- Private Equity Partners Anthony Norris and Christopher Rile to Join Sidley in New York
- Wolters Kluwer Earns 2021 Star Tribune Top Workplace Honors
- Idea Financial Closes $84 Million Warehouse Facility with Specialty Finance Division of Synovus Bank and Hudson Cove
- Century 21 Files For Chapter 11 Bankruptcy, Plans To Close All 13 Stores
- Ralph Kourtjian Joins TAB Bank’s Business Development Team
TSL Express Trending Story
The industry worldwide was profoundly shaken by the events of 2020, and the two-day SFNet International Lending Conference provided attendees with a broad global view of economic recovery and a deep dive into the new normal of covenants, risk management and other areas of the secured finance business.
TSL Express Daily Headlines & News
CohnReznick Hires Aronoff and Campbell
July 7, 2021CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that James H. Aronoff and Charles Campbell have joined the firm as Managing Director and Director in its Restructuring and Dispute Resolution (RDR) practice. The new team significantly strengthens CohnReznick’s structured finance consulting expertise while bringing additional capabilities to clients involved in capital markets transactions.
Horizon Technology Finance Leads $10 Million Venture Loan to RepTrak
July 7, 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 led a $10 million venture loan to RepTrak Holdings, Inc. ("RepTrak"), of which Horizon funded $5 million and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor, funded $5 million.
Platinum Equity To Acquire Water Treatment Company Solenis For $5.25 Billion
July 7, 2021Platinum Equity announced today that it has signed a definitive agreement to acquire Solenis, a leading global producer of specialty chemicals used in water-intensive industries, from Clayton, Dubilier & Rice ("CD&R") and BASF in a transaction that implies an enterprise value for Solenis of $5.25 billion. The Valence Group of Piper Sandler is serving as exclusive financial advisor to Platinum Equity on the acquisition of Solenis. Gibson Dunn & Crutcher LLP is providing legal counsel and Willkie Farr & Gallagher LLP is providing debt financing counsel to Platinum Equity. BofA Securities and Goldman Sachs are leading the debt financing for the acquisition.
White Oak Commercial Finance Delivers $7.5 Million Accounts Receivable Facility to Peruvian Apparel Manufacturer and Exporter
July 7, 2021White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $7.5 million accounts receivable facility to a Peruvian manufacturer and exporter of sustainable, premium apparel products to the United States.
Retail Industry Veteran Bob Grosskopf Joins FrontWell Capital Partners Advisory Board
July 7, 2021FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that Bob Grosskopf has joined FrontWell’s Advisory Board. Mr. Grosskopf previously served as co-President of the retail disposition practice of a prominent asset disposition and appraisal firm.
IDS ABL Now Available on IDScloud Providing Real-Time Insight of Collateral Data
July 7, 2021IDS, a leading provider of mission-critical enterprise solutions for secured finance, today announced that it has completed the migration of IDS ABL to IDScloud, a leading SaaS-based solution for secured finance. Now asset-based lenders can gain access to real-time portfolio insights to mitigate risk and ensure collateral value. The cloud also provides a more intuitive experience through the borrower portal enabling self-service funding requests and document submission.
Major Automotive Component & Powertrain Manufacturing Equipment Asset Sales Begin July 21
July 7, 2021Gordon Brothers, the global advisory, restructuring and investment firm, has been appointed as a selling agent for JD Norman’s assets in Germany. Two sales will take place by auction and private treaty on July 21 in Witzenhausen and September 22 in Hörselberg-Hainich that will feature over 300 and 900 assets, respectively.
Marathon Asset Management leads $155 Million Credit Facility to Avenger Flight Group
July 6, 2021Marathon Asset Management LP ("Marathon") today announced the closing of a $155 million senior credit facility to Avenger Flight Group LLC ("AFG" or the "Company"), a leading independent provider of enterprise flight training solutions to aviation clients worldwide. Marathon anchored the loan alongside three other investment management firms. Proceeds from the financing repaid existing indebtedness and equipped the Company with growth capital as the aviation industry rebounds from the pandemic. Terms of the deal were not disclosed.
Davis Polk Elects Nine New Partners
July 6, 2021Davis Polk has announced that Sheila Adams, Matthew Bacal, Ning Chiu, Ethan Goldman, David Hahn, Eric McLaughlin, Adam Shpeen, Travis Triano and Steve Wang have been elected partners of the Firm, effective July 1, 2021.
