- King & Spalding’s New York Office Adds Corporate Partner Jonathan Arkins
- Asbury Automotive Group Announces Amended and Restated $1.45 Billion Senior Credit Facility
- Five Things a Client and Transactional Counsel Should Discuss at the Start of a Deal
- J D Factors Announces Factoring Facilities
- Bibby Financial Services Canada Announces Deals
TSL Express Trending Story
Corporate entities often turn to asset-based lending (ABL) as a strategic way to fund acquisitions, reduce capital volatility inherent in cash flow structures, or simply to accelerate growth. Secured by company assets, this alternative path to cash flow financing has historically followed the same process: companies choose a lending institution based on the most attractive deal structure, accept its deal terms, and undergo a field exam and asset appraisal to determine the appropriate borrowing terms.
TSL Express Daily Headlines & News
Patricia Sutter Named Head of Wells Fargo Corporate Trust Services
October 14, 2019Wells Fargo & Company (NYSE: WFC) announced today that Patricia Sutter, an industry and Wells Fargo veteran, has been named head of Wells Fargo Corporate Trust Services (CTS), effective October 15. Sutter will remain based in Chicago and report to David Marks, head of Wells Fargo Commercial Capital (WFCC). She replaces Troy Kilpatrick, who has led CTS since 2014 and is moving into a new leadership role supporting Wells Fargo's risk transformation work.
Capitala Group Announces the Hiring of Harrison Pate and the Promotion of Kevin Roberts
October 14, 2019Capitala Group, a provider of capital to lower middle-market companies, is pleased to announce the addition of Harrison Pate to the Capitala team and the promotion of Kevin Roberts to Senior Associate.
Ferroglobe Announces Closing of $100 Million Asset-Based Revolving Credit Facility
October 14, 2019Ferroglobe PLC (GSM) (“Ferroglobe” or the “Company”) today announced the closing of a new, five-year $100 million North American asset-based revolving credit facility (the “ABL Revolver”), between Globe Specialty Metals, Inc. (“Globe”) and QSIP Canada ULC, each a subsidiary of the Company, as borrowers and PNC Bank, National Association (“PNC”), as lender and agent.
BBVA Inland Empire Market Announces David Galvez as its new Commercial Banking Relationship Manager
October 10, 2019BBVA USA has announced that it has hired David Galvez as its new Commercial Banking Relationship Manager, continuing its growth in the Inland Empire market less than a year after naming new leadership.
CIT Names Bob McElyea to Lead Merchant and Card Initiative in Treasury and Payment Services
October 10, 2019CIT Group Inc. (NYSE: CIT) today announced that Bob McElyea has joined the company as managing director leading CIT's Merchant and Card Initiative in the Treasury and Payment Services group. In this role, McElyea will lead the transformation of payment services for CIT's clients across all segments.
Goodman Factors is now Goodman Capital Finance
October 10, 2019Goodman Factors, a name that for nearly 50 years has been tantamount to reputable and innovative factoring service to businesses nationwide, is changing. Goodman Factors is now Goodman Capital Finance, a name that better reflects its new and broader product offering.
MediPharm Labs Closes New $38.7 Million Upsized Credit Facility with a Top 5 Canadian Schedule 1 Bank to Support Growth
October 10, 2019MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, is pleased to announce its wholly-owned subsidiary, MediPharm Labs Inc. (“MediPharm”) has closed a credit agreement (the “Credit Facility”) with a top 5 Canadian Schedule 1 bank (the “Bank”) for an aggregate $38.7 million.
Industry Veteran Chris Lehnes Joins Versant Funding LLC
October 10, 2019Versant Funding LLC is pleased to announce that industry veteran, Chris Lehnes, is returning to his role of Business Development Officer based in Fairfield County, CT. Lehnes will be responsible for originating non-recourse accounts receivable factoring facilities from $100,000 to $10 Million per month to businesses across the country in a wide range of industries including oil and gas, apparel, manufacturing, distribution, and staffing which do not meet the credit standards of traditional lenders, often including businesses that are unable to obtain financing from other factoring companies.
