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Staffing Industry Specialist Dale Busbee joins eCapital’s Commercial Finance Division as Senior Vice President, Business Development Officer
March 4, 2021eCapital Commercial Finance (“eCapital”), a division of eCapital Corp., a leading North American alternative financing provider for small and medium-sized businesses, today announced the appointment of Dale Busbee to Senior Vice President, Business Development Officer. Busbee brings over 25 years of vertical market expertise within the staffing industry as a facilitator of payroll funding and working capital solutions to staffing businesses and a former staffing agency owner.
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BDO Consulting Welcomes Nick Welch to its Business Restructuring and Turnaround Services Practice
March 4, 2021BDO Consulting Group, LLC announced that Nick Welch recently joined the firm’s Business Restructuring and Turnaround Services practice as a Director in the firm’s Miami, Florida office and will primarily cover the Southeast regional markets. Nick, a seasoned financial advisor, has more than 20 years of experience in professional services and has spent the last nine advising lenders, investors and management teams on debt and operational restructuring strategies as well as on transaction services such as diligence, quality of earnings, sell-side advice and valuation.
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XPO Logistics Announces Closing of $2 Billion Term Loan Refinancing
March 3, 2021Morgan Stanley, Goldman Sachs, Barclays, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank and Wells Fargo served as joint bookrunners, and Wachtell, Lipton, Rosen & Katz acted as legal advisor on the transaction.
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Streamline Health® Expands Credit Facility with Bridge Bank
March 3, 2021Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the eValuator™ Revenue Integrity Program to help healthcare providers proactively address revenue leakage and compliance exposure, today announced it has expanded its existing relationship with Bridge Bank on its credit facility.
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The Hillman Group Announces Pricing and Commitments for $1.185 Billion of Term Loans in Heavily Oversubscribed Transaction
March 3, 2021The Hillman Companies, Inc. (the "Company" or "Hillman”), a leader in the hardware and home improvement industry, has successfully completed the syndication of $1,185 million new term loan commitments to refinance its capital structure. The financing will be used in connection with and contingent upon the Company's merger with Landcadia Holdings III Inc. (Nasdaq: LCY) (“Landcadia”), a special purpose acquisition company. The financing also includes a $250 million, five-year asset-based revolving credit facility.
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Second Avenue Capital Partners Provides a $6.5 Million DIP Facility to Solstice Sunglasses
March 3, 2021Second Avenue Capital Partners, LLC ("SACP") (www.secondavecp.com) has provided $6.5 million in debtor-in-possession (“DIP”) financing to Solstice Sunglasses, the second-largest sunglass retailer in the United States. The DIP facility delivers supportive capital to Solstice as the retailer commences a restructuring. The Company has retained Morgan, Lewis & Bockius L.L.P. as its legal counsel, RCS Real Estate Advisors to advise on all store leases, and KCP Advisory Group LLC’s Jacen Dinoff as Chief Restructuring Officer.
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Alleon Healthcare Capital Provides a Medical Accounts Receivable Factoring Facility to a COVID-19 Testing Laboratory in Missouri
March 3, 2021Alleon Healthcare Capital ("Alleon"), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a medical accounts receivable factoring facility with a molecular reference laboratory (“Company”) in Missouri.
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Liquidia Corporation Secures $20.5 Million Debt Facility with Silicon Valley Bank
March 3, 2021Liquidia Corporation (NASDAQ: LQDA) today announced the closing of a debt facility on February 26, 2021, with Silicon Valley Bank, which provides Liquidia with up to $20.5 million in term loans of which the first $10.5 million was funded at closing. Under the terms of the debt facility, Silicon Valley Bank will make loans available in three tranches. Proceeds from the first tranche of $10.5 million have been used to retire Liquidia’s existing term debt with Pacific Western Bank and adds approximately $1.0 million to Liquidia’s balance sheet.
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Grant Thornton Names Beatrix Bernauer as Chief Risk and Compliance Officer
March 3, 2021Grant Thornton LLP has named Beatrix Bernauer as its chief risk and compliance officer, a new role at the firm. In the role, she will design and execute the firm’s enterprise-risk management program and practices, including frameworks and methodologies to support effective risk identification, assessment, mitigation and monitoring.
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Pacific Mercantile Bank Provides $7.0 Million Credit Facility to Winc, Inc.
