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Lazydays Holdings, Inc. Secures $369 Million Expanded Credit Facility
July 15, 2021Lazydays Holdings, Inc. ("Lazydays" or the "Company") (NasdaqCM: LAZY) announced that on July 14, 2021, the company entered into a three-year expanded credit agreement with a syndicate of banks led by Manufacturers and Traders Trust Company ("M&T Bank"). The $369 million credit facility nearly doubles the Company's Floorplan capacity from $175 million to $327 million, and expands its Revolving Credit facility from $5 million to $25 million.
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Fundworks Completes a Refinancing of Its Capital Structure of Up to $70 Million
July 15, 2021The Fundworks, LLC, a leading tech-enabled small business finance company, announced the recent closing of a $25 million Credit Facility with a commercial bank and the sale of $20 million of Senior Secured Notes to a group of U.S.-based institutional investors. The Credit Facility is expandable up to a maximum of $50 million, representing a total capital raise of up to $70 million. These transactions refinanced the Company's existing Senior Credit Facility and subordinated debt and provide substantial excess capital to fund the continued growth of its small business funding platform.
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Calliditas Secures $75 Million Term Loan Facility
July 15, 2021Calliditas Therapeutics AB (Nasdaq: CALT) (Nasdaq Stockholm: CALTX) ("Calliditas") today announced that the company has signed a loan agreement of up to the Euro equivalent of $75 million with Kreos Capital. Proceeds from the loan will be utilized for the launch of Calliditas' lead product candidate Nefecon, if approved, as well as to support clinical development efforts and for general corporate purposes.
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Blue Ridge Bankshares, Inc. and FVCBankcorp, Inc. Announce Transformational Combination to Create a Top-Performing Financial Institution
July 15, 2021Blue Ridge Bankshares, Inc. (NYSEAM: BRBS) (“Blue Ridge”), the parent company of Blue Ridge Bank, National Association (“Blue Ridge Bank”), and FVCBankcorp, Inc. (NASDAQ: FVCB) (“FVCB”), the parent company of FVCbank, jointly announced today that they have entered into a definitive agreement pursuant to which the companies will combine in an all-stock merger of equals to create the 4th largest Virginia-headquartered community bank1 based on assets.
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Tornado Global Hydrovacs Enters Into Credit Facility with TD
July 15, 2021Tornado Global Hydrovacs Ltd. (“Tornado” or the “Company”) (TGH: TSX-V) is pleased to announce that it has entered into a $3,000,000 revolving operating line of credit (the “Operating Line”) and a $4,875,000 term loan (the “Term Loan”, and together with the Operating Line, the “TD Facility”) with The Toronto-Dominion Bank (“TD”).
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TerraNova Capital Arranges $25 Million Term Loan for Riccelli Enterprises Inc.
July 15, 2021TerraNova Capital Structured Finance, the credit advisory and special purpose finance division of TerraNova Capital Equities, today announced the closing of a $25 Million Term Loan for Riccelli Enterprises, Inc. This senior loan facility refinances the company's existing senior term debt and also provides additional working capital to fund the company's growth.
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Monroe Capital Supports Frazier Healthcare Partners’ Caravel Autism Health
July 15, 2021Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger on the funding of a senior credit facility to support the refinancing of Caravel Autism Health (“Caravel”) and its future growth. Caravel is an existing portfolio company of Frazier Healthcare Partners.
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First Citizens, CIT Receive FDIC Approval of Proposed Merger
July 15, 2021First Citizens BancShares Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., jointly announced that the proposal to merge the two companies has received regulatory approval from the Federal Deposit Insurance Corporation (“FDIC”). The merger has already received approval from the Office of the North Carolina Commissioner of Banks.
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TradeCap Partners Provides $500,000 Production Finance Facility for Texas-Based Manufacturer
July 15, 2021TradeCap Partners recently closed a $500,000 production finance facility for a Texas based manufacturer of couplings used in oil and gas and industrial applications. Key members of the management team had acquired the Company in the past six months and relocated manufacturing operations to a new facility. As the economy reopened, product demand increased and the Company received $2mm of purchase orders from existing customers.
