TSL Express Daily Articles & News
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CIT Increases Lending Facility for Fashion Company to $100 Million
CIT Commercial Services , a subsidiary of First Citizens Bank, today announced that it increased a New York-based fashion company’s discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children’s apparel.
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SFNet’s recent Virtual International Lending Conference offered insight on the effects of the COVID-19 crisis from geopolitical risk consultant, David Chmiel, co-founder/managing director, Global Torchlight; Marc Finer, director, Debt Advisory Group, KMPG LLP; Scott Fuller, director, Valuations, Gordon Brothers; Richard Hawkins, CEO, AtlanticRMS and Robert Horak, managing director, Lincoln International. David Morse, partner, Otterbourg P.C. and Richard Kohn, principal, Goldberg Kohn Ltd. served as conference moderators.
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Santander Bank Offering Healthcare Equipment Financing as Part of Commercial Finance Expansion
November 21, 2022Santander Bank, N.A. today announced the expansion of its Commercial Equipment and Vehicle Finance business to include commercial equipment financing to healthcare organizations. The new, nationwide offering will provide financing for state-of-the-art medical technology and equipment to hospitals and health systems, out-patient clinics, and specialized providers.
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Kingsway Secures Additional $6 Million in Bank Financing Related to CSuite Acquisition
November 21, 2022Kingsway Financial Services Inc. ("Kingsway" or the "Company") today announced the successful completion of an amendment to its October 1, 2021 credit agreement with AvidBank, resulting in additional borrowing of $6 million and a commensurate distribution in cash to Kingsway.
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KeyCorp Announces Retirement of Chief Financial Officer, Donald R. Kimble and Names Chief Strategy Officer, Clark H.I. Khayat, as Successor
November 21, 2022KeyCorp (NYSE:KEY) announced that Donald R. Kimble, Chief Financial Officer (CFO) and Chief Administrative Officer, will retire on May 1, 2023. He will be succeeded by Clark H.I. Khayat, currently Chief Strategy Officer.
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Greater Commercial Lending Appoints Former SBA Senior Loan Underwriter as Vice President, Credit Administration
November 21, 2022Greater Commercial Lending (GCL) announced that Ben Powell has joined as Vice President, Credit Administration. He will lead GCL's credit administration team, coordinating between GCL and lending partners to build and maintain successful loan packages and relationships. A subsidiary of Greater Nevada Credit Union (GNCU), GCL provides loans to businesses and organizations in under-served and rural communities.
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Citizens Advises North American Kitchen Solutions, Inc. on its Acquisition by Valesco Industries, LLC
November 18, 2022Citizens M&A Advisory announced today that it served as the exclusive financial advisor to North American Kitchen Solutions, Inc., a portfolio company of Weinberg Capital Group, on its acquisition by Valesco Industries, LLC. Founded in 1987 and headquartered in Elyria, OH, NAKS is the leading omnichannel, factory-direct one-stop-shop supplier of customized commercial kitchen hoods, fire suppression systems, fans and other complementary products.
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Winston & Strawn Represents Quantum FinTech Acquisition Corporation
November 18, 2022Winston & Strawn is representing Quantum FinTech Acquisition Corporation (NYSE: QFTA), a publicly traded special purpose acquisition company, in their announced business combination with AtlasClear, Inc. and Atlas Fintech Holdings Corp. which will result in Atlas FinTech transferring its trading technology assets to AtlasClear and the acquisition by AtlasClear as part of the initial business combination.
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OpenText Announces Pricing of Notes Offering and Successful Term Loan Syndication as part of Micro Focus Acquisition Financing
November 17, 2022OpenText™ (NASDAQ: OTEX), (TSX: OTEX) announced today that Open Text Corporation (the "Company" or "OpenText") has priced an offering (the "Notes Offering") of US$1 billion principal amount of 6.90% senior secured fixed rate notes due 2027 (the "Notes") in connection with its proposed acquisition (the "Acquisition") of Micro Focus International plc ("Micro Focus").
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Grant Thornton Announces new Additions to Senior Leadership Team
November 17, 2022Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, today announced that it has elevated five professionals to its Senior Leadership Team to help the firm further execute its long-term growth strategy, which is creating compelling value for clients and team members.
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SWK Holdings Corporation Announces Upsizing of Credit Facility up to $50 Million
November 17, 2022SWK Holdings Corporation (Nasdaq: SWKH) ("SWK" or the "Company"), a life science focused specialty finance company catering to small- and mid-sized commercial-stage companies, announced the signing of the 5th Amendment to the Loan and Security Agreement with Cadence Bank ("Cadence"). The amendment increases Cadence's commitment to $35 million, with a $15 million accordion feature that provides for expansion of the facility up to $50 million, subject to customary conditions.
