- SFNet Outlines Next Steps on Proposed Basel III Bank Capital Rules
- Rosenthal Capital Group Closes Five ABL Transactions Across Multiple Industries Totaling $18 Million
- Holland & Knight Advises ArtCap on Senior Secured Financing for Wholesale Distributor Sahuayo
- Advantage Business Capital Acquires $22MM Factoring Portfolio
- Wingspire Capital Provides $30 Million to a Crane Rental
TSL Express Daily Articles & News
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Wintrust Business Credit Announces National Expansion
Wintrust Business Credit (WBC), the asset-based lending (ABL) unit of Wintrust Commercial Banking, today announced plans to expand its geographic reach from a regional provider to a national ABL platform.
Since its founding in 2008, WBC has provided best-in-class asset-based lending solutions with a focus on middle-market businesses in the Wintrust footprint.
TSL Express Trending Story
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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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Celtic Capital Corporation Provides Financing for Specialty Chemicals Producer
February 28, 2023The company needed to replace an existing bank line so approached Celtic Capital for a $750,000 accounts receivable line of credit and a $150,000 inventory line of credit to replace the bank financing and provide working capital to help them effectuate their turnaround plan. Celtic Capital provided the requested financing and the company is off and running on their plan.
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ProFrac Holding Corp. Completes Acquisition of Performance Proppants and Upsize of ABL Credit Facility
February 28, 2023ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac" or the "Company") announced today that it has successfully completed its acquisition of Performance Proppants, making it the largest in-basin proppant producer serving the Haynesville. ProFrac acquired Performance Proppants for approximately $475 million, consisting of $469 million in cash and the remainder in shares of ProFrac Class A common stock.
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CVC Credit Successfully Prices First new CLO of 2023
February 28, 2023CVC Credit is pleased to announce that it has priced Apidos XLIII (43), a Collateralized Loan Obligation (“CLO”) fund totalling c.$500m (c.€ 470m), arranged by Deutsche Bank. Apidos XLIII is the first new CLO priced by CVC Credit’s transatlantic performing credit platform this year and will increase CVC Credit’s global AUM to over $38 billion (€36 billion).
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Octaura Hires Howard Cohen as Head of Loan Execution
February 28, 2023Octaura, the electronic trading platform for syndicated loans, today announced the appointment of Howard Cohen as Head of Loan Execution. In this role, Mr. Cohen will be responsible for leading the platform's growth and integration strategies and is a member of the Octaura leadership team.
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Houlihan Lokey Expands Its M&A Tax Advisory Capabilities With Senior Hire
February 28, 2023Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, announced today that Andrew Ziegler has joined the firm’s Transaction Advisory Services team as a Managing Director. Mr. Ziegler is based in New York and will assist the firm’s corporate and financial sponsor clients on a range of domestic and cross-border M&A tax matters.
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BlueCove and Ares Management Announce Strategic Partnership
February 28, 2023BlueCove Limited ("BlueCove”), the London-based scientific fixed income manager, and Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today that they have reached an agreement under which Ares will acquire a minority equity stake in BlueCove with the option to acquire control of the business over a multi-year term.
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BHI Refinances $30 Million Loan for a Senior Living Facility in Davie, Florida
February 28, 2023BHI, a full-service commercial bank, announced that it has closed the refinancing of a $30 million loan for a senior living facility with 199 beds in Davie, Florida. The borrower is Royal Senior Care, which owns and operates senior living facilities in the Southeastern United States with a primary focus in South Florida.
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Rollins, Inc. Announces New Credit Agreement
February 27, 2023Rollins, Inc. (NYSE:ROL) ("Rollins" or the "Company"), a premier global consumer and commercial services company, today announced that the Company entered into a new credit agreement which provides for a $1.0 billion senior unsecured revolving credit facility which refinanced the Company's existing credit facility that was scheduled to mature in April 2024. JPMorgan Chase, N.A. is administrative agent and lead arranger on the transaction, Bank of America, N.A. acted as syndication agent.
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Cano Health Announces Closing of $150 Million Term Loan Facility with Diameter Capital Partners and Rubicon Founders
February 27, 2023Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, today announced that on February 24, 2023, it consummated the closing of a $150 million senior secured term loan (the "2023 Term Loan"), maturing November 23, 2027. JPMorgan Chase Bank, N.A. served as sole lead arranger and sole bookrunner in connection with the 2023 Term Loan and Goodwin Procter LLP served as legal advisor to Cano Health in connection with the 2023 Term Loan and warrants.
