- David Wagner Joins Houlihan Lokey as a Senior Advisor Focused on LIBOR Transition in an Expansion of the Firm's Portfolio Valuation and Fund Advisory Services Practice
- Business Capital Delivers Over $300 Million Funding for Solar Fintech Company
- Neptune Financial Inc.
- CIT's Supply Chain Finance Unit Expands Capabilities
- Triumph Commercial Finance
Newbridge Global Sourcing (“Newbridge”), a leading capital provider to small and medium-sized businesses with supply chain and purchase order financing needs, announced a $50 million partnership with a Canadian-based originator of receivables. The technology-enabled specialty lender provides receivables financing to companies with strong end-debtors. The partnership expands Newbridge’s scale and diversifies its customer base and sector exposure.
TSL Express Trending Story
The time and cost of liquidating collateral can often be prohibitive and is always a nuisance. Of course, this problem is exacerbated when the asset value is less than the balance owed to the secured creditor(s), leaving no value for unsecured creditors. Lenders often step up and carve out an amount to be distributed to unsecured creditors to enable a Chapter 11 to proceed to effect a sale of the debtor’s assets free and clear of liens. Some consider this to be a price to be paid by secured creditors for the privilege of utilizing the bankruptcy court to sell their collateral. Thus, the cost of a bankruptcy can be very expensive not only to the debtor, but also to the secured lender. As a result, small and middle-market companies and their lenders have grown receptive to non-bankruptcy vehicles for the disposition of assets.
TSL Express Daily Headlines & News
BB&T, SunTrust finish merger to become Truist in ‘seamless’ change. Here’s what’s next
December 9, 2019The largest bank merger since the financial crisis a decade ago was just finalized, giving Charlotte another bank headquarters in Truist Financial Corporation. But it could take up to two years for the transition to the new brand to be complete.
First Eagle Investment Management Agrees to Acquire Alternative Credit Manager THL Credit
December 9, 2019First Eagle Investment Management, LLC (“First Eagle”) and THL Credit Advisors LLC (“THL Credit”) today announced that they have entered into a definitive agreement for First Eagle to acquire THL Credit, a leading alternative credit manager with approximately $17 billion in assets under management as of September 30, 2019.
LOGISTEC Announces that it has Successfully Renegotiated its Existing Credit Facility
December 6, 2019Bank of Montreal and TD Securities acted as co-lead arrangers and joint bookrunners for the syndication of the revolving credit facility. Also participating in the credit facility are National Bank of Canada, Scotiabank, RBC Royal Bank and Desjardins Capital Markets.
Alvarez & Marsal Appoints David Wong to Lead Software Product & Technology Diligence Offering for the Private Equity Services Group
December 6, 2019Leading global professional services firm Alvarez & Marsal (A&M) has announced the appointment of David Wong as Managing Director in the Private Equity Services Group in Boston. Mr. Wong will lead the Software Product & Technology Diligence service offering for A&M’s Private Equity Services, further expanding and diversifying the group’s existing Information Technology Due Diligence practice.
E-Commerce Complicates Retail Store-Closure Plans, Notes A&G Exec
December 6, 2019Shuttering on-the-bubble stores used to be a no-brainer—but not in today’s era of omnichannel retailing, writes Jon Graub in article for Journal of Corporate Renewal.
North Mill Capital Promotes Tessa Brend to Vice President
December 6, 2019Tessa began her career with the company in 2009. She has held various roles within North Mill Capital ranging from Collateral Specialist to Account Executive. She currently oversees a team of cash application specialists in the Minneapolis office, manages a portfolio of clients as well as working on the underwriting of new prospective clients.
Crestmark Provides More Than $32.5 Million in Commercial Financing to 95 Businesses in the Second Half of November
December 5, 2019Crestmark secured a total of $6,400,000 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $8,866,343 in seven new lease transactions; Crestmark Vendor Finance provided $6,374,126 in 81 new lease transactions; and the Government Guaranteed Lending Division provided $10,875,000 in financing for two new clients in the second half of November.
