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  • CIT Announces Community Support for those Affected by COVID-19
    March 31, 2020
    CIT (NYSE: CIT) today outlined a $1 million community commitment to support those affected by COVID-19. These resources will provide some immediate relief to New York City and L.A. County, the respective headquarters for the company and its bank subsidiary. In addition, it will provide support for several community initiatives across the company's footprint that aim to provide relief to those impacted by the pandemic, with approximately half of the funding supporting nonprofits assisting small businesses in California.
  • Ares Capital Corporation Increases and Extends Its Revolving Credit Facility
    March 31, 2020
    Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced today that it has increased commitments under its Revolving Credit Facility (the “Facility”) to approximately $3.6 billion and extended the final maturity date to March 30, 2025. The Facility was led by JP Morgan, Bank of America, SunTrust Robinson Humphrey, BMO Capital Markets, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation and includes a total of 37 bank participants. Pricing and advance rates remain unchanged on the Facility.
  • Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus
    March 31, 2020
    The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators (hereafter, the agencies), are issuing this interagency statement to provide additional information to financial institutions who are working with borrowers affected by the Coronavirus Disease 2019 (also referred to as COVID-19).
  • CARES Act Paycheck Protection Loan Program: From the Secured Lender Perspective
    March 31, 2020
    SFNet’s Advocacy Committee is prioritizing initiatives to support our bank, non-bank and service provider constituents. A key component of this is analyzing the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was enacted on March 27, for specific opportunities to address the needs of our members and borrowers across asset classes and industries, as the focus now turns to implementation.
  • USPS Warns it Might Have to Shutter by June as $2 Trillion Coronavirus Stimulus Package Provides no Funding
    March 30, 2020
    With a negative net worth of $65 billion and an additional $140 billion in unfunded liabilities, the USPS originally expected to run out of liquidity by 2021 without intervention. That has accelerated rapidly because of COVID-19. Fewer people and businesses are sending mail because of the outbreak, which could hasten the decline of the Postal Service and close its doors as early as June, officials warned.
  • MUFG Pledges $3 Million to Support Those Affected by COVID-19
    March 30, 2020
    Mitsubishi UFJ Financial Group (MUFG) announced today that given the global impact and disruption of COVID-19, the company is taking measures to support communities in which it serves across the United States, Latin America and Canada, as well as clients and colleagues.
  • EY Capital Confidence Barometer Survey Forms Part of a Wider Range of Insights on the COVID-19 Crisis
    March 30, 2020
    Despite unprecedented social and economic paralysis, many global companies continue to plan major transformation programs. More than half (56%) of executives globally are opting to transform through transaction and plan an acquisition in the next 12 months, according to our Capital Confidence Barometer survey of more than 2,900 C-suite executives globally.
  • J D Factors Announces Factoring Facilities
    March 30, 2020
    J D Factors announced it has provided the following factoring facilities: $100,000 to a transportation company in Alberta; $500,000 to a security staffing company in Ontario; $2,500,000 to a transportation company in California...
  • The Howard Hughes Corporation® Closes On Two Loans Totaling Over $490 Million
    March 30, 2020
    The Howard Hughes Corporation® (NYSE: HHC) announced today its recent closing on two loans totaling over $490 million. A $356.8 million construction loan was secured at Ward Village® for its sixth residential mixed-use development, Kō'ula, reflecting continued strong demand to live in the acclaimed 60-acre master planned community transforming Oahu. In addition, a $137 million, 5-year term loan was secured for 9950 Woodloch Forest Drive, one of two premier Class AAA towers in The Woodlands® comprising the newly rebranded The Woodlands Towers at The Waterway.
  • Constellis Announces Successful Completion of De-Levering and Recapitalization
    March 30, 2020
    Constellis (or “the Company”), a leading provider of essential risk management and mission support services to government and commercial customers worldwide, announced today the successful completion of a comprehensive debt de-levering and recapitalization transaction with consent from 100% of its term loan and revolving lenders. As a result of the debt-for-debt and debt-for-equity exchanges, Constellis has significantly strengthened its balance sheet, reducing its debt by approximately $1.1 billion and annual cash interest payments by up to $90 million, while adding up to $50 million in new capital to support operations.