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Marco Continues Rapid Growth With Over $200 Million in Financing to Enable LatAm Exporters' Access to the Global Economy
February 27, 2023Marco — the first tech-enabled trade financing platform built for small and medium-sized businesses in Latin America and the United States— announced today it has received a $200 million credit facility from leading middle market lender MidCap Financial and global asset-based private credit specialist, Castlelake.
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SFNet Testifies During Hearing on Connecticut Financial Disclosure Bill
February 27, 2023Connecticut has re-introduced legislation proposing commercial finance disclosures. CEO Rich Gumbrecht and co-general counsel Jon Helfat of Otterbourg testified in front of the Connecticut General Assembly Banking Committee on February 23. Connecticut originally proposed disclosure legislation last year. SFNet was instrumental in that bill not moving forward.
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King Trade Capital Provides a $9 Million Purchase Order Finance Facility for a Growing Athleisurewear Company
February 27, 2023King Trade Capital is pleased to announce the completion of a $9 million purchase order finance facility for a private equity backed athleisurewear company. The 20-year-old company, was acquired in 2020 by a private equity investor expanding its’ active lifestyle inspired portfolio of companies. The private equity firm helped the Client obtain a line of credit with a bank for the initial two years of its ownership of the business but as the business grew the Client was in need of additional working capital and liquidity the bank couldn’t offer to support rapidly growing sales.
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GoldenTree Asset Management to Open Office in the Middle East
February 27, 2023GoldenTree Asset Management (“GoldenTree”), a global asset management firm with over $49 billion in assets under management, today announced the opening of its first office in the Middle East in the Dubai International Financial Centre, United Arab Emirates. The Dubai office will become GoldenTree’s ninth location, with offices already active in New York, West Palm Beach, Charlotte, London, Dublin, Singapore, Sydney and Tokyo.
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FTI Consulting 2023 Global CFO Survey: CFOs Expect Slower Growth into 2024 Due to Inflation, Rising Costs
February 27, 2023Chief Financial Officers view inflation and cost of capital as the top two risks facing their businesses as they prepare for slower growth over the next 18 months, according to findings from a new survey conducted by the Office of the CFO Solutions practice at FTI Consulting, Inc. (NYSE: FCN), in collaboration with the finance publication CFO Dive. The survey also marks the first time FTI Consulting has obtained responses from CFOs and finance leaders around the world.
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Citizens Advises Apogee IT Services on the Sale of its U.S. Operations to Magna5, a Portfolio Company of NewSpring Holdings
February 27, 2023Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Apogee IT Services, backed by Brook Venture Partners, on the sale of its U.S. assets to Magna5. Magna5 is a national provider of managed IT, cybersecurity and cloud-based services and a NewSpring Holdings portfolio company.
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TD Receives Regulatory Approval to Acquire Cowen Inc.
February 27, 2023TD Bank Group ("TD") (TSX: TD) (NYSE: TD) and Cowen Inc. ("Cowen") (NASDAQ: COWN) today announced they have received all regulatory approvals required under their merger agreement to complete TD's acquisition of Cowen. With this step completed, TD expects the acquisition to close on March 1, 2023, subject to the satisfaction of other customary closing conditions.
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LSQ Creates $1.5MM Accounts Receivable Finance Facility for Pet-Food Wholesaler
February 27, 2023LSQ, a leading provider of working capital and payments management solutions, recently originated a $1.5 million credit facility for a Connecticut-based pet-food wholesaler. The company will use the additional working capital to support growth and manage sales and inventory seasonality.
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36th Street Capital Appoints Latouche Chief Risk Officer
February 27, 202336th Street Capital Partners LLC (“36th Street”), an independent provider of equipment financing solutions for middle market companies, announced the appointment of Cecile Latouche as Chief Risk Officer. Latouche joined 36th Street in 2022 and succeeds Gerard Kammerer who remains with the firm as a senior advisor.
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Propel Announces New $250 Million Syndicated Credit Facility
February 27, 2023Propel Holdings Inc. (“Propel”) (TSX: PRL), an innovative fintech company dedicated to credit inclusion, announced a new $250 million syndicated credit facility for the company’s CreditFresh line of business (“the credit facility”). The new credit facility replaces and upsizes the previous CreditFresh facility by $90 million.
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H.I.G. Capital Expands Its Capital Formation Team with the Addition of Colin Hannaway
February 27, 2023H.I.G. Capital, LLC ("H.I.G."), a leading global alternative investment firm with $55 billion of capital under management, is pleased to announce that Colin Hannaway has joined the firm’s Capital Formation Group as a Managing Director, based in New York City.
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