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Fifth Third Announces the Appointment of Jamie Leonard as Chief Financial Officer
November 11, 2020Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Jamie Leonard as chief financial officer, effective immediately. The company also announced the appointment of Bob Shaffer as chief risk officer, to succeed Leonard, and Peg Jula as chief human resources officer, succeeding Shaffer.
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BMO Financial Group Announces Executive Appointments
November 11, 2020BMO Financial Group today announced a series of executive appointments to continue to build on its strategic advantages. Tom Flynn will move from his current role as Chief Financial Officer to become a Vice Chair. In his new role, he will support the growth ambitions of corporate clients and deepening client relationships. He will also continue to support certain enterprise strategic initiatives.
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Edward King of King Trade Capital to be Moderator and Panelist during SFNet’s 76th Annual Convention November 17-19, 2020
November 9, 2020King Trade Capital’s Founder and Managing Partner, Edward King, will be the moderator and a panelist on the panel titled Disruption in Supply Chains & Mitigating Risks. The panel is scheduled for Thursday, November 17th at 10:15 AM CT during the SFNet 76th Annual Convention and includes five supply chain finance experts from across the globe discussing the challenges financing the supply chain during the pandemic, past, present and what is expected of the future.
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NPC International Enters Into $816 Million Stalking Horse Asset Purchase Agreement with Flynn Restaurant Group
November 9, 2020Weil, Gotshal & Manges LLP is acting as NPC’s legal counsel, Greenhill & Co., LLC is acting as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Realty is acting as real estate advisor to the Company. Davis Wright Tremaine LLP and Kirkland & Ellis LLP are serving as legal counsel to Flynn Restaurant Group LP.
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Service Properties Trust Amends $1.4 Billion Credit Agreement
November 9, 2020Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has amended the credit agreement governing its $1.0 billion revolving credit facility and $400.0 million term loan. The amendment provides for a waiver of all existing financial covenants under its credit agreement through July 15, 2022, during which, subject to certain conditions, SVC will continue to have access to undrawn amounts under the revolving credit facility. In connection with the amended credit agreement, SVC repaid its $400.0 million term loan on November 5, 2020 using undrawn amounts under its revolving credit facility.
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Converge Technology Solutions Corp. Announces Refinancing of Credit Facility
November 9, 2020Converge Technology Solutions Corp. ("Converge" or "the Company") (TSXV: CTS) (FSE: 0ZB) (OTCQX: CTSDF), a national platform of regionally focused Hybrid IT solution providers in the U.S. and Canada, is pleased to announce that it has entered into a committed $140 million revolving credit facility with a syndicate of banks led by the Canadian Imperial Bank of Commerce (CIBC). This will result in significant interest cost savings for Converge based on the pricing matrix of the new facility.
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J D Factors Announces Factoring Facilities
November 9, 2020J D Factors announced it provided 11 factoring facilities to transportation, wholesale and toy manufacturing companies in the U.S. and Canada.
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Rockland Trust Provides Asset-Based Credit Facility to Yankee Spirits Inc.
November 9, 2020Rockland Trust’s Asset-Based Lending Team announced today that it provided a $6 million revolving line of credit to Yankee Spirits Inc., a retailer of wine, beer, and spirits with four locations throughout Massachusetts. The company sells a wide variety of alcoholic beverages, and utilizes warehouse space at each location to purchase in larger quantities, enabling them to offer discount prices. Proceeds from the line of credit were used to refinance their existing credit facility and going forward, the line will be used to support continued growth.
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Prestige Capital Announces $5 Million for a Leveraged Buyout
November 9, 2020Prestige Capital Finance, LLC recently delivered a $5 million factoring facility to a Southeast-based company that focuses on the manufacturing and assembly of corrugated retail displays. The funds were used to acquire a smaller corrugated display company in a new market as well as ongoing working capital needs for both entities.
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White Oak Provides $5 Million in Receivables Financing to Renewable Energy Services Company
November 9, 2020White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $5 million Receivables Financing Facility to a software and program management services firm that provides renewable energy-related solutions to public and private utilities providers.
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Gibraltar Brings Stability and Flexibility to $15MM Acquisition Financing
November 9, 2020Fluctuating economic conditions, coupled with managing multiple remote teams to secure financing for a major acquisition isn’t a scenario every finance provider is equipped to handle. Kinzie Capital Partners, a Chicago-based private equity group approached Gibraltar to find a financing source for the acquisition of Chelsea Lighting, a well-known New York City-based lighting technologies and procurement specialist that has worked with prominent Fortune-500 companies.
