- Pamela Martinson Named President of the American College of Commercial Finance Lawyers for 2020 – 2021
- Provident Promotes Three to Retail Banking Leadership Team
- Arboretum Commercial Finance, LLC
- Antares Leads Financing to Alpine Investors’ Formation of Apex Service Partners
- CIT Northbridge Credit Serves as Sole Lender on $20 Million Credit Facility for Marquis Construction
TSL Express Trending Story
House Democrats unveiled a massive $3-trillion virus-relief bill Tuesday, combining aid to state and local governments with direct cash payments, expanded unemployment insurance and food stamp spending as well as funds for voting by mail and the U.S. Postal Service. A vote is likely on Friday.
While the bill is not supported by House Republicans (or expected to become law), it is the opening salvo for the next COVID-19 relief package, which will likely face protracted negotiations between the White House and Congress.
House Democrats prepared the below summaries, which make a number of changes to programs in the CARES Act, including to the Payroll Protection Program (PPP).
TSL Express Daily Headlines & News
Federal Reserve Board Expands its Main Street Lending Program to Allow More Small and Medium-sized Businesses to be Able to Receive Support
June 8, 2020The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.
Payroll Protection Program (PPP) Loan Update
June 8, 2020This weekend, the SBA released its latest Payroll Protection Program (PPP) loan update. Please see the attached report.
Fed to Stay Full Throttle With Credit Support Despite Debt Rally
June 8, 2020The Federal Reserve may have stoked one of the strongest corporate debt market rallies in decades, but it’s too soon to declare an all-clear for credit with the economy facing a potentially rocky road ahead. Sure, U.S. investment-grade borrowing costs have retreated to near all-time lows, and companies have sold $1 trillion of bonds at the fastest pace on record -- evidence that merely announcing a plan to pump liquidity into corporate debt markets has helped ease strains before barely a dollar of central bank money was deployed.
Methanex Amends $1.1B Credit Facilities, Boosts Flexibility
June 8, 2020Methanex Corporation MEOH boosted its financial flexibility by amending its $300 million committed revolving credit facility and $800-million non-revolving construction facility. Notably, the amendment is expected to offer meaningful financial covenant relief and greater timeline flexibility for completing the Geismar 3 project. The financial covenant relief will offer more flexibility in calculating minimum EBITDA to interest coverage ratio through Jun 30, 2021, and an increase of the maximum debt-to-capitalization ratio through Jun 30, 2023.
Paul, Weiss Adds Leading Restructuring Partner
June 8, 2020Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Andrew M. Parlen is joining the firm as a partner in the Restructuring Department, resident in the New York office. Mr. Parlen represents public and private companies, ad hoc groups of creditors and investors in a variety of distressed situations, including out-of-court restructurings, prepackaged and prearranged chapter 11 reorganizations, debtor-in-possession financings and acquisitions of distressed companies.
Joint Statement by SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin Regarding Enactment of the Paycheck Protection Program Flexibility Act
June 8, 2020SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following the enactment of the Paycheck Protection Program (PPP) Flexibility Act: “We want to thank President Trump for his leadership and commend Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working on a bipartisan basis to pass this legislation for small businesses participating in the Paycheck Protection Program.
Going-out-of-Business Sales are Underway at All Open Pier 1 Stores and Pier1.com
June 8, 2020Joint venture partners Gordon Brothers and Hilco Global announced that they have commenced “Going-Out-of-Business” sales at more than 350 open Pier 1 stores across the United States. Pier 1 announced on Friday, May 29 that it has received approval from the U.S. Bankruptcy Court to begin an orderly wind-down of its retail operations as soon as reasonably possible, pending each location’s ability to reopen following mandated closures due to the impact of COVID-19. It is estimated that all remaining stores will be operating going out of business sales by mid-June, or as soon as the stores can reopen based on respective state and local guidelines.
VEON Announces a New RUB 100 Billion Term Loan Agreement With Sberbank
June 8, 2020VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON) announced today that its subsidiary VEON Holdings B.V. has successfully entered into a new RUB 100 billion, approximately USD 1.5 billion1, bilateral term loan agreement with Sberbank. The loan will be used to refinance and extend the maturity of the existing loan between Sberbank and VEON Holdings, as well as to provide additional funds for general corporate purposes.
QEP Resources Announces Amendment to Credit Agreement
June 8, 2020QEP Resources, Inc. (NYSE:QEP) (QEP or the Company) announced today that it has entered into an amendment to its existing credit agreement with Wells Fargo Bank, National Association, and other lenders (the Credit Agreement).
