Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the acquisition of Shaw Development, LLC (“Shaw”) by private equity sponsor Monomoy Capital Partners. Founded in 1944 and based in Bonita Springs, Florida, Shaw is a designer, manufacturer and assembler of sensors, fluid management systems and related components primarily for diesel exhaust fluid (“DEF”) applications.

Bank of America, JP Morgan Chase and PNC Bank served as Joint Lead Arrangers and Joint Book Runners on the new credit facilities.

Republic was chosen by the sponsor and consultant due to its flexibility, creativity, experience and its reputation for approving its original term sheets. The private equity firm acquired the company several years before, but brought in the turnaround consulting firm once it realized the management team needed immediate support and long-term improvement. The turnaround consultant knew of Republic’s commitment to the corporate renewal of companies with its President, Robert Meyers, recently completing his year as President of the Midwest Chapter of the Turnaround Management Association.

TradeCap Partners (“TradeCap”) recently announced the closing of a $5.5 million Purchase Order Facility for an East coast based Audio/Visual-IT Integration Company to support a large public sector contract award to upgrade existing technology.

DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it entered into a $50 million Increase Agreement (the “Increase Agreement”), by and among DXP Enterprises, Inc. (the “Company”), certain of the Company’s US subsidiaries, as borrowers, certain of the Company’s Canadian subsidiaries, as borrowers, the incremental lenders party thereto and Bank of America, N.A., as agent.

Internap Corporation, as debtor and debtor-in-possession ("INAP"), and certain of its subsidiaries, as debtors and debtors-in-possession (collectively with INAP, the "Company"), entered into a Senior Secured Super-Priority Debtor-In-Possession Credit Agreement with Jefferies Finance LLC, as administrative agent and collateral agent, and the lenders party thereto. As previously reported by INAP on March 16, 2020, the Company filed voluntary petitions for relief under Title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of New York, White Plains Division

Leading global professional services firm Alvarez & Marsal (A&M) announces the addition of Rogers Herndon and Danny Boyer as Managing Directors to its Energy practice based in Houston. These hires demonstrate A&M’s commitment to helping clients in the energy industry address increasingly complex challenges to best maximize value.

The Covid-19 outbreak is unlike any previous crisis: traditional crisis-response approaches will not be sufficient. CEOs need to act now, and act aggressively.

Dr. Kerstin Braun, President of Stenn Group, commented: “2019 was weaker than expected and the stakes are only higher for 2020. Governments around the world are having to act forcefully to prevent the economic hit from Covid-19 deepening, taking a coordinated approach and opening the liquidity pipe for both fiscal and monetary support.

Richard Gumbrecht, SFNet CEO, met with representatives of the Office of the Comptroller of the Currency last week to discuss issues of importance to our respective missions. Participating were Lou Ann Francis, Director of Commercial Credit Risk who oversees Asset Based Lending for the OCC and her staff as well as her boss Richard Taft, Deputy Comptroller of Credit Risk

Information on relief loan programs can be found be clicking here.

The inaugural facility matures in December 2022, with two, one-year extension options thereafter. Based upon the leverage levels at closing, the interest rate under the revolving facility is LIBOR plus 185 basis points. The facility also has an accordion feature that allows for borrowing capacity of up to $300 million. KeyBank serves as Administrative Agent and Lead Arranger and Mizuho Bank, City National Bank, and First Financial Bank serve as participating lenders.

Acreage Holdings, Inc., one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., today announced (i) the first closing and drawdown of $21 million on the previously announced $100 million credit facility, with net proceeds of approximately $20.2 (excluding placement fees) to Acreage, and (ii) the borrowing of $22 million by an Acreage subsidiary (“IP Borrower”) from IP Investment Company, LLC in a transaction that represents the initial borrowing under the previously announced loan transaction.

L Brands has drawn $950 million from its revolving credit facility, giving the company more than $2 billion in cash. The move was made "in an abundance of caution and as a proactive measure" amid temporary coronavirus-related store closures, per a company press release. L Brands also withdrew its previous earnings guidance for the current quarter given uncertainty around the COVID-19 pandemic's impact.

Jon Harmon has joined Virtas Partners as Director, leading the firm’s strategic communications services. Virtas Partners is an advisory firm helping clients successfully navigate key transitions, including acquisitions, divestitures, IPOs, carve-outs, accounting investigations & restatements, corporate restructurings, turnarounds and capital placements.

On 17 March 2020, AMNS Luxembourg Holding S.A. (“AMNS”), the parent company of the AMNS India joint venture in partnership with Nippon Steel Corporation (“NSC”), entered into a $5.146 billion ten-year term loan agreement with Japan Bank for International Cooperation (“JBIC”) and MUFG BANK, LTD. , SUMITOMO MITSUI BANKING CORPORATION, MIZUHO BANK EUROPE N.V., and SUMITOMO MITSUI TRUST BANK, LIMITED (LONDON BRANCH).

In response to current market volatility and COVID-19, law firm Schulte Roth & Zabel (SRZ) has reconstituted its SRZ Market Conditions Working Group from the global financial crisis. The firm also opened its COVID-19 Resource Center at www.srz.com, and as of today, the lawyers have published more than 20 SRZ Client Alerts thus far this week on a range of crisis-related topics.

Tiger Group on March 31 will hold an online-only auction of excess pro-grade audiovisual gear from The Camera Division (TCD), the one-stop rental house formed in 2017 by the successful merger of The Camera House and Division Camera. The offering includes digital and video cameras, zoom lenses, lighting, matte boxes, monitors, jib arms, sliders, tripods, camera accessories, media, filters, and more.

Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) today reported the purchase of more than 237,500 shares of MRCC common stock by officers and directors of the Company and senior management of Monroe Capital Management Advisors, LLC (“MCMA”), an affiliate of the Company’s investment advisor, in open market transactions recently.

After more than 38 years in financial services, Huntington (Nasdaq: HBAN; www.huntington.com) Commercial Banking Director Rick Remiker has announced his decision to retire in May 2020. Remiker joined Huntington in 2010 to lead the bank's equipment finance business. He subsequently led specialty banking and in 2014 assumed leadership of the commercial bank.