- TD Bank Streamlines Regional Structure to Accelerate Growth and Strengthen Market Alignment
- Asset-Based Lending & Factoring Surveys
- Donald Cosenza, CLFP Joins Maxim Commercial Capital as SVP, Business Development
- Sallyport Commercial Finance Provides $1 Million for Electronics Distributor for Expansion
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TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
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Randy Lederman Joins CIT Northbridge Credit
CIT, a division of First Citizens Bank, has named Randy Lederman as a managing director for business development activities across the Northeast for CIT Northbridge Credit LLC, a joint venture advised by CIT Asset Management LLC.
Based in New York, Lederman will be responsible for sourcing new asset-based loan opportunities from $15 million to $150 million with business borrowers across a range of credit profiles. His appointment represents CIT Northbridge’s continued dedication to serving client and referral sources in the northeast.
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SFNet’s Annual & Q4 Asset-Based Lending Surveys Reflect Continuing Growth
In perhaps the last snapshot of the secured finance industry before the onset of the COVID-19 pandemic, the fourth quarter and annual SFNet Asset-Based Lending Surveys reflect that banks and independent lenders reported that asset-based lending to U.S. businesses increased steadily and credit quality remained strong. However, the unfolding COVID-19 pandemic that began in the first quarter of 2020 is having an unprecedented impact on financial markets worldwide.
TSL Express Daily Headlines & News
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William Blair Expands Award-Winning Institutional Sales, Trading, and Research Team With Addition of Six Senior Hires
October 18, 2022William Blair, the premier global boutique with expertise in investment banking, investment management, and private wealth management, announced today the addition of six senior hires in the firm’s equity sales, trading, and research group. The new hires follow a period of sustained growth for William Blair’s equities team and mark the launch of the firm’s first energy and sustainability research vertical.
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Angelo Gordon Expands Focus on Insurance Investment Management Solutions With Addition of Matt Heintz
October 18, 2022Angelo Gordon, a $52 billion alternative investment firm focused on credit and real estate investing, today announced that Matt Heintz, former Head of North America at J.P. Morgan Global Insurance Solutions, has joined the firm as Managing Director and Head of Insurance in the Client Partnership Group. In this new role, Matt will be leading the expansion of Angelo Gordon’s focus on investment management solutions for the insurance sector.
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Matrix Appoints Spencer Cavalier As President, James Munsey Joins As Chief Operating Officer
October 18, 2022Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to share the following announcements: In addition to his role as Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, Spencer P. Cavalier, CFA has been named President of Matrix.
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Embraer Closes $650M Syndicated Credit Facility Agreement
October 18, 2022The credit facility will be provided by PNC Bank, Credit Agricole, Natixis, MUFG and Santander, with other lender support, and will give Embraer a revolving credit line available to the jet maker's U.S. and Netherlands subsidiaries. Embraer SA will be the credit line's guarantor.
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Surmodics Announces New Credit Facilities Providing up to $125 Million in Financing
October 18, 2022Surmodics, Inc. (Nasdaq: SRDX), a leading provider of medical device and in vitro diagnostic technologies to the healthcare industry, today announced that it has entered into a new, five-year credit agreement with MidCap Financial (“MidCap”), comprised of up to $100 million in term loans and a $25 million revolving credit facility.
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Gibraltar Expedites Loan Closing for Baked Goods Manufacturer
October 17, 2022Working capital financing to support transitional growth is supported best by three core qualities: moving fast, thinking creatively and acting strategically. Gibraltar Business Capital (“GBC”) recently delivered on these qualities for 37th Street Bakery, a manufacturer of croissants, danishes and cinnamon rolls that serves grocery and foodservice channels.
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Iron Horse Credit Continues to Expand Footprint in Canada by Providing a $1,250,000 Inventory Line of Credit to a Luxury Home & Garden Decor Retailer
October 17, 2022Iron Horse Credit (“IHC”), a leading inventory lender, is pleased to announce the closing of a $1,250,000 stand-alone inventory revolving line of credit to luxury lifestyle home and garden accessories and decor retailer based in Ontario, Canada.
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J D Factors Announces Factoring Facilities
October 17, 2022J D Factors announced it has provided the following factoring facilities: $500,000 to a transportation company in New Jersey; $75,000 to a transportation company in Florida; $100,000 to a transportation company in Alberta; $100,000 to a transportation company in Tennessee; $200,000 to a transportation company in New York.
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Financial Pressures in Higher Education Favor Monetizing Non-Core Real Estate Holdings, Advises A&G Co-President
October 17, 2022Colleges and universities can better support their educational mission by being more strategic about their leased and owned real estate, advised the co-president of A&G Real Estate Partners in an Association of Governing Boards (AGB) podcast.
