- Oxford Finance LLC Provides $7.5M Term Loan to MolecuLight® to Support Global Commercial Expansion
- SFNet's Women in Secured Finance Conference Deploys SFNet Connect
- Comvest Partners Announces Addition of Renee Rempe
- Jeff Griffor Joins Avidbank as Senior Vice President to Expand Northeast Presence
- TiVo Corporation Announces Completion of Refinancing
Yieldstreet, the digital wealth management platform, announced continued growth today with the launch of a new asset class vertical, Private Business Credit. The new vertical becomes Yieldstreet’s fifth asset class, along with its Real Estate, Legal, Marine, and Art verticals. Yieldstreet named industry veterans Larry L. Curran II and Barbara Anderson to lead the Private Business Credit vertical. Curran will serve as Managing Director and Anderson will serve as Senior Director and Head of Underwriting.
TSL Express Trending Story
The latest chapter of the PPP was just written with the enactment of the Paycheck Protection Program Flexibility Act of 2020 on Friday, June 5, 2020.
There is a lot of good news in the new PPP “Flexibility Act” for those borrowers in the portfolios of asset-based lenders that have received or still expect to receive a PPP loan. Here are few of the changes that will have significant benefits for PPP borrowers.
TSL Express Daily Headlines & News
24 Hour Fitness Receives Court Approval of $250 Million in Financing; Club Reopenings Continue Nationwide
June 18, 202024 Hour Fitness (the “Company”), an industry-leading fitness brand for over 35 years, today announced that it has received approvals from the U.S. Bankruptcy Court for the District of Delaware for the First Day motions related to the Company’s voluntary Chapter 11 filing on June 15, 2020. The approved motions will support the Company’s continued business operations while it implements the financial restructuring process.
Metropolitan Commercial Bank Promotes Luke J. Kaufman to Head of Commercial Lending
June 18, 2020Metropolitan Bank Holding Corp. (NYSE:MCB) (“Metropolitan” or the “Company”), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced the promotion of Luke J. Kaufman as Head of Commercial Lending, effective immediately. He will report to Scott Lublin, Executive Vice President and Chief Lending Officer and will be responsible for the overall operations of its Commercial Lending division.
Marina Kremer Joins California Bank of Commerce as Senior Vice President of Sponsor Finance Division
June 18, 2020California Bank of Commerce (CBC) is expanding its Sponsor Finance Lending Division with the addition of veteran banker Marina Kremer. The division works closely with private equity firms (including Search Funds), SBICs and direct lenders to provide cash flow-based senior debt financing. Kremer has served in various capacities in banking, most recently as Director of Credit/Underwriting at Neptune Financial (NepFin).
SFNet's Women in Secured Finance Conference Deploys SFNet Connect
June 18, 2020This year’s theme is “Empowered Women Empower Women.” SFNet’s Women in Secured Finance Conference will bring together some of our industry’s leading female executives and other professionals to offer their insights and tips on navigating issues faced in today’s work environment, providing women in secured finance an opportunity to learn from and support each other.
New Regency Extends Credit Facility, Announces Term Loan
June 17, 2020New Regency has extended its credit facility for an additional five years, the entertainment company behind “The Revenant” and “Gone Girl” announced Tuesday. The extension includes a revolving facility with a capacity of $700 million. It is led by J.P. Morgan and also backed by such financial institutions as Bank of America, Union Bank, and SunTrust. New Regency said it has also closed a five and a half year, $125 million term loan from The Carlyle Group.
Marketplace Lender October Adds new Predictive Risk Tool to Platform Facilitating Instant Loans
June 17, 2020To cope with the high volume of these loan requests, October has launched a new instant decision tool to speed up the granting of a secured loan. The feature uses machine learning techniques to assess the risk of a business default even more quickly.
Singing Machine Secures $12.5 Million Revolving Credit Facility
June 17, 2020On June 16, 2020 the Company entered into a two-year Loan and Security Agreement for a $10,000,000 financing facility with Crestmark, a division of Meta Bank, NA (“Crestmark”) on eligible accounts receivable. Further, the Company also executed a two-year Loan and Security Agreement with Iron Horse Credit (“Iron Horse”) for up to $2,500,000 in inventory financing.
Blucora Announces Proposed Add-On to Term Loan Facility
June 17, 2020Blucora, Inc. (NASDAQ: BCOR), a leading provider of tax-smart financial solutions that empower people to achieve their goals, announced that it will host a bank meeting later today, Wednesday, June 17, 2020, for the purpose of syndicating a $175,000,000 add-on to its term loan under the Company’s existing senior secured credit facility.
UniCredit Select US FinTech Taulia to Boost Working Capital Solutions
June 17, 2020Pan-European commercial bank, UniCredit announced a partnership with San-Francisco-based FinTech Taulia in a bid to develop and enhance its working capital solutions. The partnership is expected to boost UniCredit’s existing supply chain finance platform and allow for simplified integration into corporates’ enterprise resource planning (ERP) systems.
Sarah Williams Joins Viva Capital as Vice President of Sales
June 17, 2020Viva Capital Funding (“Viva Capital”) is excited to announce the hiring of Sarah Williams as Vice President of Sales. The addition of Ms. Williams marks a new chapter in the continued growth of Viva Capital and furthers its commitment to maintaining its reputation as one of the leading specialty finance companies in the United States.
