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Merchant Opportunities Fund Closes $27.5 Million BMO Credit Facility

The Merchant Opportunities Fund, a Vancouver-based diversified credit opportunities fund focused on prudently compounding capital over the long-term, today announced that it has closed a revolving debt facility with the Bank of Montreal ("BMO"). The facility consists of a $15 million funding commitment with a two-year term along with a $12.5 million accordion.

The Merchant Opportunities Fund invests in well-selected proprietary specialty finance portfolios, that in many cases consist of loans or advances that are originated, underwritten, and serviced by their primary originator, Merchant Growth. The BMO debt facility specifically provides funding for the Merchant Growth portfolio.

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Interview with Gene Martin, CEO, and Mark Forti, Managing Director, Head of Origination at Callodine Commercial Finance

On November 5, Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced it had entered into a definitive agreement to acquire the loan portfolio and assume the employees and operating costs of Gordon Brothers Finance Company, LLC (GBFC). In connection with the closing of the transaction, GBFC has changed its name to Callodine Commercial Finance (CCF). Led by CEO Gene Martin, and the current investment team, CCF will be the successor firm to Gordon Brothers Finance Company, LLC. Callodine’s acquisition represents approximately $400 million in assets and is being funded in part by new strategic financing from KKR, East Asset Management and Axar Capital Management. BlackRock Capital Investment Corporation (“BCIC”), the most recent majority owner of the business, will also remain a financial partner to CCF. TSL Express' senior editor spoke with Gene Martin and Mark Forti at Callodine Commercial Finance about opportunities in the asset-based lending space and what lies ahead.

