- TD Bank Provides $2.4 Million SBA Loan to Support Purchase of The Kubert School
- Larry S. Reed Hired as Senior Vice President for Community Development and External Affairs for California Market
- Alvarez & Marsal Expands Public Sector Services with New Hires in Houston and New York
- Antares Capital Closes Seventh CLO Transaction, Bringing Assets Under Management to $6.9 Billion
- MidCap Business Credit Closes Revolving Line of Credit for Allied Dairy Products, Inc.
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
Bradley Adds Attorney George Barber To Bankruptcy Practice In Dallas
June 16, 2020Bradley Arant Boult Cummings LLP is pleased to announce that George Barber has joined the firm's Bankruptcy and Creditors' Rights Practice Group in Dallas. "We are pleased to have George join us in the Dallas office," said Bradley Dallas Office Managing Partner Richard A. Sayles. "His experience handling a wide variety of bankruptcy matters further expands the capabilities of our Dallas office and enhances the strengths of the firm nationally."
Cheniere Energy, Inc. Announces Commitments for Term Loan Facility to Refinance Convertible Notes
June 16, 2020Cheniere Energy, Inc. (NYSE American: LNG) announced today that it has obtained commitments from 17 financial institutions for an approximately $2.5 billion three-year delayed draw Senior Secured Term Loan at Cheniere Energy, Inc. (the “Cheniere Term Loan”), with the ability to add further commitments from additional financial institutions.
Xalles Capital to Launch Fintech Growth Center
June 16, 2020Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announces that it is launching a Fintech Growth Center. Xalles Capital Inc., a wholly owned subsidiary of Xalles Holdings Inc., is creating the world’s first virtual growth center for fintech firms. Many small fintech companies are searching for assistance to grow from startup or seed financing to mid-tier financing and ultimately achieve a major financial event.
Veritex Adds Depth to its Executive Management with Texas Banking Veterans James D. Recer and Cara McDaniel
June 16, 2020Mr. Recer brings over 30 years of banking experience to Veritex Bank’s senior executive management team. His role at Veritex will be to lead the company’s efforts in all revenue initiatives and to develop scalable strategies designed to support the Bank's organic growth. Cara McDaniel has been named Senior Executive Vice President and Chief HR/Talent Officer at Veritex Community Bank. Ms. McDaniel brings over 20 years of banking and financial institution experience to Veritex.
Contango Announces Amendment to its Senior Credit Facility, Certain Operational Updates and the Schedule for its First Quarter 2020 Earnings Release
June 16, 2020On June 9, 2020, the Company entered into the Second Amendment (Credit Agreement Amendment) to the Credit Agreement, dated as of September 17, 2019, by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the other participating lenders thereto. The Credit Agreement Amendment provides for, among other things, a slight increase in the applicable margin of the borrowing base utilization-based pricing grid, a reduction of the borrowing base to $95.0 million on the effective date of the Credit Agreement Amendment, with further $10.0 million automatic borrowing base reductions on each of June 30, 2020 and September 30, 2020, the suspension of testing the current ratio financial covenant until the fiscal quarter.
Seacoast Banking Corporation of Florida Announces CEO Succession Plan
June 16, 2020Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (the “Company” or “Seacoast”) today announced that Charles (Chuck) Shaffer, current executive vice president, chief operating officer (COO), and chief financial officer (CFO), has been promoted to president and COO and will become chief executive officer (CEO) and a member of the Company’s board of directors in December 2020. Tracey Dexter, the Company’s current controller, has been promoted to executive vice president and CFO. Dennis S. Hudson, III, the Company’s current chairman of the board of directors and CEO, will become executive chairman of the board of directors in December 2020. Jennings “Jay” Walker, the Company’s current treasurer, has been promoted to executive vice president, treasurer and director of corporate strategy.
Franklin Capital Provides A/R Financing Facilities to a PPE Supplier and an IT Equipment Supplier
June 16, 2020Franklin Capital provided a $1,000,000 accounts receivable financing facility to a supplier of personal protective equipment (PPE) and a $3,000,000 accounts receivable financing facility to a UK-based IT equipment supplier.
B. Riley Financial's GA Global Partners to Conduct Public Auction of Second Sight Medical Products, Inc.
June 16, 2020GA Global Partners, a B. Riley Financial company, today announced that it will conduct an online public auction of the assets of Second Sight Medical Products, Inc. on June 25, 2020. Second Sight, a developer and manufacturer of implantable visual prosthetics for blind individuals, created the only FDA-approved implantable visual prosthetic treatment for severe Retinitis Pigmentosa. GA Global is conducting the auction of Second Sight’s assets in connection with the orderly wind down of its operations.
Clear Channel Outdoor Holdings, Inc. Announces Amendment To Credit Agreement
June 15, 2020Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has entered into an amendment (the "Amendment") to the Company's credit agreement, dated as of August 23, 2019 (the "Credit Agreement"), with several of its lenders.
