TSL Express Daily Articles & News
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Churchill Raises Over $12 Billion for its Senior Lending Program
Churchill Asset Management LLC (“Churchill” or the “Firm”), an investment-specialist of Nuveen, announced today that it has raised over $12 billion in third-party committed capital for the Firm’s most recent senior lending program.
This milestone includes the closings of the Firm’s flagship levered and unlevered senior loan funds, publicly-registered vehicles and separately managed accounts (collectively, the “Funds”). The Funds attracted equity commitments from a diverse group of approximately 150 institutional and high net worth investors globally, including leading public and private pension plans, insurance companies, endowments, foundations and family offices based in North America, Europe, the Middle East and Asia.
This milestone includes the closings of the Firm’s flagship levered and unlevered senior loan funds, publicly-registered vehicles and separately managed accounts (collectively, the “Funds”). The Funds attracted equity commitments from a diverse group of approximately 150 institutional and high net worth investors globally, including leading public and private pension plans, insurance companies, endowments, foundations and family offices based in North America, Europe, the Middle East and Asia.
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The Courts’ View of UCC Article 9 Sales In The COVID-19 Environment Is Clearly Changing
In the beginning of the pandemic, we reported that courts viewed Article 9 sales with a more critical eye. For example, we previously reported that Justice Masley of the New York Supreme Court, New York County Commercial Division, issued a decision on June 23, 2020 in D2 Mark LLC v. OREI VI Investments, LLC, holding that a UCC Article 9 sale on thirty-six (36) days’ notice, which required the winning bidder to make a non-refundable deposit of 10% of the purchase price, pay the remaining balance within 24 hours, and precluded the borrower from submitting a bid, was commercially unreasonable because of the dire implications of COVID-19. Article: Lender Stayed From Proceeding With UCC Article 9 Sale
TSL Express Daily Headlines & News
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Pacific West Bank Announces Addition of Team and Market Expansion into Vancouver
March 23, 2023Pacific West Bank (PWBK) a leading financial institution today announced the addition of a new team that will lead the expansion into the Vancouver Market. According to Ed Kawasaki, Pacific West Bank's Chairman, "This expansion represents a significant milestone in our growth strategy. We are thrilled to bring our high-quality banking services to the businesses of Southwest Washington."
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Blank Rome Welcomes New Finance Associate in Chicago
March 23, 2023Blank Rome LLP is pleased to announce that Sheherbano “Sherry” R. Mirza has joined the firm’s Chicago office in the Finance, Restructuring & Bankruptcy practice group. Sherry concentrates her practice on representing financial institutions, lenders, and funds on a wide range of financing and restructuring matters.
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Monroe Capital Selected as 2022 Best Performance in Private Debt - Mid-Cap by Korean Economic Daily
March 23, 2023Best Asset Managers by Korean Investors Awards Program was created in 2020 by The Korea Economic Daily Global Edition, one of the subsidiaries of The Korea Economic Daily. This award recognizes and rewards the highest performing asset managers based on a comprehensive survey of asset owners in Korea, including pensions, sovereign wealth funds, mutual aids, insurance companies, and major banks.
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Citizens Advises General Die Casters on its Combination with Dart Casting
March 23, 2023Citizens M&A Advisory announced today that it served as the exclusive financial advisor to General Die Casters, Inc. on its combination with Dart Casting, Inc. Headquartered in Twinsburg, OH, General Die Casters is a leading, value-added provider of complex, close tolerance, high-pressure aluminum die cast solutions for the transportation, lawn and garden, automotive and industrial markets.
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Greystone Commercial Capital Adds Senior Executives to Growing Team
March 23, 2023Greystone announced that it has hired Mike Casavant as a Managing Director, Ryan Carlin as a Director, and JP Chisholm as a Director to its rapidly growing New York-based Greystone Commercial Capital (GCC) team. GCC originates institutional structured commercial mortgage loans and subordinate debt for all property types.
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O2 Sponsor Finance Provides over $44 Million in Senior Secured Credit Facilities to Support Soundcore Capital Partners’ Acquisitions of ACI Asphalt & Concrete, LLC & ACS Asphalt Concrete Solutions
March 23, 2023O2 Sponsor Finance, a division of Old Second National Bank, today announced that it served as senior secured credit facilities administrative agent and lead arranger for over $44 million in senior secured credit facilities to support Soundcore Capital Partners' acquisitions of ACI Asphalt & Concrete, LLC ("ACI") and ACS Asphalt Concrete Solutions ("ACS").
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Bud Fintech Announces Expansion into the US with Key Hires and Funding from HSBC, Goldman Sachs, TransUnion
March 23, 2023Today, Bud Financial Limited (Bud), a leader in Open Banking and transactional data intelligence, announced its expansion into the United States. Bud entry into the US market coincides with high demand for innovative products to shake up the $20 trillion banking industry. Backed by HSBC, Goldman Sachs, and TransUnion, Bud has already hired its go-to-market team to meet ample market demand.
