- Neon Closes Revolving Credit Facility With MUFG Union Bank
- Pacific Western Bank hires William J. Black as Executive Vice President, Strategy and Corporate Development
- Stelco Announces $100 Million Term Loan
- TradeCap Partners Closes $350,000 Purchase Order Finance Facility for Midwest Paper Products Importer
- Crystal Financial Agents Senior Credit Facility for CDS
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First Eagle Alternative Credit Expands into Asset-based Lending; Larry Klaff and Lisa Galeota Join to Lead Effort
First Eagle Alternative Credit, LLC (“First Eagle” or the “firm” ) today announced that it has added asset-based lending solutions to its direct lending platform and appointed industry veterans Larry Klaff and Lisa Galeota to lead this initiative at the firm.
Klaff and Galeota join First Eagle from Gordon Brothers Finance Company, a majority-owned portfolio company of BlackRock Capital Investment Corporation, where they worked together and at its predecessor firm for over 13 years. During that time they sourced, originated and structured asset-based facilities valued at over $1 billion across a wide variety of industries. They will be based at First Eagle’s Boston office and will report directly to Chris Flynn, President of First Eagle Alternative Credit.
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What challenges have industry executives been up against since the pandemic hit and what kind of future do they envision for the industry? TSL spoke with several SFNet members: Jason Hoefler, managing director/asset-based lending, BMO Harris Bank; Candice Hubert, senior vice president of business development, Republic Business Credit; Mark Polinsky, executive vice president and co-founder of Gateway Trade Funding; Georgia Quenby, partner, Morgan Lewis & Bockius; Stuart Rosenthal of Prestige Capital; and Dan Tortoriello, executive vice president/chief operating officer of North Mill Capital.
TSL Express Daily Headlines & News
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Bridge Bank Expands Capital Finance Group with New Managing Director Timothy Carstens
July 9, 2020Bridge Bank today announced it is expanding its Capital Finance group, which provides a full complement of asset-based lending solutions. The group now will be led by managing director Timothy Carstens, who joins Bridge Bank from Fifth Third Business Capital.
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Tiger Group’s Ryan Davis Named to SFNet’s ‘40 Under 40’
July 9, 2020Boston-based leader of firm’s Valuation Services division honored by peers in secured finance industry in annual awards program.
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Breakout Capital Closes $20MM in Credit Facilities with Medalist Partners
July 9, 2020Leading nationwide small business lender Breakout Capital announced today the completion of two senior secured credit facilities, totaling $20MM, with Medalist Partners, expanding and extending a current term loan facility and establishing a new term loan facility with attractive forward flow features with its long-time lending partner.
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FTI Consulting Continues Investment in Turnaround & Restructuring Practice with Appointment of Daniel Wikel as Senior Managing Director
July 8, 2020Based in Chicago, Mr. Wikel advises clients on corporate turnarounds and restructurings, lender workout situations, transaction advisory services/business assessments and raising capital. He has significant experience managing middle-market and large bankruptcy cases and related matters, and his financial and operational expertise spans strategic planning, capital advisory or investment analysis and identifying revenue enhancements and cost improvements.
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Sur La Table to Restructure Its Retail Footprint and Complete a Going-Concern Sale via Voluntary Chapter 11 Process
July 8, 2020Sur La Table (“the Company”), the leading retail destination since 1972 for those passionate about cooking and entertaining, today announced that it has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the “Court”) to consummate a restructuring and going-concern sale of the Company, subject to Court approval.
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Covenant Logistics Group Completes Asset Sale of Transport Financial Solutions Factoring Segment
July 8, 2020Covenant Logistics Group, Inc. (NASDAQ/GS: CVLG) (“Covenant”) today announced the sale of the transportation factoring assets of its Transport Financial Solutions (“TFS”) segment to Triumph Business Capital for approximately $132.2 million, including contingent consideration of approximately $9.9 million. Triumph Business Capital is an indirect wholly owned subsidiary of Triumph Bancorp, Inc. (NASDAQ: TBK) (“Triumph”).
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Business Capital Arranges Acquisition Financing for Scott’s Liquid Gold
July 8, 2020Business Capital assisted Scott’s Liquid Gold (OTC: SLGD) in securing a $10 million credit facility with UMB Bank in conjunction with the acquisition of the Biz and Dryel laundry brands. This new credit facility replaces an existing Bank loan and further supports the working capital needs of the combined entities going forward.
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Citizens M&A Advises Gunnison Tree Services
July 8, 2020Citizens M&A Advisory served as exclusive financial advisor to Gunnison Tree Services on its recapitalization by Warren Equity Partners Citizens M&A Advisory served as the exclusive financial advisor to Gunnison Tree Services, LLC, a leading provider of comprehensive tree and vegetation management services, on its recapitalization by Warren Equity Partners, a Jacksonville, FL-based lower middle market private equity fund.
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Taulia Appoints Christian Lindemann as Director of Supply Chain Finance EMEA
July 8, 2020Taulia, the leader in working capital technology solutions has today announced the appointment of Christian Lindemann as Director of Supply Chain Finance EMEA. Christian is based in Switzerland and will be the EMEA region’s Working Capital Solutions Expert. In an all-encompassing role, Christian will use his deep Supply Chain Finance knowledge to support the sales, marketing, and product organizations to further strengthen Taulia’s solutions and presence in the market.
