- Baker Garrington and Liquid Capital Announce Recent Financings
- Tiger Group to Auction Assets from Closed Xytel Plant Starting March 10
- Cumulus Media Announces Agreement to Eliminate Substantially All Remaining Debt and Significantly Strengthen Financial Position
- Hallador Energy Closes $120 Million Senior Secured Credit Facilities
- Cambridge Wilkinson Investment Bank Closes $100 Million Credit Facility Upsizing for Specialty Finance Platform
TSL Express Daily Articles & News
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Outset Medical Secures Up To $300 Million in Debt Financing
Outset Medical, Inc. (Nasdaq: OM)(“Outset”), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today announced that it has entered into two senior secured credit facilities with investment affiliates managed by SLR Capital Partners, LLC (“SLR”) which collectively provide for borrowings of up to $300 million, comprising up to a $250 million term loan facility and up to a $50 million asset-based revolving credit facility.
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Credit cycles typically bring about two correlated occurrences – consolidation and credit voids. This last cycle has been no different as several market segments experienced consolidation, which has created unique and unrelated voids in both small-ticket ABL and the asset-backed term space. New firms are emerging to fill the voids as we are about to enter a new cycle of competition and innovation.
TSL Express Daily Headlines & News
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Spearmint Energy Secures $200 Million Term Loan for BESS Storage Portfolio Development
June 12, 2023Spearmint Energy (“Spearmint” or the “Company”), a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, today announced the close of a $200 million credit facility with Aiga Capital Partners (“Aiga”), an investment management firm providing flexible capital solutions to North American-based companies developing sustainable infrastructure assets.
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Cleveland-Cliffs Amends and Extends ABL Facility Maturity to 2028
June 12, 2023BofA Securities, Inc. served as Lead Arranger for the ABL Facility. The Company received strong support from the other participants in its bank group, including Wells Fargo, J.P. Morgan, Goldman Sachs, Fifth Third, PNC, Truist, New York Community Bank, BMO, Credit Suisse, MUFG, Regions, Capital One, Barclays, Huntington, ING, U.S. Bank, RBC and First Citizens.
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First Commerce Bank Hires Jill Ross As Senior Vice President and Chief Experience Officer
June 12, 2023First Commerce Bank ("Bank") and First Commerce Bancorp, Inc. (OTC PINK:CMRB) announced today that Ms. Jill M. Ross has been appointed SVP, Chief Experience Officer ("CXO") of the Bank. Ms. Ross, who most recently served as Acting Director/ Assistant Division Director at the New Jersey Department of Banking and Insurance, will be responsible for leading business development and the Business Banking division for the Bank.
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Lucky Bucks Announces a Recapitalization Transaction to Strengthen its Balance Sheet and Enhance Liquidity
June 12, 2023Lucky Bucks, LLC and its parent, Lucky Bucks HoldCo, LLC (collectively, “Lucky Bucks”), among the largest Class B coin operated amusement machine (“COAM”) operators in Georgia, today announced a recapitalization transaction with the overwhelming support of its secured lenders holding over 86% of Lucky Bucks’ secured debt.
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Freepoint Commodities Announces Renewal of Its Revolving Credit Facility at USD 2.5 Billion; Allows Growth to USD 3.2 Billion
June 12, 2023MUFG Bank, Ltd. and Natixis, New York Branch are Joint Lead Arrangers and Joint Bookrunners for the Facility. Coöperatieve Rabobank U.A., New York Branch, Société Générale and Wells Fargo Bank, N.A., are Joint Lead Arrangers. MUFG Bank, Ltd. is the Administrative Agent. The Co-Syndication and Co-Documentation Agents are Coöperatieve Rabobank U.A., New York Branch, ING BANK N.V., Société Générale and Wells Fargo Bank, N.A.
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Avolon Announces Extension and Upsizing of Term Loan B Facility to US$1.7 Billion
June 12, 2023Avolon Holdings Limited (‘Avolon’), the international aircraft leasing company, announces the extension of the TLB-3 tranche of its senior secured US$2.92 billion Term Loan B facility (the ‘Facility’).
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UBS Completes Credit Suisse Acquisition
June 12, 2023UBS has completed the acquisition of Credit Suisse today, crossing an important milestone. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
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Huntington Adds Fund Finance Banking Team to Bolster Its Commercial Banking Offerings
June 12, 2023The Huntington National Bank ("Huntington") announced today the addition of a fund finance banking team to support its sponsor finance business within the Commercial Bank. The 10-person team will significantly boost Huntington's capabilities by providing strategically important financing directly at the fund level and expanding coverage across the sponsor ecosystem.
