- Armory Securities, LLC Announces $65 Million Successful Closing for Mariani Nut Company
- BankUnited Opens New Tampa Westshore Branch, Plans St. Petersburg Branch to Support Continued Growth in the Region
- Frank Marsicano Strengthens CIBC’s ABL Team in NYC Metro
- Bank of America Expands Regional Investment Banking Coverage, Adds Nine Key Senior Hires Across the U.S.
- BHI Provides $100 Million Capital Call Line to KRE Capital Management
TSL Express Daily Articles & News
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eCapital Introduces New Healthcare Division
eCapital Corp. (“eCapital” or “the Company”), a leading finance provider for businesses across North America and the U.K., today announced the creation of a new division, eCapital Healthcare, dedicated to serving clients within the healthcare industry with fast and flexible financial solutions designed for their unique needs.
The new division will be led by 20+ year industry veteran, Tim Peters, who will retain his leadership role as CEO, Healthcare Division, for eCapital.
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Financial analysis is a cornerstone for any credit administration function. Each loan officer must know his or her borrowers and thorough financial analysis is the best way to start.
The goal of financial analysis is to link business events to changes in the balance sheet, income statement and cash flow to explain the company’s performance during the period under analysis. Without this linkage you end up with “elevator analysis” (sales are up, AR is up, EBITDA is down, etc.) and no meaningful understanding of the company’s performance.
Where do you start? EBITDA is often a starting point for many people. Why? It is a standard measure of performance in the banking and finance industry. EBITDA is a measure of the profitability generated by a business before interest expense, tax expense and depreciation and amortization expense. While this gives the analyst a place to start and some ability to compare to comparable companies, EBITDA should not be viewed as a proxy for cash generation ability.
TSL Express Daily Headlines & News
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Target Hospitality Extends Credit Facility Providing Financial Flexibility to Execute Growth Strategy
February 15, 2023Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, announced on February 2, 2023, that it has amended and extended the terms of its ABL Credit Agreement, dated March 15, 2019 (as amended, the "Amended ABL Facility"), further solidifying its strong financial position and the foundation to continue executing it growth strategy.
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Diversified Healthcare Trust Announces Amendment to Credit Agreement
February 15, 2023Wells Fargo Securities, LLC, RBC Capital Markets, Citibank, N.A. and PNC Capital Markets LLC acted as Joint Lead Arrangers for the amendment to DHC’s credit agreement. Wells Fargo Bank, National Association is the Administrative Agent and Collateral Agent for the facility.
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Ares Commercial Finance Provides $22.5 Million Senior Secured Credit Facility to Leading Offline Egg Processor and Wholesale Distributor
February 15, 2023Ares Commercial Finance announced today that it has provided a $22.5 million senior secured credit facility to a leading offline processor and wholesale distributor of branded and private-label commodity, specialty and hard-cooked eggs predominantly in the Northeast and Mid-Atlantic markets. The credit facility consists of an asset based revolving line of credit. Proceeds of the credit facility will be used to refinance existing indebtedness and for ongoing working capital needs.
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AccessOne Closes $300 Million Securitization Renewal With PNC Bank
February 15, 2023AccessOne, a leading provider of consumer-centric patient payment tools and financing options, today announced that PNC Bank has renewed and expanded its credit facility to $300 million, up from the previous $225 million closed in 2019. The new three-year securitization positions AccessOne to help more healthcare organizations offer simplified and affordable payment options to patients at a time when 71% of consumers say inflation has affected their ability to pay their medical bills, according to a recent AccessOne survey.
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Avaya Takes Action to Accelerate Transformation and Fortify Capital Structure
February 15, 2023Avaya Holdings Corp. (NYSE: AVYA) (“Avaya” or the “Company”), a global leader in solutions to enhance and simplify communications and collaboration, today announced that it has entered into a Restructuring Support Agreement (the “Financial Restructuring”) with overwhelming support of more than 90% of the Company’s secured lenders (the “Investor Group”). Implementing the Financial Restructuring will accelerate Avaya’s ongoing business transformation, significantly enhance its ability to invest in its innovative cloud-based communications portfolio and position the Company for long-term success.
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Stellus Provides Financing in Support of Bansk Group’s Acquisition of Red’s
February 15, 2023Stellus Capital Management, LLC (“Stellus”), a leader in middle market direct lending, announced today that its affiliates provided senior debt financing and an equity co-investment in support of Bansk Group’s (“Bansk”) acquisition of Red’s All Natural (“Red’s), a rapidly growing brand of clean-label frozen burritos and breakfast sandwiches in the U.S.
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Winston & Strawn Represents ROC Energy Acquisition Corp.
February 15, 2023Winston & Strawn is representing ROC Energy Acquisition Corp., a publicly traded special purpose acquisition company, in connection with the announced business combination with Drilling Tools International Holdings, Inc. (“DTI”), a leading oilfield services company that rents downhole drilling tools used in horizontal and directional drilling.
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CIT Closes $8 Million Factoring Facility for Los Angeles-based Apparel Company
February 15, 2023CIT Commercial Services, a wholly-owned subsidiary of First Citizens Bank, today announced that it has closed a non-recourse factoring arrangement and $8 million senior secured facility for a Los Angeles-based company that sells men's and boys' clothing to retailers.
