- SLR Healthcare ABL Provides Financing to a Sleep Medicine Provider
- NORD/LB, Siemens Financial Services, and GridStor Announce Close of $120 Million Financing Agreement
- Asset-Based Lending & Factoring Surveys
- Baker Garrington and Liquid Capital Announce Recent Financings
- GA Group Appoints Curt Germany, Jr., CVA, to Lead and Expand its Financial Advisory Services Practice
TSL Express Daily Articles & News
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Cambridge Savings Bank Provides Strategic Capital to Help Allen & Gerritsen Reimagine its Future
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it is supporting Allen & Gerritsen (A&G) in its effort to reimagine its work environment with a $1 million equipment line of credit. Creative and entrepreneurial in nature, Allen & Gerritsen is an independent agency specializing in creative communications, customer experience (CX), public relations and media and analytics. The firm currently has locations in Boston and Philadelphia.
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Meredith Coffey of LSTA provides readers with an update on the LIBOR transition.
- When is LIBOR ending?
The UK’s Financial Conduct Authority (“FCA”) – the regulator of the ICE Benchmark Administration, the administrator of LIBOR – has said that all sterling, Swiss franc, euro and Japanese yen LIBOR settings will cease or no longer be representative after year-end 2021. The FCA also said that the settings for one-week and two-month USD LIBOR will also cease or will be non-representative after year-end 2021. The remaining USD LIBOR tenors will cease or be non-representative after June 30, 2023. Importantly, while USD LIBOR will continue to exist after the end of 2021, this is only for pre-existing “legacy” contracts. The U.S. banking regulators have said that banks should not originate new LIBOR contracts after the end of 2021.
TSL Express Daily Headlines & News
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Hilltop Holdings Inc. Announces Pending Retirement of PlainsCapital Bank President and CEO Jerry Schaffner in May 2024
November 21, 2023Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced that Jerry Schaffner, President and CEO of Hilltop’s banking subsidiary, PlainsCapital Bank (the “Bank”), is retiring on May 1, 2024. At that time, Hilltop President and CEO Jeremy B. Ford will become CEO of PlainsCapital Bank.
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Greenbrier Completes Second Successful Railcar Asset-backed Securities Issuance
November 21, 2023The Greenbrier Companies, Inc. (NYSE: GBX) ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, today announced the completion of a follow-on offering of railcar asset-backed securities ("ABS") securing long-term financing for our leasing business.
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Summit Ridge Energy Closes $275M Financing Facilities with MUFG
November 21, 2023Summit Ridge Energy, the nation's largest commercial solar company, has announced a $275 million expansion of its existing partnership with MUFG, a leading global financial group. The capital will be used for both construction and term debt financing, enabling Summit Ridge Energy to further expand its operations and execute on a growing community solar pipeline in Virginia and Illinois.
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PGIM Hires Sancia Dalley to Lead DEI Investment Strategies
November 21, 2023PGIM, the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has hired Sancia Dalley as a managing director in the PGIM Office of Diversity, Equity & Inclusion (DEI). In this role, Dalley will oversee the DEI Investment Portfolio and HBCU Investment Strategy.
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Hilco Redevelopment Partners Shares Thanksgiving Turkeys with Communities Across the Country
November 21, 2023In celebration of the Thanksgiving season, Hilco Redevelopment Partners (HRP) has completed its annual Turkey Drive initiative which aims to spread holiday spirit and gratitude in the communities surrounding HRP redevelopment projects. HRP redevelops complex industrial properties in major U.S. cities through a holistic approach that prioritizes environmental, economic, and community sustainability.
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American Airlines Announces Proposed Offering of Senior Secured Notes and new Term Loan
November 20, 2023American Airlines, Inc. (the “Company”), a subsidiary of American Airlines Group Inc. (the “Parent”)(NASDAQ: AAL), today announced a proposed private offering of $750 million aggregate principal amount of senior secured notes due 2029 (the “Notes”). The Company also announced it intends to borrow up to $750 million in aggregate principal amount of term loans (the “Term Loan”) under a new senior secured credit facility.
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KORE Announces Completion of Comprehensive Debt Refinancing and Strategic Investment
November 20, 2023KORE Group Holdings, Inc., the global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions and Analytics, today announced that it has completed its previously announced transactions to refinance its approximately $300 million term loan with the issuance of a new $185 million five-year term loan from Whitehorse Capital and a $150 million strategic investment from funds advised by Searchlight Capital Partners, L.P.
