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Flagship Healthcare Trust Secures New $265 Million Revolving Credit Facility From Fifth Third Bank-Led Consortium
Flagship Healthcare Trust, Inc. (Flagship REIT), a Charlotte-based outpatient healthcare real estate investment trust, has expanded its syndicated senior revolving credit facility arranged by Fifth Third Bank.
The $265 million senior secured credit facility has a $100 million revolver and a $165 million term loan. Flagship also increased its borrowing capacity by an additional $200 million through an accordion feature.
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Credit cycles typically bring about two correlated occurrences – consolidation and credit voids. This last cycle has been no different as several market segments experienced consolidation, which has created unique and unrelated voids in both small-ticket ABL and the asset-backed term space. New firms are emerging to fill the voids as we are about to enter a new cycle of competition and innovation.
TSL Express Daily Headlines & News
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A&G Sets April 28 Auction Date for Nine Additional Party City Store Leases
April 24, 2023A&G Real Estate Partners, real estate advisor to Party City Holdco Inc. in its expedited financial restructuring, today announced plans to offer nine additional Party City leases in a Friday, April 28 auction, for which bid procedures were recently approved by the U.S. Bankruptcy Court for the Southern District of Texas. The bid deadline is Monday, April 24.
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Hilco Corporate Finance Expands Its Special Situation and Restructuring Investment Banking Services with the Addition of Senior Managing Director, Richard S. Klein
April 20, 2023Hilco Corporate Finance (HCF), Hilco Global’s investment banking advisory firm, has named Richard S. Klein a Senior Managing Director in its New York Office. Mr. Klein will further expand the range and experience of HCF’s Special Situation and Restructuring Investment Banking services.
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Rivian Extends Credit Facility
April 20, 2023Rivian Automotive Inc. (Nasdaq: RIVN) said today that the Irvine EV maker’s subsidiary amended the credit agreement it secured two years ago. The amended agreement doubles the company’s revolving commitments to $1.5 billion, increases the credit sublimit from $500 million to $1 billion and extends its maturity date by three years to 2028, officials said.
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White & Case Advises Oatly on US$430 Million Financing
April 20, 2023Global law firm White & Case LLP has advised Oatly on a US$430 million financing arrangement, consisting of a private placement of US$300 million 9.25 percent convertible senior PIK notes due 2028, a new US$130 million term loan B credit facility and a SEK2.1 billion amended sustainability-linked revolving credit facility.
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ETC Provides Sustainable Cashmere Maker with More than Mere Cash in a $3.5MM E-Commerce Facility Add On
April 20, 2023Express Trade Capital (“ETC”) is thrilled to announce the addition of a $3.5MM B2C - Ecommerce financing facility to a well-established and fast-growing cashmere apparel manufacturer.
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IDB Bank Announces Michal Miron as California Region Manager
April 20, 2023IDB Bank, a New York-based private and commercial bank, today announced the appointment of Michal Miron as its new Executive Vice President and California Region Manager. In this role, she will lead the Bank's West Coast operations and strategic growth agenda across the region.
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MUFG Expands Technology Banking Coverage Team
April 20, 2023Mitsubishi UFJ Financial Group (MUFG) announced today the hiring of five senior executives, and a total of at least 20 new team members, to significantly expand the capabilities of its Technology, Media and Telecom (TMT) Banking group to support the pre-IPO growth and middle-market public companies in the innovation ecosystem.
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SLR Healthcare ABL Announces $6 Million for Skilled Nursing and Rehabilitation Center
April 20, 2023SLR Healthcare ABL is pleased to announce that it provided a $6 million asset-based revolving line of credit to a skilled nursing and rehabilitation center in March 2023.
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Rosenthal Completes Purchase Order Financing and Inventory Financing Transactions Totaling $5.5 Million
April 19, 2023Rosenthal & 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 two recent transactions in the beauty and apparel sectors, totaling $5.5 million.
