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PNC Bank Further Expands Regional President Model In California, Names Leaders For Orange County-Inland Empire, Greater Los Angeles Metropolitan Area
PNC Bank, N.A. announced the appointment of two new regional presidents in California, further expanding its local leadership and decision-making model in the state.
Jarrod Ingle joins PNC as the regional president and head of Corporate Banking for the Orange County-Inland Empire market and Todd Wilson assumes responsibilities as regional president for the Greater Los Angeles Metropolitan Area.
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SVB Financial Group Completes Acquisition of Boston Private
July 6, 2021SVB Financial Group ("SVB") (Nasdaq: SIVB), the parent of Silicon Valley Bank, today announced it has completed the acquisition of Boston Private Financial Holdings, Inc. ("Boston Private"), the parent company of Boston Private Bank & Trust Company ("Boston Private Bank"), a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits.
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Absolute Software Completes Acquisition of NetMotion to Deliver the Next Generation of Endpoint Resilience
July 6, 2021Absolute Software Corporation (Nasdaq: ABST) (TSX: ABST), a leader in next generation Endpoint Resilience™ solutions, today announced it has completed its previously announced acquisition (the “Acquisition”) of 100% of NetMotion Software, Inc. (“NetMotion”), a leading provider of connectivity and security solutions, from The Carlyle Group.
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InPlay Oil Corp. Announces Renewal of Credit Facility
July 6, 2021InPlay’s Senior Credit Facility has been reconfirmed at $65 million, comprised of a $55 million revolving credit facility and a $10 million operating line of credit, with the maturity date being extended to May 30, 2022. The Senior Credit Facility has been amended to a fully conforming, revolving facility under substantially the same terms as our current revolving facility with the borrowing base next scheduled for semi-annual review by November 30, 2021 and annual review by May 31, 2022.
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Ares Management Corporation Completes Acquisition of Black Creek Group
July 6, 2021Ares Management Corporation (“Ares”) (NYSE: ARES) announced today that a subsidiary of Ares completed its previously disclosed acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business (“Black Creek”). As a leading real estate investment management firm, Black Creek has approximately 300 professionals operating across eight offices throughout the U.S. and approximately $11.6 billion of assets under management (“AUM”), as of March 31, 2021.
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Crayhill Capital Management Appoints Industry Veterans to Lead Newly-Established Renewables Division
July 6, 2021Crayhill Capital Management LP, a New York-based private credit manager and asset-based investor with a strong focus on renewable energy investments, announced today the appointments of Erick Bauman and Ben Snydacker as Managing Directors of a newly-formed affiliate, Crayhill Renewables LLC, based in Nashville, TN.
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Rexford Industrial Announces Expanded Revolving Credit Facility and Term Loan Repricing
July 1, 2021Rexford Industrial Realty, Inc. (the "Company") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, today announced that it has exercised the accordion option of the Company's existing unsecured revolving credit facility and increased the borrowing capacity by $200 million from $500 million to $700 million. All other material terms and conditions of the Company's unsecured revolving credit facility remain unchanged. Lenders for the $150 million unsecured term loan facility maturing May 22, 2025, include Capital One, National Association, as administrative agent and lead arranger, and Truist Bank.
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Lions Bay Capital Inc. Amends Riverfort Debt Facility and Arranges Additional Debt Financing
July 1, 2021Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company") announces that the Company has amended the secured loan facility ("Loan Facility") with Riverfort Global Capital Ltd. on behalf of Riverfort Global Opportunities PCC Ltd. (the "Lender"). The Loan Facility has amended the previously announced secured facility (see news release on March 15, 2018) and amended on July 4, 2019 to increase the Loan Facility to USD $2.0 million.
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Axiom Bank, N.A. Expands Factoring Division Team in Dallas
July 1, 2021Axiom Bank, N.A., a Maitland-based, leading community bank, has expanded its team with the hiring of John Wattinger as Senior Account Executive in its factoring and asset-based lending division in Dallas. Wattinger brings more than 35 years of experience in commercial, middle market, asset-based lending and factoring. In this new role with Axiom’s Allied Affiliated Funding division, he will oversee a portfolio of client accounts while also managing the development and underwriting of new credit requests.
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BDO Consulting Group Welcomes Michael Edelschick Back to its Business Restructuring & Turnaround Services Practice
July 1, 2021BDO Consulting Group, LLC is pleased to announce that Michael Edelschick has rejoined the firm’s Business Restructuring & Turnaround Services practice as a Managing Director and national leader of the Bankruptcy Litigation Services group. Edelschick was previously with BDO for seven years until he was hired in 2019 to lead the post-bankruptcy executive team of a specialty supermarket chain as its CFO and the only c-suite executive.