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Tuesday Morning Files for Bankruptcy
February 15, 2023Tuesday Morning, the discount home goods retailer, filed for Chapter 11 bankruptcy protection Tuesday, its second bankruptcy in three years. It’s the latest example of the retail apocalypse, which is starting to creep back. Tuesday Morning’s previous bankruptcy came during the initial months of the Covid-19 pandemic. The chain said Tuesday it must restructure its “exceedingly burdensome debt.” It has secured $51 million in financing to keep operations running.
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Westrock Coffee Company Announces Closing of $50 Million Delayed Draw Term Loan Facility
February 14, 2023Westrock Coffee Company, a leading integrated coffee, tea, flavors, extracts, and ingredients solutions providertoday announced the closing of an amendment to the Company’s existing $350 million credit agreement that established a new class of incremental term loan commitments in the form of a senior secured delayed draw term loan credit facility (the “DDTL Facility” and any term loans under such DDTL Facility, the “Delayed Draw Term Loans”) in the aggregate principal amount of $50 million.
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Supernus Enters Into $150 Million Credit Facility
February 14, 2023Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN), a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, today announced it entered into a credit line agreement (the “Credit Line”) with UBS Bank USA (“UBS”) providing the Company an uncommitted demand secured line of credit of up to $150 million, which can be drawn at any time.
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Mitsubishi HC Capital America, Mitsubishi HC Capital (U.S.A.) and ENGS Commercial Finance to Integrate in April
February 14, 2023Mitsubishi HC Capital Inc. (TSE, NSE: 8593, Representative Director, President & CEO: Takahiro Yanai), announces that it will integrate three group companies in the United States (the “Integration”): Mitsubishi HC Capital America, Inc., Mitsubishi HC Capital (U.S.A.) Inc., and ENGS Commercial Finance Co. on April 1, 2023. Mitsubishi HC Capital America will be the surviving legal entity and will retain its existing name. In addition, Mitsubishi HC Capital Canada, Inc. will remain a subsidiary of Mitsubishi HC Capital America.
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Gold Royalty to Expand Existing Secured Revolving Credit Facility Up to US$35 Million and Joins United Nations Global Compact
February 14, 2023Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce an amended and restated credit agreement with the Bank of Montreal and the National Bank of Canada to expand its existing secured revolving credit facility by US$10 million to US$35 million. The expanded credit facility consists of a US$20 million secured revolving credit facility (the "Facility"), with an accordion feature providing for an additional US$15 million of availability (the "Accordion") subject to certain additional conditions.
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Concord, an H.I.G. Capital Portfolio Company, Completes Acquisition of Authentic
February 14, 2023H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $54 billion of equity capital under management, is pleased to announce that its portfolio company, Concord USA, LLC (“Concord”), has acquired Authentic Digital (“Authentic”), which represents Concord’s third add-on acquisition over the last year. Concord is a leading technology consulting and digital transformation firm focused on digital and product experience, data management and analytics, and cloud engineering and modernization.
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Norton Rose Fulbright Reelects Jeff Cody as US Managing Partner
February 14, 2023Norton Rose Fulbright announced today the reelection of Jeff Cody as US Managing Partner for a second four-year term, effective January 1, 2024. Jeff will continue to lead the law firm’s US management team as well as oversee US operations and strategy. He will also serve as Chair of its US Management Committee and US Partnership Committee.
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Monroe Capital Supports Knox Lane’s Investment in Spectrum Science
February 14, 2023Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the strategic investment and continued growth of Spectrum Science (“Spectrum”) by private equity sponsor Knox Lane. Based in Washington D.C., Spectrum is an independent, integrated marketing, communications and media firm focused on the pharmaceutical, biotech and broader life science industries.
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Justice For Me Closes $10 Million Credit Facility
February 13, 2023Justice Gap Solutions, Inc. dba Justice For Me (“JFM” or “the Company”), the first to market legal financial technology platform that removes the financial barriers that prevent clients and attorneys from working together, today announced that the Company has closed a $10 million credit facility with New York based Crescendo Asset Management, LLC (“CAM”).
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Moritt Hock & Hamroff Welcomes Brian C. Daughney
February 13, 2023The law firm of Moritt Hock & Hamroff has announced that Brian C. Daughney has joined the firm as a Partner in the Corporate, M&A and Securities Practice Group, resident in the Garden City office.
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Cambridge Savings Bank Extends Strategic Financing to Facilitate Management Buyout of Formaggio Kitchen
February 13, 2023Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it has provided $5.3 million in lending to support the transition of ownership of Formaggio Kitchen, a regional chain of gourmet food stores specializing in cheese, to longtime employee Julia Hallman. After working for Formaggio Kitchen for 15 years as a senior buyer and general manager, Hallman successfully purchased the franchise in January 2023.
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EagleBank Provides $25MM in Construction Financing to The Community Builders and Dantes Partners
February 13, 2023EagleBank, one of the largest community banks in the Washington, D.C. area, today announced it has provided $25,000,000 in construction financing to The Community Builders (TCB) and Dantes Partners for a 142-unit “100% affordable” multifamily project located at 610 Park Road, NW, Washington, DC – part of the larger Park Morton and Bruce Monroe redevelopment plan to transform a 174-unit public housing property into a mixed-income community of nearly 500 units.
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