- Monroe Capital Supports Altaris Capital Partners’ Acquisition of Kindeva Drug Delivery L.P.
- H.I.G. Capital Hires Andrew Liau as Co-Head of Infrastructure Team
- Weatherford Successfully Completes Financial Restructuring
- M&P Secures the Re-Profiling of Its Debt Repayments
- King & Spalding’s New York Office Adds Corporate Partner Jonathan Arkins
TSL Express Trending Story
In March, when the world suddenly and completely switched to “virtual” everything, quick, yet thoughtful, decisions had to be made by SFNet’s leadership and staff to ensure the Association could fulfill its mission of bringing together and representing those who provide the capital that fuels our economies.
“As it became clear that COVID was causing a seismic shift in just about every aspect of our professional and personal lives, the well-being of our staff and the SFNet Community became our priority. We also had to find creative ways to bring critical information to our members, as changes were occurring with head-spinning speed. In addition, it was vital for SFNet to continue to facilitate the connections that are so important now, during this time of social distancing,” said SFNet CEO Rich Gumbrecht. “We recognized the urgency of addressing our members’ most-pressing needs through impactful advocacy, providing crucial conversations through online events and sharing relevant and timely content."
TSL Express Daily Headlines & News
McGuireWoods Adds Top-ranked Leveraged Finance Partner Linn Mayhew in London from DLA Piper
September 14, 2020McGuireWoods continues to expand its formidable global banking and finance capabilities with the arrival of partner Linn Mayhew, who joins the firm’s top-ranked debt finance practice in London. Mayhew focuses on international acquisition and leveraged finance for private equity sponsors, alternative investment funds, banks and corporate clients. She advises borrowers and creditors at all levels of the capital structure. She also advises on fund finance, restructurings and general banking matters.
Citigroup’s Fraser to Be First Woman to Lead a Big Wall Street Bank
September 14, 2020Come February, Jane Fraser will become the first woman to lead a major financial institution in the United States when she takes the reins at Citigroup, the country’s third-largest bank. Ms. Fraser, who has been at Citi for 16 years and runs its biggest global division, the consumer bank catering to individual customers, will succeed Michael Corbat as chief executive.
Hornbeck Offshore Completes Reorganization And Emerges From Chapter 11
September 14, 2020Hornbeck Offshore Services, Inc. (the "Company") announced that on September 4, 2020 (the "Effective Date") the Company emerged from Chapter 11 pursuant to its Joint Prepackaged Chapter 11 Plan of Reorganization (the "Plan"). The Plan implements the previously announced Restructuring Support Agreement negotiated with the Company's lenders and note holders.
Republic Provides a $3.0 Million Direct to Consumer Facility for a Sponsor Owned Apparel Accessory Manufacturer
September 14, 2020When a private equity owned west coast apparel accessory manufacturer needed more availability and additional liquidity from their loan facility, they choose Republic Business Credit to accelerate their growth through the pandemic. Republic provided a growth orientated facility that gives availability on inventory, merchant accounts and direct to consumer proceeds.
J.Jill Obtains Necessary Consents to Implement out of Court Consensual Financial Restructuring Transaction
September 14, 2020Kirkland & Ellis LLP is serving as legal counsel to the Company, Centerview Partners is serving as the Company’s financial advisor and investment banker, and AlixPartners is serving as the Company’s restructuring advisor.
Highland Copper Announces Amendments to Credit Facility
September 14, 2020Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) announced today that the credit agreement with Osisko Gold Royalties Ltd (“Osisko”) and Greenstone Resources II LP entered into on May 20, 2019 was further amended. Osisko has made available to the Company under the credit agreement an additional amount of US$500,0000, increasing the total indebtedness under the credit agreement to US$5,000,000 plus accrued interest of approximately US$601,000 as of August 31, 2020 (the “Loan”). The maturity date for the repayment of the Loan was extended to October 31, 2020.
Citizens Advises Advocate on its Recapitalization by Spire Capital
September 14, 2020Citizens M&A Advisory served as the exclusive financial advisor to Advocate on its recapitalization by Spire Capital. Advocate provides technology business management (TBM) and technology expense management (TEM) services to enterprise organizations to optimize their technology strategy and infrastructure. Spire Capital is a leading New York-based private equity firm specializing in investments in the technology-enabled business services, communications, media and education sectors.
Gibraltar Grows Its Expert Teams to Do More
September 14, 2020Gibraltar welcomes Paulina Nenadovic to our Operations group in the role of Collateral Analyst. In her new role, she will review and analyze the assets our clients use as collateral. Paulina started her career with JP Morgan Chase/Bank One in Chicago as the Assistant to the Regional Credit Executive of Private Client Services. On the Credit side, Todd Seehase will be joining us as a Senior Vice President and Account Executive. Todd brings thirty years of experience underwriting and managing a combination of middle market, asset-based, and leveraged loans in various roles at RBS Citizens Bank, FirstMerit, and JP Morgan.