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A&G to Auction Newly Constructed, 23 Unit Residential Tower In Downtown Flushing, NY
July 15, 2021A&G Real Estate Partners is now accepting bids from developers or investors for Barclay Tower, a newly-constructed, 23-unit residential building in this densely populated section of Queens. Designed and built to be marketed as a condominium, but currently vacant, the site is being offered through a bankruptcy auction scheduled for September 14, with bids due on September 10.
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The First Half of 2021 is on Pace to be SLIM Capital’s Strongest Year Yet
July 15, 2021SLIM Capital, located in Beverly Hills, California, reports increased funding volume for the first half of 2021. With a stellar first half of the year, SLIM Capital is set to break its yearly funding records. Shervin Rashti, CEO is extremely pleased with how 2021 has begun and feels confident that there will be continued growth throughout the remainder of the year.
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Jefferies and SMBC Group Announce Strategic Alliance to Drive Growth
July 14, 2021Jefferies Financial Group, Inc. (NYSE: JEF) (“Jefferies Financial”), the parent company of Jefferies Group LLC (“Jefferies Group”) (together hereafter referred to as “Jefferies”), and Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG), Sumitomo Mitsui Banking Corporation (“SMBC”) and SMBC Nikko Securities Inc. (“SMBC Nikko”) (together hereafter referred to as “SMBC Group”) announced today that they have entered into a Strategic Alliance to collaborate on future corporate and investment banking business opportunities.
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Earnings In The U.S. Middle Market Are Booming, Even Compared To Strong, Pre-Covid Q2 2019 Results
July 14, 2021Golub Capital today published a special edition of the Golub Capital Middle Market Report for Q2 2021. The report compared the April and May 2021 revenue and earnings of middle market private companies in the Golub Capital Altman Index to revenue and earnings in April and May 2019. This analysis is intended to provide greater insight into economic conditions than the report’s typical year-over-year comparisons, which reflect the impact of Covid-related lockdowns in April and May 2020. The year-over-year data is provided in the appendix for continuity purposes.
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Association of Insolvency and Restructuring Advisors Announces CIRA Certification Award Winners
July 14, 2021Rendering financial advisory services in the business turnaround, restructuring and bankruptcy practice areas requires both special knowledge and extensive relevant experience. In 1992, the AIRA established the Certified Insolvency and Restructuring Advisor (CIRA) program to recognize by public awareness and certification those individuals who possess a high degree of knowledge and proficiency across a spectrum of functions related to serving clients in situations involving distressed and/or insolvent entities.
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Business Experts Form TwelveDawn to Assist Owners in Exit Strategies
July 14, 2021Three Pennsylvania-based business and mergers & acquisitions experts have launched TwelveDawn Mergers & Acquisitions, a mid-sized financial and strategic consulting firm focused on owners seeking to create an exit for their going-concern. TwelveDawn specializes in selling companies as well as preparing companies for future sale through tailored business optimization engagements. The three principals have long histories in both processes at all market levels, bringing valuable insights to growing small to mid-sized companies who are often overlooked by industry segment specialists.
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Runway Growth Capital Announces a Senior Secured Term Loan of $15 Million to CrossRoads Extremity Systems
July 14, 2021Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $15 million to CrossRoads Extremity Systems ("CrossRoads"). Based in Memphis, Tennessee, CrossRoads is a leading innovator in the foot and ankle orthopedic industry.
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Charles & Colvard Forms Strategic Banking Relationship with JPMorgan Chase
July 14, 2021Charles & Colvard, Ltd. (Nasdaq: CTHR) (the "Company"), a globally recognized fine jewelry company specializing in lab created moissanite and lab grown diamonds, announced its new strategic commercial banking relationship with JPMorgan Chase Bank, N.A., which includes entering into a $5 million credit facility, executed July 12, 2021, following the termination of the Company's prior credit facility with White Oak Commercial Finance, effective July 9, 2021.
