- Origis Energy Closes $290 Million Financing for Swift Air Solar II and III Projects with Natixis CIB and Santander
- MidCap Financial Announces Key Leadership Appointments as Part of Planned Succession
- Polestar Secures New Term Loan Facility of Up To USD 600 Million
- Seth Friedman of Abacus Finance Group Appointed to SBIA Board of Governors as Northeast Regional Chair
- News Detail
TSL Express Daily Articles & News
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German Financial Regulator Refers Greensill Matters to Criminal Prosecutors
Embattled financial startup Greensill Capital plans to file for insolvency in the U.K. this week, as it simultaneously moves toward a deal to sell its operating business to Apollo Global Management, according to people familiar with the matter.
Also Wednesday, in a dramatic ratcheting up of Greensill’s problems, Germany’s top financial regulator BaFin referred matters related to the firm’s banking unit, Greensill Bank AG, to criminal prosecutors, according to a spokesman for the Bremen prosecutors office. Details of the complaint sent to prosecutors couldn’t be learned; it is up to the prosecutors to decide whether to file any charges.
SFNet will be providing original content shortly on the unfolding Greensill Capital story. Continue to check TSL Express for updates.
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TSL Express Daily Headlines & News
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Macy’s Downgraded Again as Turnaround Plan Is Stalled and Debt Pressures Intensify
April 28, 2020Macy’s Inc. has been downgraded once again as the retailer’s turnaround plan has hit a standstill and its debt pressures intensify amid the coronavirus pandemic. In a release on Friday, S&P Global Ratings announced that it had lowered the department store chain’s issuer credit rating to B+ from BB. The agency attributed the downgrade to a revised macroeconomic outlook that could weaken discretionary spending, as well as Macy’s debt maturities in the coming years and potential compliance issues under its revolving credit facility.
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BlackRock TCP Capital Corp. Announces Extension of Its Revolving Credit Facility
April 28, 2020BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today the extension of its SVCP Credit Facility (the “Facility”) by one year to May 6, 2024. The Facility is led by ING Capital LLC and includes a total of 7 bank participants. The size of the Facility remains $270 million, and the pricing and advance rates were unchanged.
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Avis Budget Group Announces Leverage Covenant Waiver Under Existing Credit Facility
April 28, 2020Avis Budget Group, Inc. (NASDAQ: CAR) today announced that the Company has obtained a waiver of the leverage covenant included in its existing senior credit facilities, comprised of a term loan and revolving credit facility, until June 30, 2021. The waiver is included in an amendment to the credit facilities, which allows the Company to incur an additional $750 million of first lien debt.
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J.C. Penney Moves Closer To Bankruptcy Funding
April 28, 2020According to the report, the struggling department store retailer is in talks with existing lenders Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co. and is seeking a debtor-in-possession loan package of $800 million to $1 billion. The loan would keep the retailer’s operations running during the bankruptcy process.
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Crestmark Provides More Than $41 Million in Financing in the First Half of April
April 28, 2020Crestmark secured a total of $24,150,000 in ABL financial solutions for 14 new clients; Crestmark Equipment Finance provided $6,088,469 in six new lease transactions; Crestmark Vendor Finance provided $5,776,035 in 54 new lease transactions; and the Government Guaranteed Lending Division provided $5,295,000 in financing for three new clients in the first half of April.
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Pamela Martinson Named President of the American College of Commercial Finance Lawyers for 2020 – 2021
April 28, 2020Pam, a partner in Sidley’s Global Finance group, with 31 years of legal experience, focuses on commercial finance and is an expert in the field. Pam is located in Palo Alto, California and represents major institutional and other lenders, lessors, borrowers and equity sponsors.
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Dance Apparel Company in New Jersey Chooses TAB Bank for a $2.6 Million Revolving Credit Facility
April 28, 2020A dance apparel company based in New Jersey has chosen TAB Bank for a $2.6 million asset-based revolving credit facility. The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs. The company is well known in the dance and performance space for the quality of the tights, dance apparel, and soft shoes they design and produce.
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BMO Harris Bank and 1871 Launch WMN•FINtech, Women's Fintech Mentoring Program
April 28, 2020BMO Harris Bank and 1871 today announced a nationwide call to apply for WMN•FINtech, a mentoring program for women-led startups and the latest evolution of the BMO Harris / 1871 Innovation Program. This marks the first time BMO and 1871 have partnered on a women's-focused program. Applications will be accepted through May 11.
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Latham & Watkins Adds Prominent Restructuring & Special Situations Partner in New York
April 28, 2020Latham & Watkins LLP1 is pleased to announce that Suzzanne Uhland has joined the firm's New York office as a partner in the Restructuring & Special Situations Practice within the Finance Department. Uhland has an extensive track record advising parties in Chapter 11 reorganizations and out of court restructurings and buyers and sellers in Bankruptcy Code Section 363(b) sales and other distress transactions.
