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  • B. Riley Financial's GA Global Partners to Conduct Public Auction of Second Sight Medical Products, Inc.
    June 16, 2020
    GA Global Partners, a B. Riley Financial company, today announced that it will conduct an online public auction of the assets of Second Sight Medical Products, Inc. on June 25, 2020. Second Sight, a developer and manufacturer of implantable visual prosthetics for blind individuals, created the only FDA-approved implantable visual prosthetic treatment for severe Retinitis Pigmentosa. GA Global is conducting the auction of Second Sight’s assets in connection with the orderly wind down of its operations.
  • Clear Channel Outdoor Holdings, Inc. Announces Amendment To Credit Agreement
    June 15, 2020
    Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has entered into an amendment (the "Amendment") to the Company's credit agreement, dated as of August 23, 2019 (the "Credit Agreement"), with several of its lenders.
  • WW International Provides Update on Strong Momentum in Digital Trends, Studio Reopening Plans, and Amended Revolving Credit Facility
    June 15, 2020
    As WW International, Inc. (NASDAQ: WW) continues to advance its digital transformation, the Company today provided an update on recent membership trends and its Studio reopening plans, and announced added financial flexibility pursuant to an amendment to its revolving credit facility. The Company has amended its revolving credit facility, increasing the commitments to $175 million from $150 million and raising the consolidated first lien net debt leverage ratio required by the financial maintenance covenant, together providing for significantly more flexible access to liquidity.
  • InterNex Capital and Utech Global Enter Into Memorandum of Understanding (MOU) to Form a Digital Partnership
    June 15, 2020
    InterNex Capital is pleased to announce that they have entered into an MOU with Utech Global (www.utechcorp.com). Under this Digital Partnership, Utech's GPSTab™ and TMS platforms will be integrated with InterNex’s Velocity™ platform to provide a comprehensive turnkey solution for Utech’s clients who are looking for a better solution to manage their Transportation business while optimizing their working capital.
  • Section 363 Sales Beckon U.S. Real Estate Investors, Notes A&G Executive
    June 15, 2020
    Structured process stands to yield strong acquisition opportunities in retail, office, education, student housing and other sectors, advises Jeff Hubbard in Zoom panel discussion.
  • J D Factors Announces Factoring Facilities
    June 15, 2020
    J D Factors announced the following factoring facilities: $100,000 to a transportation company in Alberta;$250,000 to a transportation company in Pennsylvania; $300,000 to a transportation company in Quebec...
  • New Look Vision Group Inc. Announces the Completion of New Financing Arrangements
    June 15, 2020
    New Look Vision Group Inc. ("New Look Vision" or the "Company") (TSX: BCI) announced today the finalization of new financing arrangements for $40 million. With an initial investment in 2013, Fonds de solidarité FTQ (the “Fonds”) reaffirms its confidence in the Company by investing an additional $40 million. The credit facility granted to New Look vision is part of the Fonds' plan to support Québec businesses during the COVID-19 pandemic.
  • Skillsoft Enters Into Agreement with Lenders to Significantly Reduce Debt and Position Company for Long-Term Success
    June 15, 2020
    Skillsoft Corporation, a global leader in corporate learning, today announced that it has entered into a Restructuring Support Agreement (“RSA”) with an overwhelming majority of its first and second lien lenders. The RSA is expected to result in a comprehensive de-levering of the Company’s balance sheet by reducing the Company’s existing first lien and second lien debt to $410 million from approximately $2.0 billion, with total debt (including working capital financing) aggregating $585 million, lowering the Company’s annual cash interest by approximately $100 million. Weil, Gotshal & Manges LLP is serving as legal counsel to Skillsoft, Houlihan Lokey Capital, Inc. is serving as investment banker, and AlixPartners LLP is serving as financial advisor.
  • 24 Hour Fitness Sets Course for the Future with Financial Restructuring; Nationwide Club Reopenings Underway
    June 15, 2020
    24 Hour Fitness (the “Company”), an industry-leading fitness brand for over 35 years, today announced that, due to the disproportionate impact of the COVID-19 pandemic, the Company has voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. In conjunction with the Chapter 11 filing, the Company expects to secure approximately $250 million in debtor-in-possession (DIP) financing. Lazard is acting as financial advisor, FTI Consulting is acting as restructuring advisor and Weil, Gotshal & Manges LLP is acting as the Company’s legal counsel in connection with the Company’s Chapter 11 cases.