ProSight Specialty Insurance Announces Closing of New Debt Refinance Facility
June 17, 2020ProSight Global, Inc. (NYSE: PROS) (ProSight) today announced that it has entered into a $165 million delayed draw term loan which will refinance existing indebtedness. The joint lead arrangers of the facility are SunTrust Robinson Humphrey and Citizens Bank, N.A.
MFA Financial, Inc. Provides First Quarter 2020 Financial Results, Announces $500 Million Capital Raise with Apollo and Athene and $1.65 billion Committed Term Borrowing Facility
June 17, 2020MFA announced today a $500 million capital raise through a private senior secured loan agreement to be funded by certain funds and accounts managed by subsidiaries of Apollo Global Management, Inc. (together with such funds and accounts, "Apollo"), including subsidiaries of Athene Holding Ltd. ("Athene"), to which Apollo provides asset management and advisory services. The Company is entering into commitments for a non-mark-to-market term borrowing facility of approximately $1.65 billion from Barclays and Athene. Barclays served as exclusive financial advisor to Apollo and Athene. Houlihan Lokey served as financial advisor to MFA.
J.Jill Inches Toward Potential Bankruptcy as It Enters Forbearance
June 16, 2020The struggling womenswear chain has entered into two forbearance agreements after falling out of compliance with certain covenants under its asset-based lending and term loan credit facilities. As part of the respective deals, its lenders have agreed not to exercise any rights and remedies against the company until July 16. So long as it remains compliant with the terms of those agreements, J.Jill has been granted a month to explore financial options as it grapples with cash flow challenges that have accelerated amid the coronavirus pandemic.
Bradley Adds Attorney George Barber To Bankruptcy Practice In Dallas
June 16, 2020Bradley Arant Boult Cummings LLP is pleased to announce that George Barber has joined the firm's Bankruptcy and Creditors' Rights Practice Group in Dallas. "We are pleased to have George join us in the Dallas office," said Bradley Dallas Office Managing Partner Richard A. Sayles. "His experience handling a wide variety of bankruptcy matters further expands the capabilities of our Dallas office and enhances the strengths of the firm nationally."
Cheniere Energy, Inc. Announces Commitments for Term Loan Facility to Refinance Convertible Notes
June 16, 2020Cheniere Energy, Inc. (NYSE American: LNG) announced today that it has obtained commitments from 17 financial institutions for an approximately $2.5 billion three-year delayed draw Senior Secured Term Loan at Cheniere Energy, Inc. (the “Cheniere Term Loan”), with the ability to add further commitments from additional financial institutions.
Xalles Capital to Launch Fintech Growth Center
June 16, 2020Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announces that it is launching a Fintech Growth Center. Xalles Capital Inc., a wholly owned subsidiary of Xalles Holdings Inc., is creating the world’s first virtual growth center for fintech firms. Many small fintech companies are searching for assistance to grow from startup or seed financing to mid-tier financing and ultimately achieve a major financial event.
Veritex Adds Depth to its Executive Management with Texas Banking Veterans James D. Recer and Cara McDaniel
June 16, 2020Mr. Recer brings over 30 years of banking experience to Veritex Bank’s senior executive management team. His role at Veritex will be to lead the company’s efforts in all revenue initiatives and to develop scalable strategies designed to support the Bank's organic growth. Cara McDaniel has been named Senior Executive Vice President and Chief HR/Talent Officer at Veritex Community Bank. Ms. McDaniel brings over 20 years of banking and financial institution experience to Veritex.
Contango Announces Amendment to its Senior Credit Facility, Certain Operational Updates and the Schedule for its First Quarter 2020 Earnings Release
June 16, 2020On June 9, 2020, the Company entered into the Second Amendment (Credit Agreement Amendment) to the Credit Agreement, dated as of September 17, 2019, by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the other participating lenders thereto. The Credit Agreement Amendment provides for, among other things, a slight increase in the applicable margin of the borrowing base utilization-based pricing grid, a reduction of the borrowing base to $95.0 million on the effective date of the Credit Agreement Amendment, with further $10.0 million automatic borrowing base reductions on each of June 30, 2020 and September 30, 2020, the suspension of testing the current ratio financial covenant until the fiscal quarter.
Seacoast Banking Corporation of Florida Announces CEO Succession Plan
June 16, 2020Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (the “Company” or “Seacoast”) today announced that Charles (Chuck) Shaffer, current executive vice president, chief operating officer (COO), and chief financial officer (CFO), has been promoted to president and COO and will become chief executive officer (CEO) and a member of the Company’s board of directors in December 2020. Tracey Dexter, the Company’s current controller, has been promoted to executive vice president and CFO. Dennis S. Hudson, III, the Company’s current chairman of the board of directors and CEO, will become executive chairman of the board of directors in December 2020. Jennings “Jay” Walker, the Company’s current treasurer, has been promoted to executive vice president, treasurer and director of corporate strategy.
Franklin Capital Provides A/R Financing Facilities to a PPE Supplier and an IT Equipment Supplier
June 16, 2020Franklin Capital provided a $1,000,000 accounts receivable financing facility to a supplier of personal protective equipment (PPE) and a $3,000,000 accounts receivable financing facility to a UK-based IT equipment supplier.
In This Section
The Secured Lender
The Cross-Border Issue.