- Gateway Completes a Record 39 Stretch Deals in 45 Days Totaling $15 Million
- Cambridge Wilkinson Investment Bank Closes $100 Million Credit Facility Upsizing for Specialty Finance Platform
- Baker Garrington and Liquid Capital Announce Recent Financings
- Dykema’s Chicago Office Adds Estate Planning Attorney Todd E. Wallace
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Karim Habib Joins Accord Financial as Managing Director, Business Development
Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies ("Accord") (TSX: ACD) has expanded their Canadian Asset Based Finance/Factoring senior management team to include Karim Habib as Managing Director, Business Development Ontario and Western Canada. His responsibilities will include expanding Accord’s brand presence as well as developing long-term business growth strategies.
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The events of 2020 have given commercial lenders the enormous opportunity of being the catalyst for helping to create greater economic stability. With the release of urgent stimulus programs, lenders must be nimble enough to make financing available to businesses that need it to keep their heads above water while they handle the COVID-19 effect on our economy. But at the same time, it is crucial for lenders to carefully mitigate risks and maintain strong lending practices to protect their organization so that they can continue to lend in a more uncertain world.
For astute lenders, it is possible to take steps to protect their business now and be poised for a bright future. To do this, what should lenders focus on to help them exceed expectations and achieve growth in a difficult time?
TSL Express Daily Headlines & News
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Proskauer Releases 7th Annual Private Credit Survey
April 26, 2023The private capital market is alive and well, according to a new report from Proskauer. The leading international law firm today released the findings of its annual Private Credit Survey which asked more than 150 executives at private credit firms across the globe for their thoughts on the state of the direct lending market in 2023. Proskauer asked respondents to share their expectations for the year, including factors driving deal flow and challenges for dealmakers, and examined data and insight around the broader market.
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Comvest Credit Partners Provides $185 Million Senior Credit Facility to Firebirds Wood Fired Grill
April 26, 2023Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent on a $185 million senior secured credit facility (the “Financing”) for Firebirds Wood Fired Grill (“Firebirds”, or the “Company”), a Charlotte-based restaurant chain operator.
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Abacus Finance Provides Senior Debt Financing to Support the Leveraged Buyout of RBW Logistics by LongueVue Capital
April 26, 2023Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of lower middle-market companies – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Sole Lender for senior secured credit facilities to support the leveraged buyout of RBW Logistics by LongueVue Capital.
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Gibraltar Business Capital Names Jim Marasco Head of Originations
April 25, 2023Gibraltar Business Capital is proud to announce that Jim Marasco, a widely respected senior executive leader who served on GBC’s Board of Directors, is joining the GBC leadership team as Head of Originations.
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AtlasEdge Secures €725 Million Sustainable-linked Credit Facility
April 25, 2023The company this week announced that it has secured a scalable facility underwritten by mandated lead arranger ING Bank, as well as ABN Amro, Crédit Agricole CIB, The Bank of Nova Scotia, National Westminster Bank Plc, Banco Santander, and UniCredit Bank AG. The package consists of €525 million ($579m) in committed debt financing and a further €200 million ($221m) uncommitted accordion. The financing also includes sustainability-linked targets focused on efficiency and renewable energy usage.
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First Bank Hires W. Todd Ross as Roanoke Valley Market President
April 25, 2023First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), announced today that W. Todd Ross has been hired as Market President for the Roanoke Valley Region. Todd will be responsible for all lines of business banking, and business development, while partnering with other core functions such as retail, treasury, and mortgage banking.
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Briar Capital Real Estate Fund Provides $4.35 Million Real Estate Term Loan to North Carolina Contract Manufacturer
April 25, 2023Briar Capital Real Estate Fund (www.BriarCapital.com) announced it has provided a $4.35 million real estate term loan to a contract manufacturer in North Carolina providing utility enclosures/shelters and metal finishings for the automotive and HVAC industries to customers across North America.
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Christopher Babiarz Joins Barclay Damon
April 25, 2023Barclay Damon announces Christopher Babiarz, associate, has joined Barclay Damon’s Real Estate and Financial Institutions & Lending Practice Areas. His primary office is Syracuse. Babiarz focuses his practice on commercial real estate transactions, including purchases, sales, lending, and title work, from inception to closing.
