- SFNet Market Pulse
- Faccorp Funds Three New Factoring Facilities so far Q1; Supporting Growth Across Security, Infrastructure, and Energy Sectors
- Trinity Capital Inc. Provides $35 Million in Growth Capital to Neuros Medical, Inc. to Scale Pain Management Therapy Adoption
- David Ebroon Admitted to the American College of Commercial Finance Lawyers as a Fellow
- Gateway Completes a Record 39 Stretch Deals in 45 Days Totaling $15 Million
TSL Express Daily Articles & News
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LSQ Creates $18MM Facility, AR Management Program for Home Lighting Fixtures Distributor
LSQ, a leading provider of working capital finance andpayments solutions, recently originated an $18 million credit facility for a distributor of lighting and ceiling fans serving big-box retailers nationwide. The facility includes both accounts receivable and inventory financing.
The company will use the additional capital to fund growth, innovation, new designs and improve existing products and services.
TSL Express Trending Story
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UK Law: What should Secured Lenders be Doing now to Prepare for the New Moratorium?
Richard Hawkins, Georgia Quenby and John Alderton provide an overview of the potential impacts of the New Moratorium and consider actions that Secured Lenders may wish to consider in preparation.
(Editor’s Note: SFNet will be hosting a Webinar on UK Insolvency Reform: What Secured Lenders Need to Know, which will include the authors and other experts on June 10 at 11 AM ET.)
TSL Express Daily Headlines & News
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Individual Chapter 13 Filings Increase 32 Percent in Calendar Year 2022
January 9, 2023Commercial Chapter 11 filings increased 2 percent to 3,816 in calendar year 2022 from the previous year’s total of 3,726. Subchapter V elections within Chapter 11 also experienced an increase in calendar year 2022, as the 1,433 filings represented a 13 percent jump from the 1,263 filings recorded in 2021.
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Amerisource Closes $1,000,000 Bridge Loan for Renewable Energy Services Firm
January 9, 2023Amerisource Business Capital announced the closing and funding of a $1,000,000 bridge loan facility for a Texas-based renewable energy services firm. The proceeds were used to support the company’s growth and working capital needs.
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JPMorgan Chase Survey: Most Businesses Expect Recession in 2023
January 9, 2023The majority of small and midsize U.S. business leaders anticipate a recession in 2023, according to JPMorgan Chase’s 2023 annual Business Leaders Outlook survey released today. In total, 65% of midsize businesses and 61% of small businesses expect a recession in the year ahead.
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J D Factors Announces Factoring Facilities
January 5, 2023J D Factors announced it provided the following factoring facilities: $250,000 to a transportation company in California; $120,000 to a transportation company in Ohio; $100,000 to a transportation company in Alberta; $200,000 to a transportation company in Illinois.
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Gridiron Capital Completes Partnership with Esquire Deposition Solutions
January 5, 2023Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, today announced that it has completed its investment in Esquire Deposition Solutions (“Esquire” or the “Company”), a leading national provider of remote and in-person court reporting, video, and interpreting services for corporate and law firm clients.
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Schulte Roth & Zabel Advises Lovell Minnick Partners and National Auto Care in Sale to APCO Holdings, LLC
January 5, 2023Schulte Roth & Zabel LLP advised Lovell Minnick Partners (LMP) and National Auto Care (NAC) in connection with the sale of NAC to APCO Holdings, LLC (APCO), a portfolio company of Ontario Teachers' Pension Plan. LMP is a private equity firm focused on investments in financial services, financial technology, and related business services.
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Alvarez & Marsal Expands its Valuation Services Practice With Three New Senior Directors
January 5, 2023Leading global professional services firm Alvarez & Marsal (A&M) has announced the appointments of Senior Directors Timothy Byhre in Chicago and Garrett Sussman and Matthew Bohlin in New York to the Valuation Services practice (VS).
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Prominent Banking Partners Join Latham & Watkins in New York
January 5, 2023Latham & Watkins LLP1 is pleased to announce that Corey Wright and Lisa Collier have joined the firm's New York office as partners in the Banking Practice. Both partners represent banks and other financial institutions in a broad range of complex leveraged finance transactions, including high-yield bond, debt and equity offerings, asset-based lending transactions, acquisition financings, and other bank loan financings.
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Host Hotels (HST) Extends $2.5B Credit Facility, Ups Liquidity
January 5, 2023Host Hotels & Resorts, Inc.HST recently announced the amendment and restatement of its existing $2.5 billion credit facility (known as the “Agreement”) to boost liquidity position and financial flexibility. This involved the extension of the maturity from January 2025 to January 2028, inclusive of all extension options. The Agreement will continue to comprise a $1.5 billion revolving credit facility and two $500 million term loans.
