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Santander Commercial Banking Appoints Two New Leaders
Santander Bank, N.A. today announced the appointments of Donna Cleary to Market Manager and Jim Bravyak to Head of Underwriting & Portfolio Management. In her new role, Cleary will lead an additional team of bankers to focus on the vast opportunity with middle market companies in the New York City and Long Island markets. Bravyak will assume Cleary’s previous role, leading Underwriting and Portfolio Management.
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Collateralization and Covenant Management in Unprecedented Times
The COVID-19 pandemic continues to wreak havoc across the country. Millions of small businesses are struggling, with many having closed and others on the verge of shuttering.
A recent Harvard Business School survey of 5,800 businesses reveals the median business with $10,000 or more in monthly expenses usually lacks sufficient ready cash to cover two weeks of spending.
Not surprisingly, small business defaults are up considerably. From roughly two percent of small business debt last year, they now consist of 2.7 percent of small business debt. The future does not look bright. By 2021, default rates may rise to as high as five to six percent, according to models.
TSL Express Daily Headlines & News
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Contango ORE Closes Its Secured Credit Facility With ING and Macquarie to Fund the Construction of the Manh Choh Gold Project
May 22, 2023Contango ORE, Inc. (“CORE,” “Contango” or the “Company”) (NYSE American: CTGO) is pleased to announce that it and its subsidiaries have entered into a Credit and Guaranty Agreement with ING Capital LLC (“ING”) and Macquarie Bank Limited (“Macquarie”) for a senior secured loan facility of up to US$70 million, of which $65 million is committed and subject to certain conditions, to fund its portion of the pre-production construction and working capital/operating expenditures for the Manh Choh gold project in Alaska (“Manh Choh”), which is owned and operated by the Company’s 30% owned Peak Gold, LLC (“PGJV”). PGJV has received the federal permits needed for road construction and early work construction, which has been underway since August 2022 and continued throughout the winter months. PGJV also received the State of Alaska approval for the Mine Operating and Closure Plan on May 15, 2023 and mine site construction work will be underway shortly. First gold production from the project is expected in the second half of 2024.
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Franklin Capital is pleased to announce the completion of a $1,000,000 factoring facility for a UK headquartered construction consultant
May 22, 2023A UK-based construction consultant was working with Branta, a corporate finance advisory practice, to grow their US operations. They lacked the working capital to operate independently of their UK headquarters. It had been difficult for them to secure the financing they needed because their main business was in the UK.
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Moritt Hock & Hamroff Bolsters M&A and Tax Practice
May 22, 2023Moritt Hock & Hamroff announced today the addition of three attorneys to its New York City and Garden City offices, illustrating the firm’s continued expansion and growth. The move bolsters its M&A and Tax practice areas with Michael B. Kaufman joining as a Partner and serving as Chair of the firm’s Tax Practice Group, Brian C. Daughney joining as a Partner in its Corporate, M&A and Securities Practice Group, and Murray D. Schwartz joining as Senior Counsel. All three were formerly partners with Warshaw Burstein, LLP.
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Airspan Networks Holdings Announces New Financing and Leadership Changes
May 22, 2023Today, Airspan Networks Holdings Inc. (NYSE:MIMO) (“Airspan”), a provider of ground-breaking, disruptive software and hardware for 5G networks and a pioneer in end-to-end Open RAN solutions, announced that it has entered into a new financing agreement with affiliates of Fortress Investment Group.
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IBusiness Funding Acquires Select Non-SBA Assets and Talent From Fountainhead SBF LLC
May 22, 2023iBusiness Funding, LLC, a leading provider of innovative lending solutions like LenderAI and Lending as a Service (LaaS), today announced the acquisition of select non-SBA assets and talent from Fountainhead SBF LLC.
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SSG Advises The Protective Group, Inc. in the Sale of Substantially All of its Assets to Point Blank Enterprises, Inc.
May 22, 2023SSG Capital Advisors, LLC (“SSG”) acted as the investment banker to The Protective Group, Inc. (“TPG” or the “Company”), a portfolio company of Argentina based Exxel Group (“Exxel”) in the sale of substantially all of its assets to Point Blank Enterprises, Inc., (“Point Blank”), a portfolio company of JLL Partners (“JLL”). The transaction closed in October 2015.
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Sound Point Names Gunther Stein Chief Investment Officer for U.S. Performing Credit and CLOs
May 22, 2023Sound Point Capital Management, LP, a credit-oriented investment manager overseeing approximately $32 billion in total assets, is pleased to announce it has hired Gunther Stein to become Head and Chief Investment Officer (CIO) of its U.S. Performing Credit and CLO platform.
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Citizens Advises Palmdale Oil on its Partnership with First Reserve
May 22, 2023Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Palmdale Oil Company, Inc. on its strategic growth investment from First Reserve, a leading global private equity investment firm exclusively focused on investing across diversified energy, infrastructure and general industrial end-markets.
