- Flatbay Capital Structures $2MM Owner-Occupied CRE Bridge Loan for Houston-Area Construction Contractor
- Gibraltar Business Capital Structures $35MM Funding for Acquisition of American Furniture Manufacturing by SouthWorth Capital Management
- Clifford Chance Accelerates US Growth With Partner Adriana Zhan
- SFNet New Member Spotlight: Crowell & Moring
- CPS Announces Credit Facility Capacity Increase
TSL Express Daily Articles & News
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Ares Commercial Finance Adds Managing Director to its Origination Team
Ares Commercial Finance (“ACF”) announced that Kristen Holihan has joined its Origination Team as a Managing Director. Based in New York, Ms. Holihan is responsible for business development and origination, with a focus on restructuring, sponsor and direct lending relationships.
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Andy McGhee is vice chairman of White Oak Commercial Finance (White Oak), an affiliate of White Oak Global Advisors, LLC, and leads the firm’s lender finance business. He has over 30 years of experience in the lending business, most recently managing a multi-billion-dollar loan portfolio as the CEO of AloStar Capital Finance. In 2011, McGhee co-founded AloStar Capital Finance by acquiring a failed bank in Birmingham, AL.
At the time of its sale in 2017, AloStar had committed more than $3 billion to middle-market companies. McGhee has also served in various leadership roles covering asset-based lending (ABL) at SunTrust, Citicorp, Bank South and Bank of America. McGhee sits on the board of directors for Piedmont Hospital in Atlanta and is an Elder at Peachtree Presbyterian Church. He holds a B.A. in economics from the University of Georgia.
TSL Express Daily Headlines & News
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Austin Financial Services Hires SVP, ABL Originations to Expand ABL Originations in Midwest Region
February 21, 2023Austin Financial Services, Inc. (AFS) is pleased to welcome Stacey Huddleston as its new SVP, ABL Originations. In this role, Huddleston will continue to expand the company’s Asset Based Loan (ABL) origination efforts throughout the Midwest region. Huddleston brings with him 22 years of commercial finance and asset-based lending experience. Prior to joining AFS, he held leadership roles with Seacoast Business Funding and Prestige Capital.
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AlixPartners to Acquire Leading Independent Restructuring Practice THM Partners
February 21, 2023AlixPartners, the global consulting firm, today announced that it has entered into an agreement to acquire leading independent restructuring practice THM Partners LLP (THM). The proposed transaction will see THM’s 40 Partners and staff located in the UK, Germany, and Singapore joining AlixPartners’ world-leading Turnaround & Restructuring Services practice.
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Flatbay Capital Announces Funding of $5.9MM CRE Line of Credit
February 16, 2023On December 30th, 2022, Flatbay Capital LLC closed a $5.9MM commercial real estate secured line of credit for a large general contractor in Houston. We also introduced an equipment lending partner and together we were able to fully pay off the bank before year's end.
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White & Case Advises Lenders on Financing for Acquisition of Vittoria
February 16, 2023Global law firm White & Case LLP has advised the lenders on a senior term and revolving credit facility agreement to finance the acquisition by British investment fund Telemos Capital of a majority stake in Vittoria, an Italian manufacturer of bicycle tyres and related accessories. The pool of lenders comprised Crédit Agricole, UniCredit, BPER Banca, Deutsche Bank and Muzinich.
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SG Stonegate Announces a Senior Debt Investment in Mike's Hot Honey
February 16, 2023SG Stonegate Capital is excited to announce its newest partnership: Mike’s Hot Honey. Mike’s Hot Honey was born from a desire to create and share the highest quality honey infused with chili peppers. The brand is a welcomed addition to SG Stonegate's pizza pies, pantry, and the portfolio. The debt financing will support Mike’s Hot Honey’s continued growth, innovation and expansion.
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FTI Consulting Survey Finds Operational and Compliance Implications Will Intensify Across Every Aspect of Digital Insights and Risk Management
February 16, 2023FTI Consulting, Inc. (NYSE: FCN) today announced findings from its Technology segment’s study of digital insights and risk management trends, which revealed that digital risk is rapidly surpassing other areas of corporate risk as the primary business concern and that data has become inextricably linked to business success.
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BMO Announces Executive Appointment
February 16, 2023BMO Financial Group today announced the appointment of Nadim Hirji as Group Head, BMO Commercial Banking. Mr. Hirji will report to Chief Executive Officer Darryl White and join the bank's Executive Committee. His appointment is effective March 1, 2023.
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Stonebriar Commercial Finance Celebrates its 8th Anniversary with Another Record-Breaking Year
February 16, 2023Stonebriar Commercial Finance (“Stonebriar”) today announced it continued to serve its valued customer base, originating $2.3 billion of new business volume for 2022, a 53% increase over 2021, while increasing ending receivables and serviced assets to over $5.6 billion. The significant increase in volume resulted in a 54% increase in operating income and a 57% increase in ending receivables.
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Winston & Strawn is Representing Roadzen, Inc.
