- Leading Securities Litigator Paul Rugani Joins Jones Day as Partner in Irvine
- Fortner Joins CohnReznick as Risk Advisory Partner
- WhiteHawk Capital Partners Closes US$390 Million Cross-Border Refinancing for The Star Entertainment Group
- White Oak Commercial Finance and Hilco Global Provide $192MM Senior Secured Credit Facility for Royal Cup Coffee and Tea
- Georgia Banking Company, Inc. and Tandem Bancorp, Inc. Announce Completion of Merger
TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
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UPDATE: New York Court of Appeals Grants SFNet Opportunity to Weigh In on Important Article 9 Case
Of particular interest to SFNet Factoring Community
On August 30, 2021, SFNet reported that it had filed papers with New York’s highest state appellate court seeking to appear as amicus curiae and to file a brief supporting a secured lender’s request for review of a problematic set of rulings that threaten to impose unique and unfounded burdens with respect to loans secured by a borrower’s accounts.
On January 11, 2022, the Court granted SFNet’s motion to appear as amicus curiae and accepted SFNet’s brief into the record in the case in connection with granting the lender’s motion for leave to appeal.
TSL Express Trending Story
TSL Express Daily Headlines & News
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OppFi Amends $75 Million Credit Facility with Atalaya Capital Management to Support Expansion of OppFi Card
October 19, 2021OppFi Inc. (NYSE: OPFI) (“OppFi”), a leading financial technology platform that powers banks to help everyday consumers gain access to credit, announced today that it has amended its existing $75 million credit facility with Atalaya Capital Management to support the growth of the newly launched OppFi Card, issued by First Electronic Bank, Member FDIC.
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B. Riley Expands Corporate Advisory & Valuation Services Practice
October 19, 2021B. Riley Financial (NASDAQ: RILY) ("B. Riley") today announced the expansion of its Corporate Advisory and Valuation Services practice with the addition of Dave Bookbinder and Quinn Shearer to B. Riley Advisory Services. Bookbinder and Shearer bring significant business and intangible asset valuation expertise, serving strategic corporate finance functions in areas including tax planning, financial and tax reporting, transaction advisory and due diligence.
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inTEST Increases Financial Flexibility with Expanded Credit Agreement
October 19, 2021inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets, including automotive, defense/aerospace, industrial, medical, semiconductor and telecommunications, today announced that it has executed a new five-year credit agreement with M&T Bank, which includes a $25 million non-revolving delayed draw term loan and a $10 million revolving credit facility.
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The Carrick Group Announces $40 Million Credit Agreement With Bank of Montreal
October 19, 2021Carrick Specialty Holdings LLC (“The Carrick Group” or “Carrick”), an international non-life legacy business providing reinsurance and run-off management solutions, today announced that its Bermuda-based subsidiary, Carrick Holdings (Bermuda), has entered into an agreement with Bank of Montreal to provide funding of up to $40 million for legacy transactions. Carrick was advised by DLA Piper, and Mayer Brown LLP was advisor to Bank of Montreal.
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Single Point Capital Provides $450,000 for Transportation Company in Oklahoma
October 19, 2021Single Point Capital announced it provided a $450,000 factoring facility for a transportation company in Oklahoma.
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Sallyport Commercial Finance Provides $7,500,000 Funding for Electronics Distributor
October 18, 2021Sallyport is delighted to announce that it has just provided a $7,500,000 accounts receivable facility for an electronics distributor. Referred to Sallyport by their current lender whom they will work alongside, the client has a highly seasonal business and needed to free-up working capital to be able to secure enough stock for the holiday season whilst also meeting their payroll commitments.
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Immediate Sale by Tiger Group Features Remaining Embroidery and Garment-Printing Equipment from Major Full-Service Contract Decorator Gate NY
October 18, 2021Screen-printing and embroidery companies can now acquire the remaining equipment assets from Gate NY—formerly a major drop-ship location for garment distributors in the Northeast—in an immediate sale by Tiger Group.
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First Business Bank’s Asset-Based Lending Group Funds $3 Million Credit Facility
October 18, 2021Michael Doyle, Vice President – Asset-Based Lending at First Business Specialty Finance, LLC, a subsidiary of First Business Bank, announces a recently closed and funded $3 million revolving line of credit facility for a Minnesota-based company providing technology enabled delivery services in markets throughout the nation.
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Interpace Biosciences Announces New $7.5 Million Credit Facility with Comerica Bank
October 18, 2021Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) today announced that it, along with its subsidiaries, has entered into a new $7.5 Million revolving credit facility with Comerica Bank (the “Bank”). The facility matures on September 30, 2023 and allows for advances based on 80% of eligible accounts receivable plus an applicable non-formula amount consisting of $2,000,000 of additional availability at close, stepping down $250,000 per quarter beginning with the quarter ending June 30, 2022.
