- FTI Consulting Grows Transactions Practice With Appointment of Damon Yousefy as Senior Managing Director
- SFNet New Member Spotlight: Proskauer Rose LLP
- Bit Digital Originates Strategic Financing Facility Supporting WhiteFiber Growth Initiatives
- BofA Names Anthony DiBlasi San Diego President
- CIBC Adds Richard Wainio as Managing Director, Asset Based Lending – Great Lakes Region
TSL Express Daily Articles & News
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Gordon Brothers Provides Academy Bus $72.5M Credit Facility to Support Growing Business
Gordon Brothers, the global advisory, restructuring and investment firm, has provided Academy Bus LLC a $72.5 million credit facility to support the bus company’s growing business.
The facility will support Academy Bus’ debt refinancing and continued growth to meet the increased transit, charter and commuter demand as transportation service returns to pre-pandemic levels.
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FOCUS
If you seek tranquility, do less. Or (more accurately) do what’s essential. Do less, better. Because most of what we do or say is not essential
-- Marcus Aurelius
Lenders (and most others) struggle with a particular problem almost every day: how to prioritize deals they can get done versus those they can’t. Prioritization affects all of us, but how practically can we focus on what is essential? We are living beings and our most important asset is time, so let’s use it wisely. But how do we know if we are using it sensibly? Seneca similarly stated,
It is not that we have a short time to live, but that we waste a lot of it
Granted, he was referencing our lives and not lending, but the lesson still applies. What is essential in lending? To be successful in lending one only to needs consider duration – safety – return and contingencies (perhaps a subset of safety).
TSL Express Daily Headlines & News
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First Citizens Bank Provides $50.3 Million Financing for Recapitalization of Medical Office Building Portfolio
February 21, 2023First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, provided $50.3 million in financing to Montecito Medical Real Estate to recapitalize a portfolio of medical office buildings. The portfolio consists of an aggregate of 200,000 rentable square feet across seven off-campus medical office buildings located in Florida, Illinois and Pennsylvania.
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MidCap Business Credit Closes a $12 Million Senior Secured Credit Facility for a Manufacturer and Assembler of Mattresses and Foundations
February 21, 2023MidCap Business Credit announced today they have closed on an $12,000,000 senior secured credit facility for a manufacturer and assembler of mattresses and foundations. The asset based credit facility is comprised of a working capital line of credit with advances against accounts receivable and inventory and a machinery and equipment term loan.
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Rosenthal Closes Two Transactions, Including $35 Million in Acquisition Financing and a Combined $3 Million In Factoring And Purchase Order Financing
February 21, 2023Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of two recent transactions, including a $35 million acquisition deal for a large consumer products importer and a combined $3 million purchase order financing and factoring deal to support an established footwear company.
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Winston & Strawn Represents Atlis Motor Vehicles, Inc.
February 21, 2023Winston & Strawn is representing Atlis Motor Vehicles, Inc. (NASDAQ: AMV), a vertically integrated electric vehicle technology ecosystem company, and the first battery cell manufacturer to be fully owned and operated in the US, in connection with the pricing of its public offering of 8,334,000 units.
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IDB Bank Announces Strategic Expansion of Sponsor & Leverage Finance Team
February 21, 2023IDB Bank (IDB), a New York-based private and commercial bank, has announced the expansion of its Sponsor & Leverage Finance team. As part of this expansion, IDB aims to further its presence within the leverage finance space, a key area of growth over the next several years.
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Bain Capital Credit Launches New Business Development Company for Income Focused Investors
February 21, 2023Bain Capital Credit, LP (“Bain Capital Credit”), a leading global credit specialist, today announced the launch of Bain Capital Private Credit (“BCPC” or the “Fund”), a perpetual life, non-traded business development company. The Fund will offer access to income-producing investments in middle market companies that have historically been available mostly to institutional investors. Bain Capital Credit has been a longstanding investor in the middle market since its founding in 1998.
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Crayhill Capital Management Provides $200 Million Secured Receivables Financing Facility to Stenn Technologies
February 21, 2023Crayhill Capital Management, a New York-based, minority-owned private credit manager focused on asset-based investments, announced today the close of a $200 million receivables financing facility with Stenn Technologies, a UK-based SME finance platform. The facility, which will initially be $200 million, expandable to up to $400 million, is collateralized by a diverse portfolio of high-quality, short-term trade receivables. Goldman Sachs provided a committed senior credit facility against the portfolio in the initial amount of $175 million.
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Customers Bank Introduces Loan Syndications Banking Solutions
February 21, 2023Customers Bank, a digital and fintech-forward super-community bank with a growing number of operations across the nation and the bank subsidiary of Customers Bancorp, Inc. (NYSE:CUBI), announced the launch of a new Loan Syndications Banking Team, expanding the bank’s lending services for middle market businesses and lead deals to support the bank’s existing and future national lines of business.
