- The 3 Ps of Credit
- Sur La Table to Restructure Its Retail Footprint and Complete a Going-Concern Sale via Voluntary Chapter 11 Process
- Vesta Draws Down $85 Million From Existing $125 Million Revolving Credit Facility Reinforcing Company's Strong Balance Sheet
- Frontier Communications Files for Bankruptcy Protection
- Z Capital Group Expands Credit Team
TSL Express Trending Story
As of March 31, 2021 the US Bureau of Labor Statistics reported 8.1 million job openings, with 3.1 million open jobs in the south, 1.8 million jobs in the west, 1.3 million jobs in the northeast and 1.8 million jobs in the Midwest. Private job openings are 7.3 million of the total job openings, with 0.8 million government jobs open. The private job openings are across all industries.
The unemployment rate by state varies dramatically from 2.9% in Nebraska, South Dakota, Utah and Vermont to 8.3% in California, Connecticut, and New Mexico, 8.5% in New York and 9.0% in Hawaii. The overall unemployment rate is 6.1%.
TSL Express Daily Headlines & News
Jefferies and SMBC Group Announce Strategic Alliance to Drive Growth
July 14, 2021Jefferies Financial Group, Inc. (NYSE: JEF) (“Jefferies Financial”), the parent company of Jefferies Group LLC (“Jefferies Group”) (together hereafter referred to as “Jefferies”), and Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG), Sumitomo Mitsui Banking Corporation (“SMBC”) and SMBC Nikko Securities Inc. (“SMBC Nikko”) (together hereafter referred to as “SMBC Group”) announced today that they have entered into a Strategic Alliance to collaborate on future corporate and investment banking business opportunities.
Earnings In The U.S. Middle Market Are Booming, Even Compared To Strong, Pre-Covid Q2 2019 Results
July 14, 2021Golub Capital today published a special edition of the Golub Capital Middle Market Report for Q2 2021. The report compared the April and May 2021 revenue and earnings of middle market private companies in the Golub Capital Altman Index to revenue and earnings in April and May 2019. This analysis is intended to provide greater insight into economic conditions than the report’s typical year-over-year comparisons, which reflect the impact of Covid-related lockdowns in April and May 2020. The year-over-year data is provided in the appendix for continuity purposes.
Association of Insolvency and Restructuring Advisors Announces CIRA Certification Award Winners
July 14, 2021Rendering financial advisory services in the business turnaround, restructuring and bankruptcy practice areas requires both special knowledge and extensive relevant experience. In 1992, the AIRA established the Certified Insolvency and Restructuring Advisor (CIRA) program to recognize by public awareness and certification those individuals who possess a high degree of knowledge and proficiency across a spectrum of functions related to serving clients in situations involving distressed and/or insolvent entities.
Business Experts Form TwelveDawn to Assist Owners in Exit Strategies
July 14, 2021Three Pennsylvania-based business and mergers & acquisitions experts have launched TwelveDawn Mergers & Acquisitions, a mid-sized financial and strategic consulting firm focused on owners seeking to create an exit for their going-concern. TwelveDawn specializes in selling companies as well as preparing companies for future sale through tailored business optimization engagements. The three principals have long histories in both processes at all market levels, bringing valuable insights to growing small to mid-sized companies who are often overlooked by industry segment specialists.
Runway Growth Capital Announces a Senior Secured Term Loan of $15 Million to CrossRoads Extremity Systems
July 14, 2021Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $15 million to CrossRoads Extremity Systems ("CrossRoads"). Based in Memphis, Tennessee, CrossRoads is a leading innovator in the foot and ankle orthopedic industry.
Charles & Colvard Forms Strategic Banking Relationship with JPMorgan Chase
July 14, 2021Charles & Colvard, Ltd. (Nasdaq: CTHR) (the "Company"), a globally recognized fine jewelry company specializing in lab created moissanite and lab grown diamonds, announced its new strategic commercial banking relationship with JPMorgan Chase Bank, N.A., which includes entering into a $5 million credit facility, executed July 12, 2021, following the termination of the Company's prior credit facility with White Oak Commercial Finance, effective July 9, 2021.
F.N.B. Corporation and Howard Bancorp, Inc. Announce Merger Strengthening Mid-Atlantic Presence
July 14, 2021F.N.B. Corporation ("FNB") (NYSE: FNB) and Howard Bancorp, Inc. ("Howard") (NASDAQ: HBMD) today announced the signing of a definitive merger agreement for FNB to acquire Howard, including its wholly-owned banking subsidiary, Howard Bank, in an all-stock transaction valued at $21.96 per share, or a fully diluted market value of approximately $418 million, based upon the closing stock price of FNB as of Monday, July 12, 2021. Morgan Stanley & Co. LLC served as financial advisor and Reed Smith LLP served as legal counsel to FNB. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor and Nelson Mullins Riley & Scarborough LLP served as legal counsel to Howard.
Marathon Asset Management Closes $100 Million Senior Secured Bonds Financing to Foraco International
July 14, 2021Marathon Asset Management today announced the closing of a $100 million senior secured bonds financing to Foraco International SA (the "Company" or "Foraco"), a leading global provider of mineral drilling services. Proceeds from the financing repaid existing indebtedness and provided additional liquidity and growth capital as the Company executes on its long-term business plan. The transaction also enabled Foraco to materially reduce its net debt outstanding.
