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TSL Express Daily Articles & News

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House/Senate Approve Next Round of Economic Stimulus

Last night the House and Senate approved a $900B next round of economic stimulus. The full text of the bill can be found here as well as a detailed summary. SFNet’s Advocacy Committee is reviewing the language and will hold an informative webinar as soon as practical in January. In the meantime, you may wish to consult your advisers. In addition to other broad reaching measures, the statute provides for:

PPP extended through March 31, 2021
CECL and TDR provisions potentially deferred until January 2022
Additional allocations for EIDL Grants
ERTC extended and expanded
Rescission of emergency lending facilities, including MSLP, in their current form

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TSL Express Daily Headlines & News

SG Credit Partners Provides $2 Million Second Lien Cash Flow Loan Secured By Real Estate
October 31, 2019

SGCP provided a $2 million second lien cash flow loan to the Company secured by a second deed of trust on the corporate real estate which enabled the Company to execute on its new contracts and grow the business.
Ribbon Raises $30 Million Series B and $300 Million in Debt to Expand its Home Buying Platform
October 30, 2019

Ribbon announced today it has raised $330 million in equity and debt financing, to facilitate the company's expansion into new markets, and accelerate product development efforts. The company, which helps consumers more easily and efficiently buy homes, closed a $30 million Series B round of funding led by Greylock, and secured a debt facility with Goldman Sachs that, in addition to a previous facility, provides current financing capacity to $300M upon closing and may be increased by an additional $220M,
Anand Ramachandran Joins Regions Bank Corporate and Institutional Markets Group as a Managing Director
October 30, 2019

Regions Bank today announced that Anand Ramachandran has joined the firm as a Managing Director, reporting to Robert Heffes, Managing Director and Head of Trading and Credit Distribution and CEO of Regions Securities LLC.
New Cape Ann YMCA to be Built with $15 Million in New Markets Tax Credits from TD Community Development Corporation
October 30, 2019

Gloucester, Massachusetts, residents can look forward to having more opportunities for a better life with the recent groundbreaking on a new Cape Ann YMCA facility. The new YMCA, operated by the YMCA of the North Shore, Inc., will provide affordable access to health and child care programs along with new jobs in the community.
A&G Hires Jeffrey K. Hoffmann to Lead its Restaurant Real Estate Division
October 30, 2019

Jeffrey K. Hoffmann, a veteran banking executive who has provided strategic advice and capital solutions to operators of some of the biggest restaurant brands in North America, has joined A&G Real Estate Partners as a Senior Managing Director and head of the firm’s fast-growing restaurant division.
Aura Secures $130 Million Credit Facility from Varadero Capital
October 30, 2019

Aura, a mission-driven financial technology company that offers affordable loans to hard-working families, today announced it has closed a $130 million asset-backed revolving credit facility with Varadero Capital, L.P. This new facility comes during a period of rapid growth for Aura in which the company has provided approximately $635 million in loans to more than 475,000 borrowers at over 1,250 partner locations since its founding in 2014.
US Capital Global Provides €10MM Bridge Financing for MIRIS ahead of €100MM Growth Equity Facility
October 30, 2019

US Capital Global has structured and provided a €10 million bridge loan for MIRIS AS, a technology-driven real estate development company that enables sustainable solutions for Smart Communities. The company has five construction projects planned, including the world’s first energy-positive hotel, named Svart Hotel. This is a bridge facility ahead of a €100 million growth equity program.
Amerisource Closes $1,000,000 Credit Facility for Specialty Manufacturing Company
October 30, 2019

Amerisource Business Capital announced the closing and funding of a $1,000,000 senior credit facility for a component parts manufacturer based in New York. Proceeds of the facility are being used to support working capital and sales growth.
Patrick Donnelly Joins People’s United Bank’s Nonprofit Specialty Finance Group as Senior Vice President
October 30, 2019

People’s United Bank, N.A. (NASDAQ: PBCT), today announced that Patrick Donnelly has been appointed Senior Vice President, Nonprofit Banking. Donnelly will be based at the Bank’s 250 Park Avenue, New York City location, and be responsible for strategy development, sales and relationship management covering New York, New Jersey and the Philadelphia metro-area.
Briar Capital Closes a $9.5MM Real Estate Loan for an Oilfield Service Provider
October 30, 2019

