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CIT Arranges $714 Million for Thermal Generation Assets in California

CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as coordinating lead arranger on $714 million in financing for a portfolio of thermal generation assets in California.

The proceeds were used to refinance a 1.8-gigawatt portfolio owned by subsidiaries of the Avenue Capital Group and managed by Middle River Power. Assets within the portfolio consist of eight gas-fired peaking plants and two gas-fired combined cycle power plants located near metropolitan centers across California.

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To Brexit or Not to Brexit

Is there a British coup occurring? Well, not really. As one demonstrator from the Shires pointed out on prime time TV, “I don’t see any tanks.”  Of course there are no tanks; this is England and in times of crisis we are more likely to be found handing out tea and sympathy than storming the Bastille.

What has happened though, is that we have all learned some new phrases and words and even the historic context of them:

TSL Express Daily Headlines & News

  • Accord Financial Appoints Irene Eddy as Interim Chief Financial Officer
    June 6, 2022
    Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies ("Accord") (TSX: ACD) announced the appointment of Irene Eddy as interim CFO effective June 15, 2022 alongside the departure of Stuart Adair, the company’s long-time CFO. Eddy joined Accord in 2019 as Senior Vice President, Capital Markets, and as a member of the executive leadership team, helped guide corporate strategy and planning.
  • FNB Hires Cassandra Cooper as Manager of Diversity and Inclusion
    June 6, 2022
    F.N.B. Corporation (NYSE: FNB) and its banking subsidiary, First National Bank, announced the hiring of Cassandra Cooper as Manager of Diversity and Inclusion (D&I). In this role, Cooper works closely with FNB's leadership team, Diversity Council and lines of business on the ongoing strategic development and execution of the Company's internal and customer- and community-facing D&I efforts.
  • Silver Spike Investment Corp. Co-Leads up to $170 million Senior Secured Term Loan to Shryne Group Inc.
    June 6, 2022
    Silver Spike Investment Corp. (NASDAQ: SSIC) (“Silver Spike”) today announced it has co-led a senior secured term loan of up to $170 million to Shryne Group Inc. (“Shryne”). Shryne cultivates, manufactures, distributes and retails branded cannabis products at scale, and owns and operates award-winning brands, including Stiiizy.
  • Morningstar, Inc. Completes Acquisition of Leveraged Commentary & Data
    June 6, 2022
    Morningstar, Inc., a leading provider of independent investment research (Nasdaq: MORN), has completed its previously announced acquisition of Leveraged Commentary & Data (LCD), a market leader in news, research, data, insights, and indexes for the leveraged finance market from S&P Global.
  • J D Factors Announces Factoring Facilities
    June 6, 2022
    J D Factors announced it provide the following factoring facilities: $200,000 to a transportation company in New Jersey; $250,000 to a transportation company in Alberta; $500,000 to a transportation company in Arizona; $250,000 to a transportation company in Ontario.
  • Paul Hastings Adds Renowned Financial Services Investigations, Regulation, and Litigation Team
    June 6, 2022
    Paul Hastings today announced the arrival of a high-profile team specializing in the representation of banks, non-bank financial institutions, fintechs, and other companies providing financial products and services. Jonice Gray Tucker, Matthew Previn, Aaron Mahler, and Kari Hall bring deep expertise representing financial services clients.
  • Comvest Credit Partners Provides $175 Million Senior Credit Facility to Raven Engineered Films
    June 6, 2022
    Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a $175 million senior secured credit facility (the “Financing”) to Raven Engineered Films (“Raven”), a Sioux Falls, S.D.-based specialty plastics manufacturer.
  • Nav Teams Up with Marcus by Goldman Sachs® to Offer Small Business Owners Lines of Credit
    June 6, 2022
    Today, Nav Technologies, Inc. (“Nav”), a simple and intelligent financing platform for small businesses, announced a partnership with Marcus by Goldman Sachs to offer small business owners financially smart lines of credit with fixed rates, no origination or maintenance fees, and a fully digital experience.
  • REV Capital Celebrates Fifth Anniversary with Innovative Rebranding Strategy
    June 2, 2022
    Revolution Capital, the leading provider of factoring and cashflow financing in Canada and the United States celebrates five years of rapid growth! To commemorate the occasion, the company is rebranding to REV Capital.
  • Standard Motor Products, Inc. Announces New $500 Million Credit Facility
    June 2, 2022
    Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, announced today it has entered into a new five-year $500 million credit facility, with JPMorgan Chase Bank, N.A., as agent, and a syndicate of lenders, which includes a $100 million term loan and $400 million revolving credit facility (the "New Credit Facility").
  • Charter Extends Maturities and Increases Certain of Its Credit Facilities
    June 2, 2022
    Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, "Charter") today announced that its subsidiary, Charter Communications Operating, LLC ("CCO"), entered into an amendment (the "Amendment") to CCO's Credit Agreement on May 26, 2022 to: (i) convert all of CCO's Term A-4 Loans to Term A-5 Loans, (ii) borrow $2.85 billion additional Term A-5 Loans and extend the maturity of the Term A-5 Loans to August 31, 2027, (iii) create and borrow a new tranche of $500 million of Term A-6
  • Earthstone Energy, Inc. Announces Extension of Revolving Credit Facility and Increased Borrowing Base
    June 2, 2022
    Earthstone Energy, Inc. (NYSE: ESTE) ("Earthstone" or the "Company"), announced today it entered into an amendment to the Company's senior secured revolving credit facility (the "Credit Facility"), extending the maturity of the Credit Facility to June 2027, increasing the Borrowing Base from $1.325 billion to $1.4 billion and reducing the interest rate for amounts outstanding, amongst other things.
  • Inland Bank and Trust Closes $1.6 Million Commercial Term Loan for Maryland and Montana Financial Advisor Practice
    June 2, 2022
    Inland Bank and Trust (“Inland Bank”) is pleased to announce the closing of two commercial term loans totaling $1.6 million for an Inland Bank Financial Advisor Loan Program client with offices in Maryland and Montana. Tiffany Tyson, vice president – commercial lending with Inland Bank, originated both loans.
  • U. S. Steel Extends Sustainability-Linked ABL Credit Facility
    June 2, 2022
    United States Steel Corporation (NYSE: X) (“U. S. Steel” or the “company”) today announced that it has completed an amendment and restatement of the company’s $1.75 billion asset-based sustainability-linked credit facility (the “ABL”). JPMorgan Chase Bank, N.A. acted as Administrative Agent and Collateral Agent. J.P. Morgan Securities LLC and ING Capital LLC acted as Joint Sustainability Structuring Agents in connection with the U. S. Steel sustainability-linked ABL.
  • Wolters Kluwer’s Suzanne Konstance named a Women in Secured Finance 2022 honoree
    June 2, 2022
    Suzanne Konstance, Vice President and Leader of Wolters Kluwer Compliance Solutions’ Lien Solutions group, has been named to the Secured Finance Network’s list of “2022 Women in Secured Finance.” The recognition program, which is free to enter, included a recently published Q&A of honorees in SFNet’s monthly publication, The Secured Lender, with Konstance among this year’s featured “Leading the Way Forward” inductees
  • Houlihan Lokey Expands Its Financial and Valuation Advisory Business in India
    June 2, 2022
    Houlihan Lokey (NYSE:HLI), the global investment bank, announced today that Rishi Aswani has joined the firm’s Financial and Valuation Advisory (FVA) business in Mumbai as a Managing Director in the Portfolio Valuation and Fund Advisory Services practice.
  • F.N.B. Corporation Strengthens North Carolina Presence With Pending Acquisition of UB Bancorp
    June 2, 2022
    F.N.B. Corporation ("FNB") (NYSE: FNB) and UB Bancorp (OTCQX: UBNC) today announced the signing of a definitive merger agreement for FNB to acquire UB Bancorp, including its wholly-owned banking subsidiary, Union Bank, in an all-stock transaction valued at $19.56 per share, or a fully diluted market value of approximately $117 million, based upon the closing stock price of FNB as of Tuesday, May 31, 2022.
  • Signature Bank Appoints Corporate Mortgage Finance Group
    June 2, 2022
    Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today the appointment of its Corporate Mortgage Finance (CMF) Group. The CMF group provides financing solutions for a range of mortgage-related collateral across Signature Bank’s national footprint.
  • Great Rock Capital Closes Credit Facility with Leading Metal Roof Distributor
    June 1, 2022
    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a senior secured credit facility with a leading distributor of metal coils and sheets to the metal roofing industry located in Florida.
  • SLR Business Credit Announces Rebranding of Subsidiary Fast Pay Partners to SLR Digital Finance
    June 1, 2022
    SLR Business Credit has announced that its subsidiary Fast Pay Partners has been rebranded as SLR Digital Finance (“SLRDF”). SLRDF provides asset-based loans and factoring facilities to ad tech and digital media businesses throughout the United States with borrowing needs ranging from $200,000 to $50 million.

 

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