TSL Express Daily Articles & News
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IDS Acquires William Stucky and Associates
IDS, a leading provider of asset and equipment finance technology has completed the acquisition of William Stucky and Associates (WSA), the leading provider of ABL and factoring software. The combination of the two companies creates a powerful, cloud-based technology platform providing industry-leading secured finance solutions to our customers and financial firms globally.
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United Community Banks, Inc. and Three Shores Bancorporation, Inc., the Parent of Seaside National Bank & Trust, Announce Merger Agreement
March 10, 2020United Community Banks, Inc. and Three Shores Bancorporation, Inc., the Parent of Seaside National Bank & Trust, Announce Merger Agreement United Community Banks, Inc. (“UCBI”) acquires a strong commercial lender focused on relationship banking with a “branch lite” approach in key Florida metro areas. Seaside National Bank & Trust founded and led by an experienced and highly capable President and Chief Executive Officer, who will be joining the combined organization. Strategically compelling transaction, combining UCBI’s significant liquidity, low-cost funding and excess capital with Seaside’s extensive client network and growth potential.
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Kevin M. Jacobs Joins A&M from IRS to Bolster Firm's National Tax Office Practice
March 10, 2020Mr. Jacobs joined A&M Taxand from the IRS, where he served as a Senior Technician Reviewer with the IRS Office of Associate Chief Counsel (Corporate) for more than six years. In this role, Mr. Jacobs advised the office and the public on a range of complex tax matters, including share-holder issues in a corporate reorganization, liquidations and redemptions, transfers to corporations, bankruptcies, spin-offs and consolidated returns.
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OnDeck Appoints Mark Torossian as Senior Vice President, Finance
March 10, 2020OnDeck® (NYSE: ONDK), the leader in online lending to small business, today announced the appointment of Mark Torossian as Senior Vice President, Finance, a newly created role that will oversee the organization's Accounting and Financial Planning & Analysis (FP&A) functions.
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Bluestem Brands, Inc. to Pursue Financial Restructuring via Chapter 11 Process, Enters into Stalking Horse Purchase Agreement for Going Concern Sale
March 9, 2020Horse Purchase Agreement for Going Concern Sale. Receives New $125 Million Debtor-in-Possession Loan Commitment to Support Continued Operations. Enters into “Stalking Horse” Purchase Agreement; Concurrently Company Will Commence Court-Supervised Sale Process. Business to Continue Delivering Outstanding Service to Millions of Customers Without Interruption
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Funding Metrics Announces New $100 Million Revolving Credit Facility
March 9, 2020Funding Metrics, under the brands Lendini and Quickfix Capital is a merchant cash advance company that has developed a robust online platform with advances being approved with in 3 hours. Funding Metrics, LLC (the “Company”) announced today the closing of a new $100 million revolving credit facility with a multi-billion dollar institutional credit fund. The Company will use the funds to expand and accelerate the growth of its small business funding platform. Brean Capital served as exclusive financial advisor to the Company on the transaction.
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Briar Capital Real Estate Fund Provides Real Estate Term Loan to Airplane Parts and Equipment
March 9, 2020The loan is secured by the company's two owner-occupied office/warehouse facilities. The company buys stock airplane part packages in bulk and sells off the individual parts or smaller packages to support the repair and maintenance of airline fleets.
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Winter Harbor Expands National Presence with Addition of Rob Hubbard
March 9, 2020Winter Harbor LLC, a national restructuring and turnaround firm, announced Rob Hubbard has joined their team as a managing director. Rob boasts more than 20 years of financial advisory, restructuring, and turnaround expertise to large and middle-market companies and their stakeholders. His experience has focused on assisting companies with stabilizing operations and determining strategic alternatives to improve business performance.
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Crestmark Provides More Than $32.3 Million in Commercial Financing to 61 Businesses in the Second Half of February
March 9, 2020Crestmark secured a total of $10,450,000 in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $15,950,106 in nine new lease transactions; Crestmark Vendor Finance provided $4,247,630 in 46 new lease transactions; and the Government Guaranteed Lending Division provided $1,680,000 in financing for one new client in the second half of February.
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Ares Management Names Adam Heltzer as Head of ESG
March 9, 2020Ares Management Corporation (NYSE: ARES) (“Ares”) announced today that Adam Heltzer has joined as Managing Director and Head of Environmental, Social and Governance (“ESG”), effective April 1, 2020. Mr. Heltzer will be based in New York and will report to Michael Arougheti, Chief Executive Officer and President of Ares.
