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TSL Express Daily Articles & News
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The events of 2020 have given commercial lenders the enormous opportunity of being the catalyst for helping to create greater economic stability. With the release of urgent stimulus programs, lenders must be nimble enough to make financing available to businesses that need it to keep their heads above water while they handle the COVID-19 effect on our economy. But at the same time, it is crucial for lenders to carefully mitigate risks and maintain strong lending practices to protect their organization so that they can continue to lend in a more uncertain world.
For astute lenders, it is possible to take steps to protect their business now and be poised for a bright future. To do this, what should lenders focus on to help them exceed expectations and achieve growth in a difficult time?
TSL Express Daily Headlines & News
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FDIC Releases Report Detailing Supervision of the Former Signature Bank, New York, New York
May 1, 2023Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of Signature Bank, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023. The internal review report identifies the causes of Signature Bank’s failure and assesses the FDIC’s supervision of the bank. The review was conducted at the request of FDIC Chairman Martin J. Gruenberg.
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Encina Lender Finance Bolsters Senior Leadership Team with Addition Of Carbery, Connorton And Stroup
May 1, 2023Encina Lender Finance, LLC (ELF) announced today continued expansion of its senior leadership team with the addition of industry veterans Jeff Carbery as managing director, Ryan Connorton as managing director, and Latonya Whitfield Stroup as director.
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Flux Power Renews $14 Million Credit Facility with First Citizens Bank
May 1, 2023Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has renewed the available credit under its existing facility with Silicon Valley Bank, a division of First Citizens Bank (“SVB Facility”), of $14.0 million to support higher working capital requirements related to increased customer demand.
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Minto Metals Announces US$1.5 Million Drawdown and Extension under Sumitomo Prepayment Facility, Amendment to Share Purchase Agreement and CDN$1.0 Million Advance under New Term Loan Facility
May 1, 2023Minto has drawn down a further US$1.5 million under its existing prepayment facility (the "Sumitomo Facility") with Sumitomo Canada Limited ("Sumitomo") pursuant to the amended and restated prepayment facility agreement dated May 16, 2022 entered into between the Company and Sumitomo (the "Sumitomo Facilty Agreement"), bringing the total amount of funds advanced by Sumtiomo under the Sumitomo Facility to US$12.5 million.
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White & Case Advises Tenneco on Establishment of US$1.2 Billion Asset-Based Credit Facility
May 1, 2023Global law firm White & Case LLP, alongside lead US counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, has advised Tenneco, a portfolio company of Apollo Global Management and leading designer, manufacturer and marketer of automotive products for OEM and aftermarket customers, on the establishment of an asset-based credit facility consisting of aggregate commitments totaling approximately US$1.2 billion.
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MRC Global Postpones Term Loan Refinancing Following Cornell Capital Lawsuit
May 1, 2023Even if MRC Global does not enter into a refinancing transaction in the future, MRC Global is confident that it could repay the Term Loan debt utilizing its asset-based lending (ABL) facility and cash generated from its operations.
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BofA Survey: 76% of Small Businesses Feel Well-Equipped to Survive a Recession
May 1, 2023The survey of more than 1,000 business owners across the country found that, despite the continued impact of inflation and supply chain issues, 65% of business owners anticipate revenue growth in the next 12 months
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Celtic Capital Corporation Provides Equipment Loan for Massachusetts-based Precision Machine Shop
May 1, 2023Celtic Capital provided a $616,000 equipment loan, which coupled with the other lender’s facility, provided enough money to pay off the company’s existing bank and fund a settlement agreement whereby the majority owner bought out the minority owner.
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Star Mountain Capital Hires Former Intech Investment Management Managing Director, Leanne Schmitt, as Managing Director
May 1, 2023Star Mountain Capital, LLC ("Star Mountain"), a specialized investment manager with approximately $3.5 billion in assets under management (committed capital including debt facilities as of 3/31/2023) focused on generating systematic excess risk-adjusted returns by investing in the less efficient “lower middle-market” of established, private small and medium-sized businesses in North America, is pleased to announce that Leanne Schmitt has joined as a Managing Director.
