- Commercial Finance Partners Closes Five Factoring Facilities in Five Days
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- Eclipse Business Capital Provides $44 Million Senior Secured Credit Facility to Oil & Gas Industry
- CoreWeave Closes $3.1 Billion Loan Facility, Expanding Access to Public Markets for GPU-Backed Financing
- Ares Capital Corporation and Ares Strategic Income Fund Announce Increases in Size, Enhanced Terms and Extended Maturities for Bank-Led Revolving Credit Facilities
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Great Rock Capital Agents $90 Million Term Loan with Astronics Corporation
Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the January 19, 2023, closing of a $90 million senior secured term loan facility with Astronics Corporation (“Astronics”), an aerospace electronics corporation that provides advanced technologies to the world’s aerospace, defense, and other mission critical industries. Astronics (Nasdaq: ATRO) is a publicly traded company on the Nasdaq stock exchange.
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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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Mammoth Energy Announces Revolving Credit Facility Refinancing
October 19, 2023The new five-year revolving credit facility with Fifth Third Bank, National Association ("Fifth Third"), provides for revolving commitments of up to $75 million, subject to a borrowing base calculation prepared monthly. The new five-year term loan agreement with Wexford Capital LP ("Wexford"), an affiliate of Mammoth, provides for term commitments of $45 million.
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AVITA Medical, Inc. Enters into a Credit Agreement for a Credit Facility Up to $90 Million
October 19, 2023AVITA Medical, Inc. entered into a Credit Agreement, by and between the Company, as borrower, and an affiliate of OrbiMed as the lender and administrative agent . The Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $90 million, of which (i) $40 million was made available on the Closing Date,
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Pantheon International plc Announces Refinancing of Credit Facility with Additional Flexibility
October 19, 2023Pantheon International PLC announced that it has agreed a new £500 million equivalent multi-tranche, multi-currency revolving credit facility agreement (the "Loan Facility"), which replaces the existing £500 million equivalent credit facility and Credit Suisse AG London Branch as a Lender.
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Haversine Funding Announces OnDeck with Haversine, a Limited Series Podcast Dedicated to the Specialty Finance Industry
October 19, 2023Haversine Funding, a premier lender finance platform in the specialty finance space, proudly announces its newest endeavor - the limited series podcast, OnDeck with Haversine. Available on Spotify, YouTube, Apple, Google Podcasts, and LinkedIn, audiences can anticipate monthly episodes into early 2024.
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Clifford Chance Continues US Energy & Infrastructure Growth With Hire of Partner Cephas Sekhar and Counsel Kyle Kreshover in Houston
October 19, 2023Global law firm Clifford Chance has hired corporate M&A partner Cephas Sekhar in its Houston office. Sekhar's appointment sees the Houston team grow to 11 partners following its opening in June, which marked the expansion of the firm's global Energy & Infrastructure team in the US.
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BMO Blue Book: U.S. Economy is Resilient but Predicted to Slow in Early 2024
October 19, 2023New flagship research report, BMO Blue Book, features regional economic analysis from BMO experts and an outlook for the U.S. economy.
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First Citizens Announces Leadership Changes in Community Association Banking Business
October 19, 2023First Citizens today announced leadership changes in its Community Association Banking business - including naming Nick Mirabal as its new head of Association Banking and expanding the roles of several leaders - to drive continued collaboration and synergy.
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nFusion Capital Welcomes Brice Reid to the Team
October 19, 2023nFusion Capital (the “Company”), a leading commercial finance company to entrepreneurs, announced that William Brice Reid has joined their team as Senior Vice President. Brice will be responsible for receivables purchasing, asset-based lending and loan originations and developing client and referral relationships across the United States. He will be based in nFusion Capital’s Dallas office.
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A&G Announces Plan to Sell Certain Company-Owned Store Leases and Properties in Connection with Rite Aid’s Financial Restructuring
October 19, 2023A&G Real Estate Partners, in its capacity as real estate advisor to Rite Aid Corporation (the “Company”), today announced plans to market for sale 78 Rite Aid and Bartell Drugs neighborhood pharmacy leases, as well as 21 fee-owned properties, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.