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PNC Appoints Two to Executive Committee, Creates Chief Corporate Responsibility Post
July 8, 2020Carole Brown will be head of PNC’s Asset Management Group and Richard K. Bynum will serve in the newly created role of chief corporate responsibility officer. Both executives will report to Bill Demchak, chairman, president and CEO.
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Pear Therapeutics Announces $50 Million Credit Facility from Perceptive Advisors
July 8, 2020Pear Therapeutics, Inc. (“Pear” or the “Company”) today announced that it closed a credit facility for up to $50 million from Perceptive Advisors (“Perceptive”), a leading life sciences investment firm. In connection with the financing, Pear issued warrants to Perceptive, and Sam Chawla of Perceptive received board observer rights. Armentum Partners served as the Company’s financial adviser in connection with this financing.
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Nishen Radia & Clay Bryan Named as Top Private Equity Advisors
July 8, 2020FocalPoint Partners, LLC, a leading middle market investment bank, is pleased to announce that Managing Partner Nishen Radia and Managing Director Clay Bryan have been named as "Top Private Equity Advisors" for Year 2020 by the Los Angeles Business Journal. Concurrent with this recognition, FocalPoint has formed a new Financial Sponsors Group to be led by Mr. Bryan in Los Angeles. The Financial Sponsors Group will service private equity groups and their portfolio companies with a comprehensive suite of M&A, financing, and restructuring services.
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Tiger Group Sets Online Auction for Assets of Plastics Painting Plant
July 8, 2020July 21 event features robotic systems with multiple applications, tanks, agitators, spray booths, plant support/materials handling equipment and more. Assets excess to the ongoing operations of Spectrum Industries of Grand Rapids, Mich.
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Chicago Atlantic Provides $30 Million Credit Facility to Verano Holdings, LLC
July 7, 2020Green Ivy Capital, LLC ("Green Ivy Capital"), an affiliate of Chicago Atlantic Group, LLC ("Chicago Atlantic"), announced today it acted as sole lead arranger and administrative agent on a new $30 million senior secured term loan facility (the "Term Loan Facility") for Verano Holdings, LLC ("Verano"). The Term Loan Facility was led by an affiliated fund of Chicago Atlantic with participation of other institutional lenders.
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In Bankruptcy Filing, Lucky Brand Proposes Sale To Authentic Brands And Simon Property Group
July 7, 2020Lucky Brand has negotiated a two-pronged primary asset purchase agreement, also known as a “stalking horse” bid, to sell its operating assets to SPARC Group LLC (SPARC), a jointly owned entity of Authentic Brands Group (ABG) and mall owner Simon Property Group, and Lucky Brand’s intellectual property assets to ABG-Lucky LLC, a newly formed subsidiary of Authentic Brands. The all-assets bid includes $140.1 million in cash, $51.5 million in credit from vendors and a trade receivables adjustment. The proposed sale was revealed in the July 3 Lucky Brand Dungarees LLC announcement of its voluntary Chapter 11 bankruptcy protection filing.
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Immucor Announces Successful Refinancing
July 7, 2020Immucor, Inc., a global leader in transfusion and transplantation diagnostics, today announced the successful completion of the refinancing of its capital structure. The transaction consists of a new revolving credit facility, first lien term loan, and second lien term loan, with additional support from existing majority shareholder TPG Capital. The newly issued debt instruments mature in 2025. Other terms of the refinancing were not disclosed.
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McDermott Adds Five-Lawyer Restructuring Team from Katten
July 7, 2020McDermott Will & Emery is adding a five-lawyer group from Katten Muchin Rosenman to its restructuring and insolvency practice in Dallas as the economic effects of the coronavirus crisis bring more bankruptcy work for Big Law firms. Katten partner Charles “Chuck” Gibbs leads the team joining McDermott, and will head its Dallas-based restructuring practice. Mark Patterson and Eric Seitz are also making the move from Katten joining as counsel along with two associates.
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White Oak Commercial Finance Supports Hunt & Sons Inc. with $6MM for Acquisitions
July 7, 2020White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it increased funding on its $75MM asset-based credit facility by $6MM with Hunt & Sons Inc. (“Hunt”), a third-generation, family-owned diversified petroleum products distributor. The funding was used to support Hunt with regional acquisitions.
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MidCap Business Credit Closes $4,500,000 Asset-based Revolving Line of Credit for CR Brands, Inc.
July 7, 2020MidCap Business Credit announced today they have closed on a $4,500,000 asset-based revolving line of credit for CR Brands, Inc., a portfolio company of Resilience Capital Partners, headquartered in West Chester Township, Ohio. CR Brands is an innovative consumer packaged goods company with a portfolio of affordable household cleaning and laundry products with superior performance qualities. Today, CR Brands enjoys national distribution and close customer relationships with many leading retailers
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CIT Leads $118.5 Million Financing for North Carolina Solar Project
July 7, 2020CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, North Carolina. The project is owned by Kayne Anderson Capital Advisors L.P., a leading alternative investment manager, and marks their first solar investment supplying the PJM Interconnection grid.
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The Secured Lender
The Pandemic’s Effect On The Industry Issue.