TSL Express Daily Articles & News

Today's Top Story



TSL Express Trending Story



TSL Express Daily Headlines & News

  • MUFG Sees Strong Rebound in North American Project Finance Led by Renewables, with Swelling Infrastructure Funds
    August 27, 2020
    Project finance in the United States has staged a vigorous recovery— aided by the ability of banks to provide liquidity, low funding costs, and a more liquid bond market—since the initial dampening effect of the COVID-19 pandemic, according to the Project Finance team at Mitsubishi UFJ Financial Group (MUFG). The team delivered its remarks at a virtual MUFG media roundtable last week to discuss the current state of project finance with reporters and editors. The roundtable featured Erik Codrington, Head of Project Finance in the Americas; Nanda Kamat, Head of Americas Infrastructure; Alex Wernberg, Head of U.S. Power; and Ralph Scholtz, Head of Project Finance in Latin America.
  • CIT Leads $266 Million Financing for Prospero 2 Solar Project
    August 27, 2020
    CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as coordinating lead arranger on a $266 million financing for Longroad Energy's 331-megawatt Prospero 2 solar project in Andrews County, Texas. A leader in renewable energy project development, operation and services, Longroad Energy owns over 1.4 gigawatts of wind and solar projects either in operation or construction across the U.S.
  • Sovos Brands to Acquire Birch Benders
    August 27, 2020
    Sovos Brands ("Sovos"), a food company backed by global private equity firm Advent International, today announced that it has signed an agreement to acquire the business of Birch Benders, LLC ("Birch Benders"), a fast-growing producer of delicious, better-for-you Pancake and Waffle Mixes, Toaster Waffles, and Pancake and Baking Cups. The acquisition deepens Sovos Brands' role in the breakfast and snacking categories and represents a significant step in the company's mission to acquire and build one-of-a-kind brands that bring consumers delicious food for joyful living. The transaction is expected to be completed by the end of October. Piper Sandler is serving as financial advisor and Haynes and Boone LLP is serving as legal advisor to Birch Benders on the transaction. Weil, Gotshal & Manges is serving as legal advisor to Sovos Brands.
  • Bell Bank Rapidly Expanding in Phoenix
    August 27, 2020
    Bell’s newest group of bankers to join our team in Phoenix will help guide commercial lending and deposit growth at Bell’s current and upcoming Arizona locations. (Watch our website and social channels for more info!) Kyle Kennedy, Bell’s Phoenix president and Arizona banking director, announced that Adam Christensen has been named senior vice president (SVP)/commercial banking manager and Gerald Deetz has been named SVP/commercial sales manager in the Phoenix market. They are joined on the commercial leadership team by Heidi Marshall, Kevin Herbst and Ben Allen.
  • Jason Industries Announces Confirmation of Plan of Reorganization
    August 27, 2020
    Jason Industries (“Jason” or the “Company”) today announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (the “Plan”), clearing the way for Jason to successfully complete its Chapter 11 financial restructuring and emerge in the coming days.
  • Provident Strengthens Leadership Team With Key Appointments
    August 27, 2020
    Anthony Labozzetta has been appointed to the position of President and Chief Operating Officer. Vito Giannola has been appointed to the position of Executive Vice President and Chief Retail Banking Officer. George Lista will continue in his role as President of SB One Insurance Agency, Inc., a wholly-owned subsidiary of Provident Financial Services. Josephine Moran has been appointed Executive Vice President, Chief Corporate Services & Consumer Lending Officer
  • Second-Quarter Middle Market Indicator Reveals Increased Perception of Risk, Dips in Revenue and Employment Growth
    August 26, 2020
    Chubb, National Center for the Middle Market survey shows diminished outlook due to prolonged pandemic, provides insights on the business impact and risk implications of COVID-19 on this segment
  • FDIC-Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
    August 26, 2020
    Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase in Net Income Year Over Year
  • Oxford Finance Provides Credit Facility to Brain Injury Rehab Provider ReMed Holdings, LLC
    August 26, 2020
    Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a term loan and revolving line of credit to ReMed Holdings, LLC ("ReMed" or "the Company"), a leading provider of rehab services to patients with post-acute acquired brain injuries ("ABIs").
  • Micron Solutions, Inc. Enters Sale-Leaseback Agreement
    August 26, 2020
    Micron Solutions, Inc. (OTCQB: MICR) (the “Company”), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components and assemblies requiring precision machining and injection molding, announced entry into a purchase and sale agreement for the sale and leaseback of its main manufacturing facility.
  • TAB Bank Provides Manufacturing Company in North Carolina with a $4 Million Revolving Credit Facility
    August 26, 2020
