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Valley National Bancorp to Acquire Bank Leumi USA Creating a Premier Commercial Bank With Unique, Sustainable and Diverse Growth Opportunities
Valley National Bancorp (“Valley”) (NASDAQ: VLY) and Bank Leumi Le-Israel Corporation (“Leumi”) announced today that they have entered into a definitive merger agreement whereby Valley will acquire Leumi, the US subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA (“Bank Leumi”). This strategic combination broadens Valley’s commercial product offerings and enhances Valley’s funding verticals. As a result of the mutually beneficial transaction, Valley will greatly expand its technology and venture capital banking business, and Bank Leumi Le-Israel B.M. will enhance its exposure to the U.S. banking market.
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PNC Completes Acquisition of BBVA USA
June 2, 2021The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the completion of its acquisition of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary BBVA USA. Through this transaction, PNC is now the fifth largest U.S. commercial banking organization with over $560 billion in assets with a coast-to-coast national franchise that will provide a full range of products and services to retail customers and business clients in 29 of the top 30 largest markets in the country.
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Avadim Health Enters into Stalking Horse Sale Agreement Alongside Chapter 11 Filing
June 2, 2021Avadim Health, Inc. (the Company), a healthcare and wellness provider, today announced it has reached an agreement in principle to sell substantially all of its assets and filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code. Avadim is being advised by Carl Marks Advisory Group LLC, the law firm of Pachulski Stang Ziehl & Jones LLP, the law firm of Chapman and Cutler LLP, and SSG Capital Advisors, LLC.
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Rising Derivatives Star Charles Wakiwaka Joins McGuireWoods in London
June 2, 2021McGuireWoods continues to expand its global derivatives and structured finance capabilities with the arrival of partner Charles Wakiwaka, who joins the firm’s highly ranked securities and capital markets practice in London. Wakiwaka advises buy-side and sell-side market participants on complex derivative and structured transactions such as fixed income, deal-contingent instruments, repackagings, structured notes and bespoke collateral arrangements across a range of asset classes, including equities, credit and commodities.
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MidCap Business Credit Announces $10 Million Revolving Credit Facility for Fairway Lumber Company, Inc., D/B/A Bay Forest International
June 2, 2021MidCap Business Credit is pleased to announce the closing of a $10 million revolving credit facility for Fairway Lumber Company, Inc., D/B/A Bay Forest International. The credit facility was used to refinance the company’s existing senior debt and to support their growth plans. Headquartered in Stoughton, MA, Fairway Lumber is a wholesale trader of lumber, plywood, pellets, and other wood related products.
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Varagon Capital Partners Supports Morgan Stanley Capital Partners’ Acquisition of Sila Heating & Air Conditioning
June 2, 2021Varagon Capital Partners (Varagon) is serving as Administrative Agent, Joint Lead Arranger and Joint Bookrunner on a senior secured credit facility to support the acquisition of Sila Heating & Air Conditioning (Sila) by investment funds managed by Morgan Stanley Capital Partners (MSCP).
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Cloudera Enters into Definitive Agreement to be Acquired by Clayton, Dubilier & Rice and KKR for $5.3 Billion
June 2, 2021Morgan Stanley & Co LLC is serving as exclusive financial advisor to Cloudera, and Latham & Watkins, LLP is serving as legal advisor to Cloudera. GCA Advisors, LLC, BofA Securities, William Blair & Company, L.L.C., Perella Weinberg Partners LP, Cowen and J.P. Morgan are serving as financial advisors and Kirkland & Ellis, LLP and Debevoise & Plimpton LLP are serving as legal advisor to CD&R and KKR. J.P. Morgan, Bank of America, and KKR Capital Markets have committed to providing debt financing for the transaction.
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GemCap Announces Promotion
June 2, 2021Annie O’Connor has been named portfolio manager at GemCap. “We recognize that Annie’s strong financial background and in depth knowledge of all facets of asset-based lending makes her the perfect candidate to manage our growing portfolio. We are incredibly excited to have Annie accept this role,” says Richard Ellis, co-president.
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Sallyport Provides $500,000 for Tech-Services Company
June 2, 2021Sallyport are pleased to announce $500,000 in funding to a US based tech-services company. The business will use these vital funds to enable their expansion into new regions.
