TSL Express Daily Articles & News
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Rosenthal Completes 11 Transactions Totaling $35 Million During Summer 2022, Supporting Clients From Multiple Industries
Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of nearly a dozen transactions totaling roughly $35 million during the summer months of 2022. The various financing facilities will help to address working capital needs, mitigate risk and support growth opportunities for clients across a multitude of sectors.
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Thoughts on the First Quarter 2020 Asset-Based Lending Index
The Q1 2020 Asset-Based Lending Index reflects a strong market with solid credit quality. The full impact of the COVID-19 pandemic on the U.S. economy and lending environment is not apparent in the data given the March 31, 2020 cutoff date. Our expectation is that the Q2 2020 data will be much more revealing and reflective of how the economic shutdown related to COVID-19 is impacting asset-based loan portfolios.
TSL Express Daily Headlines & News
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Mercuria Successfully Closes Oversubscribed Secured Revolving Credit Facility of $3,400,000,000 in Financing for its North American Business
December 13, 2022Mercuria's North American operating entities ("Mercuria" or "the Company") are pleased to announce the successful closing of its US$ 3,400,000,000 multi-year senior secured borrowing base credit facility (the "Facility"). The Facility was over-subscribed, enabling Mercuria to increase the size by US$ 100,000,000. The joint and several borrowers are Mercuria Energy America LLC, Minerva Bunkering (USA) LLC, and Mercuria Commodities Canada Corporation (the "Borrowers").
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Sallyport Provides $1M in Financing to a Canadian Importer
December 13, 2022Sallyport is delighted to confirm a combined $1,000,000 in financing for a Canadian importer of industrial pipes and flanges. The financing consists of $750,000 in accounts receivable funding and $250,000 purchase order finance, which will be utilized for ongoing working capital requirements, leaving the client free to increase their debtors and grow business in the region.
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Assembled Brands Announces a New Facility with The Perfect Jean
December 13, 2022Assembled Brands is pleased to announce a new $1MM facility with innovative denim brand The Perfect Jean. The Perfect Jean mastered making incredibly comfortable and reasonably-priced men’s denim jeans with stretch and fabric that’s wearable all day, every day. These are not your regular jeans - the product’s versatility, quality, comfort and durability differentiate these pants from the rest.
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Applied UV Announces $5 Million Secured Revolving Credit Facility
December 12, 2022-Applied UV, Inc. (NasdaqCM: AUVI) (“Applied UV” or the “Company”), a pathogen elimination technology company, announces today a $5 million secured revolving credit facility effective December 8, 2022. Borrowings under the revolving credit facility will be used for general corporate purposes and to advance Applied UV’s organic and strategic growth initiatives. The facility currently has no outstanding balance.
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Online fashion Retailer Asos, Once a Stock Market Darling, is in Talks With Lenders About Hiring a Restructuring Expert
December 12, 2022Struggling online fashion retailer Asos Plc and its lenders are discussing whether to hire a restructuring expert following the departure of its chief financial officer. A number of turnaround professionals held informal talks about a role, which would sit below executive level, but no decision has been made, according to people familiar with the matter.
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Norwegian Cruise Line Holdings Announces Amendment and Extension of Operating Credit Facility
December 12, 2022Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (the “Company”) today announced it has amended and extended the majority of its operating credit facility consisting of its senior secured revolving credit facility and senior secured term loan A facility (the “Operating Credit Facility”) on December 6, 2022
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Edge Capital Announces Large Round of New Hires to Keep Up with its Rapid Growth Trajectory
December 12, 2022Edge Capital Lending, LLC (“Edge”) announced today six new hires to support its rapid portfolio growth. Edge recognized that in this increasingly uncertain economic climate, speed and certainty to close have become even more important to its private equity and other referral partners. This recent addition of six new hires will allow Edge to continue to meet the timing and flexibility needs of its borrowers and lead sources.
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Ritchie Bros. Amends its Credit Facilities
December 12, 2022BofA Securities, Inc., RBC Capital Markets, Goldman Sachs Bank USA and Wells Fargo Securities, LLC, served as Joint Bookrunners. BofA Securities, Inc., RBC Capital Markets, Goldman Sachs Bank USA, Wells Fargo Securities, LLC, The Bank of Nova Scotia and Export Development Canada served as Joint Lead Arrangers. Royal Bank of Canada, Goldman Sachs Bank USA, Canadian Imperial Bank of Commerce, Export Development Canada, HSBC Bank Canada, MUFG Bank, Ltd., Canada Branch, The Bank of Nova Scotia, U.S. Bank National Association, Wells Fargo Bank N.A., Canadian Branch and Truist Bank served as Co-Syndication Agents. Bank of Montreal, Citizens Bank NA, Desjardins, The Toronto-Dominion Bank and Westpac Banking Corporation served as Co-Documentation Agents.