  • ViacomCBS Controlling Holder Restructures Credit Facility With Wells Fargo
    March 30, 2020
    Shares of ViacomCBS (VIACA) fell on Thursday, even as National Amusements Inc., the media titan's controlling shareholder, said it had forged an agreement with Wells Fargo to restructure its credit facility. “Following this amendment, NAI will have a revolving facility of $125 million and ample liquidity, in addition to its substantial cash reserves, to fund operations of NAIEH [NAI Entertainment Holdings], which includes its theater business,” National Amusements said in a statement.
  • Kohl’s Will Furlough About 85,000 Employees, Macy’s Furloughs Majority as Retailers Cope With Significant Sales Losses
    March 30, 2020
    Macy’s and Kohl’s said Monday that they will most furlough employees as the department store chains cope with significant sales losses during the coronavirus pandemic. Macy’s said the majority of its employees will go on furlough starting this week. Kohl’s said employees at stores and store distribution centers and some in store-related corporate positions will be furloughed.
  • CalAmp Extends $50 Million Credit Facility with J.P. Morgan
    March 30, 2020
    CalAmp (Nasdaq: CAMP), a global technology solutions pioneer transforming the mobile connected economy, today announced that it amended its existing $50 million credit facility with J.P. Morgan originally entered into on March 30, 2018. The new amendment extends the maturity of the credit facility by two years, among other changes.
  • OneWeb Files for Chapter 11 Restructuring to Execute Sale Process
    March 30, 2020
    OneWeb ("OneWeb," "the Company"), the global communications company with a mission to bring connectivity to everyone everywhere, announced today that the Company and certain of its controlled affiliates have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company intends to use these proceedings to pursue a sale of its business in order to maximize the value of the company.
  • FCA Announces Signing of an Incremental Credit Facility of € 3.5 Billion
    March 30, 2020
    Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MTA: FCA) (“FCA”) announced today that it has entered into a new credit facility (“Credit Facility”). The Credit Facility, entered into with two banks, will be available for general corporate purposes and for working capital needs of the Group and is structured as a bridge facility to support the Group’s access to capital markets.
  • Ares Management Corporation and Sumitomo Mitsui Banking Corporation Announce Strategic Agreement and Equity Transaction
    March 30, 2020
    Ares Management Corporation (“Ares”) (NYSE: ARES), Sumitomo Mitsui Financial Group, Inc. and Sumitomo Mitsui Banking Corporation (hereinafter referred as “SMBC,” together, the two are hereinafter referred to as “SMBC Group”) announced today that they have reached a strategic agreement to collaborate on future business opportunities. Citi served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to SMBC Group. Goldman Sachs & Co. LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Ares.
  • Coronavirus Market Volatility Causes Modell’s to Delay Chapter 11 Process
    March 30, 2020
    Similar to XPO Logistics’ decision to postpone its exploration of divesting assets due to current market uncertainty caused by coronavirus, a bankruptcy court judge has granted a 45-day stay on the Chapter 11 filing of sporting goods retailer Modell’s due to the ongoing crisis and its impact on closing sales.
  • Jernigan Capital Upsizes Credit Facility to $375 Million with Reduced Pricing, Extended Maturity and Additional Banks; Provides Liquidity and Business Updates
    March 30, 2020
    KeyBanc Capital Markets, Inc. and BMO Capital Markets Corp. acted as joint lead arrangers and syndication agents for the credit facility. KeyBank National Association acted as the Administrative Agent for the credit facility. Raymond James Bank, N.A. served as documentation agent. Other banks participating in the credit facility are Pinnacle Bank, Trustmark National Bank, Truist Bank, Synovus Bank, IberiaBank, FirstBank, Renasant Bank, and Triumph Bank.
  • Airbnb Asks Banks To Extend $1B Credit Facility Due To Coronavirus Impact: Report
    March 30, 2020
    J.P. Morgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Bank of America Corp. (NYSE: BAC) and Morgan Stanley (NYSE: MS) together gave the $1 billion debt line to Airbnb in 2016. According to the Reuters source, Airbnb has never used the credit facility, and it doesn't expire for another year, but the company wants to boost its cash holdings to sustain the impact of the pandemic
  • iHeartMedia, Inc. Withdraws Full Year 2020 Guidance Due to COVID-19 Impact
    March 30, 2020
    iHeartMedia, Inc. (Nasdaq: IHRT) announced today that it is withdrawing its full-year 2020 financial guidance provided on its fourth quarter earnings call on February 27, 2020 due to heightened uncertainty related to the novel coronavirus pandemic (“COVID-19”), its impact on the operating and economic environment and related, near-term advertiser spending decisions.