TSL Express Daily Articles & News
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CIT Northbridge Provides Financing to Mohawk Fine Papers
CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, provided financing to Mohawk Fine Papers, the largest privately held premium paper manufacturer in North America. The financing will be used to refinance existing debt and provide working capital to support strategic initiatives and future endeavors.
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The Courts’ View of UCC Article 9 Sales In The COVID-19 Environment Is Clearly Changing
In the beginning of the pandemic, we reported that courts viewed Article 9 sales with a more critical eye. For example, we previously reported that Justice Masley of the New York Supreme Court, New York County Commercial Division, issued a decision on June 23, 2020 in D2 Mark LLC v. OREI VI Investments, LLC, holding that a UCC Article 9 sale on thirty-six (36) days’ notice, which required the winning bidder to make a non-refundable deposit of 10% of the purchase price, pay the remaining balance within 24 hours, and precluded the borrower from submitting a bid, was commercially unreasonable because of the dire implications of COVID-19. Article: Lender Stayed From Proceeding With UCC Article 9 Sale
TSL Express Daily Headlines & News
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LINKBANCORP, Inc. and Partners Bancorp to Combine in Transformational Merger of Equals
February 27, 2023LINKBANCORP, Inc. ("LINK") (NASDAQ: LNKB), parent company of LINKBANK, and Partners Bancorp ("Partners") (NASDAQ: PTRS), a financial services company with two wholly-owned operating subsidiaries, The Bank of Delmarva and Virginia Partners Bank, announced today that they have entered into a definitive agreement under which the companies will combine in an all-stock combination, valued at approximately $167.8 million, based on LINK's 10 day volume-weighted average price of $8.08 as of February 21, 2023.
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Sotera Health Closes on $500 Million Term Loan B Financing
February 27, 2023Sotera Health Company (“Sotera Health” or the “Company”) (Nasdaq: SHC), a leading global provider of mission-critical end-to-end sterilization solutions and lab testing and advisory services for the healthcare industry, today announced that it has successfully closed on a new senior secured Term Loan B facility in an aggregate principal amount of $500 million.
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Spouting Rock Asset Management Acquires Ownership Stake In Altan Asset Management
February 27, 2023Spouting Rock Asset Management, LLC, (Spouting Rock), a multi-boutique manager platform providing investment solutions and services, today announced an ownership stake in Altan Asset Management LLC (Altan), an investment management firm that aims to drive outsized returns by diligently seeking overlooked opportunities in the global equity markets.
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Gridium Strengthens Balance Sheet with $14M in Funding to Accelerate Growth
February 27, 2023Gridium, Inc., a decarbonization partner to leading real estate firms, announced total funding of over $14M from investors who see the potential to decarbonize commercial buildings. Gridium also entered into a revolving debt financing facility sized at $10M with Mitsubishi HC Capital America, Inc
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Austin Financial Services Closes a $2.5M Credit Facility to a Manufacturer and Distributor of Health & Beauty Aids
February 27, 2023Austin Financial Services, Inc. (AFS) is pleased to announce closing of a $2.5MM AR & inventory facility to a manufacturer and distributor of health & beauty aids. Proceeds from AFS’ revolver were used to refinance the Company’s existing bank facility and provide ongoing working capital support.
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First Citizens Bank Introduces New Name for Equipment Finance Business
February 27, 2023First-Citizens Bank & Trust Company (First Citizens Bank) today announced that its vendor equipment financing business will now be known as First Citizens Bank Equipment Finance to better communicate its core mission to vendors, customers and prospects.
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Unlock Technologies and Saluda Grade Secure $300 Million Credit Facility from Barclays in Landmark Deal for the Home Equity Investment Industry
February 23, 2023Unlock Technologies Inc. (Unlock), a leading home equity investment technology company, and Saluda Grade, a private alternative real estate investment firm, today announced that they have secured a $300 million revolving credit facility from Barclays Bank PLC (Barclays). The revolving credit facility will provide Unlock with access to significant capital to serve its growing customer base.
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ISG Announces Amended, $140 Million Credit Agreement
February 23, 2023Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced it has successfully amended its $140 million credit facility at more favorable terms, to improve the firm’s financial flexibility. BofA Securities Inc. was the Sole Lead Arranger and Sole Bookrunner on the transaction.