Steel Dynamics Announces $1.2B Revolving Credit Facility
December 5, 2019Steel Dynamics, Inc. STLD announced that it entered a $1.2-billion senior unsecured revolving credit facility. Notably, the credit facility is expected to mature on Dec 3, 2024. PNC Capital Markets LLC, BofA Securities, Inc and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners for the revolving credit facility.
Tiger Group Online Auction Features Pro Audiovisual Gear from Keslow Camera and Eastern TV
December 5, 2019Online auction sale on Dec. 10 is an opportunity for the A/V industry to purchase high-quality cameras, lighting, lenses, audio, tripods, filters and much more.
Arboretum Investment Advisors Closes $25 Million Senior Credit Facility With MidCap Financial
December 5, 2019Arboretum Investment Advisors, LLC ("Arboretum"), a fund manager and SEC-registered investment advisor that specializes in asset-backed and equipment finance funds, has announced that one of Arboretum's propriety equipment leasing funds closed on a $25 million senior credit facility with MidCap Financial, a premier specialty finance firm managed by Apollo Capital Management, L.P.
Blacksail Capital Partners Closes $5,875,000 Credit Facility for Industrial Plant Completion
December 5, 2019Blacksail Capital Partners announced the closing and funding of a $5,875,000 senior credit facility for a sponsor owned Industrial Manufacturer based in North Carolina. Proceeds of this term loan are being used for the completion of a brand new manufacturing facility and to support working capital for future growth.
Huntington Business Credit Announces Credit Facilities
December 5, 2019Huntington Business Credit announced it closed a new $40,000,000 credit facility with TeleTracking Technologies, Inc. on October 23, 2019 and closed new $37,240,000 credit facilities with Laminate Technologies, Inc. on October 29, 2019.
Bridge Bank Extends $4MM Senior Debt Facility to Factor 75 LLC
December 5, 2019Bridge Bank today announced it has extended a senior debt facility to Factor 75 LLC. (Factor), a market-leading, online subscription service that delivers fresh, prepared, restaurant-quality meals that are uniquely positioned at the intersection of food and fitness.
Blacksail Capital Partners Announces Recent Transactions
December 4, 2019
Webster Promotes Sam Hanna to Executive Vice President, Middle Market Banking
December 4, 2019In this capacity, Sam will continue to lead the bank’s regional middle market banking organization, as well as equipment finance and other established middle market verticals including healthcare, emerging growth and government lending.
Santander US Announces Leadership Appointments
December 4, 2019Tim Wennes was named Santander US CEO and Country Head, and Mahesh Aditya named CEO of Santander Consumer. Sarah Drwal named Santander US CRO, and Juan Carlos "JC" Alvarez Joins Santander Consumer Board of Directors.
TAB Bank Provides Technology Company in Florida with a $4 Million Asset-Based Revolving Credit Facility
December 4, 2019The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs. The company provides high-temperature point-of-sales systems and software peripherals to the restaurant industry.
Secure Trust Bank Commercial Finance Announces Senior Hire
December 4, 2019Secure Trust Bank Commercial Finance has bolstered its senior team in the North West by appointing a new regional managing director. Paul Johnston has more than 30 years of experience within the asset-based lending market. He joins from Santander and has also held senior roles at Landsbanki Commercial Finance and Lloyds Bank.
Destination Maternity Announces $50M Stalking Horse Bid
December 4, 2019Retailer Destination Maternity Corp. is asking the Delaware bankruptcy court to approve a $50 million stalking horse bid from brand acquisition company Marquee Brands for its e-commerce operation, store-in-store locations and trademarks. Destination Maternity is represented by Adam G. Landis, Kerri K. Mumford and Jennifer L. Cree of Landis Rath & Cobb LLP and Christopher T. Greco of Kirkland & Ellis LLP.
Astorius Forms Strategic Partnership with Twin Bridge Capital Partners to Expand Private Equity Product Offering
December 4, 2019Astorius, one of Germany's leading private equity firms, announced that it has entered into a strategic partnership with Twin Bridge Capital Partners, a U.S. private investment firm, to expand its small and lower middle-market private equity product offering.
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The Secured Lender
SFNet's 75th Annual Convention Issue.