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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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FOCUS
If you seek tranquility, do less. Or (more accurately) do what’s essential. Do less, better. Because most of what we do or say is not essential
-- Marcus Aurelius
Lenders (and most others) struggle with a particular problem almost every day: how to prioritize deals they can get done versus those they can’t. Prioritization affects all of us, but how practically can we focus on what is essential? We are living beings and our most important asset is time, so let’s use it wisely. But how do we know if we are using it sensibly? Seneca similarly stated,
It is not that we have a short time to live, but that we waste a lot of it
Granted, he was referencing our lives and not lending, but the lesson still applies. What is essential in lending? To be successful in lending one only to needs consider duration – safety – return and contingencies (perhaps a subset of safety).
TSL Express Daily Headlines & News
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Schulte Roth & Zabel Represents Voce Capital Management In Connection With Investment In Argo
February 9, 2023Schulte Roth & Zabel (SRZ) represented Voce Capital Management in its investment in Argo Group International Holdings, Ltd., an underwriter of specialty insurance products, which announced on February 8, 2023 that it has entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire the company in an all-cash transaction valued at approximately $1.1 billion.
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B. Riley Served as Sole Bookrunner on Akoustis Technologies (Nasdaq: AKTS) $34.5mm Common Offering
February 9, 2023B. Riley Securities, Inc., a leading middle market investment bank, is pleased to have served as the sole book-running manager for Akoustis Technologies, Inc. (Nasdaq: AKTS) in connection with its successful underwritten offering of common stock which resulted in gross proceeds of approximately $34.5 million to Akoustis.
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Silicon Valley Bank Appoints New Leadership to Support Innovation Economy Clients
February 9, 2023Silicon Valley Bank, the bank of the world’s most innovative companies and investors, today announced that Ashraf Hebela has been named the new Head of Technology & Healthcare Banking for North America. He succeeds Dave Sabow who SVB recently named as CEO of Silicon Valley Bank UK and Head of EMEA, pending regulatory approval. The company also announced that Lewis Hower will step up to lead Startup Banking.
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Greenberg Traurig Continues Growth of Corporate and Financial Regulatory & Compliance Practices with Addition of Hilary R. Sledge-Sarnor
February 9, 2023Global law firm Greenberg Traurig, LLP expanded its Corporate and Financial Regulatory & Compliance practices with the addition of Hilary R. Sledge-Sarnor as a shareholder in the firm’s Los Angeles office. She joins from MUFG Bank, Ltd. and its former wholly-owned subsidiary, MUFG Union Bank, N.A., where she served as executive counsel to the general counsel.
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Star Mountain Capital Names George Mattson as President
February 9, 2023Star Mountain Capital, LLC ("Star Mountain"), a rapidly growing specialized investment company with approximately $3.5 billion in assets under management focused exclusively on investing in established, private small and medium-sized North American businesses (the “lower middle-market”), is pleased to announce that George Mattson has joined as President.
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Bowlero Corp. Announces Refinancing of Term Loan B and Upsizing of Revolver in Leverage-Neutral Transaction, Bolsters Liquidity
February 9, 2023Bowlero Corp., the world’s largest owner and operator of bowling centers, announced today that the Company successfully closed $900 million term loan B due February 8, 2028 in a net-leverage-neutral transaction. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, and Deutsche Bank Securities Inc. served as deal managers to Bowlero in connection with the transaction. Davis Polk & Wardwell LLP acted as legal advisor to Bowlero.
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Amerisource Closes $3,000,000 Revolver for Independent Sponsor/Specialty Pumping Services Firm
February 9, 2023Amerisource Business Capital announced the closing and funding of a $3,000,000 asset-based revolver for a Texas-based specialty pumping services firm. The proceeds were used to support the company’s growth.
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B. Riley Securities Serves as Sole Bookrunner on Bed Bath & Beyond $1.025bn Public Equity Offering
February 9, 2023B. Riley Securities, Inc., a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have served as sole bookrunner on a successful underwritten public offering of Bed Bath & Beyond Inc. (Nasdaq: BBBY) Series A convertible preferred stock and warrants.
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SLR Digital Finance Provides a $5MM Credit Facility to Ignite Media Group
February 8, 2023SLR Digital Finance is pleased to announce the funding of a $5MM credit facility for Ignite Media Group, a performance marketing company that offers digital marketing strategy, multi-channel targeted advertising, compliance management, analytics, and campaign optimization to support customer acquisition efforts for Fortune 500 brands. Ignite Media Group was recently spun out of Amobee, an international advertising technology company that sold to Tremor International in September, 2022.
