- PNC Receives Regulatory Approvals for Acquisition of FirstBank
- BHI Provides $20 Million Capital Call Line to Triangle Capital Group
- SLR Credit Solutions Agents Term Loan for The Children’s Place
- Transparency Analytics Completes Second Funding Round Led by Deciens Capital
- Republic Business Credit Supports Growth of Emerging Footwear Manufacturer with a $750,000 Factoring Facility
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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Andy McGhee is vice chairman of White Oak Commercial Finance (White Oak), an affiliate of White Oak Global Advisors, LLC, and leads the firm’s lender finance business. He has over 30 years of experience in the lending business, most recently managing a multi-billion-dollar loan portfolio as the CEO of AloStar Capital Finance. In 2011, McGhee co-founded AloStar Capital Finance by acquiring a failed bank in Birmingham, AL.
At the time of its sale in 2017, AloStar had committed more than $3 billion to middle-market companies. McGhee has also served in various leadership roles covering asset-based lending (ABL) at SunTrust, Citicorp, Bank South and Bank of America. McGhee sits on the board of directors for Piedmont Hospital in Atlanta and is an Elder at Peachtree Presbyterian Church. He holds a B.A. in economics from the University of Georgia.
TSL Express Daily Headlines & News
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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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Republic Bank Completes Acquisition of CBank
March 16, 2023Republic Bancorp, Inc. (NASDAQ: RBCAA) (“Republic” or the “Company”), the parent company of Republic Bank & Trust Company (“Republic Bank” or the “Bank”), is pleased to announce the Bank has completed its previously announced merger with CBank and CBank’s wholly owned subsidiary, Commercial Industrial Finance, Inc. (“CIF”), for approximately $51 million in cash.
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Comerica Bank Boosts Small Business Banking Division With New Regional Leadership Positions
March 16, 2023Comerica Bank is bolstering its Small Business Banking segment with the appointment of three regional directors – Sandra Felegy, Brent Harraman and Meghan Storey – to expand its reach in small business communities. Additionally, Comerica will debut several digital solutions throughout 2023 with a focus on payments and access to convenient capital.
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Oxford Bank Corporation Announces the Election of two Executives to The Oxford Bank Board Of Directors
March 16, 2023Oxford Bank Corporation ("the Company") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank ("the Bank"), today announced the appointment of two executive leaders, Michael ("Mick") Goik, President, Oxford Commercial Finance and Matthew Lowman, Oxford Bank Executive Vice President, and Chief Risk Officer, to the Oxford Bank Board of Directors, effective immediately.
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TILT Completes Final Actions Related to Debt Refinancing
March 15, 2023TILT Holdings Inc. announced the extension of its existing revolving credit facility, together with the appointment of a new board member pursuant to its recently completed debt refinancing. Jupiter Research, LLC (“Jupiter”), a subsidiary of TILT, entered into an amendment to its existing US $10 million asset-based revolving credit facility (the “Facility”) to increase the amount available under the Facility from US $10.0 million to US $12.5 million, and extends the maturity date to July 21, 2024.
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Franklin Capital Announces the Completion of a Factoring Facility for a Non-profit Staffing Firm
March 15, 2023A former client reached out because they were experiencing cash flow difficulties similar to what previously led them to Franklin Capital. The non-profit staffing firm needed a short-term facility to help cover their payroll and expenses while they waited for a delayed payment from their primary payer. Franklin Capital successfully provided the company with an $800,000 undisclosed factoring facility allowing them to make payroll and cover their expenses.
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Industry Veteran Rieber Joins LSQ Supply Chain Finance Team
March 15, 2023LSQ, a leading provider of technology-driven working capital financing and payments solutions, announces the hire of Brian Rieber as Vice President of Working Capital Solutions. In his role, Rieber will be focused on helping companies create supply chain finance programs to meet their liquidity needs.
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Access Capital Provides $1.5 Million Credit Facility to Healthcare Talent Provider
March 15, 2023KMG Staffing Inc., dba KMG Healthcare (“KMG”) was recently founded in 2020 in New York by Ken Gelfand who has worked in the staffing industry for two decades. KMG provides trained healthcare talent to hospitals and healthcare facilities. In a short span of time, the company exhibited rapid growth. It soon became evident that a more economical financing solution would be necessary as KMG expected to continue its expansion.
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Monroe Capital Supports Growth of Vytalize Health
March 15, 2023Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support the strategic growth of Vytalize Health (“Vytalize”), alongside private equity sponsor, Enhanced Healthcare Partners.
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Abacus Finance Provides Senior Debt Financing to Support the Recapitalization of Advertiser Perceptions by Eureka Equity Partners
March 15, 2023Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of lower middle-market companies – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Sole Lender for senior secured credit facilities to support the recapitalization of Advertiser Perceptions by Eureka Equity Partners. Additionally, Abacus made an equity co-investment in Advertiser Perceptions.
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Global Asset-based Lending Market Is Expected to Reach $1,721.38 Billion by 2031: Says AMR
March 14, 2023According to the report published by Allied Market Research, the global asset-based lending market was estimated at $561.5 billion in 2021 and is expected to hit $1,721.38 billion by 2031, registering a CAGR of 12.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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