J.P. Morgan, Bank of Montreal and Goldman Sachs acted as Joint Bookrunners and Joint Lead Arrangers on the Facility. J.P. Morgan is the Administrative Agent on the Facility with Bank of Montreal and Goldman Sachs as Co-Syndication Agents. Additional details on the credit agreement may be found in the Form 8-K to be filed with the Securities and Exchange Commission.
TSL Express Trending Story
SFNet’s recent Virtual International Lending Conference offered insight on the effects of the COVID-19 crisis from geopolitical risk consultant, David Chmiel, co-founder/managing director, Global Torchlight; Marc Finer, director, Debt Advisory Group, KMPG LLP; Scott Fuller, director, Valuations, Gordon Brothers; Richard Hawkins, CEO, AtlanticRMS and Robert Horak, managing director, Lincoln International. David Morse, partner, Otterbourg P.C. and Richard Kohn, principal, Goldberg Kohn Ltd. served as conference moderators.
TSL Express Daily Headlines & News
Peapack-Gladstone Bank Announces the Expansion of the Peapack Capital Team to Accommodate Continued Growth
June 30, 2020Margaret Kot, who joins the team as vice president, senior underwriter and portfolio manager, has over 20 years of banking experience and has managed credit risk across a broad spectrum of markets and industries. Victoria Knipe joins the team as a credit analyst. Most recently, Victoria was a business analyst at Trustmark Insurance in Worcester, MA.
Roxgold Refinances Existing Credit Facility
June 30, 2020The amended Facility (“Facility”) was financed through our existing senior bank financiers, Societe Generale and BNP Paribas. The Facility refinances the current outstanding loan balance of US$37 million with revised repayment terms extending the repayment period from June 30, 2021 to December 30, 2022 which reflects the Company’s continued success in extending the project’s mine life. The Company has also secured an additional US$20 million as a revolving credit facility to further support its growth initiatives.
Horizon Technology Finance Strengthens Capital Resources with Amendment and Extension of its $100 Million Credit Facility with U.S. Based Insurance Company
June 30, 2020Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or the "Company"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today announced that Horizon Secured Loan Fund I LLC, Horizon's wholly-owned subsidiary ("HSLF"), has amended and extended its $100 million senior secured debt facility with a large U.S. based insurance company, pursuant to which HSLF may issue up to $100 million of secured notes.
Haynes and Boone Represents Capitol Peak Partners in Acquisition of Borden Dairy
June 30, 2020A Haynes and Boone, LLP team represented Capitol Peak Partners, LLC in its winning, joint bid with KKR & Co. to acquire Borden Dairy Company as a part of the milk producer’s 363 sales process to sell its assets out of bankruptcy. Haynes and Boone M&A Partners Jan Sharry and Dan Malone and Restructuring Partner Steve Pezanosky led the Capitol Peak deal team.
John Fenn Joins Hilco Valuation Services As Senior Managing Director Focused On Business Valuation
June 30, 2020Hilco Valuation Services, LLC, today announced the appointment of John Fenn as Senior Managing Director in Hilco's Enterprise Valuation Services group, a global leader in providing reliable opinions for financial institutions, investment firms and corporations on the realizable value of going concerns, intangible assets, illiquid investments, and other specialized business assets.
U.S. Bank Announces New Leaders and Changes in Corporate & Commercial Banking
June 30, 2020Felicia La Forgia has been named head of Corporate Banking. Hassan Salem has been named head of Commercial Banking. Elliot Jaffee will lead CCB’s strategic initiatives, including digital transformation, advanced data analytics, deposit strategy, and other key priorities as head of CCB Strategy. As chief credit officer, Corporate & Commercial Banking, Joseph Murphy will lead portfolio management and oversee loan underwriting policies and procedures across business lines. Shannon Donnelly, CCB’s new chief administrative officer, will manage the business line’s relationships with all key functional areas and serve as business manager for the Fixed Income & Capital Markets group.
AllSaints Gets U.S. Bankruptcy Court OK of U.K. Restructuring
June 30, 2020The main point of the insolvency proceeding appears to be in order to force landlords in the U.S. and U.K. into a sales-based rent model, wherein AllSaints will only pay rent based on a percentage of its monthly net sales. There has been talk among other brands with landlords of a desire for sales-based rent as nearly all retailers and brands stopped paying rent amid the coronavirus shutdown and none expect a return to normal sales levels this year.
Over 95% of Assets Sold at Auction of Former ECS Recycling Plant in California
June 30, 2020Online sale by Tiger Group and partners draws over 200 bidders from US and 9 foreign countries, yielding better-than-expected results. More than 95% of assets were sold by Tiger Group and partners Aaron Equipment, Rosen Systems and Perry Videx in a recent online auction for the assets of bankrupt ECS Refining’s former multi-medium recycling plant in Stockton.
