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J.P. Morgan Asset Management Launches Growth Equity Platform as Part of J.P. Morgan Private Capital
J.P. Morgan Asset Management today announced the launch of J.P. Morgan Private Capital, which includes a new growth equity investment arm and an existing private debt business, committed to providing customized solutions for early and growth stage companies across the capital structure. The group will be focused on institutional and high-net-worth clients and will also have the ability to invest the firm's capital alongside investors.
J.P. Morgan Private Capital will be led by Brian Carlin, previously CEO of Wealth Management Solutions at J.P. Morgan, with Rick Smith, former Head of Private Investments at JPMorgan Chase, serving as Chairman of the group, and Meg McClellan, serving as the Head of Private Debt.
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Republic Provides a $2.5m Traditional Factoring Facility for a Los Angeles based Apparel Importer
November 17, 2020When a Los Angeles apparel manufacturing and import company sought funding for their 2020 Holiday season orders, they chose Republic Business Credit to accelerate their growth. Republic approved a traditional factoring facility to fund their confirmed orders for the Holiday season, including an additional shipment of Personal Protective Equipment (“PPE”) in the late summer. Republic fully approved the customer limits necessary to enable the company to fulfill the large purchase orders and the add on line for PPE products in the midst of Covid-19.
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Gemino Healthcare Finance Provides Financing for Skilled Nursing Operator
November 17, 2020Gemino Healthcare Finance is pleased to announce it has provided $3 million in financing in the form of an asset-based revolving line of credit to a skilled nursing operator.
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Capital One Closes $485 Million Upsize to Covis Group’s Senior Credit Facility
November 17, 2020Capital One announced today that it served as administrative agent and lead arranger for an amended and restated credit facility totaling approximately $960 million for Covis Group S.á.r.l. This includes a $485 million upsize to its existing facility in support of the company’s acquisition of AMAG Pharmaceuticals.
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Brian Banning Joins First Business Capital Corp. as Vice President – Business Development
November 16, 2020First Business Capital Corp., a division of First Business Financial Services, Inc. (Nasdaq: FBIZ) is pleased to announce that Brian Banning was hired as Vice President – Business Development with over 30 years of experience in financial services. He is located in the Detroit metro area.
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Gunvor Successfully Closes USD 1.225 Billion Revolving Credit Facility
November 16, 2020Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the "Bookrunning Mandated Lead Arrangers") were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Emirates NBD PJSC joined as Senior Mandated Lead Arranger.
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Libbey Successfully Completes Financial Restructuring and Emerges from Chapter 11
November 16, 2020Libbey Inc., one of the world's largest glass tableware manufacturers, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through its Plan of Reorganization, Libbey Inc. is emerging from Chapter 11 as a new private company formed and controlled by Libbey Inc.'s former lenders, Libbey Glass LLC (the "Company" and together with Libbey Inc., "Libbey"), and will remain under the same leadership. The Company emerges with substantial liquidity, supported by proceeds from a $150 million term loan and a $100 million asset-based lending facility.
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Mesa Air Group Completes Second Closing On Secured Loan Facility, Receiving an Additional $152 Million
November 16, 2020Mesa Air Group, Inc. (NASDAQ: MESA) today announced that it has completed a second closing through its previously disclosed five-year Loan and Guarantee Agreement under the Coronavirus Air, Relief, and Economic Security Act (CARES Act). The Loan Agreement provided a secured term loan facility of up to $200 million. On October 30, 2020, Mesa borrowed $43 million under the facility and today, completed a second closing to borrow an additional $152 million. These funds may be used for general corporate purposes and operating expenses, to the extent permitted by the CARES Act.
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Enterprise Financial Services Corp Announces Completion of Merger With Seacoast Commerce Banc Holdings
November 16, 2020Enterprise Financial Services Corp (Nasdaq: EFSC) (“Enterprise”), the holding company of Enterprise Bank & Trust (“EB&T”), announced today the completion of its merger with Seacoast Commerce Banc Holdings (“Seacoast”), effective November 12, 2020, and the merger of EB&T with Seacoast’s wholly owned subsidiary, Seacoast Commerce Bank (“Seacoast Bank”). The merger adds approximately $1.3 billion in assets, $1.2 billion in loans and $1.0 billion in deposits to Enterprise. Following the merger, Enterprise will have approximately $9.7 billion in total assets.
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TAB Bank Provides Additional $4 Million Credit Facility to Support Related Canadian Entity of an Existing Client
November 16, 2020TAB Bank is pleased to announce it has provided an additional $4 million revolving credit facility to support related Canadian entity of an existing client. This entity of TAB’s existing client is a key provider of aftermarket support solutions for the global aerospace and defense industries including the maintenance, repair, and overhaul of engines, components, and related accessories.
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U.S. Bank Expands its Global Fund Services Offerings, Opens Luxembourg Office
November 16, 2020U.S. Bank today announced the opening of their Luxembourg office, which provides fund accounting and administration, domiciliation, depositary and custody-related services for Luxembourg-domiciled funds. Didier Delvaux, who joined U.S. Bank earlier this year as Luxembourg Country Head, will oversee the office. He has more than 25 years of fund administration and custody experience. Prior to joining U.S. Bank, Delvaux was at State Street, where he was head of fund administration, and prior to that, chief operating officer, Luxembourg and Ireland.