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Encina Business Credit, LLC Appoints Tracy Salyers and John Whetstone as Co-Heads of Portfolio Management
March 9, 2020Ms. Salyers brings over 25 years of experience in all facets of secured lending, including field exam, underwriting, special assets management, and portfolio management. Mr. Whetstone, who is also based in Chicago, is a secured lending veteran, having over 25 years of experience across industries including consumer, factoring and asset-based lending.
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MidFirst Business Credit Announces New Lending Relationship with Principal Manufacturing Corporation
March 9, 2020MidFirst Business Credit (“MFBC”) announced it has provided $16 million in working capital and term facilities to Principal Manufacturing Corporation (“PMC”). Headquartered in Broadview, Illinois, PMC is a custom manufacturer of fine-blanking and precision stamping parts for OEMs, and Tier 1 and 2 automotive suppliers in the U.S., Mexico, Europe and Asia.
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36th Street Increases Credit Facility to $170MM with Wells Fargo Participation
March 9, 202036th Street Capital announced today that it increased its expandable senior secured revolving credit facility to $170 million in addition to amending terms to a new five-year facility. San Francisco, CA-based Wells Fargo Bank has joined the syndicate with an additional $35 million participation. The credit facility includes four lenders and is led by Capital One Bank, N.A. as agent.
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North Mill Capital Funds a $5,000,000 Revolving Line of Credit for 203 Trading LLC
March 9, 2020203 Trading LLC is a distributor of refurbished computers and electronics headquartered in Norwalk, Connecticut. The funds will be used to repay the previous lender and provide additional working capital to support the company's significant growth.
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Bridge Bank Extends $10MM Senior Loan to Aura
March 9, 2020This new loan comes during a period of rapid growth for Aura in which the company has provided approximately $750MM in loans to nearly 344,000 borrowers at 1,050 partner locations since 2014. Aura uses technology that goes beyond credit scores to determine borrowers' ability to repay and enables local businesses to administer credit applications.
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ABLE Equipment Rental, Inc. Secures a $150 Million Asset Based Loan (ABL) with M&T Bank
March 9, 2020ABLE Equipment Rental, Inc. of NY (ABLE) a supplier of Construction Equipment Rentals, Sales, Service and Parts, announced the closing of a $150 million Asset Based Loan with M&T Bank as Lead Arranger and Administrative Agent. The facility is comprised of a $100 million revolving line of credit as well as a $15 million term loan facility.
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GreatAmerica Financial Services Submits Industrial Bank Application to FDIC
March 9, 2020GreatAmerica Financial Services Corporation announced today that it has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish GreatAmerica Bank, an industrial bank to be located in the Salt Lake City, Utah metropolitan area. The proposed GreatAmerica Bank will be a wholly-owned subsidiary of GreatAmerica, helping it expand its ability to help its customers be more successful.
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Suburban Propane Partners, L.P. Announces Refinancing of Revolving Credit Facility
March 9, 2020The bank syndication supporting the new facility is comprised of a diverse group of twelve banks led by Bank of America Merrill Lynch, Wells Fargo Securities, LLC, BNP Paribas, Capital One, Citizens Bank, HSBC Bank USA, JP Morgan Chase Bank, N.A., TD Bank, N.A., and Truist Bank, as Joint Lead Arrangers, Joint Book Runners and Co-Syndication Agents, Citibank, N.A as a Joint Lead Arranger and Documentation Agent, CoBank, ACB and People's United Bank, National Association. Bank of America, N.A. is serving as Administrative Agent.
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Peter Austin Joins Milberg Factors as Senior Vice President
March 9, 2020In this role, Austin will manage portfolio accounts, enhancing client relationships and developing new ones. Additionally, he will take an active role in business development, working with colleagues in the Los Angeles, CA and Winston-Salem, NC offices.
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Old Hill Partners Provided a $6 Million Financing Facility to a Company Focused on Charged-Off Consumer Debt
March 5, 2020Old Hill has provided a $6 million revolving facility to a company focused on lending to small and medium-sized buyers of portfolios of charged-off consumer debt. The underlying loans are backed by portfolios of charged-off credit card receivables, installment loans, auto deficiencies, student loans, and other, mostly consumer-based, lending products.
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iClick Interactive Asia Group Enters Into a Credit Facility of More than $30 Million With HSBC Across Working Capital and General Corporate Support
March 5, 2020The Facility, arranged by HSBC's GBA+ Technology Fund, will further strengthen iClick's financial position and the execution of strategic initiatives in China's Guangdong-Hong Kong-Macau Bay Area ("GBA"). The proceeds from the Facility will be used to further propel iClick's digital marketing business, develop iClick's Enterprise Solutions, and support general corporate purposes.
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