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Priority Power Secures $250 Million Credit Facility to Fuel Future Growth
November 17, 2022Priority Power Management, Inc. ("Priority Power" or the "Company"), a leader in energy optimization and infrastructure offering smart energy solutions and streamlined transitions to carbon neutrality, announced that it successfully refinanced its existing debt and increased its credit facility from $85 million to $250 million.
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Frost Names New Chief Credit Officer
November 17, 2022Frost Bank announced today that Howard Kasanoff, a senior executive vice president who has been with the bank since August 1992, will become chief credit officer at the beginning of 2023. Kasanoff will succeed Bill Perotti, Frost's long-serving chief credit officer, who is retiring at the end of this year.
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Oxford Finance Closes $115 Million Credit Facility With Pearl Street Dental Partners
November 17, 2022Oxford Finance announced the closing of a $115 million senior credit facility to Pearl Street Dental Partners (“Pearl Street” or “the company”), a dental platform owned by SkyKnight Capital (“SkyKnight”), dentists, and management. Proceeds from the transaction will be used to support the acquisition of the business and provide ongoing working capital and growth capital needs. Oxford is the sole lender and administrative agent in the transaction.
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CIT Serves as Lead Arranger on $419 Million in Financing for Broad River Power Facility in South Carolina
November 17, 2022CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as lead arranger on $419 million in financing for acquisition of the Broad River power generation facility in Gaffney, South Carolina. Onward Energy Inc. is acquiring the five-unit, 860-megawatt simple-cycle peaking power plant, which is fully contracted under a long-term power purchase tolling agreement with Duke Energy Progress Inc. The financing package included a term loan, letters of credit and a working capital facility.
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Rochester Iron & Metal Selects LSQ as SCF Solution Provider
November 17, 2022LSQ, a leading provider of working capital finance and payments solutions, today announced a partnership with Indiana-based Rochester Iron & Metal to provide a supply chain finance (SCF) program to its metal processing and recycling suppliers. Through the program, suppliers will have the ability to receive early payment for invoices to Rochester through LSQ FastTrack®, the best-in-class working capital finance and payments platform.
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Private Equity Wire Names CohnReznick Best Audit Firm – Middle Market
November 17, 2022CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that it has been recognized by Private Equity Wire as the Best Audit Firm – Middle Market in the publication’s 2022 US Awards program. Award winners were announced during an awards ceremony and networking event held at The University Club of New York.
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Huntington Business Credit Closes News Credit Facilities with Fourth Street Barbecue, Inc.
November 17, 2022Huntington Business Credit announced it closed $88,302,000 in new credit facilities with Fourth Street Barbecue, Inc. on September 2, 2022. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital growth financing. Fourth Street Barbecue, Inc., headquartered in Charleroi, Pennsylvania, is a packer and distributor of frozen folds sold through the grocery industry.
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Vinson & Elkins Expands New York M&A and Capital Markets Practice
November 16, 2022Vinson & Elkins announced today that M&A and capital markets lawyer John Johnston has returned to the firm as counsel in New York. After beginning his career at Vinson & Elkins, Johnston rejoins the firm from Baker Botts, where he spent the past five years. He represents businesses in a wide range of corporate transactions, including initial public offerings, registered and unregistered offerings of equity and debt securities, and M&A transactions.
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Prestige Capital Extends $1,000,0000 in Funding to a CBD Wellness Brand
November 16, 2022This innovative CBD company needed growth capital but since most banks are unable to fund this industry, they started to explore alternative solutions. The company was working with a few large retailers but couldn’t get the funding needed in order to pay vendors timely and keep up with the growing demand for high-quality CBD products in today’s market.
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Second Avenue Capital Partners and Tiger Finance Provide $80 Million Credit Facility for Casper Sleep, Inc.
November 16, 2022Second Avenue Capital Partners, LLC (SACP) and Tiger Finance (Tiger) announced the closing of an $80 million credit facility for Casper Sleep, Inc. (Casper), the omnichannel retailer of innovative sleep products including mattresses, pillows and other sleep accessories. The new financing will be used to retire an existing credit facility and support the ongoing working capital needs of the business.
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CIT Provides $34 Million for Development of Lionsgate Warburton Studios in Yonkers, New York
November 16, 2022CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided $34 million in financing to a joint venture between i.Park and Great Point Media for the development of the Lionsgate Warburton Studios, an entertainment production facility in Yonkers, New York.
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