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Corcentric Secures $315 Million Senior Credit Facility
Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced today it secured a new $315 million senior credit facility. The capital raise consists of a $250 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase & Co. and a $65 million term loan from TCW Private Credit Group.
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Since the COVID-19 shutdowns, discussions about supply chain and inventory levels have focused on the need to build inventories to offset supply chain risk. Companies have replaced just in time inventory approaches with higher inventory levels to offset the supply chain problems. In addition to building inventory quantity levels, the per unit value of the inventory has been increasing as evidenced by inflation at 40-year highs. The June CPI was 9.1% and the June PPI was 11.3%.
TSL Express Daily Headlines & News
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Additional Fisker U.S. Entities File for Chapter 11 Protection
June 20, 2024Following on the announcement that Fisker Group Inc. filed for Chapter 11 protection in the District of Delaware, Fisker Inc. and its other U.S. subsidiaries have entered into Chapter 11. The Company’s discussions regarding the sale of its assets remain ongoing.
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TD Launches Full-Service Platform supporting Technology and Innovation Clients in Canada
June 20, 2024TD Bank Group (TD) today announced the launch of TD Innovation Partners (TDIP), a division of The Toronto-Dominion Bank. TDIP is a new full-service team providing bespoke, high-touch banking and financing solutions in support of technology and innovation companies at all stages. T
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Brooklyn’s Luxury William Vale Hotel Sells for $177 Million After Marketing Campaign by A&G and Eastdil Secured
June 20, 2024In another hospitality-sector bankruptcy sale, global real estate investment bank Eastdil Secured and national advisory firm A&G Real Estate Partners have successfully marketed the luxury William Vale Hotel in Brooklyn’s Williamsburg neighborhood.
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Alvarez & Marsal Appoints Ben Yokell Managing Director In Its Supply Chain Services Practice
June 20, 2024Leading global professional services firm Alvarez & Marsal (A&M) announced the appointment of Ben YoKell as a Supply Chain Services practice Managing Director within its Corporate Performance Improvement (CPI) group. Mr YoKell’s hire demonstrates CPI’s continued commitment to expanding its capabilities footprint and to augmenting its cross-industry supply chain management expertise.
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ZRG Secures $120 Million in Debt Financing from Main Street Capital
June 20, 2024ZRG, a global talent advisory firm, today announced that it has successfully secured $120 million in debt financing from Main Street Capital Corporation and its affiliates. This significant funding will bolster ZRG's growth initiatives and enhance its ability to deliver innovative talent solutions to clients worldwide.
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Aequum Capital Provides $30MM in Credit Facilities to Leading Print, Marketing, and Logistics Service Provider
June 20, 2024Aequum Capital is pleased to announce it recently provided $30MM in aggregate credit facilities to one of the nation's largest printers that also provides marketing and logistics solutions. The credit facilities allow the company additional leverage on their current assets and equipment supporting their working capital needs, and growth and acquisition strategies.
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Armory Securities, LLC Announces the Successful Restructuring of the Assets of Inevitable Tech Inc.
June 20, 2024Inevitable Tech is a business-to-business (B2B) agricultural technology platform that designs and develops cutting-edge growing systems for farmers that enable them to better manage their crops. Inevitable Tech’s technology includes data collection and mapping, as well as AI-driven diagnostics. The platform provides farmers with easy-to-use devices powered by proprietary hardware and software, allowing them to collect data in real-time.
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TravelPerk Acquires AmTrav to Accelerate US Expansion and Announces new $135m Backing from Blackstone and Blue Owl
June 20, 2024TravelPerk, the hyper-growth global business travel management platform, announced today its acquisition of the industry-leading United States company AmTrav, doubling down on its expansion in the US. Additionally, TravelPerk has raised a new credit facility of up to $135 million led by Blackstone Credit & Insurance and Blue Owl Credit, two leading global alternative asset managers.
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Hecate Grid Secures $125 Million Letter of Credit Facility Package with MUFG
June 20, 2024Hecate Grid, a joint venture between an InfraRed Capital Partners managed fund ("InfraRed") and Hecate Energy, today announced the recent close of a 4-year $125 million Letter of Credit ("LC") facility with Mitsubishi UFJ Financial Group ("MUFG").
