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TSL Express Daily Articles & News
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CIT Serves as Lead Arranger of $88 Million Financing for Texas Battery Energy Storage System
CIT, a division of First Citizens Bank, today announced that its Power and Energy business arranged $88 million in financing for a 173-megawatt stand-alone merchant battery storage facility in Texas.
The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone Inc.
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Four executives from SFNet member companies discuss their experience in adapting to the surge of funding requests for personal protection equipment (PPE). TSL Express sat down with Jeff Goldrich, president and CEO, North Mill Capital; Edward King, founder and managing partner King Trade Capital; Paul Schuldiner, executive vice president and purchase order finance division manager, Rosenthal & Rosenthal; and Scott Winicour, CEO, Gibraltar Business Capital to learn more.
TSL Express Daily Headlines & News
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Insmed Announces Strategic Financings Totaling $775 Million
October 20, 2022Insmed has entered into a $350 million senior secured term loan agreement with funds managed by Pharmakon Advisors, LP, a leading investor in non-dilutive debt for the life sciences industry and the investment manager of the BioPharma Credit funds (the "Term Loan"). The five-year Term Loan matures in October 2027. The Term Loan bears interest at a rate based upon the secured overnight financing rate (SOFR), subject to a SOFR floor of 2.5%, in addition to a margin of 7.75% per annum.
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Flexport Capital Secures $200 Million Credit Facility from KKR
October 20, 2022Flexport Capital, the trade financing arm of Flexport, today announced it has secured a credit facility of up to $200 million from separate insurance accounts managed by KKR, a leading global investment firm. The credit facility will allow Flexport Capital to continue to build an industry-leading financing product within the Flexport Platform, and to further invest in client growth and geographic expansion.
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Castlelake Aviation Lending Completes Two Transactions Totaling $100 Million
October 20, 2022Castlelake, L.P. ("Castlelake"), a global alternative investment firm with approximately 17 years of experience investing in, financing and managing aviation assets, today announced that it has deployed $100 million through two ne transactions in its Aviation Lending Program.
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SR Alternative Credit, LLC Completes a $10 Million Senior Secured Financing for a Shipping Container Owner-Lessor
October 20, 2022SR Alternative Credit, LLC (“SRAC”), formerly Old Hill Partners, today announced a deal that provided $10 million in the form of a senior secured one-year term loan to a company that acquires and leases standard 20- and 40-foot shipping containers, among other transportation equipment.
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Victory Park Capital Announces $100 Million Credit Facility for Consumer Payments Platform Nelo
October 20, 2022Victory Park Capital (“VPC”), a leading global alternative investment firm specializing in private credit, today announced it has provided a $100 million credit facility to Nelo, a consumer payments platform for online purchases in Mexico.
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MidWestOne Names Charles N. Reeves as New CEO
October 20, 2022MidWestOne Financial Group, Inc. (Nasdaq: MOFG), parent company of MidWestOne Bank, today announced that its Board of Directors has named Charles (Chip) N. Reeves, 54, as its new Chief Executive Officer (CEO), effective November 1, 2022. Reeves succeeds Charlie Funk, who is retiring following a successful 22-year career with the organization.
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Sound Point Capital and LBC Credit Management Support the Acquisition of Unirac, Inc.
October 20, 2022Sound Point Capital Management, LP (“Sound Point”) and LBC Credit Management, L.P. (“LBC”), two of the leading providers of financing solutions to middle market companies, provided a $180 million senior secured credit facility to Greenbelt Capital Partners (“Greenbelt”) to support the acquisition of Unirac, Inc. LBC served as Agent and Lead Arranger for the senior secured credit facility. Sound Point served as Co-Lead Arranger.
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Monroe Capital Supports NationsBenefits’ Acquisition of DeliverLean
October 20, 2022Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support NationsBenefits’ acquisition of DeliverLean by private equity sponsors General Atlantic, The Pritzker Organization, and Denali Capital LLC.
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nFusion Capital Releases Q3 Results
October 20, 2022nFusion Capital provided 39 new factoring, inventory finance, and asset based lending facilities during the third quarter of 2022 for an aggregate of $14 million, and $102 million in receivables purchased.