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CapitalPlus Funding Gives Contractors a Stable Foundation
November 9, 2020October’s transactions demonstrated that CapitalPlus can respond quickly to changing economic conditions and offer a reliable funding solution. Representative transactions included: $1.5 million construction factoring facility for a civil engineering firm in Texas; $500,000 construction factoring facility for a directional drilling contractor in Oklahoma; $200,000 construction factoring facility for a Miami millwork and cabinetry company and $100,000 construction factoring facility for a security equipment installer in Indiana so they could take on multiple projects simultaneously.
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Oxford Finance Provides $9.5 Million Credit Facility to Vitalogy Property Holdings LLC
November 9, 2020Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC ("AB") and Vitalogy Property Holdings LLC ("Vitalogy" or "the Company"). The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 SNF beds.
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eCapital Corp. Provides $3 Million Factoring Facility to International Consumer Electronics Distributor
November 9, 2020eCapital Corp. (“eCapital”), a leading alternative finance provider in North America, today announced the company has funded a $3 million factoring facility to a distributor of consumer electronics products. The company distributes electronics for top brands including Apple, Samsung, Google, Microsoft, Sony and more, both domestically and internationally, and chose eCapital’s Commercial Finance division to help support their business growth.
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eCapital Corp. Provides $900,000 Factoring Facility to Veteran-Owned Staffing Company
November 9, 2020eCapital Corp. (“eCapital”), a leading alternative finance provider in North America, today announced the company has provided $900,000 factoring facility to a veteran-owned temporary staffing agency that specializes in the placement of healthcare professionals for the U.S. government. The company chose eCapital’s Commercial Finance division because it required a lender that understood the government contracting business and could quickly scale according to its contract demands.
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Walker & Dunlop Investment Partners Expands Capital Formation Team with New Director
November 9, 2020Walker & Dunlop, Inc. announced today that Walker & Dunlop Investment Partners, Inc. (WDIP), the company's wholly-owned alternative investment manager focused on middle-market commercial real estate investments, has hired Michael Link as Director on WDIP's Capital Formation team. Mr. Link will be based out of the firm's Denver, Colorado headquarters and will be responsible for marketing and fundraising efforts as WDIP continues to build a diversified suite of private equity and debt strategies.
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Varagon Capital Partners Supports Morgan Stanley Capital Partners’ Acquisition of US HealthConnect
November 9, 2020Varagon Capital Partners (Varagon) today announced it is serving as Administrative Agent, Joint Lead Arranger and Bookrunner on a senior secured credit facility to support the acquisition of US HealthConnect (USHC) by investment funds managed by Morgan Stanley Capital Partners (MSCP).
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Kane Biotech Enters into Credit Facility with Pivot Financial
November 9, 2020Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) (“Kane Biotech”) today announced that it has entered into a one year credit agreement (the “Credit Agreement”) with Pivot Financial Inc. (“Pivot”) for a non-revolving term loan in the aggregate amount of $1,480,000.00 (the “Credit Facility”).
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Solar Capital Ltd. Acquires Kingsbridge Holdings LLC; Expands Specialty Finance Platform
November 9, 2020Solar Capital Ltd. (NASDAQ: SLRC) (the “Company” or “Solar Capital”) announced that on November 3, 2020, it acquired a majority stake in Kingsbridge Holdings LLC ("Kingsbridge") from TZP Capital Partners II, LP and its affiliates and the Kingsbridge management team. Kingsbridge, based in Lake Forest, Illinois, is a leading independent lessor of information technology, industrial, healthcare, and commercial essential-use equipment to a diverse set of high credit quality customers. With the acquisition, Solar Capital will have invested approximately $216 million, in a combination of approximately $136 million of equity and $80 million of debt, to acquire 87.5% of Kingsbridge in partnership with the Kingsbridge management team which is rolling a portion of their equity ownership as part of the transaction.
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Epizyme Announces Expanded Loan Facility with Pharmakon Advisors for Additional $150 Million to Fund its Growth Initiatives
November 9, 2020Epizyme, (Nasdaq: EPZM), a fully integrated, commercial-stage biopharmaceutical company developing and delivering novel epigenetic therapies, today announced that the company has entered into an amended and restated agreement with funds managed by Pharmakon Advisors, LP, an affiliate of Royalty Pharma, to expand its loan facility and plans to draw down $150 million. Epizyme and Pharmakon Advisors originally executed their agreement in November 2019, in conjunction with the company’s funding agreement with Royalty Pharma.