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Crown Capital Announces New C$43.5 million Credit Facility with Canadian Western Bank
February 8, 2023Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has entered an agreement for a new senior secured corporate credit facility of up to $43.5 million ("Credit Facility") with Canadian Western Bank. This Credit Facility replaces Crown's previous $23.5 million corporate credit facility.
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Culain Capital Funding Announces a $4.5MM Funding for a Pennsylvania-based Manufacturer of Machined Parts and Fasteners
February 8, 2023Culain Capital Funding LLC, a specialty finance firm focusing on responsive and efficient funding solutions for small and medium sized business in the United States announces the closing of a $3,000,000 Accounts Receivable Factoring Facility along with a $1,500,000 acquisition term note for a manufacturing company specializing in custom steel bar and bolting products
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nFusion Capital Reveals 2022 as Banner Year
February 8, 2023nFusion Capital recently announced their 2022 year-end results, which included building 156 new client relationships, purchasing $488 million in receivables, and offering 193 lines of credit totaling over $83 million. In addition, the team built an industry-leading 24/7/365 funding program to make funding available anytime, including on federal holidays.
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First Citizens Bank Provides $31.2 Million for Acquisition of Cancer Treatment Center in Columbia, South Carolina
February 8, 2023First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, provided $31.2 million to Montecito Medical Real Estate to finance the acquisition of a cancer treatment center in Columbia, South Carolina.
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MetLife Investment Management to Acquire Alternative Investment Firm Raven Capital Management
February 8, 2023MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced that it has entered into a definitive agreement to acquire Raven Capital Management, a privately-owned alternative investment firm. As of December 31, 2022, Raven’s assets under management totaled $2.1 billion. The acquisition is subject to customary closing conditions.
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Wingspire Capital Exceeds $3 Billion In Commitments
February 8, 2023“We are pleased to reach this commitment milestone in our third year of operations as we continue to solidify and expand our standing as a leading diversified specialty finance firm serving the middle market,” said David Wisen, CEO and Co-Founder of Wingspire. “In addition to continuing to offer flexible capital during a challenging year, we also acquired Liberty Commercial Finance, expanding our product offering. Rebranded as Wingspire Equipment Finance, this vertical will accelerate Wingspire’s growth via a dedicated equipment finance direct originations platform.”
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Crescent European Specialty Lending Announces Financing for Equistone’s Acquisition of BUKO Infrasupport and BUKO Waakt
February 8, 2023Crescent Capital Group LP, a leading alternative credit investment firm, announced today that its European Specialty Lending strategy has provided financing to support Equistone Partners Europe’s (“Equistone”) acquisition of a majority stake in BUKO Infrasupport and BUKO Waakt (“BUKO”), leading providers of outsourced traffic and safety management solutions in the Netherlands.
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Solifi’s Latest ABL Release Sets the Stage for 2023 Enhancements
February 8, 2023Solifi™, a global fintech software partner for secured finance, announced the release of its latest version of Solifi Asset-Based Lending (ABL) software, which includes several new and enhanced features designed to improve both the lender and borrower experiences through greater risk management controls, efficiency gains with loan syndication data and automated workflows, and self-service white-label capabilities to brand the ABL borrower portal.
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SG Provides Growth Capital Facility to Promenade
February 7, 2023Promenade was seeking growth financing to capitalize on new market opportunities in underserved verticals. SG structured a non-dilutive growth facility that provided the Company with sufficient capital to add key product development and sales personnel to execute on its plans.
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Hecate Grid Secures a $98.9 Million Term Loan & Letter of Credit Facility Package
February 7, 2023Hecate Grid, a joint venture between Hecate Energy and Infrared Capital Partners ("IRCP"), today announced the recent close of a six-year $98.9 million credit facility package to recapitalize its operating assets and fund the construction of a portfolio of standalone battery storage assets in Southern California. The debt facility package, which includes a $79.5 million term loan and $19.4 million Letter of Credit ("LC") facility, is collateralized by Hecate Grid's energy storage projects without a guarantee or other credit support.
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Capstone Partners Aggressively Expands Debt Advisory Group
February 7, 2023Brad Stewart is based in Boston and brings over 20 years of debt financing experience to the team. He was previously a Partner at debt advisory firm Capital Solutions Group and, prior to that, was in the debt capital markets group at Audax Private Equity. Brad brings a track record of success in middle market financings having placed debt both as an advisor and as a private equity sponsor.
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