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Morrison & Morrison Combines with EisnerAmper
May 22, 2023Global business advisory firm EisnerAmper announced that the partners and colleagues of Chicago-based accounting and advisory firm Morrison & Morrison are joining EisnerAmper in a transaction expected to close in the summer of 2023.
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Planet Financial Group, LLC Subsidiaries Gain Market Share in 2022
May 22, 2023Planet Financial Group, LLC, parent of national mortgage lender and servicer Planet Home Lending, LLC and asset manager Planet Management Group, LLC (PMG), continued to gain market share in 2022. During 2022, Planet Home Lending's servicing portfolio grew 47% to $73.6 billion, including $17.5 billion in sub-serviced assets managed by Planet Management Group. Correspondent volume rose to $24.1 billion, up 5.4%.
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Comerica Bank Names Jenae Anderson Colorado Market President, Adds Middle Market Banking Team
May 22, 2023Comerica Bank announced Jenae Anderson has been named its first Colorado Market President. She previously served as Comerica's Head of Commercial Banking in this footprint, responsible for overseeing commercial lending and community engagement, which she will continue to do in her new role.
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Alvarez & Marsal Adds a Total of Eight Managing Directors and Senior Directors to its Talent, Organization & People Management Group
May 22, 2023Leading global professional services firm Alvarez & Marsal (A&M) announces the appointment of three Managing Directors and five Senior Directors in the Talent Organization & People Management (TOP) group within its Corporate Performance Improvement (CPI) practice.
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Encore Capital (ECPG) Ups Credit Facility to Boost Flexibility
May 18, 2023Encore Capital Group, Inc. ECPG recently scaled up the size of its global senior secure revolving credit facility from $1.14 billion to $1.18 billion. Simultaneously, the maturity date of the facility was extended by a year from September 2026.
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Telsey Advisory Group Expands Debt Capital Markets Group with Two Key Hires
May 18, 2023Telsey Advisory Group, (TAG), a women-owned, full-service broker-dealer, certified Women’s Business Enterprise (WBE), is pleased to announce the addition of two talented professionals to its esteemed Debt Capital Markets group. The new hires will bolster the firm's capabilities in providing comprehensive debt financing solutions to its diverse clientele.
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Enghouse Systems Enters Into Asset Purchase Agreement With Lifesize Inc.
May 18, 2023Lifesize Inc. (“Lifesize” or “the Company”), a leading, global provider of video conferencing and omnichannel contact center solutions, today announced it has entered into an Asset Purchase Agreement (“APA” or “Agreement”), with Enghouse Systems Ltd., a leading vertical enterprise software solutions company.
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US Capital Global Launches Global M&A Division for the Emerging Growth and Middle Market Arena
May 18, 2023US Capital Global is pleased to announce the launch of its newly formed Mergers and Acquisitions (M&A) division, headed by investment banking veterans Jeffrey Sweeney (Chairman and CEO), Charles Towle (COO and Managing Partner), Mitchell R. Cohen (Senior Vice President and Partner), Frank Villarreal (Senior Vice President), and David Reinikanien (Vice President).
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Marathon Asset Management Announces New Partner
May 18, 2023Marathon Asset Management (“Marathon”), a leading global credit investment manager, announced today that Ed Cong, who joined Marathon 17 years ago, has become the firm’s newest Partner. Mr. Cong will continue to serve as Senior Portfolio Manager for the firm’s Structured Credit and Asset Based Lending businesses and is a member of Marathon’s Executive Committee and Investment Committee.
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Essex Capital Arranges $14 Million Debt Refinancing for Eclipse Gaming Systems
May 18, 2023Essex Capital Group, Inc. (“Essex”) announced that the firm recently closed a new $14 million debt facility for Eclipse Gaming Systems, LLC (“Eclipse” or the ”Company”). Deal proceeds were used by Eclipse to refinance existing debt and fund the continued growth of the Company.
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Niche Internet Brands Can Thrive by Merging with Larger Retailers
May 18, 2023Tiger Group’s turnaround and sale of California-based wardrobe essentials brand Richer Poorer to francesca’s® Acquisition LLC shows that merging with a larger platform is a viable path forward for other e-tailers, advised Ryan Davis, Tiger Group Executive Managing Director.
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Ryman Hospitality Properties, Inc. Successfully Completes Refinancing of $700 Million Credit Facility and $500 Million Term Loan B
May 18, 2023Led by Wells Fargo, the Company refinanced its existing $700 Million Revolving Credit Facility (“Revolver”), extending its maturity from 2024 to 2027, with the option to extend the maturity date for a maximum of one additional year through either (i) a single 12-month extension option or (ii) two individual 6 month extensions.
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