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SFNet's Asset-Based Lending, Factoring Survey Reveals Year of Growth
Last year was a study in contrasts as many business sectors recovered from the pandemic recession only to face a new challenge: rising inflation. The financing market was no exception.
In its annual indicator of industry activity, the Secured Finance Network (SFNet) found cause for optimism but warned members to expect continued economic pressures in 2022.
The 2021 Annual Asset-Based Lending & Factoring Survey cited a year of rapid economic growth and increased demand for financing. Portfolios were strong, with SFNet reporting a significant decline in gross write-offs relative to volume and average earning assets.
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TSL Express Daily Headlines & News
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J D Factors Hires Jonathan Gay as Business Development Officer
April 7, 2022J D Factors is proud to announce the hiring of Jonathan Gay as Business Development Officer in Sacramento, California. Jon has extensive experience and knowledge in the factoring industry and will be responsible for generating new business in Northern California along with the Northwestern United States.
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SLR Credit Solutions Agents $20,500,000 Term Loan for Oscar De La Renta
April 7, 2022SLR Credit Solutions (“SLR CS”) announced the closing of a $20,500,000 senior secured term loan in concert with a $20,000,000, revolving line of credit for Oscar de la Renta, LLC (“ODLR or the “Company”). Founded in 1965, ODLR is a designer and retailer of luxury women’s apparel sold through upscale wholesale accounts and direct-to-consumer (“DTC”) both in stores and at www.oscardelarenta.com.
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NowVertical Group Closes Acquisition of Allegient Defense and Closes US$5.8M Credit Facility
April 7, 2022Concurrent with the closing of the Acquisition, NOW secured a $5,800,000 credit facility with US-based MVB Bank, comprising a $3,800,000 term loan that will bear interest at the 5-Year Treasury Rate + 3.25% (with a floor of 4.5%) and a $2,000,000 revolving line of credit that will bear interest at the WSJ Prime Rate plus 0.25% (with a floor of 3.5%) (the “Facility”). The Facility provides increased flexibility for meeting working capital requirements.
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Pacific Western Bank Releases 2021 Environmental Social Governance Report
April 7, 2022Some of the key developments that are highlighted in the 2021 Report include: • $1 billion in lending benefiting low- or moderate-income individuals and small businesses • $3.5 million in charitable contributions to benefit local communities • Outstanding CRA rating from the FDIC • 2,896 Employee volunteer hours
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AlixPartners Forms Alliance with Washington, D.C.-based Consultancy Cypress International
April 7, 2022-AlixPartners, the global consulting firm, today announced a strategic alliance with Cypress International, a Washington, D.C.-based consultancy specializing in helping industry support the U.S. Department of Defense (DoD) and other federal-government departments and agencies.
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Victory Park Capital Announces $100 Million Credit Facility for Leading E-Commerce Third-Party Seller Juvo+
April 7, 2022Victory Park Capital (“VPC”), a leading global alternative investment firm, today announced it has provided a $100 million credit facility to Juvo+, one of the top private label product developers in e-commerce. The funding will primarily be used to launch innovative new products and fund strategic expansion as Juvo+ continues to scale its footprint across multiple e-commerce channels.
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Dave & Buster’s Announces Acquisition of Main Event for $835 Million; Chris Morris to become CEO of Combined Entity Upon Closing
April 7, 2022Deutsche Bank is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Dave & Buster's. Goldman Sachs and J.P. Morgan are serving as financial advisors to Main Event. Weil, Gotshal & Manges LLP is serving as legal advisor to Main Event, and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal advisor to RedBird. Gilbert + Tobin is serving as legal advisor to Ardent Leisure.
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Triumph Bancorp Launches TriumphX
April 7, 2022Triumph Bancorp, Inc. (Nasdaq: TBK) announced today the establishment of TriumphX, a business unit charged with supporting the execution of Triumph's plan and evolution as a transportation fintech company. TriumphX is a division of TBK Bank, SSB, the primary operating subsidiary of Triumph Bancorp.
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Citizens Names Ben Vinzant as Chief Data and Analytics Officer
April 7, 2022Citizens Financial Group, Inc. (NYSE: CFG) has named Ben Vinzant as Chief Data and Analytics Officer, effective June 27, 2022. Vinzant will join Citizens from JPMorgan Chase, where he most recently served as Managing Director, Head of Sales Science.
