TSL Express Daily Articles & News
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Winston & Strawn Corporate Partners Elevated to Leadership Positions
Winston & Strawn is pleased to announce that five partners have been elevated to leadership positions. Four partners have been promoted to serve as co-chairs of the Leveraged Finance and Asset-Based Lending practices, and one partner as chair of the Sponsor Finance practice.
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On November 5, Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced it had entered into a definitive agreement to acquire the loan portfolio and assume the employees and operating costs of Gordon Brothers Finance Company, LLC (GBFC). In connection with the closing of the transaction, GBFC has changed its name to Callodine Commercial Finance (CCF). Led by CEO Gene Martin, and the current investment team, CCF will be the successor firm to Gordon Brothers Finance Company, LLC. Callodine’s acquisition represents approximately $400 million in assets and is being funded in part by new strategic financing from KKR, East Asset Management and Axar Capital Management. BlackRock Capital Investment Corporation (“BCIC”), the most recent majority owner of the business, will also remain a financial partner to CCF. TSL Express' senior editor spoke with Gene Martin and Mark Forti at Callodine Commercial Finance about opportunities in the asset-based lending space and what lies ahead.
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Big Shoulders Capital and Iroquois Industrial Group Acquire Prestigious National Architectural Millwork and Design Company
March 20, 2023The joint venture of Big Shoulders Capital and Iroquois Industrial Group has completed the acquisition of MOD Interiors, one of the leading architectural millwork, design and engineering firms in the nation. Since 1982, MOD has created stunning interior spaces of all kinds, including corporate headquarters, high-end restaurants, hotels, stadiums, universities, and residential. Its work has received numerous national awards including the Architectural Woodwork Institute’s Standard of Excellence.
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Schulte Roth & Zabel Represents D.E. Shaw
March 20, 2023Schulte Roth & Zabel represented D.E. Shaw in their cooperation agreement with FLEETCOR, a leading global business payments company. As part of the agreement, FLEETCOR has appointed Rahul Gupta to the Company's Board of Directors (the "Board"), agreed to add another, mutually agreed-upon director to the Board and agreed to form an ad hoc Strategic Review Committee.
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Commercial Credit Group Inc. Closes $397,080,000 Term ABS (CCGR Trust 2023-1)
March 20, 2023Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced that it has finalized a $397,080,000 term asset-backed security (ABS) transaction. The securitization was placed with a diversified group of fixed income investors from 34 unique institutions.
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Pinnacle Capital Finance Provides $5 Million to a California-based Semiconductor Company
March 20, 2023Pinnacle Capital Finance is pleased to announce the issuance of a $5MM Accounts Receivable line of credit for a semiconductor design and manufacturing company that specializes in digital microwave technology. The Pinnacle Capital Finance loan is structured with the ability to deem eligible account debtor concentrations up to 75% as a result of large orders related to their military and aerospace customer base.
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Jeff Feit Joins Summit Investment Management LLC
March 20, 2023Jeff Feit joined Summit in February 2023 as a Managing Director. His primary responsibility will be business development and deal sourcing. Prior to Summit Jeff worked at Marblegate Asset Management from 2019-2022.
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SFNet to Present Benefits of Asset Based Finance at SBA Event
March 20, 2023The Small Business Administration will host a webinar entitled “Asset Based Finance – An All-Weather Solution for Small Business Borrowers” featuring a panel of members of the Secured Finance Network. The informative event, which is being presented by SBA’s Office of International Trade, will take place on April 5th and is directed toward community banks who may see complementary opportunities for this type of financing.
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C&N Promotes Kelley Cwiklinski to Executive Vice President & Chief Commercial Lending Officer
March 20, 2023C&N (Citizens & Northern Corporation, NASDAQ: CZNC), the leading financial services company in the region, announced that Kelley Cwiklinski has been promoted to Executive Vice President & Chief Commercial Lending Officer based in Doylestown, PA. As the Chief Commercial Lending Officer, Kelley will develop, drive and monitor the Commercial Lending function's annual and long-term business plans and budgets.
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BlackArch Partners is Pleased to Announce a Series of Promotions that Reflect the Firm’s Successful Professional Development Initiatives and Overall Growth
March 20, 2023BlackArch Partners, a leading middle-market investment bank, announced five promotions, including Ryan Jackson to Managing Director, Jonathan O’Connor to Director, and Nhan Nguyen, Zach Daniels and Chris Lyons to Vice President. These well-deserved promotions reflect BlackArch’s continued success and growth.