Host Hotels & Resorts Successfully Amends $2.5 Billion Credit Agreement to Enhance Flexibility and Preserve Liquidity and Updates Investor Presentation
June 29, 2020Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the "Company"), announced today that it successfully amended the credit agreement governing its $1.5 billion fully drawn revolving credit facility and two $500 million term loans.
Pacific Western Bank Promotes Sean Lynden to President, Venture Banking Group as Frank Tower Departs
June 29, 2020Pacific Western Bank announced today they are promoting Sean Lynden to President of their Venture Banking Group. With this promotion, Pacific Western amicably marks the departure of current longstanding President of our Venture Banking Group, Frank Tower. Frank is moving on from the Bank to become a Partner at Savano Capital Partners, a direct secondaries focused growth equity fund.
Rosenthal Provides $4 Million Purchase Order Finance Facility for California Personal Protection Products Distributor
June 29, 2020Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of a recent purchase order finance facility to support the production financing requirements of a California-based distributor of hand sanitizer and anti-bacterial soap.
WEX Announces a $400 Million Investment From Warburg Pincus and Amendment to the Credit Agreement
June 29, 2020WEX Inc. (NYSE:WEX), a leading financial technology service provider, announced today it has agreed to a $400 million dollar investment from an affiliate of Warburg Pincus LLC (together with its affiliate, “Warburg Pincus”) which includes convertible notes in an aggregate principal amount of $310 million and $90 million in common stock through a private placement (the “Private Placement”). The Private Placement is subject to customary closing conditions and is expected to close in the next several days. Importantly, WEX has also obtained an amendment to its existing senior secured credit facilities.
Liberty Media Announces Amendment to Formula 1 Financial Covenant
June 29, 2020Liberty Media Corporation ("Liberty") (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today an amendment to the term loan and revolving credit facility of certain subsidiaries of Delta Topco Limited, the Liberty subsidiary that holds all of its interests in Formula 1 (“Formula 1”).
DMC Global Announces Amendment to Credit Agreement
June 29, 2020DMC Global Inc. (Nasdaq: BOOM) today announced it has amended its credit agreement to provide covenant flexibility following a severe downturn in its core oil and gas end market.
NetCents Technology Provides Further Details of Credit Facility
June 29, 2020NetCents has partnered with a handful of forward-thinking institutions to use its merchant order flow as a supply for a short-term crypto portfolio. The credit line will enable NetCents to have money in the market over an extended period, and be able to profit from arbitrage opportunities. The profits from this arbitrage will ultimately allow NetCents to reduce fees to its client base.
Allied Affiliated Funding, a division of Axiom Bank, N.A. Announces Recently Closed Transactions
June 29, 2020Allied Affiliated Funding, a division of Axiom Bank, N.A. announced it closed $1,000,000 in receivables financing to a Texas-based company that provides commercial flooring to retailers, schools, senior living centers and other commercial projects and $400,000 in receivables financing to a Louisiana-based company that provides consultants for the oil and gas industry, primarily focused on water production and operations with well work and light roustabout services.
Harsco Completes Amendment To Its Credit Facility
June 29, 2020Citigroup Global Markets Inc., PNC Bank National Association, Goldman Sachs Bank USA, Bank of America, N.A., BMO Harris Bank, N.A., HSBC Bank USA, National Association, Royal Bank of Canada, Fifth Third Bank, National Association, The Huntington National Bank, Keybank National Association, ING Bank N. V., Dublin Branch, Trust Bank (formerly known as Branch and Banking Trust Company), Bank of the West, and Santander Bank, N.A. have acted as joint lead arrangers.
Chesapeake Energy Corporation Commences Voluntary Chapter 11 Process
June 29, 2020Kirkland & Ellis LLP is serving as legal counsel, Alvarez & Marsal is serving as restructuring advisor, Rothschild & Co and Intrepid Financial Partners are serving as financial advisors, and Reevemark is serving as communications advisor to the Company. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the Company's Board of Directors. Sidley Austin LLP is serving as legal counsel, RPA Advisors, LLC is serving as financial advisor, and Houlihan Lokey Capital, Inc. is serving as investment banker to MUFG Union Bank, N.A., the DIP facility agent and exit facilities agent.
Federal Reserve Board Releases Results of Stress Tests for 2020 and Additional Sensitivity Analyses Conducted in Light of the Coronavirus Event
June 29, 2020In addition to its normal stress test, the Board conducted a sensitivity analysis to assess the resiliency of large banks under three hypothetical recessions, or downside scenarios, which could result from the coronavirus event. The scenarios included a V-shaped recession and recovery; a slower, U-shaped recession and recovery; and a W-shaped, double-dip recession.
North Mill Capital Provides $500,000 Accounts Receivable Facility
June 29, 2020North Mill Capital announced it provided a $500,000 accounts receivable facility for The Right Staff, LLC. The funds were used to pay off the previous lender and provide additional working capital for the company.
In This Section
The Secured Lender
The Cross-Border Issue.