March 3, 2021Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $7.0 million credit facility to Winc, Inc., an online winery and wine club. In addition to the financing, Winc utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
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February 2021 Bankruptcy Filings Down 3%
March 3, 2021Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its February 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. February experienced the lowest number of new monthly bankruptcy filings across all chapters, with only 31,188 filings, since February 2006 (26,617 filings). The continued slide represents a decrease of 3% over January 2021 filings and a 45% decrease over February 2020 filings, where there were 56,209 new cases.
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Monroe Capital Announces Strategic Minority Investment by Bonaccord Capital Partners / Aberdeen Standard Investments
March 3, 2021Monroe Capital LLC ("Monroe" or the "Firm"), a leading middle market private credit investment manager with approximately $10 billion in assets under management, today announced that it has sold a passive minority equity stake to Bonaccord Capital Partners (“Bonaccord”), a division of Aberdeen Standard Investments (“ASI”). Terms of the investment were not disclosed.
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Stonebriar’s Eighth Securitization Transaction Provides A Strong Foundation for Continued Growth
March 3, 2021Stonebriar Commercial Finance (“Stonebriar”), a large-ticket independent diversified commercial finance and leasing company, announced that it has closed its eighth asset-backed securitization (“ABS”), SCFET 2021-1. The ABS issuance is secured by a portfolio of commercial equipment loans and leases, with an aggregate discounted contract balance of over $1 billion with 64 obligors, and a weighted average IRR of 8.24%. The top tranches earned the highest possible short-term and long-term ratings from Moody’s Investors Service (“Moody’s”) and Kroll Bond Ratings Inc. (“Kroll”).
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David E. Friedman Joins Greystone to Lead Institutional Lending Platform
March 3, 2021Greystone, a leading national commercial real estate finance company, announced that David E. Friedman has joined as a Senior Managing Director and Head of Institutional Lending to lead a strategic build-out and take-to-market execution of the firm’s new institutional lending platform.
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King Trade Capital (“KTC”) Establishes a $7 Million Purchase Order Finance Line for NY Apparel Brand
March 2, 2021KTC was contacted by a referral partner who was hired to seek capital for a New York based apparel brand in need of capital to fund its’ growing inventory need to fulfill growing sales. KTC was able to quickly assess the Client’s in-house pre-sold inventory and their supply chain finance needs and KTC offered a full trade cycle finance solution to help the Client execute upon the doubling their sales in 2021.
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Paper Source Retail Chain Files for Chapter 11 Bankruptcy Protection, Will Close 11 Stores
March 2, 2021Paper Source, which sells greeting cards, paper goods and custom invitations, filed for Chapter 11 bankruptcy protection on Tuesday after sales plummeted due to the pandemic. The move marks a reversal for a company that was expanding as recently as a year ago, having acquired some from its liquidating rival Papyrus right before COVID-19 hit. It also marks another setback for the greeting card industry, which has been slumping in recent years amid the rise of digital competition.
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Perpetual Energy Inc. Announces Extension of Credit Facility Redetermination
March 2, 2021Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the maturity date applicable to the Company's credit facility has been extended to April 30, 2021 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before April 30, 2021.
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Monroe Capital Corporation BDC (Nasdaq: MRCC) Announces Fourth Quarter and Full Year 2020 Financial Results
March 2, 2021Fourth Quarter 2020 Financial Highlights: Paid quarterly dividend of $0.25 per share; Current annual cash dividend yield to shareholders of approximately 10.5%1; Shares trading at a Price to NAV of 0.86x2; Net investment income of $5.3 million, or $0.25 per share...
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Context Business Lending Launches an E-Commerce Division
March 2, 2021Context Business Lending, LLC ("CBL") a family office-backed leading, national asset-based lender becoming increasingly well known for disrupting non-bank Asset Based Lending ("ABL") industry, announced today the launch of its official E-Commerce Division. With online retail sales skyrocketing as a result of the Pandemic, many E-commerce companies and distribution centers have found themselves without viable working capital solutions to help facilitate that growth. CBL has designed an offering to specifically address the needs of E-Commerce companies.
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Rosenthal Provides $1.25 Million Production Finance Facility for New York-based Kitchen and Cookware Company
March 2, 2021Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $1.25 million purchase order finance facility to support the production financing requirements of a New York-based importer and distributor of kitchen and cookware products.
