- Gordon Brothers Invests in Rachel Zoe
- Law Firms Winston & Strawn, Taylor Wessing in Talks to Merge
- MidCap Financial Announces Key Leadership Appointments as Part of Planned Succession
- Errin Richardson Glasgow Named as new President of Nationwide Operations of Cascade Credit Services, LLC
- Jones Day Names 33 new Partners
TSL Express Daily Articles & News
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LBC Credit Partners Supports MPE Partners’ Investment in Ideal Aluminum, LLC
LBC Credit Partners (“LBC”), one of the leading providers of financing solutions to middle market companies, provided a senior secured credit facility to support Morgenthaler Private Equity’s (“MPE Partners” or “MPE”) investment in Ideal Aluminum, LLC (“Ideal” or the “Company’).
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TSL Express Daily Headlines & News
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DLL to Provide Dealer Floor-plan Financing for Winnebago Industries Brands
March 2, 2021DLL, global asset finance company for equipment and technology, has partnered with Winnebago Industries, manufacturer of outdoor lifestyle products used primarily in leisure travel and outdoor recreation activities. Dealers of Winnebago, Grand Design and Newmar recreational vehicle branded product will now have the benefit and option of financing floorplan and inventory purchases with a DLL line of credit, anywhere in North America.
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MUFG Arranges its First Project Finance Collateralized Loan Obligation
March 2, 2021Mitsubishi UFJ Financial Group (MUFG) is announcing today that it has acted as a structuring lead on Starwood Property Trust Inc.'s first project finance collateralized loan obligation (CLO) – STWD 2021-SIF1. The deal also represents MUFG's first structuring lead mandate on a project finance CLO backed by a pool of $500 million project finance and corporate infrastructure loans secured primarily by long-term, critical, core infrastructure projects. STWD 2021-SIF1 was designed to optimize Starwood's portfolio management strategy while leveraging MUFG's experience and deep technical expertise in project finance loans.
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CVG Extends $90 Million ABL Facility To 2026
March 2, 2021CVG (NASDAQ: CVGI), announced that effective today, it has amended its $90.0 million asset-based Revolving Credit Facility (the "ABL Facility") with Bank of America, N.A., as agent, and certain financial institutions as lenders, extending its maturity date to March 1, 2026.
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Matrix Announces the Successful Sale of Walker Magnetics Group, Inc.
March 2, 2021Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Walker Magnetics Group, Inc. (“Walker Magnetics” or the “Company”) to Industrial Magnetics, Inc. (“IMI”), a portfolio company of DNS Capital, LLC (“DNS”). Prior to the sale, Walker Magnetics was owned by Alliance Holdings, Inc. (“Alliance Holdings”), a private investment firm based in Horsham, PA.
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Stacy Kymes Named BOK Financial Chief Operating Officer
March 2, 2021BOK Financial has named Stacy Kymes Chief Operating Officer with responsibility for all revenue-generating divisions. Kymes, who has been with the company for almost 25 years, previously served as executive vice president over all specialized banking areas, including energy, commercial real estate, healthcare, treasury services and TransFund.
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Sandra Whalen joins WSFS Institutional Services as Senior Vice President, Business Development Officer
March 2, 2021Sandra Whalen has joined WSFS Institutional Services®, a division of WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), as Senior Vice President, Business Development Officer. Reporting to WSFS’ Executive Vice President and Chief Wealth Officer Arthur J. Bacci, Whalen’s primary focus is to strengthen and grow client relationships, help develop new products and work closely with the Corporate Trust team.
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FTI Consulting Bolsters Power & Renewables Expertise
March 2, 2021FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Miriam Wrobel as a Senior Managing Director in the Power & Renewables practice within the Corporate Finance & Restructuring segment at FTI Consulting, enhancing the firm’s clean energy strategic advisory offerings for clients throughout the deal lifecycle.
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Express Trade Capital Delivers a 1.25M Combo Facility to Knockout Cashflow Gap for a Loungewear Co
March 2, 2021The client is a Hawaiian-based loungewear company. With the unprecedented explosion of people working from home precipitated by the pandemic, workers are retiring their suits for something more comfortable to weather uncomfortable times. While many in the apparel industry experienced drastic reductions in sales volume, the popular shift to loungewear has increased sales for at least this small segment of apparel wholesalers, including some others in similar categories like athletic apparel and gear.
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Geneviève Piché Leads Banking Environmental, Social and Governance (ESG) Solutions in Corporate & Investment Banking
March 1, 2021Wells Fargo Corporate & Investment Banking (CIB), a division of Wells Fargo & Company (NYSE: WFC), today announced that it has appointed Geneviève Piché to lead Banking Environmental, Social, and Governance (ESG) Solutions. In this newly created role, Piché will drive a cohesive approach to meet accelerated demand for ESG products in the Corporate and Investment Bank, spanning debt capital markets, equity capital markets, public finance, lending, M&A advisory, cash management products, and liquidity.
