Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FVI) provides an update on discussions with its senior lenders to amend the financial covenants contained in its US$150 million credit facility (the “Credit Facility”) (refer to Fortuna news release dated April 2, 2020).

Tenneco (NYSE: TEN) announced today that its senior lenders have agreed to amend the financial covenant ratios of its senior secured credit facility, significantly increasing the maximum leverage ratio and decreasing the minimum interest coverage ratio requirements in the company's senior credit facility. The revised covenant amendments are expected to help the company manage through the anticipated temporary drop in revenue and earnings related to the COVID-19 pandemic while maintaining compliance with senior credit facility terms.

Participating lenders in the credit facility include Barclays Bank PLC, Regions Capital Markets, Citibank N.A., US Bank National Association, Wells Fargo Bank National Association, Bank of America N.A., Citizens Bank N.A. and BMO Harris Bank N.A.

On April 30, 2020, the Federal Reserve announced that it is expanding eligibility to participate in the Federal Reserve’s Paycheck Protection Program Liquidity Facility (the “PPPLF”) to all lenders eligible to originate Paycheck Protection Program loans.[1] The PPPLF permits eligible PPP lenders to pledge PPP loan notes to the Federal Reserve in exchange for a low interest, non-recourse loan from the Federal Reserve in the amount of the pledged PPP loan note.

Solar Capital Partners ("SCP") announces the addition of four senior professionals to expand SCP's investment and business development capabilities. Gary Lembo joined the investment team as a Partner, senior underwriter, and originator. Mr. Lembo has 25 years of experience originating and underwriting investments in middle market companies. Most recently, Mr. Lembo was a Director at BlackRock/TCP. Previously, Mr. Lembo served as a Managing Director at CRG Partners and Marathon Asset Management, LP.

Ladder Capital Corp (“Ladder” or the “Company”) (NYSE: LADR) today announced that it has entered into a strategic financing arrangement (the “Agreement”) with Koch Real Estate Investments, LLC (“Koch”), an affiliate of Koch Industries, under which Koch will provide the Company with approximately $206.4 million in senior secured financing (the “Koch Facility”) to fund transitional and land loans. The Company also announced the completion of a private CLO with Goldman Sachs Bank USA (“Goldman”), which generated $310.2 million of gross proceeds to Ladder.

Walker & Dunlop, Inc. announced today that it closed the largest transaction in company history; a $2.4 billion Fannie Mae Credit Facility to refinance 67 multifamily properties located in the Washington, D.C. metropolitan area. The borrower, Southern Management Corporation, is the largest privately-owned residential property-management company in the Mid-Atlantic region.

Succession Resource Group, Inc. is a succession consulting firm specialized in helping financial professionals value, protect, merge/acquire, and develop exit strategies for their business. With decades of combined industry experience, SRG possesses a unique combination of skills, resources, and expertise to help advisors understand the value of their business, develop strategies to improve that value, protect it with comprehensive contingency and succession plans, and grow through acquisition.

Producing state of the art tilt sensors for both the military and commercial marketplaces. Spectron tilt sensors have been designed into most of the worlds jet aircraft, both fixed and rotary wing which also provides gravity reference for torpedoes, missiles, land navigation, ship antennas, microwave landing systems, and a host of other applications.

InterNex Capital announced that it surpassed $500 million in client fundings after launching to the market just over three years ago. “This momentous milestone is a testament to the value we are bringing to small and medium-sized businesses across the United States. We started InterNex because we knew these underserved businesses needed more than just money. They want technology that makes running their businesses and accessing capital easier.

Huntington Business Credit announced it closed new $22,500,000 credit facilities with Watkins Incorporated on March 13, 2020. Proceeds of the facilities were used to refinance existing debt and provide ongoing working capital growth financing.

Monroe Capital LLC (“Monroe”) today announced it acted as Co-Syndication Agent in the funding of a senior credit facility and equity co-investment to support the acquisition of Kindeva Drug Delivery L.P. (“Kindeva”) by Altaris Capital Partners. Based outside of St. Paul, Minnesota, Kindeva is a unique Contract Development and Manufacturing Organization (“CDMO”) focused on both drugs and their delivery devices, particularly inhalation, including asthma inhalers; transdermal, or patches that deliver drugs; and other systems.

North Mill Capital announced it has provided a $1.5 million asset-based facility to PRC Laser. The funds were used to repay the previous lender and provide additional working capital to support growth. PRC Laser Corporation distributes and services lasers used for industrial applications and is headquartered in Charleston, South Carolina.

Alleon 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 $12,000,000 medical accounts receivable financing facility with an Accountable Care Organization (“ACO”).

J D Factors announced it has provided the following factoring facilities: $100,000 to a transportation company in British Columbia; $120,000 to a transportation company in Illinois; $100,000 to a transportation company in Alberta; $100,000 to a transportation company in Quebec and $400,000 to an oil field services company in Texas.

TradeCap Partners is pleased to announce the closing of an $800,000 purchase order Facility for an office supply company on the West Coast. The Company had been working with a major retailer on a new endcap program that coincided with the fall, back-to-school season. Despite the COVID pandemic, the retailer’s stores remained open given their classification as an essential business selling a diversified mix of goods.

Amerisource Business Capital announced the closing and funding of a $1,500,000 credit facility for an environmental services firm based in New York. The proceeds are being used to support working capital needs and anticipated growth.

AGS (NYSE: AGS) (the "Company") today announced it has successfully closed an incremental term loan of $95 million ("Incremental Term Loan") and an amendment to its existing credit agreement. The Incremental Term Loan, which matures in February 2024, has an interest rate of LIBOR plus 1,300 basis points, with a 100 basis point LIBOR floor. The net proceeds of the Incremental Term Loan are expected to be used for general corporate purposes.

The financial hardship resulting from the COVID-19 pandemic is driving some companies to convert their revolving credit facilities from secured cash flow-based to asset-based lines of credit, according to Ed Gately, Head of Asset-Based Finance at Mitsubishi UFJ Financial Group (MUFG). Asset-based credit facilities are applicable to businesses in retail, wholesale and general distribution, where high levels of inventory are more common.

ADC Therapeutics SA, a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of highly potent antibody drug conjugates (ADCs) for patients suffering from hematological malignancies and solid tumors, today announced that it entered into a $115 million Convertible Credit Facility (the “Convertible Credit Facility”) with funds affiliated with Deerfield Management Company, L.P. (collectively, “Deerfield”).