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PNC Bank Introduces Minority Business Development Group
April 7, 2022PNC Bank has launched a new Minority Business Development Group, intended to deliver products, solutions and resources focused on advancing the financial wellness of emerging minority businesses. Comprised of bankers and advocacy partners, the Minority Business Development Group will help prepare minority-owned businesses for effective growth, development and sustainability.
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Heritage Global Partners, New Mill Capital, Keith Machinery, and Federal Equipment Company Acquire Two St. Louis Area Pharmaceutical Plants
April 7, 2022Heritage Global Partners (“HGP”), a worldwide leader in asset advisory and auction services, and a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), today announced that in partnership with New Mill Capital, Keith Machinery, and Federal Equipment Company, it has acquired two pharmaceutical plants in Missouri, formerly of Nesher Pharmaceuticals.
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White & Case Advises Delivery Hero on €1.4 Billion-Equivalent Term Loan B and New Revolving Credit Facility
April 6, 2022Global law firm White & Case LLP has advised Delivery Hero SE, one of the world's largest local delivery platforms, on a Term Loan B comprising of a US$825 million term facility and a €300 million term facility, each with a maturity of 5.25 years, and a new €375 million revolving credit facility, which will have an initial maturity of three years and two one-year extension options.
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Golub Capital Acts as Left Lead Arranger and Administrative Agent on $1.3 Billion Unitranche to Support CVC Capital Partners' Acquisition of Majority Stake in Radwell International from Greenbriar
April 6, 2022Golub Capital acted as Left Lead Arranger and Administrative Agent on a $1.3 billion unitranche facility to finance CVC Capital Partners' ("CVC") acquisition of a controlling interest in Radwell International, Inc. ("Radwell") from Greenbriar Equity Group ("Greenbriar"). Greenbriar and Radwell management will remain holders of significant interests in the equity of the company.
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FTI Consulting’s David Rush Named a Fellow of the American College of Bankruptcy
April 6, 2022FTI Consulting, Inc. (NYSE: FCN) today announced that David Rush, a Senior Managing Director in the Corporate Finance & Restructuring segment, will be inducted into the American College of Bankruptcy’s 33rd Class of Fellows.
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PolyPid Secures $15 Million Non-Dilutive Secured Term Loan Facility
April 6, 2022PolyPid Ltd. (Nasdaq: PYPD) (“PolyPid” or the “Company”), a late-stage biopharma company aiming to improve surgical outcomes, announced today that the Company has entered into a secured loan agreement for up to $15 million with Kreos Capital VI (Expert Fund) LP (“Kreos”).
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Oxford Finance Announces the Closing of a $75 Million Credit Facility With Fusion Pharmaceuticals
April 6, 2022Oxford Finance LLC (“Oxford”), a leading specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, is announcing the closing of a $75 million senior secured term loan with Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) (“Fusion” or “the Company”), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines to treat a broad range of cancers.
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Finacity Facilitates Increase and Expansion of Accounts Receivable Securitization Program to $1.1 Billion for Bunge
April 6, 2022Finacity Corporation (“Finacity”), a White Oak Company, today announced that it has facilitated an increase from US$925 million to $1.1 billion of the commitment capacity for the Accounts Receivable Securitization Program for Bunge Limited (“Bunge”), a US-based leading global agribusiness and food company.
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Hofstra University's Maurice A. Deane School of Law Inducts Marc L. Hamroff Into Its Inaugural Hall of Fame
April 6, 2022Marc L. Hamroff, managing partner of Moritt Hock & Hamroff LLP (MH&H), was celebrated as an inaugural member of Hofstra University's Maurice A. Deane School of Law's Hall of Fame on April 5, 2022 at a gala event held at the Whitney Museum of American Art in New York City.
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SLR Equipment Finance, Formerly Known as Nations Equipment Finance, Expands its Business Development Capabilities and Announces that Casey Maley has Joined the Company
April 6, 2022SLR Equipment Finance is pleased to announce Casey Maley has joined our company as a senior vice president of business development. In his role, Casey will help grow SLR Equipment Finance’s leasing and lending activities in the Ohio Valley region of the U.S.
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Michael Appel Joins Getzler Henrich & Associates
April 6, 2022Hilco Global is excited to announce that Michael Appel has joined Getzler Henrich & Associates as a Managing Director. He will be based in the Getzler Henrich New York City office. In this role, Mr. Appel will be a key contributor to helping Getzler Henrich build a best-in-class national Retail Turnaround and Restructuring practice.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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