- Brean Capital Closes $74.5 Million Corporate Note Financing for Renovo
- FGI Appoints Victor Espinosa to Lead Brokerage Division
- Triple Flag Announces Increase in Credit Facility at Improved Terms
- Fortress Investment Group Leads Senior Secured Credit Facility for H.I.G. Capital’s Acquisition of International Aerospace Coatings
- Market Sizing Study
TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
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CIT Northbridge Credit Serves as Agent on $40 Million Financing to Biery Cheese
CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as agent on a $40 million revolving credit facility provided to Biery Cheese. The credit facility refinances Biery Cheese's existing senior debt and provides additional liquidity to support increased production. Croley, Martell & Associates, Ltd. served as advisor on the refinancing and referred the transaction to CIT Northbridge Credit.
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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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Aequum Capital Provides $9.0MM in Credit Facilities to a Leading Consumer Products Retailer
March 21, 2023Aequum Capital is pleased to announce it recently closed $9,000,000 in credit facilities to a fast growing consumer products retailer. The Company is backed by a well known sponsor which recently acquired the Company. The credit facilities include a working capital revolver and a cash flow-based term loan.
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SLR Healthcare ABL Provides $2 Million for Skilled Nursing Facility
March 21, 2023SLR Healthcare ABL is pleased to announce that it has provided a $2 million asset-based revolving line of credit to a skilled nursing facility in March 2023.
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Amerisource Closes $4,500,000 Bridge Term Loan for Recreational Property
March 21, 2023Amerisource Business Capital announced the closing and funding of a $4,500,000 bridge term loan for a Pennsylvania-based family-operated recreational property. The proceeds were used to support the company’s seasonal operations, ongoing growth, and working capital needs.
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Excelerate Energy Announces Amended and Restated $600 Million Senior Secured Credit Facility
March 20, 2023Wells Fargo Bank, N.A. is acting as administrative agent. Wells Fargo Securities, LLC, along with Sumitomo Mitsui Banking Corporation, DNB Markets Inc. and Credit Agricole Corporate and Investment Bank served as joint lead arrangers, with Barclays Bank PLC, Nordea Bank ABP, New York Branch, Morgan Stanley Bank, N.A., BNP Paribas and First Financial Bank as additional lenders.
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Investor Group Led by Apollo, Together With J.F. Lehman & Company and Hill City Capital, Completes Acquisition of Atlas Air Worldwide
March 20, 2023Atlas Air Worldwide (“Atlas,” “AAWW” or the “Company”), a leading global provider of outsourced aircraft and aviation operating services, today announced that the investor group led by funds managed by affiliates of Apollo (NYSE: APO), together with investment affiliates of J.F. Lehman & Company (“J.F. Lehman”) and Hill City Capital (“Hill City”), has completed its previously announced acquisition of the Company.
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Local Bounti Amends Credit Agreement to Provide Additional Flexibility and Provides Select Preliminary and Unaudited Fiscal 2022 Performance
March 20, 2023Local Bounti Corporation (NYSE: LOCL, LOCL WS) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, today announced that it amended its existing credit facility with Cargill Financial Services, Inc. ("Cargill"). Additionally, the Company announced select preliminary financial results for the year ended December 31, 2022.
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Big Shoulders Capital and Iroquois Industrial Group Acquire Prestigious National Architectural Millwork and Design Company
March 20, 2023The joint venture of Big Shoulders Capital and Iroquois Industrial Group has completed the acquisition of MOD Interiors, one of the leading architectural millwork, design and engineering firms in the nation. Since 1982, MOD has created stunning interior spaces of all kinds, including corporate headquarters, high-end restaurants, hotels, stadiums, universities, and residential. Its work has received numerous national awards including the Architectural Woodwork Institute’s Standard of Excellence.
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Schulte Roth & Zabel Represents D.E. Shaw
March 20, 2023Schulte Roth & Zabel represented D.E. Shaw in their cooperation agreement with FLEETCOR, a leading global business payments company. As part of the agreement, FLEETCOR has appointed Rahul Gupta to the Company's Board of Directors (the "Board"), agreed to add another, mutually agreed-upon director to the Board and agreed to form an ad hoc Strategic Review Committee.
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Commercial Credit Group Inc. Closes $397,080,000 Term ABS (CCGR Trust 2023-1)
March 20, 2023Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced that it has finalized a $397,080,000 term asset-backed security (ABS) transaction. The securitization was placed with a diversified group of fixed income investors from 34 unique institutions.
