- SG Credit Announces Hiring of Bill Drmacich as Managing Director, Originations
- Tiger Finance Provides New $25 Million Term Loan to U.S. Medical Supplies Distributor
- PlainsCapital Bank Welcomes Roger Retzer as Vice President, Relationship Manager in Denton
- News Detail
- United Capital Funding Issues $15.45MM in Total Credit Facilities in Q1 2026
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Crestmark, the Commercial Finance Division of Pathward, Welcomes Five New Members to Sales Team, Promotes Dean Allman to Lead Western Region Sales
Crestmark, the Commercial Finance division of PathwardTM, N.A., formerly known as MetaBank®, N.A., is pleased to announce the addition of five new members to its sales team, and the promotion of Dean Allman.
Allman joined Crestmark in 2018 as a national account executive, and now represents Crestmark Equipment Finance as the western region sales manager. Richard Bollinger and William Houng Jr. have joined Crestmark Equipment Finance as national account executives and are based in San Diego and Los Angeles, California, respectively. Robert Abraham, Andrew Disch and Nicholas Wagner have joined Crestmark as business development officers in the working capital group.
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As the Secured Finance Network and its members have examined the Main Street Lending Program, there have been two aspects of the program in particular that have been identified as impacting on the utility of the program for borrowers from asset-based lenders.
Both points, along with some others, have been raised in letters from the Secured Finance Network to the Department of the Treasury and the Federal Reserve. And the Secured Finance Network has followed up with specific questions to Treasury arising from the “Main Street Lending Program Frequently Asked Questions” published on July 31, 2020 by the Federal Reserve Bank of Boston (the “FAQs”) in understanding what is permitted under the Program that could significantly impact how it may be used with an asset-based facility.
TSL Express Daily Headlines & News
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SkyWater Technology Expands Borrowing Capacity by Closing New $100 Million Senior Secured Revolving Credit Facility
January 4, 2023-SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced the signing of a new $100 million three-year senior secured revolving credit facility that expands the company’s available borrowing capacity. The new credit facility contains an accordion feature that allows the company to increase the size of the facility by up to $30 million, subject to certain conditions, for a total potential borrowing capacity of up to $130 million. The facility was jointly arranged by Siena Lending Group LLC (“Siena”) and Great Rock Capital (“Great Rock”), leading asset-based lending companies
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FTI Consulting Announces 2023 Senior Managing Director Promotions
January 4, 2023“Congratulations to our newest Senior Managing Directors,” said Steven H. Gunby, President and Chief Executive Officer of FTI Consulting. “These promotions reflect the outstanding contributions each individual has made to our clients and our firm as well as our ongoing commitment to recognize and invest in our next generation of leaders.”
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Terry Novetsky Joins Kramer Levin as Partner in Securitization Practice
January 4, 2023Terry Novetsky has joined Kramer Levin’s Securitization and Structured Finance practice as a partner. Mr. Novetsky represents financial institutions, private equity funds and specialty lenders in asset securitization, secured lending and global trade finance transactions. He comes to Kramer Levin from King & Spalding, where he was a partner, and will be based in the firm’s New York office.
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Olympic Steel Acquires Metal-Fab, Inc.
January 4, 2023Olympic Steel also announced that it has increased the size of its asset-based revolving credit facility from $475 million to $625 million. Following the $131 million acquisition of Metal-Fab, Olympic Steel’s total debt under the revolving credit facility is approximately $297 million, with availability of approximately $280 million, leaving significant capital to continue its diversification strategy through investments in additional acquisitions, new capacity and increased efficiency through automation to deliver shareholder value.
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Runway Growth Capital Announces Senior Secured Term Loan to Vesta
January 4, 2023Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, today announced the closing of a senior secured term loan of $25 million to Vesta, a leading global transaction guarantee platform for online purchases. The non-dilutive financing will provide Vesta with additional working capital to support growth.
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Amerisource Closes $1,000,000 Bridge Loan for Electrical Services and Maintenance Firm
January 4, 2023Amerisource Business Capital announced the closing and funding of a $1,000,000 interim bridge loan facility for a Texas-based powerline construction services and maintenance firm. The proceeds were used to provide working capital to support the company’s rapid growth.
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Egide: The Group Enters Into a Financing Agreement with Amerisource Business Capital for its US Entities
January 3, 2023Egide Group (Euronext Growth Paris™- ISIN: FR0000072373 - Mnemo: ALGID) and Amerisource Business Capital, a direct lender and capital provider to growing businesses throughout the United States and one of the largest independent finance American companies, today announced the signing of a $3M financing agreement.
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Iron Horse Credit Provides a $3,500,000 Inventory Facility to a Cell Phone and Electronic Distributor
January 3, 2023Iron Horse Credit (“IHC”), a leading inventory lender, is pleased to announce the closing of a $3,500,000 inventory facility to a cell phone and electronic distributor the last week of December. The credit facility will provide the company with additional working capital to cover supplier payments and meet its growth projections.
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StroudwaterGCL Completes $58 Million in Financing for Towner County Medical Center
January 3, 2023StroudwaterGCL has completed $58 million in financing for Towner County Medical Center in Cando, North Dakota. The loan package, guaranteed by the U.S. Department of Agriculture (USDA), will go towards constructing a 76,000-square-foot critical access hospital and nursing home. The project will consolidate the current Towner County Medical Center and the Towner County Living Center, currently located across town from each other, significantly improving patient care and bringing critical healthcare access to rural communities throughout the region.