HireQuest Announces Closing of $63.2 Million Credit Facility
July 6, 2021HireQuest, Inc. (Nasdaq: HQI), a national franchisor of on-demand, temporary, and commercial staffing services, today announced that the Company has closed a $63.2 million credit facility comprised of a $60.0 million Revolving Credit Facility and a $3.2 million Term Loan with its existing lender, Truist (formerly BB&T). The new facility replaces the Company’s prior $30 million revolving credit facility.
Global Self Storage Extends and Increases Revolving Credit Facility to $15 Million
July 6, 2021Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust (REIT) that owns, operates, manages, acquires, and redevelops self-storage properties, has extended its revolving credit facility with The Huntington National Bank and increased the principal amount available from $10 million to $15 million.
Link Auctions Launches a Global Auction Company
July 6, 2021The world is going through an industrial and digital transformation whilst facing continued economic uncertainty, compelling corporations to revisit their manufacturing footprints as new technology and manufacturing techniques streamline operations. Link Auctions introduces an auction company that levels the playing field, extending global execution capabilities in equipment appraisals, industrial auctions and asset remarketing for industrial companies and financial institutions looking to streamline, transform or lean into evolving manufacturing technologies, whilst continuing to serve traditional asset classes.
Patriot Capital Promotes Sean Bilbrough to Vice President
July 6, 2021Patriot Capital, a multi-strategy middle market investment firm, announced the promotion of Sean Bilbrough to Vice President, effective immediately. Mr. Bilbrough joined Patriot Capital in June 2018 as a Senior Associate.
June 2021 Commercial Bankruptcy Filings Jump 11%
July 6, 2021Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its June 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. New filings in June were flat with 34,248 across all chapters, a 1% drop from the May count of 34,767. Non-commercial consumer filings across all chapters totaled 32,267, down 2% from 32,976 in May.
NACM’s June 2021 Credit Managers’ Index Loses Some Ground
July 6, 2021Current assessments of the U.S. economy visualize it as on fire, and the question that begs asking is: How long will it last? Credit managers have started to provide an answer to this question via NACM’s Credit Manager’s Index (CMI) for June. Month on month, the CMI continued to lose some ground with a total combined score of 57.5. Overall, the score for the June CMI fell 2.3 points compared with May, and 3.1 points since April.
BankFinancial Announces National Expansion of its Commercial Finance Division
July 6, 2021BankFinancial NA, the national banking association subsidiary of BankFinancial Corporation (Nasdaq - BFIN) announced today the expansion of its Commercial Finance Division and the appointments of Carol Bader Apicella as Senior Vice President – Government Finance, and Lindsay Gordon as Senior Vice President - Commercial Finance.
LSQ Provides $1.5MM Facility to California Beauty Company
July 6, 2021LSQ, a leading provider of working capital solutions, announced the origination of a $1.5 million factoring facility for a packaging and distribution business in California. The company specializes in beauty products and required an injection of capital to help fuel the expansion of a new cosmetics line. The facility with LSQ will allow them to build up inventory to fulfill larger wholesale and subscription box orders.
J D Factors Announces Factoring Facilities
July 6, 2021J D Factors announced in provided the following factoring facilities: $120,000 to a transportation company in Illinois; $150,000 to a transportation company in Texas; $100,000 to a transportation company in Alberta; $75,000 to a transportation company in Alabama...
MidCap Business Credit Closes on a $6.5 Million Revolving Line of Credit for Horizon Mud Company
July 6, 2021MidCap Business Credit announced today they have closed on a $6,500,000 asset-based revolving line of credit for Horizon Mud Company headquartered in Midland, TX. Horizon Mud sells chemicals and provides engineering and project management services into the oil and gas industry. The opportunity was sourced out of Midcap’s office located in Dallas, TX.
BMO Recognized as Best Private Bank and Best Commercial Bank in Canada
July 6, 2021For the 11th and seventh straight year, respectively, BMO has been recognized as the Best Private Bank and Best Commercial Bank in Canada by World Finance Magazine. The awards recognize both groups' innovative and client-centric approach; commitment to digital transformation and experience; and holistic understanding of market trends and changing client needs – especially during the COVID-19 pandemic.
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