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Staffing Industry Specialist Dale Busbee joins eCapital’s Commercial Finance Division as Senior Vice President, Business Development Officer
March 4, 2021eCapital Commercial Finance (“eCapital”), a division of eCapital Corp., a leading North American alternative financing provider for small and medium-sized businesses, today announced the appointment of Dale Busbee to Senior Vice President, Business Development Officer. Busbee brings over 25 years of vertical market expertise within the staffing industry as a facilitator of payroll funding and working capital solutions to staffing businesses and a former staffing agency owner.
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BDO Consulting Welcomes Nick Welch to its Business Restructuring and Turnaround Services Practice
March 4, 2021BDO Consulting Group, LLC announced that Nick Welch recently joined the firm’s Business Restructuring and Turnaround Services practice as a Director in the firm’s Miami, Florida office and will primarily cover the Southeast regional markets. Nick, a seasoned financial advisor, has more than 20 years of experience in professional services and has spent the last nine advising lenders, investors and management teams on debt and operational restructuring strategies as well as on transaction services such as diligence, quality of earnings, sell-side advice and valuation.
-
XPO Logistics Announces Closing of $2 Billion Term Loan Refinancing
March 3, 2021Morgan Stanley, Goldman Sachs, Barclays, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank and Wells Fargo served as joint bookrunners, and Wachtell, Lipton, Rosen & Katz acted as legal advisor on the transaction.
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Streamline Health® Expands Credit Facility with Bridge Bank
March 3, 2021Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the eValuator™ Revenue Integrity Program to help healthcare providers proactively address revenue leakage and compliance exposure, today announced it has expanded its existing relationship with Bridge Bank on its credit facility.
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The Hillman Group Announces Pricing and Commitments for $1.185 Billion of Term Loans in Heavily Oversubscribed Transaction
March 3, 2021The Hillman Companies, Inc. (the "Company" or "Hillman”), a leader in the hardware and home improvement industry, has successfully completed the syndication of $1,185 million new term loan commitments to refinance its capital structure. The financing will be used in connection with and contingent upon the Company's merger with Landcadia Holdings III Inc. (Nasdaq: LCY) (“Landcadia”), a special purpose acquisition company. The financing also includes a $250 million, five-year asset-based revolving credit facility.
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Second Avenue Capital Partners Provides a $6.5 Million DIP Facility to Solstice Sunglasses
March 3, 2021Second Avenue Capital Partners, LLC ("SACP") (www.secondavecp.com) has provided $6.5 million in debtor-in-possession (“DIP”) financing to Solstice Sunglasses, the second-largest sunglass retailer in the United States. The DIP facility delivers supportive capital to Solstice as the retailer commences a restructuring. The Company has retained Morgan, Lewis & Bockius L.L.P. as its legal counsel, RCS Real Estate Advisors to advise on all store leases, and KCP Advisory Group LLC’s Jacen Dinoff as Chief Restructuring Officer.
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Alleon Healthcare Capital Provides a Medical Accounts Receivable Factoring Facility to a COVID-19 Testing Laboratory in Missouri
March 3, 2021Alleon Healthcare Capital ("Alleon"), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a medical accounts receivable factoring facility with a molecular reference laboratory (“Company”) in Missouri.
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Liquidia Corporation Secures $20.5 Million Debt Facility with Silicon Valley Bank
March 3, 2021Liquidia Corporation (NASDAQ: LQDA) today announced the closing of a debt facility on February 26, 2021, with Silicon Valley Bank, which provides Liquidia with up to $20.5 million in term loans of which the first $10.5 million was funded at closing. Under the terms of the debt facility, Silicon Valley Bank will make loans available in three tranches. Proceeds from the first tranche of $10.5 million have been used to retire Liquidia’s existing term debt with Pacific Western Bank and adds approximately $1.0 million to Liquidia’s balance sheet.
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Grant Thornton Names Beatrix Bernauer as Chief Risk and Compliance Officer
March 3, 2021Grant Thornton LLP has named Beatrix Bernauer as its chief risk and compliance officer, a new role at the firm. In the role, she will design and execute the firm’s enterprise-risk management program and practices, including frameworks and methodologies to support effective risk identification, assessment, mitigation and monitoring.
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Pacific Mercantile Bank Provides $7.0 Million Credit Facility to Winc, Inc.