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North Mill Announces $353MM Term Securitization
October 17, 2022North Mill Equipment Finance LLC (“NMEF”) announced today the closing of its sixth commercial equipment backed securitization (ABS), NMEF Funding 2022-B (“NMEF 2022-B”). The $353MM transaction is North Mill’s 2nd ABS transaction this year, bringing the total privately placed bond proceeds raised this year to $724MM for the year.
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United Capital Funding Provides $10 Million Facility, AR Management in Q3 2022
October 17, 2022United Capital Funding Group LLC, a Florida-based factoring firm completed 12 transactions totaling $10 million in accounts receivable financing in Q3 of 2022. The firm is a wholly owned subsidiary of Gulf Coast Bank & Trust Company, an FDIC-insured bank based in New Orleans, Louisiana.
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Cabicash Solutions Inc., D/b/a Ualett, Secures $50 Million Line of Credit to Accelerate Growth
October 17, 2022Cabicash Solutions Inc, d/b/a Ualett, a Delaware-based online cash advance app targeted to the GIG community, has partnered with Thiele Capital Management to establish a $50M line of credit to continue expanding service for clients across the United States.
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Verona Pharma Secures Debt Financing of up to $150 Million from Oxford Finance
October 17, 2022Verona Pharma plc (Nasdaq: VRNA) (“Verona Pharma” or the “Company”), announces it has entered into a debt financing facility (“debt facility”) providing the Company with access to up to $150 million from Oxford Finance LLC (“Oxford”). The non-dilutive capital provides further financial flexibility and support for commercialization activities for ensifentrine, the Company’s first-in-class product candidate, which recently reported positive Phase 3 data in the ENHANCE-2 trial in chronic obstructive pulmonary disease (“COPD”). The $150 million debt facility replaces the existing $30 million facility with Silicon Valley Bank (“SVB”).
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Lumileds Announces Confirmation of Plan of Reorganization
October 17, 2022Lumileds Holding B.V. (“Lumileds” or the “Company”), a global leader in innovative lighting solutions, announced today that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (the “Plan”). Lumileds plans to emerge from the chapter 11 process (“Chapter 11”) the week of October 31 following the satisfaction of certain administrative items before the Plan becomes effective.
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Synovus Announces Recent Hires and Key Leaders in Corporate & Investment Banking Group
October 17, 2022Synovus Bank today announced additions to its leadership team in its expanding corporate & investment banking (CIB) line of business. These new leaders will strategically grow client relationships through deeper industry expertise and broader corporate finance and advisory capabilities.
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Seanergy Maritime Announces New Term Loan of $28 Million to Refinance Existing Facility at Reduced Cost
October 17, 2022Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the closing of its previously announced $28.0 million term loan secured by two 2010-built Capesize vessels, M/V Fellowship and M/V Premiership, with a prominent European financing institution.
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Forma Brands Considering Restructuring Options, Including Chapter 11
October 17, 2022Forma Brands, the parent company of Morphe, Lipstick Queen, and Jaclyn Hill's Jaclyn Cosmetics, is considering Chapter 11 bankruptcy and has about $600 million to $700 million of debt, as reported by Reorg Research. People familiar with the process told BeautyMatter that the company was looking at various options to strengthen its financial position, stressing that a definitive direction has yet to be decided.
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U.S. Bancorp Receives U.S. Regulatory Approval for Acquisition of MUFG Union Bank
October 17, 2022U.S. Bancorp (NYSE: USB) announced today that it has received all required U.S. regulatory approvals to complete the previously announced acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (NYSE: MUFG), including approvals from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.
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WSFS Bank Names Shari Kruzinski Executive Vice President, Chief Consumer Banking Officer
October 17, 2022WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced that Shari Kruzinski has been named Executive Vice President, Chief Consumer Banking Officer, reporting to Rodger Levenson, WSFS Chairman, President, and CEO. In her new role, she will oversee all aspects of the Consumer Banking division including Retail Delivery, Strategy, Consumer and Small Business banking and the Mortgage division. Kruzinski will assume the role following Rick Wright’s announcement that he will retire at the end of the year.
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TD Bank Finances $18 Million to Support YMCA of Delaware
October 17, 2022TD Bank, America’s Most Convenient Bank®, announced today that it provided a $18 million, tax-exempt loan to YMCA of Delaware for the construction of a new facility in Middletown. The loan was completed by Matthew Barnes, TD Bank Relationship Manager, and Lisa Kirkwood, Regional Vice President of Delaware, TD Bank.
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