- Jennifer Palmer Named to Inc. Female Founders 500 for Leadership in Women-Focused Lending
- Equify Business Funding Provides $5,000,000 ABL Facility Refinance to Gulf Coast Power Systems Manufacturer
- Christopher “Chris” Babcock, Former ~25 Year Director from BNY Mellon Asset Management, Joins Star Mountain Capital as Managing Director
- Hallador Energy Closes $120 Million Senior Secured Credit Facilities
- NGL Closes $950 Million Term Loan, Amends Asset-Based Revolving Credit Facility, To Redeem Approximately 195,000 Class D Preferred Units
TSL Express Daily Articles & News
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Rosenthal Completes $13 Million in Transactions for Clients Across Multiple Industries
Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of several transactions, including an asset based lending deal and three deals for Rosenthal’s newest division, Pipeline, serving e-commerce and direct-to-consumer businesses. The funding and financing facilities will help to address clients’ working capital needs and support various growth opportunities.
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Community banks play a vital role in enabling local businesses and communities to thrive. By either offering asset-based lending as part of their product off erings or partnering with a nonbank asset-based lender, community banks can off er the best of both worlds to small and mid-sized businesses. The Secured Finance Network interviewed several of its members who shared their experiences and perspectives.
TSL Express Daily Headlines & News
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Paul Hastings Global Finance Group Has Record Q1
June 5, 2023Despite the broader market headwinds for corporate finance and M&A deals, the Paul Hastings premier Global Finance practice's Q1 2023 deal flow increased year-over-year by 100% over the first quarter of 2022. Continuing its strong momentum into 2023, the robust team of 150+ finance lawyers represented more than 80 direct lenders and 50 investment banks in nearly 100 deals across varied industries including technology, healthcare, energy, and others.
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River City Bank Announces New Interim Chief Financial Officer
June 5, 2023Brian Killeen, currently the Bank's Senior Vice President and Controller, has been appointed Interim Chief Financial Officer, effective July 3, 2023. Mr. Killeen has been the Bank's Controller for the past 16 years. Prior to joining the Bank, Mr. Killeen spent the first seven years of his career working for KPMG LLP.
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Commercial Chapter 11 Filings Doubled Over Same Period Last Year
June 5, 2023Commercial Chapter 11 filings increased 105 percent in May 2023 to 680 versus the 332 filings in May 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Nearly half of the Chapter 11 filings were made by corporate subsidiaries.
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Savi Financial Corporation Promotes Henry Lee to Chief Credit Officer
June 5, 2023Savi Financial Corporation, Inc. (OTC Pink: SVVB) (the “Company”), the bank holding company for SaviBank (the “Bank”), today announced the promotion of Henry Lee to Chief Credit Officer of SaviBank, effective July 11, 2023, succeeding Todd Anderson, who will transition to SVP/Strategic Projects with plans to retire in December 2023.
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ProPetro Announces Credit Expansion and Extension to 2028
June 5, 2023ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced the expansion and extension of its existing asset-based loan facility (the “Amended ABL”) to a new five-year term and an expansion of commitments from $150 million to $225 million.
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First Citizens Bank Names Jim Hudak as President of CIT Commercial Finance
June 5, 2023First Citizens Bank today announced that it has named noted commercial banking executive Jim Hudak as president of its CIT Commercial Finance group, a division of First Citizens Bank, effective immediately. With more than 20 years as a commercial finance executive, Hudak is known throughout the industry for his leadership capabilities and strong commitment to customer support and satisfaction.
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Cyxtera Takes Next Step to Implement Restructuring Support Agreement
June 5, 2023Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that, pursuant to the previously disclosed Restructuring Support Agreement (“RSA") it reached with certain of its lenders holding over two-thirds of its outstanding term loan, the Company and certain of its subsidiaries have initiated a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey.
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Republic Bank Advances New Leadership’s Strategy by Enhancing Operational Efficiency and Initiating a Real Estate Evaluation
June 5, 2023Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the "Bank" or “Republic”), today announced that it is taking additional steps to enhance operational efficiency within its Retail Banking Division.
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Pineapple Energy Closes Debt Financing with Decathlon Capital Partners
June 5, 2023Pineapple Energy Inc. (NASDAQ: PEGY) (the “Company” or “Pineapple”), a leading provider of solar power, battery storage systems, and smart energy control to households and small businesses, today announced the closing of a $7.5 million debt deal with Decathlon Capital Partners, the country’s largest revenue-based funding investor.
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Eastern Bank Provides Financing for ‘Grace by Nia,’ a new Modern-day Supper Club in Boston’s Seaport District
June 5, 2023Three of Boston’s award-winning business leaders in the hospitality and entertainment sector, Nia Grace—owner of Darryl’s Corner Bar & Kitchen and The Underground Café & Lounge—along with Ed Kane and Randy Greenstein—owners of Big Night Entertainment Group—have joined forces to open ‘Grace by Nia’, a modern-day supper club for which Eastern Bank is providing financing.
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First Commerce Bank Announces Completion of Holding Company Reorganization
June 5, 2023First Commerce Bank ("Bank") and First Commerce Bancorp, Inc. (the "Holding Company") (OTC PINK:CMRB) today announced that they have completed the Bank's reorganization into a bank holding company structure, effective the close of business on May 31, 2023.
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Incora to Restructure Balance Sheet to Position Business for Long-Term Growth
June 5, 2023Incora and certain affiliates (collectively, “Incora” or the “Company”), a leading global provider of innovative supply chain management solutions, announced that the Company filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”) in the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”).
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Amerisource Closes $3,000,000 Senior Credit Facility for Information Technology Services
June 5, 2023Amerisource Business Capital announced the closing and funding of a $3,000,000 senior credit facility for a Texas-based information technology services provider serving the construction industry.
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KeyBank Provides $20 Million Line of Credit for the Advancement of Small Business With Lendistry
June 5, 2023Lendistry Core SPV I, LLC a newly formed Special Purpose Entity (SPE) established by B.S.D. Capital, Inc. dba Lendistry (Lendistry) to purchase eligible loans originated and sold by Lendistry, has obtained $20 million line of credit (LOC) from KeyBank Community Development Financial Institutions (CDFI) Group.
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Barry Simmons Named Head of National Sales for Wells Fargo Advisors
June 5, 2023Wells Fargo & Company today announced that Barry Simmons is the new head of National Sales for Wells Fargo Advisors. In this role, Simmons will lead Wells Fargo Advisors’ sales and business development team nationally, advisor recruiting across all channels, branch communications and advisor and cliet event strategy.
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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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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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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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