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UPDATE 1-Raymond James amends credit pact, AUM rise

Thu Jun 18, 2009 5:42pm EDT

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NEW YORK, June 18 (Reuters) - Raymond James Financial Inc (RJF.N) said it amended its $100 million credit agreement enabling it to borrow money under the facility without a pre-condition related to approval for government bailout funds.

The company, which runs one of the largest U.S. brokerages, withdrew its application for funds under the U.S. Treasury's Troubled Asset Relief Program last month, saying it did not require more capital.

In a separate press release, Raymond James said assets under management in May grew $1 billion to $28.5 billion from April.

Commissions, fees and underwritings were up as "market tone and activity" were better in May. But volumes remained low.

The company said it expects its net interest earnings over the next two years to exceed loan loss provisions and sees the broader economy and financial markets improving in 2010. (Reporting by Vikram S Subhedar, editing by Bernard Orr)



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