- Armory Securities, LLC Announces the Successful Closing of a Credit Facility for Copper Cane Wines & Provisions
- SFNet New Member Spotlight: Cascade Credit Services, LLC
- Essex Capital Group Advises ProTelesis on $4.58 Million Debt Financing to Support Shareholder Buyout and Strategic Acquisition of AmerX Security
- nFusion Capital Provides $2 Million Factoring Facility for a Staffing Company
- Market Sizing & Impact Study
TSL Express Daily Articles & News
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Huntington Business Credit Closes Credit Facility with Spirit Pharmaceuticals, LLC
Huntington Business Credit announced it closed a $20,000,000 new credit facility with Spirit Pharmaceuticals, LLC on July 6, 2022. Spirit Pharmaceuticals, LLC, headquartered in Ronkonkoma, New York, is a packager and wholesaler of private label over the counter (“OTC”) pharmaceutical products.
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Recalibration of the Asset Footprint Focusing on International Platforms in Bankruptcy or Insolvency
Cross-border loan workouts and enforcement of security interests across multiple jurisdictions is a complex matter and greatly depends on the venue of the insolvency and the location of the collateral. These factors are also intertwined with the overall reach of the credit facility. A deep understanding of the multiplicity of issues that may arise during a workout or insolvency can not only enhance a lender’s ability to be made whole in an enforcement scenario, but can also create opportunity for liquidity providers to expand their geographic offerings and create unique value for their global borrowers.
TSL Express Daily Headlines & News
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ViewRay Expands Access to Non-Dilutive Capital With New Debt Facility
November 15, 2022ViewRay, Inc. (Nasdaq: VRAY) (the "Company") today announced that it has entered into a new five-year loan facility agreement with MidCap Financial and Silicon Valley Bank (the "Agreement"). The Agreement consists of a term loan of up to $100 million and a revolving line of credit of up to $25 million.
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Helen Dong, CPA Joins Vida Capital as Managing Director, Controller
November 15, 2022Vida Capital, Inc. (“Vida”), a portfolio company of RedBird Capital Partners and Reverence Capital Partners, today announced that Helen Dong has joined the firm as Managing Director, Controller. In this role, Ms. Dong will oversee the financial reporting and corporate and fund accounting for Vida’s funds and initiatives. Ms. Dong will be based in New York and report to John Jureller, Senior Managing Director and Chief Financial Officer.
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BHI Appoints Danielle Ofek as Head of High Tech
November 15, 2022BHI, a full-service commercial bank, announced that it has appointed Danielle Ofek as Head of High Tech. Ofek has more than 15 years of experience founding and leading technology start-ups and serving as an executive in the corporate technology sector.
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Citizens Leads $600 Million Credit Facility for Monro, Inc.
November 15, 2022Citizens announced today that it is leading a $600 million senior secured credit facility for Rochester, N.Y.-based Monro, Inc. Founded in 1957, Monro, Inc. provides a wide range of automotive undercar repair and tire services in the United States. The company operates more than 1,300 stores and 80 franchised locations, in 32 states, serving the Mid-Atlantic and New England regions and portions of the Great Lakes, Midwest and Southeast.
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Monroe Capital Supports AdeptAg’s Acquisition of Bellpark Horticulture
November 15, 2022Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the acquisition of Bellpark Horticulture (“Bellpark”) by AdeptAg, an existing portfolio company of LLR Partners.
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Ocean Bank Funds $5.5 Million Factoring Facility to Growing Logistics Company
November 15, 2022Ocean Bank’s Factoring Division has financed a $5.5 million factoring facility to a growing logistics company serving companies worldwide. “Our client is going through tremendous growth with soaring shipping needs post-pandemic. Ocean Bank provided a flexible and lasting solution that will help this logistics company meet customer demand with stable growth,” said Daniel Krasna, Vice President of Business Development.
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SLR Equipment Finance Appoints Shari Williams as CRO
November 15, 2022SLR Equipment Finance announced the appointment of Shari Williams as Chief Risk Officer. Shari joins SLR EQF with over 30 years in the finance industry and 25+ years of sound risk, investment and credit portfolio management experience. Shari was most recently with Nexseer Capital as their CRO and Head of Capital Markets.
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Gibraltar Expands Midwest Focus with New VP John Williams
November 14, 2022Gibraltar proudly welcomes John Williams to our business development team as a Vice President of the Midwest region, covering Michigan, Ohio, Indiana, Kentucky, and the Chicagoland area. In his new role, John is responsible for the origination of new loan relationships across the Midwest region. John will report to Mike Conrad, a veteran ABL SVP focused on developing ongoing value-added relationships with restructuring advisors, investment bankers, private equity groups and other transaction-oriented professionals.