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Manufacturers Bank Appoints Hillary Savoie as Executive Vice President and Chief Banking Officer
February 23, 2023In this newly created role, Hillary is responsible for all client, marketing, and product development-related activities for Commercial and Business Banking operations, including the Japan/Asia Business Division. Hillary reports to Sander Pruijs, President of Manufacturers Bank, and is a member of the Manufacturers Bank Management Committee.
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First Business Bank Funds $5 Million Factoring Facility for Business Lead Originator
February 23, 2023First Business Bank announces that its Accounts Receivable Financing team recently funded a $5 million Accounts Receivable Factoring facility for a company that generates sales leads for other businesses. The client uses a combination of direct calling aided by artificial intelligence to maximize output for its clients.
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Georgia, Illinois, Kansas and Mississippi Latest States to Push for Commercial Finance Disclosures
February 23, 2023Several more states are attempting to pass commercial finance disclosures bills, including Georgia, Illinois, Kansas and Mississippi. The law firm of Parker Hudson Rainer & Dobbs has supplied a summary of the Georgia legislation. We will publish analyses of the other states shortly. SFNet continues to work with our legislative consultant and other channels to effect the most advantageous outcome for SFNet members.
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Sycamore Tree Capital Partners Closes Second CLO Totaling $404.5 Million
February 23, 2023Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, announced today the closing of STCP CLO 2023-2, Ltd. (“STCP CLO 2” or “the Fund”), the Firm’s second collateralized loan obligation fund.
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B. Riley Acquires Corporate Division of Farber Group, Leading Business Advisory Firm in Canada
February 22, 2023B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley”), a diversified financial services platform, today announced that it has acquired the corporate division of Farber Group (‘Farber”), a Toronto-based restructuring and business advisory firm.
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BMO Financial Group and BNP Paribas Announce Global Commercial Agreement
February 22, 2023BMO Financial Group ("BMO") and BNP Paribas announce today a long-term commercial agreement and new cross-border framework to enhance coverage and access to a global network for their commercial banking clients. They will also enter into a comprehensive leasing services partnership. As part of this collaboration agreement, both banks will continue to provide, and expand on international services offered to clients.
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Direct Digital Holdings Announces New $5 Million Revolving Credit Facility with Silicon Valley Bank
February 22, 2023Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct Digital Holdings" or the "Company"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC ("Colossus SSP"), Huddled Masses LLC ("Huddled Masses") and Orange142, LLC ("Orange142"), is pleased to announce its entry into the $5 million revolving credit facility with Silicon Valley Bank, as filed with the SEC on a Form 8-K on January 11, 2023.
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Mark Newton-Jones Joins Gordon Brothers as Senior Managing Director, Head of the U.K. & EMEA
February 22, 2023Mark Newton-Jones has joined Gordon Brothers, the global advisory and investment firm, as Senior Managing Director, Head of the U.K. and Europe, the Middle East & Africa (EMEA), serving as the chief executive for the region. Based in London, Newton-Jones will lead the continued expansion of the firm’s valuation, disposition and capital services working in partnership with a seasoned team of professionals to provide comprehensive solutions, including lending to, investing in and providing advice, for retail, consumer, commercial, and industrial clients and partners.
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eCapital Healthcare Division Closes $172.6 Million in 2022
February 22, 2023eCapital Healthcare, a leading and diversified specialty lender servicing healthcare providers and businesses across North America, is pleased to announce it delivered over $172MM in newly originated credit facilities in 2022. eCapital's Healthcare division delivered financial solutions to healthcare providers in skilled nursing, hospital, behavioral health, home health and other ancillary healthcare services sectors.
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Wolters Kluwer Establishes Corporate Performance and ESG Division
February 22, 2023Wolters Kluwer, a global leader in professional information, software solutions and services, has today announced that it intends to bring together four of its global enterprise software businesses to form a new division, Corporate Performance & ESG. This is to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions.
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Child Safety Product Manufacturer Supported by Accord Financial When Previous Financing Exited Market
February 22, 2023Accord Financial Corp., one of North America’s leading independent commercial finance companies ("Accord") (TSX: ACD) moved quickly to help a leading child safety product manufacturer when the company’s previous lender decided to reduce its footprint in the Canadian market. Over the past several years, the company had resolved their supply chain problems by acquiring a contract manufacturer that had been making their products.
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A&G to Auction 12 Party City Leases as Part of Retailer’s Financial Restructuring
February 22, 2023A&G Real Estate Partners, in its capacity as real estate advisor to Party City Holdco Inc. (PCHI), today announced plans to auction 12 Party City leases in six states – the first tranche to become available as part of PCHI’s expedited financial restructuring.
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