- Republic Business Credit Supports Growth of Emerging Footwear Manufacturer with a $750,000 Factoring Facility
- Monroe Capital Supports Growth of Recognize Partners’ SDG Corporation
- Grindr Amends, Extends, and Upsizes Credit Facility to $600 Million
- nFusion Capital Provides $2 Million Factoring Facility for a Staffing Company
- Transparency Analytics Completes Second Funding Round Led by Deciens Capital
TSL Express Daily Articles & News
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Citizens Leads $1.2 Billion Asset-Based Senior Credit Facilities for PRO Unlimited
Citizens announced today that it has provided financing to San Francisco-based PRO Unlimited Global Solutions Inc.
Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.
The first financing was new $900 million asset-based senior credit facilities, comprised of an $825 million asset-based revolving credit facility and a $75 million First In, Last Out (“FILO”) tranche, to support EQT Private Equity’s acquisition of the company from Harvest Partners, LP and its affiliates and Investcorp.
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Winston & Strawn LLP Represents Ranger Energy Services, Inc.
October 4, 2021Winston & Strawn LLP represented Ranger Energy Services, Inc. (NYSE: RNGR), an independent provider of well service rigs and associated services in the United States, in the closing of its previously announced acquisition of certain assets of Basic Energy Services, Inc. and its subsidiaries through its controlled subsidiary Ranger Energy Acquisition, LLC. The assets were sold by Basic as part of its bankruptcy process. The agreement to purchase the assets was approved by the United States Bankruptcy Court on September 23, 2021.
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Glass Mountain Announces Entry Into Restructuring Support Agreement With Over Two-Thirds of Lenders to Effectuate Comprehensive Balance-Sheet Restructuring
October 4, 2021Glass Mountain Pipeline Holdings LLC (the “Company” or “Glass Mountain”) announced today that, with the support of its equity sponsor GEPIF Glass Mountain Pipeline LLC (the “Sponsor”) and lenders holding 66.97% of the Company’s revolving and term loans (the “Consenting Lenders”), it has entered into a Restructuring Support Agreement (the “RSA”) that provides for the elimination of over $230 million in debt from the Company’s balance sheet and a $45 million investment from the Sponsor.
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IPC Systems Announces Comprehensive Agreement to Reduce Debt and Provide Significant Equity Capital to Support Long-Term Business Plan
October 4, 2021IPC Systems, Inc. ("IPC" or the "Company"), a leading global provider of secure, compliant communications and networking solutions for the global financial markets, today announced that it has entered into a Transaction Support Agreement (the "Agreement") with its key stakeholders, which will reduce the Company's debt by over $400 million, extend its debt maturity schedule by 5 years, and provide new capital of $125 million to deliver the resources for investment in long-term growth strategies. IPC's professional advisors included Kirkland & Ellis and Evercore.
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Matrix Announces The Successful Sale Of Lykins Companies, Inc.
October 4, 2021Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Lykins Companies, Inc., t/a Lykins Energy Solutions, (“Lykins” or the “Company”) on the sale of the Company’s commercial fuels, heating oil & propane, wholesale fuels, and electricity divisions. The commercial fuels, heating oil & propane division (collectively, “Bulk Fuels”) was acquired by World Fuel Services. T
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Abacus Finance Provides Senior Debt Financing to Support the Recapitalization of Next Net Media, LLC, a Clearview Capital Portfolio Company
October 4, 2021Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for senior secured credit facilities to support the recapitalization of Next Net Media, LLC, a Clearview Capital portfolio company. Abacus also made an equity co-investment in Next Net Media.
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Centerspace Improves And Extends Credit Line; Repays Bank Loans
October 4, 2021Centerspace (NYSE: CSR) announced today that it has amended and extended its existing $250 million revolving credit facility. Bank of Montreal served as administrative agent for the extension of the credit facility with BMO Capital Markets Corp., BofA Securities, Inc. and PNC Capital Markets, LLC as, joint lead arrangers and joint book runners.
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Sterling Bancorp, Inc. Promotes Karen Knott to Chief Financial Officer
October 4, 2021Sterling Bancorp, Inc. (the “Company”) (NASDAQ: SBT), the thrift holding company for Sterling Bank and Trust, F.S.B. (the “Bank”), today announced that Karen Knott, current Senior Vice President and Controller, has been promoted to the role of Chief Financial Officer of the Company and the Bank. Ms. Knott’s promotion to Chief Financial Officer for the Bank is subject to the receipt of regulatory non-objection from the Office of the Comptroller of the Currency.
