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TSL Express Daily Articles & News
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Rosenthal Provides $30 Million Inventory Purchase Commitment for California-Based Solar Products Distribution Company
Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $30 million inventory purchase commitment to support the production financing requirements of a California-based importer and distributor of solar panels.
The company had been reflecting moderate sales growth from its existing customer base. Due to increasing demand for solar energy solutions, the company began to significantly expand its customer base nationwide. Production cycle timing, a challenging shipping schedule and ongoing freight and logistics issues impacting importers from Asia prompted the company to explore additional financing options as an alternative to raising equity with its existing third-party factoring company. The third-party factor introduced the client to Rosenthal to assist the client in structuring a purchase order financing solution.
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Western Alliance to Acquire AmeriHome, a Leading National B2B Mortgage Acquirer & Servicer
February 17, 2021Western Alliance Bancorporation (“Western Alliance”) (NYSE: WAL) today announced the execution of a definitive agreement to acquire Aris Mortgage Holding Company, LLC, the parent company of AmeriHome Mortgage Company, LLC (“AmeriHome”) for an estimated purchase price of $1.0 billion in cash, subject to adjustments at closing. AmeriHome brings a B2B approach to the mortgage ecosystem through its relationships with over 700 independent correspondent mortgage originator clients, including independent mortgage bankers, community and regional banks, and credit unions of all sizes.
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Encina Lender Finance Provides Inaugural Senior Credit Facility to Doc2Doc Lending
February 17, 2021Encina Lender Finance, LLC (“ELF”) announced today that it has provided an inaugural senior credit facility to Doc2Doc Lending, Inc., which is a consumer lending platform focused on doctors. The facility will be used by Doc2Doc to further scale its origination of new loan volume.
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Commercial Credit Group Inc. Closes $327,821,000 Term ABS (2021-1)
February 17, 2021Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced the closing of a 144a privately-placed term asset-backed security (ABS) transaction (the 2021-1 transaction). The $327,821,000 financing was placed with a broad group of fixed income investors, representing 23 unique institutions. Wells Fargo Securities served as Structuring Agent and Lead Bookrunner for the placement. The financing contracts supporting the security consist of a diverse pool of CCG’s customer contract originations in the construction, fleet transportation, manufacturing and waste equipment industries.
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Citizens Advises Bionix Development Corporation on its Recapitalization by Argosy Private Equity
February 17, 2021Citizens M&A Advisory announced today that it served as the exclusive M&A advisor to Bionix Development Corporation on its recapitalization by Argosy Private Equity. Bionix, headquartered in Toledo, Ohio, is a leading developer of innovative healthcare products for single-use ear, nasal and wound care applications, among others. Co-founded in 1984 by Drew Milligan, Ph.D., and Jim Huttner, M.D., Ph.D., Bionix produces its products in the United States and is trusted by physicians throughout the care continuum for developing premium products that set innovation, quality and performance standards.
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Holland & Knight Adds Financial Services Attorney Kevin Gooch in Atlanta
February 17, 2021Kevin Gooch has joined Holland & Knight's Atlanta office as a partner in the firm's Financial Services Practice Group. Mr. Gooch represents financial institutions, corporate borrowers and private equity funds in complex finance and restructuring transactions. He previously was a partner at DLA Piper LLP (US).
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Compute North Announces $25M in Growth Capital Funding
February 17, 2021Compute North, an industry leader in economical, large-scale computing infrastructure and cryptocurrency mining, announced this week that it has closed its next growth capital round of $25 million in debt financing and equity to expand capacity and enable further growth. With more than 920 PH/s under management, the company expects to see that nearly double with the upcoming development.
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Otterbourg Promotes Erik Weinick and Chad Simon to Members of the Firm
February 17, 2021Otterbourg P.C. announced today that Erik B. Weinick and Chad B. Simon have been promoted to Members of the firm. A member of Otterbourg’s Bankruptcy and Litigation Groups, Mr. Weinick is also co-founder of the firm’s Privacy & Cybersecurity practice. He has represented a wide range of commercial and financial firms, entrepreneurs, individuals, as well as domestic and foreign government agencies before regulators, state and federal courts, and alternative dispute resolution tribunals.
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Strategic Venue Partners (SVP) Closes New Credit Facility with TD Securities For Wireless Infrastructure Development
February 17, 2021Strategic Venue Partners (SVP), the leading provider of in-building wireless connectivity-as-a-service, has successfully closed a new Senior Secured Credit Facility with TD Securities as lead left arranger and bookrunner on the financing. The facility will be used to fund future wireless infrastructure development with new and existing venue customers. The new commercial lending facility closed on Jan. 26, 2021.
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Ares Management Corporation Highlights Fourth Quarter and Full Year U.S. Direct Lending Commitments
February 17, 2021Ares Management Corporation (NYSE: ARES) is providing details on certain new financing commitments made across its U.S. direct lending strategies. Funds managed by Ares Management Corporation’s Credit Group (collectively “Ares”) closed approximately $7.3 billion in commitments across 68 transactions during the fourth quarter and approximately $13.7 billion in commitments across 163 transactions for the full year 2020.