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Access Capital Provides $2,500,000 Credit Facility to Healthcare IT Solutions Provider
March 22, 2023A provider of Healthcare IT solutions with extensive experience established a goal to grow and become a national provider to leading hospitals and healthcare systems nationwide. The company experienced a significant uptick in sales soon after its formation and expects revenue growth to further accelerate as they execute their growth plan. The team at Access Capital was able to design a credit facility for the new borrower that specifically addresses the expected increase in sales.
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Axiom Commercial Finance Expands Factoring Team in Dallas
March 22, 2023Axiom Commercial Finance, headquartered in Dallas, Texas, has expanded its staff with the hiring of Sanou Cisse as Senior Account Executive in its Factoring team. Sanou’s responsibilities in this position will include managing client relationships and supervising the loan process.
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LifeMD, Inc. Announces Closing of New $40 Million Credit Facility
March 22, 2023LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, today announced that the Company closed on a new senior secured credit facility with Avenue Capital. The credit agreement, which matures on October 1, 2026, provides up to $40 million in total term loan capital including a first tranche of $15 million funded at closing, a second tranche of $5 million of committed capital and an additional accordion option to upsize the credit facility by an additional $20 million.
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Obsidian Energy Announces Syndicated Credit Facility Increase to $200 Million
March 22, 2023OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce an increase to our syndicated credit facility to $200.0 million from $175.0 million, with an extension of the revolving period to May 31, 2024, and the term-out date to May 31, 2025. The increase was part of our semi-annual borrowing base redetermination, which was completed earlier than normal (typically occurs in May and November of each year).
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Hercules Capital Increases Its Committed Letter of Credit Facility with SMBC
March 22, 2023Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”) the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced it has increased its committed letter of credit facility with Sumitomo Mitsui Banking Corporation (“SMBC”) by $75.0 million for a total of $175.0 million in credit capacity subject to borrowing base, leverage and other restrictions.
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Brightwood Capital Advisors Leads $300 Million Senior Secured Credit Facility to Support Giving Home Health Care’s Strategic Growth Initiatives
March 22, 2023Brightwood Capital Advisors (“Brightwood”), a middle market private credit firm, announced it has led a $300 million senior secured credit facility financing to Giving Home Health Care (“GHHC”). The financing was used to support GHHC’s recent partnership with FS Investments and to fund its strategic growth initiatives.
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Sotera Health Amends and Upsizes Revolving Credit Facility
March 22, 2023Sotera Health Company (“Sotera Health” or the “Company”) (Nasdaq: SHC), a leading global provider of mission-critical end-to-end sterilization solutions and lab testing and advisory services for the healthcare industry, today announced that it has successfully closed on an amendment (the “Amendment”) to its First Lien Credit Agreement (the “Credit Agreement”). The Amendment adds revolving loan commitments of $76.3 million, increasing the total aggregate principal amount of available commitments under the Company’s revolving credit facility (“Revolving Credit Facility”) from $347.5 million to $423.8 million.
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Ares Management and Mubadala Announce the Creation of a Joint Venture to Invest in Global Credit Secondaries Opportunities
March 22, 2023Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, and Mubadala Investment Company (“Mubadala”), a global sovereign investor, today announced the formation of a joint venture to invest in global credit secondaries opportunities.
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Commercial Finance Partners Qualifies and Finances Over $150,000,000 in Employee Retention Credits
March 22, 2023Commercial Finance Partners is pleased to announce that is has qualified and financed over $150,000,000 in Employee Retention Credits. The company has expanded the financing programs to include larger credits in excess of $10,000,000, while maintaining the same focus of helping small business owners, private equity firms, lenders, and other parties that might benefit from pulling forward the credits due to the various companies.
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Diebold Nixdorf Confirms Closing on $55 Million of Additional Liquidity
March 21, 2023Diebold Nixdorf (NYSE: DBD) today announced an amendment to its asset-based credit facility (ABL) to add a new $55 million first-in-last-out term loan (FILO) tranche. Additionally, Diebold Nixdorf's ABL lenders have agreed to certain other modifications and waivers to the ABL facility, allowing them to continue to work together collaboratively to develop an updated borrowing framework. The existing $250 million non-FILO ABL tranche commitments remain in place.
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Conifex Announces Secured Revolving Credit Facility
March 21, 2023Conifex Timber Inc. (“Conifex”) (TSX: CFF) announced today that it has entered into an amended and restated secured revolving credit facility with Wells Fargo Capital Finance Corporation Canada.
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Gridiron Capital Portfolio Company Leaf Home Appoints Jon Bostock Chief Executive Officer
March 21, 2023Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, today announced that its portfolio company, Leaf Home™ (“Leaf Home”) a leading technology-enabled provider of home solutions, has appointed Jon Bostock Chief Executive Officer of the company.
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Sallyport Commercial Finance Provides Existing Oil & Gas Client with $2 Million to Further Acquisition
March 21, 2023An existing Sallyport client in the oil and gas services space has just been equipped with $2,000,000 accounts receivable finance to fund their most recent acquisition in the sector. Initially referred to Sallyport by a contact in the investment banking industry, the client is moving forward with their expansion plans, acquiring complementary businesses in the oil and gas services industry. These funds will enable them to restructure the debt incurred in acquiring the company and move progress with their growth plans
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