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Brightwood Capital Advisors Provides Debt Financing to Morgan Stanley Capital Partners’ Impact Fitness
January 5, 2023Brightwood Capital Advisors (“Brightwood”), a middle market private credit firm, announced that it has provided debt financing to support the continued growth and expansion of Impact Fitness (“Impact” or the “Company”), a portfolio company of Morgan Stanley Capital Partners (“MSCP”).
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Amerisource Closes $3,000,000 Working Capital Facility For Manufacturer
January 5, 2023Amerisource Business Capital announced the closing and funding of a $3,000,000 working capital facility for a Maryland-based manufacturer of hermetic packages, microelectronic housings, and assemblies. The proceeds were used to support the company’s growth and working capital needs.
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Sallyport Commercial Finance Provides $850,000 for a Project Management Business
January 4, 2023In a deal that closed in 2022 for Sallyport Commercial Finance, a US project management business has been equipped with an $850,000 accounts receivable facility. Referred to Sallyport by its contact in investment banking, the company has some tremendous growth opportunities. They anticipate more than doubling their employees from 27 to 60 this year. Each employee generates revenue for the business but has to be paid before they generate any revenue for the company, and this poses an obvious cashflow challenge.
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Crown Partners Arranges $75 Million Senior Debt Facility for HOP Energy
January 4, 2023Crown Partners LP announced that HOP Energy, LLC, (“HOP”), a portfolio company of Delos Capital, has closed on a $75 million senior debt facility. Crown Partners served as exclusive financial advisor to HOP in connection with this transaction. Headquartered in White Plains, NY, HOP is a market‐leading home services provider, delivering heating distillates and performing installation and services of HVAC, heat pumps and other critical home systems.
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MidCap Financial Closes $150mm Senior Revolving Credit Facility to Trusted
January 4, 2023MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $150mm senior revolving credit facility to Trusted MidCo, LLC (“Trusted,” “Trusted Health,” or “Company”). The MidCap Financial credit facility includes an uncommitted option to increase the total facility size to up to $239mm. Proceeds from the MidCap Financial credit facility were used to refinance the Company’s prior credit facility and to provide for the business’ ongoing working capital needs.
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eCapital Wins Bronze in 12th Annual Best in Biz Awards
January 4, 2023eCapital Corp. (“eCapital”), a leading finance provider for businesses across North America and the U.K., today announced that CEO Marius Silvasan was named a Best in Biz Awards bronze winner in the Executive of the Year – Medium Companies category. The Best in Biz Awards are the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America.
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United Capital Funding Provides $17.56 Million Facility, AR Management in Q4 2022
January 4, 2023“Small businesses are the lifeblood of the U.S. economy: they create most net new jobs and drive U.S. innovation and competitiveness. As we close 2022 and start 2023, I’m incredibly pleased about our new business momentum by helping so many small businesses located throughout the country with an alternative source of financing when it’s most needed,” said Nicholas Pittas, National Sales Manager of United Capital Funding.
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Alvarium Tiedemann Holdings Enters into New $250 Million Credit Facility
January 4, 2023Alvarium Tiedemann Holdings, Inc. (NASDAQ: ALTI) (“Alvarium Tiedemann” or “AlTi” or the “Company”) announced today that it has entered into a $250 million credit facility with a syndicate led by BMO Capital Markets Corp. (“BMO”). The facility, which is comprised of a $150 million revolving credit facility and a $100 million term loan facility, will be used to pay down subsidiary debt and fund growth initiatives.
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SkyWater Technology Expands Borrowing Capacity by Closing New $100 Million Senior Secured Revolving Credit Facility
January 4, 2023-SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced the signing of a new $100 million three-year senior secured revolving credit facility that expands the company’s available borrowing capacity. The new credit facility contains an accordion feature that allows the company to increase the size of the facility by up to $30 million, subject to certain conditions, for a total potential borrowing capacity of up to $130 million. The facility was jointly arranged by Siena Lending Group LLC (“Siena”) and Great Rock Capital (“Great Rock”), leading asset-based lending companies
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FTI Consulting Announces 2023 Senior Managing Director Promotions
January 4, 2023“Congratulations to our newest Senior Managing Directors,” said Steven H. Gunby, President and Chief Executive Officer of FTI Consulting. “These promotions reflect the outstanding contributions each individual has made to our clients and our firm as well as our ongoing commitment to recognize and invest in our next generation of leaders.”
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Terry Novetsky Joins Kramer Levin as Partner in Securitization Practice
January 4, 2023Terry Novetsky has joined Kramer Levin’s Securitization and Structured Finance practice as a partner. Mr. Novetsky represents financial institutions, private equity funds and specialty lenders in asset securitization, secured lending and global trade finance transactions. He comes to Kramer Levin from King & Spalding, where he was a partner, and will be based in the firm’s New York office.
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