TSL Express Daily Articles & News
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Santander Commercial Banking Appoints Two New Leaders
Santander Bank, N.A. today announced the appointments of Donna Cleary to Market Manager and Jim Bravyak to Head of Underwriting & Portfolio Management. In her new role, Cleary will lead an additional team of bankers to focus on the vast opportunity with middle market companies in the New York City and Long Island markets. Bravyak will assume Cleary’s previous role, leading Underwriting and Portfolio Management.
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At the 2004 Athens Olympics, American air-rifle shooter Matt Emmons, the reigning world champion in the 50-meter three-position event, held a seemingly insurmountable lead. Going into his final shot, Emmons was in first place and needed only a mediocre score to win gold. Emmons aimed, fired, and hit his target – the wrong target, one lane over. He received no score for that shot and finished in eighth place.
Emmons’ mistake illustrates the importance of aiming at the right target. In April of 2020, amid the COVID-19 pandemic, the Federal Reserve and the Treasury Department announced the Main Street Loan Program (the “MSLP”), which was designed to provide emergency liquidity to small and mid-sized businesses. Although well-intentioned, the MSLP, like Emmons, was aimed at the wrong target, and ultimately missed the mark.
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Consortium led by Symphony Technology Group Completes Acquisition of Momentive Global
June 5, 2023Momentive, the maker of SurveyMonkey, today announced the completion of its acquisition by an investor consortium led by Symphony Technology Group (STG) in an all-cash transaction valued at approximately $1.5 billion. The acquisition was previously announced on March 13, 2023, and approved by Momentive shareholders at the Special Meeting of Shareholders on May 31, 2023.
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Expert Healthcare Banker Craig Evans Joins BankUnited Corporate Banking
June 5, 2023BankUnited Inc. (NYSE: BKU) has named experienced healthcare banker Craig Evans as senior vice president, enterprise practice leader, healthcare in the corporate banking division. An industry veteran with more than 25 years of experience, Evans will join BankUnited on June 1, 2023, from Citibank.
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Stephenson Harwood Advises Nordea Bank on US$350 Million Credit Facility
June 1, 2023The refinancing involved 19 vessels and Nordea Bank acted as agent on behalf of a syndicate of seven banks. The loan will help refinance the group's existing debt, as well as with general corporate and working capital requirements.
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Cordelio Power Completes Financing for Moraine Sands Wind Project
June 1, 2023Cordelio Power is pleased to announce the completion of a construction loan facility and tax equity commitment for the Moraine Sands wind project, which is located in Mason County, Illinois, holding a nameplate capacity of 171 MW. The project will sell 100% of its power under a long-term agreement with Microsoft Corporation.
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Camden Property Trust Retires $185.2 Million of Secured Variable Rate Debt
June 1, 2023Camden Property Trust (NYSE:CPT) (the “Company”) announced today that it utilized its unsecured revolving credit facility to retire approximately $185.2 million of secured variable rate debt with a current weighted average interest rate of approximately 7.1%.
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HASI Upsizes Revolving Credit Facility to $840 Million, Increasing Liquidity to Fund Growth
June 1, 2023The bank group is led by JPMorgan Chase Bank, N.A. as administrative agent, sustainability structuring agent, lead arranger and bookrunner. Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Morgan Stanley Bank, N.A., RBC Capital Markets, Sumitomo Mitsui Banking Corporation and Wells Fargo Bank, N.A., are documentation agents.
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Brightwood Capital Advisors Announces Investment Activity Totals for 2022 and Firmwide Growth
June 1, 2023Brightwood Capital Advisors (“Brightwood”), a middle market private credit firm, announced that it deployed nearly $2 billion of capital to 35 new borrowers, in fiscal year 2022. This volume of investment activity was spurred by asset growth across Brightwood’s portfolio throughout the year, with the firm’s assets-under-management (AUM) surpassing $5 billion in 2022.
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Ranger Energy Services, Inc. Announces New Asset Based Lending Facility
June 1, 2023Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”), a leading provider of well service rigs and associated services to the oil and gas industry, is pleased to announce the successful closing of a new asset based lending facility (“ABL”) with Wells Fargo Bank, N.A, as administrative agent and sole lender.
