- Jones Day Names 33 new Partners
- Pivot Energy Secures Over $225 Million from Three Existing Lenders to Advance Community Solar Projects
- Brean Capital Extends and Upsizes Bank Credit Facility to $150 Million for Regents Capital
- Eagle Point Closes $30 Million Financing with Circular Services
- Republic Business Credit Supports Growth of Emerging Footwear Manufacturer with a $750,000 Factoring Facility
TSL Express Daily Articles & News
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U. S. Steel Adds Sustainability Performance Targets to Credit Facilities to Support Best for All℠ Strategy
United States Steel Corporation (NYSE: X) (“U. S. Steel” or “company”) today announced changes to two asset-based credit facilities that reward performance for meeting sustainability targets. This is part of the ongoing execution of the company’s Best for All℠ strategy of creating profitable solutions for sustainable steelmaking.
J.P. Morgan Securities LLC and ING Capital LLC acted as Joint Sustainability Structuring Agents in the U. S. Steel Sustainability-linked ABL. Goldman Sachs Bank NA and ING Capital LLC acted as Joint Sustainability Structuring Agents in the BRS Sustainability-linked ABL.
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TSL Express Daily Headlines & News
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Amerisource Closes $1,000,000 Credit Facility for Staffing Firm
January 20, 2021Amerisource Business Capital announced the closing and funding of a $1,000,000 senior credit facility for a Texas based healthcare staffing firm. The proceeds were used to refinance the Company’s prior lender and to provide additional growth capital.
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Encina Business Credit Provides $35 Million Revolving Credit Facility to Retailer
January 20, 2021Encina Business Credit, LLC announced today that it has provided a $35 million senior secured revolving credit facility to a retailer. The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing facility.
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Sterling National Bank Provides $8,500,000 Secured Credit Facilities
January 20, 2021Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $8,500,000 to Ice Air, LLC. The credit facilities will refinance the company’s existing debt as well as provide working capital to further expand and support the Company’s future projected growth.
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CapFlow Funding Hires Tom Harris, Chicago-based Business Development Officer
January 20, 2021CapFlow Funding Group (“CapFlow”) is pleased to announce the appointment of Tom Harris as Senior Vice President of Business Development. Based in Chicago, IL, Harris will drive new business efforts in both the Midwest and nationwide. “Tom brings 25 years of commercial finance experience to CapFlow, where he will continue to provide innovative financing solutions to his clients. We are pleased to have Tom join our sales team,” said CEO Andrew Coon.
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Announcing Assembled Brands' $4M Partnership with Hammitt
January 20, 2021Today, Assembled Brands is thrilled to celebrate the closing of a new $4 million revolving line of credit with Hammitt, a premium line of handbags and accessories that's a beloved favorite among retail partners and digital shoppers alike. Through this partnership, the LA-based company will further extend their marketing efforts and continue to expand their inventory assortment.
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TAB Bank Provides Manufacturing Company in Michigan with a $1.5 Million Asset-Based Credit Facility
January 20, 2021TAB Bank is pleased to announce it has provided a $1.5 million asset-based credit facility for a manufacturing company based in Michigan. The facility is based on a multi-year agreement and will provide for the company’s ongoing working capital needs. The company manufactures and provides electrical assembly, wiring, and connections for the robotics and assembly lines used in the U.S. automotive industry.
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Synalloy Signs New Revolving Credit Facility Provided by BMO Harris Bank, N.A. as Agent and Sole Lender
January 20, 2021Synalloy Corporation (NASDAQ:SYNL) (“Synalloy” or the “Company”) today announced that it has entered into a new, four-year revolving credit facility that provides up to $150 million of borrowing capacity. The new facility matures on January 15, 2025 and replaces and terminates the previous $100 million revolving facility that was scheduled to mature on December 21, 2021 and the $20 million term loan facility scheduled to mature on February 1, 2024. The new facility was provided by BMO Harris Bank, N.A. as Agent and sole lender.
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Porter Capital Closes the Year by Funding a $20M Facility in Just Three Weeks
January 19, 2021Porter Capital, a leading provider of accounts receivable financing and asset-based lending solutions for businesses nationwide, announced the funding of a $20 million facility in just three weeks. The client is a publicly-traded company who specializes in manufacturing machine tools and machines. The company sought a $20,000,000 line to be drawn down to enhance the balance sheet before year-end.
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Karl Pearson Join Paladin As Partner
January 19, 2021Paladin, the fast-growing middle market advisory firm driving value-creation through financial and operational consulting services, today announced that Karl Pearson has joined its team as a Partner. Karl is a seasoned leader in transforming organizations, driving growth and positioning companies for long-term sustainability and profitability.
