TSL Express Daily Articles & News
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SFNet Announces Governance Boards Leadership
The SFNet Executive Committee and Member Directors of the Secured Finance Network have approved its FY23 SFNet Executive and Management Committee members. In addition, the Secured Finance Foundation Board and its Member Donors have approved the FY23 SF Foundation Board and Officers. These roles are essential to SFNet’s and SFFound’s governance process and to shaping the future of the organizations. SFNet encourages volunteers to join the committees listed below as the chairs develop their agendas in line with SFNet’s and SFFound’s mission and goals.
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The Way Forward for Secured Finance Requires Adaptation, Leadership, Data and Due Diligence
The COVID-19 crisis of 2020, like a stress test for businesses and funders, created a landscape of winners and losers. For those passing the test, there are more lending options and potential buyers as M&A activity begins to sprout.
Some had a good “runway” ahead of the regional lockdowns; they were already digital companies or were well capitalized. Others enjoyed being in high-demand sectors such as groceries, technology, home goods, outdoor products, and delivery transportation.
For those companies that were well positioned or adapted quickly, business growth continues, and for those more challenged due to business restrictions, secured finance has been invaluable, along with government rescue loans. This was a repeated theme throughout the annual SFNet Convention held virtually November 17-19. This article covers many of the 34 presentations on the theme: “This Way Forward.”
TSL Express Daily Headlines & News
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Abacus Finance Provides Senior Debt Financing to Support the Recapitalization of Advertiser Perceptions by Eureka Equity Partners
March 15, 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 recapitalization of Advertiser Perceptions by Eureka Equity Partners. Additionally, Abacus made an equity co-investment in Advertiser Perceptions.
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Global Asset-based Lending Market Is Expected to Reach $1,721.38 Billion by 2031: Says AMR
March 14, 2023According to the report published by Allied Market Research, the global asset-based lending market was estimated at $561.5 billion in 2021 and is expected to hit $1,721.38 billion by 2031, registering a CAGR of 12.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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JOANN Announces $100 Million FILO Credit Facility and Schedules Fourth Quarter
March 14, 2023JOANN Inc. (NASDAQ: JOAN) (“JOANN”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, announced today that its subsidiary Jo-Ann Stores, LLC entered into a $100 million first-in last-out facility (the “FILO Facility”) that will provide the company additional liquidity, help optimize the balance sheet, and drive free cash flow across the enterprise.
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Republic Business Credit Works with Women’s Apparel Company to Prepare for ‘Return To Work’ Demand
March 14, 2023As more of the professional workforce returns to the office post-pandemic, the demand for comfortable chic clothing for women is on the rise. Rejoining the office environment means ditching yoga pants and sweatshirts, and replenishing closets with pant suits, dresses and blazers. Recognizing this increased consumer interest, Republic Business Credit worked with a distributor of women’s apparel to help restock stores that are re-opening with more clothing options and supplies.
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Gibraltar Business Capital Launches Gibraltar Equipment Finance
March 14, 2023Gibraltar Business Capital (GBC) is pleased to announce the launch of its new equipment financing business, Gibraltar Equipment Finance (GEF). GEF provides term financing solutions complementing GBC’s asset-based lending products and furthers GBC’s strong track record of business lending innovation.
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Gridiron Capital Portfolio Company Erie Home Appoints Jenilee Common as Chief Executive Officer
March 14, 2023Gridiron Capital portfolio company Erie Home, a leading direct-to-consumer home solutions platform focused on providing residential re-roofing solutions in North America, today announced that it has appointed Jenilee Common as Chief Executive Officer.
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Hilco Redevelopment Partners Names Chief Investment Officer
March 14, 2023Hilco Redevelopment Partners (HRP), the real estate redevelopment unit of Hilco Global that reimagines and transforms complex properties nationwide, announced today that the company has named Andrew Chused as Chief Investment Officer (CIO).
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Tom Hackett Named Chief Executive Officer of Truist Securities
March 14, 2023Truist Financial Corporation (NYSE: TFC) today announced that John Gregg will retire, and that Tom Hackett has been named chairman and chief executive officer of Truist Securities, Truist's full-service corporate and investment bank, effective March 31.
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Mitsubishi HC Capital Canada Donates $77,000 to United Way
March 14, 2023In its commitment to support the communities where it operates, Mitsubishi HC Capital Canada has completed its inaugural United Way campaign. Several local organizations will benefit from the company’s donations. These include Anna et la Mer, the Lunchbox Café and Le Cheval Sautoir.
