion in the state in fiscal 2017, making up more than three-quarters of total visitor spending. The number of international visitors grew by 1.6 percent ...

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Paper plant to upgrade, add 25 jobs

Associated Press SALTILLO — A paper company is expanding its cardboard box plant in northeast Mississippi, with plans to add 25 jobs over three years.Atlanta-based WestRock announced Wednesday that it will replace the corrugating machine at its Saltillo plant with a new, larger machine to make cardboard. WestRock says the new machine will make better cardboard. The company didn’t say ...

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Pickering says failed Stion Solar owes Mississippi $93 million

Associated Press Mississippi’s state auditor is formally demanding that a failed solar panel maker pay nearly $93 million that he says is owed to state and local governments, a prelude to a possible lawsuit. Auditor Stacey Pickering demanded repayment in a letter he delivered Tuesday to Stion Corp., which closed its Hattiesburg plant last year. The Republican said it’s the ...

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General Atomics plans $20 million expansion in Lee County

MBJ staff General Atomics Electromagnetic Systems is expanding for the 10th time in 13 years in Shannon. The project is a $20 million private capital investment and is expected to create 48 jobs over the next three years. It currently employs 256. The Mississippi Development Authority is providing a $510,000 grant to help with equipment costs. Lee County will provide ...

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Distributor to open center in Jackson

MBJ staff Building products company Woodgrain Distribution is opening a distribution center in Jackson. The project is a $5 million investment and will create 25 jobs. Woodgrain Distribution delivers moulding and millwork products to retail customers and distributors. The company is locating operations in an existing facility located at 3974 I-55 South Frontage Road in Jackson. The Mississippi Development Authority ...

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Teresa Hubbard named MBJ’s Business Woman of the Year

Teresa Hubbard, President & CEO of CITE Armored, was named Mississippi’s Business Woman of the Year for 2018 Thursday by the Mississippi Business Journal. Hubbard was joined by 10 finalists and 39 other honorees at an event at the Old Capitol Inn in Downtown Jackson. Hubbard has a broad range of experience that continues to enhance the success of the company she ...

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Vicksburg mayor considering 2019 run for Mississippi lt. gov

A Democratic mayor says he is considering running for Mississippi lieutenant governor, and he might cross party lines. Vicksburg Mayor George Flaggs Jr. said Tuesday that he will decide in the next six months whether to seek the state’s second-highest office in 2019. Flaggs told The Associated Press that he has not ruled out running as a Republican. He served ...

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Analysis: Mississippi could have tough 2018 Senate race

Mississippi’s most recent Republican primary for U.S. Senate was hard-fought and ugly, and it might be a preview of things to come in 2018. State Sen. Chris McDaniel came close to unseating longtime U.S. Sen. Thad Cochran in 2014 by portraying the Appropriations Committee chairman as a big-spending Washington insider who belonged to an out-of-touch political elite. Voters ultimately chose ...

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