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Fridolf Hanson joins White Oak Commercial Finance as Managing Director in New York
February 17, 2021White Oak Commercial Finance ("White Oak") is pleased to announce the hiring of Fridolf Hanson as a Managing Director and Business Development Officer of its expanded ABL and Lender Finance platform. This is one of three new senior BDO positions created to join the existing five-member Originations team, which focuses on sourcing transactions with committed capital needs ranging from $15 - $250 million. He will report to Vice Chairman, Andrew McGhee.
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First Horizon Business Credit Provides $35 Million Line of Credit to Standard Premium Finance Management Corporation
February 16, 2021First Horizon Business Credit, the ABL Division of First Horizon Bank, provided a $35MM Line of Credit to Standard Premium Finance Management Corporation, a Florida-based premium finance company. The Facility is secured by accounts receivable and offers the Company additional flexibility for its ongoing growth.
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Pathway Capital Corp. Closes $7 Million Revolving Credit Facility for New Jersey Logistics Company
February 16, 2021Glenn Thomas, president of Pathway Capital Corp., announced that his firm closed a $7 million senior secured revolving credit facility to a regional trucking and warehousing company in northern New Jersey. Pathway acted as the sole arranger. The revolving line of credit is collateralized by accounts receivable and inventory, and is being used by the logistics company to finance its ongoing working capital needs.
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Third Coast Midstream Completes Successful Debt Refinancing
February 16, 2021Lighthouse Infrastructure, LLC ("Lighthouse"), a wholly owned subsidiary of Third Coast Midstream, LLC ("Third Coast"), has entered into a new five-year credit agreement consisting of a term loan facility in the initial aggregate principal amount of $490 million and a $60 million revolving credit facility ("Facility"). The proceeds of the Facility are being used to redeem the outstanding Third Coast 2021 notes, repay borrowings under Third Coast's prior credit facility, and for general Lighthouse corporate purposes.
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Haversine Funding Announces New Transactions
February 16, 2021Haversine Funding announced the following recently closed transactions: $750,000 of a $1,500,000 factoring participation to finance a ‘do it yourself’ home automation and security product manufacturer; $3,000,000 subordinated debt facility to support the growth of a residential real estate lender for loans that may be held for sale or investment and $4,000,000 of an $8,000,000 purchase order and factoring participation for a PPE transaction to deliver masks to a national retailer.
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LSQ Delivers $10MM to Growing Amazon Vendor
February 16, 2021LSQ recently originated a $10 million factoring credit facility within an expedited timeline for a thriving Amazon vendor. The business, which reported 2x year-over-year sales growth, experiences seasonal boosts in demand for their numerous fitness, health, and recreational products. By leveraging invoice financing to increase working capital, the vendor will now have sufficient liquidity to more strategically capitalize on seasonal opportunities and also expedite payments to suppliers without narrowing their cash position.
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eCapital Commercial Finance Provides $750,000 Factoring Facility to Staffing Company
February 16, 2021Recently, demand in the industrial space has grown. As a result, this staffing company began to enter into a period of accelerated growth, acquiring contracts and significantly expanding its business. The staffing company turned to eCapital for a financing solution that could support this increase in demand and provide the funding it needed, enabling the company to grow at a faster pace.
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Jake Mincemoyer Joins Allen & Overy as Head of U.S. Leveraged Finance Practice
February 16, 2021Allen & Overy today announced that Jake Mincemoyer has joined the firm as partner and head of A&O’s U.S. Leveraged Finance practice, based in New York. Jake joins A&O from White & Case LLP, where he served as regional section head of the Americas Banking Section. Jake has broad experience representing major commercial and investment banks as well as private credit funds and corporations in a wide range of leveraged and corporate finance transactions, including domestic and cross-border acquisition finance, investment-grade facilities, asset-based lending facilities, bridge facilities, debtor-in-possession (DIP) financings and restructurings.
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Huron Capital Names Jim Mahoney Managing Partner Alongside Brian Demkowicz
February 16, 2021Huron Capital Partners LLC ("Huron Capital"), a leading lower middle-market private equity platform with a 22-year history and six private equity funds aggregating nearly $2.0 billion in committed capital, announced today that Jim Mahoney has been named Managing Partner alongside Brian Demkowicz as part of a management succession plan designed to strengthen the foundation for the Firm's continued success.
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Pandemic Continues to Bring Increases to Chapter 11 Filings, Q4 Highlights
February 16, 2021The continued acceleration in Chapter 11 filings is a clear sign that business owners should prepare for the pandemic’s impact to last longer than was originally planned, even as the COVID-19 vaccine becomes more available. Chapter 11 bankruptcy filings increased again in the fourth quarter, as seen in the newest Polsinelli-TrBK Distress Indices Report.
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Pathway Capital Corp. Arranges $3.5 Million Loan for Texas-based Company
February 16, 2021Pathway Capital Corp. has closed on a $3.5 million non-notification factoring facility for a startup specialty hauling company based outside of Houston, Texas. Pathway acted as sole arranger. The facility—which was vital to the company’s launch—provided a 90% advance on receivables purchased as well as 120-day terms on numerous accounts.
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