The International Factoring Association (IFA) is saddened to announce that Founder and Executive Director Bert Goldberg has died after his battle with cancer. Mr. Goldberg was diagnosed in April, 2021, with stage four pancreatic cancer. He passed away at his home on November 27, 2021.
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Some turnaround and M&A leaders are predicting the second quarter of 2022 could be when the “default boom” hits. Asset-based lenders, factors, and other secured lenders will need to be at the ready to handle turnaround deals.
TSL Express Daily Headlines & News
New Fintech Platform Increases Approvals for Business Lines of Credit
November 22, 2021New York City-based fintech firm, Iron Capital Equities, rolls out a bank application database system on www.lineofcreditdepot.com, that gives small businesses a better chance at receiving a bank's approval for a line of credit. The proprietary software allows for a single application to cross reference hundreds of local and national banks underwriting criteria.
IDB Bank’s Syndication Platform Enables Merchant Financial Group to Expand its Credit Facility to $400 Million
November 22, 2021Merchant Financial Group, a leader in providing working capital solutions for innovative businesses, announced today the expansion of its existing credit facility from $372 million to $400 million to support the company's growth and expansion of its financial services. The expansion involves a syndicate of 14 lenders, with IDB Bank operating as the Administrative and Collateral Agent on the transaction.
Investors Bancorp, Inc. Announces Shareholder Approval of Citizens Financial Group, Inc. Merger
November 22, 2021Investors Bancorp, Inc. (NASDAQ: ISBC) (the "Company") announced that stockholders of the Company approved the planned merger with Citizens Financial Group, Inc at a special meeting of the Company's stockholders held earlier today. The transaction is expected to close in the first half of 2022, subject to the receipt of required regulatory approvals and other customary closing conditions.
Oaktree Closes Opportunities Fund XI at $16 Billion
November 22, 2021Oaktree Capital Management, L.P. (“Oaktree”) today announced the successful final close of Oaktree Opportunities Fund XI and its related vehicles (“Opps XI” or “the Fund”), with total capital commitments of $15.9 billion. Opps XI is Oaktree’s largest fund in history, exceeding its original target of $15 billion.
Espresso Capital Closes $200 Million Credit Facility led by KeyBank
November 22, 2021Espresso Capital announced today that it has closed a $200 million credit facility from KeyBank, one of the largest bank-based financial services companies in the United States. A leading provider of innovative venture debt solutions, Espresso will use the facility to further expand its lending activities to high-growth technology and healthcare companies.
Holley Inc. Announces a New $825 Million Credit Facility
November 22, 2021Holley Inc. (NYSE: HLLY), the largest and fastest growing platform in the enthusiast branded performance automotive aftermarket category, today announced the successful refinancing of its 2018 credit facility with a new $825 million credit facility. The new facility is comprised of seven-year $600 million first-lien term loan, a five-year $125 million revolving credit facility, and a $100 million delayed draw term loan.
Winston & Strawn Represents The Care Team
November 22, 2021Winston & Strawn represented The Care Team ("TCT"), a prominent hospice and home health provider operating across the states of Michigan and Texas, in its acquisition of Arcadia Hospice of SEPA, LLC ("Arcadia"), a hospice provider based in Allentown, Pennsylvania.
Brandon J. Smith Joins Peapack Capital as Senior Vice President, Head of Asset Management
November 22, 2021Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the appointment of Brandon J. Smith, Senior Vice President, Head of Asset Management, at Peapack Capital, a subsidiary of Peapack-Gladstone Bank. Based out of the Bank’s Short Hills, NJ location, Brandon is responsible for all aspects of the asset management function at Peapack Capital including equipment valuations and reviews, portfolio analyses, end of lease negotiations, equipment inspections and dispositions.
BridgeBio Pharma, Inc. Secures Up to $750 Million in Non-Dilutive Debt Financing
November 22, 2021BridgeBio Pharma, Inc. (Nasdaq: BBIO) (BridgeBio or the Company), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, today announced that it has executed a definitive credit facility agreement with a syndicate of lenders for up to $750.0 million in financing. Morgan Stanley & Co. LLC acted as the sole placement agent to BridgeBio on this transaction. Latham & Watkins LLP acted as counsel to BridgeBio.
