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TSL Express Daily Articles & News
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Cyxtera Closes Accounts Receivable Securitization Facility of $37.5 Million with PNC Bank, N.A.
Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced it has closed an accounts receivable securitization facility of $37.5 million with PNC Bank, N.A. The new facility provides increased availability and reduced interest expense compared to Cyxtera’s former accounts receivable factoring facility. The facility has a committed term of three years.
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SG Credit Partners provides situational capital ranging from $1-$10 million for the lower middle market with a focus on non-sponsored businesses. Headquartered in Southern California with offices in Atlanta, Boston, Chicago and Portland, the SG Credit Partners team has provided in excess of $250 million to 150-plus borrowers across a variety of industries and continues to expand its national footprint. Here, Marc discusses SG Credit’s efforts in going from a niche lender to a broader platform in order to better work with asset-based lenders and banks and why they are broadening their scope.
TSL Express Daily Headlines & News
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BMO Completes Acquisition of Bank of the West
February 2, 2023BMO Financial Group (TSX: BMO) (NYSE: BMO), and its subsidiaries BMO Financial Corp. and BMO Harris Bank N.A. (together, "BMO"), announced today it has completed the acquisition of Bank of the West from BNP Paribas (XPAR: BNP).
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Siena Lending Group LLC Increases its Senior Leverage Facility to $672.5 Million
February 1, 2023Siena Lending Group LLC ("Siena") today announced an increase to its senior credit facility with Wells Fargo Capital Finance to $672.5 million to support its continued growth. Siena is a leading independent asset based lending business, supporting middle market companies with credit facility requirements of $10 -$100MM. Siena operates nationwide throughout the U.S. and Canada and offers financing for healthcare companies through its Siena Healthcare division.
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Versant Funds $4.5 Million Non-Recourse Factoring Transaction to MedTech Company
February 1, 2023Versant Funding LLC is pleased to announce it has funded a $4.5 Million non-recourse factoring transaction to a MedTech company which provides services to major hospitals and pharmaceutical companies.
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InterNex Capital Announces $750,000 Line of Credit to Oil & Gas Company
February 1, 2023InterNex Capital provides $750,000 facility to an oil and gas servicing company based in Arkansas. The company sought a stable and consistent working capital partner to satisfy daily needs, improve cost of capital, and help plan for future high-tech investments to meet their growth plans.
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Martin to Lead CohnReznick’s Boston and Greater Massachusetts Offices
February 1, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Kevin P. Martin, Jr. is assuming the role of Office Managing Partner – Massachusetts Offices effective February 1, 2023. This significantly expands Martin’s leadership role in the state as he will now lead the Boston office in addition to maintaining his current responsibilities managing the Braintree, Danvers, and Fall River offices.
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Private Funds and Real Estate Partner Gibbs Fryer Returns to King & Spalding
February 1, 2023King & Spalding announced today that private funds and real estate lawyer Gibbs Fryer has rejoined the firm as a partner in its Corporate, Finance and Investments (CFI) practice group. He is based in the firm’s Atlanta office. Fryer will advise private equity sponsors and institutional investors on real estate capital markets transactions, with a particular focus on real estate fund formation, joint ventures and other capital markets transactions.
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Atalaya Closes Eighth Special Opportunities Fund at $1.8 billion Hard Cap
February 1, 2023Atalaya Capital Management (“Atalaya”), a leading investment management firm focused on asset-based private debt and special opportunities, announced the completion of fundraising for its eighth Special Opportunities Fund (“ASOF VIII”). The oversubscribed fund closed with $1.8 billion of commitments given significant support from both new and existing partnerships with investors. These partners include public and corporate pensions, endowments, foundations, healthcare systems, sovereign wealth plans and high net worth individuals.
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Audax Private Debt Provides Financing to Support Cressey & Company and Health Enterprise Partners’ Investment in The InterMed Group
February 1, 2023Audax Private Debt (“Audax”) announced that, as Administrative Agent and Sole Lead Arranger, it provided a unitranche credit facility to support Cressey & Company (“Cressey”) and Health Enterprise Partners’ (“HEP”) acquisition of The InterMed Group (“InterMed” or the “Company”).
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SolaREIT™ Announces $15 Million Revolving Credit Facility with Atlantic Union Bank
January 31, 2023SolaREIT™, a solar real estate investment fund, announced today that they successfully closed on a revolving credit facility with Atlantic Union Bank (AUB). This line of credit provides the company with an additional $15 million of liquidity, and will allow SolaREIT™ to continue to scale the business and efficiently use its securitization facility established in 2021 with Nuveen/TIAA CREF.