March 3, 2021Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $7.0 million credit facility to Winc, Inc., an online winery and wine club. In addition to the financing, Winc utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
-
February 2021 Bankruptcy Filings Down 3%
March 3, 2021Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its February 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. February experienced the lowest number of new monthly bankruptcy filings across all chapters, with only 31,188 filings, since February 2006 (26,617 filings). The continued slide represents a decrease of 3% over January 2021 filings and a 45% decrease over February 2020 filings, where there were 56,209 new cases.
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Monroe Capital Announces Strategic Minority Investment by Bonaccord Capital Partners / Aberdeen Standard Investments
March 3, 2021Monroe Capital LLC ("Monroe" or the "Firm"), a leading middle market private credit investment manager with approximately $10 billion in assets under management, today announced that it has sold a passive minority equity stake to Bonaccord Capital Partners (“Bonaccord”), a division of Aberdeen Standard Investments (“ASI”). Terms of the investment were not disclosed.
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Stonebriar’s Eighth Securitization Transaction Provides A Strong Foundation for Continued Growth
March 3, 2021Stonebriar Commercial Finance (“Stonebriar”), a large-ticket independent diversified commercial finance and leasing company, announced that it has closed its eighth asset-backed securitization (“ABS”), SCFET 2021-1. The ABS issuance is secured by a portfolio of commercial equipment loans and leases, with an aggregate discounted contract balance of over $1 billion with 64 obligors, and a weighted average IRR of 8.24%. The top tranches earned the highest possible short-term and long-term ratings from Moody’s Investors Service (“Moody’s”) and Kroll Bond Ratings Inc. (“Kroll”).
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David E. Friedman Joins Greystone to Lead Institutional Lending Platform
March 3, 2021Greystone, a leading national commercial real estate finance company, announced that David E. Friedman has joined as a Senior Managing Director and Head of Institutional Lending to lead a strategic build-out and take-to-market execution of the firm’s new institutional lending platform.
-
King Trade Capital (“KTC”) Establishes a $7 Million Purchase Order Finance Line for NY Apparel Brand
March 2, 2021KTC was contacted by a referral partner who was hired to seek capital for a New York based apparel brand in need of capital to fund its’ growing inventory need to fulfill growing sales. KTC was able to quickly assess the Client’s in-house pre-sold inventory and their supply chain finance needs and KTC offered a full trade cycle finance solution to help the Client execute upon the doubling their sales in 2021.
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Paper Source Retail Chain Files for Chapter 11 Bankruptcy Protection, Will Close 11 Stores
March 2, 2021Paper Source, which sells greeting cards, paper goods and custom invitations, filed for Chapter 11 bankruptcy protection on Tuesday after sales plummeted due to the pandemic. The move marks a reversal for a company that was expanding as recently as a year ago, having acquired some from its liquidating rival Papyrus right before COVID-19 hit. It also marks another setback for the greeting card industry, which has been slumping in recent years amid the rise of digital competition.
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Perpetual Energy Inc. Announces Extension of Credit Facility Redetermination
March 2, 2021Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the maturity date applicable to the Company's credit facility has been extended to April 30, 2021 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before April 30, 2021.
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Monroe Capital Corporation BDC (Nasdaq: MRCC) Announces Fourth Quarter and Full Year 2020 Financial Results
March 2, 2021Fourth Quarter 2020 Financial Highlights: Paid quarterly dividend of $0.25 per share; Current annual cash dividend yield to shareholders of approximately 10.5%1; Shares trading at a Price to NAV of 0.86x2; Net investment income of $5.3 million, or $0.25 per share...
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Context Business Lending Launches an E-Commerce Division
March 2, 2021Context Business Lending, LLC ("CBL") a family office-backed leading, national asset-based lender becoming increasingly well known for disrupting non-bank Asset Based Lending ("ABL") industry, announced today the launch of its official E-Commerce Division. With online retail sales skyrocketing as a result of the Pandemic, many E-commerce companies and distribution centers have found themselves without viable working capital solutions to help facilitate that growth. CBL has designed an offering to specifically address the needs of E-Commerce companies.
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Rosenthal Provides $1.25 Million Production Finance Facility for New York-based Kitchen and Cookware Company
March 2, 2021Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $1.25 million purchase order finance facility to support the production financing requirements of a New York-based importer and distributor of kitchen and cookware products.
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