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Aleafia Health Announces Closing of a New $19 Million Credit Facility and Extension of Existing Credit Facility
Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) (“Aleafia Health” or the “Company”) is pleased to announce the closing of a credit facility of up to $19 million (the “Credit Facility”). The Credit Facility is financed by the Garrington Group of Companies, a Toronto-based private lender providing working capital financing to the underserved, small to mid-sized middle market sector across North America, providing credit facilities that generally range from $1 million to over $30 million. It consists of a revolving receivables facility of up to $7 million and a term loan of $12 million.
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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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Gulfport Energy Corporation Announces Amended and Restated Credit Facility
October 14, 2021Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today announced that it has entered into the Third Amended and Restated Credit Agreement (“Amendment”), which amends and refinances the Company’s Credit Agreement, dated as of May 17, 2021. The Amendment was provided by a syndicate of 14 financial institutions, including JPMorgan Chase Bank, N.A., as administrative agent.
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Chorus Aviation Announces new Three-year Committed Operating Credit Facility
October 14, 2021horus Aviation Inc. ("Chorus") (TSX: CHR) announced today that it has entered into an agreement for a three-year committed operating credit facility (the "New Facility") with The Bank of Nova Scotia ("Scotiabank") as lender, sole lead arranger, bookrunner, administrative agent and issuing bank, and the Canadian Imperial Bank of Commerce ("CIBC") and the Bank of Montreal as lenders.
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Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $47.6 Million in Commercial Financing to 75 Businesses in the Second Half of September
October 14, 2021Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $21,807,000 in ABL/factoring financial solutions for nine new clients; Crestmark Equipment Finance provided $16,943,798 in 12 new transactions; Crestmark Vendor Finance provided $4,584,629 in 48 new transactions; and the Government Guaranteed Lending group provided $4,290,000 in financing for six new clients in the second half of September.
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Assembled Brands Announced a $3 Million Increased Facility with Longtime Partner Linksoul
October 14, 2021Assembled Brands is thrilled to announce an increased facility of $3 million with golf and lifestyle brand Linksoul. Co-founded by John Ashworth and run by an experienced team, Linksoul consists of a group of people that have been in men’s lifestyle clothing industries (golf and surfing) for decades. The brand offers golf apparel and gear with a strong focus on a healthy balance of work and leisure, family/community, and nature.
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FocalPoint Advises 8020 Consulting on its Recapitalization by ShoreView Industries
October 14, 20218020 Consulting, LLC (“8020” or the “Company”) has received an investment from ShoreView Industries (“ShoreView”). Specific terms of the transaction were not disclosed. FocalPoint Partners (“FocalPoint”) served as the exclusive financial advisor to 8020 on the transaction.
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