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Fifth Third Announces the Appointment of Jamie Leonard as Chief Financial Officer
November 11, 2020Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Jamie Leonard as chief financial officer, effective immediately. The company also announced the appointment of Bob Shaffer as chief risk officer, to succeed Leonard, and Peg Jula as chief human resources officer, succeeding Shaffer.
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BMO Financial Group Announces Executive Appointments
November 11, 2020BMO Financial Group today announced a series of executive appointments to continue to build on its strategic advantages. Tom Flynn will move from his current role as Chief Financial Officer to become a Vice Chair. In his new role, he will support the growth ambitions of corporate clients and deepening client relationships. He will also continue to support certain enterprise strategic initiatives.
-
Edward King of King Trade Capital to be Moderator and Panelist during SFNet’s 76th Annual Convention November 17-19, 2020
November 9, 2020King Trade Capital’s Founder and Managing Partner, Edward King, will be the moderator and a panelist on the panel titled Disruption in Supply Chains & Mitigating Risks. The panel is scheduled for Thursday, November 17th at 10:15 AM CT during the SFNet 76th Annual Convention and includes five supply chain finance experts from across the globe discussing the challenges financing the supply chain during the pandemic, past, present and what is expected of the future.
-
NPC International Enters Into $816 Million Stalking Horse Asset Purchase Agreement with Flynn Restaurant Group
November 9, 2020Weil, Gotshal & Manges LLP is acting as NPC’s legal counsel, Greenhill & Co., LLC is acting as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Realty is acting as real estate advisor to the Company. Davis Wright Tremaine LLP and Kirkland & Ellis LLP are serving as legal counsel to Flynn Restaurant Group LP.
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Service Properties Trust Amends $1.4 Billion Credit Agreement
November 9, 2020Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has amended the credit agreement governing its $1.0 billion revolving credit facility and $400.0 million term loan. The amendment provides for a waiver of all existing financial covenants under its credit agreement through July 15, 2022, during which, subject to certain conditions, SVC will continue to have access to undrawn amounts under the revolving credit facility. In connection with the amended credit agreement, SVC repaid its $400.0 million term loan on November 5, 2020 using undrawn amounts under its revolving credit facility.
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Converge Technology Solutions Corp. Announces Refinancing of Credit Facility
November 9, 2020Converge Technology Solutions Corp. ("Converge" or "the Company") (TSXV: CTS) (FSE: 0ZB) (OTCQX: CTSDF), a national platform of regionally focused Hybrid IT solution providers in the U.S. and Canada, is pleased to announce that it has entered into a committed $140 million revolving credit facility with a syndicate of banks led by the Canadian Imperial Bank of Commerce (CIBC). This will result in significant interest cost savings for Converge based on the pricing matrix of the new facility.
-
J D Factors Announces Factoring Facilities
November 9, 2020J D Factors announced it provided 11 factoring facilities to transportation, wholesale and toy manufacturing companies in the U.S. and Canada.
-
Rockland Trust Provides Asset-Based Credit Facility to Yankee Spirits Inc.
November 9, 2020Rockland Trust’s Asset-Based Lending Team announced today that it provided a $6 million revolving line of credit to Yankee Spirits Inc., a retailer of wine, beer, and spirits with four locations throughout Massachusetts. The company sells a wide variety of alcoholic beverages, and utilizes warehouse space at each location to purchase in larger quantities, enabling them to offer discount prices. Proceeds from the line of credit were used to refinance their existing credit facility and going forward, the line will be used to support continued growth.
-
Prestige Capital Announces $5 Million for a Leveraged Buyout
November 9, 2020Prestige Capital Finance, LLC recently delivered a $5 million factoring facility to a Southeast-based company that focuses on the manufacturing and assembly of corrugated retail displays. The funds were used to acquire a smaller corrugated display company in a new market as well as ongoing working capital needs for both entities.
-
White Oak Provides $5 Million in Receivables Financing to Renewable Energy Services Company
November 9, 2020White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $5 million Receivables Financing Facility to a software and program management services firm that provides renewable energy-related solutions to public and private utilities providers.
-
Gibraltar Brings Stability and Flexibility to $15MM Acquisition Financing
November 9, 2020Fluctuating economic conditions, coupled with managing multiple remote teams to secure financing for a major acquisition isn’t a scenario every finance provider is equipped to handle. Kinzie Capital Partners, a Chicago-based private equity group approached Gibraltar to find a financing source for the acquisition of Chelsea Lighting, a well-known New York City-based lighting technologies and procurement specialist that has worked with prominent Fortune-500 companies.
