- Eagle Point Provides Strategic Financing to Heritage Energy Storage for Distributed Generation Platform
- Franklin Capital Announces Promotion of Steven Damon to Senior Vice President of Operations and A/R Department Head
- Moritt Hock & Hamroff Welcomes New Associates Eleni M. Lazarides & Alexander Tomaro
- Solifi Appoints Kevin Smith as Chief Legal Officer to Strengthen Global Governance and Support Next Phase of Growth
- GA Group adds Restaurant Industry Veteran, Craig S. Miller as Senior Advisor, Global Restaurant & Franchise Strategy
TSL Express Daily Articles & News
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Norma Kuntz has joined Gordon Brothers, the global advisory, restructuring and investment firm, as President and Chief Operating Officer and as a member of the board of directors.
Kuntz will work in partnership with senior leadership and the board of directors to guide Gordon Brothers’ continued, rapid growth and set the firm’s strategy. With nearly 25 years of experience in the private equity, asset management, alternative investment and financial services industries worldwide, she will be responsible for the firm’s operations.
TSL Express Trending Story
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In September, experts from across the industry gathered at the Secured Finance Network’s Annual Cross-Border Lending Summit to discuss Cross-Border ABL. As we know, common-law jurisdictions such as the UK, Canada, and Australia are a well-trodden path for ABL lenders. However, other jurisdictions in Europe and wider can be more problematic, and clients of asset-based lenders are looking for liquidity outside of traditional ABL markets. Some ABL lenders are able to get comfortable with this, but, even then, advance rates are less than optimal and structuring is difficult. An alternative solution exists: Trade Receivables Securitization.
TSL Express Daily Headlines & News
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Kevin Ronan Named Group Head for CIT Capital Equipment Finance
August 4, 2022CIT, a division of First Citizens Bank, has named Kevin Ronan, senior vice president and managing director, as the group head of its Capital Equipment Finance business. CIT’s Capital Equipment Finance business is a leading nationwide provider of leasing and financing products to middle market and large-cap commercial clients and draws upon decades of experience since CIT’s founding in 1908.
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FreshBooks Secures Up to $100M USD Debt Facility to Support Global Growth
August 4, 2022FreshBooks, a leading accounting software with paying customers in 160+ countries, today announced that it has secured a $100 million USD syndicated debt facility with BMO Financial Group (BMO) and J.P. Morgan (JPM). The facility also includes an uncommitted accordion feature of $25 million USD, for a total borrowing capacity of up to $125 million USD. With BMO as the Sole Bookrunner and Administrative Agent, this debt facility will enable FreshBooks to continue its rapid global expansion plans, including strategic acquisitions and investment into more regulated markets.
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Brightwood Capital Advisors Provides Senior Term Loan to Finance Yardbird's Strategic Growth Strategy
August 3, 2022Brightwood Capital Advisors ("Brightwood"), a leading private credit firm, today announced that it has agreed to provide financing to Yardbird Group (the "Company") to execute on an opportunistic growth strategy and further enhance the Company's existing operations. The investment is the latest being made through Brightwood's third SBIC fund, Brightwood Capital SBIC III, LP.
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Gordon Brothers Acquires ORSAY Brand & Partners with SCAYLE for Continued Growth
August 3, 2022Gordon Brothers, the global advisory, restructuring and investment firm, has acquired the global ORSAY brand, archives, and related trademarks and other intellectual property from Orsay GmbH. The firm has partnered with SCAYLE to continue its growth in addition to maintaining ORSAY’s existing franchisees.
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Cannabis REIT NewLake Expands Credit Facility from $30 Million to $90 Million
August 3, 2022NewLake Capital Partners, a cannabis industry real estate investment trust (REIT), expanded its five-year revolving credit facility by $60 million to $90 million. The Connecticut-based company announced the original $30 million credit facility from an unidentified lender in May.
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Amrita Patel to Lead Wells Fargo Equipment Finance
August 3, 2022Bill Mayer to retire after 34 years in the financial industry. Wells Fargo & Company (NYSE: WFC) announced Amrita Patel will lead Wells Fargo Equipment Finance (WFEF), which offers specialized financing for purchase, acquisition or leasing of assets pertaining to equipment, transportation and rental fleets, as well as comprehensive vendor and dealer programs. Patel will report to Mary Katherine DuBose, head of the bank’s secured lending and leasing businesses within Wells Fargo Commercial Banking.
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CareTrust REIT Provides Secured Loan on California Skilled Nursing Facilities
August 3, 2022CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has extended a $22,250,000 "B" piece secured loan in connection with the acquisition of a 5-asset skilled nursing portfolio in California. The portfolio includes approximately 600 skilled nursing beds.
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Wesbank Appoints New CEO of Asset Based Finance
August 3, 2022FNB and WesBank have combined their asset based finance capabilities and are pleased to announce the appointment of Khantse Radebe as chief executive officer of this business.
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NewLake Capital Partners Expands Revolving Credit Facility To $90M
August 3, 2022NewLake Capital Partners, Inc. NLCP, a provider of real estate capital to state-licensed cannabis operators, has added two lenders to its existing five-year revolving credit facility and upsized the aggregate commitment under the facility from $30 million to $90 million. The credit facility matures in May 2027 and has a fixed interest rate of 5.65% for the first three years and a floating rate thereafter. The credit facility allows for further expansion as additional lenders are added, or the commitments of existing lenders are increased.