February 16, 2023Winston & Strawn is representing Roadzen, Inc., a global insurance technology company, in its announced business combination with Vahanna Tech Edge Acquisition I Corp. (Nasdaq: VHNA), a special purpose acquisition company. Upon the closing of the transaction, the combined company will operate as Roadzen Inc. and expects to be listed on Nasdaq.
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B. Riley Expands Appraisal and Valuation Services with Addition of Field Examination Practice
February 16, 2023B. Riley Advisory Services, a leading provider of specialty business advisory services, today announced it has expanded the firm’s appraisal and valuation services with the addition of a dedicated field examination practice. This experienced team specializes in developing company-specific field examination procedures in collaboration with lenders to support new and existing credit facilities.
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Target Hospitality Extends Credit Facility Providing Financial Flexibility to Execute Growth Strategy
February 15, 2023Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, announced on February 2, 2023, that it has amended and extended the terms of its ABL Credit Agreement, dated March 15, 2019 (as amended, the "Amended ABL Facility"), further solidifying its strong financial position and the foundation to continue executing it growth strategy.
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Diversified Healthcare Trust Announces Amendment to Credit Agreement
February 15, 2023Wells Fargo Securities, LLC, RBC Capital Markets, Citibank, N.A. and PNC Capital Markets LLC acted as Joint Lead Arrangers for the amendment to DHC’s credit agreement. Wells Fargo Bank, National Association is the Administrative Agent and Collateral Agent for the facility.
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Ares Commercial Finance Provides $22.5 Million Senior Secured Credit Facility to Leading Offline Egg Processor and Wholesale Distributor
February 15, 2023Ares Commercial Finance announced today that it has provided a $22.5 million senior secured credit facility to a leading offline processor and wholesale distributor of branded and private-label commodity, specialty and hard-cooked eggs predominantly in the Northeast and Mid-Atlantic markets. The credit facility consists of an asset based revolving line of credit. Proceeds of the credit facility will be used to refinance existing indebtedness and for ongoing working capital needs.
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AccessOne Closes $300 Million Securitization Renewal With PNC Bank
February 15, 2023AccessOne, a leading provider of consumer-centric patient payment tools and financing options, today announced that PNC Bank has renewed and expanded its credit facility to $300 million, up from the previous $225 million closed in 2019. The new three-year securitization positions AccessOne to help more healthcare organizations offer simplified and affordable payment options to patients at a time when 71% of consumers say inflation has affected their ability to pay their medical bills, according to a recent AccessOne survey.
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Avaya Takes Action to Accelerate Transformation and Fortify Capital Structure
February 15, 2023Avaya Holdings Corp. (NYSE: AVYA) (“Avaya” or the “Company”), a global leader in solutions to enhance and simplify communications and collaboration, today announced that it has entered into a Restructuring Support Agreement (the “Financial Restructuring”) with overwhelming support of more than 90% of the Company’s secured lenders (the “Investor Group”). Implementing the Financial Restructuring will accelerate Avaya’s ongoing business transformation, significantly enhance its ability to invest in its innovative cloud-based communications portfolio and position the Company for long-term success.
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Stellus Provides Financing in Support of Bansk Group’s Acquisition of Red’s
February 15, 2023Stellus Capital Management, LLC (“Stellus”), a leader in middle market direct lending, announced today that its affiliates provided senior debt financing and an equity co-investment in support of Bansk Group’s (“Bansk”) acquisition of Red’s All Natural (“Red’s), a rapidly growing brand of clean-label frozen burritos and breakfast sandwiches in the U.S.
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Winston & Strawn Represents ROC Energy Acquisition Corp.
February 15, 2023Winston & Strawn is representing ROC Energy Acquisition Corp., a publicly traded special purpose acquisition company, in connection with the announced business combination with Drilling Tools International Holdings, Inc. (“DTI”), a leading oilfield services company that rents downhole drilling tools used in horizontal and directional drilling.
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CIT Closes $8 Million Factoring Facility for Los Angeles-based Apparel Company
February 15, 2023CIT Commercial Services, a wholly-owned subsidiary of First Citizens Bank, today announced that it has closed a non-recourse factoring arrangement and $8 million senior secured facility for a Los Angeles-based company that sells men's and boys' clothing to retailers.
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Tuesday Morning Files for Bankruptcy
February 15, 2023Tuesday Morning, the discount home goods retailer, filed for Chapter 11 bankruptcy protection Tuesday, its second bankruptcy in three years. It’s the latest example of the retail apocalypse, which is starting to creep back. Tuesday Morning’s previous bankruptcy came during the initial months of the Covid-19 pandemic. The chain said Tuesday it must restructure its “exceedingly burdensome debt.” It has secured $51 million in financing to keep operations running.
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Westrock Coffee Company Announces Closing of $50 Million Delayed Draw Term Loan Facility
February 14, 2023Westrock Coffee Company, a leading integrated coffee, tea, flavors, extracts, and ingredients solutions providertoday announced the closing of an amendment to the Company’s existing $350 million credit agreement that established a new class of incremental term loan commitments in the form of a senior secured delayed draw term loan credit facility (the “DDTL Facility” and any term loans under such DDTL Facility, the “Delayed Draw Term Loans”) in the aggregate principal amount of $50 million.
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