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Sallyport Commercial Finance Provides Furniture Manufacturer with $1,750,000 in Finance
March 13, 2023After two years’ of extremely challenging conditions for this business due to the pandemic, Sallyport Commercial Finance is delighted to announce $1,750,000 in finance for an office furniture manufacturer. Manufacturing high quality office furniture from their factory in LA, the client was referred to Sallyport via a contact in the banking industry. The finance comprises $1,500,000 accounts receivable finance and a $250,000 cash flow loan.
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Sallyport Commercial Finance, LLC Closes $750,000 Accounts Receivable Funding
March 13, 2023Sallyport Commercial Finance, LLC announced it closed a $750,000 accounts receivable funding for a professional services business. The business is the U.S. subsidiary of a UK-headquartered marketing organization.
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RSM US Middle Market Business Index Improves, Reflects Resilient American Economy
March 13, 2023The RSM US Middle Market Business Index (MMBI), presented by RSM US LLP (“RSM”) in partnership with the U.S. Chamber of Commerce, increased to 134 in the first quarter, up 9.4 points from the previous quarter. Easing inflation and solid household consumption underscored the increase in topline sentiment that is reflective of a resilient American economic expansion in the middle market as firms continue to navigate economic headwinds and crosscurrents.
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Deerpath Capital Closes Seventh Collateralized Loan Obligation
March 13, 2023Deerpath Capital Management, LP ("Deerpath"), one of the largest providers of customized, cash-flow based senior debt financing to lower-middle market companies across North America, today announced the closing of its Deerpath CLO 2023-1 ("the Fund"), a $504 million Collateralized Loan Obligation (CLO).
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Crescent Capital BDC, Inc. Completes Merger with First Eagle Alternative Capital BDC, Inc.
March 13, 2023Crescent Capital BDC, Inc. (“Crescent BDC”) (NASDAQ: CCAP) announced today the closing of the previously announced merger with First Eagle Alternative Capital BDC, Inc. (“First Eagle BDC”) (formerly NASDAQ: FCRD). The combined company, which will remain externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group (“Crescent”), has more than $1.6 billion of assets on a pro forma basis based on December 31, 2022 financial information.
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City Holding Company Completes Acquisition Strengthening Kentucky Presence
March 13, 2023City Holding Company (“City”) (Nasdaq: CHCO), the parent company of City National Bank of West Virginia, announced today that it has completed its acquisition of Citizens Commerce Bancshares, Inc., (“Citizens”) (OTC: CCVS), the parent company of Citizens Commerce Bank, headquartered in Versailles, Kentucky.
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Koppers Announces Pricing and Allocation of $400 Million Term Loan B
March 13, 2023Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today announced the successful pricing and allocation of a 7-year $400 million senior secured Term Loan B (TLB). The TLB will bear interest at adjusted Term SOFR plus 4.00% with a SOFR floor of 50 bps.
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Austin Financial Services Closes a $5M Credit Facility to a IT Services Company
March 13, 2023Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $5MM AR only facility to an IT Services Company. Proceeds from AFS’ revolver were used to refinance the Company’s existing bank facility and provide ongoing working capital for the Company’s growth targets.
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Aurous Financial Services Completes a $30 Million Revolving Trade Finance Facility for a Texas-based Client Selling Electronics
March 13, 2023Aurous Financial Services completed a $30 million revolving trade finance facility for a Texas-based client selling electronics to a Big Box retailer in Mexico for 2023. Jeff Sirchio, director of Loan Operations at Aurous states “We are excited to assist one of our AR lenders with a trade finance facility to support their client’s needs.”
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Tuesday Morning Corp. Announces New Debtor-in-Possession Financing
March 13, 2023Tuesday Morning Corp. (OTC: TUEMQ) (“Tuesday Morning” or the “Company”), a leading off-price retailer of home goods and décor, today announced that it has entered into a new $12.5 million senior secured debtor-in-possession (“DIP”) financing, which carries a superpriority, with 1903 Partners, LLC (together with its affiliates, “Gordon Brothers”).
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Qualtrics to be Acquired by Silver Lake and CPP Investments for $12.5 Billion
March 13, 2023Qualtrics (NASDAQ: XM), the leader and pioneer of the experience management (XM) software category, announced that it has entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with Canada Pension Plan Investment Board (CPP Investments), in an all-cash transaction that values Qualtrics at approximately $12.5 billion.
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