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  • Garrison Capital Inc. to Merge with Portman Ridge Finance Corporation
    June 25, 2020
    Garrison Capital Inc. (Nasdaq: GARS) (“GARS”) and Portman Ridge Finance Corporation (“PTMN”) (Nasdaq: PTMN) announced today that they have entered into a definitive agreement under which GARS will merge with and into PTMN, a business development company managed by Sierra Crest Investment Management LLC (“Sierra Crest”), an affiliate of BC Partners Advisors L.P. (“BC Partners”) and LibreMax Capital LLC. The transaction is the result of the previously announced review of strategic alternatives by GARS and has been approved by a unanimous vote of the Board of Directors of GARS (on the unanimous recommendation of the Special Committee of the Board of Directors of GARS) and the Board of Directors of PTMN.
  • Susan George Joins White Oak Global Advisors as Head of Asset Management
    June 25, 2020
    White Oak Global Advisors, LLC (“White Oak” or "the Firm"), today announced Susan George has joined the Firm as Head of Asset Management. Ms. George will be based in New York and will sit on the Investment Committee. Ms. George brings over 30 years of middle market private debt and distressed private equity experience to White Oak. Prior to joining the Firm, Ms. George served as Head of Corporate Asset Management and was a member of the Investment Committee at private credit firm Garrison Investment for 12 years. She previously worked for The CIT Group for over 20 years, where she held various leadership roles in credit restructuring, underwriting and business credit.
  • CIT Northbridge Credit Serves as Sole Lender on $50 Million Credit Facility for CITIES Market Studios
    June 25, 2020
    CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $50 million senior secured revolving credit facility for CITIES Market Studios. Based in Minneapolis, Minnesota, CITIES is a global consumer product and retail strategy company that collaborates with retailers, brands and inventors to develop and execute strategies, products and programs for the digital and physical markets.
  • NexTech AR Secures $600,000 Credit Line With Royal Bank of Canada
    June 24, 2020
    NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, and AR-enhanced virtual events is pleased to announce that it has secured a $600,000 lending facility with the Royal Bank of Canada (“RBC”).
  • White Oak Global Advisors Expands Commitment to Impact Investing
    June 24, 2020
    White Oak Global Advisors, LLC, (“White Oak”, or the “Firm”) today reiterated its commitment to responsible credit investing by dedicating additional resources to deploy capital in senior-secured, non-sponsored debt investments in companies that are focused on environmental and social outcomes, particularly in the areas of healthcare, environment and well-being. As a leader in the private debt asset class, White Oak is uniquely positioned to provide senior secured first lien loans that benefit small to middle market businesses that are mission driven to make a positive impact and reduce the footprint on our earth.
  • Sunflower Bank Provides Senior Debt Financing to SSP Innovations, LLC
    June 24, 2020
    Sunflower Bank, N.A. is pleased to announce it provided revolving and term debt commitments in connection with a refinancing of SSP Innovations, LLC (“the Company”) by Warren Equity Partners, LLC (“WEP”). The transaction closed in March 2020.
  • Hunter Street Provides Capital to Support Growth and Acquisitions for Leading Telecommunication Services Company
    June 24, 2020
    Hunter Street Partners ("Hunter Street"), a Minneapolis-based alternative investment management firm, has partnered with Five Crowns Credit Partners ("Five Crowns") to provide an $11 million senior secured term loan to finance TriStruX, the holding company resulting from a merger between Telcom Engineering Group and one of its regional competitors Leone Electric Company.
  • GNC is the Latest Retailer to File for Bankruptcy, Closing up to 1,200 Stores
    June 24, 2020
    GNC's parent company, GNC Holdings Inc., filed for Chapter 11 bankruptcy protection late Tuesday, and the health and wellness retailer said it plans to close "at least 800 to 1,200 stores," or approximately a quarter of its North American fleet. GNC was slammed by yearslong sales declines that made it impossible to meet enormous debt obligations coming due this year.
  • WSFS Bank Promotes Jim Wechsler to Senior Vice President, Chief Retail Lending
    June 24, 2020
    WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the promotion of Jim Wechsler to Senior Vice President, Chief Retail Lending Officer reporting to Executive Vice President and Chief Retail Banking Officer, Richard Wright. Wechsler will be responsible for Consumer Lending, Small Business, Government Guaranteed Lending, Community Reinvestment and NewLane Finance. He will also manage the bank’s fintech lending relationships. Wechsler is replacing Glenn Kocher, who is retiring.