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Alterna Capital Solutions Welcomes Greg L’Herault to Meet Demand in Mountain Region
August 3, 2022Alterna Capital Solutions (Alterna), a specialty and alternative financing lender to small businesses experiencing growth, announced today the addition of Greg L’Herault as SVP, Sales and Originations to meet demand in the Mountain and Desert region, including the states of Arizona, Colorado, Idaho, Nebraska, and Utah. Based in Colorado, L’Herault is responsible for business development across the region working with referral partners in commercial banking, private equity, investment banking, accounting, financial consulting, turnaround management, and legal counsel.
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Ares Commercial Finance Provides $15 Million Senior Secured Credit Facility to PS Energy Group, Inc.
August 2, 2022August 2, 2022 – Ares Commercial Finance announced today that it has provided a $15 million senior secured credit facility to PS Energy Group, Inc. PS Energy is a privately-owned, certified diverse and women-owned enterprise that provides transportation fuels, emergency fueling and fleet management technology and services to utilities, government and enterprise clients. The credit facility consists of an asset based revolving line of credit. Proceeds of the credit facility will be used to refinance existing indebtedness and for ongoing working capital.
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Cambridge Savings Bank Extends Financing Package to Support the Next Evolution of Growth for Fulfillment America
August 2, 2022Cambridge, MA, —August 3rd, 2022— Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced that its Corporate Banking team provided new client, Fulfillment America, Inc, with a $6.5 million financing package to support its next phase of growth. Headquartered in Billerica, Mass., Fulfillment America is a national six sigma fulfillment organization that provides B2C and B2B fulfillment services, including warehousing, printing, kit assembly, logistics, and more.
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Quotient Industrial Capital (www.FundingTeam.us) Provides a $1.5 Million Receivables Credit Facility in the Construction Arena
August 2, 2022Quotient Industrial Capital (QIC) has provided a $1.5 million accounts receivable credit facility to a construction company specializing in floor and wall preparation for a chain of health and fitness centers. This QIC facility is enhancing the client's cash flow, enabling them to keep up with their customer's expansion plans for aggressive club openings. The QIC client will use the funding proceeds of the facility to support their continued growth across its core business, mostly focusing on enhancing their supply chain as well as aggressive hiring.
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TradeCap Partners Secures $600,000 Purchase Order Facility for Seasonal Christmas Goods Importer
August 2, 2022TradeCap Partners recently established a $600,000 Purchase Order Finance Facility for a Texas based seasonal Christmas goods importer. Continuous year over year growth combined with increased production and shipping lead times over the past 24 months had lengthened the company’s cash conversion cycle. In an effort to make sure products arrived well ahead of schedule for the holiday season, the company made the decision to bring forward production and shipping dates. While prudent, it required additional financing. Having spoken with TradeCap the prior season following an introduction from their banker, the company reconnected and outlined their seasonal needs.
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CIT Serves as Sole Lead Arranger of Financing for Swell Energy’s Commercial Behind-The-Meter Energy Storage Projects
August 2, 2022NEW YORK — Aug. 2, 2022 — CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as sole lead arranger of financing for the development of Swell Energy’s pipeline of new behind-the-meter commercial energy storage projects in California. The borrower, a subsidiary of Swell Energy Inc., is developing over 100 behind-the-meter energy storage projects on commercial properties across California.
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Announcing Hilco Digital Assets
August 2, 2022Hilco is excited about our new company, Hilco Digital Assets (HDA). We formed HDA with Andrew Miller, who has expertise and long experience with digital assets, including premium domain names, Web 3 assets and NFT's. HDA recently invested in the Bored Ape Yacht Club and is immersed in Web 3. Our foundational belief is that every brand and company must strategically implement an NFT strategy. Our team is positioned to help you in all aspects of this process.
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Runway Growth Capital LLC Adds Venture Lending Industry Veteran to Technology Team
August 2, 2022Runway Growth Capital LLC ("Runway" or the "Company"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, announced today that it has hired Brad Pritchard as Managing Director, Technology.
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Bear Creek Mining Enters into Loan Facility with Auramet International LLC
August 1, 2022Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that it has entered into a promissory note (the "Note") with Auramet International LLC ("Auramet") in connection with a one-year USD $5.0 million loan facility (the "Facility").
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Performant Capital Creates Platform Delivering Managed Technology Services and Revenue Cycle Management to the Healthcare Industry
August 1, 2022Performant Capital announced today that it has formed Provider Technology, LLC (“Provider Technology”) through the acquisitions of DavLong Business Solutions LLC and its affiliate Administrative Advantage LLC (collectively, “DBS”) and On Demand Solutions Inc. (“ODS”).
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PNC Announces Retirement of Treasurer Randall King, Names David Kahn Successor
August 1, 2022The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that its treasurer and longtime finance leader, Randall King, will retire from the company, effective Sept. 1. During his 39-year career with PNC, King has played key roles in helping manage PNC’s liquidity and capital strategies through periods of growth and transformation, including serving as treasurer through the acquisition of BBVA USA.
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