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AloStar Capital Finance Rebrands as Cadence Business Finance
Cadence Bank today announced the rebrand of AloStar Capital Finance, a division of the bank that provides asset-based lending (ABL) and specialty finance solutions, to Cadence Business Finance (CBF). Along with its new name, logo and website, the rebrand introduces new leadership and a realigned business focus to better serve the growth and operational needs of performing middle-market businesses.
Norbert “Norb” Schmidt has been appointed executive vice president and director of capital finance of Cadence Business Finance.
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I love the study of Stoicism and apply it daily. Marcus Aurelius (Roman emperor from 161 to 180 and a stoic philosopher) wanted us “to bear in mind constantly that all of this has happened before and will happen again.” We might think we are in unique times, that no one has ever gone through what we have gone through, but that is false. We lived through the Great Recession, but before that there was the Great Depression. The COVID-19 pandemic is not even close to being the worst plaque to strike humanity (Marcus Aurelius lived during a horrific plague that killed 18 million people, including his own children). Political turmoil and nationalism; let us not forget World War II, the Civil War and many other wars before that. What defines us is not the age we live in, but what WE do when faced with these trials.
TSL Express Daily Headlines & News
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Enservco Signs Non-Binding Letter of Intent with Lender to Amend its Senior Revolving Credit Facility for Substantial Debt Reduction, New Working Capital Revolver and Equity
September 17, 2020Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced it has signed a non-binding letter of intent (“LOI”) with East West Bank (“EWB”) to amend its existing senior revolving credit facility to reduce bank debt by $16 million, amend the current facility into a term loan and provide a new working capital revolving line of credit in exchange for equity in Enservco.
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Massive Inventory of Line Pipe Now Available From Tiger Group and P.I.T. Pipe
September 17, 2020High-quality, never-used pipe is ideal for use in water-transmission, heavy construction, and the oil and gas sector; all inventory made in the United States.
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Sterling National Bank Provides $7M of Working Capital to Arrow Security
September 17, 2020Sterling National Bank's Commercial Services Group provided a credit line increase of senior secured credit facilities now totaling $7,000,000 to Arrow Security. (“Arrow” or the “Company”). The credit facilities will provide working capital to further expand and support the Company’s future projected growth.
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PharmHouse Pursues Formal Restructuring
September 17, 2020Joint venture seeks creditor protection while it restructures its business, financial obligations Canopy Rivers to provide up to $7.2 million in interim DIP financing
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Houlihan Lokey Continues Expansion of Its Industrials Group With Key Hire
September 17, 2020Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, today announced that Richard Hoh has joined the firm as a Managing Director in the Industrials Group. He is based in New York and will be part of the firm’s existing industrial technology subsector team, focusing primarily on electronic components as well as environmental technologies.
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Qatar Investment Authority and Credit Suisse Asset Management Enter into Strategic Partnership in the Direct Lending Market
September 17, 2020Credit Suisse and the Qatar Investment Authority (QIA) are pleased to announce that QIA will partner with Credit Suisse Asset Management to form a multibillion dollar direct private credit platform that will provide financing primarily in the form of secured first and second lien loans to upper middle-market and larger companies in the US and Europe
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Truist Unveils Venture Capital Division with New Fintech Investment
September 17, 2020Truist Financial Corporation (NYSE: TFC) today announced the launch of Truist Ventures, a corporate venture capital division created by integrating investments in technology companies from the heritage SunTrust brand with BB&T Ventures. The firm, which also is announcing its latest deal with global payments network Veem, is focusing on strategic partnerships and investments to bring novel solutions to Truist clients and deliver on the company's purpose to inspire and build better lives and communities.
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Antares Capital Announces Final Close of Inaugural Senior Loan Fund
September 17, 2020Antares Capital Advisers LLC, a subsidiary of Antares Capital LP (together with its parent companies, “Antares”) announced the final closing of its inaugural Senior Loan Fund (“SLF”). The fund, which launched in December 2019, closed on September 14th with approximately $3 billion of asset purchasing power, exceeding its initial target of $1.5 billion. Capital was raised across a diversified set of institutional investors.
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Pandemic Highlights Value of Tech and Talent Investment for Business
September 17, 2020- Most businesses plan to ramp up tech spending over next 12 months - Remote work likely to remain common even after pandemic subsides - Many believe their businesses would have fared better if they'd invested more in tech before COVID-19 hit
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Kevin Kane Joins First Business Bank as President – Milwaukee Region
September 17, 2020With more than 30 years of banking experience, including the last 28 years at BMO Harris Bank, Kevin is a Certified Treasury Professional (CTP) and has held various leadership roles in Commercial Lending and Treasury Management. He began his career with Harris Bank and joined M&I Bank in 1992, where he advanced through the acquisition with BMO to his most recent role as Managing Director, Head of Commercial Sales: Treasury & Payment Solutions. His focus on developing high-performing teams for the benefit of clients is a hallmark of his career that he will continue at First Business Bank.