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Bridge Bank Provides $3 Million Credit Facility to Help Innovative Lease Services Grow Portfolio
January 31, 2023Bridge Bank today announced its Capital Finance Group has closed on a $3 million credit facility for Innovative Lease Services Inc., a Carlsbad, California-based provider of commercial equipment financing and leasing services. Innovative Lease Services (ILS) plans to use the funding to help grow its lease portfolio.
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David Castleman Joins Otterbourg as Member in the Restructuring and Bankruptcy Department
January 31, 2023Otterbourg P.C. announced today that David Castleman has joined the firm as a member in the Restructuring and Bankruptcy Department. He comes to Otterbourg from Raines Feldman LLP, where he was a partner. Mr. Castleman’s practice focuses on federal equity receiverships and complex litigation in both state and federal courts.
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Wintrust To Appoint Timothy S. Crane as Chief Executive Officer
January 31, 2023Wintrust Financial Corporation (“Wintrust” or “WTFC”) is today announcing the planned transition of the Chief Executive Officer role. Effective May 1, 2023, Timothy S. Crane, who currently serves as Wintrust’s President, will assume the additional role of Chief Executive Officer. Crane also has been appointed to the Wintrust Board of Directors effective immediately.
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Leading Finance and Restructuring Partner Joins Womble in Baltimore
January 31, 2023Womble Bond Dickinson announced today that Joel L. Perrell Jr. has joined the Baltimore office as a partner in the Capital Markets group. Perrell brings decades of experience representing diverse clients in bankruptcy cases, insolvency proceedings, restructurings, and workouts domestically and internationally involving cryptocurrency, retail, manufacturing, healthcare, transport, real estate, insurance, and other commercial businesses.
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Lighthouse Financial Corp. Promotes Daniel Ellis to Senior Vice President-Account Executive
January 31, 2023Lighthouse Financial Corp. is pleased to announce the promotion of Daniel Ellis to Senior Vice President, Account Executive. In this role Mr. Ellis will continue to manage a portfolio of asset-based loans and underwrite new transactions. In addition, Mr. Ellis will lead the efforts of Lighthouse's subsidiary Verification Management Company, which provides asset-based loan management services to financial institutions without the capacity to do so themselves.
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With Expansion, Great Lakes Business Credit Rebrands With Expansion, Great Lakes Business Credit Rebrand
January 31, 2023Great Lakes Business Credit, one of the nation's fastest-growing alternative commercial finance companies, has announced a rebranding, with the new name of Bridge Business Credit. Under its new name, the Bridge Business Credit team of experienced financial professionals will serve operating companies located throughout the Central and Eastern U.S. time zones.
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eCapital Healthcare Division Closes $172.6 Million in 2022
January 31, 2023eCapital Corp. (“eCapital” or “the Company”), a leading finance provider for businesses across North America and the U.K., today announced that eCapital Healthcare delivered $172.6 million in newly originated credit facilities for businesses in the healthcare industry in 2022.
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First Citizens Bank Provides $52.4 Million to Finance Portfolio of Medical Office Building Properties
January 31, 2023First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, has provided $52.4 million to affiliates of Kayne Anderson Real Estate and Remedy Medical Properties to finance a portfolio of medical office building properties.
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Huntington Business Credit Provides $25 Million Credit Facility for Vanguard International Solutions, Inc.
January 31, 2023Huntington Business Credit announced it closed a $25,000,000 new credit facility with Vanguard International Solutions, Inc. on December 30, 2022. Vanguard International Solutions, Inc., headquartered in Cleveland, Ohio, is a wholesale distributor of medical and food-grade disposable gloves and related Personal Protective Equipment primarily to the food service, medical, and janitorial industries.
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MidCap Business Credit Closes $5 Million Facility for Coated and Bonded Abrasive Products Manufacturer
January 31, 2023MidCap Business Credit announced today they have closed on an $5,000,000 asset-based credit facility to a manufacturer and supplier of coated and bonded abrasive products throughout North America, Canada, and Mexico. The credit facility is supported by advances against accounts receivable and inventory.
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Bluestone Announces Extension of Credit Facility to Advance the Cerro Blanco Gold Project
January 30, 2023Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) ("Bluestone" or the "Company") is pleased to announce that it has extended the term of the previously announced US$30,000,000 loan (the "Loan") with Zebra Holdings and Investments S.à.r.l, and Lorito Holdings S.à.r.l (the "Lender") that was due to expire March 11, 2023 (see March 14, 2022 press release).
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