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TSL Express Daily Articles & News
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Huntington Business Credit Closes $70 Million Credit Facility for Express Funeral Funding, LLC
Huntington Business Credit acting as Administrative Agent announced it closed a $70,000,000 new credit facility with Express Funeral Funding, LLC on June 23, 2023. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital financing.
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Workout Workshop: A Guide to Navigating Problem Loans
Many ABL professionals have little to no workout or bankruptcy experience thanks to the past ten years of relative calm. This article details the anatomy of an ABL workout and serves as a primer for many readers and a refresher course for more experienced lenders.
TSL Express Daily Headlines & News
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Heads of Terms agreed for US$35 million Revolving Credit Facility
July 2, 2024Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to announce that it has agreed heads of terms, subject to final documentation, with Landsbankinn for US$35 million in three Revolving Credit Facilities (the "Facilities"), securing a substantial increase and extension to its current debt facilities.
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Rocketlane Raises $24M in Series B to Create a Post-Sales CRM for Professional Services Teams
July 2, 2024The funding round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. With this, it brings the total funds raised to $45m.
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BlackRock to Acquire Preqin, Leading Private Markets Data Solutions Provider
July 2, 2024BlackRock, Inc. (NYSE: BLK) has agreed to acquire Preqin, a leading independent provider of private markets data for £2.55 billion or approximately $3.2 billion in cash. Bringing together Preqin’s data and research tools with Aladdin’s complementary workflow capabilities in a unified platform will create a preeminent private markets technology and data provider.
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Frontier Completes $750 Million Fiber Securitization Offering and Term Loan Refinancing
July 1, 2024Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier” or the “Company”) today announced the closing of its previously announced fiber securitization notes offering. This transaction is the Company’s second fiber securitization and again demonstrates the long-term value of Frontier’s fiber assets and the Company’s ability to flexibly access investment grade capital.
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Marathon Asset Management and Webster Bank Announce Private Credit Joint Venture
July 1, 2024Marathon Asset Management, L.P. ("Marathon"), a leading global credit manager with $23 billion in assets under management, and Webster Financial Corporation, the holding company for Webster Bank, N.A. ("Webster Bank"), a top performing commercial bank with $76 billion in assets, today announced they are forming a private credit joint venture, which will deliver direct lending solutions to sponsor-backed middle market companies.
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Guess?, Inc. Announces EUR 100 Million Expansion of Its Existing European Credit Facility
July 1, 2024Guess?, Inc. (NYSE: GES) today announced the successful expansion of the borrowing capacity under its existing European revolving credit facility from €250 million to €350 million. The facility, maintained through the Company’s wholly-owned Swiss subsidiary, Guess Europe Sagl, has a remaining term of roughly three years.
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Eldorado Gold Announces Extension and Increase of its Senior Secured Credit Facility
July 1, 2024The Credit Facility has a four-year term and consists of a US$350 million revolving senior secured credit facility (previously US$250 million) with a US$100 million accordion feature.
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BrightView Announces Increase and Extension of Receivables Financing Facility
July 1, 2024BrightView Holdings, Inc. (NYSE: BV) (“Company”) today announced that its wholly-owned subsidiary, BrightView Funding LLC, has increased the overall size of its existing receivables financing agreement (the “Receivables Facility”) from $275 million to $325 million and extended its maturity date from June 2025 to June 2027.
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Main Street Announces Amendment of its Corporate Credit Facility
July 1, 2024Main Street Capital Corporation is pleased to announce the amendment of its revolving credit facility (the "Corporate Facility"). The recently closed amendment provides an increase in total commitments from $995.0 million to $1.110 billion and an increase to the diversified group of lenders to 19 lenders, while maintaining an expanded accordion feature that allows for an increase up to $1.665 billion of total commitments from new and existing lenders on the same terms and conditions as the existing commitments.
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B. Riley Securities Advised on the Sale of The Santa Barbara Smokehouse to HKW’s PANOS Brands
July 1, 2024B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank, advised on the sale of The Santa Barbara Smokehouse ("SBS"), a leader in producing smoked salmon of the highest quality, to HKW's portfolio company, PANOS Brands, LLC (“PANOS”), a provider of branded consumer foods.