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Wells Fargo Names Lester Owens as New Head of Operations
April 28, 2020Wells Fargo & Company (NYSE: WFC) today announced that Lester Owens will join the company in the newly created role of head of operations, responsible for building a more unified, more integrated approach to Wells Fargo’s business operations functions. Owens, who joins Wells Fargo in late July 2020, will report to Chief Operating Officer Scott Powell and will serve on the company’s Operating Committee.
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Amerisource Closes $4,000,000 Credit Facility for Equipment Rental Firm
April 28, 2020Amerisource Business Capital announced the closing and funding of a $4,000,000 revolving credit facility for a Texas-based natural gas compression services firm.
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ABLC Celebrates Expansion with the Opening of Two New Northeast Offices
April 28, 2020Asset Based Lending Consultants would like to announce the that we now have a stronger presence in the New York Tri-State Area with not just our new office in Connecticut, led by Patrick Chemngorem, CPA, but with the opening of our New York Metropolitan Area office, headed up by Dustin Fitzpatrick, as of June 1st,2020. The presence of these two offices, now gives us an opportunity to assist lenders within the Tri-State area in an ever busy and everchanging market.
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Gordon Brothers Names Evren Ozargun as Managing Director of Corporate Development and Credit
April 27, 2020Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Evren Ozargun as Managing Director of Corporate Development and Credit. In his role, Ozargun will serve as advisor to senior leadership, helping set and execute the firm’s strategic agenda, including identifying and supporting new initiatives, pursuing new alliances, and structuring complex transactions.
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Central Bank Balance Sheets Surge on Coronavirus Crisis
April 27, 2020Global Quantitative Easing (QE) asset purchases are likely to reach USD6 trillion in 2020, Fitch Ratings says. Central banks' balance sheets are expanding extremely rapidly as they buy up large quantities of public and private assets and increase their lending to financial institutions in their efforts to counter the damaging economic impact of the coronavirus.
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Gerber Finance Inc. Funds $2 Million Line of Credit to MPOWERD
April 27, 2020Gerber Finance Inc. announced it provided a $2 million line of credit to MPOWERD. MPOWERD aims to create responsibly crafted, sustainable products, that while addressing a particular need, have a positive impact on the environment. MPOWERD believes that everyone deserves access to clean, reliable, and affordable energy — no matter how or where they live. To date, MPOWERD has positively impacted 3.7+ million lives while averting 1.4+ million US tons of CO2 in the process.
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Hotels Require More PPP Loan Funding to Save Jobs
April 27, 2020New report shows without increased loan limits in the Paycheck Protection Program (PPP), small business hotels won’t be able to keep doors open and rehire employees. AHLA sends urgent letter to Congress signed by 13,000+ hoteliers from all 50 states requesting additional SBA Loan funding and updates to CARES Act.
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US Foods Completes Acquisition of Smart Foodservice Warehouse Stores
April 27, 2020US Foods Holding Corp. (NYSE: USFD) today announced that it has successfully completed the previously announced $970 million all cash acquisition of Smart Foodservice Warehouse Stores (“Smart Foodservice”). The transaction that closed today excludes the Smart & Final retail grocery business, which was previously separated from Smart Foodservice. US Foods funded the purchase price for the acquisition with cash on hand and the proceeds from a $700 million term loan.
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Northwest Bancshares, Inc. Completes Merger with MutualFirst Financial, Inc.
April 27, 2020Northwest Bancshares, Inc. ("Northwest") (NASDAQ: NWBI), the holding company for Northwest Bank, announced today that it has successfully completed its merger with MutualFirst Financial, Inc. ("MutualFirst Financial") (NASDAQ: MFSF), the holding company for MutualBank.
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Ryder Further Strengthens its Liquidity Position with Renewal of $300M Receivable-Backed Financing Facility
April 27, 2020Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, today announced it has renewed its $300 million receivable-backed financing facility with two large banks for an additional 364 day period, further enhancing its solid liquidity position. MUFG Bank, Ltd. acted as Facility Agent for this transaction. MUFG Bank, Ltd. and Mizuho Bank, Ltd. are serving as participating lenders.
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Yukon Supports Revelstoke’s Recapitalization of Crossroads Treatment Centers
April 27, 2020Yukon Partners (“Yukon”), a provider of mezzanine capital for middle market private equity transactions, is pleased to announce its investment in Crossroads Treatment Centers (“Crossroads” or the “Company”), a portfolio company of Revelstoke Capital Partners (“Revelstoke”). Crossroads, based in Greenville, South Carolina, is a premier provider of medication assisted treatment services in the United States.
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