- Acerus Announces Amendment to Credit Agreement
- Rayonier Advanced Materials Announces Credit Agreement Amendment Providing Financial Covenant Relief Through 2021
- Maxim Commercial Capital Reports Strong Q1 2021 Demand
- TAB Bank Expands West Coast Presence With the Launch of a Los Angeles Loan Production Office (LPO)
- Guitar Center Concludes Fast-track Reorganization, Eliminating Nearly $800 Million of Debt and Strengthening Its Balance Sheet
TSL Express Trending Story
Allou Healthcare was one of the biggest frauds ever perpetrated against ABL lenders. What follows is a description of the case from an individual who was directly involved from day one. TSL will be publishing the entire article in two installments. In Part One, you will read how the fraud was perpetrated and how it was discovered. In the second installment, to be published in our September issue, you will read all the steps taken by the lenders and their team of professionals to recoup the loan and to punish the wrongdoers. This is a rare firsthand account of a significant fraud and you won’t want to miss it.
TSL Express Daily Headlines & News
Varagon Capital Partners Supports Gemspring Capital Partners’ Acquisition of Zavation Medical Products
July 12, 2021Varagon Capital Partners (Varagon) is serving as Administrative Agent, Lead Arranger and Bookrunner on a senior secured credit facility to support the acquisition of Zavation Medical Products (Zavation or the Company) by Gemspring Capital (Gemspring).
Golub Capital BDC, Inc. Announces $614.7 Million In New Middle-Market Originations For Its Fiscal Year 2021 Third Quarter
July 12, 2021Golub Capital BDC, Inc. ("GBDC") (Nasdaq: GBDC, www.golubcapitalbdc.com), a business development company, today announced that it originated $614.7 million in new middle-market investment commitments during the three months ended June 30, 2021. Approximately 80% of the new middle-market investment commitments were one stop loans, 15% were senior secured loans and 5% were equity and other securities. Of the new middle-market investment commitments, $519.0 million funded at close.
U.S. Bank Acquires PFM’s Asset Management Business
July 12, 2021U.S. Bank announced today that it has entered into a definitive agreement to purchase PFM Asset Management LLC under its subsidiary, U.S. Bancorp Asset Management. PFM Asset Management will continue to operate as a separate entity. PFM Asset Management and U.S. Bancorp Asset Management had combined assets under management and assets under administration of more than $325 billion on March 31, 2021.
Winston & Strawn Represents Hecate Energy LLC
July 12, 2021Winston & Strawn represented Hecate Energy LLC (Hecate), a leading developer, owner, and operator of renewable power projects and storage solutions in North America and select international markets, in connection with a sale of 40 percent minority interest to global energy powerhouse, Repsol, a Spanish energy and petrochemical company.
J D Factors Announces Factoring Facilities
July 12, 2021J D Factors announced it provided the following factoring facilities: $75,000 to a transportation company in Alberta; $500,000 to a transportation company in Ohio; $100,000 to a transportation company in Ontario; $200,000 factoring facility to a transportation company in New Brunswick...
Proceeds from Online Auction Of Assets from Calif. Brewery Top Expectations by 15%
July 12, 2021The recent online auction of assets from a 30-barrel, semi-automated brewhouse in Eureka by Tiger Group and Schneider Industries generated proceeds that were 15% above the sale partners’ expectations. In all, the auction attracted 236 registered bidders from across the United States and seven foreign countries.
Commercial Finance Partners Announces Over $15,000,000 in New SBA 7a Loans for Q2 of 2021
July 12, 2021Commercial Finance Partners is pleased to announce over $15,000,000 in new SBA 7a Loans for Q2 of 2021. As lending has returned to pre-pandemic levels, Commercial Finance Partners also provided over $10,000,000 in other lending facilities including accounts receivable factoring, supply chain financing, term loans, and equipment financing.
Winston & Strawn Represents the Placement Agents in Connection with the Business Combination Between Alpha Tau Medical Limited and Healthcare Capital Corp.
July 8, 2021Winston & Strawn represented the placement agents in connection with the business combination between Alpha Tau Medical Limited ("Alpha Tau"), the developer of the pioneering alpha-radiation cancer therapy Alpha DaRT™, and Healthcare Capital Corp. ("HCC") (Nasdaq: HCCC), a special purpose acquisition company. The business combination values Alpha Tau at an implied pre-money equity value of $600 million, and is expected to add approximately $337 million of cash to its balance sheet upon closing
$10 Million Loan from TD Bank Will Help Empower Students with Special Needs
July 8, 2021TD Bank, America's Most Convenient Bank®, announced today that its New England Education, Not-for-Profit and Government Finance Group closed a $10 million loan that will help empower students with special needs. The loan will go directly to the private, non-profit Cotting School for the enhancement and expansion of its facilities. Cotting focuses on educating children with special needs and aims to help them achieve their highest potential and level of independence. The school currently has 110 students, ranging from ages 3 to 22, from Massachusetts and southern New Hampshire.
