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Siena Lending Group LLC Closes $50 Million Credit Facility for MD Helicopters, LLC
Siena Lending Group LLC ("Siena") today announced the completion of a $50 million asset-based revolving line of credit to MD Helicopters, LLC (“MDH”), a manufacturer of high-performance rotorcraft solutions that support operators flying military, commercial, law enforcement, utility, and VIP mission profiles. The proceeds from the facility will be leveraged to partially repay a debtor-in-possession credit facility and for future working capital needs.
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The increase in loan and lease defaults in the wake of COVID-19 has brought to the forefront numerous legal defenses by borrowers and tenants, such as force majeure, impossibility, and frustration of purpose. Force majeure allows a party to suspend or terminate their obligations when certain circumstances beyond their control arise. Impossibility applies when the destruction of the subject matter of the contract or the means of performance makes contract compliance objectively impossible. Frustration of purpose applies when a change in circumstances makes one party’s performance virtually worthless to the other. The decision whether to permit these defenses boils down to allocation of risk, specifically (i) who should bear the risk of unforeseen circumstances, such as the pandemic; and (ii) does the governing contract address the allocation of risk?
TSL Express Daily Headlines & News
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Star Mountain Capital Hires Former Intech Investment Management Managing Director, Leanne Schmitt, as Managing Director
May 1, 2023Star Mountain Capital, LLC ("Star Mountain"), a specialized investment manager with approximately $3.5 billion in assets under management (committed capital including debt facilities as of 3/31/2023) focused on generating systematic excess risk-adjusted returns by investing in the less efficient “lower middle-market” of established, private small and medium-sized businesses in North America, is pleased to announce that Leanne Schmitt has joined as a Managing Director.
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Access Capital Provides $6 Million to a Growing Leader in Light Industrial Staffing
April 27, 2023In order to fuel its ongoing and anticipated success, the company required a credit facility. Access Capital stepped in and expertly crafted a tailored credit solution that will help the new borrower continue to generate strong revenue growth.
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Ocean Bank Provides $10mm Factoring Facility to Industry Leading Specialty Repair Company
April 27, 2023Ocean Bank’s Factoring Division has financed a $10mm factoring facility to fund the expansion plans of a leading provider of offshore deep-water oil rig repairs. The client is well established in the market and has provided services to some of the world’s largest oil producers for more than 30 years.
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CVC Credit Successfully Prices Fifth New CLO of 2023
April 27, 2023CVC Credit is pleased to announce that it has priced Apidos XLV (45), a new issue Collateralized Loan Obligation (“CLO”) vehicle totalling $500 million (c.€450 million). Bank of America served as lead arranger.
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Portage Point Bolsters Middle Market Investment Banking Practice with Addition of Adam Waldman
April 27, 2023Portage Point Partners, LLC (Portage Point), an elite boutique advisory, consulting, interim management and financial services firm, announced today that Adam Waldman has joined the firm as Managing Director, Investment Banking.
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Citizens Business Conditions Index™ Bounces Back in Q1
April 27, 2023Citizens announced today that its national Citizens Business Conditions Index™ (CBCI) rose to 53.9 in the first quarter, reflecting continued strength in the labor market, more new business openings and positive corporate revenue trends. The Index had dipped below 50 during the fourth quarter of last year and the bounce-back during the first quarter signaled a return to positive business conditions.
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Ninepoint Enhances Private Credit Fund With BMO Credit Facility
April 27, 2023Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Ninepoint-TEC Private Credit Fund II (“Ninepoint-TEC” or the “Fund”), announced today that it has secured a revolving credit facility from BMO Bank of Montreal (“BMO”) in the amount of $100 million, with $50 million committed and an additional $50 million accordion,
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Seres Therapeutics Announces $250 Million Debt Financing with Oaktree
April 27, 2023Morgan Stanley & Co. LLC acted as sole structuring agent to the Company. Latham & Watkins LLP served as legal counsel to Seres. Sullivan & Cromwell LLP served as legal counsel to Oaktree.
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B. Riley Ranked Top Litigation Consulting and Forensic Accounting Firm By The National Law Journal's Best of 2023 Survey
April 27, 2023B. Riley Financial, Inc. (Nasdaq: RILY), a diversified business advisory and financial services platform, today announced that B. Riley Advisory Services has been recognized as the top firm in several categories of The National Law Journal's Best of 2023 survey based on votes from clients and law firm professionals nationwide.
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Castlelake Appoints Rory O'Neill and Evan Carruthers Co-CEOs, Yen-Wah Lam Chief People Officer and President
April 26, 2023Castlelake, L.P. ("Castlelake"), a global alternative investment manager specializing in asset-based private credit, today announced that Evan Carruthers, Chief Investment Officer, has been appointed the additional role of Co-Chief Executive Officer alongside Rory O'Neill, who has assumed the title of Executive Chair and Co-Chief Executive Officer.
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Flatbay Capital Funds Owner-Occupied RE for a Serial Entrepreneur
April 26, 2023Flatbay Capital’s latest funding is a $2.5 million Owner-Occupied CRE Bridge Loan for a headquarters in Austin, Texas.
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SLR Equipment Finance Expands its Documentation Capabilities and Announces That Jenifer Friel has Joined
April 26, 2023SLR Equipment Finance is pleased to announce Jenifer Friel has joined our company as Director of Documentation. In her role, Jenifer will help grow SLR Equipment Finance’s documentation team and operational activity. Jenifer was most recently with DLL and brings many years of expertise in managing the documentation process from final credit approval to ultimate funding of contracts with customers.
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SG Credit Partners Announces a Senior Debt Investment in Patrick Ta Beauty
April 26, 2023SG Credit Partners, through its SG Consumer Products division, is excited to announce its partnership with Patrick Ta Beauty, one of the fastest growing brands of next-generation cosmetics in North America. This announcement comes on the heels of the company welcoming industry veteran Kimberly Villatoro as its new CEO in March 2023.
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Paul Hastings Expands Market-Leading Structured Credit Practice
April 26, 2023Further solidifying its Band 1 ranking and dominant market share in collateralized loan obligations, Paul Hastings LLP announced today that preeminent lawyer Nicholas (Nick) Robinson leads a group who has joined the firm. Robinson joins as a partner alongside fellow partner Tracy Feng and a team of associates, all based in New York.
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SouthState names Consumer and Small Business Banking Government Guaranteed Lending and Premier Private Client Group Leaders
April 26, 2023SouthState Bank has announced leadership changes featuring several of its key bankers moving into new positions as veteran bankers retire.
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William Blair’s Investment in Equities Business Gains Momentum
April 26, 2023William Blair, the premier global boutique with expertise in investment banking, investment management, and private wealth management, announced today the addition of two senior hires in the firm’s equities group. Paul Ordinario joins as managing director, south regional sales manager, and Chris Stella will serve as managing director in equity institutional sales out of New York.
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Alvarez & Marsal Expands Its Healthcare M&A Offering by Appointing Amar Kapadia as Managing Director
April 26, 2023Mr. Kapadia has 20+ years of international merger and acquisition (M&A), strategy, diligence and operations experience spanning the healthcare and life science industry and builds on A&M’s commitment to drive value across the investment lifecycle.
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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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