- KabbageⓇ Launches the Only Interactive Index Analyzing Revenue Trends of U.S. Small Businesses
- Hilco Redevelopment Partners Closes on $225.5 Million Acquisition of PES
- Omnicom Extends Agreement of $2.5 Billion Revolving Credit Facility
- Section 363 Sales Beckon U.S. Real Estate Investors, Notes A&G Executive
- Harsco Completes Amendment To Its Credit Facility
White Oak Commercial Finance Provides $81MM Asset-based Credit Facility to Sydney-based Family Office
White Oak Commercial Finance LLC, an affiliate of White Oak Global Advisors LLC announced it provided an $81MM asset-based credit facility to the Aspire 42 group of companies; majority owned by Moss Ridge, a Sydney-based family office that manages a diverse portfolio of holdings across public and private markets.
TSL Express Trending Story
Thoughts on the First Quarter 2020 Asset-Based Lending Index
The Q1 2020 Asset-Based Lending Index reflects a strong market with solid credit quality. The full impact of the COVID-19 pandemic on the U.S. economy and lending environment is not apparent in the data given the March 31, 2020 cutoff date. Our expectation is that the Q2 2020 data will be much more revealing and reflective of how the economic shutdown related to COVID-19 is impacting asset-based loan portfolios.
TSL Express Daily Headlines & News
GNC is the Latest Retailer to File for Bankruptcy, Closing up to 1,200 Stores
June 24, 2020GNC's parent company, GNC Holdings Inc., filed for Chapter 11 bankruptcy protection late Tuesday, and the health and wellness retailer said it plans to close "at least 800 to 1,200 stores," or approximately a quarter of its North American fleet. GNC was slammed by yearslong sales declines that made it impossible to meet enormous debt obligations coming due this year.
WSFS Bank Promotes Jim Wechsler to Senior Vice President, Chief Retail Lending
June 24, 2020WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the promotion of Jim Wechsler to Senior Vice President, Chief Retail Lending Officer reporting to Executive Vice President and Chief Retail Banking Officer, Richard Wright. Wechsler will be responsible for Consumer Lending, Small Business, Government Guaranteed Lending, Community Reinvestment and NewLane Finance. He will also manage the bank’s fintech lending relationships. Wechsler is replacing Glenn Kocher, who is retiring.
Santander Bank Arranges $225 Million Deal with Purolite
June 24, 2020Santander Bank today announced that its Commercial Banking division acted as joint lead arranger for a $175 million term loan and $50 million revolver to Purolite Corporation ("Purolite") to facilitate additional spending on capital projects and enhance liquidity. The deal will enable Purolite, the second largest international manufacturer of ion-exchange resins, to replenish its previous senior secured facility and maintain the rate of its business growth.
Crestmark Provides More Than $29 Million in Commercial Financing to 126 Businesses in the First Half of June
June 24, 2020Crestmark Equipment Finance provided $15,319,877 in four new lease transactions; Crestmark Vendor Finance provided $8,710,820 in 121 new lease transactions; and the Government Guaranteed Lending group provided $5,050,000 in financing for two new clients in the first half of June.
Encina Business Credit Provides $35 Million Facility to a Leading Supplier and Distributor of Paint Supplies
June 23, 2020Encina Business Credit, LLC (EBC) announced today that it has provided a $35 million senior secured credit facility to a leading retailer and distributor of paint and paint supplies. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory.
American Air Braces Balance Sheet With $3.5 Billion in Financing
June 23, 2020Goldman Sachs, Citigroup, BofA Securities and JPMorgan are jointly running the stock and notes offerings for American. The carrier used a pool of slots, gates and routes in various countries, including the U.S., China, Japan, Australia and South America as collateral for the bonds and term loan. The stock offering is to start trading Tuesday, according to a person familiar with the matter.
Armstrong Flooring Expands Capital Resources and Liquidity
June 23, 2020Bank of America acted as sole Lead Arranger for the ABL Facility and Pathlight Capital acted as sole Lead Arranger for the Term Loan. Jefferies LLC acted as a financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Armstrong Flooring.
Goldgroup Announces Loan Facility Term Sheet With Accendo
June 23, 2020Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce that it has signed an indicative term sheet (the "Term Sheet") in respect of a secured loan facility (the "Facility") with Accendo Banco S.A., Multiple Banking Institution (the "Lender"), in the amount of USD$3,000,000 (the "Facility Amount").
Cindi Giglio Joins Gordon Brothers, Ben Olushola Assumes Expanded Role and Additional Attorney Sought
June 23, 2020Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that Cindi Giglio has joined its legal function as Associate General Counsel, with primary responsibility for Retail and Commercial & Industrial transactions in North America. Meanwhile, Corporate Counsel Ben Olushola takes on an expanded role as Associate General Counsel for the enterprise, and continues to serve as lead counsel for Gordon Brothers’ International business from his current base in London.
