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TSL Express Daily Articles & News
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Fifth Third Business Capital Supports Precision Marshall with $43 Million Upsized Credit Facility for Acquisition of Kinetic Co., Inc.
Fifth Third Business Capital announced it has provided a $43 million capital expenditure facility, revolving credit facility and term loan for Kinetic in Greendale, WI. Kinetic was founded in 1948 and is recognized as one of the world's premiere manufacturers of industrial knives for the tissue, metals, plastic, wood and recycling industries and was recently acquired by Precision Marshall.
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Lender Stayed From Proceeding With UCC Article 9 Sale
Moritt Hock & Hamroff recently reported on the impact of the COVID-19 pandemic on Uniform Commercial Code (“UCC”) Article 9 sales. Now, a second significant decision on this issue has been published. While our last alert concerned whether Article 9 sales may proceed in light of Governor Andrew Cuomo’s Executive Order precluding foreclosures (and reported a decision holding such Article 9 sales may proceed), this latest decision addresses the Article 9 “commercial reasonableness” standard in the present environment, holding that the sale terms established by the lender in question were not reasonable and staying the sale for at least thirty (30) days.
TSL Express Daily Headlines & News
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Audax Private Debt Provides Financing to Support The Stephens Group’s Investment in Quality Valve
December 12, 2022Audax Private Debt announced that, as Administrative Agent and Sole Lead Arranger, it provided a unitranche credit facility to support the acquisition of Quality Valve (the “Company”) by The Stephens Group, a Little Rock-based private investment firm.
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Julien Lacoste Joins Accord Financial as Manager, Business Development
December 12, 2022Julien’s responsibilities will include helping Canadian businesses achieve their long-term business goals by simplifying access to capital through Accord Financial solutions. His primary focus will be the various regions of Quebec to ensure that small and medium-sized enterprises (SMEs) are well served.
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Northeast Bank Announces Significant Loan Purchase Volume
December 12, 2022Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that since September 30, 2022, the Bank has purchased or entered into agreements to purchase primarily commercial real estate loans in the amount of unpaid principal balance of up to $1.16 billion. The Bank’s commercial real estate loans totaled $996.8 million at September 30, 2022.
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Aequum Capital Provides $7.5MM Asset-Based Revolver to Midwest Based Specialty Online Pharmacy
December 12, 2022Aequum Capital is pleased to announce it recently closed a $7,500,000 credit facility to a Midwest-based industry-leading technology focused independent online pharmacy. The Company primarily serves the specialty pharmaceutical market and provides better access to specialty medications that are harder to access at large chains.
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ROK Financial Announces New Chief Executive Officer
December 12, 2022ROK Financial, a leader in the alternative and commercial lending space appoints Patrick Manning as the new Chief Executive Officer of the firm. Manning will assume the day-to-day leadership of the company along with leading the charge on the company's initiatives. Manning succeeds James Webster, who now sits as Executive Chairman.
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Axiom Bank, N.A. Announces Senior Account & Portfolio Managers
December 12, 2022Central Florida-based bank, Axiom Bank, N.A., has named Tony Lee and TC Wilde to their asset-based lending (ABL) division headquartered in Dallas. Both Lee and Wilde will hold the title of Senior Vice President, Senior Portfolio Manager/Senior Account Manager.
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B. Riley Securities Advises Florida Retina Institute on its Recapitalization by RCA
December 12, 2022B. Riley Securities, Inc., a leading full-service investment bank, is pleased to announce it served as financial advisor in the successful recapitalization of Florida Retina Institute ("FRI"), the largest independent vitreoretinal services provider in Florida, by Retina Consultants of America ("RCA"), a comprehensive physician management services organization.
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Sallyport Commercial Finance, LLC Promotes Olivia Hudson to Senior Account Executive
December 8, 2022Sallyport Commercial Finance, LLC is thrilled to announce the promotion of Olivia Hudson to senior account executive. As account executive over the last four years, Olivia has been an integral part of Sallyport’s growth and success by developing and managing relationships with her US & Canadian clients.
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November Commercial Chapter 11 Bankruptcies Increase 74 Percent Over Last Year
December 8, 2022ommercial Chapter 11 filings increased 74 percent to 345 in November 2022 from the 198 filings recorded in November 2021, according to data provided by Epiq's Bankruptcy Analytics platform. The November 2022 commercial Chapter 11 filing total was lifted by the more than 100 cases related to the Chapter 11 filing on November 11 by crypto exchange FTX Trading, Ltd. Total commercial filings increased 17 percent to 1,848 in November over 1,586 total filings in November 2021. Subchapter V small business filings increased 38 percent to 117 in November 2022 from 85 filings in November 2021.