Briar Capital Real Estate Fund ("BCREF") (www.BriarCapital.com) is pleased to announce it has provided a $9.5MM real estate term loan to an Oilfield Service Provider in Houston, TX.
FSW Funding Provides $5.0M Facility to Ammunition Manufacturer
October 30, 2019

FSW Funding (“FSW”) is pleased to announce the completion of a $5.0 million financing facility to a Rocky Mountain-based ammunition designer, manufacturer, and marketer (the “Client”) for products in the sporting goods industry.
Wintrust Receivables Finance Announced Closing of a New $20 Million Line to Support Growing Third Party Logistics Provider
October 30, 2019

Wintrust Receivables Finance announced today the closing and funding of a $20 million credit facility for a third party logistics provider based in Chicago. The company, which was founded two years ago, has become one of the fastest growing enterprises in the U.S. logistics industry.
Cushman & Wakefield Hires Top Debt Capital Markets Team
October 30, 2019

Cushman & Wakefield (NYSE: CWK) has further strengthened its Capital Markets team in Chicago with the additions of Jeff Altenau as Executive Managing Director and Zach Yarnoff as Managing Director. Both come to Cushman & Wakefield from Eastdil Secured, where they worked on several notable transactions.
Freshfields Hires Cleary Team Led by M&A Rainmaker Klingsberg
October 30, 2019

Freshfields Bruckhaus Deringer LLP has hired a team of corporate lawyers from Cleary Gottlieb Steen & Hamilton LLP, led by prolific dealmaker Ethan Klingsberg, as it seeks to make new inroads in the U.S. mergers and acquisitions (M&A) market. Klingsberg, whose clients include retailer Lowe’s Companies Inc, telecommunications giant Verizon Communications Inc and Google owner Alphabet Inc, will lead Freshfields’ U.S. M&A practice, the firm said in a statement on Friday.
City National Bank Expands to Miami and Long Island and Adds New Hollywood Office
October 30, 2019

City National Bank, America’s Premier Private and Business Bank®, today announced that it has opened three new locations around the United States: a new full-service banking office in Hollywood, CA; its first entertainment banking office in Miami, FL; and its first full-service regional center on Long Island, NY. City National will do business in Miami and the state of Florida as CN Bank.
Len Losquadro Joins C2FO Within the Capital Finance Group
October 30, 2019

Based in New York, Len will be responsible for creating new business opportunities and strategic partnerships. The capital solutions at C2FO include the early payment platform and secured lending products. His focus is on supporting the capital needs of small and medium-sized enterprises.
Gulf Coast Business Credit (“GCBC”) Closed 43 new Accounts Receivable Factoring and Asset Based Lending (ABL) Deals in 3Q
October 30, 2019

Gulf Coast Business Credit (“GCBC”) had a great third quarter, closing 43 new Accounts Receivable Factoring and Asset Based Lending (ABL) deals. Amongst the new deals funded were a $4,000,000 working capital facility to a Louisiana based staffing company, a $300,000 working capital facility to a Texas based manufacturing company and a $200,000 working capital facility to a California based transportation company.
DLL to Expand Into Recreational Activity Equipment Market
October 30, 2019

DLL, a global financial solutions provider will expand its offerings into the recreation and leisure lifestyle market in North America. This will include motorsport, marine, recreational vehicles and manufactured homes. DLL will provide floor planning lines of credit for eligible/qualified dealers to finance inventory purchases from their manufacturing partners, including new, rental and used inventory credit lines.
Sallyport Commercial Finance Aids Service Company with Expansion Capital
October 30, 2019

Sallyport Commercial Finance offers a $500,000 accounts receivable facility to a company that specializes in servicing, maintaining and repairing generators. Having prior experience in the generator industry has allowed this newly-formed company to accumulate clients at a pace that required assistance to support their growth. With the help of Sallyport, the business is now positioned to expand and seize new business opportunities.
North Mill Capital Provides Revolving Line of Credit and Equipment Term Loan
October 29, 2019

North Mill Capital provided a $1,500,000 revolving line of credit and a $450,000 equipment term loan. The funds were used to pay down the bank and provide ongoing working capital for expansion of the company.

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