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Entrepreneur Growth Capital Closes $1.5 Million Credit Facility
November 14, 2022Entrepreneur Growth Capital (“EGC”) announced the completion of a $1.5 million senior secured credit facility to a third-generation, family-owned importer, roaster and distributor of premium grade coffee and related products.
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InterNex Provides $3 Million Credit Facility to Electronics Wholesaler
November 14, 2022InterNex Capital provided a $3 million revolving line of credit to an electronics wholesaler in the Pacific Northwest. The growing company sought to refinance existing debt to improve margins as they continue to grow.
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Byline Bank Announces Over $30MM In Asset-Based Lending Commitments
November 14, 2022Byline Bank recently announced year to date funding transactions of over $30MM in commitments by their Asset Based Lending team, according to ABL Head Andrew Bennett.
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New Union Bank Survey Finds U.S. Small Business Owners are More Optimistic This Holiday Season; Those Investing in Digital Capabilities are Expected to Benefit Most
November 14, 2022Despite ongoing concerns surrounding inflation, U.S. small business owners are optimistic about the future and feel prepared to adapt as needed to meet their customers' needs. According to new research by Union Bank, a leading West Coast bank, small businesses that have prioritized digital technology capabilities and increased their social media presence since the start of the COVID-19 pandemic have seen their businesses grow.
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NexBank Capital, Inc. Announces CEO Leadership Change
November 14, 2022NexBank Capital, Inc. (the "Company"), a financial services and parent company of NexBank (the "Bank"), today announced John L. Holt, Jr.'s decision to retire as President and CEO at year end. Holt will continue to serve the Company in his role as Chairman of the Bank and new appointment as Vice Chairman of the Company. Matt Siekielski, who is a Director and EVP, Chief Operating Officer, has been named President and Chief Executive Officer. Both appointments are effective November 10, 2022.
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United Rentals to Acquire Ahern Rentals for $2 Billion
November 14, 2022United Rentals, Inc. (NYSE: URI) today announced that the company has entered into a definitive agreement to acquire the assets of family-owned Ahern Rentals, Inc. for approximately $2.0 billion in cash. The board of directors of United Rentals unanimously approved the agreement. The transaction is expected to close prior to year-end 2022, subject to customary conditions.
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Washington Federal, Inc. and Luther Burbank Corporation Announce Definitive Merger Agreement to Form a $29 Billion Asset Western US Bank
November 14, 2022Washington Federal, Inc. (NASDAQ: WAFD, “Washington Federal”) and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”) jointly announced today the signing of a definitive merger agreement (“Merger Agreement”) pursuant to which Washington Federal will acquire Luther Burbank and its wholly-owned subsidiary, Luther Burbank Savings, in an all-stock transaction valued at approximately $654 million based upon the closing price of Washington Federal’s common stock on November 11, 2022.
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Focus Financial Partners Announces Launch of Credit Facility Refinancing Reaffirms 3.5x to 4.5x Net Leverage Ratio Target
November 14, 2022Focus Financial Partners Inc. (NASDAQ:FOCS) ("Focus"), a leading partnership of independent, fiduciary wealth management firms, announced today that it is launching a new credit facility to refinance its existing First Lien Term Loan and Revolver due in 2024. Focus may also raise additional debt capital for general corporate purposes.
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NOG Announces Borrowing Base Increase
November 14, 2022Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the completion of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility. The borrowing base under the facility was increased from $1.3 billion to $1.6 billion, and NOG has chosen to increase the elected commitment amount from $850.0 million to $1.0 billion.
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BB Energy Successfully Expands its Digital Borrowing Base Credit Facility to USD 580 Million
November 14, 2022BB Energy, a leading global independent energy trading company, is pleased to announce that it has successfully refinanced and expanded a $580 million senior secured borrowing base credit facility (the 'Facility'). Based on an initial size of $500 million, the Facility was increased to US $580 million to finance BB Energy USA trading flows across the Americas. It has a US $320 million accordion feature available to support future growth.
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Loeb Announces Venice Gamble as Vice President of Business Development
November 14, 2022Venice Gamble has joined the team at Loeb as Vice President of Business Development. Venice has nearly two decades of experience in special situations, M&A, and asset disposition solutions. Venice couldn't be more excited to join the team at Loeb where his background will foster continued growth in each of Loeb's verticals.
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U.S. Bank Technology and Operations Leader to Retire in Late 2023
November 14, 2022U.S. Bank (NYSE: USB) announced executive leadership changes today that will change how the company manages technology and operations for its employees and customers. Jeff von Gillern, vice chair of Technology and Operations Services, intends to retire from the company in late 2023 after more than 20 years of service to the organization.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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