    TAB Bank is pleased to announce it has provided a $4 million asset-based revolving credit facility for manufacturing company based in North Carolina. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company. In addition to the revolving credit facility, TAB Bank also provided the company with a $200 thousand M&E term loan and a $1 million commercial real estate loan.
  • Prestige Capital Announces a Participation of $1,500,000
    August 26, 2020
    Continuing its commitment to help during the pandemic, Prestige Capital Finance, LLC recently participated in funding for a nondurable goods distributor based in Rhode Island. Prestige provided $1.5 million to this New England company as part of a carve out of certain customers from its existing bank. The proceeds of the funding were used to purchase additional inventory to service a growing list of retailers, including a Fortune 100 chain.
  • The Interface Financial Group Closes AUD$10,000,000 Revolving Open Ledger Invoice Finance Facility for Energy Company in South Australia
    August 26, 2020
    The Interface Financial Group (“IFG”) announced the closing and funding of a AUD$10,000,000 Open Ledger invoice finance facility for a Zen Energy, operating in South Australia. The proceeds are being used to assist with their demerger from SIMEC Zen Energy Group and to finance further growth. ZEN Energy offers renewable energy solutions to businesses & residents around Australia.
  • J.Crew Expects to Emerge From Bankruptcy Early Next Month
    August 25, 2020
    J.Crew Group Inc said on Tuesday it expects to emerge from Chapter 11 in early September, after a bankruptcy court accepted its restructuring plan. The plan, approved by a Virginia federal court, will equitize over $1.6 billion of secured debt, and provide for $400 million in asset-based loan as well as $400 million of fresh financial aid.
  • Oxford Finance Announces $10 Million Credit Facility with Inhibrx, Inc.
    August 25, 2020
    Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, has announced that on July 15, 2020, it closed a $10 million senior secured term loan with Inhibrx, Inc. (or "the Company") (Nasdaq: INBX), a clinical-stage biotechnology company focused on developing a broad pipeline of novel biologic therapeutic candidates. The funds, which were secured prior to the Company's recent initial public offering, will provide general growth capital as Inhibrx aims to evolve into a commercial-stage biotechnology company.
  • Liberty Media Announces Amendments to Braves Financial Covenants
    August 25, 2020
    The debt agreements governing $297 million of debt at Braves Stadium Company, LLC (collectively the “Ballpark funding”) have been amended such that the applicable financial covenants will not apply until the quarter ending September 30, 2021, subject to certain conditions being met.
  • Cequence Energy Announces Proposed Plan of Compromise and Arrangement and Meeting of Creditors
    August 25, 2020
    Cequence Energy Ltd. (“Cequence” or “the Company“) announces a recapitalization transaction (the “Restructuring Transaction”), to be implemented as a plan of compromise and arrangement (the “Plan”) under the Companies’ Creditors Arrangement Act (“CCAA”) that will allow Cequence to reduce its debt and interest costs and improve liquidity to fund future operations. In connection with the Plan, Cequence has entered into a restructuring support agreement (the “Support Agreement”) with certain lenders under the Company’s second lien senior secured $50.0 million term loan facility due October 3, 2023
  • 1st Commercial Credit Expands Texas Territory
    August 25, 2020
    1st Commercial Credit, LLC is an Austin, Texas-based factoring company servicing all of the United States and has recently expanded its sales territory with sales offices in Dallas, Houston and San Antonio Texas.
  • First Bank & Trust Company Announces Management Changes in Wise County
    August 25, 2020
    Melissa Coffey has been appointed as Assistant Vice President and Branch Manager of the Wise and Norton, Virginia offices. Coffey is a 2006 graduate of the University of South Carolina. She has 14 years of banking experience, and has been with First Bank & Trust Company for nine years. Coffey began her work with First Bank & Trust Company in Norton, Virginia as lender, then in 2017 assumed the role of Branch Manager of the Norton office where she spent much of her lending focus on residential real estate and consumer lending.
  • FTS International Announces Agreement With Majority of Its Secured Debtholders on Restructuring Support Agreement to Convert Over $400 Million of Debt to Equity
    August 25, 2020
    FTS International, Inc. (NYSE American: FTSI) (“FTSI” or the “Company”) today announced that it has entered into a restructuring support agreement (the “Agreement”) with approximately 75 percent of the holders of the Company’s 6.250% senior secured notes due 2022 (the “Secured Notes”) and approximately 64 percent of the Company’s secured debt claims. The Agreement outlines a comprehensive restructuring that will deleverage the Company’s balance sheet by $437.3 million and provide it with the financial flexibility to deliver results-oriented and innovative well completion solutions to its customers. Importantly, the Agreement contemplates that the Company’s vendors, suppliers, and customers will remain unaffected by the transaction.