- Following the US Federal Reserve Meeting, J.S. Held Releases the Lending Climate in America Survey Results
- Jones Day Names 33 new Partners
- Runway Growth Capital Welcomes Ryan McCarthy as Managing Director
- Enova Announces Definitive Agreement to Acquire Grasshopper Bank
- American Signature’s Retail Boxes Create Expansion Opportunity for Growing Retailers
TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
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Holland & Knight Welcomes Leading Finance Attorney Wade Kennedy in Chicago
Wade Kennedy, a highly-regarded lawyer who focuses on asset-based lending and syndicated financings, has joined Holland & Knight as a partner in the firm's Chicago office. He will be co-chair of the firm's Asset-Based Lending Team along with Christopher Dillon in Atlanta. Mr. Kennedy was previously the head of the asset-based lending group at McGuireWoods LLP.
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The Way Forward for Secured Finance Requires Adaptation, Leadership, Data and Due Diligence
The COVID-19 crisis of 2020, like a stress test for businesses and funders, created a landscape of winners and losers. For those passing the test, there are more lending options and potential buyers as M&A activity begins to sprout.
Some had a good “runway” ahead of the regional lockdowns; they were already digital companies or were well capitalized. Others enjoyed being in high-demand sectors such as groceries, technology, home goods, outdoor products, and delivery transportation.
For those companies that were well positioned or adapted quickly, business growth continues, and for those more challenged due to business restrictions, secured finance has been invaluable, along with government rescue loans. This was a repeated theme throughout the annual SFNet Convention held virtually November 17-19. This article covers many of the 34 presentations on the theme: “This Way Forward.”
TSL Express Daily Headlines & News
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South Plains Financial, Inc. Announces the Sale of Windmark Insurance Agency, Inc. to Alliant Insurance Services, Inc.
April 5, 2023South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank, today announced that it has sold City Bank’s wholly-owned subsidiary, Windmark Insurance Agency, Inc. (“Windmark”), to Alliant Insurance Services, Inc. (“Alliant”). The transaction closed on April 1, 2023.
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Sidley’s Dallas Office Welcomes Restructuring Partner Rakhee V. Patel
April 5, 2023Sidley is pleased to announce the addition of partner Rakhee V. Patel to its Restructuring group. She joins Texas-based partners Duston McFaul and Charles Persons in Sidley’s growing global Restructuring practice, on the heels of the recently announced addition of London-based partner Kieran Sharma.
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Monroe Capital Supports Growth of Amelia
April 5, 2023Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the strategic investment and future growth of Amelia, alongside private equity sponsor BuildGroup.
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Revlon Announces Confirmation of Plan of Reorganization
April 5, 2023Revlon, Inc. (“Revlon” or the “Company”) today announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (the “Plan”). The Plan positions Revlon to emerge from bankruptcy in late April – consistent with the timeline announced at the beginning of the restructuring.
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Griffin Global Asset Management Upsizes Warehouse Facility to $2 Billion
April 5, 2023Griffin Global Asset Management (“Griffin”) announced today that on April 4, 2023 Palisade Aviation Holdings Warehouse, Ltd. and Palisade Aviation Holdings Warehouse, LLC (together, the “Borrowers”), have upsized its senior secured warehouse facility to $2 billion. The facility now has 12 lenders including new banking partners Citibank, N.A. and Sumitomo Mitsui Banking Corporation, and an additional commitment from Bank of Montreal.
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B. Riley Earns Top Honors at The M&A Advisor 17th Annual Turnaround Awards
April 5, 2023B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley”), a leading provider of business advisory and financial services, is pleased to share it earned top honors during The M&A Advisor 17th Annual Turnaround Awards Gala held on March 22, 2023 at The Colony Hotel in Palm Beach, Florida.
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Houlihan Lokey Hires Alec Ellison to Lead New FinTech Group
April 5, 2023Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, announced today that it has hired technology investment banking veteran Alec Ellison as Global Head of FinTech, a newly dedicated industry group that builds on the firm’s leading technology and financial services expertise and underscores its view of and commitment to financial technology as a fundamental element of the financial ecosystem.
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Rosenthal Completes Seven Asset Based Lending Transactions Totaling Nearly $70 Million in First Quarter
April 5, 2023Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of seven recent ABL transactions totaling roughly $70 million.