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Houlihan Lokey Grows Its Capital Markets Capabilities With Experienced Energy Financing Specialist
February 21, 2023Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, announced today that Daniel East has joined the firm’s Capital Markets Group as a Managing Director. Mr. East is based in Houston and will predominantly partner with the firm’s Oil & Gas Group as well as Houlihan Lokey’s Power & Utilities team to provide private capital financing solutions to the firm’s clients in these sectors.
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Austin Financial Services Hires SVP, ABL Originations to Expand ABL Originations in Midwest Region
February 21, 2023Austin Financial Services, Inc. (AFS) is pleased to welcome Stacey Huddleston as its new SVP, ABL Originations. In this role, Huddleston will continue to expand the company’s Asset Based Loan (ABL) origination efforts throughout the Midwest region. Huddleston brings with him 22 years of commercial finance and asset-based lending experience. Prior to joining AFS, he held leadership roles with Seacoast Business Funding and Prestige Capital.
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AlixPartners to Acquire Leading Independent Restructuring Practice THM Partners
February 21, 2023AlixPartners, the global consulting firm, today announced that it has entered into an agreement to acquire leading independent restructuring practice THM Partners LLP (THM). The proposed transaction will see THM’s 40 Partners and staff located in the UK, Germany, and Singapore joining AlixPartners’ world-leading Turnaround & Restructuring Services practice.
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Flatbay Capital Announces Funding of $5.9MM CRE Line of Credit
February 16, 2023On December 30th, 2022, Flatbay Capital LLC closed a $5.9MM commercial real estate secured line of credit for a large general contractor in Houston. We also introduced an equipment lending partner and together we were able to fully pay off the bank before year's end.
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White & Case Advises Lenders on Financing for Acquisition of Vittoria
February 16, 2023Global law firm White & Case LLP has advised the lenders on a senior term and revolving credit facility agreement to finance the acquisition by British investment fund Telemos Capital of a majority stake in Vittoria, an Italian manufacturer of bicycle tyres and related accessories. The pool of lenders comprised Crédit Agricole, UniCredit, BPER Banca, Deutsche Bank and Muzinich.
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SG Stonegate Announces a Senior Debt Investment in Mike's Hot Honey
February 16, 2023SG Stonegate Capital is excited to announce its newest partnership: Mike’s Hot Honey. Mike’s Hot Honey was born from a desire to create and share the highest quality honey infused with chili peppers. The brand is a welcomed addition to SG Stonegate's pizza pies, pantry, and the portfolio. The debt financing will support Mike’s Hot Honey’s continued growth, innovation and expansion.
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FTI Consulting Survey Finds Operational and Compliance Implications Will Intensify Across Every Aspect of Digital Insights and Risk Management
February 16, 2023FTI Consulting, Inc. (NYSE: FCN) today announced findings from its Technology segment’s study of digital insights and risk management trends, which revealed that digital risk is rapidly surpassing other areas of corporate risk as the primary business concern and that data has become inextricably linked to business success.
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BMO Announces Executive Appointment
February 16, 2023BMO Financial Group today announced the appointment of Nadim Hirji as Group Head, BMO Commercial Banking. Mr. Hirji will report to Chief Executive Officer Darryl White and join the bank's Executive Committee. His appointment is effective March 1, 2023.
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Stonebriar Commercial Finance Celebrates its 8th Anniversary with Another Record-Breaking Year
February 16, 2023Stonebriar Commercial Finance (“Stonebriar”) today announced it continued to serve its valued customer base, originating $2.3 billion of new business volume for 2022, a 53% increase over 2021, while increasing ending receivables and serviced assets to over $5.6 billion. The significant increase in volume resulted in a 54% increase in operating income and a 57% increase in ending receivables.
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Winston & Strawn is Representing Roadzen, Inc.
February 16, 2023Winston & Strawn is representing Roadzen, Inc., a global insurance technology company, in its announced business combination with Vahanna Tech Edge Acquisition I Corp. (Nasdaq: VHNA), a special purpose acquisition company. Upon the closing of the transaction, the combined company will operate as Roadzen Inc. and expects to be listed on Nasdaq.
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B. Riley Expands Appraisal and Valuation Services with Addition of Field Examination Practice
February 16, 2023B. Riley Advisory Services, a leading provider of specialty business advisory services, today announced it has expanded the firm’s appraisal and valuation services with the addition of a dedicated field examination practice. This experienced team specializes in developing company-specific field examination procedures in collaboration with lenders to support new and existing credit facilities.
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Target Hospitality Extends Credit Facility Providing Financial Flexibility to Execute Growth Strategy
February 15, 2023Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, announced on February 2, 2023, that it has amended and extended the terms of its ABL Credit Agreement, dated March 15, 2019 (as amended, the "Amended ABL Facility"), further solidifying its strong financial position and the foundation to continue executing it growth strategy.
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