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Pinnacle Capital Finance Provides $5 Million to a California-based Semiconductor Company
March 20, 2023Pinnacle Capital Finance is pleased to announce the issuance of a $5MM Accounts Receivable line of credit for a semiconductor design and manufacturing company that specializes in digital microwave technology. The Pinnacle Capital Finance loan is structured with the ability to deem eligible account debtor concentrations up to 75% as a result of large orders related to their military and aerospace customer base.
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Jeff Feit Joins Summit Investment Management LLC
March 20, 2023Jeff Feit joined Summit in February 2023 as a Managing Director. His primary responsibility will be business development and deal sourcing. Prior to Summit Jeff worked at Marblegate Asset Management from 2019-2022.
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SFNet to Present Benefits of Asset Based Finance at SBA Event
March 20, 2023The Small Business Administration will host a webinar entitled “Asset Based Finance – An All-Weather Solution for Small Business Borrowers” featuring a panel of members of the Secured Finance Network. The informative event, which is being presented by SBA’s Office of International Trade, will take place on April 5th and is directed toward community banks who may see complementary opportunities for this type of financing.
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C&N Promotes Kelley Cwiklinski to Executive Vice President & Chief Commercial Lending Officer
March 20, 2023C&N (Citizens & Northern Corporation, NASDAQ: CZNC), the leading financial services company in the region, announced that Kelley Cwiklinski has been promoted to Executive Vice President & Chief Commercial Lending Officer based in Doylestown, PA. As the Chief Commercial Lending Officer, Kelley will develop, drive and monitor the Commercial Lending function's annual and long-term business plans and budgets.
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BlackArch Partners is Pleased to Announce a Series of Promotions that Reflect the Firm’s Successful Professional Development Initiatives and Overall Growth
March 20, 2023BlackArch Partners, a leading middle-market investment bank, announced five promotions, including Ryan Jackson to Managing Director, Jonathan O’Connor to Director, and Nhan Nguyen, Zach Daniels and Chris Lyons to Vice President. These well-deserved promotions reflect BlackArch’s continued success and growth.
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Phoenix Services Announces Path to Exit from Chapter 11
March 20, 2023Phoenix Services LLC ("Phoenix Services" or the "Company") has received support from an Ad Hoc Group of lenders (defined below) for terms of a restructuring that (i) creates a path to emerge from chapter 11 mid-year, (ii) provides $45mm of new money to invest in the business, (iii) reduces over $500mm of funded indebtedness, (iv) positions the Company to be more profitable and competitive while continuing to provide best-in-class service.
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Peter Malmstrom Joins Associated Bank as Senior Regional Credit Officer
March 20, 2023Peter Malmstrom has joined Associated Bank as senior vice president & regional senior credit officer, corporate banking. He is responsible for approval and concurrence duties for the bank’s commercial lending groups.
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Allied Healthcare Products Announces Strategic Transformation Initiatives to Rebuild and Accelerate Performance
March 20, 2023Allied Healthcare Products, Inc. ("AHP" or the "Company"), a leading manufacturer of medical gas construction equipment, respiratory therapy equipment, home healthcare products and emergency medical supplies, today announced strategic transformation initiatives intended to improve operational effectiveness to better serve customers and help drive growth and profitability. The Company also announced today the closing of a new senior secured credit facility agreement with Sterling Commercial Credit to support its ongoing operations and strategic direction.
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QualTek Secures New Money Financing
March 20, 2023QualTek Services Inc. ("QualTek" or the "Company") (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization and renewable energy sectors, today announced the successful closing of new money incremental term loans providing $55 million in immediately available funds under its existing term loan credit agreement.
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JB Capital Launches Merchant Banking Income Fund II
March 20, 2023JB Capital, an alternative credit manager investing in areas of the market underserved by traditional banks announces the launch of its Merchant Banking Income Fund II (MBIF II), a second iteration of the firm’s flagship fund.
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Topgolf Callaway Brands Successfully Completes Debt Refinancing
March 20, 2023The $1.25 billion senior secured term loan facility, which was privately placed with institutional investors, will accrue interest at an annual rate of SOFR+350, plus an additional 10 basis point credit spread adjustment, and will mature on March 16, 2030. Bank of America, N.A., JPMorgan Chase Bank, N.A., MUFG Securities Americas Inc., and Truist Securities, Inc. acted as Joint Lead Arrangers and Joint Bookrunners. The $525 million senior secured ABL revolving credit facility, led by Bank of America, N.A. as Administrative Agent, will mature on March 16, 2028.
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