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Clearlake Capital Completes Acquisition of Cornerstone OnDemand
October 18, 2021J.P. Morgan, BoA Securities, Ares, Golub, Antares, Barclays, Blue Owl, BMO Capital Markets, BNP Paribas, Credit Suisse, Goldman Sachs and Jefferies provided debt financing for the transaction.
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California DFPI Issues Latest Proposed Regulations for CA SB 1235
October 18, 2021The California Department of Financial Protection and Innovation has issued its latest proposed regulations pertaining to CA SB 1235. Comments will be accepted until Oct. 27. If you have any questions or would like to speak with SFNet’s subcommittee addressing this legislation, please contact Michele Ocejo at mocejo@sfnet.com.
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Winston & Strawn Represents IX Acquisition Corp.
October 18, 2021Winston & Strawn represented IX Acquisition Corp. (the “Company”) in connection with its initial public offering of 23,000,000 units, including 3,000,000 units issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $10.00 per unit. The units are listed on The Nasdaq Stock Market LLC (“Nasdaq”) and began trading under the ticker symbol “IXAQU” on October 7, 2021.
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Sallyport Announces $4,000,000 Finance for Rapid Growth Staffing Company
October 18, 2021The client was referred to Sallyport via a CPA and one of our industry competitors at a time when they started accelerating growth exponentially; the preceding factoring provider felt uncomfortable adapting to their growing financial requirements. Sallyport’s responsive ethos shone through once more and the client recognized our flexibility in getting them funded despite the challenges of high customer concentration.
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CIT Serves as Sole Lead Arranger on $26.5 Million Maritime Financing
October 18, 2021CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on $26.5 million in senior secured financing on behalf of Queen Esther Shipping Limited. The loan is secured by the Queen Esther, a modern container ship operated by a joint venture led by Lomar Corporation Limited, a longtime CIT client.
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Earnings in the U.S. Middle Market Continue To Boom Compared To Strong, Pre-Covid Q3 2019 Results
October 18, 2021Middle market private companies in the Golub Capital Altman Index experienced EBITDA growth of 21% and revenue growth of 24% in July and August 2021 compared to their July and August 2019 earnings and revenue. The data in this special edition report reflects the median performance of approximately 120 companies that were in the Golub Capital Altman Index in both periods. The comparison over a two-year period is intended to provide greater insight than the report's typical year-over-year analysis, given the impact of COVID-related lockdowns throughout much of 2020.
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Cambridge Wilkinson Investment Banking Closes $1.2 Billion of Transactions in the Third Quarter of 2021
October 18, 2021Cambridge Wilkinson ("CW") is pleased to announce the closing of $1.2 Billion of direct Credit and direct Equity transactions in the Third Quarter of 2021. CW closed transactions across a variety of industries including specialty finance, commercial real estate, ESG as well as leverage / credit raises for Private Equity Funds and Institutional Credit Funds seeking GP Financing, NAV Loans and SPV Leverage.
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Phoenix Lending Survey Results Reveals a Weakened U.S. Economy in the Near and Long Term
October 18, 2021From the third quarter Phoenix Management “Lending Climate in America” survey results reveals a weakened U.S. economy in the near and long term. After a brief resurgence, lenders displayed a more adverse outlook and assessment of the U.S. economy for the near and long term. The GPA for the U.S. economy in the near term significantly decreased 56 percentage points to 2.23 from the Q2 2021 results of 2.79. Additionally, lenders optimism of the U.S. economy in the long term weakened, decreasing 13 percentage points to a 2.23 from the previous quarter’s results of 2.36.
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BancorpSouth Bank and Cadence Bancorporation Receive Final Regulatory Approval for Merger
October 18, 2021BancorpSouth Bank (NYSE: BXS) ("BancorpSouth") and Cadence Bancorporation (NYSE: CADE) ("Cadence"), the parent company of Cadence Bank, N.A., announced their proposed merger has received final Federal Deposit Insurance Corporation ("FDIC") approval. The FDIC approval follows recent approvals from the Mississippi Department of Banking and Consumer Finance and from shareholders of both companies.
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Cerberus Completes Acquisition of Brooklyn Bedding and Helix Sleep
October 18, 2021Brooklyn Bedding LLC (“Brooklyn Bedding” or the “Company”), a vertically-integrated manufacturer and seller of mattresses, has been acquired by Cerberus Capital Management, L.P. (“Cerberus”). FocalPoint Partners (“FocalPoint”) served as Brooklyn Bedding’s exclusive financial advisor on the transaction. FocalPoint Partners served as exclusive financial advisor to Brooklyn Bedding, and Moelis & Company served as exclusive financial advisor to Helix. Credit Suisse and Houlihan Lokey served as financial advisors to Cerberus.
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J D Factors Announces Factoring Facilities
October 18, 2021J D Factors announced the following factoring deals: $75,000 factoring facility to a transportation company in Ontario; $400,000 factoring facility to a transportation company in Illinois; $75,000 factoring facility to a transportation company in Quebec; $100,000 factoring facility to a temporary medical staffing company in New York...
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