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Hilco Redevelopment Partners Completes the Purchase of an 8.5-Acre Property in the Booming South Florida Industrial Development Market
June 2, 2021Hilco Redevelopment Partners (HRP), a unit of Hilco Global, announced today the purchase of an industrial development site located at 11002 Northwest S. River Drive in Medley, FL. The 8.5-acre property is part of a larger 25-acre Superfund site which has previously undergone corrective action. HRP has current plans to develop the site into a state-of-the-art warehouse/logistics facility to support the growing tenant demand across South Florida. The sale was brokered by Newmark executives Steve Medwin and Nick Wigoda, who will also handle leasing of the project.
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Fifth Third Business Capital Provides $16.5 Million Asset-Based Lending Solution to Tricon Precast, Ltd.
June 2, 2021Tricon Precast manufactures concrete structures, such as retaining walls, traffic barriers, bridge systems and sound barrier walls. The company sells its products to major highway and bridge construction contractors who are building infrastructure projects for governmental agencies like, DOT, TXDOT and FLDOT.
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Rosenthal Provides $1.25 Million Production Finance Facility for Iowa-Based Housewares Company
June 2, 2021Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $1.25 million purchase order finance facility to support the production financing requirements of an Iowa-based importer and distributor of housewares.
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TriumphPay Announces Closing of HubTran Acquisition
June 2, 2021TriumphPay, a division of TBK Bank, SSB, announced today that it has closed the previously announced acquisition of HubTran, a cloud-based provider of automation software for the transportation industry's back-office.
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BHI Arranges $102.7 Million Construction Financing For 1165 Madison Avenue, Naftali Group’s New Upper East Side Luxury Condo
June 1, 2021BHI, a full-service commercial bank, announced that it has arranged $102.7 million in construction financing for Naftali Group’s latest development at 1165 Madison Avenue, a new 13-story luxury condominium on Manhattan’s Upper East Side.
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Allen & Overy Strengthens U.S. Leveraged Finance Practice with Two New Partners in New York
June 1, 2021Allen & Overy today announced that Gordon Mak and Stanimir (Stan) Kostov have joined as partners in A&O’s U.S. Leveraged Finance practice, based in New York.
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Golden Star Completes Upsizing and Restructuring of Senior Secured Credit Facility into a Revolving Credit Facility
June 1, 2021Golden Star Resources Ltd. (NYSE American: GSS) (TSX: GSC) (GSE: GSR) ("Golden Star" or the "Company") is pleased to announce the restructuring and upsizing of the senior secured credit facility (the "Credit Facility" or "Facility") with Macquarie Bank Limited ("Macquarie").
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CSW Industrials Holdings’ $400 Million Revolving Credit Facility
June 1, 2021Shearman & Sterling advised CSW Industrials Holdings, LLC, as Borrower, and the other loan parties on the deal. CSW Industrials Holdings, LLC closed a $400 million senior secured revolving credit facility, agented by JPMorgan Chase Bank, N.A., the proceeds of which are to be used for working capital and general corporate purposes (including permitted acquisitions).
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Crestmark, the Commercial Finance Division of MetaBank, Provides More Than $34.1 Million in Commercial Financing to 47 Businesses in the First Half of May
June 1, 2021Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $15,790,000 in ABL/factoring financial solutions for 12 new clients; Crestmark Equipment Finance provided $15,547,956 in seven new transactions; Crestmark Vendor Finance provided $2,791,048 in 28 new transactions in the first half of May.
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J D Factors Recent Fundings
May 28, 2021J D Factors provided a $125,000 factoring facility to a transportation company in California.
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Huntington Business Credit Announces New Credit Facilities for Golding Farms Foods, Inc.
May 27, 2021Huntington Business Credit announced it closed new $34,000,000 in credit facilities with Golding Farms Foods, Inc. on April 14, 2021. Proceeds of the facilities were used in conjunction with investments provided by Centre Partners and Yukon Partners to refinance existing indebtedness and to provide ongoing working capital growth financing.
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Blueknight Announces Closing of New $300 Million Revolving Credit Facility
May 27, 2021Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has closed a new four-year, $300.0 million senior secured revolving credit facility (the “New Credit Facility”). The New Credit Facility will replace the previous credit facility which was set to mature in May 2022.
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