- ADC Therapeutics Announces a $115 Million Convertible Credit Facility with Deerfield
- Jamieson Wellness Inc. Announces Amended and Restated Credit Facility
- TD Bank
- Office Depot Streamlines Capital Structure by Refinancing Existing Credit Facility and Repaying Term Loan
- Raven Industries Announces Replacement of Corporate Credit Facility
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U.S. Bank ABF Adds Freeman as MD to Head Corporate Client West and Southwest Originations
U.S. Bank announced that John Freeman has been added to the Asset-Based Finance (ABF) team to head the group’s Corporate Client West and Southwest Originations. Based in Los Angeles, Freeman brings more than 25 years of Asset-Based Lending experience with an extensive background in Credit, Restructuring, and Originations. John will be responsible for providing asset-based solutions to companies, intermediaries and financial sponsors.
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I love the study of Stoicism and apply it daily. Marcus Aurelius (Roman emperor from 161 to 180 and a stoic philosopher) wanted us “to bear in mind constantly that all of this has happened before and will happen again.” We might think we are in unique times, that no one has ever gone through what we have gone through, but that is false. We lived through the Great Recession, but before that there was the Great Depression. The COVID-19 pandemic is not even close to being the worst plaque to strike humanity (Marcus Aurelius lived during a horrific plague that killed 18 million people, including his own children). Political turmoil and nationalism; let us not forget World War II, the Civil War and many other wars before that. What defines us is not the age we live in, but what WE do when faced with these trials.
TSL Express Daily Headlines & News
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Tiger Finance Provides Nu-Steel Trade With $10 Mil. in Growth Capital
September 21, 2020Tiger Finance, a wholly owned affiliate of Tiger Capital Group, today announced that it has closed on a $10 million delay draw term loan to Nu-Steel Trade that provides working capital for growth and acquisition opportunities.
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Stonebriar Commercial Finance Welcomes Dylan Glenn to its Board
September 21, 2020Stonebriar Commercial Finance (“Stonebriar”) is pleased to announce that Dylan Glenn has joined its Board of Managers as an independent board member. Dylan currently serves as a director of Intellicheck, Inc. (IDN), a leading provider of authentication services for companies primarily in area of financial services, and a Russell 3000 company listed on NASDAQ.
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Republic Provides a $1.5 Million Traditional Factoring Facility for a Los Angeles-based Apparel Importer
September 21, 2020When a Los Angeles apparel manufacturing and import company sought funding for their 2020 Fall and Winter orders, they chose Republic Business Credit to fuel their growth. Republic approved a scalable traditional facility to support their expected growth in anticipation of the orders they have received for additional reopening of retail stores. Republic fully approved the customer limits necessary to enable the company to fulfill large purchase orders in the midst of Covid-19.
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Denbury Successfully Completes Financial Restructuring
September 21, 2020Denbury Inc. (NYSE: DEN) ("Denbury" or the "Company") today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Denbury's common stock is expected to commence trading on the New York Stock Exchange under the ticker symbol DEN at market open Monday, September 21, 2020. Kirkland & Ellis LLP is acting as legal counsel to Denbury, Evercore Inc. is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor.
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Stellus Capital Investment Corporation Amends and Extends Its Revolving Credit Facility
September 21, 2020Stellus Capital Investment Corporation (the "Company") (NYSE: SCM) announced today that on September 18, 2020 it entered into an amendment and extension of its $230 million Senior Secured Revolving Credit Agreement (the "Facility"). The Company extended the commitment termination date of the Facility to September 18, 2024 with a final maturity of September 18, 2025, and amended certain covenants and conditions of the Facility, including a reduction in the required asset coverage. The Facility was led by Zions Bancorporation, N.A. dba Amegy Bank, and includes a total of 10 bank participants. Pricing and advance rates remain unchanged on the Facility, except for the addition of a LIBOR floor of 0.25%.
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Tallinn Energy Provides $2.2 Million Senior Credit Facility to Calgary-based Junior Energy Company
September 21, 2020Tallinn Capital Energy Corp. (“Tallinn”) is pleased to announce that it has provided a $2.2MM senior term loan to 2273271 Alberta Ltd. (“227AB”) for acquisition financing. 227AB is a junior oil and natural gas producer with operated facilities and assets in the greater Pembina area of west central Alberta.
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Iron Horse Credit Provides $1MM Stand-Alone Inventory Facility to an E-Commerce Retailer and Wholesaler of Sports Eyewear and Accessory Products
September 21, 2020Iron Horse Credit is excited to partner with a well-known brand in the sports accessories industry selling in the U.S. and Canada. Due to the current market conditions and their impact in the retail space, the company shifted its focus to its e-commerce business. The incumbent asset-based lender reduced the line of credit as the company’s inventory exposure exceeded its accounts receivable balance. Through a referral, Iron Horse Credit partnered with a trusted accounts receivable lender to provide the company with the working capital solution it needed without any AR-to-inventory restrictions.
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PopReach Signs Binding Agreement for US$7.5 Million Debt Refinancing Facility With a Leading Canadian Schedule I Bank
September 21, 2020PopReach Corporation ("PopReach" or the "Company"), a free-to-play mobile game publisher focused on acquiring and optimizing proven game franchises, today announced that its wholly-owned subsidiary, PopReach Incorporated, has signed a binding agreement for a US$7.5 million senior secured credit facility (the "New Facility") with a leading Canadian Schedule I Bank (the "Lender"). The New Facility, secured through the Lender's Technology and Innovation Banking group, is intended to refinance PopReach's previous credit facility, of which US$6.6 million is currently outstanding, and also provides PopReach with a US$1.0 million revolving term credit facility.
