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TSL Express Daily Articles & News
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eCapital Corp. Announces Collaboration with Visa® Delivering Commercial Credit Products to Freight Clientele
eCapital Corp. (“eCapital” or “the Company”), a leading capital solutions provider for small and medium-sized businesses in North America and the UK, today announced the launch of a new commercial credit card program with Visa, the world leader in digital payments. The eCapital platform provides clients with direct connections to the funds in their eCapital accounts and robust reporting to manage all Visa transactions. Through this collaboration, the Company can offer clients new options for receiving funds through a commercial credit card and accessing a revolving line of credit to bridge the gap in day-to-day business cash flow.
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TSL Express Daily Headlines & News
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Gibraltar Provides $5MM in Stable Liquidity for Socially Conscious Innovator
February 16, 2021Cora, a provider of ethically sourced, organic, and innovative feminine hygiene products, and Gibraltar agreed on a $5 million asset-based line of credit based on accounts receivable and inventory. The inventory borrowing base includes finished goods and in-transit inventory with no inventory appraisal required which reflects the creativity of Gibraltar’s credit team. An accordion feature allows the facility to be increased to $7 million as warranted.
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Armory Securities, LLC Announces that Uniformity Labs has Completed a $38.35 Million Series B Financing Round
February 16, 2021Armory Securities, LLC is pleased to announce that Uniformity Labs has completed a $38.35 million Series B financing round. Armory served as exclusive financial advisor and placement agent to Uniformity for the transaction. Uniformity is a leading additive manufacturing (AM) company that is revolutionizing industrial 3D printing processes with its breakthrough material and software solutions. The company’s patented technology enables significant cost savings, speed, and quality improvements across all mainstream AM printers.
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TAB Bank Provides Aluminum Extrusion Manufacturing Company in Ohio with a $12 Million Asset-Based Credit Facility
February 11, 2021TAB Bank is pleased to announce it has provided a $12 million asset-based credit facility for an aluminum extrusion manufacturing company based in Ohio. The facility is based on a multi-year agreement and will provide for the company’s ongoing working capital needs. The company produces a wide range of standard and custom designed aluminum extrusions in several grades of aluminum alloys and tempers.
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Oil States Enters into New Bank Credit Agreement
February 11, 2021Oil States International, Inc. (NYSE:OIS) announced today that it has entered into a new $125 million asset-based revolving credit agreement (the "Credit Agreement"). Wells Fargo Bank, National Association is the administrative agent for the Credit Agreement. In addition to Wells Fargo, lenders under the Credit Agreement include Bank of America, National Association, JPMorgan Chase Bank, N.A. and Royal Bank of Canada.
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Strategic Venue Partners (SVP) Closes New Credit Facility with TD Securities For Wireless Infrastructure Development
February 11, 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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CIBC Innovation Banking Announces $33 Million Comprehensive Financing Solution for Bloomerang, Inc.
February 11, 2021CIBC Innovation Banking is pleased to announce a growth capital facility for Indianapolis-based Bloomerang, Inc. (“Bloomerang”). Bloomerang plans to use the capital for its recent acquisition of Nashville, TN-based Kindful, Inc. (“Kindful”), and to continue its growth momentum.
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Ramp Announces $150M in Debt Financing from Goldman Sachs
February 11, 2021Ramp today announced $150 million in debt financing from Goldman Sachs to fuel growth for Ramp, a corporate card focused on helping businesses spend less money and automate their finances. Goldman Sachs Bank USA provided the credit line to Ramp. The news follows the appointment of Srinath Srinivasan as Head of Risk at Ramp last month. Srinivasan previously worked at Goldman Sachs and was deeply involved with developing credit underwriting for the Apple Card. Earlier this year, Nik Koblov also joined Ramp to lead Risk and Underwriting Engineering. Before joining Ramp, Koblov served as the VP of Engineering at Affirm and as a Vice President in Credit Technology at Goldman Sachs.
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CIT Serves as Co-Lead Arranger on $93.3 Million Battery Storage Portfolio
February 11, 2021CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as a co-lead arranger on a $93.3 million financing for a portfolio of six battery energy storage systems located in Texas. The battery energy storage systems (BESS) are owned by Key Capture Energy LLC, a leading developer, owner and operator of BESS projects in the United States, with an overall development pipeline of more than 2.5 gigawatts in New York, Texas and New England. Key Capture Energy is a portfolio company of sustainable real asset firm Vision Ridge Partners.
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Great Rock Capital Provides $25MM of Liquidity to Industry Leading Automotive Manufacturer
February 11, 2021Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced it has provided $25.0 million of liquidity through a senior secured term facility to support a Michigan-based critical sole-source supplier of automotive products. The facility was used to refinance the company’s existing lender and will provide additional working capital and financial flexibility to support the Company’s continued growth.