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Phoenix Services Announces Path to Exit from Chapter 11
March 20, 2023Phoenix Services LLC ("Phoenix Services" or the "Company") has received support from an Ad Hoc Group of lenders (defined below) for terms of a restructuring that (i) creates a path to emerge from chapter 11 mid-year, (ii) provides $45mm of new money to invest in the business, (iii) reduces over $500mm of funded indebtedness, (iv) positions the Company to be more profitable and competitive while continuing to provide best-in-class service.
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Peter Malmstrom Joins Associated Bank as Senior Regional Credit Officer
March 20, 2023Peter Malmstrom has joined Associated Bank as senior vice president & regional senior credit officer, corporate banking. He is responsible for approval and concurrence duties for the bank’s commercial lending groups.
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Allied Healthcare Products Announces Strategic Transformation Initiatives to Rebuild and Accelerate Performance
March 20, 2023Allied Healthcare Products, Inc. ("AHP" or the "Company"), a leading manufacturer of medical gas construction equipment, respiratory therapy equipment, home healthcare products and emergency medical supplies, today announced strategic transformation initiatives intended to improve operational effectiveness to better serve customers and help drive growth and profitability. The Company also announced today the closing of a new senior secured credit facility agreement with Sterling Commercial Credit to support its ongoing operations and strategic direction.
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QualTek Secures New Money Financing
March 20, 2023QualTek Services Inc. ("QualTek" or the "Company") (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization and renewable energy sectors, today announced the successful closing of new money incremental term loans providing $55 million in immediately available funds under its existing term loan credit agreement.
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JB Capital Launches Merchant Banking Income Fund II
March 20, 2023JB Capital, an alternative credit manager investing in areas of the market underserved by traditional banks announces the launch of its Merchant Banking Income Fund II (MBIF II), a second iteration of the firm’s flagship fund.
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Topgolf Callaway Brands Successfully Completes Debt Refinancing
March 20, 2023The $1.25 billion senior secured term loan facility, which was privately placed with institutional investors, will accrue interest at an annual rate of SOFR+350, plus an additional 10 basis point credit spread adjustment, and will mature on March 16, 2030. Bank of America, N.A., JPMorgan Chase Bank, N.A., MUFG Securities Americas Inc., and Truist Securities, Inc. acted as Joint Lead Arrangers and Joint Bookrunners. The $525 million senior secured ABL revolving credit facility, led by Bank of America, N.A. as Administrative Agent, will mature on March 16, 2028.
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White Oak Deploys Nearly $1.5 Billion in Lending Activity in 2022
March 20, 2023White Oak Global Advisors, LLC, (“WOGA”), a global alternative asset manager providing flexible and secure funding to help businesses grow, today announced that the firm, together with its financing affiliates (collectively “White Oak”), originated $1.4 billion of loan transactions across 60 deals in 2022.
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Louisiana Native Christy Morgan Joins Republic Business Credit as Vice President and Legal Manager
March 17, 2023Republic Business Credit is proud to announce the addition of Christy Morgan to the team as Vice President and Legal Manager, reporting directly to CEO Stewart Chesters. In the new role, Morgan will oversee all legal materials for onboarding clients and work on amendments for existing clients. She will partner with the underwriting, sales and client service teams to provide crucial support across the business. Her expertise in disclosure and regulatory requirements adds tremendous value to the company and its fast-paced growth trajectory.
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Tradecycle Capital, LLC closes $100 Million Securitization with DZ BANK AG
March 17, 2023Tradecycle Capital, a highly-tech enabled supply chain finance company, recently closed a $100 Million securitization facility with DZ BANK AG. The execution of the facility represents a 150% total increase to a facility that began in June of 2019. The increase will be utilized to support Tradecycle’s continued growth as it expands its relationships with Private Equity Sponsors and Senior Lenders.
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Polaris Renewable Energy Announces $10 Term Loan Facility with Export Development Canada
March 16, 2023Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" or the "Company"), a Toronto-based company engaged in the operation, acquisition, and development of renewable energy projects in the America's, is pleased to announce that it has signed an agreement with Export Development Canada ("EDC") for a $10M USD Floating Rate Term Loan Facility (the "Facility").
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Oatly Announces Financing Commitments of $425 Million
March 16, 2023Oatly Group AB (Nasdaq: OTLY) (“Oatly” or the “Company”) announced today that on March 14, 2023, it entered into privately negotiated agreements with certain investors pursuant to which Oatly agreed to sell and the investors agreed to purchase from Oatly $300 million aggregate principal amount of 9.25% Convertible Senior PIK Notes due 2028 (the “Notes”).
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First Citizens Middle Market Banking Expands in the Midwest and South Central U.S.
March 16, 2023First Citizens Bank today announced that its Middle Market Banking group is expanding yet again – this time to better support the financial needs and goals of midsize businesses in the Midwest and South Central U.S.
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