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First Citizens Bank Provides $48 Million for Acquisition of Florida Apartment Community
April 19, 2023First Citizens Bank today announced that its Real Estate Finance group, part of the CIT division, provided a $48 million senior secured loan to finance the acquisition of the Dunson Grove apartment community in Davenport, Florida.
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United Furniture Industries, Inc. Commences Sale Process of Real Estate Portfolio in Connection with Chapter 11 Liquidation
April 19, 2023B. Riley Real Estate, LLC ("B. Riley”) is acting as real estate advisor to United Furniture Industries, Inc. (the “Debtor”) in connection with its Chapter 11 liquidation and has commenced the sale process for the Lane Furniture real estate portfolio on behalf of the Debtor.
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Heritage Global Valuations Appoints Rick Wiorek as Director
April 19, 2023Heritage Global Valuations (“HGV”), a division of Heritage Global Inc. (Nasdaq: HGBL), specializing in the valuation of commercial & industrial assets including inventories and machinery & equipment (“M&E”), announced today that Rick Wiorek, ASA, CEA has joined HGV as a Director.
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Gridiron Capital Promotes Ryan Gardner to Vice President and Jason Atwell to Tax Director April 2023
April 19, 2023Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is thrilled to announce the promotions of Ryan Gardner to Vice President and Jason Atwell to Tax Director.
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BizCap Secures Investment to Support Oakwolf Group Hyper Growth
April 19, 2023BizCap®, a commercial finance firm established in 2002, is pleased to announce that it has secured a multi-million dollar senior debt investment supporting the hyper growth of Oakwolf Group, a top provider of Healthcare IT (HCIT) services and solutions throughout the United States.
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InterNex Capital Announces $1 Million Facility to Staffing Company
April 19, 2023InterNex Capital provides $1,000,000 facility to a staffing company based in New York. The company sought a broader capital solution beyond factoring, greater flexibility, and a relationship with a lending partner who understood their business and needs.
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SLR Equipment Finance Expands its Sales Management Capabilities and Announces that Matt Ross has Joined the Company
April 19, 2023SLR Equipment Finance is pleased to announce Matt Ross has joined our company as a Senior Vice President – Head of Sales. In his position, Matt will play a key role in leading the Direct Sales Team to drive growth for equipment lessors. Matt was last with Mitsubishi MHCC Inc. and brings years of experience in direct / vendor equipment financing.
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Oxford Commercial Finance Marks First Year with Expanded Working Capital Solutions for SMBs
April 19, 2023Oxford Commercial Finance (OCF), a subsidiary of Oxford Bank ("the Company"), is announcing an expanded line of flexible working capital solutions for small to medium-sized businesses, increased customer base, and new website with helpful resources for business owners.
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Marine Services Company Able to Pursue Wind Energy Business With $2.5 Million Accounts Receivable Financing from Accord Financial
April 19, 2023Accord Financial Corp., one of the U.S. and Canada’s leading independent finance companies ("Accord") (TSX: ACD), is pleased to announce the closing of a $2.5 million credit facility to help a marine services company move into the wind energy space. Accord’s Asset Based Lending Group structured the facility to include a traditional revolving credit package backed by accounts receivable.
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Bastion Management and Hudson Cove Close $100 Million Facility with NexGen Financial Inc.
April 19, 2023Bastion Management ("Bastion"), a private investment firm focused on asset-based lending in the specialty finance sector, announced today that it has agented a $100 million senior debt facility for NexGen Financial Inc. ("NexGen") to support the continued growth of its portfolio. Bastion Management and Hudson Cove Capital Management have provided the funding.
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Cornerstone Business Credit Funds $600,000 Line of Credit to a Commercial Nursery
April 19, 2023Cornerstone Business Credit is pleased to announce the funding of a $600,000 line of credit to a commercial nursery. Traditional bank financing was not an option due to recent losses, so they contacted Cornerstone.
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