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Banc of California and Pacific Mercantile Bancorp Announce Receipt of Final Regulatory Approval
October 4, 2021Banc of California, Inc. (NYSE: BANC) (the “Company”) and Pacific Mercantile Bancorp (NASDAQ: PMBC) (“Pacific Mercantile”) today announced that all required regulatory approvals for the mergers of Pacific Mercantile into the Company and Pacific Mercantile Bank into Banc of California, N.A. have been received. Subject to the satisfaction of the remaining closing conditions, the transaction is scheduled to close on or about October 18, 2021.
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Winston & Strawn Represents BofA Securities and Wells Fargo Securities, LLC
October 4, 2021Winston & Strawn represented BofA Securities and Wells Fargo Securities, LLC as joint bookrunners in connection with Berenson Acquisition Corp. I (the "Company") initial public offering of 25,000,000 units.
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Huttig Building Products, Inc. Enters Into New $250 Million Credit Facility
October 4, 2021JPMorgan Chase Bank, N.A. is Administrative Agent, Joint Bookrunner and Joint Lead Arranger. Bank of America, N.A. and Fifth Third Bank, National Association are Joint Bookrunners and Joint Lead Arrangers. Regions Bank and BMO Harris Bank, N.A. are also lenders in the new facility. This new credit facility replaces the Company’s existing credit facility.
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Citizens Financial Group Names Sarah Lindstrom to Lead Business Banking
October 4, 2021Citizens Financial Group, Inc. (NYSE: CFG) today announced that Sarah Lindstrom will become Head of Business Banking, effective October 4. Lindstrom will report to Simon Griffiths, Head of Core Banking for Citizens’ consumer bank.
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First Citizens, CIT Extend Merger Agreement
October 4, 2021First Citizens BancShares, Inc. (NASDAQ: FCNCA) ("First Citizens"), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) ("CIT"), the parent company of CIT Bank, N.A., jointly announced that the two companies have agreed to extend the merger agreement from October 15, 2021, to March 1, 2022.
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Helix Announces $80 Million Asset-Based Credit Facility
October 4, 2021Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) announced today that it has entered into a new $80 million asset-based revolving credit facility (the “ABL Facility”) with a syndicated banking group. Bank of America, N.A. and Wells Fargo Bank, N.A. acted as Joint Lead Arrangers, and Bank of America, N.A. will continue to serve as Administrative Agent.
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UPshow Closes $10 Million Credit Facility led by Espresso Capital
October 4, 2021UPshow, the leading in-venue entertainment and marketing platform that develops interactive digital TV networks, announced today that it has closed a $10 million venture debt facility. The company will use the funds to make strategic investments in its product development and go-to-market engine.
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SFNet Southern California Chapter Provides Update
October 4, 2021The CFCC Board voted in favor of making the change to align itself with the name change embarked on by the CFA (Commercial Finance Association) which rebranded itself SFNet (short for Secured Finance Network).
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Sallyport Commercial Finance Provides $1,500,000 in Funding for Expansion of Staffing Firm
October 4, 2021Sallyport are thrilled to announce $1,500,000 in funding to a Canadian staffing firm serving the oil and gas services, mining and construction industries with permanent and temporary staffing solutions. The company is a subsidiary of one of Sallyport’s existing and very successful US clients and was originally referred to Sallyport by a contact in the UK.
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CIBC Innovation Banking Backs Blue Cloud Pediatric Surgery Centers With Acquisition Credit Facility
September 30, 2021CIBC Innovation Banking is pleased to announce a $15 million acquisition credit facility to Pennsylvania-based Blue Cloud Pediatric Surgery Centers (“Blue Cloud”), a leading provider of pediatric dental services in ambulatory surgical centers across the country.
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LATAM Airlines Clinches $750 Million in Additional Financing Amid Restructuring
September 30, 2021LATAM Airlines Group, the region's largest carrier, said on Wednesday it had secured additional financing of up to $750 million, a key step in a bankruptcy protection process the airline initiated in 2020.
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Betterment Raises $160 Million in Growth Capital
September 30, 2021Betterment, the largest independent digital investment advisor with $32 billion in assets under management and nearly 700,000 clients, announced today that it has secured $160 million in growth capital comprised of a $60 million Series F equity round and a $100 million credit facility.
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Accomplished Healthcare Attorney Jay Greathouse Joins Waller
September 30, 2021Waller Lansden Dortch & Davis, LLP has announced that Jay Greathouse, an accomplished deal lawyer focused on the full spectrum of healthcare transactions, has joined the firm as it continues to strengthen its nationally recognized and growing healthcare practice.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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