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Citizens Advises Thought Logic Consulting on its Significant Growth Capital Investment by Renovus Capital Partners
February 11, 2021Citizens M&A Advisory served as the exclusive financial advisor to Thought Logic Consulting, a leading business and technology transformation consulting firm with offices in Atlanta, GA, and Richmond, VA, on its significant growth capital investment from Renovus Capital Partners, a Philadelphia-area private equity firm. The partnership with Renovus will help Thought Logic make additional investments in its team and capabilities, accelerate its planned geographical expansion and seek industry partnerships and acquisitions.
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Frozen, Refrigerated and Dry Food Products from Leading Cruise Industry Supplier to be Auctioned by Tiger Group on Feb. 23
February 11, 2021Tiger Group is offering over $11 million (at retail) in commercial foods in a Feb. 23 online auction of the remaining inventory from cruise industry supplier Kansas Marine Co.’s soon-to-close Miami distribution center. The offering features over 40 million pieces of consumable food items, including frozen products, canned goods, proteins, dry food products and bonded items.
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U.S. Bank Appoints Marcus Martin Head of ESG for Fixed Income & Capital Markets
February 11, 2021U.S. Bank announced today the appointment of Marcus Martin as managing director and head of Environmental, Social, Governance (ESG) for its Fixed Income & Capital Markets business. In his new role, Martin will be responsible for expanding the bank’s Sustainable Capital Markets activities, providing issuer and investor clients with a full range of options to address their ESG needs, including Green Bonds.
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Potbelly Corporation Announces $16 Million Private Placement and Agreement to Amend Credit Facility
February 11, 2021Potbelly also announced that it has reached an agreement in principle with its lender, JP Morgan, to amend its existing senior secured revolving credit facility. Upon execution of the amendment, Potbelly is expected to have a senior secured revolving credit facility of $25 million that matures on January 31, 2023.
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Velocity Financial, Inc. Announces New $175 Million Term Loan Facility and $200 Million Warehouse Facility
February 10, 2021Velocity Financial, Inc. (NYSE: VEL), (“Velocity” or the “Company”), a leading provider of small balance investor loans, today announced that it has entered into a new $175 million, 5-year term loan with a syndicate of lenders including funds managed by Blackrock’s U.S. Private Capital group, Oaktree Capital Management, L.P., and UBS O’Connor.
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SWM Announces Amendment to Existing Credit Facility Including $350 Million Term Loan B to Finance Proposed Offer to Acquire Scapa Group Provides Preliminary Results for Fourth Quarter and Full Year 2020
February 10, 2021JPMorgan Chase Bank, N.A. is acting as administrative agent for the amended credit agreement, and JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC and Truist Securities, Inc. are acting as joint bookrunners and joint lead arrangers. The Company has commenced the syndication of the Term Loan B, which is expected to be completed during the week of February 22nd, 2021. Certain terms of the Term Loan B remain subject to market conditions and completion of the syndication.
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Ocwen Financial Announces Agreement With Oaktree for Additional $250 Million Investment and Preliminary Fourth Quarter Results
February 10, 2021Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced it has executed an agreement with special purpose entities owned by funds and accounts managed by Oaktree Capital Management, L.P. (“Oaktree”) for a debt investment in the Company that would generate $250 million in proceeds, and provided preliminary information regarding its fourth quarter 2020 results.
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CCA Industries, Inc. Announces Entering Into A $5,000,000 Credit Facility
February 10, 2021CCA Industries, Inc. (OTC: CAWW), announced that it has entered into a new credit facility with M&T Bank, on January 21, 2021 to replace the line of credit with PNC Bank and for general working capital purposes. The credit facility provides a term loan in an amount of $500,000 (the "Term Loan") and a revolving loan up to a maximum of $4,500,000 (the "Revolving Loan" and together with the Term Loan, the "Loans").
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Bardin Hill Raises $600 Million for Opportunistic Credit Strategy
February 10, 2021Bardin Hill Investment Partners LP (“Bardin Hill”), a leading investment management firm specializing in credit strategies and event-driven equities, today announced the successful final close of the Bardin Hill Opportunistic Credit Fund, LP and a parallel side-car vehicle (collectively, the “Strategy”) with total commitments of approximately $600 million. The firm’s flagship closed-end Strategy received significant backing from new institutional investors globally, as well as from existing Bardin Hill clients.
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Carl Marks Securities Advises Life Sciences Consultancy Hawkins Point on Sale to Verista
February 10, 2021Carl Marks Securities LLC, an affiliate of middle market investment bank Carl Marks Advisors, served as financial advisor to Hawkins Point in the sale of the leading life sciences consultancy to Verista, a transformative compliance and automation solutions organization for the life sciences industry. Financial terms of the private transaction were not disclosed. Founded in 2012 by Heather Morris Kyer and Steve Mersky and based in Boston, Hawkins Point focuses on helping clients solve challenges across the entire life sciences continuum, from early-stage research to full commercial operations and beyond.
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Sterling National Bank Provides $2 Million of Senior Secured Credit Facilities
February 10, 2021Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $2,000,000 to Callisto Home NY, Inc. Established in 2009 and located in East Brunswick, NJ, Callisto is an importer of home furnishings with a market focus on bedding, draperies, curtains, decorative pillows, and shams.
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