The total credit facility was comprised of a $15,000,000 revolving line of credit and a $4,000,000 equipment term loan. The proceeds were used to pay off the existing senior revolving and term loan lenders and provide additional working capital for growth purposes.

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that it will continue its work on the New England Motor Freight, Inc. Chapter 11 case with Kevin Clancy, Global Director of the firm’s Restructuring and Dispute Resolution Practice, appointed as the Liquidating Trustee. Clancy’s appointment last month means that he and his team will oversee the wrap-up of New England Motor Freight’s case by monetizing the remaining assets and making distributions to trust beneficiaries.

DLA Piper has added a trio of partners from Winston & Strawn as the global firm looks to build out its private equity firepower in New York and internationally. James Kelly, Ilya Bubel, and Peter Alfano have joined DLA Piper in New York. Kelly and Bubel will be partners in the firm’s corporate practice while Alfano will be a partner in its finance practice.

Gemino Healthcare Finance provided a $3 million mortgage term loan and a $750,000 asset-based revolving line of credit for a skilled nursing facility based in the Midwest.

The Antares Bain Capital Complete Financing Solution (“ABCS”), a joint venture between Antares and Bain Capital Credit, today announced the closing of a senior secured unitranche credit facility to support the acquisition of G.S. Precision by AE Industrial Partners (“AEI”).

NXT Capital announced today that it closed a senior credit facility to finance The CapStreet Group and Ridgemont Equity Partners’ merger of Marco Group International and APE Companies. NXT Capital acted as the Joint Lead Arranger, Sole Bookrunner and U.S. Agent for this transaction.

Churchill Downs Incorporated (CHDN: Nasdaq) (CDI or the Company) announced today the closing of an amendment to its Credit Agreement to extend the maturity and to lower the upper limit of the applied spreads for loans under its $700 million Senior Secured Revolving Credit Facility (“Revolving Credit Facility”).

With the stock market reeling due to the outbreak of the coronavirus pandemic, the CEOs of the biggest banks in America were brought to Washington last week to meet with President Trump. Then, on Sunday evening, the Federal Reserve opened up a box of emergency tools not seen since the crisis-era to help the financial system deal with the economic fallout of the pandemic.

For this Facility, JPMorgan Chase Bank and BofA Securities were the Joint Lead Arrangers and Joint Bookrunners; BNP Paribas, Citibank, Mizuho Bank, PNC, Societe Generale, Sumitomo Mitsui Banking Corporation, U.S. Bank and Wells Fargo were Joint Lead Arrangers and Co-Syndication Agents; Bank of America was Syndication Agent; Bank of Nova Scotia, Barclays, Deutsche Bank, Goldman Sachs, The Royal Bank of Canada, TD Bank and Truist Bank were Co-Documentation Agents; and Compass Bank and Banco Santander were Senior Managing Agents. In addition to the above financial institutions, there were four Managing Agents and Co-Lenders in the facility.

Naked Brand Group Limited (Nasdaq:NAKD) ("Naked" or the "Company"), a global leader in intimate apparel and swimwear, has entered into a new, amended two-year credit facility agreement with its existing primary lender, The Bank of New Zealand ("BNZ"). The terms of the new, amended agreement call for rolling the Company's existing loan with BNZ into a new US$10.5 million senior secured credit facility.

BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that its subsidiary Baldwin Risk Partners, LLC (“BRP LLC”) has amended its senior revolving credit facility, effective immediately, to increase the committed line under the credit facility to $300 million, up $75 million from its previous amount of $225 million.

MidFirst Business Credit (MFBC) is pleased to announce that Jonathan Schuster has joined its team as a business development officer in Los Angeles. In his new role, Schuster will be responsible for originating, structuring, and funding asset-based financing solutions with commitment amounts up to $30 million for middle-market businesses in the California and West Coast markets.

Wells Fargo & Company (NYSE: WFC) today announced that Ellen Patterson will join the company as its senior executive vice president and general counsel, effective March 23, 2020. Reporting to CEO Charlie Scharf, Patterson will be responsible for all legal affairs at the company and will serve on the company’s Operating Committee.

"For collateralized loan obligations, although lower short-term rates will decrease excess spread, a credit negative, lower rates will also cut leveraged loan borrowers’ payment obligations and revive dormant Libor floor benefits in CLO weighted average spread, both credit positives."

TAB Bank is pleased to announce the addition of Tony Salas (713-898-7933, tony.salas@tabbank.com) to their business development team as Vice President and Business Development Officer. Tony will be based in Houston and will be responsible for sourcing new business opportunities by providing asset-based and factoring working capital facilities to commercial entities in the Southwestern United States with annual revenues of $2 million to $150 million.

Aviation Capital Group LLC (ACG), a leading aircraft asset manager, announced today the closing of a $650 million secured funding facility in support of its growing Aircraft Financing Solutions (AFS) business. The facility was structured by Crédit Agricole and includes an accordion option which can be exercised to provide up to $1 billion in total commitments. The initial $650 million commitment was provided by a syndicate of the company’s relationship banks including Crédit Agricole, Société Générale, BNP Paribas, Commerzbank, Caixa Bank, and Crédit Industriel et Commercial Bank.

The target range for the federal funds rate was slashed to nearly zero and the Federal Reserve vowed to purchase $700 billion total in Treasury and mortgage-backed securities.

A&G Real Estate Partners (A&G) has begun marketing 137 Modell's Sporting Goods store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia in connection with the 111-year-old retailer's voluntary Chapter 11 bankruptcy filing and liquidation.

In addition to large law firms having more cash on hand, which often means freed-up lines of credit, firms also saw a strong financial close to 2019, with increases in inventory and demand, according to data provided by Citi Private Bank’s law firm group. Inventory consists of accounts receivable and unbilled time, which can be collected and converted to cash.

It’s been quite a week with developments unfolding at an accelerated pace and giving rise to much thought about the way forward. Rightly so, we are all taking steps to protect our loved ones, our colleagues, our clients, our businesses and our economies. The Secured Finance Network is a mission- driven, global trade association committed to putting capital to work.