TSL Express Daily Articles & News
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CIT Provides $100 Million in Financing for Stonegate Capital
CIT, a division of First Citizens Bank, today announced that the Specialty Finance unit of its Asset-Based Lending business provided $100 million in financing to Stonegate Capital, a middle-market asset-based lender primarily focused on the consumer vertical and opportunistic credits. Stonegate Capital, headquartered in Chicago, is a wholly owned division of SG Credit Partners.
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TSL: Congrats on your 10-year anniversary! Scott, what would you say are the biggest changes Gibraltar Business Capital has undergone over these last 10 years?
Scott Winicour: Thanks! It’s been a wild ride these last ten years, but probably the biggest change is when I bought the company from my father ten years ago with the help of private equity. It was a very small, regional player in the factoring space that did average-sized deals of $50,000 to $250,000. One of the biggest changes today is we don’t really do any factoring anymore, and that’s because we’ve morphed into an asset-based lender as opposed to a more traditional factor. Another big change is that we now have a nationwide presence. So, we went from a small, localized factoring-only business to a national brand name that people know, with salespeople all across the country. That is, by far, the biggest change.
TSL Express Daily Headlines & News
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Commercial Funding Inc. Closes $3 Million Factoring Line for Growing Security Company
January 23, 2023Commercial Funding Inc., a national provider of accounts receivable financing, including invoice factoring, and asset based lending, has closed a $3 million factoring facility for a rapidly growing provider of security services.
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Main Street Announces Increase in Commitments Under its Credit Facility
January 19, 2023Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the expansion of total commitments under its revolving credit facility (the "Credit Facility") from $920.0 million to $980.0 million. The $60.0 million net increase in total commitments was the result of the addition of a new lender relationship.
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United Capital Funding Provides $2.5 Million Post-petition Debtor-In-Possession Financing
January 19, 2023United Capital Funding Group LLC, a Florida-based factoring firm with offices in Chicago recently provided a $2.5 million Debtor-In-Possession (DIP) facility to a California-based sports equipment wholesaler. With this new flexible form of financing, the wholesaler could work through its post-petition plan of reorganization and maintain its long-standing relationship with its major retail customer.
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Assembled Brands’ Facilities Reach Over $100MM in 2022
January 19, 2023Assembled Brands announced five new partnerships and roughly $12MM in new facilities during the winter months of last year, dispersed to emerging consumer brands from multiple industries. The funds support growth opportunities, improve inventory positions and relieve some of the capital constraints many businesses faced due to economic uncertainty in 2022.
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First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Maritime Partners L.P.
January 19, 2023First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt financing for Navios Maritime Partners L.P. (“Navios Partners”). Proceeds from the financing, which is secured by product tankers, will be used by Navios Partners to refinance existing debt.
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First Business Bank Funds $10 Million Factoring Facility to Transportation Brokerage
January 19, 2023First Business Bank announces that its accounts receivable financing team recently funded a $10 million accounts receivable ledgered Line facility to a client operating as a transportation brokerage.
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Pegasus Airlines Closes the First-ever Sustainability-linked Aircraft-secured Term Loan with Ex-Im Support
January 19, 2023Pegasus Airlines closed the first ever sustainability-linked aircraft-secured term loan (“SLL”), which was guaranteed by UK Export Finance for the financing of ten new Airbus A321neo aircraft. The transaction was led by Societe Generale, acting as global arranger, sustainability structurer, facility agent and security trustee.
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Forum Mobility and CBRE Investment Management Announce $400 Million Joint Venture and $15 Million Series A Targeting Equitable Electrification of Heavy-Duty Port Transit
January 19, 2023Forum Mobility, a zero-emission trucking solutions provider, today announced the closure of a $15 million Series A funding round, and a new $400 million joint venture, both led by a fund sponsored by CBRE Investment Management, to provide comprehensive, zero-emission charging and vehicle solutions to drayage truck fleets and drivers. Homecoming Capital also participated in the Series A funding round and provided $100 million to the joint venture.
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Scott Hansen Joins William Blair as Associate Director of Research
January 19, 2023William Blair, the premier global boutique with expertise in investment banking, investment management, and private wealth management, today announced the expansion of the equity research team with the addition of Scott Hansen as associate director of research. Based in New York, Hansen will work closely with and report to William Blair’s director of research, John Kreger.