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Crestmark, the Commercial Finance Division of MetaBank® Provides More Than $65.7 Million in Commercial Financing to 42 Businesses in the First Half of June
July 1, 2021Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $53,300,000 in ABL/factoring financial solutions for 17 new clients; Crestmark Equipment Finance provided $964,688 in two new transactions; Crestmark Vendor Finance provided $2,600,586 in 21 new transactions; and the Government Guaranteed Lending group provided $8,840,000 in financing for two new clients in the first half of June.
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B. Riley Receives Multiple Honors at 2021 Turnaround Atlas Awards
July 1, 2021B. Riley Financial, Inc. (NASDAQ: RILY), a diversified provider of business advisory and financial services, announced it received multiple awards at the 13th Annual Turnaround Atlas Awards, hosted by Global M&A Network on June 24 and 25, 2021.
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Winston & Strawn Represents Arbor Investments and its Portfolio Company Crown Bakeries
July 1, 2021Winston & Strawn represented Arbor Investments and its portfolio company Crown Bakeries, in its announced acquisition of Bagel Boy, Inc. Crown Bakeries is a manufacturer of fresh and frozen bread, baked goods, and dough products. The Bagel Boy transaction marks the fourth add-on to the Crown portfolio in the last 15 months, giving the organization over 1,000 employees, serving customers across all channels—in retail, as a co-manufacturing partner for brands, as well as in foodservice.
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Retail E-Commerce Ventures Acquires Business & Assets of Ralph & Russo
July 1, 2021Retail Ecommerce Ventures (REV) has made a successful bid to acquire the business and assets of Ralph & Russo Limited, the UK-based luxury brand specialising in couture, ready-to-wear and luxury goods. Paul Appleton of Begbies Traynor Group and Andrew Andronikou of Quantuma Advisory, acting as Joint Administrators, conducted a thorough and extended sales process which generated an immense amount of global interest and resulted in numerous parties submitting bids.
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Cahill Announces New Partner and Counsel Elections
July 1, 2021Cahill Gordon & Reindel LLP announced today that that C. Anthony Wolfe and Elizabeth Yahl have been elected to the partnership. The firm also announced that Michael Wolynski would become counsel to the corporate practice.
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Horizon Technology Finance Corporation Leads $8 Million Venture Loan Facility for LiquiGlide
July 1, 2021Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it led a $8 million venture loan facility to LiquiGlide, Inc. ("LiquiGlide"), of which Horizon funded $2 million of the initial $4 million draw and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor, funded $2 million.
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PennantPark Closes on Leveraged Investment Vehicle in Senior Debt Strategy
July 1, 2021PennantPark Investment Advisers, LLC (“PennantPark”) today announced the successful closing of its fifth comingled fund, PennantPark Senior Credit Fund Levered, LP (“PSCF-Lev” or the “Fund”), securing $460 million in additional investment capacity and taking another significant step forward in the growth of the firm’s middle market private credit investment business.
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Texas Capital Bank Appoints Rick Rodman as Head of Business Banking
July 1, 2021Texas Capital Bank, N.A., and its parent company Texas Capital Bancshares, Inc. (NASDAQ: TCBI), collectively referred to herein as “Texas Capital Bank,” today announced that it appointed Rick Rodman to the newly created position of Head of Business Banking, effective June 21, 2021. This appointment underscores the Company’s commitment to significantly expand its Business Banking segment.
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Sterling Amends Existing Credit Agreement, Significantly Reducing Interest Expense and Enhancing Financial Flexibility
July 1, 2021Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that it has amended its existing credit agreement with its lending group, led by BMO Harris Bank N.A., to modify various aspects of the agreement
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Sterling's Capital Finance Division Welcomes Kevin Henry
July 1, 2021Sterling National Bank, the principal subsidiary of Sterling Bancorp (NYSE: STL), announced that Kevin Henry has joined the bank’s Capital Finance division as Managing Director, Commercial Services - Originations. He will report to Michael Haddad, President, Capital Finance at Sterling.
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Paladin Recognized For Outstanding Consulting Work In 2020 By Global M&A Network
June 30, 20212020 was a landmark year for Paladin as the fast-growing consultancy guided a number of middle-market companies through a multitude of challenging financial, operational and strategic transitions in an unprecedented economic environment. Their commitment and dedication have been recognized by the Global M&A Network in their annual Turnaround Atlas Awards, honoring the best value-creating transactions, outstanding firms, professionals and leaders from the global restructuring, insolvency, and distressed investing communities.
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