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Gordon Brothers Supports Modus Subsea Services Limited with £5M Term Loan
April 5, 2023Gordon Brothers, the global advisory and investment firm, has supported Modus Subsea Services Limited (Modus) with a £5 million term loan. Modus, a pioneer in the use of Underwater Intervention Drones to automate and decarbonize subsea inspection, maintenance and repair services, has used the loan for refinancing with existing lenders and to assist in developing best-in-class solutions for clients globally.
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Zions Bancorporation Expands the Asset-Based Lending Team
April 4, 2023In conjunction with a growing Asset-Based Lending (“ABL”) portfolio, experienced ABL experts Jim Allin and Travis Stauffer of Dallas, Texas have joined the ABL team as portfolio managers.
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AB "Ignitis Grupė" Secures EUR 100 Million Credit Facility From Citibank
April 4, 2023AB “Ignitis grupė” (hereinafter – the Group) informs that on 4 April 2023 the Management Board of the Group approved the intention to conclude a credit facility agreement of EUR 100 million (hereinafter – the Agreement) with Citibank N.A. London Branch (hereinafter – Citibank).
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Flatbay Capital Funds $4.3MM to Oil and Gas Valve Manufacturer
April 4, 2023Flatbay Capital announces the funding of a $4,300,000 commercial real estate loan for a research and development, engineering, and testing company that supports the energy industry. In business for 20 years, our client was faced with its most challenging year yet. The company spent years developing a new product line and the release happened right before COVID.
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Kapitus Increases Debt Facilities to $540 Million
April 4, 2023Kapitus, a leading provider of financing for small and medium sized businesses, today announced the closings of a $100 million asset-backed securitization (ABS) and a $30 million investment-grade corporate note financing. These closings bring Kapitus’ total debt facilities to $540 million.
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Truist Completes Previously Announced Sale of Minority Stake in Truist Insurance Holdings to Stone Point Capital
April 4, 2023Truist (NYSE: TFC) announced today that it has completed the previously announced sale of a 20% stake in Truist Insurance Holdings, LLC, a subsidiary of Truist and the sixth-largest insurance brokerage in the United States, to funds managed by Stone Point Capital, a leading private equity firm focused on the global financial services industry, for $1.95 billion, representing an aggregate value of $14.75 billion.
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Bankruptcy Filings Increase Across All Chapters in March; Commercial Filings Up 79 Percent Year-over-year
April 4, 2023New bankruptcy filings in March 2023 registered year-over-year increases across all U.S. major filing categories for the third month in a row, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data.
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J D Factors Provided $13,025,000 in New Factoring Facilities to 44 new Clients
April 4, 2023J D Factors provided $13,025,000 in new factoring facilities to 44 new clients in the US and Canada during the month of March. Some of these facilities include: a $1,500,000 factoring facility for a transportation company in Illinois; $300,000 factoring facility for a transportation company in Ontario; $250,000 factoring facility for a packaging company in Florida.
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Earthstone Energy, Inc. Announces Increased Elected Commitments Under Its Credit Facility
April 3, 2023Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”) announced today that it has entered into an amendment to the Company’s senior secured revolving credit facility (the “Credit Facility”), increasing the elected commitments from $1.2 billion to $1.4 billion.
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Republic Business Credit Provides $5 Million Ledgered Line of Credit for Oil Field Service Distributor
April 3, 2023When the COVID-19 pandemic slowed sales and disrupted supply chains for a Midwest supplier of pipes, valves and oil transmission products and services, the company and its private equity partner needed a flexible solution. Republic Business Credit provided a $5 million factoring facility with options to offer the best fit. The private equity fund and the supplier chose Republic’s ledgered line of credit that features the pricing structure of an ABL facility.
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Assembled Brands Closes $18 Million in Deals in Q1 2023
April 3, 2023Through flexible lines of credit, the lender is supporting emerging consumer goods brands from various industries by addressing working capital needs. The funds support growth opportunities, improve inventory positions and relieve some of the capital constraints many businesses face in a tumultuous market this year.
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Flowers Joins CohnReznick as ERP Principal
April 3, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Shawn Flowers has joined the firm as a Principal in its Technology+ practice. Flowers has extensive experience developing, deploying, and managing all facets of enterprise resource planning (ERP) systems across multiple industries including manufacturing, wholesale distribution, pharmaceuticals, software, and financial services.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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