- Gateway Completes a Record 39 Stretch Deals in 45 Days Totaling $15 Million
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Citizens Leads $1.8 Billion Asset-Based Senior Credit Facilities for PRO Unlimited
Citizens announced that it has provided incremental financing to San Francisco-based PRO Unlimited Global Solutions Inc. PRO Unlimited is currently owned by EQT Partners.
Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.
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There have been many changes to the middle-market ABL industry over the past decade, but none more seminal than the dramatic shift in underwriting methodology to include enterprise value. But what about the assets? Liquidating middle-market businesses with at least ABL net funds employed of $10+ million, and majority much higher, can be a difficult task. Specifically, when dealing with heavy-inventory situations as well as loans against non-working capital assets, such as M&E, RE and IP. It constrains internal resources, has serious risk of not returning capital and is not the preferred path to go vs. running a sale process. ABLs understand the risks and have had to adjust underwriting to factor in enterprise value as part of determining whether to get aggressive or even propose.
TSL Express Daily Headlines & News
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BancPlus Corporation Announces Leadership Succession Plans
September 26, 2022BancPlus Corporation, the parent company of BankPlus, announced today a leadership succession plan that positions the Company to continue driving significant growth for its customers, communities, team members, and shareholders.
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Brightflow AI Raises $15 Million Series A, $100 Million in Debt Financing to Bridge Financial Gap for Small Business Owners
September 26, 2022Brightflow AI, a financial intelligence platform that empowers small businesses to take control of their cash flow and make data-backed decisions, today announced over $19 million in total funding, a $15 million Series A led by Haymaker Ventures, and a previously unannounced $4.2 million Seed round let by Bonfire Ventures. The company also announced $100 million in debt financing available from i80 Group.
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Enento Group Signed EUR 180 Million Syndicated Loan Agreement
September 26, 2022Enento Group has today signed a new long-term financing agreement to be used for refinancing of its current financing arrangement. The financing agreement consists of a EUR 150 million long-term loan as well as a EUR 30 million revolving credit facility. The agreement is for three years and includes two one-year options for extension of the loan period.
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Rapid Finance Announces New Brand Identity, Website, and New Business Lines
September 26, 2022-Rapid Finance, a market leader in helping small businesses find sustainable and customized financing solutions through a fast and simple application process, announced updates to its corporate branding in response to accelerated company growth and strong industry adoption of its scalable, purpose-built solutions to drive efficient SMB financing and servicing.
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Business Development Officer Joins First Internet Bank SBA Team
September 26, 2022First Internet Bank announced today that Will Tinsley has joined its Small Business Administration (SBA) Lending team as Vice President, Senior Business Development Officer. His addition will further bolster First Internet Bank’s national commitment to small business.
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BizCap® Secures $45 Million Credit Facility for Nivagen Pharamaceuticals
September 26, 2022BizCap®, a national commercial finance and advisory firm, today announced it has successfully structured and secured $45 million in financing for its repeat client, Nivagen Pharmaceuticals, a specialty pharmaceuticals company engaged in the development, acquisition and sales of generic prescription drugs and over the counter products for the North American market.
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Pinnacle Capital Finance Provides a $7.5 Million Line of Credit to a California Winery
September 26, 2022Pinnacle Capital Finance is proud to announce the issuance of a $7.5MM asset-based line of credit to a Central California-based winery. The company offers a wide spectrum of different reds, whites and rose wines. This award-winning winery has many gold medal wines and boasts several 95-point wines as judged by the Wine Enthusiast. Their popular old Zinfandel wine along with their other varietals can be found in grocery stores across the United States as well as in 15 countries.
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Capital Power and Manulife Investment Management Complete Acquisition of Midland Cogeneration facility
September 26, 2022Capital Power Corporation (TSX: CPX) (“Capital Power”) and Manulife Investment Management, on behalf of the Manulife Infrastructure Fund II and its affiliates, announced today that they have successfully completed the acquisition of a 100% interest in MCV Holding Company, which owns Midland Cogeneration Venture (“Midland Cogen”), a 1,633-megawatt natural gas combined-cycle cogeneration facility.
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Winston & Strawn Represents Capital Power Corporation, John Hancock Life Insurance Company (U.S.A.), and Manulife Infrastructure Fund II
September 26, 2022Winston & Strawn represented Capital Power Corporation, John Hancock Life Insurance Company (U.S.A.), and Manulife Infrastructure Fund II in connection with their acquisition of MCV Holding Company LLC which owns Midland Cogeneration Venture, a 1,633 MW gas fired combined cycle cogeneration facility located in Michigan, from OMERS Infrastructure Management Inc. and its co-investors for $894 million, including the assumption of $521 million of project level debt.