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Concord Closes $25 Million Deal for Refurbisher of Mobile Devices
April 25, 2023The financing consists of an $18 million senior secured revolving line of credit plus a $7 million accordion to refinance existing debt, finance an acquisition, and support working capital.
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Accord Financial Announces the AccordExpress Factoring Portal Providing Simplified Access to Accounts Receivables Financing
April 25, 2023Accord Financial Corp., one of North America’s leading independent commercial finance companies ("Accord") (TSX: ACD) is now offering Canadian companies a fast and convenient way to obtain accounts receivables financing through the new AccordExpress Factoring Portal.
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Trinity Capital Inc. Provides $40 Million Growth Capital to Convergent Dental, Inc.
April 25, 2023Trinity Capital Inc. (NASDAQ: TRIN, TRINL), a leading provider of diversified financial solutions to growth-stage companies, today announced a $40 million facility to support the growth of Convergent Dental, Inc., the power behind Solea®, the world's first computer-aided all-tissue CO2 dental laser.
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Casella Waste Systems, Inc. to Acquire Select Solid Waste Operations From GFL Environmental Inc. That Will Expand Footprint Into Adjacent Markets and Provide a Platform for Future Growth
April 25, 2023The acquisition is not subject to any financing conditions and Casella expects to fund the purchase price through a combination of cash on hand, revolving credit facility borrowings, and from a planned new Term Loan A under its existing senior secured credit facility. Casella received a bridge financing commitment from Bank of America, N.A., BofA Securities Inc., JPMorgan Chase Bank N.A., Comerica Bank, and Citizens Bank, N.A.
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Marathon Asset Management Brings on Co-head of Consultant Relations
April 25, 2023Scott Boyle was named managing director, co-head of consultant relations at Marathon Asset Management. Based in New York, Mr. Boyle reports to Jason Friedman, partner and global head of business development, a spokesman said in an email.
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Ares Strategic Income Fund Launches with $1.5 Billion of Investible Capital
April 25, 2023Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today the launch of Ares Strategic Income Fund (“ASIF” or the “Fund”), a perpetual capital, continuously offered, non-traded business development company, which seeks to primarily invest in directly originated, senior secured, floating-rate loans to U.S. middle-market companies.
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Siena Lending Group LLC Announces the Closing Of A $35 Million Credit Facility for a Functional Footwear And Accessory Company
April 25, 2023Siena Lending Group LLC ("Siena") is pleased to announce the closing of a $35MM credit facility for a fourth-generation, family-owned Company based in Milwaukee, Wisconsin. The Company was founded in 1911 and has a long history of designing and selling on-trend and functional footwear and accessories.
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ICL Announces Sustainability Linked Revolving Credit Facility
April 24, 2023CL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it has entered into a $1,550 million sustainability linked revolving credit facility agreement. The initial term is for five years, with an option for the lenders to extend the period for another two years. The agreement is with a consortium of 12 international banks and replaces the previous revolving credit facility, which was entered into in 2018.
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Authentic Brands Group Inks Deal With Vince Holding
April 24, 2023Under the agreement, Vince intellectual property will live under a subsidiary within Authentic called ABG Vince. Authentic will own 75% of the group in exchange for $76.5 million and a 25% stake for Vince Holding Corp. Both entities have also entered into a licensing agreement, under which Authentic will operate the Vince business.
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Royal Vopak Signs Agreements for a new Debt Issuance of EUR 400 Million Equivalent
April 24, 2023Royal Vopak announces the signing of Note Purchase Agreements for a debt issuance in the US Private Placement (USPP) market for a total amount of USD 225 million and EUR 193 million. Funding will take place mid June this year and is subject to customary closing conditions.
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LSQ Creates a $7.5 Million Facility for Telecom Services Firm
April 24, 2023LSQ, a leading provider of working capital and payments management solutions, recently originated a $7.5 million credit facility for a Florida-based telecom field services firm. The company will use the additional working capital to support current operations and growth.
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BizCap® Raises $30,000 for Team IMPACT
April 24, 2023BizCap®, a national commercial finance and advisory firm, is proud to announce that it has raised over $30,000 for Team IMPACT, a national non-profit that matches children facing serious illness and disability with college sports teams, creating a long-term, life-changing experience for everyone involved.
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