  • Playa Hotels & Resorts N.V. Announces Additional Financing of $224 Million and Amendment to Amended & Restated Credit Agreement
    June 15, 2020
    Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (the “Company”) today announced that it has raised $204 million of additional debt financing, has sold $20 million of its ordinary shares at a price of $4.10 per share in a private transaction, and has entered into the Fourth Amendment to Amended & Restated Credit Agreement with its senior secured credit facility lenders. The Company has raised $204 million of additional debt financing from affiliates of Davidson Kempner Capital Management LP.
  • Medley Capital Corporation Subject to Monthly Expense Support, Houlihan Lokey Commenced Strategic Review Process
    June 15, 2020
    Medley Capital Corporation announced today that, on June 12, 2020, the board of directors of the Company, including its special committee, has approved an expense support agreement under which MCC Advisors LLC and Medley LLC agreed (jointly and severally) to cap the management fee and all of the Company’s other operating expenses (except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the Special Committee at $667,000 per month.
  • Cerence Announces the Successful Completion of Its Debt Refinancing
    June 15, 2020
    Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced that the Company has successfully completed the refinancing of its senior secured term loan B and revolving credit facility through a combination of proceeds from the recent sale of $175 million 3% convertible senior notes due 2025 and a new $125 million senior secured term loan A credit facility. The Company expects to realize significant interest savings as a result of the successful completion of its debt refinancing.
  • Petrus Resources Announces Extension to Credit Agreement
    June 15, 2020
    Petrus Resources Ltd. announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 15, 2020 to June 22, 2020.
  • Kongsberg Automotive Renegotiated Terms for its Revolving Credit Facility
    June 15, 2020
    Kongsberg Automotive has renegotiated certain terms of its Euro 70 million revolving credit facility with its banks, Danske Bank and J P Morgan.
  • Federal Reserve’s Main Street Lending Program Opens for Lender Registration
    June 15, 2020
    The Federal Reserve’s Main Street Lending Program is now open for lender registration. Lenders can find the necessary registration documents on the program site and are encouraged to begin making Main Street program loans immediately.
  • Amazon Unveils Small Business Credit Line with Goldman in Latest tie-up Between Tech and Wall Street
    June 15, 2020
    Amazon is introducing a new digital credit line for U.S.-based merchants with partner bank Goldman Sachs, CNBC has learned exclusively. Small business owners who sell items on the e-commerce giant’s platform will soon be receiving targeted invitations from Goldman’s Marcus brand for credit lines of up to $1 million, according to people with knowledge of the project.
  • Goldman Sachs BDC (GSBD) Amends & Restates Merger Agreement
    June 15, 2020
    Goldman Sachs BDC GSBD and Goldman Sachs Middle Market Lending Corp., the specialty finance companies of Goldman Sachs GS have amended and restated their merger agreement dated Dec 9, 2019. Both Goldman Sachs BDC and Goldman Sachs Middle Market Lending Corp. are the affiliated business-development companies that are managed by Goldman Sachs’ wholly-owned subsidiary, Goldman Sachs Asset Management, L.P.
  • xtraction Oil & Gas, Inc. Files for Chapter 11 Protection
    June 15, 2020
    Extraction Oil & Gas, Inc. (NASDAQ: XOG) (together with its subsidiaries, “Extraction” or the “Company”) announced today that the Company has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Court”). The Company has obtained a committed $125 million debtor-in-possession financing facility (the “DIP Facility”), which contemplates $50 million in new money, up to $15 million of which will become immediately available upon Bankruptcy Court’s order, and a “roll up” of $75 million of revolving loans under the Company’s existing revolving credit agreement. The DIP Facility is underwritten by Wells Fargo Bank, National Association .
  • North Mill Capital Provides Accounts Receivable Facility
    June 15, 2020
    North Mill Capital provided a $750,000 accounts receivable facility for GearTek, Inc. The funds were used to pay off the previous lender and provide additional working capital for the company.
  • SFNet NorCal Chapter June 2020 Newsletter
    June 15, 2020