- Regions Bank Names Jay Darnell as Head of Commercial Card and Fintech Enablement
- Chicago Atlantic Agents a Senior Secured Facility to Support the Acquisition of Lionel Holdings, LLC by Round 2 Holdings, LLC
- Gateway Completes a Record 39 Stretch Deals in 45 Days Totaling $15 Million
- C2FO Surpasses a Half Trillion in Funding Milestone as Businesses Pivot from Debt to Cash Flow Autonomy
- Access Capital Supports Treehouse Healthcare Staffing’s Expansion
TSL Express Daily Articles & News
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Verizon Media to be Acquired by Apollo Funds
Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by affiliates of Apollo (the “Apollo Funds”) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.
RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.
RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.
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Main Street Lender Portal Includes the Additional Functionality to Support Multi-borrower Loan Structures
September 21, 2020As of Monday, September 21, the Main Street lender portal includes the additional functionality to support multi-borrower loan structures, meaning the program now permits the submission of multi-borrower loans – loans made to multiple co-borrowers.
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KPS Capital Partners Agrees To Acquire Substantially All Of The Assets Of Garrett Motion Inc.
September 21, 2020KPS Capital Partners, LP ("KPS") announced today that, through a newly formed affiliate, it has entered into a stock and asset purchase agreement with Garrett Motion Inc. (NYSE: GTX) ("Garrett" or the "Company"), under which KPS will acquire substantially all of the assets of Garrett for approximately $2.1 billion.
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Encina Business Credit, LLC Provides $50 Million Revolving Credit Facility to News Publishing Company
September 21, 2020Encina Business Credit, LLC (EBC) announced today that it has provided a $50 million senior secured credit facility to a news publishing company. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory. Loan proceeds will be used to support a purchase of the company following a period of bankruptcy.
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Sallyport Commercial Finance Funds a Canadian Wholesaler with a $1,000,000 Accounts Receivable Line of Credit
September 21, 2020Sallyport Commercial finance offered a $1,000,000 accounts receivable facility to a well-established cosmetic wholesale and distribution company working with major retailers worldwide. This facility will help the business adapt to the changing retail sector and enable them to expand their product offerings for PPE distribution.
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Pagaya Hires Five Finance Industry Veterans, Further Driving Firm’s Transformation of Asset Management
September 21, 2020Pagaya, a global, data-driven asset manager, today announced the hire of five finance industry veterans. Jeff Andrews and Paul Limanni joined Pagaya as Head of Originations and Head of Structured Products, respectively. Brandon McCue joined as Senior Managing Director of Client Advisory, Rob Brady as Senior Managing Director of Institutional Sales US, and Anna Roubos as VP of Brand & Communications. Deeply rooted in fintech and finance, these highly-skilled leaders fuel Pagaya’s transformation of asset management.
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Advantage Capital Completes Financing with Las Vegas-Based Staffing Agency, All-In Recruiting
September 21, 2020Advantage Capital today announced a small business loan in Las Vegas-based staffing and recruitment agency, All-In Recruiting. This minority- and woman-owned boutique agency specializes in placing top talent and diverse professionals in mid- to senior-level positions for tech giants such as Microsoft and SharkNinja.
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Blackstone Announces Formation of ClearGen and $250 Million Capital Commitment
September 21, 2020Blackstone (NYSE: BX), through funds managed by GSO Capital Partners LP (“GSO”), announced today the formation of a new portfolio company, ClearGen LLC (“ClearGen”) that will finance and own distributed and sustainable energy infrastructure assets (“Distributed Infrastructure”) focused on commercial, industrial and institutional customers. GSO will initially commit $250 million to fund ClearGen and expects to expand the commitment as capital is deployed. ClearGen will be managed by industry veterans with a combined 55 years of experience, George Plattenburg, Co-Founder and Chief Executive Officer, and Collin Franceschi, Co-Founder and Chief Development Officer.
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PNC Bank’s Linda Bowden Announces Plans To Retire, Commercial Banking Executive Enrico Della Corna To Assume Regional President Role In 2021
September 21, 2020PNC Bank announced that long-time Regional President, Linda Bowden, plans to retire in mid-2021. Succeeding Bowden effective Jan. 4, 2021 will be Enrico Della Corna, who currently serves as regional executive for Commercial Banking in the Northeast at PNC. Under Bowden’s leadership New Jersey is consistently a top-performing region across PNC. She will work closely alongside Della Corna through the first half of 2021 to extend that record of results and ensure his successful transition into the regional president role.