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Moore & Van Allen Represents Left Lead Arranger and Administrative Agent in $2 Billion ESG-linked Syndicated Revolving Credit Facility
January 19, 2021Moore & Van Allen PLLC (MVA) is pleased to announce that the firm represented the left lead arranger and the administrative agent in connection with a $2 billion syndicated revolving credit facility for Flex Ltd. The credit facility includes a feature directly linking interest payments and fee amounts to certain environmental, social and governance (ESG) metrics, including greenhouse gas emissions and workplace safety.
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Concord Closes $6MM Deal for CoreCentric Solutions
January 19, 2021Concord Financial Advisors, LCC served as exclusive financial advisor and arranged $6 million in senior debt for CoreCentric Solutions, Inc., Carol Stream, IL. The senior secured revolving line of credit will be used to refinance existing debt and support working capital.
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Versant Funding LLC Funds a $1.2 Million Non-recourse Factoring Facility to a Distributor
January 19, 2021Versant Funding LLC is pleased to announce it has funded a $1.2 million non-recourse factoring facility to a distributor serving the academic and commercial medical research communities. This company required a quick infusion of cash as a bridge to a planned capital raise. The existing investors were unwilling to contribute additional equity into the business, so they looked to factoring as a non-dilutive alternative to generate the cash needed until the capital raise was complete.
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B. Riley Real Estate and NAI Global Lead Sale of Former Remington Manufacturing and Office Facilities in Huntsville, Alabama and Madison, North Carolina
January 19, 2021B. Riley Real Estate (“B. Riley”) and NAI Global (“NAI”) today announced the former manufacturing facilities and corporate office buildings of Remington Outdoor Co. (“Remington”) located in Huntsville, AL and Madison, NC are available for sale and/or lease. B. Riley and NAI are serving as co-listing agents for the properties in connection with the recent bankruptcy and asset auction of the 200-year-old firearms and ammunition maker.
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Oxane Signs Three Global Investment Banks for its Illiquid Credit Portfolio Management Solution
January 19, 2021Oxane Partners, a leading technology-driven solutions provider to private markets, announced signing three bulge bracket investment banks across the US and Europe for its illiquid credit portfolio management solution - Oxane Panorama. With more than $200 billion of notional hosted on Oxane's platforms, Oxane is at the forefront of the digitalization drive in the private markets space.
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Samuel L. Shimer Named Chair of Heritage Global Board of Directors
January 19, 2021Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HGI” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today announced that Samuel L. Shimer has been elected Chair of its Board of Directors. Former Chair and Board of Directors member Allan C. Silber has resigned from Heritage Global’s board, effective at the close of the March board meeting, following a long tenure with, and stewardship of, the Company, to focus on other business commitments.
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Peoples Bank Welcomes Rob Camandona as a Vice President and Commercial Banking Officer
January 19, 2021Peoples Bank has announced the appointment of Rob Camandona as a Vice President and Commercial Banking Officer in the Bellingham Commercial Banking Group. Rob brings over a decade of experience in the financial services industry, having served as a credit analyst and commercial loan officer.
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Bryn Mawr Trust Adds George Robostello as South Jersey Managing Director of Commercial Banking
January 19, 2021Bryn Mawr Trust (BMT), wholly owned by Bryn Mawr Bank Corporation (NASDAQ: BMTC), announced today that George Robostello has joined the company as Senior Vice President and Managing Director of Commercial Banking, Southern New Jersey region. He reports directly to Jim Donovan, Head of Commercial and Industrial Banking, and will build a team of commercial bankers focused on the New Jersey region.
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In the Initial Transaction of its Ten-Year Anniversary, Abacus Finance Provides $26.3 Million in Senior Debt Financing to Support the Leveraged Buyout of BioDerm, Inc. by Mountaingate Capital
January 19, 2021In the first in transaction of its ten-year anniversary, Abacus Finance Group, LLC today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for $26.3 million in senior secured credit facilities to support the leveraged buyout of BioDerm, Inc. by Mountaingate Capital. Abacus – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA – also made an equity co-investment in BioDerm.
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Rachael Sampson Named Director of Key4Women
January 18, 2021KeyBank has named Rachael Sampson as Senior Vice President, Director of Key4Women. Sampson will lead a nationwide network to promote and support women business owners and clients toward growth. Sampson, who has been with KeyBank for 15 years, previously served as relationship manager, Commercial Banking, for KeyBank's Cincinnati Market.
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Churchill Asset Management Achieves Record Capital Raising and Investment Activity in 2020
January 18, 2021Churchill Asset Management (“Churchill” or the “Firm”), an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies across the capital structure, today announced that it had achieved record levels for the firm in both capital raising and investment activity in 2020. Churchill raised over $6.4 billion of new committed capital in 2020, more than doubling 2019 fundraising figures, with an additional $2.2 billion expected to close in the first quarter of 2021.
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