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Cancer Drugmaker Clovis Files for Bankruptcy, hit by Falling Sales
December 12, 2022U.S. drugmaker Clovis Oncology Inc (CLVS.O) on Sunday filed for bankruptcy protection in Delaware, hit by a fall in sales of its cancer drug and challenges in raising additional capital. The company has also lined up a debtor-in-possession (DIP) financing facility of up to $75 million to provide it with necessary liquidity, subject to court approval, Clovis said in a press release on Monday.
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Gamida Cell Announces Closing of $25 Million Financing With Highbridge
December 12, 2022Gamida Cell Ltd. (Nasdaq: GMDA), the global leader in the development of NAM-enabled cell therapies for patients with hematologic and solid cancers and other serious diseases, announced the closing of a senior secured convertible term loan of $25 million with certain funds managed by Highbridge Capital Management, LLC (collectively, “Highbridge”).
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Eclipse Business Capital Provides $100mm Revolving Credit Facility to BJ Energy Solutions
December 12, 2022Eclipse Business Capital LLC (“EBC”) announced today that it has provided a $100 million senior secured revolving credit facility to BJ Energy Solutions. The credit facility is secured by accounts receivable and real estate. The transaction was used to refinance outstanding debt and to fund capital expenditures needed for the growth and expansion of next generation fleets.
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Solifi’s Originations Powers Sophisticated Financing Models with Latest Release
December 12, 2022Solifi™, a global fintech software partner for secured finance, announced the release of its latest version of Solifi Originations for European equipment and automotive finance lenders. The new features are designed to support UK contract-hire use cases, quote for more sophisticated variable rate products, and support for rent-to-own Mietkauf financing products in German markets.
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Comvest Credit Partners Announces Investment in Bradford Health Services
December 12, 2022Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it has acted as Joint Lead Arranger on a senior secured credit facility (the “Financing”) for Bradford Health Services (“Bradford,” or the “Company”), a Birmingham, Ala.-based provider of behavioral health services.
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Gibraltar Announces New $400 Million Credit Facility
December 12, 2022Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, announced that it has closed on a $400 million five-year revolving credit facility. KeyBanc Capital Markets Inc., Bank of America, N.A., M&T Bank and PNC Bank, National Association acted as Joint Lead Arrangers for the new facility, with Comerica Bank, TD Bank, N.A., and Wells Fargo, National Association serving as Co-Documentation Agents. Two additional lenders participated.
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BofA Names Jim Morehead President of Seattle
December 12, 2022Bank of America has named Jim Morehead president of Bank of America Seattle. The company also announced that Alex Yang will become Seattle Market Executive, replacing Jeremey Williams who was recently promoted to Community Relations Manager (CRM) Executive.
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Sentinel Capital Partners Closes $5.2B in Capital
December 12, 2022Sentinel Capital Partners, a private equity firm that invests in midmarket companies, has closed its Sentinel Capital Partners VII LP at $4.3 billion and Sentinel Junior Capital II LP at $835 million. Kirkland & Ellis LLP and Credit Suisse Securities LLC supported and represented Sentinel with the funds.
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Rosenthal Closes Six-Figure Receivables Finance Program for U.S. Thermal Product Exporter
December 12, 2022Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of a six-figure trade receivables finance program for a manufacturing company that sells thermal products into the Asia-Pacific region.
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SunStream Bancorp Provides Senior Bridge Financing to Parallel
December 12, 2022SunStream Opportunities LP ("SunStream"), an affiliate of SunStream Bancorp Inc., a joint venture sponsored by SNDL Inc. (Nasdaq: SNDL) ("SNDL"), today announced the closing of a US$10 million bridge term loan ("Interim Bridge Loan") to Surterra Holdings Inc. d.b.a Parallel Brands, and certain affiliates, (collectively, "Parallel"). SunStream anticipates announcing further details in respect of its investment in Parallel in the first quarter of 2023.
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Evolus Extends Term of Credit Facility with Pharmakon Advisors
December 12, 2022Evolus, Inc. (NASDAQ: EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced it has extended the expiration date of the second undrawn tranche under its existing term loan financing facility with investment funds managed by Pharmakon Advisors, LP to December 31, 2023.
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Audax Private Debt Provides Financing to Support The Stephens Group’s Investment in Quality Valve
December 12, 2022Audax Private Debt announced that, as Administrative Agent and Sole Lead Arranger, it provided a unitranche credit facility to support the acquisition of Quality Valve (the “Company”) by The Stephens Group, a Little Rock-based private investment firm.
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