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Piper Jaffray Units Get $600M Loan Pact



By AP
22 February 2008 @ 06:23 pm EST

NEW YORK - Investment bank Piper Jaffray Cos. on Friday said two subsidiaries entered a loan agreement with the U.S. Bank National Association worth up to a combined $600 million.

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PJC 34.68 -0.25

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Piper Jaffray expects to use the advances to fund short-term municipal securities.

Interest is payable monthly and unpaid principal amount of the advances is due August 19.

Piper Jaffray shares rose 47 cents to $41.92.

Copyright 2008 The Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

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