WW International Provides Update on Strong Momentum in Digital Trends, Studio Reopening Plans, and Amended Revolving Credit Facility
June 15, 2020As WW International, Inc. (NASDAQ: WW) continues to advance its digital transformation, the Company today provided an update on recent membership trends and its Studio reopening plans, and announced added financial flexibility pursuant to an amendment to its revolving credit facility. The Company has amended its revolving credit facility, increasing the commitments to $175 million from $150 million and raising the consolidated first lien net debt leverage ratio required by the financial maintenance covenant, together providing for significantly more flexible access to liquidity.
InterNex Capital and Utech Global Enter Into Memorandum of Understanding (MOU) to Form a Digital Partnership
June 15, 2020InterNex Capital is pleased to announce that they have entered into an MOU with Utech Global (www.utechcorp.com). Under this Digital Partnership, Utech's GPSTab™ and TMS platforms will be integrated with InterNex’s Velocity™ platform to provide a comprehensive turnkey solution for Utech’s clients who are looking for a better solution to manage their Transportation business while optimizing their working capital.
Section 363 Sales Beckon U.S. Real Estate Investors, Notes A&G Executive
June 15, 2020Structured process stands to yield strong acquisition opportunities in retail, office, education, student housing and other sectors, advises Jeff Hubbard in Zoom panel discussion.
J D Factors Announces Factoring Facilities
June 15, 2020J D Factors announced the following factoring facilities: $100,000 to a transportation company in Alberta;$250,000 to a transportation company in Pennsylvania; $300,000 to a transportation company in Quebec...
New Look Vision Group Inc. Announces the Completion of New Financing Arrangements
June 15, 2020New Look Vision Group Inc. ("New Look Vision" or the "Company") (TSX: BCI) announced today the finalization of new financing arrangements for $40 million. With an initial investment in 2013, Fonds de solidarité FTQ (the “Fonds”) reaffirms its confidence in the Company by investing an additional $40 million. The credit facility granted to New Look vision is part of the Fonds' plan to support Québec businesses during the COVID-19 pandemic.
Skillsoft Enters Into Agreement with Lenders to Significantly Reduce Debt and Position Company for Long-Term Success
June 15, 2020Skillsoft Corporation, a global leader in corporate learning, today announced that it has entered into a Restructuring Support Agreement (“RSA”) with an overwhelming majority of its first and second lien lenders. The RSA is expected to result in a comprehensive de-levering of the Company’s balance sheet by reducing the Company’s existing first lien and second lien debt to $410 million from approximately $2.0 billion, with total debt (including working capital financing) aggregating $585 million, lowering the Company’s annual cash interest by approximately $100 million. Weil, Gotshal & Manges LLP is serving as legal counsel to Skillsoft, Houlihan Lokey Capital, Inc. is serving as investment banker, and AlixPartners LLP is serving as financial advisor.
24 Hour Fitness Sets Course for the Future with Financial Restructuring; Nationwide Club Reopenings Underway
June 15, 202024 Hour Fitness (the “Company”), an industry-leading fitness brand for over 35 years, today announced that, due to the disproportionate impact of the COVID-19 pandemic, the Company has voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. In conjunction with the Chapter 11 filing, the Company expects to secure approximately $250 million in debtor-in-possession (DIP) financing. Lazard is acting as financial advisor, FTI Consulting is acting as restructuring advisor and Weil, Gotshal & Manges LLP is acting as the Company’s legal counsel in connection with the Company’s Chapter 11 cases.
Playa Hotels & Resorts N.V. Announces Additional Financing of $224 Million and Amendment to Amended & Restated Credit Agreement
June 15, 2020Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (the “Company”) today announced that it has raised $204 million of additional debt financing, has sold $20 million of its ordinary shares at a price of $4.10 per share in a private transaction, and has entered into the Fourth Amendment to Amended & Restated Credit Agreement with its senior secured credit facility lenders. The Company has raised $204 million of additional debt financing from affiliates of Davidson Kempner Capital Management LP.
Medley Capital Corporation Subject to Monthly Expense Support, Houlihan Lokey Commenced Strategic Review Process
June 15, 2020Medley Capital Corporation announced today that, on June 12, 2020, the board of directors of the Company, including its special committee, has approved an expense support agreement under which MCC Advisors LLC and Medley LLC agreed (jointly and severally) to cap the management fee and all of the Company’s other operating expenses (except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the Special Committee at $667,000 per month.
Cerence Announces the Successful Completion of Its Debt Refinancing
June 15, 2020Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced that the Company has successfully completed the refinancing of its senior secured term loan B and revolving credit facility through a combination of proceeds from the recent sale of $175 million 3% convertible senior notes due 2025 and a new $125 million senior secured term loan A credit facility. The Company expects to realize significant interest savings as a result of the successful completion of its debt refinancing.
Petrus Resources Announces Extension to Credit Agreement
June 15, 2020Petrus Resources Ltd. announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 15, 2020 to June 22, 2020.
In This Section
The Secured Lender
The Pandemic’s Effect On The Industry Issue.