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Citizens Accelerates Private Banking Capabilities with Addition of Multiple Teams Across Boston, Florida, New York, San Francisco
June 12, 2023Citizens Financial Group, Inc. (NYSE: CFG) today announced it has significantly accelerated its private banking growth strategy with the addition of approximately 50 new senior private bankers and related support staff in Boston, Florida, New York, and San Francisco.
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White Oak ABL and White Oak Commercial Finance Provide $67 Million Credit Facility to Leading US Provider of Healthcare and Food Safety Products
June 12, 2023White Oak ABL, LLC, White Oak Commercial Finance, LLC, and other affiliates of White Oak Global Advisors, LLC, (collectively, “White Oak”) announced they have provided a $67 million ABL credit facility to a leading manufacturer of healthcare and food safety products.
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PNC Appoints Jenn Garbach as Chief Marketing Officer
June 12, 2023The PNC Financial Services Group, Inc. (NYSE: PNC) announced that Jenn Garbach has joined the company as chief marketing officer. Previously, Garbach served as the head of Marketing Transformation & Operations at PayPal.
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Citizens Advises on Sale of 48 Arby’s Locations in Washington, Oregon and Southern California
June 12, 2023Trinity Capital, a division of Citizens Capital Markets, announced today that it served as the exclusive financial advisor to a California-based franchisee group managed by the Lutfi Family on the sale of 48 Arby’s restaurants located in Washington, Oregon and Southern California.
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Rubicon Technologies Announces Completion of Final Key Strategic Finance Objective
June 12, 2023The new $75 million term loan and revolving credit line of up to $90 million were secured through Avenue Sustainable Solutions and MidCap Financial, respectively, and provide significantly enhanced liquidity to the Company.
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Private-treaty Sale by Tiger Group Features State-of-the-art Manufacturing Equipment for Molded-fiber Products and Packaging
June 12, 2023In an immediate private-treaty sale, Tiger Group is offering more than $30 million of inventory, molded-pulp manufacturing equipment and other assets from the former California plant and global operations of Zume.
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Todd Hollander Joins Lendistry Leadership as Chief Lending and Revenue Officer
June 12, 2023Lendistry, a fintech that provides innovative lending products and powers grant programs for small businesses, is proud to announce the addition of Todd Hollander to its executive leadership team. Hollander brings with him decades of experience helping banks and financial institutions scale their infrastructure. In his new role, he will be leading the fintech's sales and credit practices to provide a cohesive customer journey for its borrowers in alignment with Lendistry's mission.
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Eastern Bank Provides Financing For SPS New England, Incs Conversion To An Employee-Owned Company
June 9, 2023Eastern Bank is pleased to announce its financing for SPS New England, Inc.’s (SPS New England) conversion to an employee-owned company. Founded in 1984, SPS New England is a bridge, highway, transit and marine contractor providing construction, bridge repair and design-build services to municipal and state clients throughout New England.
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Aaron Brand Joins First Business Bank’s Asset-Based Lending Team
June 8, 2023First Business Bank welcomes Aaron Brand to its Asset-Based Lending team as Vice President – Asset-Based Lending. Aaron Brand is an experienced financial sales leader with more than 20 years of experience in business lending and excels at developing creative solutions to fit clients' needs.
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US Capital Global Expands Its Presence in Florida with Appointment of Senior Vice President Michael Carpinello
June 8, 2023US Capital Global is pleased to announce that Michael Carpinello has joined the group as Senior Vice President at the group’s office in Miami, FL. Carpinello brings over 20 years of experience in the capital markets to his new role, as well as a proven track record in origination and distribution on behalf of both public and private entities.
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Marc Cadieux Appointed President of Silicon Valley Bank Commercial
June 8, 2023First Citizens Bank today announced that Marc Cadieux, a 30-year veteran of Silicon Valley Bank (SVB), has been appointed President of Silicon Valley Bank's commercial banking business. Based in the California Bay Area, Cadieux leads an SVB Commercial team of more than 1,000 experienced bankers nationwide who are dedicated to the innovation economy.
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Republic Bank Appoints Francis Mitchell as Senior Vice President, Treasurer and Chief Investment Officer
June 8, 2023Republic First Bancorp, Inc. (NASDAQ: FRBK) (the "Company"), the parent company of Republic First Bank d/b/a Republic Bank (the "Bank"), today announced the appointment of Francis "Fran" Mitchell as Senior Vice President, Treasurer and Chief Investment Officer, effective June 1, 2023.
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