FTI Capital Advisors Strengthens Investment Banking Practice and Telecom, Media & Technology Expertise
September 14, 2020FTI Consulting, Inc. (NYSE: FCN) today announced the continued expansion of FTI Capital Advisors (member FINRA/SIPC), the firm’s wholly owned investment banking subsidiary, with the addition of Colin McCafferty as a Senior Managing Director and his investment banking team from McCafferty & Company.
U.S. CLOs Log Higher Spreads, Steady Metrics in August
September 14, 2020Fitch Ratings-Sydney-11 September 2020: Most U.S. broadly syndicated loan (BSL) collateralized loan obligations (CLOs) under Fitch Ratings' surveillance showed stable or improving portfolio metrics in August compared with July, as rating pressure on underlying loan issuers eased and LIBOR floors supported spreads, Fitch says in its latest Monthly U.S. CLO Index report. The steadier metrics have come at a cost, with net portfolio losses being one number that continues to weaken, albeit slightly.
FGI Provides a $7MM ABL for Malin + Goetz
September 14, 2020Established in 2004 by Matthew Malin, a former buyer at Barneys, and Andrew Goetz, who came from an architectural and design background, Malin + Goetz is a unique range of luxury skincare. The emphasis is firmly on the brand value and what the products can do. Every sensory element is considered in extensive detail from the external packaging through to the composition and effectiveness of the individual products. Malin + Goetz supplies its products in the US and internationally through retailers, on-line channels and its own retail outlets. In 2015, Malin + Goetz was acquired by Manzanita Capital which has worked closely with the business to grow the brand.
North Mill Capital Provided a $18,000,000 Asset Based Revolving Line of Credit for Optical Cable Corporation
September 14, 2020The funds were used to refinance the prior lender and provide additional working capital for the company. Optical Cable Corporation is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions. The company is headquartered in Virginia with additional manufacturing facilities in Texas and North Carolina.
Republic Capital Access Welcomes Josh Breece
September 14, 2020Josh was raised in the Northern Virginia area, graduated from Stone Bridge High School, and attends Washington & Lee University, where he holds numerous football records. Josh also volunteers with several mentoring programs for at-risk youth.
mBank Business Credit Funds $4,500,000 Line of Credit for a Michigan-based Food Distributor
September 14, 2020A Michigan distributor of consumer food products was looking for a new lender. The firm was experiencing record growth and needed a lender that could grow with them. mBank Senior Management personally visited the client and reviewed their plans and met with all management. mBank then presented the company with a customized financial package that met their needs. The loan closed in August 2020.
Century 21 Files For Chapter 11 Bankruptcy, Plans To Close All 13 Stores
September 10, 2020Century 21, an institution for bargain shoppers in New York City for nearly 60 years, is closing for good due to the COVID-19 pandemic. The retailer announced Thursday it filed for Chapter 11 bankruptcy and will close all 13 department stores across New York, New Jersey, Pennsylvania and Florida.
Hilco Report Finds Strategic Approach to Inventory Monetization Essential for Retailers, CPG Manufacturers as Pandemic Uncertainty Lingers
September 10, 2020Hilco Global has issued a timely report on the current state of retail inventories and how the ongoing, pervasive environment of uncertainty is likely to impact the disposition of merchandise into the off-price market moving ahead. Weighing Retail Inventory Monetization Options is Critical as COVID-19 Persists, co-authored by Marc Caplan and Ray Armendariz of Hilco Wholesale Solutions, looks at how alternative strategies and creativity in monetizing these inventory assets can play an important role in providing the liquidity needed by many retailers and manufacturers during this unprecedented period.
Roger Moore Joins First Business Growth Funding as Vice President – Business Development Officer
September 10, 2020First Business Growth Funding, the Accounts Receivable Financing arm of First Business Financial Services, Inc., announces that Roger Moore has been hired as Vice President - Business Development Officer. He is located in the Memphis, Tennessee area. Roger has over 25 years of experience in the commercial finance industry. For the last 10 years, he focused on providing working capital solutions to businesses through Accounts Receivable Financing and Asset-Based Lending.
Moritt Hock & Hamroff's Julia Gavrilov Named To Secured Finance Network's 2020 Top 40 Under 40 List
September 10, 2020Julia Gavrilov, counsel in the Garden City office of Moritt Hock & Hamroff LLP has been chosen as a recipient of the 2020 Secured Finance Network's (SFNet) 40 Under 40 Awards. The global award recognizes the best and the brightest rising stars in the secured finance industry. SFNet was formerly the Commercial Finance Association, the nationwide trade association in the secured lending community.
FocalPoint Advises Phoenix Electric, a Portfolio Company of Tejas Investments, on its Sale to Ascension Property Services
September 10, 2020Phoenix Electric (“Phoenix” or the “Company”), the leading multi-family electrical contractor in Texas and a portfolio company of Tejas Investments, has been acquired by Ascension Property Services (“Ascension”). Phoenix’s President, Michael Riley, will continue to lead and operate the Company. Specific terms of the transaction were not disclosed. FocalPoint Partners, LLC (“FocalPoint”) served as financial advisor to the Company.
Wolters Kluwer Hosts Webinar on Community Reinvestment Act Modernization
September 10, 2020September 17 event will explore key aspects, impacts of OCC’s CRA rule for lenders.
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