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F.N.B. Corporation and Howard Bancorp, Inc. Announce Merger Strengthening Mid-Atlantic Presence
July 14, 2021F.N.B. Corporation ("FNB") (NYSE: FNB) and Howard Bancorp, Inc. ("Howard") (NASDAQ: HBMD) today announced the signing of a definitive merger agreement for FNB to acquire Howard, including its wholly-owned banking subsidiary, Howard Bank, in an all-stock transaction valued at $21.96 per share, or a fully diluted market value of approximately $418 million, based upon the closing stock price of FNB as of Monday, July 12, 2021. Morgan Stanley & Co. LLC served as financial advisor and Reed Smith LLP served as legal counsel to FNB. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor and Nelson Mullins Riley & Scarborough LLP served as legal counsel to Howard.
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Marathon Asset Management Closes $100 Million Senior Secured Bonds Financing to Foraco International
July 14, 2021Marathon Asset Management today announced the closing of a $100 million senior secured bonds financing to Foraco International SA (the "Company" or "Foraco"), a leading global provider of mineral drilling services. Proceeds from the financing repaid existing indebtedness and provided additional liquidity and growth capital as the Company executes on its long-term business plan. The transaction also enabled Foraco to materially reduce its net debt outstanding.
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Winston & Strawn Represents Empire Portfolio Group
July 14, 2021Winston & Strawn represented Empire Portfolio Group ("Empire"), a leading Area Developer and Franchisee of Orangetheory® Fitness, the heart-rate based interval training fitness franchise, in its acquisition of four studios in Fairfield, Norwalk, Westport and Shelton, CT. With these Connecticut acquisitions, Empire strengthens its ties in the tri-state region with a total of more than 40 studios in Connecticut, New Jersey and New York.
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Lazydays Holdings, Inc. Secures $369 Million Expanded Credit Facility
July 15, 2021Lazydays Holdings, Inc. ("Lazydays" or the "Company") (NasdaqCM: LAZY) announced that on July 14, 2021, the company entered into a three-year expanded credit agreement with a syndicate of banks led by Manufacturers and Traders Trust Company ("M&T Bank"). The $369 million credit facility nearly doubles the Company's Floorplan capacity from $175 million to $327 million, and expands its Revolving Credit facility from $5 million to $25 million.
-
Fundworks Completes a Refinancing of Its Capital Structure of Up to $70 Million
July 15, 2021The Fundworks, LLC, a leading tech-enabled small business finance company, announced the recent closing of a $25 million Credit Facility with a commercial bank and the sale of $20 million of Senior Secured Notes to a group of U.S.-based institutional investors. The Credit Facility is expandable up to a maximum of $50 million, representing a total capital raise of up to $70 million. These transactions refinanced the Company's existing Senior Credit Facility and subordinated debt and provide substantial excess capital to fund the continued growth of its small business funding platform.
-
Calliditas Secures $75 Million Term Loan Facility
July 15, 2021Calliditas Therapeutics AB (Nasdaq: CALT) (Nasdaq Stockholm: CALTX) ("Calliditas") today announced that the company has signed a loan agreement of up to the Euro equivalent of $75 million with Kreos Capital. Proceeds from the loan will be utilized for the launch of Calliditas' lead product candidate Nefecon, if approved, as well as to support clinical development efforts and for general corporate purposes.
-
Blue Ridge Bankshares, Inc. and FVCBankcorp, Inc. Announce Transformational Combination to Create a Top-Performing Financial Institution
July 15, 2021Blue Ridge Bankshares, Inc. (NYSEAM: BRBS) (“Blue Ridge”), the parent company of Blue Ridge Bank, National Association (“Blue Ridge Bank”), and FVCBankcorp, Inc. (NASDAQ: FVCB) (“FVCB”), the parent company of FVCbank, jointly announced today that they have entered into a definitive agreement pursuant to which the companies will combine in an all-stock merger of equals to create the 4th largest Virginia-headquartered community bank1 based on assets.