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Eric Faust Named Senior Vice President and Chief Risk Officer of Farmers & Merchants State Bank
September 26, 2022Farmers & Merchants State Bank (“F&M” or “the Company”) (NASDAQ: FMAO) announced the appointment of Eric Faust as the Senior Vice President and Chief Risk Officer (CRO). F&M also announced Benét Rupp, Chief Administrative Officer, has been promoted to Executive Vice President.
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Amerisource Closes $2,000,000 Term Facility for Craft Brewery
September 26, 2022Amerisource Business Capital announced the closing and funding of a $2,000,000 equipment term loan facility for a California-based craft beer brewery and distributor.
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Rook Raises $4.1 Million in Equity Along With Access to a Credit Facility, Affirming the Role of the Sharing Economy in Home Purchase Financing and Affordability
September 26, 2022PropTech innovator Rook announced a $4.1 million capital raise and access to a warehouse credit facility as it looks to grow its "Shared Value Investment" program, helping prospective homebuyers purchase the right home in return for a portion of the equity upside. In an environment of high house prices and rising interest rates, Rook offers homebuyers the ability to get into the right house, while sharing risk and reward with community-focused investors.
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nFusion Capital Provides $5 Million ABL Facility to Commercial Flooring Company
September 26, 2022The client is the largest and most trusted commercial flooring company in Arizona, based in Phoenix and founded in 1984. A successful and growing business, they have earned a reputation for high-quality work and always doing the right thing for their customers. They partner with contractors, architects, designers, and facility managers to deliver custom solutions along with expert strategic planning, objective consultation, and experienced installation services.
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Yieldstreet Appoints New Chief Product Officer
September 26, 2022Yieldstreet, a leading private market alternative investment platform, today announced the appointment of 20-year financial services and technology industry veteran Rick Winslow as Chief Product Officer. This strategic expansion of Yieldstreet’s leadership team will help further scale the platform and make alternative investments more accessible to investors looking to grow their wealth outside of the stock market.
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Oak Valley Community Bank Announces Commercial Banking Officer Hiring
September 26, 2022Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that Damon K. Munoz has joined the bank as Vice President, Commercial Banking Officer. He is currently based out of Roseville. Munoz joins the Oak Valley team with over 20 years of commercial banking and finance experience. As a Commercial Banking Officer, he will be responsible for commercial lending and business development in the Capital region.
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Itafos Announces Debt Refinancing Extending Maturity and Reducing Cost of Debt
September 26, 2022Itafos Inc. (TSXV: IFOS) (“Itafos” or the “Company”) announced today that it has entered into credit facilities (the “Credit Facilities”) with a syndicate of lenders led by RBC Capital Markets, as sole bookrunner and sole lead arranger, pursuant to which the lenders have advanced an US$85 million term loan (the “Term Loan”) to the Company and made available a US$35 million letter of credit facility (the “LC Facility”) and an US$80 million asset-based revolving credit facility (the “ABL Facility”).
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Gordon Brothers Partners with Zaralo to Expand Nicole Miller
September 26, 2022Gordon Brothers, the global advisory, restructuring and investment firm and majority owner of Nicole Miller, has partnered with Zaralo LLC to expand the global, eponymous fashion and lifestyle brand.
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Lenders Funding Announces Retirement of Chief Operating Officer and Chief Credit Officer, Harvey Friedman And Appointment of John Benkovich
September 22, 2022Lenders Funding, LLC, a Great Elm Capital Corp. specialty finance company, (“we,” “us,” “our,” the “Company” or “LF”) announced today that Chief Operating Officer and Chief Credit Officer, Harvey Friedman, will be retiring after leading its credit operations and overall administration for 18 years. In retirement, Mr. Friedman will assume the role of Vice Chairman Emeritus. Mr. Friedman has served the factoring and asset-based lending industry for over 45 years. Prior to joining LF, Mr. Friedman was the Executive Vice President and Chief Credit Officer at Gibraltar Corporation of America (“GCA”), a wholly owned subsidiary of United Jersey Bank where, for 32 years he managed a $900 million secured loan portfolio.
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Huntington Bank Celebrates Opening of Commercial Bank Headquarters in New Huntington Tower in Downtown Detroit
September 22, 2022Today, Huntington National Bank celebrates the grand opening of Detroit's Huntington Tower, located at 2025 Woodward Avenue. The new tower is located in the heart of The District Detroit, a world-class, mixed-use sports and entertainment district emerging in the city. The Detroit Huntington Tower is the headquarters for Huntington's Commercial Bank and is the newest office building development in the area in more than 30 years.
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Wheels Donlen Launches New Equipment Finance Platform Capteris Capital
September 22, 2022Wheels Donlen, a premier fleet financing company backed by Apollo (NYSE:APO), announced the launch of a new equipment finance business that will be focused on providing dynamic funding solutions to the mid-market, large corporate, and financial sponsor segments.
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