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Republic Provides a Non-Borrowing Factoring Facility to an Apparel Importer
September 17, 2020Republic Business Credit provided a non-borrowing, traditional factoring facility with credit protection and collection services, with minimal annual volume requirements. Republic provided the credit information to support the decision for which orders to take and which ones to avoid during the recession. The company believes there will be an uptick in volume as the year progresses but it might be unevenly spread across his customer base depending on reopening guidelines.
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Ultra Successfully Completes Financial Restructuring and Emergence from Bankruptcy
September 16, 2020Centerview Partners served as financial advisor to the Company, Kirkland & Ellis LLP served as the Company’s legal counsel and FTI Consulting served as the restructuring advisors to the Company. Evercore Group L.L.C. served as financial advisor, and Stroock & Stroock & Lavan LLP served as legal counsel, to an ad hoc group of Ultra’s senior creditors in connection with the restructuring.
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Oxford Finance Closes $15 Million Credit Facility with Vedanta Biosciences, Inc.
September 16, 2020Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, has announced the closing of a $15 million senior secured term loan with Vedanta Biosciences, Inc. ("Vedanta" or "the Company"), a clinical-stage biopharmaceutical company developing a new category of therapies for immune-mediated diseases based on defined bacterial consortia. The funds will be used for general working capital and to advance the development pipeline.
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Delta Borrows $9 Billion in Largest Airline Debt Sale Ever
September 16, 2020Delta Air Lines Inc. raised $9 billion in the industry’s largest debt sale ever, tapping into investors’ rampant demand for yield while seeking to survive a slowdown that’s causing it to burn through $27 million a day.
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Finitive Facilitates Credit Facility for Buyer of Distressed Small Business Loans
September 16, 2020Finitive, a private credit platform providing institutional investors with direct access to alternative lending investments, today announced that it has facilitated a credit facility for a specialty finance company that buys distressed small business loans and merchant cash advance (MCA) portfolios.
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Aligned Closes $1 Billion Credit Facility and First-Ever U.S. Data Center Sustainability-Linked Financing
September 16, 2020The facility is one of the largest private debt raises in data center history, consisting of a $650 million term loan, a $100 million delayed draw term loan and a $250 million revolving credit facility. Aligned engaged TD Securities as the administrative and collateral agent; Goldman Sachs Lending Partners LLC as the syndication agent; and ING Capital LLC as the sustainability structuring agent. TD Securities, Goldman Sachs Bank USA, Citizens Bank, N.A., Deutsche Bank AG, New York Branch, and Nomura Securities International, Inc. served as joint bookrunners and joint lead arrangers for the facility.
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ENGS Commercial Capital, LLC Provides $1 Million Accounts Receivable Factoring Facility for Medical Staffing Services
September 16, 2020In addition, ENGS worked with the company and its customers to put in place a seamless receivables management process that will allow the company to better service its customers. Now the company can move forward confident that they will have adequate cash flow to pursue growth opportunities without the administrative burden and overhead expense that comes with implementing a back-office system.
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FocalPoint Advises EducationDynamics on its Refinancing by WhiteHorse Capital Management and Encina Business Credit
September 16, 2020EducationDynamics, LLC (“EducationDynamics” or the “Company”) has raised $80 million from WhiteHorse Capital Management, LLC (“WhiteHorse”). The Company raised capital to finance the acquisition of key assets of Thruline Marketing, Inc. (“Thruline Marketing”) from Oaktree Capital Management as well as to refinance its existing debt. In addition, the Company raised $12.5 million from Encina Business Credit, LLC (“Encina”) in the form of a revolving credit facility. EducationDynamics is a portfolio company of Prudential Private Capital (“Prudential”) and Muirlands Capital. FocalPoint Securities, LLC (“FocalPoint”) served as the exclusive investment bank to the Company.
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Axiom Bank, N.A. Appoints Edwin Rasinski As Winter Park Branch Manager
September 16, 2020Axiom Bank, N.A., a Maitland-based, leading community bank, recently named Edwin Rasinski as branch manager of its new flagship Winter Park branch. In this role, Rasinski will oversee branch operations to meet the financial and business needs of the Winter Park community.
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Endeavour Secures $50MM Debt Facility With CoVenture
September 16, 2020Endeavour is pleased to announce the closing of a $50MM credit facility with CoVenture, a multi-strategy asset management firm. This facility will accelerate Endeavour's growth strategy for financing US Federal Government contractors. Headquartered in New York, CoVenture is an asset manager focused on investing across the capital stack of technology companies.
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