-
Tornado Global Hydrovacs Enters Into Credit Facility with TD
July 15, 2021Tornado Global Hydrovacs Ltd. (“Tornado” or the “Company”) (TGH: TSX-V) is pleased to announce that it has entered into a $3,000,000 revolving operating line of credit (the “Operating Line”) and a $4,875,000 term loan (the “Term Loan”, and together with the Operating Line, the “TD Facility”) with The Toronto-Dominion Bank (“TD”).
-
TerraNova Capital Arranges $25 Million Term Loan for Riccelli Enterprises Inc.
July 15, 2021TerraNova Capital Structured Finance, the credit advisory and special purpose finance division of TerraNova Capital Equities, today announced the closing of a $25 Million Term Loan for Riccelli Enterprises, Inc. This senior loan facility refinances the company's existing senior term debt and also provides additional working capital to fund the company's growth.
-
Monroe Capital Supports Frazier Healthcare Partners’ Caravel Autism Health
July 15, 2021Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger on the funding of a senior credit facility to support the refinancing of Caravel Autism Health (“Caravel”) and its future growth. Caravel is an existing portfolio company of Frazier Healthcare Partners.
-
First Citizens, CIT Receive FDIC Approval of Proposed Merger
July 15, 2021First Citizens BancShares Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., jointly announced that the proposal to merge the two companies has received regulatory approval from the Federal Deposit Insurance Corporation (“FDIC”). The merger has already received approval from the Office of the North Carolina Commissioner of Banks.
-
TradeCap Partners Provides $500,000 Production Finance Facility for Texas-Based Manufacturer
July 15, 2021TradeCap Partners recently closed a $500,000 production finance facility for a Texas based manufacturer of couplings used in oil and gas and industrial applications. Key members of the management team had acquired the Company in the past six months and relocated manufacturing operations to a new facility. As the economy reopened, product demand increased and the Company received $2mm of purchase orders from existing customers.
-
A&G to Auction Newly Constructed, 23 Unit Residential Tower In Downtown Flushing, NY
July 15, 2021A&G Real Estate Partners is now accepting bids from developers or investors for Barclay Tower, a newly-constructed, 23-unit residential building in this densely populated section of Queens. Designed and built to be marketed as a condominium, but currently vacant, the site is being offered through a bankruptcy auction scheduled for September 14, with bids due on September 10.
-
The First Half of 2021 is on Pace to be SLIM Capital’s Strongest Year Yet
July 15, 2021SLIM Capital, located in Beverly Hills, California, reports increased funding volume for the first half of 2021. With a stellar first half of the year, SLIM Capital is set to break its yearly funding records. Shervin Rashti, CEO is extremely pleased with how 2021 has begun and feels confident that there will be continued growth throughout the remainder of the year.
-
Jefferies and SMBC Group Announce Strategic Alliance to Drive Growth
July 14, 2021Jefferies Financial Group, Inc. (NYSE: JEF) (“Jefferies Financial”), the parent company of Jefferies Group LLC (“Jefferies Group”) (together hereafter referred to as “Jefferies”), and Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG), Sumitomo Mitsui Banking Corporation (“SMBC”) and SMBC Nikko Securities Inc. (“SMBC Nikko”) (together hereafter referred to as “SMBC Group”) announced today that they have entered into a Strategic Alliance to collaborate on future corporate and investment banking business opportunities.
-
Earnings In The U.S. Middle Market Are Booming, Even Compared To Strong, Pre-Covid Q2 2019 Results
July 14, 2021Golub Capital today published a special edition of the Golub Capital Middle Market Report for Q2 2021. The report compared the April and May 2021 revenue and earnings of middle market private companies in the Golub Capital Altman Index to revenue and earnings in April and May 2019. This analysis is intended to provide greater insight into economic conditions than the report’s typical year-over-year comparisons, which reflect the impact of Covid-related lockdowns in April and May 2020. The year-over-year data is provided in the appendix for continuity purposes.