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TD Bank Finances $18 Million to Support YMCA of Delaware
October 19, 2022TD Bank, America’s Most Convenient Bank®, announced today that it provided a $18 million, tax-exempt loan to YMCA of Delaware for the construction of a new facility in Middletown. The loan was completed by Matthew Barnes, TD Bank Relationship Manager, and Lisa Kirkwood, Regional Vice President of Delaware, TD Bank.
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Summit Investment Management Welcomes Catie Vuksich to the Team
October 19, 2022Catie Vuksich joins Summit as a director based in Denver, CO. Her responsibilities include deal sourcing, underwriting, and asset management. Prior to Summit, Catie spent eleven years at Wells Fargo primarily as a member of the Credit Resolution Group focused on distressed credits.
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Concord Serves as Exclusive Financial Advisor and Arranges $12MM in Senior Debt
October 19, 2022Concord Financial Advisors, LLC announced it served as the exclusive financial advisor and arranged $12MM in senior debt for Purr-Ferred PetFood LLC, headquartered in Boca Raton, FL. Purr-Ferred PetFood LLC has sourced proteins from around the world for the major national pet food manufactures for 23 years. The Company’s plant, located in Anchorage, Alaska, processes salmon, cod, halibut and ocean white fish for distribution throughout the U.S.
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Cadence Bank Reveals New Brand Identity and Website
October 19, 2022Cadence Bank (NYSE: CADE) today announced the launch of its new brand identity and corporate website, underscoring its continued commitment to helping people, companies and communities prosper and delivering on its brand promise of creating ease for customers.
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City Holding Company Announces Acquisition Strengthening Kentucky Presence
October 19, 2022Piper Sandler & Co. served as financial advisor and Dinsmore & Shohl LLP served as legal counsel to City in this transactions. Forvis Capital Advisors, LLC served as financial advisor and Wyatt, Tarrant & Combs, LLP served as legal counsel to Citizens. Hovde Group LLC issued a fairness opinion to the board of Citizens.
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Fountainhead Hires Commercial Loan Specialist
October 19, 2022Fountainhead – one of only 14 Small Business Administration (SBA) approved nonbank commercial lending firms specializing in providing growth financing to small businesses across the nation – welcomes its newest Commercial Loan Specialist, Elle Merkley.
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Alvarez & Marsal Global Transaction Advisory Group Extends Software and Technology Sector Expertise By Appointing Aamer Hassan as Managing Director
October 19, 2022Leading global professional services firm Alvarez & Marsal (A&M) announced the appointment of Managing Director Aamer Hassan to its Global Transaction Advisory Group (TAG). Mr. Hassan, based in San Francisco and formerly with KPMG Deal Advisory, brings more than 16 years of public accounting experience, primarily advising software and technology industry clients on transaction-related concerns and value creation strategies.
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Hilco Enterprise Valuation Services Announces Addition of Andy Blumenstock as Managing Director
October 19, 2022Hilco Enterprise Valuation Services is excited to announce the addition of Andy Blumenstock to its enterprise valuation team. Mr. Blumenstock will serve as Managing Director in New York City and further the rapid growth of the firm's business valuation practice. He will provide valuation services to corporate clients and Alternative Investments managers involving Tax and Financial Reporting services, Portfolio Valuation, Strategic Valuation projects, and Transaction Opinions.
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FTI Consulting Names Miriam Wrobel Global Leader of ESG & Sustainability Offering
October 19, 2022FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Miriam Wrobel as Global Leader of the firm’s growing ESG & Sustainability offering. Ms. Wrobel, a Senior Managing Director based in San Francisco, joined FTI Consulting in 2021 and advises clients on ESG and energy transition strategy, transaction structuring and due diligence. She will lead a diversified team of professionals across FTI Consulting’s global network who work on ESG and sustainability-related matters.
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SG Credit Provides Growth Capital Facility to ECP
October 19, 2022Extended Care Professional (“ECP”) is a SaaS-based company that provides a suite of integrated EHR, eMAR, and other software tools to assisted living facilities and the pharmacies that serve them. ECP’s product suite automates med-passing workflows leading to better patient outcomes and enhanced oversight.
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CIT Provides $39.25 Million for Acquisition of Medical Office Buildings
October 19, 2022CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business provided $39.25 million in financing for the acquisition of a portfolio of seven medical office buildings and dialysis centers in Texas, Georgia, Washington and Idaho.
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