Cathy Osborne Joins Accord Financial as Senior Vice President, Human Resources
October 10, 2019Accord Financial Corp. ("Accord") (TSX: ACD), one of North America’s leading commercial finance companies, has created a new executive leadership position, hiring Cathy Osborne as Senior Vice President, Human Resources.
CIT Serves as Lead Arranger for $87 Million Financing of Self-Storage Portfolio
October 10, 2019CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance unit served as lead arranger on $87 million in financing for a portfolio of Storage Rentals of America-branded self-storage facilities.
Hedaya Capital Group Announces the Completion of a $500,000 Factoring Facility for a Startup Cosmetics Company
October 10, 2019The Hedaya Capital Group, Inc. is pleased to announce a $500,000 Factoring Facility for a beauty and cosmetics company based in New York. The company is a startup focused on the production and importation of Cosmetic Brush Sets, Nail Polish, Lip Gloss and Eyelashes.
Stonebriar Commercial Finance Announces the Promotion of Kyle C. Parks to Executive Vice President
October 10, 2019Stonebriar Commercial Finance (“SCF”) is pleased to announce that Kyle C. Parks has been promoted to Executive Vice President and named part of the SCF Executive Management team. Kyle joined SCF in 2016 as Senior Vice President – Head of Direct Originations and currently manages SCF’s team of direct originators in the US and Canada.
Cambridge Wilkinson Investment Banking Announces Transaction
October 10, 2019Cambridge Wilkinson recently arranged $25 million in equity for a multi-strategy real estate development firm focusing on workforce housing, ground up-development and tax credit-related estate transactions.
B&G Foods Announces Closing of $450.0 Million Term Loan B Facility
October 10, 2019Barclays, Deutsche Bank Securities, RBC Capital Markets, BofA Securities, BMO Capital Markets, Goldman Sachs Bank USA and J.P. Morgan acted as joint lead arrangers and bookrunners, and Credit Suisse, Capital One, Citigroup, Citizens Bank, Rabobank and TD Securities acted as joint co-documentation agents.
Provident Promotes Three to Retail Banking Leadership Team
October 9, 2019Provident Bank, a leading New Jersey-based financial institution, today announced the promotion of three executives. Robert Vivo has been promoted to Senior Vice President, Regional Director and Darleen Gillespie and Paula Palermo will now both serve as First Vice President, Regional Manager and report to Vivo.
Wolters Kluwer’s Compliance Solutions Business Triumphs with Four Golden Bridge Awards
October 9, 2019Wolters Kluwer’s Compliance Solutions business has earned four 2019 Golden Bridge Awards for product innovations developed on behalf of financial services client firms. Compliance Solutions was honored with a Golden Bridge gold award for its CASH Workflow commercial lending solution, two silver awards for its OneSumX regulatory compliance offerings, and a bronze award for its Vanceo Mortgage automated loan operating system.
CIT Provides $56 Million Financing for Multifamily Project Acquisition and Improvements
October 9, 2019CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division provided a $56 million senior secured mortgage loan for the acquisition and renovation of the Bel Air Las Colinas Apartments, a multifamily complex in Irving, Texas.
J D Factors Announces Factoring Facilities
October 9, 2019JD Factors announced several factoring facilities.
Halcón Announces Emergence from Chapter 11 and Appointment of New Chief Operating Officer
October 9, 2019Halcón Resources Corporation (“Halcón” or the “Company”) is pleased to announce that it has emerged from bankruptcy under Chapter 11 of the US Bankruptcy Code. By successfully completing its financial restructuring, the Company eliminated more than $750 million in debt and more than $40 million of annual interest expense, significantly enriching its financial condition.
KB Home Announces Increase in Revolving Credit Facility to $800 Million and Extension of Maturity Date
October 9, 2019KB Home (NYSE: KBH) today announced it has completed an amendment to its revolving credit facility, increasing the borrowing capacity to $800 million from $500 million and extending the maturity date to October 2023 from July 2021. The borrowing capacity can be further increased to $1 billion, subject to additional lender commitments.
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