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Veteran Bankruptcy and Restructuring Lawyer, Robert "Bob" Fishman, Joins Algon Group as Vice Chairman
June 1, 2023The Algon Group, a specialized financial advisory firm, is pleased to announce that highly-regarded bankruptcy and restructuring lawyer, Robert "Bob" Fishman, has joined the firm as Vice Chairman. Fishman, coming out of a very brief retirement, brings 40 years of experience representing all parties in insolvency/bankruptcy settings, including debtors in possession, trustees, secured creditors, Creditors' Committees and disinterested directors.
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Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies
June 1, 2023Blackstone (NYSE: BX) and Emerson (NYSE: EMR) today announced that private equity funds managed by Blackstone (“Blackstone”) have completed the previously announced acquisition of a majority stake in Emerson’s Climate Technologies business in a transaction valuing the business at $14.0 billion. This closing marks a significant milestone in the HVAC and refrigeration (HVACR) industry leader’s journey to advance the next generation of climate technologies.
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Dwight Funding Expands Client Portfolio, Adding High-Growth PE-Backed Consumer Brands
June 1, 2023The recent transactions represent the varying product categories, company sizes, and capital needs addressed by Dwight’s flexible asset-based loans, and help to further position the lender as the go-to in their field.
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Glater Joins CohnReznick as Assurance Partner
June 1, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Greg Glater has joined the firm as a partner in its Assurance practice.
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Commercial Finance Partners Closes $15MM Acquisition of a Metal Stamping and Plating Company
June 1, 2023Commercial Finance Partners (“CFP”) is pleased to announce that it has facilitated the closing of $5,235,000 Conventional Term Loan and $4,000,000 Revolving AR Line of Credit to support the acquisition of a Metal Stamping and Plating Company located in Texas.
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Private Credit Manager Pemberton Appoints First Head of Sustainable Investing
June 1, 2023London-based private credit manager Pemberton Asset Management has recruited sustainable investment veteran Niamh Whooley to spearhead the firm’s ESG ambitions, a further sign of the growing importance of sustainability in private credit markets.
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Natixis Corporate & Investment Banking Leads Financing for US$364 Million Portfolio of PV Projects in Chile
June 1, 2023The portfolio has a combined capacity of approximately 284MWdc. Natixis CIB acted as Sole Debt Structuring Advisor for a US$ 75 million mezzanine facility, Sole Lead Arranger for a US$55 million PMGD bridge-loan facility, co-Lead Arranger for a US$19 million LC Facility, as well as co-Global Coordinator Placement Agent and Green Issuance Coordinator for a US$178 million private placement. A $37 million bridge loan was separately provided.
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Gateway Trade Funding Completes 12 Transactions Totaling More Than $4,700,000
May 31, 2023Gateway Trade Funding, a PO and stretch financing company, is pleased to announce that we have recently completed the following stretch finance transactions:
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Celtic Capital Corporation Provides Funding for a California-based Manufacturer of Tortillas, Wraps and Flat Bread
May 31, 2023He was looking for working capital to fund that growth and Celtic Capital provided a $1,500,000 accounts receivable line of credit and a $738,000 equipment loan to meet the Company’s working capital needs.
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SVP Managing Director of Oxford Commercial Finance Robyn Barrett Named Board President of American Factoring Association (AFA)
May 31, 2023Oxford Commercial Finance (OCF), a subsidiary of Oxford Bank, is announcing its Senior Vice President and Managing Director, Robyn Barrett, has been named incoming president of the American Factoring Association (AFA) for a two-year term.
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Areté Capital Partners Expands Unique Restructuring Approach to Midwest Companies in Distress
May 31, 2023Areté Capital Partners, a boutique, special-situation advisory and capital firm, is pleased to announce the addition of Managing Director Stuart Kaufman. Based out of Chicago, Illinois, Kaufman will enable Areté to expand its services and mission of bringing empathy to the restructuring industry to help successfully navigate more customers through the often painful and difficult process.
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Standard Lithium Retains BNP Paribas to Lead Debt Advisory Services for First Commercial Project
May 30, 2023The debt financing will be used to fund the majority of the Company’s proposed first commercial project, the Lanxess 1A Project, located near El Dorado in southern Arkansas. BNP Paribas is a global leader in the financial advisory and project financing role for battery and critical mineral projects.
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