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Redbox's Owner Files for Bankruptcy
July 1, 2024The parent company of Redbox, the video rental kiosk often parked inside or outside grocery stores, filed for bankruptcy on June 28. This comes after the company, Chicken Soup for the Soul Entertainment, failed to pay employees, suspended medical benefits, defaulted on loans, and had an order for its vehicles to be repossessed. According to the filing, it has a total of $970 million in debt.
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Ravinia Capital Advises CommonView Capital on Successful $35 Million Debt Transaction for its Portfolio Company, Pain Specialists of America
July 1, 2024Ravinia Capital, LLC ("Ravinia") is pleased to announce the successful closing of a $35 million debt transaction by CommonView Capital ("CommonView") and Sandton Capital Partners ("Sandton"), to provide Pain Specialists of America ("PSA"), a portfolio company of CommonView and a leading interventional pain management services provider based in Austin, Texas, with enhanced financial flexibility to support its ongoing growth initiatives and strategic objectives.
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ONWARD® Medical Obtains Debt Financing with up to €52.5 Million Secured Loan from Runway Growth Capital LLC
July 1, 2024ONWARD Medical N.V. (Euronext: ONWD), the medical technology company creating innovative spinal cord stimulation therapies to restore movement, function, and independence in people with spinal cord injury (SCI), announces today that the Company and its subsidiaries, ONWARD Medical Inc. and ONWARD Medical S.A., signed a loan agreement in the amount of up to €52.5 million (the “Loan Agreement”) with U.S.-based lender Runway Growth Capital LLC (the “Lender”).
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Wiggin and Dana Continues South Florida Growth with Addition of Restructuring Partner Tamara Van Heel
July 1, 2024Wiggin and Dana LLP announced today that Miami-based restructuring partner Tamara Van Heel has joined the firm in South Florida, further expanding its platform in the state following the launch of a new Boca Raton office earlier this year.
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Hawaii Public Utilities Commission Approves Hawaiian Electric’s $250M Utility Accounts Receivable Credit Facility
July 1, 2024On June 27, 2024 Hawaiian Electric Company, Inc. (Hawaiian Electric), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI), received approval from the Public Utilities Commission (PUC) for an asset-based lending facility credit agreement (ABL Credit Facility Agreement) that allows short-term borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral.
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Stellus Capital Management, LLC Provides Unitranche Financing In Support of Stellex Capital Management's Acquisition Of TriplePoint MEP
July 1, 2024Stellus Capital Management, LLC ("Stellus") announced today that its affiliates provided senior debt financing and equity co-investment to support Stellex Capital Management's ("Stellex") acquisition of TriplePoint MEP ("TriplePoint" or the "Company").
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National Business Capital Expands Market Focus, Hires Industry Vet Francois Bouville
July 1, 2024Francois brings nearly 30 years of industry experience to our team, including Senior Vice President positions held at Commercial Finance Group, Texton Financial Corporation, Capital TempFunds/Capital Business Credit, and Wells Fargo Capital Finance. Francois co-created Goodman Capital Finance’s ABL division, where he spent 5+ years building and scaling the division.
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UMB Capital Finance Provides a $33,000,000 Credit Facility for a Metals Manufacturer in Colorado
July 1, 2024UMB Capital Finance has announced the closing of a $33,000,000 senior credit facility for a Colorado-based metal manufacturing business. This credit facility enabled the company to refinance its existing debt and to position itself for a major capital equipment project.
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Hedaya Capital Provides Retail Expertise and Growth Financing
July 1, 2024The Hedaya Capital Group provided a $2.5 million facility to a fast-growing company that develops plant and mineral-based personal care products. Founded in 2020, their flagship product is an all-body deodorant featuring a groundbreaking new microbiome-approved formula that eliminates odor everywhere.
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Live Oak Bancshares Announces Michael J. Cairns to be Named as Chief Credit Officer as Steven J. Smits Will Take New Role as Head of Commercial Banking
July 1, 2024Live Oak Bancshares announced today that its Board of Directors has appointed Michael J. Cairns as Chief Credit Officer, effective August 1, 2024. Cairns will serve as CCO for both Live Oak Bancshares and Live Oak Bank and succeeds Steven J. Smits who has served in the position for 9 years. Smits is taking on a new role as head of commercial banking.
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