- Betty Hernandez of North Mill Capital LLC Elected To Secured Finance Network Executive Committee
- Entrepreneur Growth Capital (“EGC”) Closes $4MM Working Capital Facility
- Vesta Draws Down $85 Million From Existing $125 Million Revolving Credit Facility Reinforcing Company's Strong Balance Sheet
- Kitchen Collection Is Closing 160 Stores Across The US
- OnDeck Taps Bank Veteran to Lead ODX Sales and Strategy; BBVA USA Veteran Lonnie Hayes Joins New Business Unit Serving Banks
MDC Partners Inc. (the "Company") (NASDAQ: MDCA) today announced that the Company has amended its existing senior secured revolving credit facility with Wells Fargo Capital Finance, LLC, as agent, extending the maturity date to February 3, 2022.
TSL Express Trending Story
Richard Hawkins, Georgia Quenby and John Alderton provide an overview of the potential impacts of the New Moratorium and consider actions that Secured Lenders may wish to consider in preparation.
(Editor’s Note: SFNet will be hosting a Webinar on UK Insolvency Reform: What Secured Lenders Need to Know, which will include the authors and other experts on June 10 at 11 AM ET.)
TSL Express Daily Headlines & News
Hilco Global APAC and Gordon Brothers Partner to Disperse Late Model CAT Mining Fleet in South Africa
June 2, 2020Leading asset valuation and disposal company Hilco Global APAC and Gordon Brothers, the leading global advisory, investment, and restructuring firm, have partnered to disperse a fleet of late model Caterpillar 100T-class mobile mining assets located in South Africa. The partnership between the two prominent US-headquartered firms offers 25 late-model, low-hour Caterpillar mining machines for sale. The fleet includes D10T and D9T tracked dozers, a 992K wheeled loader, an 824K wheeled dozer, and 777E rigid haul dump trucks. “We’re very excited about this collaboration as this is the first time both companies have partnered together in South Africa,” said Fenton Healy, Managing Director at Gordon Brothers. “Hilco and Gordon Brothers have had a good track record working together in North America to bring large fleets to market, so it made sense to leverage our combined capital to navigating our way through a new geography,” he added. The fleet is primarily comprised of 2017-year models in good condition that had been repossessed. Hilco APAC and Gordon Brothers were assisted in the acquisition by DLA Piper in Johannesburg. “Partnering with Gordon Brothers in Australia was ideal. The combination of both our skillsets ensured the best possible outcome for our customer,” said Adam Scharer, CEO of Hilco Global APAC. He added, “The deal combines our respective abilities to deploy capital alongside our combined global reach to ensure the project is successful for all stakeholders.” Hilco APAC and Gordon Brothers in Australia are confident that prevailing conditions in key market segments will create a healthy demand for the sale of the mobile mining assets. Despite the impacts of the current pandemic, the secondary market for quality used mining and construction equipment remains strong. Initial interest has been encouraging, and both firms look forward to delivering a great result. About Hilco Global APAC Hilco Global APAC (www.hilcoapac.com) provides industrial asset acquisition and disposition services, specializing in machinery, equipment, and inventory auctions and negotiated sales. It sells the broad range of industrial assets found in manufacturing, wholesale, and distribution companies. Hilco Industrial buys and sells assets through on-site, online, and combination webcast auction sale events as well as negotiated (private treaty) sales. In addition to providing services on a fee or commission basis, Hilco Industrial puts capital at risk and often acquires assets or provides guarantees. Hilco Global APAC is part of Northbrook, Illinois-based Hilco Global (www.hilcoglobal.com), the world's leading authority on maximizing the value of business assets by delivering valuation, monetization, and advisory solutions to an international marketplace. About Gordon Brothers Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.
Faegre Drinker Welcomes Prominent Restructuring Lawyers James Conlan and Patrick Corr
June 2, 2020Faegre Drinker today announced the addition of two of the world's leading restructuring attorneys, James F. Conlan in the U.S. and Patrick Corr in Europe, as partners in the firm's growing finance and restructuring practice. Both come from Sidley Austin, where they previously held senior practice leadership positions.