-
Association of Insolvency and Restructuring Advisors Announces CIRA Certification Award Winners
July 14, 2021Rendering financial advisory services in the business turnaround, restructuring and bankruptcy practice areas requires both special knowledge and extensive relevant experience. In 1992, the AIRA established the Certified Insolvency and Restructuring Advisor (CIRA) program to recognize by public awareness and certification those individuals who possess a high degree of knowledge and proficiency across a spectrum of functions related to serving clients in situations involving distressed and/or insolvent entities.
-
Business Experts Form TwelveDawn to Assist Owners in Exit Strategies
July 14, 2021Three Pennsylvania-based business and mergers & acquisitions experts have launched TwelveDawn Mergers & Acquisitions, a mid-sized financial and strategic consulting firm focused on owners seeking to create an exit for their going-concern. TwelveDawn specializes in selling companies as well as preparing companies for future sale through tailored business optimization engagements. The three principals have long histories in both processes at all market levels, bringing valuable insights to growing small to mid-sized companies who are often overlooked by industry segment specialists.
-
Runway Growth Capital Announces a Senior Secured Term Loan of $15 Million to CrossRoads Extremity Systems
July 14, 2021Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $15 million to CrossRoads Extremity Systems ("CrossRoads"). Based in Memphis, Tennessee, CrossRoads is a leading innovator in the foot and ankle orthopedic industry.
-
Charles & Colvard Forms Strategic Banking Relationship with JPMorgan Chase
July 14, 2021Charles & Colvard, Ltd. (Nasdaq: CTHR) (the "Company"), a globally recognized fine jewelry company specializing in lab created moissanite and lab grown diamonds, announced its new strategic commercial banking relationship with JPMorgan Chase Bank, N.A., which includes entering into a $5 million credit facility, executed July 12, 2021, following the termination of the Company's prior credit facility with White Oak Commercial Finance, effective July 9, 2021.
-
F.N.B. Corporation and Howard Bancorp, Inc. Announce Merger Strengthening Mid-Atlantic Presence
July 14, 2021F.N.B. Corporation ("FNB") (NYSE: FNB) and Howard Bancorp, Inc. ("Howard") (NASDAQ: HBMD) today announced the signing of a definitive merger agreement for FNB to acquire Howard, including its wholly-owned banking subsidiary, Howard Bank, in an all-stock transaction valued at $21.96 per share, or a fully diluted market value of approximately $418 million, based upon the closing stock price of FNB as of Monday, July 12, 2021. Morgan Stanley & Co. LLC served as financial advisor and Reed Smith LLP served as legal counsel to FNB. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor and Nelson Mullins Riley & Scarborough LLP served as legal counsel to Howard.
-
Marathon Asset Management Closes $100 Million Senior Secured Bonds Financing to Foraco International
July 14, 2021Marathon Asset Management today announced the closing of a $100 million senior secured bonds financing to Foraco International SA (the "Company" or "Foraco"), a leading global provider of mineral drilling services. Proceeds from the financing repaid existing indebtedness and provided additional liquidity and growth capital as the Company executes on its long-term business plan. The transaction also enabled Foraco to materially reduce its net debt outstanding.
-
Winston & Strawn Represents Empire Portfolio Group
July 14, 2021Winston & Strawn represented Empire Portfolio Group ("Empire"), a leading Area Developer and Franchisee of Orangetheory® Fitness, the heart-rate based interval training fitness franchise, in its acquisition of four studios in Fairfield, Norwalk, Westport and Shelton, CT. With these Connecticut acquisitions, Empire strengthens its ties in the tri-state region with a total of more than 40 studios in Connecticut, New Jersey and New York.
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