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Otterbourg Names James Cretella Chair of Alternative and Specialty Finance Practice Group
Otterbourg P.C. announced today that James M. Cretella has been named Chair of the firm’s Alternative and Specialty Finance Practice Group.
“His leadership qualities are equally impressive, and we are pleased that he will chair this expanding practice area.”
A member of the firm’s Finance Department, Mr. Cretella represents lenders, factoring companies and prominent financial institutions, as well as borrowers, in a variety of lending, factoring and corporate transactions.
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TSL Express Daily Headlines & News
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Wereldhave Launches Green Financing Framework and Secures new Funding
April 27, 2020Wereldhave N.V. ("Wereldhave") announces today the launch of the Green Financing Framework and has agreed under this framework a new Green Revolving Credit Facility of EUR100 million with ABN AMRO Bank N.V. as a sole lender.
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AvidXchange Secures Additional $128 Million in Funding, Raising a Total of $388 Million in Latest Financing
April 27, 2020Contributing investors represent a diverse cohort of the foremost capital management firms, including Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman on behalf of clients.
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CIT Leads $325 Million Financing for Mobilitie
April 27, 2020CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications unit served as joint lead arranger and administrative agent for a $325 million round of financing for Mobilitie Investments III LLC, a telecommunications infrastructure provider. This is the third financing round that CIT has led in recent years on behalf of Mobilitie, which owns and operates a national portfolio of wireless communications infrastructure, including towers, distributed antenna systems and wi-fi networks.
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J D Factors Announces Factoring Facilities
April 27, 2020J D Factors announced it provided the following factoring facilities: $100,000 to a staffing company in Alberta; $300,000 to a transportation company in Nevada; $250,000 to a transportation company in Ontario; $120,000 to a transportation company in California; $200,000 to a transportation company in New York and $120,000 to a transportation company in Pennsylvania.
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Change Capital Provides $2MM to a National Healthcare Staffing Platform
April 27, 2020An auxiliary healthcare staffing platform had an asset-based revolving line of credit in place which was approaching renewal. Due to the company’s rapid growth over the past several years, they had accumulated an over-advance balance of approximately $1MM which was causing them to be charged a much higher rate of interest.
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Bipartisan Group of 28 Members of Congress Call for Lender Eligibility as Borrowers Under PPP in Support of SFNet Position
April 24, 2020The letter, spearheaded by Reps. Ted Budd (R-NC) and Blaine Luetkemeyer (R-MO), argues that, “While the PPP was statutorily “housed” in section 7(a) of the Small Business Act so that it could use 7(a) Program loan delivery infrastructure, eligibility for the PPP, a new and separate program, was intended to extend to “any business concern” that meets the applicable CARES Act employee thresholds. The Small Business Administration (“SBA”) unduly narrowed the intended broad statutory scope of PPP eligibility when it by rule rendered ineligible for PPP any business ineligible to borrow under the 7(a) Program, which includes lending and financing companies.” Click here to view the letter.
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Delta Air Lines Announces Proposed Senior Secured Notes Offering and New Credit Facility
April 23, 2020Delta Air Lines, Inc. (NYSE: DAL) (the "Company" or "Delta") today announced that it intends to commence a private offering to eligible purchasers of $1.5 billion in aggregate principal amount of senior secured notes due 2025 (the "Notes"), subject to market and other conditions. The Company also announced it intends to enter into a new $1.5 billion Term Loan B facility due 2023 (the "New Credit Facility") concurrently with the closing of the offering of the Notes.
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Greenberg Traurig Continues Growth in Boston; Adds Corporate Shareholder
April 23, 2020Greenberg Traurig, LLP has added Jason S. DelMonico to its Boston office as a Shareholder in the firm’s Corporate Practice.
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Senseonics Enters into New Credit Facilities with Certain Funds Managed by Highbridge Capital Management, LLC
April 23, 2020New credit facilities provide up to $20 million in near-term liquidity. In combination with cost-reduction initiatives, provide runway to complete value-enhancing development activities to seek approval of 180-day product. Senseonics continues to pursue its previously announced exploration of strategic alternatives.
