- SFNet New Member Spotlight: Cascade Credit Services, LLC
- Following the US Federal Reserve Meeting, J.S. Held Releases the Lending Climate in America Survey Results
- Westwood Financial Expands Corporate Credit Facility By $145 Million To $470 Million Total
- Sallyport Commercial Finance Provides $1 Million for Electronics Distributor for Expansion
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Atlantic Union Bank Continues to Expand Its Commercial Product Line with Asset-Based Lending
Atlantic Union Bank is expanding its asset-based lending team to help working capital intensive companies meet their financing needs. The team will now operate as a new specialty finance division, branded Atlantic Union Business Credit, and offer a full range of asset-based lending solutions specializing in loan commitments from $5 million to $30 million.
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House Democrats Propose the Heroes Act
House Democrats unveiled a massive $3-trillion virus-relief bill Tuesday, combining aid to state and local governments with direct cash payments, expanded unemployment insurance and food stamp spending as well as funds for voting by mail and the U.S. Postal Service. A vote is likely on Friday.
While the bill is not supported by House Republicans (or expected to become law), it is the opening salvo for the next COVID-19 relief package, which will likely face protracted negotiations between the White House and Congress.
House Democrats prepared the below summaries, which make a number of changes to programs in the CARES Act, including to the Payroll Protection Program (PPP).
TSL Express Daily Headlines & News
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Abacus Finance Provides Senior Debt Financing to Support the Leveraged Buyout of Pinnacle Clinical Research by LongueVue Capital
November 28, 2022Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Sole Lender for senior secured credit facilities to support the leveraged buyout of Pinnacle Clinical Research, LLC by LongueVue Capital. Additionally, Abacus made an equity co-investment in Pinnacle Clinical Research.
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Stradley Ronon’s Bill Sasso to Chair Pennsylvania Gov.-Elect Josh Shapiro’s Transition Leadership Board
November 28, 2022Longtime Stradley Ronon leader Chairman Emeritus Bill Sasso was selected as chair of Pennsylvania Gov.-Elect Josh Shapiro and Lieutenant Gov.-Elect Austin Davis’ Transition Leadership Board on Nov. 22. Bill will help lead the “diverse, dynamic, bipartisan group” to ensure a smooth transition from the Gov. Wolf Administration to the historic Shapiro-Davis Administration.
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Cushman & Wakefield Arranges $25M in Revolving Credit Facility For Epum Holdings
November 28, 2022Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Epum Holdings (“Epum”) in the structuring of a senior secured revolving credit facility with initial loan proceeds of $25 million and the ability to increase to $50 million over time. Epum currently owns five marinas, and the facility is meant to help Epum continue to grow their marina portfolio in the eastern United States.
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PayUp Announces Partnership with nFusion Capital
November 28, 2022Peter Rex, founder and Executive Chairman of Rex, announced that PayUp, a Rex company, has partnered with Austin-based nFusion Capital. PayUp is a technologized early payment solution for small and medium-sized businesses ensuring convenient and affordable access to capital. nFusion Capital is a private working capital finance company delivering customized financing solutions to small and medium-sized businesses.
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Balance Partners With Viola Credit to Power Merchants’ Ecommerce Growth
November 28, 2022-Balance, the leader in B2B payments specializing in financing and ecommerce, has announced a $350 million credit facility from Viola Credit to continue enabling B2B commerce and ease working capital. This announcement comes on the heels of Balance’s $56M in Series B financing round to help merchants and marketplaces scale ecommerce payments with instant financing and a B2B checkout.
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DXP Enterprises, Inc. Announces Raising an Incremental $105M In Term Loan B Borrowings
November 28, 2022-DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it has closed on raising incremental $105 million Senior Secured Term Loan B (“TLB”) borrowings that will be added to the initial $330 million Term Loan B raised in December of 2020. Including the new borrowings, DXP will have $417.2 million in Senior Secured Term Loan B borrowings.
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CIBC Innovation Banking Provides $25 Million in Debt Financing to Podimetrics, Inc.
November 28, 2022CIBC Innovation Banking is pleased to announce a $25 million debt financing for Massachusetts-based Podimetrics Inc. ("Podimetrics"), an integrated clinical care service company that helps prevent amputations in patients suffering from complex diabetes. Podimetrics plans to use the growth capital to expand its commercial operations.
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Linamar Renews and Extends its Bank Credit Facility
November 22, 2022This Revolving Facility has been fully underwritten by commitments of its syndicate of Canadian and International financial institutions, led by Bank of Montreal, The Toronto-Dominion Bank, The Bank of Nova Scotia, and National Bank of Canada.
