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  • Real-Time Payments Gaining Traction Among Businesses; Survey from Citizens Commercial Banking finds Nine out of 10 Businesses Interested in new Payment Standard
    August 18, 2020
    Real-time payments (RTP), the emerging standard in U.S. billing and payment processing, continues to gain traction among businesses with nine out of 10 business leaders reporting interest in the network, according to Citizens Commercial Banking’s second annual Real-Time Payments Outlook. The nationwide survey of 252 corporate decision-makers found that only 9 percent currently have no plans to implement RTP, which is the biggest upgrade to the U.S. payments system since the Automated Clearing House (ACH) in 1974.
  • Wisconsin-Based Catalog Printing Powerhouse Arandell Files Chapter 11 Bankruptcy
    August 18, 2020
    Just on the heels of closing its Walton, Ky., printing plant the end of July, Arandell Holdings announced that the printing company, along with all its subsidiaries, voluntarily filed for business reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on Aug. 13. According to the Menomonee Falls, Wis.-based catalog printing specialist — which serves U.S. retailers and online merchandisers — Arandell has sufficient liquidity to continue operating its business.
  • Triumph Group Completes Refinancing Transactions
    August 18, 2020
    Triumph Group, Inc. (NYSE: TGI) ("Triumph" or the "Company") today announced the consummation of a series of strategic refinancing transactions, including the closing of its previously announced offering of $700.0 million of its 8.875% senior secured first lien notes due 2024 (the "Notes"), the repayment and termination of its revolving credit facility and amendments to its receivables securitization facility. Triumph Group, Inc. today announced the consummation of a series of strategic refinancing transactions, including the closing of its previously announced offering of $700.0 million of its 8.875% senior secured first lien notes due 2024 (the "Notes"), the repayment and termination of its revolving credit facility and amendments to its receivables securitization facility. The Company raised $688.5 million in net proceeds from the offering, of which $335.6 million was used to repay and retire the loans and other amounts outstanding under its revolving credit facility
  • Middleby Announces Strategic Financing Transactions
    August 18, 2020
    The Middleby Corporation, Inc. (NASDAQ: MIDD; “Middleby” or the “Company”), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today announced that it has commenced a set of strategic financing transactions, including an amendment to its senior credit facility and the launch of a $550 million convertible notes offering. The Company also expects to enter into a related capped call hedge transaction, which will offset potential dilution from the conversion feature of the notes.
  • Nomad Royalty Company Announces Closing of Up to US$75 Million Revolving Credit Facility Français
    August 18, 2020
    Nomad Royalty Company Ltd. ("Nomad" or the "Company") (TSX: NSR) (OTCQX: NSRXF) is pleased to announce, further to its press release dated July 15, 2020, that it has closed its previously announced revolving credit facility ("Facility") for US$50 million with the option to increase to US$75 million, subject to satisfaction of certain conditions.
  • Centric Bank Named to American Banker's Top 200 Community Banks in the U.S. and Independent Banker's 2020 Top Lenders
    August 18, 2020
    Centric Bank, the wholly owned subsidiary of Centric Financial Corporation (OTC: CFCX), has been recognized as one of American Banker's Top 200 Community Banks in the U.S. for the second consecutive year, as well as one of Independent Banker's Top Lenders for 2020. American Banker's annual ranking is a list of publicly traded banks and thrifts with less than $2 billion in assets. The rankings are based on Return on Average Equity (ROAE) over a three-year period. Centric Bank finished in the #92 position, climbing from #106 in the 2019 ranking.
  • Ritchie Bros. Amends and Extends Credit Facilities
    August 18, 2020
    Ritchie Bros. Auctioneers Incorporated is pleased to announce the closing of an amendment and extension of its credit agreement totaling US$630 million with a syndicate of lenders comprising: Multicurrency revolving facilities of up to US$530 Million and, a delayed-draw term loan facility of up to US$100 Million. Bank of America, N.A. and RBC Capital Markets served as Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. served as Administrative Agent and the Royal Bank of Canada as Syndication Agent.
  • Prestige Capital Announces Funding of $2,000,000 For a Large Grower of Potted and Indoor Plants
    August 18, 2020
    Plants can boost mood, reduce stress, and improve air quality. That’s why Prestige Capital Finance, LLC is pleased to announce the recent closing of a $2,000,000 factoring arrangement for a California-based plant farm, specializing in potted and indoor blooming plants. The proceeds from the factoring arrangement will be used to help this grower expand its footprint in home centers across the United States.
  • Alvarez & Marsal Launches Financial Restructuring Practice in the Nordics
    August 17, 2020
    Global professional services firm Alvarez & Marsal (A&M) continues to expand its Financial Restructuring capabilities in Europe with the hiring of two new Managing Directors in the Nordics. Jonas Rickardsson has joined as the Head of Financial Restructuring in the region, and Dan Andersson has been appointed to lead the Nordic Operational Restructuring and CRO Services. A&M currently offers Restructuring, Corporate Transformation and Private Equity Services, along with Transaction Advisory and Financial Institutions Advisory Services to Nordic clients from its offices in Stockholm and Oslo.