Winston & Strawn Represents Empire Portfolio Group
July 14, 2021Winston & Strawn represented Empire Portfolio Group ("Empire"), a leading Area Developer and Franchisee of Orangetheory® Fitness, the heart-rate based interval training fitness franchise, in its acquisition of four studios in Fairfield, Norwalk, Westport and Shelton, CT. With these Connecticut acquisitions, Empire strengthens its ties in the tri-state region with a total of more than 40 studios in Connecticut, New Jersey and New York.
BMO Expands Grant Program for Women-Owned Businesses Across North America
July 13, 2021BMO Financial Group today announced the expansion of its 2021 Grant Program for women-owned businesses across North America, in collaboration with Deloitte. As part of this year's program, BMO Celebrating Women – a BMO-owned community program – has pledged $200,000 in grants and will recognize six women-owned businesses across North America for their contribution to social, environmental and/or economic sustainability outcomes through their organizations' policies, practices or products.
MLB Adds $1.9 Billion to Available Credit, Raises $102 Million in Debt
July 13, 2021Major League Baseball is expanding its available credit by more than $1.9 billion and is raising $102 million in senior secured notes, according to a ratings note from Fitch Ratings. MLB Trust Securitization, a league-wide borrowing facility, is selling $102 million of senior secured notes in six pieces, ranging from $2.3 million to $32.2 million in size, according to Fitch. MLB Trust has also expanded its revolving credit facility to permit up to $2 billion in commitments. The league has $1.2 billion committed in the facility today that were due in December 2022.
Marco Financial Closes $82 Million Seed Round to Supercharge Growth
July 13, 2021Marco, the first tech-enabled financing platform built for small and medium-sized exporters in the United States and Latin America, announced today that it has raised $82 million in seed funding. Led by Kayyak Ventures, the company has increased its credit line to $100M provided by Arcadia Funds LLC.
MarineMax Expands Financial Capacity
July 13, 2021MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, announced today that it increased the amount, and extended the term, of its credit facility. The facility now provides MarineMax with $500 million of borrowing capacity, further increasing the Company’s liquidity and financial flexibility for future growth. The agent of the facility is Wells Fargo Commercial Distribution Finance and includes the following lending partners: M&T Bank, Bank of the West and Truist Bank.
Oxford Finance Closes Credit Facility with Paradigm Health
July 13, 2021Oxford Finance LLC ("Oxford"), a leading specialty finance firm focused on healthcare services and life sciences companies worldwide, today announced the closing of a senior credit facility and revolving line of credit to Paradigm Health ("Paradigm" or "the Company"), a leading provider of hospice and palliative care in the state of Indiana.
Limetree Bay Files for Chapter 11
July 13, 2021Limetree Bay has received commitments for up to $25 million in new debtor-in-possession financing that, upon court approval, is expected to provide sufficient liquidity to meet ongoing business obligations related to the maintenance of the refinery during the Chapter 11 process. Baker Hostetler is acting as legal counsel for the Company and B. Riley Financial Inc. has been retained as restructuring advisor.
Concord Closes $7MM Deal for BRM Holdings, LLC
July 13, 2021Concord Financial Advisors, LLC announced it arranged a $7 million senior secured revolving line of credit for BRM Holdings, LLC to refinance existing debt and provide additional working capital.
Flatbay Capital Provides $3.3 MM CRE Loan for Texas Steel Distributor
July 13, 2021Flatbay Capital LLC (“Flatbay”) (www.flatbaycapital.com) announces the closing of a $3.3MM loan for a full-service metal distribution center in Houston, secured by a newly constructed 60,000 square foot owner-occupied commercial warehouse facility. With a significant amount of equity in the property, the loan proceeds provided the borrower with enough liquidity to pay off the incumbent lender, cash out for working capital, and funds to allocate towards expansion plans at the subject property.
Runway Growth Capital Announces a Senior Secured Term Loan of $35 Million to SetPoint Medical
July 13, 2021Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $35 million to SetPoint Medical ("SetPoint"), a Valencia, California based, privately-held clinical-stage bioelectronic medicine company developing therapies for chronic autoimmune diseases.
LBC Credit Partners Supports Refinancing and Add-on Acquisition for Industrial Service Group
July 13, 2021LBC Credit Partners ("LBC"), one of the leading providers of financing solutions to middle market companies, provided a senior secured credit facility to support the refinancing of Industrial Service Group ("ISG") and add-on acquisition of Georgia Western, LLC. ISG is a portfolio company of PNC Mezzanine Capital, KCM Capital Partners and Five Points Capital. LBC served as Agent and Sole Lender for the senior secured credit facility.
Vmo Announces Closing of $15 Million Debt Financing to Drive Fleet and Market Expansion
July 13, 2021EVmo, Inc. (OTC: YAYO), a leading provider of vehicles to the rideshare, carshare and delivery gig economy industry, today announced closing on a $15 million debt financing with New York-based Energy Impact Partners, EIP. ThinkEquity, a division of Fordham Financial Management, Inc., acted as placement agent for this debt financing.
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The Secured Lender
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