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MobiTV Enters Chapter 11, Secures $15.5M to Stay Afloat
March 1, 2021Facing a major cash crunch, MobiTV has filed for voluntary Chapter 11 bankruptcy and the pursuit of a process that could result in the pay-TV tech vendor selling most of its assets. MobiTV said it has secured some critical financing to facilitate the restructuring along with assurances that its customers, which include T-Mobile and dozens of small and midsized cable operators, will continue to be served as the process plays out
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A Much Smaller Ruby Tuesday Emerges From Bankruptcy
March 1, 2021Ruby Tuesday, the iconic bar-and-grill chain, has emerged from federal bankruptcy protection with less debt and a lot fewer restaurants. The Maryville, TN-based chain, whose decline over the past 15 years has been a symbolic demonstration of the challenges faced by ’80s-era, mall-focused casual-dining restaurants, has 209 locations after the bankruptcy process allowed the company to shed leases and close restaurants.
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Leveraged Lending a Growing but Manageable Risk for U.S. Banks
March 1, 2021Credit risk for those U.S. banks and non-bank entities active in corporate lending is rising, as seen in the shared national credit (SNC) regulatory report released on Feb. 22, with “non-pass” loans increasing to 12.4% of SNC-reported commitments at 3Q20 from 6.9% a year before. However, while criticized loans increased as a result of the pandemic-induced economic fallout and lender exposure to affected industries, they remain well below the 2009 peak of 22%. Credit risks to U.S. banks appear manageable over the near to medium term, thanks in part to their primary focus on investment-grade lending exposure, as well as fiscal support measures and the corresponding and rapid growth of loan loss reserves, Fitch Ratings says.
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Horizon Technology Finance Provides $9 Million Venture Loan Facility to Primary
March 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 has provided a $9 million venture loan facility to Primary Kids, Inc. ("Primary"), of which $6 million has been initially funded.
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Robert Mocerino Joins White Oak to Lead Staffing and Government Contracting Finance Originations
March 1, 2021White Oak Commercial Finance ("White Oak"), an affiliate of White Oak Global Advisors, is pleased to welcome Robert Mocerino as Senior Vice President, Managing Director of Staffing and Government Originations. He will be based in New York with national coverage responsibilities reporting to Bob Grbic, President & CEO of White Oak Commercial Finance.
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King Trade Capital (“KTC”) Establishes a $7 Million Purchase Order Finance Line for NY Apparel Brand
March 1, 2021KTC was contacted by a referral partner who was hired to seek capital for a New York based apparel brand in need of capital to fund its’ growing inventory need to fulfill growing sales. KTC was able to quickly assess the Client’s in-house pre-sold inventory and their supply chain finance needs and KTC offered a full trade cycle finance solution to help the Client execute upon the doubling their sales in 2021.
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Announcement from CFPB Acting Director Dave Uejio
March 1, 2021
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Tiger Group Online Auction on March 9 Features Heavy Equipment, Tools and Rolling Stock from Advanced Pavement Group
March 1, 2021Tiger Group will begin accepting bids on March 2 for a March 9 online auction of heavy equipment, paving equipment, trucks, trailers, and tools from one of the largest paving contractors in the Northeast: Advanced Pavement Group (APG). The assets are located at the company’s sites in New Castle, Del.; Downingtown, Pa.; Millville, N.J.; and Islip, N.Y.
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Ares Commercial Finance Has Provided a $100 Million Senior Secured Revolving Line of Credit to Support Rawlings Sporting Goods, Inc. in its Acquisition of Easton Diamond Sports, LLC
March 1, 2021Ares Commercial Finance (“ACF”) announced that it has provided a $100 million senior secured revolving line of credit to support the acquisition of Easton Diamond Sports, LLC (“Easton”) by Rawlings Sporting Goods, Inc. (“Rawlings”), a portfolio company of Seidler Equity Partners. Rawlings and Easton are leading global brands and manufacturers of premium baseball and softball equipment, including bats, gloves, balls, and protective gear.
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Broadmark Realty Capital Announces New Revolving Credit Facility
March 1, 2021Broadmark Realty Capital Inc. (NYSE: BRMK) (the “Company”), an internally managed secured real estate finance company, today announced that the Company has obtained a new $135 million secured revolving credit facility with a three-year term. JPMorgan Chase Bank, N.A. acted as administrative agent for the lending group, which included Barclays Bank PLC, Axos Bank, VNB New York, LLC and China CITIC Bank International Limited.
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Atlas Technical Consultants Announces Significant Recapitalization and Simplification of Its Capital Structure
March 1, 2021Atlas Technical Consultants, Inc., a leading provider of professional testing, inspection, engineering, environmental, and consulting services, announced today a significant recapitalization and simplification of the Company’s capital structure. The Company has replaced its current debt and preferred equity agreements with a new, more economically favorable term loan credit agreement funded by funds and accounts managed or advised by Blackstone Credit or its affiliates, consisting of $432 million of long-term debt maturing in 2028 and a $75 million committed delayed draw term loan
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