  • Vida Villanueva Named Executive Vice President and Chief Operating Officer of 1st Capital Bank
    August 17, 2020
    1st Capital Bank (OTC Pink: FISB) Chief Executive Officer Samuel Jimenez announced today that Vida Villanueva has been named Executive Vice President and Chief Operating Officer of the Bank. Ms. Villanueva will serve as a member of the executive leadership team and will be directly responsible for the management of retail branches, central deposit operations, electronic banking, and treasury management, as well as an active participant in the development and execution of the Bank’s operational and strategic initiatives.
  • CB Financial Services, Inc. Announces Appointment of President and Chief Executive Officer
    August 17, 2020
    CB Financial Services, Inc. (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc., a wholly-owned subsidiary of the Bank, today announced that John H. Montgomery has been appointed to serve as President and Chief Executive Officer of the Company and the Bank effective August 31, 2020, succeeding Barron P. McCune, Jr. who has been serving in an interim capacity since early January. Mr. Montgomery will also serve as a Director of the Company and the Bank.
  • Libbey Outlines Plan to Emerge From Bankruptcy
    August 17, 2020
    The glassmaker has received a term sheet from seven of its lenders to provide $150 million in exit financing, which after fees and repayment of the company’s existing debtor-in-possession financing will provide $75 million of incremental funding for future operations, the company said in a statement. Libbey also expects to replace its $100 million DIP revolving credit facility with a new exit facility with approximately $20 million initially drawn.
  • Shale Driller Chaparral Energy Files for Bankruptcy due to Pandemic Woes
    August 17, 2020
    The company listed both assets and liabilities in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court in Delaware. This is the second time that the company has filed for bankruptcy protection. The last time was during the oil price slump in 2014-16 and it emerged out of it in March 2017.
  • Companies Shift Emerging Tech Investments Amid COVID-19: KPMG Research
    August 17, 2020
    In the immediate wake of COVID-19, Global 2000 companies moved to slash funding for emerging technologies, such as automation, artificial intelligence (AI), blockchain, and 5G, according to new KPMG International research. However, many executives are optimistic emerging technology spending will likely increase in the next 12 months, as enterprises recognize COVID-19 creates a burning platform to accelerate digital transformation and stimulate long-term growth.
  • Hilco Redevelopment Partners Names Stephanie Eggert to new role as Senior Vice President – Operations at Former Refinery Site in Philadelphia
    August 17, 2020
    Hilco Redevelopment Partners (HRP), the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial properties, announced today it has appointed Stephanie Eggert to the newly created position of Senior Vice President - Operations. Eggert, who will report directly to CEO Roberto Perez, joins HRP’s growing Philadelphia team, which is focused on transforming the former Philadelphia Energy Solutions (PES) refinery site into a state-of-the art, multi-modal logistics campus.
  • Commercial Credit Group Inc. Closes $326,962,000 Term ABS (2020-1)
    August 17, 2020
    Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced the closing of a 144a privately-placed term asset-backed security (ABS) transaction (the 2020-1 transaction). The $326,962,000 financing was placed with a broad group of fixed income investors, representing 28 unique institutions. BMO Capital Markets served as Structuring Agent and Lead Bookrunner for the placement.
  • FSW Funding Promotes Bennett to Operations Manager
    August 17, 2020
    FSW Funding, a Phoenix-based company that specializes in financing solutions for small and mid-size businesses, recently promoted Ashton Bennett to the position of Operations Manager. Bennett will oversee the management of the factoring and asset-based lending portfolio.
  • Stenn Closes Trade Finance Program for Indian Importer of Mobile Devices and Accessories
    August 17, 2020
    Stenn recently concluded a seven-figure trade receivables finance program for an Indian importer of mobile devices and accessories from a manufacturer based in Hong Kong. The importer is a global leader in the telecom industry, distributing to manufacturers, operators and retailers.
  • Key Tronic Corporation Closes on New Credit Facility to Aid With Expected Growth
    August 17, 2020
    On August 14, 2020, Key Tronic Corporation (the “Company”) and certain of its domestic subsidiaries entered into a loan and security agreement (the “Loan Agreement”) among the Company, certain domestic subsidiaries (as co-borrowers or guarantors), and Bank of America, N.A., as agent, sole lead arranger, sole bookrunner, and a lender (the “Bank”). The Loan Agreement replaces the Company’s prior amended and restated credit agreement, as amended, with Wells Fargo Bank, N.A and certain other parties (with the related credit facility, the “Prior Credit Facility”). The Loan Agreement provides for a five-year asset-based senior secured revolving credit facility (the “Credit Facility”) of up to $93 million, maturing on August 14, 2025.
  • Apollo Infrastructure Funds Announce Strategic Investment in US Offshore Wind Developer US Wind Inc.
    August 17, 2020
    Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced that certain funds managed by its affiliates (“Apollo Funds”) have made a structured investment in US Wind Inc. (“US Wind”), an offshore wind energy development company. Apollo Funds have committed to invest through convertible debt and equity up to $265 million to acquire an equity stake in US Wind and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.