- TAB Bank Provides This Bar Saves Lives LLC with a $1.75 Million Revolving Credit Facility
- Business Capital Delivers Over $300 Million Funding for Solar Fintech Company
- AtlanticRMS LLC
- Coral Capital Solutions
- Fred’s Inc. Taps SB360 As Exclusive Consultant to Conduct Store Closing Sales in the Last Remaining 81 Fred’s Stores
Middle-market private companies in the Golub Capital Altman Index experienced approximate year-over-year earnings growth of 13.2% and revenue growth of 9.6% during the first two months of the third quarter of 2019. This compares to approximate year-over-year earnings growth of 12.5% and revenue growth of 10.3% in the second quarter of 2019.
TSL Express Trending Story
Synovus Bank recently announced a new Specialty Finance Division, focused on providing debt capital financing and commercial banking solutions to fund companies operating in niche asset classes. The division includes a structured finance team and builds on the expertise of Global One Financial, the insurance premium finance lender acquired by Synovus in October of 2016. The division is led by Jonathan Rosen, who founded Global One in 2003 and continues to manage it as chief executive officer of the Specialty Finance Division at Synovus.
Here, Jonathan Rosen discusses opportunities and growth late in the credit cycle.
TSL Express Daily Headlines & News
Banks and Independents Report Strong Performance In Secured Finance in First Half of 2019
October 21, 2019
Phoenix Lending Survey Results Reveals Lenders are Increasingly Pessimistic of the U.S. Economy
October 21, 2019After a brief resurgence in Q2 2019, lenders displayed a more adverse outlook and assessment of the U.S. economy for the near term. The GPA for the U.S. economy in the near term significantly decreased 39 percentage points to 2.38 from the Q2 2019 results of 2.77. Additionally, lenders optimism of the U.S. economy in the long term continued to weaken, slightly decreasing 3 percentage points to a 2.04 from the previous quarter’s results of 2.07.
OncoCyte Amends Loan Agreement With New $3M Credit Facility
October 21, 2019OncoCyte said in a regulatory filing on Monday that it has entered into an amended agreement with Silicon Valley Bank for a new $3 million secured credit facility, a portion of which has been used to repay the remaining balance of approximately $400,000 on outstanding loans with the same lender plus a final payment of $116,000 under the two parties' February 2017 loan agreement.
DURA Automotive Systems, LLC Secures $77 Million in Financing to Pursue Expedited Restructuring & Going Concern Sale
October 21, 2019o implement this restructuring, the Company and its domestic subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Tennessee. DURA’s non-U.S. subsidiaries are not part of the Chapter 11 filing.
Investors Bank Selects ODX Platform to Begin Digitizing Small Business Lending
October 21, 2019Investors Bancorp, Inc. (NASDAQ: ISBC) today announced that its banking subsidiary Investors Bank formed an alliance with ODX, a leading digital small business originations platform and a subsidiary of On Deck Capital, Inc. (NYSE: ONDK). Investors Bank will deploy ODX's digital loan origination platform in a phased approach to enhance its small business lending program in select areas of its banking network.
Crestmark Provides More Than $30.4 Million in Commercial Financing to 96 Businesses in the First Half of October
October 21, 2019Crestmark secured a total of $5,100,000 in ABL financial solutions for six new clients; Crestmark Equipment Finance provided $4,048,244 in six new lease transactions; Crestmark Vendor Finance provided $8,025,138 in 81 new lease transactions; and the Government Guaranteed Lending Division provided $13,284,795 in financing for five new clients in the first half of October.
North Mill Capital Announces Funding to Logistics Company
October 21, 2019The company provides maintenance, supply and warehouse chain management, transportation, IT and base operations support personnel primarily for the U.S. military.
Worthy Lending, LLC Takes Majority Syndicate Position in a $2MM Inventory Finance Facility for A Southeastern Home Furnishings Company
October 21, 2019Worthy Lending LLC (WL) provided $1MM as the majority participant in a finance facility designed to help a well-established home furnishings company with over sixteen years of servicing the consumer. This regionally known and respected retailer lost its bank financing and required a finance facility to consolidate some of its locations and build inventory for their upcoming busy season.