TSL Express Daily Headlines & News

  • Feronia Inc. Announces Closing of Restructuring Transaction
    November 24, 2020
    Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) announces that it has closed its previously announced third party sale and restructuring transaction. As previously reported, the Company initiated debtor in possession insolvency proceedings under the Bankruptcy and Insolvency Act (Canada)(the “BIA”) on July 23, 2020 (the “NOI Proceedings”).
  • Vesper Energy Secures Letter of Credit Facility for up to $100 Million
    November 24, 2020
    Vesper Energy – a leading developer, owner and operator of utility-scale renewable energy assets – announced it closed a new letter of credit (LC) facility with Macquarie Group ("Macquarie") for up to $100 million. The LC facility will empower Vesper Energy to fast-track the development of its current 3 GW solar and 2.5 GWh energy storage pipeline in North America. The company will use the LC facility to cost-effectively post securities for power purchase agreements (PPAs) and interconnection agreements with energy transmission networks like PJM, CAISO and ERCOT.
  • U.S. Term Loan Defaults Set for Lowest Monthly Tally Since August
    November 24, 2020
    U.S. institutional term loan defaults are on pace for the lowest monthly total since this summer, according to Fitch Ratings in a new report. After jumping to $6.3 billion of defaults in October, November stands at $0.2 billion thus far and could best August ($2.2 billion) for the lowest monthly total this year. "Both the TTM and YTD default rates are at 4.3% and should end the year around 4.7%. This is in line with our initial coronavirus pandemic-revised 5%-6% forecast provided in March and tightened to 5% in early October," said Senior Director Eric Rosenthal of Leveraged Finance.
  • BroadPeak Global LP, a New Industrials, Materials and Chemicals Private Equity Firm, Debuts
    November 24, 2020
    Mr. Stephen Toy, previously Founding Member and Co-Head of WL Ross & Co. LLC and Global Head of Private Equity at Invesco Private Capital; and Mr. Nadim Qureshi, previously Managing Partner and Head of Industrials and Chemicals at WL Ross & Co. LLC and Invesco Private Capital; have formed BroadPeak Global LP, an independent private equity firm dedicated to opportunistic buyouts and special situations transactions in the global industrials, materials and chemicals sectors. The two co-founders are joined by Mr. Geoffrey Lim and Ms. Jackie Zheng, both former senior investment professionals at Invesco Private Capital, and Mr. Ademola Adewale-Sadik.
  • Prestige Capital Announces $2.0 Million for a Reverse Logistics Company
    November 24, 2020
    Prestige Capital Finance, LLC recently delivered a $2.0 million factoring facility to a reverse logistics company that specializes in managing excess inventory on behalf of its retail clients. The company helps retailers sort clearance merchandise and retag and repackage past-season, factory-excess and customer returns.
  • Stonebriar Commercial Finance Supports Jones Act Maritime Industry
    November 24, 2020
    Stonebriar Commercial Finance (“Stonebriar”), a leading independent large-ticket commercial finance company, announced today it has funded YTD and is currently projected to fund through 2021, with more than $355 million secured by Jones Act-compliant marine vessels, including tugs, barges, tankers, and container ships.
  • Thanksgiving Message to the SFNet Community
    November 24, 2020
    As we wind down what has been a truly historic event for the Secured Finance Network, our first ever fully virtual Annual Convention, I’d like to share some thoughts on the experience, what I am thankful for, and where we go from here.
  • eCapital Corp. Names Kash Ahmad Executive Vice President, Chief Credit Officer for eCapital Commercial Finance
    November 23, 2020
    eCapital Corp. (“eCapital”), a leading alternative finance provider in North America, has named Kash Ahmad executive vice president and chief credit officer of its Commercial Finance division. Ahmad will report to Tony Howard, eCapital Corp.’s chief credit and portfolio officer, and lead a team of underwriters and credit specialists to manage credit, risk and compliance, and support the growth of the Commercial Finance business.
  • Blackboxstocks Closes $1 Million in Debt Financing from Feenix Venture Partners
    November 23, 2020
    Blackboxstocks Inc. (OTC PINK: BLBX) (“Blackbox”), a financial technology and social media hybrid platform offering real-time proprietary analytics for stock and options traders of all levels, today announced that it has closed $1.0 million senior secured loan from Feenix Venture Partners.
  • OceanFirst Bank Announces Appointment of Joseph J. Lebel III as President
    November 23, 2020
    OceanFirst Financial Corp. (NASDAQ:OCFC) announces the Board of Directors has appointed Joseph J. Lebel III as President of its OceanFirst Bank N.A. (the “Bank”) subsidiary, effective January 1, 2021. Mr. Lebel will assume the responsibilities of President from Christopher D. Maher, who will remain Chairman of the Board and Chief Executive Officer of the Company and the Bank. Mr. Lebel has also been appointed to the Bank’s Board of Directors, also effective January 1, 2021.
  • Sumeru Equity Partners Closes on $720 Million Private Equity Fund
    November 23, 2020
    Sixpoint Partners, a leading global investment bank serving the middle-market, is pleased to announce the successful closing of Sumeru Equity Fund III, L.P. (the “Fund” or “Fund III”) with $720 million of total capital commitments. The Fund was significantly oversubscribed above its initial target of $600 million and nearly doubled the size of its predecessor vehicle.
  • XS Financial Obtains Revolving Credit Facility to Support Continued Growth of Its Leasing Portfolio
    November 23, 2020
    XS Financial Inc. ("XS Financial", "XSF" or the "Company") (CSE:XSF)(OTCQB:XSHLF), a specialty finance company providing equipment leasing solutions to cannabis and hemp companies in the United States, announced today that it has successfully closed a US$2 million senior secured revolving credit facility, with an FDIC insured bank, which has a term of two (2) years, expiring in November 2022
  • iQor Emerges from Chapter 11 Process, Successfully Completes Financial Restructuring
    November 23, 2020
    iQor ("the Company"), a managed services provider of customer engagement and technology-enabled BPO solutions, announced today that the Company and each of its U.S. subsidiaries have emerged from Chapter 11 bankruptcy, signaling the completion of the financial restructuring process. The Company’s Pre-Packaged Plan of Reorganization was confirmed by the United States Bankruptcy Court for the Southern District of Texas on October 14, 2020.
  • BioRestorative Therapies Emerges from Chapter 11 Reorganization
    November 23, 2020
    BioRestorative Therapies, Inc. (“BioRestorative” or the “Company”) (OTC: BRTX), a life sciences company focused on stem cell-based therapies, announced today that its amended joint plan of reorganization has become effective and it has emerged from Chapter 11 reorganization. Pursuant to the confirmed plan of reorganization, the Company has received $3,848,000 in financing. The confirmed plan of reorganization also provides for additional funding, subject to certain conditions, of $3,500,000 less the sum of the debtor-in-possession financing provided to the Company during the reorganization (approximately $1,227,000) and the costs incurred by the debtor-in-possession lender.
  • John Church Joins Seacoast Business Funding
    November 23, 2020
    Seacoast Business Funding is pleased to announce the addition of John Church, as VP Business Development Officer. Mr. Church is based on the West Coast and will focus on cultivating and growing the Seacoast portfolio in the region. He brings over twenty years of experience in solving complex financial challenges for businesses within the alternative lending space.
  • Verona Pharma Secures up to $30 Million Debt Financing from Silicon Valley Bank
    November 23, 2020
    Verona Pharma plc (Nasdaq: VRNA) (“Verona Pharma” or the “Company”), a clinical-stage biopharmaceutical company focused on respiratory diseases, announces that it has entered into a debt financing facility for up to $30 million (“debt facility”) with Silicon Valley Bank (“SVB”). The non-dilutive capital provides further financial flexibility to support pre-commercialization activities for ensifentrine, the Company’s first-in-class product candidate, which is currently in Phase 3 trials.
  • A&G Delivers $1.7 Billion in Occupancy-Cost Savings for Clients in First 9 Mos. of 2020
    November 23, 2020
    A&G Real Estate Partners (A&G) today announced record results for the first nine months of 2020—efforts that resulted in a total of $1.68 billion in occupancy-cost reductions for 51 retailers, restaurants, educational users, office tenants and fitness and entertainment operators.
  • Citizens Advises Findley, Inc. on its Sale to USI Insurance Services
    November 23, 2020
    Citizens M&A Advisory advised Findley, Inc. on its sale to USI Insurance Services, LLC. A leading human resources and employee benefits consulting firm, Findley provides actuarial, benefits and administrative consulting services to private and publicly-held companies, the public sector and non-profit organizations. Findley employs more than 250 associates, serving clients across the country from seven office locations in the Midwest and Southeast.
  • CVC Credit Partners Becomes Sole Underwriter to Nurse Plus
    November 23, 2020
    CVC Credit Partners (CVC Credit) has provided a GBP37.5 million first lien credit facility to Nurse Plus, a healthcare services business backed by Sovereign Capital Partners. The new funding has been fully underwritten by CVC Credit and will be used to refinance the company’s existing debt facility and to support the business’s ongoing growth strategy
  • Tiger Group Sets Auctions for Remaining Inventory From Major Distributor Of Disposable and Durable Medical Supplies on Dec. 2 and Dec. 16
    November 23, 2020
    In the wake of several private treaty bulk sales and an initial single-facility auction, Tiger Group will be conducting online auctions in December for the remaining $7 million in inventories plus other assets from two East Coast facilities operated by American Medical Depot (AMD), a major distributor of medical equipment and supplies that is now winding down its business.

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