Premier Diversified Holdings Inc. Announces Loan Agreement, Amendment to Existing Loan and Letter of Intent
June 2, 2020Premier Diversified Holdings Inc. ("Premier" or the "Company") (TSXV: PDH) announces that it has entered into a loan agreement with MPIC Fund I, LP ("MPIC") for a secured loan in the aggregate principal amount of up to USD$150,000 (the "Loan").
Platinum Equity Portfolio Company Orbit Irrigation Acquires Bond Manufacturing's Garden Business
June 2, 2020Wilkie Farr & Gallagher served as legal counsel to Platinum Equity and Orbit on the transaction. PNC Bank, N.A., served as administrative agent for the transaction. Steel City Capital Funding, a division of PNC Bank, N.A., provided a portion of the financing.
IBC Advanced Alloys Announces an Increase to Its Credit Facility with BMO Harris Bank
June 2, 2020IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) is pleased to announce the Company has reached agreement with BMO Harris Bank N.A. (“BMO”) to increase the available capacity of IBC’s operating credit facility with BMO, dated October 1, 2012, from $3.0 million to $3.5 million.
G1 Therapeutics Announces Flexible Credit Financing for Up to $100 Million with Hercules Capital
June 2, 2020G1 Therapeutics, Inc. (Nasdaq: GTHX), a clinical-stage oncology company, today announced that the company has entered into a debt financing agreement with Hercules Capital, Inc. (NYSE: HTGC) for up to $100 million. G1 plans to use the proceeds to fund commercialization and further development of trilaciclib, its first-in-class investigational therapy designed to improve outcomes for people with cancer treated with chemotherapy.
Rosenthal Closes Two Key Asset-Based Lending Deals
June 2, 2020Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of two separate deals – a $5 million revolving line of credit and a $1.5 million asset based loan facility – for two new clients.
White Paper for Investors and Lenders Highlights Risks of Excess Assets in Biopharmaceutical Sector
June 2, 2020Analysis by Tiger Liquidity Services Biopharma Partnership underscores the strategic value to hedge funds, private equity firms, asset-based lenders, and bankruptcy professionals of leveraging asset-valuation and disposition in the biopharma/pharmaceutical space
Gibraltar Announces Three Executive Promotions
June 2, 2020Gibraltar Business Capital is reinforcing the resources we have ready and available to help our clients gain innovative, flexible solutions to their financial needs. We are building our leadership team by promoting exemplary team members from within. Jeremy DeBoer has been promoted to Senior Vice President and Account Executive Team Leader. Stan Scott was promoted to a Senior Vice President position. Sam Marder has been promoted to Assistant Vice President.
Bankrupt Neiman Marcus Breached its Loan Terms, Lender Says
June 2, 2020Deutsche Bank raised "concerns" last week that Neiman Marcus breached the terms of its asset-based credit line as it seeks a financing package to help it reorganize in bankruptcy. According to the bank, which is an administrative agent on the retailer's ABL, an initial budget tied to Neiman's bankruptcy loan (know as "debtor-in-possession" financing) "contained material errors undermining key assumptions" that could impede the retailer's ability to repay its loan.
First Business Growth Funding Funds $5 Million Accounts Receivable Facility
June 2, 2020First Business Growth Funding, a division of First Business Capital Corp., funded a $5 million accounts receivable purchase facility for a logistics and transportation company. The facility was used to refinance an existing bank loan and for additional working capital for growth opportunities.
Diodes Incorporated Announces New $670 Million Credit Facility in Next Step of Lite-On Semiconductor Acquisition
June 1, 2020Diodes Incorporated (Nasdaq: DIOD), today announced that it has entered into a new credit agreement that will provide a $670 million, three-year secured credit facility. The new facility makes available up to $520 million in a term loan, a $150 million revolving credit line and will be funded by a syndicate of banks. BofA Securities, Inc., BBVA Securities and PNC Capital Markets acted as joint lead arrangers and joint bookrunners. Also participating in the bank syndicate are Citibank, Regions Bank, Comerica Bank, Silicon Valley Bank, HSBC Bank USA, and Cadence Bank.
