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Citizens Leads $75 Million Credit Facilities to Support Macquarie Capital’s Investment in Procentrix, Inc.

Citizens announced today that it has led $75 million in new credit facilities for Procentrix, a professional and technology services company serving U.S. federal government customers in civilian, homeland security and defense sectors. Citizens is the Left Lead Arranger and Administrative Agent.

The new credit facilities supported an investment in Procentrix by Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group. This investment will be used to bring more capacity and service offerings to address additional customer requests and to diversify Procentrix’s customer base.

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TSL Express Daily Headlines & News

  • GemCap Closes Five Loan Facilities in July
    August 5, 2021
    GemCap closed five loan facilities in July spanning a wide-range of industries. “While other lenders were on vacation, GemCap focused on business, closing more than a facility per week,” said Richard Ellis, Co-President. David Ellis, also Co-President, replied: “Our economy can’t wait. GemCap wants to be part of the American recovery story, and that all starts with small and mid-sized businesses.”
  • Winston & Strawn Represents Investcorp Credit Management
    August 5, 2021
    Winston & Strawn represented Investcorp Credit Management in its return to the U.S. new issue CLO market with its first new issue deal since March 2020. Credit Suisse arranged the $406.9 million deal, which is named Jamestown CLO XVI. The US CLO launch is the first since former Libremax CLO head David Moffitt joined Investcorp to lead Investcorp’s US credit business.
  • Chicago Atlantic Provides $10 Million Credit Facility to Silverpeak Holdings, LLC
    August 4, 2021
    Green Ivy Capital, LLC ("Green Ivy Capital"), an affiliate of Chicago Atlantic Advisers, LLC ("Chicago Atlantic"), announced today it funded a new $10 million senior secured term loan facility (the "Term Loan Facility") for Silverpeak Holdings, LLC ("Silverpeak"), a vertically integrated operator in Colorado. The Term Loan will provide Silverpeak capital to refinance its existing indebtedness and support further growth.
  • Experienced Financial Restructuring and Transactional Insolvency Lawyer Frederick (Rick) Hyman Joins Crowell & Moring
    August 4, 2021
    With more than two decades of experience, Hyman focuses his practice on the representation of domestic and foreign lenders in connection with in-court and out-of-court workouts and restructurings in both large and middle-market transactions. He has vast transactional experience representing agents and other secured creditors in order to maximize their recoveries in all types of distressed situations. Hyman represents lenders and other creditors in all aspects of bankruptcy, including negotiating restructuring support agreements and debtor-in-possession financing facilities.
  • US Receivables Finance Market Sees Biggest Increase in Fraud and Business Failure in 2020
    August 4, 2021
    EQ Riskfactor, the risk management specialist and part of EQ (Equiniti plc), launches volume two of its Receivables Finance Global Outlook report series – “Technology – the route to resilience” today. The report revealed that the US experienced the biggest year-on-year increase in business failure and fraud in 2020. Respondents from the receivables finance industry stated that fraud had increased by 63% in the U.S. throughout 2020, more than double the global average of 30%.
  • Solstice Sunglasses Emerges From Chapter 11 With $6.5 Million Exit Facility from Second Avenue Capital Partners
    August 4, 2021
    Solstice Sunglasses, the second-largest sunglass retailer in the United States, announced today it has successfully emerged from Chapter 11 with the support of a $6.5 million exit financing facility provided by Second Avenue Capital Partners, LLC ("SACP") (www.secondavecp.com). Solstice filed for bankruptcy relief in February giving them an opportunity to restructure the business as the country tries to recover from the impact of COVID-19 disruptions.
  • Amerisource Announces $30 Million in New Credit Facilities in Q2
    August 4, 2021
    Bill Herrington, EVP for Amerisource, stated: “We closed six transactions in Q2 including a $17,000,000 senior credit facility for a construction aggregate firm, a $6,000,000 real estate bridge term loan, and four other credit facilities for manufacturing and trucking firms. Our pipeline remains robust and we are looking forward to a strong second half of the year.”
  • Monroe Capital Corporation Announces Second Quarter 2021 Business Development Company Results
    August 4, 2021
    Chief Executive Officer Theodore L. Koenig commented, “We are pleased to report another quarter of strong financial results. During the second quarter, we reported our fifth consecutive quarterly increase in our Net Asset Value. These positive results are consistent with the success we have enjoyed at Monroe Capital LLC over our 18-year history. We continue to cover our dividend with per share Adjusted Net Investment Income and our new deal pipeline remains strong. The M&A market is very active and we are a significant player in providing private credit in the lower middle market.
  • Yieldstreet Private Business Credit Announces Five New Deals Closed Totaling $49,000,000
    August 4, 2021
    These deals are across both consumer and commercial asset classes, various positions within the capital stack, and different states.
  • July 2021 Bankruptcy Filings Down 6%
    August 4, 2021
    Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its July 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. Across all chapters, new filings in July were 32,375, down 6% from 34,277 in June. Commercial filings across all chapters were down 15% over June, with a total of 1,696 across all chapters. In fact, commercial 11 filings are down 43% over the last 7 months with only 2,411 new filings, compared to the first 7 months of 2020 that had 4,254 commercial chapter 11 filings.
  • WhiteHawk Capital Partners Provides $40 Million Capital Lease to Stronghold Digital Mining
    August 4, 2021
    WhiteHawk Capital Partners, LP ("WhiteHawk"), a private credit investment manager focused on asset-based financing solutions, announced it has entered into an agreement with Stronghold Digital Mining, Inc (“Stronghold”), an environmentally beneficial digital asset miner, to provide a $40 million capital lease. The proceeds from the lease will be used to fund purchases of additional digital mining units from leading suppliers and scale plant and datacenter infrastructure.
  • Vmo Aircraft Leasing’s Capital Increases to $1.1 Billion with Fresh Funding from New Investors
    August 4, 2021
    Vmo Aircraft Leasing (“Vmo”), a San Francisco-based aircraft leasing company, announced today that the company increased its capital base from $500 million to $1.1 billion through its latest round of fundraising.
  • Atalaya Capital Management Exits Investment in SAILS
    August 4, 2021
    Atalaya Capital Management LP ("Atalaya"), an alternative asset manager focused on private credit and special opportunities investments, today announced that it successfully exited its investment in The SAILS Group, Inc. ("SAILS" or the “Company”), a leading provider of residential care homes and other high touch treatment for behaviorally challenged clients, and Patterns Behavioral Services, Inc. (“Patterns”), a national provider of comprehensive services for children and adults diagnosed with autism and other developmental disabilities.
  • BlueLinx Amends and Extends Its Senior Secured Revolving Credit Facility
    August 4, 2021
    BlueLinx Holdings Inc. (the “Company”) (NYSE: BXC), a leading U.S. wholesale distributor of building products, announced today that it has entered into an amendment to its $600 million Senior Secured Revolving Credit Agreement to, among other things, extend the maturity date of the facility from October 10, 2022, to August 2, 2026, reduce the interest rate on borrowings under the facility, and provide more covenant flexibility. The amendment process was led by Wells Fargo Bank, N.A., and included all six original bank participants.
  • Newcleus Announces Acquisition by Waterfall Sentinel Fund
    August 4, 2021
    Newcleus, LLC, ("Newcleus"), a leading provider of employer-owned life insurance and annuity products (with a core focus on Bank and Credit Union institutions), as well as employee benefit design and analysis, compensation consulting, and investment strategies, today announced that it has completed a strategic transaction with the Waterfall Sentinel Fund, a private equity vehicle managed by Waterfall Asset Management ("Waterfall").
  • Sonic Foundry Secures a $3 Million Line of Credit from U.S. Bank National Association
    August 4, 2021
    Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader for video creation, management solutions as well as virtual and hybrid events, today announced that the company has obtained a new $3 million secured revolving credit facility with U.S. Bank National Association.
  • Owl Rock Capital Corporation Announces Appointment of Jonathan Lamm as Chief Financial Officer
    August 4, 2021
    Owl Rock Capital Corporation (NYSE: ORCC) ("ORCC") today announced that it has appointed Jonathan Lamm as its Chief Financial Officer and Chief Operating Officer, effective September 1, 2021. Mr. Lamm most recently served as Chief Financial Officer and Treasurer of Goldman Sachs BDC, Inc. ("GSBD"), a business development company traded on the New York Stock Exchange.
  • Winston & Strawn Team Represents the Executive Team of Datalot Inc.
    August 4, 2021
    Winston & Strawn team represented the executive team of Datalot Inc. (“Datalot”), a digital distribution platform for the insurance industry, in its sale from Lightyear Capital LLC (“Lightyear”), a financial services-focused private equity firm based in New York, to Centerfield. An investment fund affiliated with Lightyear acquired the business in 2017, in partnership with founder and CEO Josh Reznick.
  • First Foundation Bank Expands Commercial Banking Team in Los Angeles
    August 3, 2021
    First Foundation Inc. (NASDAQ: FFWM) (“First Foundation”), a financial services company with two wholly owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, announced the expansion of their Commercial Banking team in Los Angeles county with the appointment of Matthew Ashworth as SVP, Director of Commercial Banking, Leeza Jinian as SVP, Commercial Banking Manager, and Yenee Mesfin as SVP, Commercial Banker.
  • Alternative Finance Network Arranges $10 Million Revolving Credit Facility For Tilt Holdings
    August 3, 2021
    Alternative Finance Network (AFN), an independent financing network serving cannabis and hemp companies in the United States and Canada, announced today that it has arranged a $10 million revolving credit facility for Jupiter Research, LLC ("Jupiter"), a subsidiary of TILT Holdings Inc. ("TILT") (OTCQX: TLLTF; CSE: TILT). TILT now has access to low rates for cannabis financing at prime plus 3.5 percent and this facility is secured with accounts receivable, inventory and related property from Jupiter.

 

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