Great Elm Capital Corp. Appoints Michael P. Keller as President of its Specialty Finance Business
November 22, 2021Great Elm Specialty Finance, a newly formed, wholly owned subsidiary of Great Elm Capital Corp., a business development company, today announced a new leadership appointment intended to foster the company’s private direct lending solutions to middle market borrowers primarily across the US. Michael P. Keller, a seasoned professional with significant experience in direct lending, will head its specialty finance efforts with particular focus on asset-based lending, asset backed lending, cash flow, and subordinated debt investing.
Rosenthal Provides Joint Multi-Million Dollar Asset Based Lending and Purchase Order Financing Facility to California-Based Health Food Company
November 22, 2021Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent combined $2.5 million asset-based lending facility and $750,000 purchase order financing and trade finance program to support a fast-growing healthy foods and supplement company.
Kafene Secures $75 Million To Accelerate Growth
November 22, 2021Kafene, a fintech company bringing innovation to a key segment of the point-of-sale financing market, has secured $75 million in additional debt and equity to accelerate company growth. The package included a $50 million credit facility from Credit Suisse, a leading global investment bank and financial services firm, with an additional $10 million provided by Hudson Cove Capital Management, an alternative credit asset manager.
SFNet Submits Comments to New York Department of Financial Services Regarding Proposed Financial Disclosures Regulations
November 18, 2021
Altra Industrial Motion Corp. Announces $1.4 Billion Refinancing
November 18, 2021Altra Industrial Motion Corp. (Nasdaq: AIMC) (“Altra” or the “Company”), a leading global manufacturer and supplier of motion control, power transmission and automation products, today announced that the Company has entered into a new five-year credit agreement among the Company and the lenders party to the credit agreement from time to time, which consists of a new $400 million term loan and a new $1 billion revolving credit facility.
Great Rock Capital Closes Credit Facility with WinCup
November 18, 2021Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a senior secured credit facility with WinCup, Inc., a leading manufacturer of traditional and sustainable disposable foodservice to-go ware, including phade® PHA straws.
Sound Point Capital Provides Financing to Support the Acquisition of Lindsay Precast
November 18, 2021Sound Point Capital Management (“Sound Point”) is pleased to announce that it acted as Administrative Agent on a first lien senior secured credit facility to Lindsay Precast (“Lindsay” or the “Company”), a premier North American concrete manufacturer specializing in precast concrete products. Funding provided by Sound Point was used to support MiddleGround Capital’s (“MiddleGround”) acquisition of the Company.
The Children’s Place Announces the Refinancing of its Revolving Credit Facility and Term Loan
November 18, 2021The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced the refinancing of its revolving credit facility and term loan by a new lending group led by an affiliate of Wells Fargo. The new debt consists of a revolving credit facility with $350 million of availability and a $50 million term loan, both with five year maturities, lower interest rates, reduced reporting requirements, and increased flexibility under the covenants.
Great Hill Partners Announces Strategic Investment from Blackstone GP Stakes
November 18, 2021Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, and Blackstone (NYSE:BX) today jointly announced a new partnership in which funds managed by Blackstone GP Stakes will acquire a minority ownership interest in Great Hill Partners. Blackstone GP Stakes specializes in value-added, long-term investments in the management companies of leading private equity firms.
Porter Capital Finances a $50MM Tier 1 Auto Parts Manufacturer
November 18, 2021Porter Capital, a go-to provider of alternative financing solutions for businesses, has funded an $8.5MM credit facility to a Tier 1 Auto Parts Manufacturer. Upon learning its current bank-owned factoring company had sold, the foreign-owned US subsidiary operating as a Tier 1 Auto Parts Manufacturer was told to find a new factor. As a rapidly growing manufacturing business doing $50MM in revenue, the prospect was a perfect match for Porter Capital's funding capabilities.
SGS & Co Announces Recapitalization with SVPGlobal to Strengthen Financial Foundation and Position the Business for Continued Growth
November 18, 2021Evercore is serving as financial advisor to SGS and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as its legal advisor. Gibson, Dunn & Crutcher LLP is serving as legal advisor to SVPGlobal. Financing for the transaction was led by HPS Investment Partners, LLC.
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The Secured Lender
SFNet's 77th Annual Convention Issue