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TSL Express Daily Articles & News
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Cambridge Savings Bank Hires Michael Richardson as Vice President, Relationship Manager – Asset-Based Lending
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $6 billion in assets, today announced the appointment of Michael Richardson to the role of Vice President, Relationship Manager, on the Asset-Based Lending (ABL) team. Richardson will be responsible for managing several of the bank’s ABL relationships, while leveraging his vast network to identify and close on new lending opportunities.
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The Use of Covenants in a Discretionary Factoring Facility
SFNet’s Crucial Conversations webinar, “The Value and Effective Use of Covenants in a Factoring Transaction,”
focused on why covenants are needed in a discretionary factoring facility; covenant types and reporting frequency; the art of picking the right covenant(s) and more. Here, panelist Hugh Larratt-Smith provides a recap of the webinar.
TSL Express Daily Headlines & News
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Mizuho and Golub Capital Announce Strategic Partnership
October 1, 2024Mizuho Financial Group, Inc. (together with its affiliates, “Mizuho”) and Golub Capital LLC (together with its affiliates, “Golub Capital”) today announced a strategic partnership.
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Team, Inc. Announces Amendment and Maturity Extension of Its ABL Credit Facility
October 1, 2024Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, announced today that it has executed an amendment to its existing ABL credit facility, which consists of a $130 million revolving credit facility (the “Revolver”) and a $27.4 million term loan secured by certain real estate and machinery and equipment.
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Alkegen Announces New Capital Infusion to Support Growth
October 1, 2024Alkegen, a global specialty materials platform providing high performance materials used in advanced applications and a portfolio company of Clearlake Capital Group, L.P. (together with its affiliates, "Clearlake"), today announced the closing of a refinancing transaction of its outstanding debt.
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Casella Waste Systems, Inc. Announces Closing of $1.5 Billion Amended and Restated Credit Facility
October 1, 2024Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste, recycling, and resource management services company, today announced that it has entered into a $1.5 billion amended and restated credit agreement with Bank of America, N.A. as administrative agent and lender and a syndicate of other lenders (the “Credit Facility”).
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Salute Announces Investment from New Mountain Capital to Support Data Center Growth Trajectory
October 1, 2024Salute Holdings, LLC (“Salute” or the “Company”), a leading provider of integrated asset management services for the data center industry, today announced it has received a majority investment from funds managed by New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented alternative investment firm headquartered in New York.
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Wayfair Announces Proposed Offering of $700 Million Senior Secured Notes
September 30, 2024Wayfair Inc. (NYSE: W) (the "Company," "we" or "Wayfair") today announced that its subsidiary, Wayfair LLC (the "Issuer"), intends to offer, subject to market and other conditions, $700 million in aggregate principal amount of senior secured notes due 2029 (the "Notes") in a private offering.
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Matthews International Announces Proposed Private Offering of Senior Notes
September 30, 2024Matthews International Corporation (NASDAQ GSM: MATW) (the “Company”) today announced a proposed private offering of senior secured second lien notes due 2027 (the “Notes”).
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SLR Investment Corp. Announces Acquisition of Factoring Business
September 30, 2024SLR Investment Corp. today announced that on September 27, its wholly-owned portfolio company, SLR Business Credit (“SLR-BC”) acquired an asset-based factoring portfolio and operations from Webster Bank, N.A.’s Commercial Services Division (“Webster”) in an asset purchase that includes a team of professionals and a seasoned portfolio.
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Aethon United Announces Completion of Amended Credit Agreement
September 30, 2024Aethon United BR LP (“Aethon United,” “we,” “us” or “our”) on September 27, 2024 entered into an Amendment No. 18 (the “Amendment”) to that certain Credit Agreement, dated as of July 1, 2016, with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and certain lenders.