Cavotec Enters Into a New Long Term Credit Facility Agreement
June 23, 2020Cavotec has during the past months conducted a competitive process to procure a new long term credit facility, resulting in competing bids involving several bank consortia. After careful evaluation Cavotec has chosen a consortium led by Credit Suisse to provide a five-year credit facility as it offered the most competitive overall services and terms.
Despegar.com Obtains $40 Million Committed Credit Facility
June 23, 2020Despegar.com, Corp. (NYSE: DESP), (“Despegar” or the “Company”) the leading online travel company in Latin America, today announced that it has signed a $40 million committed revolving credit facility (the “Facility”) with Citibank. The Facility has a 1-year term, renewable for an additional six months if certain financial covenants are met. This financing provides Despegar with additional financial flexibility with funds expected to be used for general corporate purposes.
Ares Management Corporation Leads £1.875 Billion Commitment to The Ardonagh Group in Largest Ever Unitranche Financing Transaction
June 23, 2020Ares Management Corporation (“Ares”) (NYSE:ARES) announced today that it is serving as the lead arranger for a £1.875 billion financing commitment to The Ardonagh Group (“Ardonagh”), the U.K.’s largest independent insurance broker, through Ares’ global direct lending platform. Ardonagh is majority owned by HPS Investment Partners ("HPS") and Madison Dearborn Partners. In addition to direct lending funds managed by Ares, other significant lenders include Caisse de dépôt et placement du Québec (“CDPQ”), HPS and KKR.
Is Ann Taylor’s Owner Cloning JCP’s Path to Bankruptcy?
June 23, 2020Ann Taylor’s debt-laden owner seems to be taking a page from Penney’s path to bankruptcy. Executive retention bonus payouts appear to be the newest clue that portends a potential bankruptcy filing, with Ascena Retail Group the latest fashion firm that may be headed in that direction.
Sallyport Commercial Finance Customizes a Credit Facility for a Mortgage Advisory Firm
June 23, 2020Sallyport Commercial Finance arranges a $2,000,000 accounts receivable facility including a $500,000 cash flow loan to a company that provides due diligence and document management solutions.
B. Riley Financial Acquires Automotive Restructuring Firm, Alderney Advisors
June 23, 2020Acquisition enhances B. Riley platform and expands financial advisory consulting services and capabilities. Alderney’s team of experienced crisis and turnaround advisors join B. Riley’s GlassRatner affiliate.
Clare Oaks Bondholders Announce Chapter 11 Plan To Stabilize And Invest In The Community
June 22, 2020Certain funds managed by Lapis Advisers, LP and Amundi Pioneer Asset Management, Inc., filed a chapter 11 plan of reorganization in US Bankruptcy Court for the Northern District of Illinois, Eastern Division to restructure the financially challenged Clare Oaks community. They laid out their restructuring plan (the Bondholders Plan) for the continued operation of Clare Oaks with minimal disruption to the residents.
Access Capital Structures $1.5 Million Credit Facility for truData
June 22, 2020Access Capital has structured a credit facility for $1.5 million for the California-based company truData Solutions, a data centric firm focused on partnering with clients in building analytics and data integration capabilities leveraged through Cloud solutions.
Athenex Announces $225 Million Loan Agreement with Oaktree
June 22, 2020Athenex, Inc. (“Athenex” or the “Company”) (NASDAQ: ATNX), a global biopharmaceutical company dedicated to the discovery, development and commercialization of novel therapies for the treatment of cancer and related conditions, today announced that it has entered into a $225 million loan agreement with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global investment firm (the “Agreement”).
Hedge Funds Exploit CLO Weakness Laid Bare by Corporate Distress
June 22, 2020There’s a set of rules in the world of CLOs designed to keep managers’ temptations in check, so that they don’t rush foolishly into overly risky assets. But in a strange twist sparked in part by the coronavirus pandemic, these regulations are suddenly handcuffing them as they try to fend off aggressive Wall Street hedge funds. Firms from Elliott Management Corp. to Oaktree Capital Management are increasingly profiting from restrictions on collateralized loan obligations that limit their participation in distressed situations. Some investors are even arranging deals that intentionally shift value away from the structures, according to market watchers.
Wirecard Creditors Seek More Clarity Amid Talks Over Debt
June 22, 2020Wirecard’s creditors are demanding more clarity from the company in return for the extension of almost $2 billion in financing after it breached terms on the loan, people familiar with the matter said. At least 15 commercial lenders, including Commerzbank AG and ABN Amro, are in negotiations about the steps to take after the German payments company said on Thursday it’s unable to release its annual report because it can’t locate 1.9 billion euros in cash ($2.1 billion), the people said.
In This Section
The Secured Lender
The Cross-Border Issue.