Capital One Closes $108.9 Million Loan to Meridian Senior Living
October 21, 2019The borrower will use a portion of the proceeds to acquire two senior housing communities in Florida, the 106-unit Symphony at the Waterways in Ft. Lauderdale and the 132-unit Symphony of Boca Raton.
U.S. Bank Hires Peter Gordon as Head of Emerging Payments Product and Strategy
October 21, 2019U.S. Bank has hired real-time payments industry veteran Peter Gordon to lead emerging payments efforts across the company. In this new role, Gordon will oversee the strategy and product development of emerging payments products and services at U.S. Bank.
CIT's Supply Chain Finance Unit Expands Capabilities
October 21, 2019Buyers and suppliers can now optimize their working capital by leveraging Supply Chain Finance's enhanced technical capabilities and product expertise to structure, implement and manage programs.
Austin Financial Services Provides a $5MM Revolving Credit Facility to a Private Equity owned Full-Service Courier Company
October 21, 2019Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $5MM ABL credit facility to a Midwest-based Full-Service Courier Company that provides parcel delivery throughout the country.
McDermott International Enters into Agreement for up to $1.7 Billion of New Financing
October 21, 2019Under the terms of the Agreement, McDermott will have immediate access to $650 million of financing comprised of $550 million under a term loan facility and $100 million under a letter of credit facility, before reduction for related transaction fees and expenses
Equity Partners HG Closes Asheboro Elastics Corp Refinancing
October 21, 2019Equity Partners HG announced it acted as the exclusive investment banker to Asheboro Elastics Corp in the placement of its new senior secured debt. Asheboro Elastics Corp (“Asheboro” or the “Company”) is a privately-held, leading producer of knitted and woven narrow fabrics for the apparel and bedding industries.
Golden Star Reports Previously Announced Secured Credit Facility Closed
October 21, 2019Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the "Company") is pleased to report that it has closed the $60 million senior secured credit facility with Macquarie Bank Limited (the "Credit Facility") previously announced in its July 31, 2019 news release.
U.S. Fintech West Creek Secures $150 Million Credit Facility From Pollen Street Capital to Expand Point-of-Sale Financing
October 21, 2019West Creek, a U.S.-based fintech company that provides point-of-sale financing, announced on Thursday it secured a $150 million credit facility from Pollen Street Capital, bringing the company’s total credit facility capacity to $250 million.
Stonebriar Commercial Finance Welcomes Michael J. Renck, CFA as Senior Financial Analyst
October 21, 2019Stonebriar Commercial Finance (“SCF”) is pleased to announce that Michael J. Renck, CFA joined the company as Senior Financial Analyst effective October 15, 2019. Michael joins SCF from its equity sponsor, Eldridge Industries, where he was instrumental in the development and application of financial models for SCF and other Eldridge portfolio companies.
Amerisource Closes $1,000,000 Credit Facility for Distribution Company
October 17, 2019Amerisource Business Capital announced the closing and funding of a $1,000,000 credit facility for a growing distribution and warehousing company based in California and Georgia. Proceeds of the facility were used to refinance existing bank debt and to support increased working capital needs.
Avidbank Holdings, Inc. Announces Net Income of $3,452,000 for the Third Quarter of 2019
October 17, 2019Avidbank Holdings, Inc. ("the Company") (OTC Pink: AVBH), a bank holding company and the parent company of Avidbank ("the Bank"), an independent full-service commercial bank serving businesses and individuals primarily in Northern California, announced unaudited consolidated net income of $3,452,000 for the third quarter of 2019 compared to $2,865,000 for the same period in 2018.
SSG Advises True Health Diagnostics in the Sale of Select Assets to Cleveland HeartLab
October 17, 2019SSG Capital Advisors, LLC ("SSG") acted as the investment banker to THG Holdings LLC ("True Health" or the "Company") in the sale of select assets to Cleveland HeartLab, a wholly-owned subsidiary of Quest Diagnostics ("Quest"). The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware.
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The Secured Lender
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