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Bryan Cave Leighton Paisner Adds Experienced Finance Partner in Chicago From Vedder Price
November 16, 2020The international law firm Bryan Cave Leighton Paisner (BCLP) today announced that Paul Hoffman has joined the firm as a partner within the Banking Practice Group. He will be based in the Chicago office. Hoffman has extensive experience in structuring, documenting and negotiating commercial loan transactions, including senior and mezzanine credit facilities, asset-based and cash flow credit facilities, acquisition financing and cross-border loan transactions.
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FocalPoint Advises Printed Circuits on its Sale to All Flex, a portfolio company of Granite Equity Partners
November 16, 2020Printed Circuits, Inc. (“PCI” or the “Company”), a leading rigid-flex printed circuit board (“PCB”) manufacturer, has been acquired by All Flex Flexible Circuits, LLC (“All Flex”), a portfolio company of Granite Equity Partners (“Granite”). FocalPoint Partners, LLC (“FocalPoint”) served as exclusive financial advisor to PCI. Founded in 1977, PCI has over 40 years of experience developing high reliability rigid-flex printed circuit boards and other specialty electronics that enable and support mission critical technologies for OEM customers in aerospace, defense, medical device, and other specialty industrial markets.
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Restructuring Professional Gennaday Spivak Joins Clear Thinking Group
November 16, 2020Clear Thinking Group LLC announced today that Gennady Spivak has joined the firm as a Managing Director. Mr. Spivak is an accomplished professional with a proven record in bankruptcy and insolvency, financial analysis, forensic accounting, fraud investigation, litigation support and wind down management.
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Solar Cell Manufacturing Equipment and Intellectual Property from Alta Devices Now Available for Bulk or Piecemeal Purchase
November 16, 2020Liquidity Services, Tiger Group, Maynards Industries and GES Associates LLC today announced their appointment to jointly manage a bulk and piecemeal sale of the assets of Alta Devices due to a complete facility closure. Alta pioneered and manufactured extreme efficiency GaAs Flexible Thin Film Solar cells used in many applications, including satellites and vehicles.
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Rosenthal Adds to Its Southeast Team
November 16, 2020Rosenthal & Rosenthal, Inc., the leading independent factoring, asset-based lending and purchase order financing firm in the United States, today announced the appointment of Dan Rogers as Vice President, Senior Underwriter. Rogers will be based in the Atlanta office and his appointment is effective December 1. A veteran commercial lending professional with nearly 30 years of experience, Rogers joins Rosenthal’s growing team in the Southeast. He will be responsible for underwriting asset based lending and factoring deals for the firm.
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CoreFund Capital, LLC Provides $25 Million Credit Facility for International Freight Forwarder
November 16, 2020CoreFund Capital, LLC ("Core") has recently facilitated an increase to the credit facility for Innocap, Inc. (the "Company"), a global logistics and freight forwarding company. The credit facility was structured by CoreFund Capital with Innocap, Inc.'s wholly owned subsidiary, Unique Logistics International (NYC) LLC, through an amended Secured Accounts Receivable Facility.
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Global Structured Finance Coronavirus Performance Report (Asset Performance Hinges on Response to Unwinding of Debt Relief Programs: 4Q20)
November 16, 2020Forbearance and Arrears Key Metrics: The coronavirus pandemic has caused severe disruption across the global economy. Governments globally have enacted emergency financial support programs to mitigate hardship for consumers and businesses. Many lenders have offered debt relief measures to borrowers experiencing difficulties across a range of lending products, as well as other tactics, including restricting enforcement procedures. In this quarterly report, we examine the role of forbearance measures and arrears to assess the impact of the current health crisis.
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CIBC Innovation Banking Provides Taplytics Inc. with Growth Capital Financing
November 16, 2020CIBC Innovation Banking is pleased to announce growth capital financing for Toronto and Palo Alto-based Taplytics Inc. (“Taplytics”), a single platform for both enterprise marketers and engineers to optimize the entire digital customer experience. The additional capital will help accelerate Taplytics’ customer acquisition strategy and growth plans across North America and Europe.
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Stein Mart Signs Stalking Horse Bid for Intellectual Property Assets
November 16, 2020Hilco Streambank, a leading intellectual property advisory firm specializing in the valuation and sale of intangible assets, announced the sale of the intellectual property assets of Stein Mart and the execution of a stalking horse bid for the assets. The assets available for sale include the Stein Mart® brand as well as its treasured private label brands, domain names, social media assets, and customer data.
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MidCap Business Credit Completes $2.5 Million Asset-Based Credit Facility to UG Plast, Inc.
November 16, 2020MidCap Business Credit announced today that it has completed a $2.5 million asset-based credit facility to UG Plast, Inc. Headquartered in York, PA , UG Plast , Inc. is a manufacturer of multi-wall polycarbonate, solid polycarbonate, and corrugated polypropylene sheets selling to distributors. These distributors serve construction, printing display, sign, medical, industrial packaging, and OEM markets.
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