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The AZEK Company Announces ABL and Term Loan Refinancing
September 30, 2024The AZEK Company Inc., the industry-leading designer and manufacturer of beautiful, low-maintenance and environmentally sustainable outdoor living products, announced the entry into a new credit agreement with Wells Fargo Bank, National Association, as administrative agent and collateral agent, and the lenders and financial institutions party thereto, the arrangement of which was led by Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. as joint bookrunners.
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First Bank Announces New Client Relationship
September 30, 2024First Bank announced its most recent new client relationship – a $12MM working capital revolving line of credit to a Distributor of seamless fabrics and accessories located in Randolph, NJ.
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Celtic Capital Corporation Provides Funding for Central Midwest Hex Key Manufacturer
September 30, 2024Due to recent covenant violations, their current bank sought to exit the relationship. Celtic Capital was referred in and approved a $3,000,000 accounts receivable line of credit, a $1,500,000 inventory line of credit and an equipment loan of $397,600 to repay the bank in full and provide ongoing working capital.
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Cascade Private Capital Fund Announces Completion of $250 Million Revolving Credit Facility
September 30, 2024Cascade Private Capital Fund ("CPEFX" or "the Fund"), an interval fund providing access to private capital, has announced the closing of a senior secured revolving credit facility with JPMorgan Chase Bank, N.A. ("JPMorgan").
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White Oak Commercial Finance Provides a $120 Million Senior Secured Credit Facility to Sauder Woodworking
September 30, 2024White Oak Commercial Finance, LLC (White Oak), an affiliate of White Oak Global Advisors, closed a new $120 million 3-year Senior Secured Credit Facility with Sauder Woodworking, a Midwest-based manufacturer and distributor of ready-to-assemble furniture and custom manufacturing furniture solutions with operations throughout the United States and Canada, acting as Sole Arranger and Bookrunner.
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Welltory Closes $3 Million Credit Facility from Braavo Capital to Invest in Platform Expansion
September 30, 2024Welltory, the leading all-in-one personalized health and wellness app, is pleased to announce it has closed a $3 million credit line with Braavo Capital. The funding will empower Welltory to invest deeper into its strategic product and market growth to become the leader in the preventative and people-centric care categories.
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SVB Financial Group Completes Sale of SVB Capital to Pinegrove Capital Partners
September 30, 2024SVB Financial Group today announced that it has completed the sale of its investment platform business, SVB Capital, to affiliates of Pinegrove Capital Partners ("Pinegrove"), backed by evergreen capital from Brookfield Asset Management ("Brookfield") and Sequoia Heritage.
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STEP Energy Services Ltd. Amends and Extends Credit Facility
September 30, 2024STEP Energy Services Ltd. (“STEP”) (TSX: STEP) is pleased to announce an update on its credit agreement. STEP has entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with a syndicate of Canadian banks which amends and extends its prior credit agreement.
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Mabrey Bank Hires Bobby McAlpine as Commercial Lending Officer
September 30, 2024Mabrey Bank announced the hire of Bobby McAlpine as a Commercial Lending Officer as an addition to its growing commercial lending team. Based out of East Central Oklahoma, McAlpine will be primarily focused on agricultural and recreational land loans throughout the region.
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Beyond Air Announces Termination of the Loan and Security Agreements with Avenue Capital
September 30, 2024Beyond Air, Inc. (NASDAQ: XAIR) (“Beyond Air” or the “Company”), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients, today announced that it has terminated the loan and security agreements with Avenue Capital and entered into an $11.5 million loan agreement with an insider-led investor group.
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Cascadia Expands Capital Markets Advisory Practice, Hiring Thomas Mills
September 30, 2024Cascadia Capital is pleased to announce that Thomas Mills has joined the firm as a Managing Director in its Capital Markets Advisory Group. Mr. Mills brings more than 20 years of experience in debt capital markets, raising capital for clients in a wide variety of industries and transactions, including recapitalizations, growth financings, and management buyouts.
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SFNet's The Year Ahead Issue
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