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Arcadia Finance Announces Launch of New Litigation Funding Firm
June 20, 2024Arcadia Finance, a new litigation funding firm focused on commercial litigation and arbitration, today announced its official launch to offer customized financial solutions and unparalleled support to empower clients and partners in achieving their legal goals. Led by litigation funding veterans David Kerstein, Ronit Cohen, and Joshua Libling, the Arcadia leadership team has decades of funding and litigation experience.
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White Oak Commercial Finance Expands Factoring Facility to $25 Million For Leading Worker Management Software Company
June 20, 2024White Oak Commercial Finance (“WOCF”), an affiliate of White Oak Global Advisors, today announced the upsizing of a $10 million factoring facility to a leading worker management software company by an additional $15 million. The now $25 million factoring facility will serve as working capital to support the company’s growth in the artificial intelligence space.
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Monroe Capital Supports Specialized Packaging Group’s Acquisition of Clark Foam Corporation
June 20, 2024Monroe Capital LLC announced it acted as administrative agent and joint lead arranger on the funding of a senior credit facility to support the acquisition of Clark Foam Corporation (“Clark Foam”) by Specialized Packaging Group (“SPG”), an existing portfolio company of Altamont Capital Partners.
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CIT Northbridge Credit Provides $35 Million to Network Wireless Solutions
June 20, 2024First Citizens Bank today announced that CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, LLC, provided a $35 million revolving line of credit to Network Wireless Solutions, a provider of cable solutions and distributor of hardware infrastructure products.
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Citizens Financial Group Appoints Don McCree as Senior Vice Chair
June 20, 2024Citizens Financial Group, Inc. (NYSE: CFG) today announced that Don McCree, Head of Commercial Banking, has been appointed as Senior Vice Chair of Citizens.
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Nabors Announces Amendment and Restatement of $475 Million Credit Facility
June 20, 2024Nabors Industries Ltd. ("Nabors") (NYSE: NBR) closed, on June 17, 2024, an amendment and restatement of its secured credit facility. The new $475 million facility is comprised of $350 million for revolving credit and $125 million for letters of credit.
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SSG Advises CPL in the Sale to Aterian Investment Partners
June 20, 2024SSG Capital Advisors, LLC (“SSG”) served as the investment banker to Contract Pharmaceuticals Limited Canada and its affiliates (“CPL” or the “Company”) in its restructuring and sale to Aterian Investment Partners via a Reverse Vesting Order (“RVO”). The sale was effectuated through the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) in the Ontario Superior Court of Justice, and an ancillary Chapter 15 proceeding in the U.S. Bankruptcy Court for the District of Delaware.
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Mountain Ridge Capital Provides $20.0 Million Credit Facility to an Apparel Manufacturer
June 20, 2024Mountain Ridge Capital ("MRC") is pleased to announce the closing of a $20.0 million senior secured credit facility to a leading manufacturer and distributor of apparel. The MRC facility refinanced the debt of a regional finance company and will be utilized to assist their management team in achieving its growth and operating objectives.
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BNP Paribas Factoring selects Lendscape to further strengthen its European operations
June 20, 2024Building on a successful and proven partnership, BNP Paribas Factoring is set to consolidate its pan-European and North African factoring operations onto the Lendscape Receivables Finance platform. The move will enable the Bank to optimise customer and employee experiences, support its growth strategy and continue to deliver best-in-class services, providing over €25 billion of funding to its 12,000 SME and corporate clients across Western Europe.
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SFNet Member Spotlight: AR Funding
June 17, 2024Since 1996, AR Funding has set the standard for professionalism, fairness and dependability in accounts receivable funding and invoice factoring. With over 100+ years of combined experience within our Greenville, South Carolina headquarters, our staff works diligently to provide unparalleled service and insight for clients across the U.S.
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Cornerstone Business Credit Funds $400,000 Line of Credit to an Exciting and Rapidly Growing Specialty Cookie Company
June 17, 2024Cornerstone Business Credit [www.CornerstoneBusinessCredit.com] is pleased to announce the recent funding of a $400,000 line of credit to an exciting and rapidly growing specialty cookie company.
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