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GSilver Arranges US$5M Debt Facility
December 8, 2022Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to announce that it has signed a new concentrate and pre-payment credit facility with Ocean Partners (UK) Limited ("Ocean Partners"), a UK based metals offtake and trading firm, to provide a US$5.0M revolving credit facility (the "New Facility") for operating and working capital purposes.
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Evolus Extends Term of Credit Facility with Pharmakon Advisors
December 8, 2022Evolus, Inc. (NASDAQ: EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced it has extended the expiration date of the second undrawn tranche under its existing term loan financing facility with investment funds managed by Pharmakon Advisors, LP to December 31, 2023.
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Trinity Capital Inc. Announces Joint Venture
December 8, 2022Trinity Capital Inc. (NASDAQ: TRIN, TRINL) ("Trinity" or the "Company"), a leading provider of diversified financial solutions to growth-stage companies, today announced that it entered into an agreement (the "JV Agreement") to co-manage a newly formed joint venture, i40, LLC (the "JV"), with certain funds and accounts managed by a specialist credit manager with over $5 billion of assets under management. The JV will invest in loans and equipment financings to growth-stage companies that have been originated by Trinity.
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Regions Bank Announces Creation of Franchise Lending Team
December 8, 2022Regions Bank on Wednesday announced the creation of a Franchise Lending team led by industry veteran Peter Salas. A key part of Regions’ services designed to support small-business growth, Salas and his team are focused on helping drive business sustainability and expansion through their specialization in franchise concepts.
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Avant Secures $250 Million In Funding From Ares Management Corporation
December 8, 2022Avant, LLC, a credit-first financial technology company* that provides access to innovative financial solutions to underserved non-prime consumers (“Avant”), today announced it secured $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds (“Ares”).
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Leading Food Processing Equipment Provider Added to Sweet Leaf Madison Capital's Preferred Vendor Program
December 8, 2022Sweet Leaf Madison Capital (SLMC), a nationwide provider of tailored debt financing solutions for the middle-market compliant cannabis industry, has just added Baker Perkins to its Preferred Vendor Program. Baker Perkins is a leading food processing equipment supplier providing technology integral to food manufacturers across the bakery, confectionery, food extrusion, breakfast cereal, pet food and biscuit, cookie, and cracker sectors.
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Curve Defies the Market and Secures $1 Billion Deal from Credit Suisse
December 8, 2022Curve, the fast-growing financial super app, today announced that the company has closed a deal to fund its first $1 billion in loans with a facility provided by Credit Suisse, enabling Curve to scale its lending business, Curve Flex, across the UK, the EU and the United States.
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J D Factors Announces Factoring Facilities
December 7, 2022J D Factors announced it has provided the following factoring facilities: $75,000 to an electrical distribution company in Quebec; $300,000 to a transportation company in New York; $250,000 to a transportation company in Ohio; $250,000 to a transportation company in Ontario; $250,000 to a transportation company in Nebraska.
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Cambridge Savings Bank Supports the Redevelopment and Expansion of the Innes Apartments as Lead Bank in $93 Million Construction Loan
December 7, 2022Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced it is the lead bank in a $93 million construction loan to support the Innes Redevelopment Project, with the development of two new multi-purpose buildings in Chelsea, MA. The project is being led by co-developers John M. Corcoran & Company and Joseph J. Corcoran Company, in partnership with real estate private equity firm Marcus Partners.
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Hays Joins SLR Business Credit
December 7, 2022SLR Business Credit is pleased to announce the addition of Gene Hays as vice president, field examiner. Hays has 20 years of Asset Based Lending experience as an account executive and field examiner, most recently with Celtic Capital. Hayes will be based out of the Sherman Oaks, CA office.
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Kuber Announces New $80 Million Credit Facility
December 7, 2022Kuber Mortgage Investment Corporation ("Kuber" or the "Company") is pleased to announce an increase to its revolving credit facility (the "Credit Facility") from $40 million to $80 million, effective November 23, 2022. The term of the facility has also been extended for an additional 2 years. This new credit facility now includes an additional Schedule I bank. Kuber is excited to welcome a 2nd Schedule I partner to its lending syndicate.
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