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Gridiron Capital Closes Fifth Fund Above Target at $2.1 Billion
October 18, 2023Gridiron Capital, LLC (“Gridiron Capital” or the “firm”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is pleased to announce the closing of Gridiron Capital Fund V and its affiliated funds (“Gridiron V”) at $2.1 billion, which exceeded its target of $1.8 billion and represents an increase in fund size of 56% over the prior fund, Gridiron IV.
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Siena Lending Group LLC Announces the Closing of a CDN$30 Million Credit Facility for Capital Health Partners
October 18, 2023Siena Lending Group LLC ("Siena") is pleased to announce the closing of a CDN$30 million credit facility to support the acquisition of Ottawa, Canada based companies Ontario Medical Supply (“OMS”) and Royal Drugs, by Capital Health Partners (“CHP”). CHP will carry on and expand OMS’ medical service offering that targets the homecare patient population.
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Michael Burden & Al Williams Join Gordon Brothers as Co-Heads of North America Real Estate Services
October 18, 2023Michael Burden and Al Williams have joined Gordon Brothers, the global asset experts, as Co-Heads of North America Real Estate Services. Burden and Williams will lead the growth and expansion of Gordon Brothers’ real estate services platform providing full life cycle portfolio optimization services to retail, office, commercial and industrial clients. They will focus on helping companies develop and implement operational efficiency plans within their real estate portfolios.
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InterNex Capital Announces $1.5 Million Facility to HVAC Company
October 18, 2023InterNex Capital provided a $1.5 million revolving line of credit to a company that specializing in selling and installing HVAC systems for residential communities. They also offer repair services. The company was referred by an existing InterNex construction services client.
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Citizens Announces Appointment of Business Banking, Consumer Strategy Leaders
October 18, 2023Citizens today announced the appointment of Mark Valentino as Head of Business Banking and Witt Nicholson as Head of Consumer Strategy. Valentino, who will be based in Massachusetts, is rejoining Citizens from LA Downtown Medical Center, a three-campus community hospital and affiliated long-term care business, where he served as CEO and CFO. Prior to his role there he was the Head of Healthcare and Not-for-Profit Banking at Citizens and, previously, the National Sales Manager for Corporate Banking.
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4Front Ventures Secures US$10 Million Credit Facility
October 18, 20234Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) ("4Front" or the "Company"), a vertically integrated, multi-state cannabis operator and retailer, today announced that it has entered into a $10 million senior secured credit facility agreement (the "Credit Facility") with ALT Debt II, LP (the "Lender"), an affiliate of Altmore Capital.
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Crayhill Capital Management Provides Capital Facility to E2M Ventures
October 18, 2023Crayhill Capital Management LP (Crayhill), a New York-based, minority-owned private credit manager focused on asset-based investments, announced the closing of a $50mm capital facility with E2M Ventures ("E2MV"), a real estate investment firm focused on middle market debt and equity.
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Pemberton Announces First Close of Inaugural ERISA-Compliant Fund
October 18, 2023Pemberton, a leading alternative credit specialist, announces a $275mm first-close of its inaugural, fully-ERISA compliant, evergreen, multi-asset solution Fund, anchored by five new Limited Partners to the firm.
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Cambridge Savings Bank Forms Relationship with Bigbelly Solar, Extends Credit Facility to Facilitate Growth
October 18, 2023Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that its Asset-Based Lending (ABL) team has provided a credit facility to Bigbelly Solar, LLC (Bigbelly), the global leader in waste solutions for public spaces.
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CIBC Innovation Banking Provides Growth Capital Financing to DealMaker
October 18, 2023CIBC Innovation Banking is pleased to announce an upsized growth capital financing for DealMaker, a leading capital-raising technology platform. This funding will further fuel the company’s accelerated expansion across North America.
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Mountain Ridge Capital Launches Factoring Platform
October 17, 2023Alpine Ridge Funding ("Alpine Ridge"), a factoring commercial finance company, announced its official launch. Strategically backed with equity from Mountain Ridge Capital, Alpine Ridge is focused on originating, underwriting, and managing factoring facilities from $50,000 to $30 million.
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