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Access Capital Provides $6 Million to a Growing Leader in Light Industrial Staffing
April 27, 2023In order to fuel its ongoing and anticipated success, the company required a credit facility. Access Capital stepped in and expertly crafted a tailored credit solution that will help the new borrower continue to generate strong revenue growth.
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Ocean Bank Provides $10mm Factoring Facility to Industry Leading Specialty Repair Company
April 27, 2023Ocean Bank’s Factoring Division has financed a $10mm factoring facility to fund the expansion plans of a leading provider of offshore deep-water oil rig repairs. The client is well established in the market and has provided services to some of the world’s largest oil producers for more than 30 years.
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CVC Credit Successfully Prices Fifth New CLO of 2023
April 27, 2023CVC Credit is pleased to announce that it has priced Apidos XLV (45), a new issue Collateralized Loan Obligation (“CLO”) vehicle totalling $500 million (c.€450 million). Bank of America served as lead arranger.
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Portage Point Bolsters Middle Market Investment Banking Practice with Addition of Adam Waldman
April 27, 2023Portage Point Partners, LLC (Portage Point), an elite boutique advisory, consulting, interim management and financial services firm, announced today that Adam Waldman has joined the firm as Managing Director, Investment Banking.
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Citizens Business Conditions Index™ Bounces Back in Q1
April 27, 2023Citizens announced today that its national Citizens Business Conditions Index™ (CBCI) rose to 53.9 in the first quarter, reflecting continued strength in the labor market, more new business openings and positive corporate revenue trends. The Index had dipped below 50 during the fourth quarter of last year and the bounce-back during the first quarter signaled a return to positive business conditions.
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Ninepoint Enhances Private Credit Fund With BMO Credit Facility
April 27, 2023Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Ninepoint-TEC Private Credit Fund II (“Ninepoint-TEC” or the “Fund”), announced today that it has secured a revolving credit facility from BMO Bank of Montreal (“BMO”) in the amount of $100 million, with $50 million committed and an additional $50 million accordion,
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Seres Therapeutics Announces $250 Million Debt Financing with Oaktree
April 27, 2023Morgan Stanley & Co. LLC acted as sole structuring agent to the Company. Latham & Watkins LLP served as legal counsel to Seres. Sullivan & Cromwell LLP served as legal counsel to Oaktree.
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B. Riley Ranked Top Litigation Consulting and Forensic Accounting Firm By The National Law Journal's Best of 2023 Survey
April 27, 2023B. Riley Financial, Inc. (Nasdaq: RILY), a diversified business advisory and financial services platform, today announced that B. Riley Advisory Services has been recognized as the top firm in several categories of The National Law Journal's Best of 2023 survey based on votes from clients and law firm professionals nationwide.
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Castlelake Appoints Rory O'Neill and Evan Carruthers Co-CEOs, Yen-Wah Lam Chief People Officer and President
April 26, 2023Castlelake, L.P. ("Castlelake"), a global alternative investment manager specializing in asset-based private credit, today announced that Evan Carruthers, Chief Investment Officer, has been appointed the additional role of Co-Chief Executive Officer alongside Rory O'Neill, who has assumed the title of Executive Chair and Co-Chief Executive Officer.
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Flatbay Capital Funds Owner-Occupied RE for a Serial Entrepreneur
April 26, 2023Flatbay Capital’s latest funding is a $2.5 million Owner-Occupied CRE Bridge Loan for a headquarters in Austin, Texas.
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SLR Equipment Finance Expands its Documentation Capabilities and Announces That Jenifer Friel has Joined
April 26, 2023SLR Equipment Finance is pleased to announce Jenifer Friel has joined our company as Director of Documentation. In her role, Jenifer will help grow SLR Equipment Finance’s documentation team and operational activity. Jenifer was most recently with DLL and brings many years of expertise in managing the documentation process from final credit approval to ultimate funding of contracts with customers.
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