-
CapitalPlus Funding Gives Contractors a Stable Foundation
November 9, 2020October’s transactions demonstrated that CapitalPlus can respond quickly to changing economic conditions and offer a reliable funding solution. Representative transactions included: $1.5 million construction factoring facility for a civil engineering firm in Texas; $500,000 construction factoring facility for a directional drilling contractor in Oklahoma; $200,000 construction factoring facility for a Miami millwork and cabinetry company and $100,000 construction factoring facility for a security equipment installer in Indiana so they could take on multiple projects simultaneously.
-
Oxford Finance Provides $9.5 Million Credit Facility to Vitalogy Property Holdings LLC
November 9, 2020Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC ("AB") and Vitalogy Property Holdings LLC ("Vitalogy" or "the Company"). The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 SNF beds.
-
eCapital Corp. Provides $3 Million Factoring Facility to International Consumer Electronics Distributor
November 9, 2020eCapital Corp. (“eCapital”), a leading alternative finance provider in North America, today announced the company has funded a $3 million factoring facility to a distributor of consumer electronics products. The company distributes electronics for top brands including Apple, Samsung, Google, Microsoft, Sony and more, both domestically and internationally, and chose eCapital’s Commercial Finance division to help support their business growth.
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eCapital Corp. Provides $900,000 Factoring Facility to Veteran-Owned Staffing Company
November 9, 2020eCapital Corp. (“eCapital”), a leading alternative finance provider in North America, today announced the company has provided $900,000 factoring facility to a veteran-owned temporary staffing agency that specializes in the placement of healthcare professionals for the U.S. government. The company chose eCapital’s Commercial Finance division because it required a lender that understood the government contracting business and could quickly scale according to its contract demands.
-
Walker & Dunlop Investment Partners Expands Capital Formation Team with New Director
November 9, 2020Walker & Dunlop, Inc. announced today that Walker & Dunlop Investment Partners, Inc. (WDIP), the company's wholly-owned alternative investment manager focused on middle-market commercial real estate investments, has hired Michael Link as Director on WDIP's Capital Formation team. Mr. Link will be based out of the firm's Denver, Colorado headquarters and will be responsible for marketing and fundraising efforts as WDIP continues to build a diversified suite of private equity and debt strategies.
-
Varagon Capital Partners Supports Morgan Stanley Capital Partners’ Acquisition of US HealthConnect
November 9, 2020Varagon Capital Partners (Varagon) today announced it is serving as Administrative Agent, Joint Lead Arranger and Bookrunner on a senior secured credit facility to support the acquisition of US HealthConnect (USHC) by investment funds managed by Morgan Stanley Capital Partners (MSCP).
-
Kane Biotech Enters into Credit Facility with Pivot Financial
November 9, 2020Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) (“Kane Biotech”) today announced that it has entered into a one year credit agreement (the “Credit Agreement”) with Pivot Financial Inc. (“Pivot”) for a non-revolving term loan in the aggregate amount of $1,480,000.00 (the “Credit Facility”).
-
Solar Capital Ltd. Acquires Kingsbridge Holdings LLC; Expands Specialty Finance Platform
November 9, 2020Solar Capital Ltd. (NASDAQ: SLRC) (the “Company” or “Solar Capital”) announced that on November 3, 2020, it acquired a majority stake in Kingsbridge Holdings LLC ("Kingsbridge") from TZP Capital Partners II, LP and its affiliates and the Kingsbridge management team. Kingsbridge, based in Lake Forest, Illinois, is a leading independent lessor of information technology, industrial, healthcare, and commercial essential-use equipment to a diverse set of high credit quality customers. With the acquisition, Solar Capital will have invested approximately $216 million, in a combination of approximately $136 million of equity and $80 million of debt, to acquire 87.5% of Kingsbridge in partnership with the Kingsbridge management team which is rolling a portion of their equity ownership as part of the transaction.
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Epizyme Announces Expanded Loan Facility with Pharmakon Advisors for Additional $150 Million to Fund its Growth Initiatives
November 9, 2020Epizyme, (Nasdaq: EPZM), a fully integrated, commercial-stage biopharmaceutical company developing and delivering novel epigenetic therapies, today announced that the company has entered into an amended and restated agreement with funds managed by Pharmakon Advisors, LP, an affiliate of Royalty Pharma, to expand its loan facility and plans to draw down $150 million. Epizyme and Pharmakon Advisors originally executed their agreement in November 2019, in conjunction with the company’s funding agreement with Royalty Pharma.
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