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Phoenix Lending Survey Results Reveals Inflation is Expected to Continue to Impact the Economy Well into 2023
January 19, 2023Phoenix’s Q4 2022 “Lending Climate in America” survey asked lenders how the average consumer will approach their holiday spending. The majority of lenders, sixty percent, believe an increase in prices will result in less holiday spending, but will not result in a material decrease from prior years. The other forty percent of the lenders surveyed believe that consumers will reduce their Q4’22 spending, which will have the greatest effect on small business relying on holiday revenue.
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RelPro Enhances Platform with Expanded Medical Practice & Form 5500 Data
January 19, 2023RelPro, the fast-growing business development and relationship management solution for Financial & Professional Services, today announced the integration of two new datasets into its platform: one to expand its coverage of medical practices, and the other to add details of corporate employee benefits programs.
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Great Rock Capital Closes $20 Million Credit Facility with Jet East
January 18, 2023Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $20 million senior secured credit facility with Jet East, a Gama Aviation Company. Jet East is a one of the nation’s leading aviation maintenance providers for scheduled maintenance, unscheduled on-demand mobile maintenance, and related services in the areas of structural and component repairs, composite work, non-destructive testing, and paint capabilities.
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Enviva Announces Closing of Term Loan Facility
January 18, 2023-Enviva Inc. (NYSE: EVA) (“Enviva,” “our,” “we,” or the “Company”) today announced the closing of a senior secured term loan facility (the “Term Loan”) in the amount of $105 million, maturing in June 2027. Borrowing rates under the Term Loan are variable and calculated as SOFR plus 400 basis points. Enviva intends to use the net proceeds from the Term Loan to reduce borrowings under its senior secured revolving credit facility.
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Gridiron Capital Partners with Legacy Service Partners
January 18, 2023Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, today announced a growth investment in Legacy Service Partners, LLC (“Legacy” or the “Company”), a leading provider of residential heating, ventilation, and air-conditioning (HVAC), plumbing, and electrical services. Financial terms of the partnership were not disclosed.
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BMO Receives Regulatory Approval to Acquire Bank of the West
January 18, 2023BMO Financial Group (TSX: BMO) (NYSE: BMO), and its subsidiaries BMO Financial Corp. and BMO Harris Bank N.A. (together, "BMO"), today announced it has received all regulatory approvals required to complete its acquisition of Bank of the West from BNP Paribas (XPAR: BNP). BMO anticipates the acquisition will close on February 1, 2023, subject to the satisfaction of customary closing conditions.
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SLR Digital Finance Closes $2 Million Credit Facility for Alpha Precision Media
January 18, 2023SLR Digital Finance announces the completion of a three-year accounts receivable based credit facility for Alpha Precision Media, a leading advertising technology company providing managed service campaigns across the Amazon Ads ecosystem. Alpha drives results for its advertisers by planning, buying, and executing Connected TV and Digital Media campaigns on Amazon. They’re the only certified Minority-owned Business Enterprise with full-platform access across the Amazon ecosystem.
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Cahill Announces New Partner & Counsel Elections
January 18, 2023Cahill Gordon & Reindel LLP announced today that Christopher Bevan, Samson A. Enzer, Sesi Garimella, Mark Loftus and John MacGregor have been elected to the partnership in Cahill’s New York office, and Tom Rocher has been elected to the partnership in the firm’s London office. Cahill is also pleased to announce that the firm has elected Margaret Barone, Danielle Brown, Samir Kurani, Jennifer Potts, Sara Ortiz and Marc Shepsman as Counsel to the firm.
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RelPro Partners with Rivel, Enabling Banks & Credit Unions to Increase SMB Growth and Business Development Efficiency
January 18, 2023RelPro, announced today its latest partnership with Rivel Inc., a Management Consulting firm that uses data to align its clients with their shareholders’ and customers’ needs. The new partnership enhances both companies’ ability to support banks and credit unions looking to strategically attract new customers and retain existing clients.
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King & Spalding Adds Global Investigations Partner Olivia Radin in New York
January 18, 2023King & Spalding announced today that Olivia Radin has joined the firm as a partner on its Special Matters and Government Investigations team. She is based in the New York office. Radin brings a holistic approach to assisting global companies in addressing their challenges by acting as a trusted strategic advisor, conducting internal and regulatory investigations and advising on remediation and compliance enhancements, as well as defending clients during enforcement actions and disputes.
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eCapital Names Todd Zarin as Chief Legal Officer
January 18, 2023eCapital Corp. (“eCapital” or “the company”), a leading finance provider for businesses across North America and the U.K., today announced the appointment of Todd Zarin as chief legal officer. As part of the executive leadership team, Zarin will oversee eCapital’s in-house legal team and be responsible for all legal operations for the company.
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