Suppliers Tap Receivables for Liquidity Amid COVID-19 Pandemic, MUFG Says
June 8, 2020A growing number of suppliers are using their receivables as a source of liquidity to alleviate financial strains in the wake of the coronavirus pandemic, according to Maureen Sullivan, Head of Supply Chain Finance at Mitsubishi UFJ Financial Group (MUFG). Receivables are legally enforceable claims for payment held by a business for the goods it supplies or services it renders that customers have ordered but not paid for. These claims usually take the form of invoices issued by the supplier and delivered to the buyer for payment within an agreed timeframe.
North Mill Capital Announces Transactions
June 8, 2020North Mill Capital announces the funding of a $1,750,000 asset-based revolving line of credit to a wholesaler and distributor of pure maple syrup in Wisconsin; $500,000 accounts receivable credit facility to an Illinois manufacturer of springs and metal stamping for the automotive industry and $500,000 accounts receivable credit facility to a trucking company in Pennsylvania.
J D Factors Announces Factoring Facilities
June 8, 2020J D Factors announced it has provided the following factoring facilities: $120,000 to a transportation company in Illinois; $200,000 to a jewelry wholesale and distribution company in California; $50,000 to a transportation company in South Carolina; $300,000 to a transportation company in Maryland; $100,000 to a transportation company in Ontario; $200,000 to a shipping company in Texas and $500,000 to a transportation company in New York.
Brooks Brothers Seeks Financing for Potential Bankruptcy, as it Continues Sale Process
June 8, 2020Brooks Brothers is talking to banks about raising financing for a potential bankruptcy that could come as soon as July, as the coronavirus pandemic squeezes the sales of the two-century-old retailer, people familiar with the matter tell CNBC. Brooks Brothers is continuing a sale process it launched earlier this year to heavy interest, and could still conduct a sale without filing for bankruptcy, these people say.
SB Financial Announces Completion of Merger with Edon State Bank
June 8, 2020SB Financial Group, Inc. (NASDAQ: SBFG) ("SB Financial"), parent company of State Bank and Trust Company ("State Bank"), announced today the successful closing of the previously announced merger with Edon Bancorp, Inc. (Private) ("Edon Bancorp"), parent company of The Edon State Bank Company of Edon, Ohio ("Edon State Bank"). The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks in accordance with the terms of the previously announced agreement.
TPG Specialty Lending, Inc. Announces Corporate Name Change to Sixth Street Specialty Lending, Inc.
June 8, 2020TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today announced that it will change its name to Sixth Street Specialty Lending, Inc., effective June 15, 2020. The new name reflects the previously announced completion of an agreement between Sixth Street Partners (“Sixth Street”) and TPG to become independent, unaffiliated businesses.
Bill Easing PPP Limits Signed by President
June 5, 2020President Donald Trump on Friday signed into law legislation that makes a number of changes to the Payroll Protection Program.
Tuesday Morning Corporation Secures $25 Million of Additional Financing to Support Financial and Operational Reorganization
June 4, 2020Tuesday Morning Corporation (NASDAQ: TUES) today announced that the Company has obtained a commitment from BRF Finance Co., LLC, an affiliate of B. Riley Financial, Inc. (NASDAQ:RILY) (“B. Riley”), for $25 million of debtor-in-possession (“DIP”) financing as required by the Company’s current $100-million DIP agreement with its existing lender group. With this commitment, the Company has secured commitments for a total of $125 million to support the continuity of operations during Chapter 11 proceedings.
Debtwire: Ascena Brings on Kirkland & Ellis, Others to Advise on Balance Sheet
June 4, 2020Ascena Retail Group has brought on new advisers to "explore balance sheet alternatives," according to a Debtwire report that cited unnamed sources. Among those advising the apparel retailer is law firm Kirkland & Ellis, which has worked on many high-profile retail bankruptcies over the years. Also working with Ascena is Guggenheim Securities, which advised the retailer last year on the sale of a majority stake in the Maurices banner, and the consultancy Alvarez & Marsal. An Ascena spokesperson did not reply to Retail Dive's request for comment.
CIBC Innovation Banking Provides Vbrick Systems Inc. with a US$6 Million Growth Financing
June 4, 2020CIBC Innovation Banking is pleased to announce a US$6 million revolving credit facility for Virginia-based Vbrick Systems Inc. (“Vbrick”), an industry-leading provider of video platform solutions. With operations in North America, Europe and Australia, the credit facility will be used to accelerate its rapid growth trajectory with investments in new customer acquisition and product innovation.
'It’s the only path forward’: J.C. Penney’s Bankruptcy Judge Approves $900 Million Lifeline
June 4, 2020After five hours of testimony, the judge rejected on argument by creditors who considered the financing to be “predatory.”
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The Secured Lender
The Cross-Border Issue.