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Rosenthal Closes $2M Production Finance Deal w/Toy Company
September 21, 2020Rosenthal & Rosenthal, Inc., the leading independent factoring, asset-based lending and purchase order financing firm in the United States, today announced the completion of a recent $2 million purchase order finance facility for a California-based toy company. A former client of Rosenthal’s had secured a bank line a few years ago when it no longer required purchase order financing to support its production financing requirements. However, COVID-19 challenges coupled with a restructuring of their business, gave way to bank-imposed covenants and restrictions that threatened to impede their holiday and 2021 sales. Concerned that these restrictions would make it difficult to achieve sales targets for Q4 and into next year, the company returned to Rosenthal.
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Main Street Lender Portal Includes the Additional Functionality to Support Multi-borrower Loan Structures
September 21, 2020As of Monday, September 21, the Main Street lender portal includes the additional functionality to support multi-borrower loan structures, meaning the program now permits the submission of multi-borrower loans – loans made to multiple co-borrowers.
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KPS Capital Partners Agrees To Acquire Substantially All Of The Assets Of Garrett Motion Inc.
September 21, 2020KPS Capital Partners, LP ("KPS") announced today that, through a newly formed affiliate, it has entered into a stock and asset purchase agreement with Garrett Motion Inc. (NYSE: GTX) ("Garrett" or the "Company"), under which KPS will acquire substantially all of the assets of Garrett for approximately $2.1 billion.
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Encina Business Credit, LLC Provides $50 Million Revolving Credit Facility to News Publishing Company
September 21, 2020Encina Business Credit, LLC (EBC) announced today that it has provided a $50 million senior secured credit facility to a news publishing company. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory. Loan proceeds will be used to support a purchase of the company following a period of bankruptcy.
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Sallyport Commercial Finance Funds a Canadian Wholesaler with a $1,000,000 Accounts Receivable Line of Credit
September 21, 2020Sallyport Commercial finance offered a $1,000,000 accounts receivable facility to a well-established cosmetic wholesale and distribution company working with major retailers worldwide. This facility will help the business adapt to the changing retail sector and enable them to expand their product offerings for PPE distribution.
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Pagaya Hires Five Finance Industry Veterans, Further Driving Firm’s Transformation of Asset Management
September 21, 2020Pagaya, a global, data-driven asset manager, today announced the hire of five finance industry veterans. Jeff Andrews and Paul Limanni joined Pagaya as Head of Originations and Head of Structured Products, respectively. Brandon McCue joined as Senior Managing Director of Client Advisory, Rob Brady as Senior Managing Director of Institutional Sales US, and Anna Roubos as VP of Brand & Communications. Deeply rooted in fintech and finance, these highly-skilled leaders fuel Pagaya’s transformation of asset management.
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Advantage Capital Completes Financing with Las Vegas-Based Staffing Agency, All-In Recruiting
September 21, 2020Advantage Capital today announced a small business loan in Las Vegas-based staffing and recruitment agency, All-In Recruiting. This minority- and woman-owned boutique agency specializes in placing top talent and diverse professionals in mid- to senior-level positions for tech giants such as Microsoft and SharkNinja.
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Blackstone Announces Formation of ClearGen and $250 Million Capital Commitment
September 21, 2020Blackstone (NYSE: BX), through funds managed by GSO Capital Partners LP (“GSO”), announced today the formation of a new portfolio company, ClearGen LLC (“ClearGen”) that will finance and own distributed and sustainable energy infrastructure assets (“Distributed Infrastructure”) focused on commercial, industrial and institutional customers. GSO will initially commit $250 million to fund ClearGen and expects to expand the commitment as capital is deployed. ClearGen will be managed by industry veterans with a combined 55 years of experience, George Plattenburg, Co-Founder and Chief Executive Officer, and Collin Franceschi, Co-Founder and Chief Development Officer.
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PNC Bank’s Linda Bowden Announces Plans To Retire, Commercial Banking Executive Enrico Della Corna To Assume Regional President Role In 2021
September 21, 2020PNC Bank announced that long-time Regional President, Linda Bowden, plans to retire in mid-2021. Succeeding Bowden effective Jan. 4, 2021 will be Enrico Della Corna, who currently serves as regional executive for Commercial Banking in the Northeast at PNC. Under Bowden’s leadership New Jersey is consistently a top-performing region across PNC. She will work closely alongside Della Corna through the first half of 2021 to extend that record of results and ensure his successful transition into the regional president role.
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Churchill Hires Industry Veteran Christopher Freeze as Head of Investor Relations
September 21, 2020Churchill Asset Management LLC, an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies, has hired Christopher Freeze as Senior Managing Director and Head of Investor Relations. Based in New York City, Mr. Freeze will lead all aspects of the firm’s investor relations effort, including ongoing investor reporting and communication with Churchill’s global institutional investor base, reporting to David Heilbrunn, Churchill’s Head of Product Development & Capital Raising.
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Huron Capital's High Street Insurance Partners Adds Two New Partner Agencies to Portfolio ExecFactor® Initiative Expands New York Footprint, Enters Connecticut Market
September 21, 2020Leading lower-middle-market private equity firm Huron Capital announced today that its full-service insurance brokerage platform, High Street Insurance Partners ("High Street"), has acquired Tracy, Driscoll & Co., Inc. ("Tracy Driscoll" or "TDC") and Millennium Alliance Group, LLC ("Millennium" or "MAG"). Both agencies will support High Street's strategic goals by expanding its footprint in New York and establishing a presence in Connecticut.
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Crestmark Provides More Than $27.3 Million in Commercial Financing to 14 Businesses in the First Half of September
September 21, 2020Crestmark secured a total of $6,973,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $18,189,322 in eight new lease transactions; the Government Guaranteed Lending group provided $2,215,000 in financing for two new clients in the first half of September.
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