McGinty Road Partners Announces New Senior Lending Facility with Texas Capital Bank
July 8, 2021McGinty Road Partners, a leading multi strategy investment firm, announced today that it has closed a new senior lending facility with Texas Capital Bank to further expand its equipment leasing capabilities.
Micron Solutions, Inc. Announces New $7,000,000 Credit Facility
July 8, 2021Micron Solutions, Inc. (OTCQB: MICR) (the “Company”), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components requiring precision machining and injection molding, announced that Micron Products, Inc. entered into a new three year $7,000,000 Loan and Security Agreement (the “Agreement”) with Berkshire Bank, a Massachusetts banking corporation, on June 30, 2021, replacing the Company’s previous lender.
Portage Point Deepens Commitment to Serving the Middle Market with Addition of Turnaround & Restructuring Executive Vladimir Kasparov
July 8, 2021Portage Point Partners, LLC (Portage Point), a business advisory and interim management firm that partners with stakeholders during periods of transition, underperformance and distress, announced today that Vladimir Kasparov has joined the firm as a Managing Director.
Idea Financial Closes $84 Million Warehouse Facility with Specialty Finance Division of Synovus Bank and Hudson Cove
July 8, 2021Idea Financial, an industry leader in small business lines of credit, has successfully closed a new warehouse facility with Synovus Bank Specialty Finance and Hudson Cove Capital Management. The commitment from Synovus and Hudson Cove increases Idea Financial's capacity to extend competitive and flexible financial products to Main Street. In addition, Idea Financial will be expanding into the underserved legal finance market by offering case expense financing solutions to plaintiff lawyers and law firms.
Jeffrey Stammen to Join Antares Capital as Managing Director, Head of Investor Coverage in Asset Management
July 8, 2021Antares Capital, a private debt credit manager with more than $30 billion of capital under management and administration, announced today that Jeffrey Stammen will join the firm as Managing Director, Head of Investor Coverage in Asset Management.
Greenberg Traurig Continues Washington, D.C. Corporate Practice Expansion
July 8, 2021Global law firm Greenberg Traurig, LLP continues to expand its Corporate Practice with the addition of James Doyle as a shareholder in its Washington, D.C. office. He joins the firm from Simpson Thacher & Bartlett LLP. Doyle represents borrowers and lenders in a wide array of debt financing transactions, including acquisition financings, debt restructurings, and syndicated bank loans.
Cadiz Completes $107.5M Refinancing Package
July 8, 2021Today, Cadiz Inc. ("the Company,"NASDAQ: CDZI) is pleased to announce the closing of a new, long-term $50 million, 7% senior secured credit facility agented by B Riley Securities, Inc. (the "BRS Credit Facility"), successfully completing a $107.5 million financing package that has enabled the Company to reduce its total outstanding debt, lengthen debt maturity and provide capital resources for continued asset development activities.
Babcock & Wilcox Enterprises Announces Four-Year Senior Financing Facility
July 7, 2021Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on June 30, 2021, it entered into agreements (the “Financing Agreements”) with PNC Bank, N.A. (“PNC”) and an affiliate of MSD Partners, L.P. (“MSD Partners”) under which PNC has provided an up to $50 million asset-based revolving credit facility and availability for up to $125 million of letters of credit to B&W, and MSD Partners will provide cash collateral to support the letter of credit availability.
Impel NeuroPharma Enters Into a $50 Million Debt Financing Agreement With Oxford Finance LLC and Silicon Valley Bank
July 7, 2021Impel NeuroPharma, Inc. (Impel), a late-stage biopharmaceutical company focused on the development and commercialization of transformative therapies for patients living with central nervous system (CNS) diseases with high unmet medical needs, today announced the closing of a $50 million debt facility with Oxford Finance LLC and Silicon Valley Bank, of which the first $20 million was funded at closing.
GemCap Funds $7.5 Million Floorplan Facility
July 7, 2021GemCap provided a $7.5 million leverage facility for FlexPath Capital, which focuses on independent auto dealerships. “I’ve watched FlexPath over seven years and seen them evolve into a full-spectrum auto finance and technology specialist. We’re happy to be part of FlexPath’s growth story.” says David Ellis, Co-President. “And I always want to continue a relationship with a firm with a proven track record and integrity.”
Alleon Capital Partners Provides a $1,000,000 Accounts Receivable Financing Facility to a California E-commerce Company
July 7, 2021Alleon Capital Partners (“Alleon”), a specialty finance company focused on providing asset-based cash flow solutions to SMEs recently closed a $1,000,000 accounts receivable financing facility with a California based e-commerce business (“Company”). The Company sells an eco-friendly, plastic-free laundry detergent solution directly to consumers via multiple selling platforms. The product is currently sold in 31 different countries and the Company has plans to continue its expansion.
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