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Mammoth Holdings Refinances to Scale Platform and Drive Growth
November 20, 2023Mammoth Holdings LLC, America's premier express car wash platform, announced the refinancing of its operations through Oak Hill Advisors ("OHA") totaling more than $500 million in size. The funding will support Mammoth's long term growth strategy of acquiring existing car wash brands and opening greenfield locations.
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Marathon Asset Management Appoints Alex Howell to Lead Marathon’s European Alternative Credit Business
November 20, 2023Marathon Asset Management, L.P. (“Marathon”), a leading global credit investment manager, today announced that Alex Howell has joined the firm as a Senior Managing Director and Head of European Alternative Credit, responsible for leading public investments, corporate capital solutions, special situations and direct lending in Europe.
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A&M Strengthens UK Debt Advisory Team with Further Senior Hires in Manchester
November 20, 2023Leading global professional services firm, Alvarez & Marsal (A&M), today announces a major expansion of its Debt Advisory team in the UK. The firm announces further senior hires, including Jane Hartley, Senior Director, and a Director with an asset based finance background who is set to join in early 2024.
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SFNet New Member Spotlight: FlexCharge
November 20, 2023FlexCharge is highly unique AI-powered platform that partners with merchants and payment providers to instantly review and recover failed customer transactions at no risk to the merchant and at no cost to the customer. The platform can cure 30-40% of declines driving up merchant sales by 5-15%.
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Blue Bird Announces Refinancing of Term Loan and Revolving Credit Facility
November 20, 2023Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, today announced that on November 17, 2023 the Company completed the refinancing of its credit facilities and entered into a new five-year credit agreement with a syndicate of financial institutions as lenders, led by BMO Capital Markets with Joint Lead Arranger partners, including Bank of America.
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SSG Advises Soft Surroundings in the Sale of Substantially all of its Assets to Coldwater Creek and Gordon Brothers
November 20, 2023SSG Capital Advisors, LLC (“SSG”) served as the investment banker to Soft Surroundings Holdings, LLC (“Soft Surroundings” or the “Company”), in the sale of substantially all of its assets to an affiliate of Coldwater Creek and an affiliate of Gordon Brothers Group (“Gordon Brothers”).
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Summit Midstream Partners, LP Announces Opportunistic Refinancing of its 2025 Unsecured Notes and Amendment to ABL Facility
November 20, 2023RBC Capital Markets, LLC acted as the lead financial advisor, and Baker Botts L.L.P. acted as counsel, to Summit in connection with the Transactions.
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First Citizens Bank Provides Credit Facility to a Behavioral Healthcare Services Company
November 20, 2023First Citizens Bank today announced that its Asset-Based Lending business provided a credit facility to The Stepping Stones Group to accommodate the business’ seasonal working capital needs during the school year. The Stepping Stones Group, a portfolio company of Leonard Green and Partners, is a provider of therapeutic, behavioral and autism services to children with developmental delays in school, home and center-based settings.
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The Consulting Report Names Clark Pakstys a Top 25 Private Equity Consultant and Leader of 2023
November 20, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Kim Clark Pakstys, Managing Director, CFO Advisory, has been named one of The Consulting Report’s Top 25 Private Equity Consultants and Leaders of 2023.
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Hogan Lovells Welcomes More than 30 Partners and Senior Counsel From Stroock
November 20, 2023Global law firm Hogan Lovells welcomed 28 partners and four senior counsel from Stroock & Stroock & Lavan, who have joined the firm in New York, Washington, D.C., Miami, and Los Angeles.
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First Financial Northwest Bank Promotes Dalen D. Harrison to Executive Vice President
November 20, 2023First Financial Northwest, Inc. (the “Company”)(NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”) today announced that Dalen D. Harrison was promoted to Executive Vice President and Chief Banking Officer of the Bank effective November 10, 2023. The promotion is in recognition of the breadth and depth of Ms. Harrison’s role in the success of the Bank.
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Simpson Thacher Announces 32 New Partners
November 20, 2023Simpson Thacher & Bartlett LLP announced yesterday that it has elevated the following attorneys to Partner, effective January 1, 2024.
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Phoenix IB, a part of J.S. Held, Assists Congoleum in Completing a $10.0 Million Refinancing
November 20, 2023Phoenix IB®, a part of J.S. Held, a leading middle market special situations investment bank and independent licensed broker-dealer under federal and state securities law (CRD#: 132710/SEC#: 8-66628), acted as the financial advisor and investment banker to Congoleum Acquisition, LLC (“Congoleum”) in arranging, structuring, and negotiating a $10.0 million loan package with Pathward, National Association.
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