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Parker, Hudson, Rainer & Dobbs LLP Announces Sarah E. Proctor and Justin P. Gunter Have Been Admitted to the Partnership
January 3, 2023Parker, Hudson, Rainer & Dobbs LLP is pleased to announce commercial finance attorney Sarah E. Proctor and litigation attorney Justin P. Gunter have been admitted to the partnership as of January 1, 2023. Sarah works with healthcare lenders, banks, other financial institutions, and companies to complete a wide variety of secured lending transactions, including lender and borrower side representations in syndicated and bilateral credit facilities, first lien and second lien credit facilities, cash flow and asset-based loans, and mezzanine financing transactions. Justin represents clients in a wide range of complex litigation matters including securities litigation, antitrust litigation, insurance coverage litigation, and arbitration proceedings.
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CytoSorbents Receives $5M in Non-Dilutive Debt Financing from Bridge Bank and Extends Loan Agreement
January 3, 2023CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, announced that it has received $5 million in non-dilutive debt financing under the terms of the Fourth Amendment to its Amended and Restated Loan and Security Agreement with Bridge Bank, which provided for a term loan commitment of up to $15 million in aggregate, available for drawdown in tranches of $5 million each at the discretion of CytoSorbents and subject to certain financial requirements.
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Provident Bank Survey: Small to Medium-sized Businesses Believe Recession is Likely in 2023
January 3, 2023Think an economic downturn is on its way? According to results released Tuesday from Provident Bank‘s 2023 Economic Outlook Survey, 67% of small to medium-sized business owners agree with you, thinking a recession is likely. The survey polled 1,000 small to medium-sized business owners and executives and explored predictions for 2023’s economic outlook in addition to measuring respondents’ thoughts on the likelihood of a looming recession and the effects inflation and rising interest rates had on their organizations in 2022.
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GoldenTree Announces Closing of $487 Million CLO Under GLM Strategy
January 3, 2023GoldenTree Loan Management II (“GLM II”) and its affiliated investment manager GoldenTree Asset Management LP (along with other affiliated investment managers “GoldenTree”), announced the closing of a $487 million collateralized loan obligation (“CLO”) to be managed by GLM II. With the closing of this CLO, GoldenTree Loan Management US CLO 16 (“GLM US CLO 16”), GoldenTree has issued 21 CLOs totaling over $12 billion under its GLM CLO strategy.
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Akulaku Announces $200 Million Investment from MUFG
January 3, 2023Akulaku ("the Company"), a leading banking and digital finance platform in Southeast Asia, today announced a $200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG). The investment provides additional support for Akulaku's projected growth as it advances towards its mission of providing banking services across Southeast Asia with an emphasis on reaching underserved customers and markets.
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XS Financial Closes Upsized $39 Million Credit Line With Needham Bank
January 3, 2023XS Financial Inc. ("XS Financial", "XSF" or the "Company") (CSE:XSF)(OTCQB:XSHLF), a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, announced today that it has entered into an upsized $39 million line of credit ("Credit Facility") with Needham Bank increasing its commitment from $20 million to $35 million and remaining as the administrative agent. The remaining $4 million is with an FDIC-insured bank participating in the Credit Facility. All figures are in US Dollars.
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VICI Properties Inc. to Provide Mezzanine Financing for Fontainebleau Las Vegas
January 3, 2023-VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”), an experiential real estate investment trust, announced today that VICI has agreed to provide up to $350 million in mezzanine loan financing to a partnership between Fontainebleau Development, LLC (“Fontainebleau Development”), a builder, owner, and operator of luxury hospitality, commercial and retail properties, and Koch Real Estate Investments, the real estate investment arm of Koch Industries, to complete the construction of Fontainebleau Las Vegas, a 67-story hotel, gaming, meeting, and entertainment destination coming to the north end of the Las Vegas Strip.
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NFI Completes Amendments to its Credit Facilities
January 3, 2023The Bank of Nova Scotia is the Administrative Agent for the Revolver, and The Bank of Nova Scotia, BMO Capital Markets, and National Bank Financial Inc. are the Joint Bookrunners. The Revolver syndicate also includes The Canadian Imperial Bank of Commerce; Bank of America, Canada Branch; Wells Fargo Bank, N.A., Canadian Branch; The Toronto Dominion Bank; HSBC Bank Canada; MUFG Bank Ltd., Canada Branch; Export Development Canada and ICICI Bank Canada. For the UK Facility, HSBC UK acts as Administrative Agent and HSBC UK and the Bank of America, Canada Branch are the two co-lenders and Mandated Lead Arrangers.
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Tikehau Capital Successfully Completed Its First Collateralized Fund Obligation For $300m
January 3, 2023Tikehau Capital (Paris:TKO) today announces that it has successfully completed an inaugural Collateralized Fund Obligation (CFO) for an amount of $300m. The CFO’s assets consist of interests in private debt funds that were mainly held on Tikehau Capital’s balance sheet. They notably include exposure to the firm’s flagship Direct Lending strategy and to its innovative Private Debt Secondaries strategy.
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National Funding CEO David Gilbert Recognized as One of San Diego’s 2022 Most Influential People
January 3, 2023National Funding, one of the largest U.S. specialty finance companies serving small- and medium-sized businesses, is pleased to announce that the San Diego Business Journal recognized CEO and Founder David Gilbert in the finance section of its annual edition of the SD 500 - The Most Influential People in San Diego.
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Moritt Hock & Hamroff Announces 2023 Attorney Promotions
January 3, 2023Moritt Hock & Hamroff has announced that Vincent Balardi, Brian Boland, Michael Calcagni, Jacquelyn Moran, Christine Price and Kelly Schneid have been elevated to Partner, and that Lauren Bernstein, Alex Litt, Caitlyn Ryan and Jodi Zimmerman have been elevated to Counsel, effective January 1, 2023.
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