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Churchill Hires Industry Veteran Christopher Freeze as Head of Investor Relations
September 21, 2020Churchill Asset Management LLC, an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies, has hired Christopher Freeze as Senior Managing Director and Head of Investor Relations. Based in New York City, Mr. Freeze will lead all aspects of the firm’s investor relations effort, including ongoing investor reporting and communication with Churchill’s global institutional investor base, reporting to David Heilbrunn, Churchill’s Head of Product Development & Capital Raising.
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Huron Capital's High Street Insurance Partners Adds Two New Partner Agencies to Portfolio ExecFactor® Initiative Expands New York Footprint, Enters Connecticut Market
September 21, 2020Leading lower-middle-market private equity firm Huron Capital announced today that its full-service insurance brokerage platform, High Street Insurance Partners ("High Street"), has acquired Tracy, Driscoll & Co., Inc. ("Tracy Driscoll" or "TDC") and Millennium Alliance Group, LLC ("Millennium" or "MAG"). Both agencies will support High Street's strategic goals by expanding its footprint in New York and establishing a presence in Connecticut.
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Crestmark Provides More Than $27.3 Million in Commercial Financing to 14 Businesses in the First Half of September
September 21, 2020Crestmark secured a total of $6,973,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $18,189,322 in eight new lease transactions; the Government Guaranteed Lending group provided $2,215,000 in financing for two new clients in the first half of September.
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Enservco Signs Non-Binding Letter of Intent with Lender to Amend its Senior Revolving Credit Facility for Substantial Debt Reduction, New Working Capital Revolver and Equity
September 17, 2020Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced it has signed a non-binding letter of intent (“LOI”) with East West Bank (“EWB”) to amend its existing senior revolving credit facility to reduce bank debt by $16 million, amend the current facility into a term loan and provide a new working capital revolving line of credit in exchange for equity in Enservco.
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Massive Inventory of Line Pipe Now Available From Tiger Group and P.I.T. Pipe
September 17, 2020High-quality, never-used pipe is ideal for use in water-transmission, heavy construction, and the oil and gas sector; all inventory made in the United States.
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Sterling National Bank Provides $7M of Working Capital to Arrow Security
September 17, 2020Sterling National Bank's Commercial Services Group provided a credit line increase of senior secured credit facilities now totaling $7,000,000 to Arrow Security. (“Arrow” or the “Company”). The credit facilities will provide working capital to further expand and support the Company’s future projected growth.
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PharmHouse Pursues Formal Restructuring
September 17, 2020Joint venture seeks creditor protection while it restructures its business, financial obligations Canopy Rivers to provide up to $7.2 million in interim DIP financing
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Houlihan Lokey Continues Expansion of Its Industrials Group With Key Hire
September 17, 2020Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, today announced that Richard Hoh has joined the firm as a Managing Director in the Industrials Group. He is based in New York and will be part of the firm’s existing industrial technology subsector team, focusing primarily on electronic components as well as environmental technologies.
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Qatar Investment Authority and Credit Suisse Asset Management Enter into Strategic Partnership in the Direct Lending Market
September 17, 2020Credit Suisse and the Qatar Investment Authority (QIA) are pleased to announce that QIA will partner with Credit Suisse Asset Management to form a multibillion dollar direct private credit platform that will provide financing primarily in the form of secured first and second lien loans to upper middle-market and larger companies in the US and Europe
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Truist Unveils Venture Capital Division with New Fintech Investment
September 17, 2020Truist Financial Corporation (NYSE: TFC) today announced the launch of Truist Ventures, a corporate venture capital division created by integrating investments in technology companies from the heritage SunTrust brand with BB&T Ventures. The firm, which also is announcing its latest deal with global payments network Veem, is focusing on strategic partnerships and investments to bring novel solutions to Truist clients and deliver on the company's purpose to inspire and build better lives and communities.
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Antares Capital Announces Final Close of Inaugural Senior Loan Fund
September 17, 2020Antares Capital Advisers LLC, a subsidiary of Antares Capital LP (together with its parent companies, “Antares”) announced the final closing of its inaugural Senior Loan Fund (“SLF”). The fund, which launched in December 2019, closed on September 14th with approximately $3 billion of asset purchasing power, exceeding its initial target of $1.5 billion. Capital was raised across a diversified set of institutional investors.
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Pandemic Highlights Value of Tech and Talent Investment for Business
September 17, 2020- Most businesses plan to ramp up tech spending over next 12 months - Remote work likely to remain common even after pandemic subsides - Many believe their businesses would have fared better if they'd invested more in tech before COVID-19 hit
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