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Inari Secures $45 Million Debt Financing to Bring Innovative Agriculture Technologies to Market
April 23, 2020Inari, the biotechnology company developing next-generation seeds, announced that it has entered into a $45 million loan and security agreement with K2 HealthVentures (K2HV), a life sciences-focused investment firm. The funds complement Inari's recent $89 million equity raise and will be used to accelerate the development and commercialization of breakthrough gene-edited crops that address the challenges of climate change and improve productivity.
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Beyond Meat Secures $150M Credit Line
April 23, 2020JPMorgan Chase Bank NA and Silicon Valley Bank acted as joint book runners and joint lead arrangers on the agreement.
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Rockwell Automation Announces $400 Million Term Loan
April 23, 2020Rockwell Automation, Inc. (NYSE: ROK) announced today that it has entered into a $400 million, 364-day term loan agreement, which will be used to provide funding for two previously announced acquisitions and for other general corporate purposes. In February of this year, Rockwell Automation announced the signing of agreements to acquire privately-held Kalypso, LP, a US-based software delivery and consulting firm, and Italy-based ASEM, S.p.A., a leading provider of digital automation technologies. These acquisitions are expected to close within the next few weeks.
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CEPRES Highlights Best Sectors for Post-Coronavirus Market
April 23, 2020Latest analysis from the CEPRES Investment Platform highlights major sectors that could be winners and losers from the Coronavirus crisis. By evaluating current value creation and revenue growth opportunities in PE-backed companies and contrasting with the GFC (Global Financial Crisis) period the CEPRES Platform is able to identify potential outcomes from the COVID-19 crisis.
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CARES Act Amendment Summary
April 23, 2020On Tuesday, April 21, the Senate passed an amendment to the CARES Act that, among other things, would amend certain provisions of the Paycheck Protection Program (“PPP”), economic injury disaster loans, and emergency grants. The amendment is expected to pass the House later this week and the president has indicated he would sign it. In some ways, the amendment is as notable for some of the things it did not do – it did not create eligibility for financial services firms including community banks and secured lenders to borrow PPP loans, and it did not include rumored restrictions on larger borrower’s access to PPP – as it is for what it did do (increase funding and create a set-aside of PPP guarantees for PPP loans made by certain small and community development lenders).
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MiMedx Announces Additional Access to Capital and Financing
April 22, 2020MiMedx Group, Inc. (OTC PINK: MDXG) (“MiMedx” or “the Company”), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced that it has received notice from Bank of America that its application for a Paycheck Protection Program loan (a “PPP Loan”) under the CARES Act has been approved.
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Sidley Welcomes New Global Finance Partner Joshua Thompson in New York
April 22, 2020Sidley is pleased to announce that Joshua Thompson has joined the firm in New York as a partner in its Global Finance group. Mr. Thompson was previously a partner at Shearman & Sterling LLP, where he was head of the firm’s Global Leveraged Finance group and head of Private Capital.
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Arent Fox Expands Corporate & Securities Practice With Addition of Partner Tal Unrad
April 22, 2020Arent Fox is pleased to announce the expansion of its Corporate & Securities practice with the addition of Partner Tal M. Unrad in Boston.
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Citizens M&A Advisory Advises CareerBuilder on its Sale of CareerBuilder Employment Screening to Accurate Background
April 22, 2020Citizens M&A Advisory served as co-lead advisor to CareerBuilder, a global technology company that provides end-to-end talent acquisition solutions, on its sale of CareerBuilder Employment Screening to Accurate Background, a leading provider of automated workforce screening solutions. Accurate received an investment to support the acquisition from Apax Digital Fund, the technology-focused growth equity fund advised by Apax Partners
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Tradewind Finance Announces $5 Million Post-Shipment Finance Facility for India-based Company in the Chemical Industry
April 22, 2020Tradewind Finance has provided a $5 million credit facility to a manufacturer of flavorings, essential oils, and fragrances based in India. The company exports to the United States and Europe and is using the facility to grow their business and expand into new markets. The India-based manufacturer uses sustainable techniques to produce their line of flavorings and operates a lab dedicated to research and development. In order to capitalize on their R&D capabilities and build their business, they required access to additional working capital.
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Gordon Brothers Acquires Laura Ashley® Brand
April 22, 2020Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has acquired the global Laura Ashley® brand, archives, and related intellectual property from the Laura Ashley group’s U.K. Administrators.
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