  • Santander Bank Arranges $225 Million Deal with Purolite
    June 24, 2020
    Santander Bank today announced that its Commercial Banking division acted as joint lead arranger for a $175 million term loan and $50 million revolver to Purolite Corporation ("Purolite") to facilitate additional spending on capital projects and enhance liquidity. The deal will enable Purolite, the second largest international manufacturer of ion-exchange resins, to replenish its previous senior secured facility and maintain the rate of its business growth.
  • Crestmark Provides More Than $29 Million in Commercial Financing to 126 Businesses in the First Half of June
    June 24, 2020
    Crestmark Equipment Finance provided $15,319,877 in four new lease transactions; Crestmark Vendor Finance provided $8,710,820 in 121 new lease transactions; and the Government Guaranteed Lending group provided $5,050,000 in financing for two new clients in the first half of June.
  • Encina Business Credit Provides $35 Million Facility to a Leading Supplier and Distributor of Paint Supplies
    June 23, 2020
    Encina Business Credit, LLC (EBC) announced today that it has provided a $35 million senior secured credit facility to a leading retailer and distributor of paint and paint supplies. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory.
  • American Air Braces Balance Sheet With $3.5 Billion in Financing
    June 23, 2020
    Goldman Sachs, Citigroup, BofA Securities and JPMorgan are jointly running the stock and notes offerings for American. The carrier used a pool of slots, gates and routes in various countries, including the U.S., China, Japan, Australia and South America as collateral for the bonds and term loan. The stock offering is to start trading Tuesday, according to a person familiar with the matter.
  • Armstrong Flooring Expands Capital Resources and Liquidity
    June 23, 2020
    Bank of America acted as sole Lead Arranger for the ABL Facility and Pathlight Capital acted as sole Lead Arranger for the Term Loan. Jefferies LLC acted as a financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Armstrong Flooring.
  • Goldgroup Announces Loan Facility Term Sheet With Accendo
    June 23, 2020
    Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce that it has signed an indicative term sheet (the "Term Sheet") in respect of a secured loan facility (the "Facility") with Accendo Banco S.A., Multiple Banking Institution (the "Lender"), in the amount of USD$3,000,000 (the "Facility Amount").
  • Cindi Giglio Joins Gordon Brothers, Ben Olushola Assumes Expanded Role and Additional Attorney Sought
    June 23, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that Cindi Giglio has joined its legal function as Associate General Counsel, with primary responsibility for Retail and Commercial & Industrial transactions in North America. Meanwhile, Corporate Counsel Ben Olushola takes on an expanded role as Associate General Counsel for the enterprise, and continues to serve as lead counsel for Gordon Brothers’ International business from his current base in London.
  • Cavotec Enters Into a New Long Term Credit Facility Agreement
    June 23, 2020
    Cavotec has during the past months conducted a competitive process to procure a new long term credit facility, resulting in competing bids involving several bank consortia. After careful evaluation Cavotec has chosen a consortium led by Credit Suisse to provide a five-year credit facility as it offered the most competitive overall services and terms.
  • Despegar.com Obtains $40 Million Committed Credit Facility
    June 23, 2020
    Despegar.com, Corp. (NYSE: DESP), (“Despegar” or the “Company”) the leading online travel company in Latin America, today announced that it has signed a $40 million committed revolving credit facility (the “Facility”) with Citibank. The Facility has a 1-year term, renewable for an additional six months if certain financial covenants are met. This financing provides Despegar with additional financial flexibility with funds expected to be used for general corporate purposes.
  • Ares Management Corporation Leads £1.875 Billion Commitment to The Ardonagh Group in Largest Ever Unitranche Financing Transaction
    June 23, 2020
    Ares Management Corporation (“Ares”) (NYSE:ARES) announced today that it is serving as the lead arranger for a £1.875 billion financing commitment to The Ardonagh Group (“Ardonagh”), the U.K.’s largest independent insurance broker, through Ares’ global direct lending platform. Ardonagh is majority owned by HPS Investment Partners ("HPS") and Madison Dearborn Partners. In addition to direct lending funds managed by Ares, other significant lenders include Caisse de dépôt et placement du Québec (“CDPQ”), HPS and KKR.
  • Is Ann Taylor’s Owner Cloning JCP’s Path to Bankruptcy?
    June 23, 2020
    Ann Taylor’s debt-laden owner seems to be taking a page from Penney’s path to bankruptcy. Executive retention bonus payouts appear to be the newest clue that portends a potential bankruptcy filing, with Ascena Retail Group the latest fashion firm that may be headed in that direction.