Libbey Commences Chapter 11 Reorganization with $160 Million in Agreed Financing
June 1, 2020Libbey Inc. (NYSE American: LBY) ("Libbey" or the "Company"), one of the world's largest glass tableware manufacturers, today announced that the Company and its U.S.-based subsidiaries have filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Libbey's international subsidiaries in Canada, China, Mexico, the Netherlands and Portugal are not included in the Chapter 11 proceedings and are operating in the normal course of business.
Republic Provides a $3.5 Million Non-Recourse Facility to a Furniture Manufacturer
June 1, 2020Republic Business Credit provided a $3.5 million non-recourse factoring facility that provides credit protection without any covenants. Republic’s funding was used to refinance out the existing bank facility while providing over a million dollars of availability to respond to customer demand.
Ballard Spahr Adds Two Attorneys, Expands Practices in Minneapolis
June 1, 2020Intellectual property lawyer Jodi DeSchane and public finance attorney Rebecca Lawrence have joined Ballard Spahr, firm Chair Mark Stewart announced today. Ms. DeSchane is Of Counsel in the firm’s Intellectual Property Department. Her practice centers on trademark, copyright, advertising, social media, and internet-related matters, especially for clients in the banking, retail, restaurant, human resources, consumer products, professional sports, and franchising industries.
Katten Taps Erin England to Grow Commercial Finance Practice in Expanding Dallas Office
June 1, 2020England represents borrowers and lenders, including banks and alternative lending institutions, in structuring and negotiating domestic and international commercial transactions. She also has deep real estate finance experience, including her representation of borrowers and lenders in construction loans and other real-estate secured loans involving virtually every type of property use — raw land acquisition, industrial properties, hotels, and office and retail space.
Pacific Premier Bancorp, Inc. Announces Completion of Acquisition of Opus Bank
June 1, 2020Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank, announced today that it has completed the acquisition, effective as of June 1, 2020, of Opus Bank, a California-chartered commercial bank headquartered in Irvine, California (NASDAQ: OPB) (“Opus”).
Crossplane Capital Adds Bandwidth to Capitalize on Expected Wave of Restructurings
June 1, 2020Crossplane Capital announced the expansion of its team today with the arrival of associates Michael Bertrand and David Harris. Michael and David will be responsible for supporting the team across multiple areas, including opportunity screening, financial modeling, company and industry due diligence, and value creation planning and implementation.
WhiteHorse Capital Provides a New Senior Secured Term Loan to Connexity, Inc. to Support the Acquisition of SkimLinks
June 1, 2020WhiteHorse Capital, the direct lending affiliate of H.I.G. Capital ("H.I.G."), a leading global private equity and alternative assets investment firm with $37 billion of equity capital under management, provided a new senior secured term loan facility to Connexity, Inc. (“Connexity” or the “Company”) to support its acquisition of SkimLinks. California based Connexity is the leading independent provider of new ecommerce customer prospecting across the U.S. and Europe, serving the retail performance marketing industry.
CFG Merchant Solutions Enhances Partnership with Arena Investors and its Affiliates to Serve SMEs
June 1, 2020CFG Merchant Solutions (“CFGMS”), a leading financier of small and medium-sized enterprises (“SMEs”), announced today that the company is building upon its partnership with Arena Investors, LP (“Arena”), in conjunction with Ceteris Portfolio Services (“Ceteris), an Arena servicing affiliate, in servicing and providing liquidity to Platinum Rapid Funding’s (“PRF”) merchant portfolio. CFGMS has been a leading capital provider to SMEs and an originator of advances to growing merchants, providing in excess of $400 million merchant cash advances since 2015. Arena has been CFGMS’s primary capital partner since 2016.
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