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Liberty Commercial Rebrands To Wingspire Equipment Finance
November 22, 2022Liberty Commercial Finance LLC has changed its name to Wingspire Equipment Finance LLC, adopted a new logo, and redesigned its website as it integrates with parent company Wingspire Capital Holdings LLC. Earlier this year, Wingspire Capital acquired majority ownership of Liberty to gain a fast-growing direct originations platform with nationwide reach providing equipment finance solutions to middle-market companies.
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Fordham Athletics Partners With Moritt Hock & Hamroff LLP For NIL Matters
November 22, 2022Fordham University director of athletics Ed Kull announced today a partnership with Moritt Hock & Hamroff LLP to advise the Rams with Name, Image, and likeness (NIL) matters for their student-athletes.
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Ocean Bank Closes $5 Million Factoring Facility to Hispanic Food Distributor
November 22, 2022Ocean Bank announced its Factoring Division funded a $5 million factoring facility to a rapidly growing Importer and distributor of Hispanic food brand products to companies nationwide.
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Charles River Associates (CRA) Expands Its Financial Markets Practice
November 22, 2022Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced that Ozgur B. Kan has joined CRA’s Financial Markets Practice as a vice president in the Company’s New York office.
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FTI Consulting Launches Corporate Finance & Restructuring Segment in Québec with Appointment of Restructuring Expert Martin Franco
November 22, 2022FTI Consulting, Inc. (NYSE: FCN) today announced the launch of the firm’s Corporate Finance & Restructuring segment in Québec with the appointment of restructuring expert Martin Franco as a Senior Managing Director in Montréal. The addition of the Corporate Finance & Restructuring segment in Québec expands the firm’s existing capabilities in the market, which include forensic and litigation consulting services.
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M&T Bank Names Sam Bluso as Head of Institutional Real Estate
November 22, 2022M&T Bank ("M&T") (NYSE: MTB) has appointed Sam Bluso to lead the bank's new Institutional Real Estate Group focused on expanding M&T's corporate real estate business. As Head of Institutional Real Estate for M&T, Bluso will rely on his 25 years in the real estate capital markets and institutional business to deliver lending and capital markets solutions to Real Estate Investment Trust (REIT) and Investment Real Estate Fund clients.
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Raven Raises $834mm for Credit Fund II Franchise
November 22, 2022Raven Capital Management ("Raven"), an alternative investment management firm, is pleased to announce the successful completion of the fundraising of Raven Asset-Based Credit Fund II LP and related vehicles, raising total investible capital of $834mm. In addition to the closed-end vehicle, Raven has launched an evergreen sleeve, Raven Evergreen Credit Fund II LP, which will continue to fundraise and invest in perpetuity alongside Raven Asset-Based Credit Fund II LP. Raven's private credit strategy focuses on non-sponsor, senior secured loans with an asset-based focus across North America.
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Portage Point Launches Transaction Advisory Services Practice
November 22, 2022Portage Point Partners, LLC ("Portage Point"), a leading business advisory, interim management and financial services firm, today announced the launch of a Transaction Advisory Services (TAS) practice. The TAS practice will be led by industry veterans Travis Pittman and Sandy Ryan who will be responsible for the growth and development of the new practice from offices in Chicago, Dallas, Los Angeles and New York.
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Marc Dizard Named Chief Investment Strategist of PNC Asset Management Group
November 22, 2022PNC Asset Management Group (AMG) has named Marc Dizard as its chief investment strategist. Dizard, who brings more than 15 years of experience to the Investment Office role, will oversee and drive the investment strategy and investment process vision for PNC AMG.
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Live Virtual Auction with Onsite and Online Bidding on November 30 Features 135 Tractors and Trailers
November 22, 2022“This sale is a great opportunity for buyers in the trucking, hauling, or shipping industries to acquire high-quality commercial rolling stock that is ready for immediate use,” said John Coelho, Senior Director, Tiger Commercial & Industrial. “That is especially true given today’s high prices for new tractors and trailers and the high fuel and other operational costs in the industry.”
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United Capital Funding Provides $4.5 Million Facility to Utility Contractor
November 22, 2022United Capital Funding Group LLC, a Florida-based factoring firm recently provided a $4.5 million facility to a Tennessee-based utility contractor. With this new flexible form of financing, the company was able to expand its presence in the Southeast and keep its long-time bank relationship and correlating credit line.
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Finacity, a White Oak Company, and DZ Bank Upsize Receivables Securitization For Nitron Group Llc to $165 Million
November 21, 2022inacity Corporation, a White Oak Company, (“Finacity”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main, New York Branch (“DZ BANK”) announce that they have successfully upsized a trade receivables securitization for Nitron Group LLC (“Nitron”), a company headquartered in Greenwich, CT. The facility is collateralized by Nitron’s receivables for fertilizer distribution and importation services in Latin America, North America, Europe, and Africa.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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