- First Bank Welcomes Carmen Caporrino as Senior Vice President, Relationship Manager
- Hercules Capital Enters Next Phase of Growth with Expanded Leadership Team
- Vanessa Gabela Joins Mako Capital Group as Partner and Head of Investor Relations
- U.S. Bank Freight Payment Index: Shipper Spending Surges Amid Modest Freight Volumes
- Apotheo Capital Launches to Deliver Integrated Capital and Financial Advisory Solutions for Complex Situations
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
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Patrick Donnelly Joins People’s United Bank’s Nonprofit Specialty Finance Group as Senior Vice President
October 30, 2019People’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.
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Briar Capital Closes a $9.5MM Real Estate Loan for an Oilfield Service Provider
October 30, 2019Briar 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.
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FSW Funding Provides $5.0M Facility to Ammunition Manufacturer
October 30, 2019FSW 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.
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Wintrust Receivables Finance Announced Closing of a New $20 Million Line to Support Growing Third Party Logistics Provider
October 30, 2019Wintrust 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.
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Cushman & Wakefield Hires Top Debt Capital Markets Team
October 30, 2019Cushman & 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.
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Freshfields Hires Cleary Team Led by M&A Rainmaker Klingsberg
October 30, 2019Freshfields 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.
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City National Bank Expands to Miami and Long Island and Adds New Hollywood Office
October 30, 2019City 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.
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Len Losquadro Joins C2FO Within the Capital Finance Group
October 30, 2019Based 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.
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Gulf Coast Business Credit (“GCBC”) Closed 43 new Accounts Receivable Factoring and Asset Based Lending (ABL) Deals in 3Q
October 30, 2019Gulf 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.
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DLL to Expand Into Recreational Activity Equipment Market
October 30, 2019DLL, 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.
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Sallyport Commercial Finance Aids Service Company with Expansion Capital
October 30, 2019Sallyport 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.
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North Mill Capital Provides Revolving Line of Credit and Equipment Term Loan
October 29, 2019North 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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Braemar Hotels & Resorts Announces New $75 Million Revolving Credit Facility
October 29, 2019The new credit facility includes the opportunity to expand the borrowing capacity by up to $175 million to an aggregate size of $250 million. Since the Company had a zero balance on the previous credit line, no cash was utilized to pay it down upon termination. BofA Securities, Inc. acted as the sole lead arranger & sole bookrunner and Bank of America, N.A. as the administrative agent. Other participating lenders include KeyBank National Association and Morgan Stanley.
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Bluegreen Vacations Corporation Enters Into $225.0 Million Syndicated Corporate Credit Facility
October 29, 2019Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today reported that on October 23, 2019, Bluegreen amended and restated its syndicated credit facility led by Fifth Third Bank (“Fifth Third”). The amended credit facility is a $225.0 million syndicated credit facility which includes a $100.0 million term loan with quarterly amortization requirements and a $125.0 million revolving line of credit.
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Destination Maternity Closes 183 Stores and Files for Chapter 11 Bankruptcy
October 28, 2019Destination Maternity announced it is closing more than a third of its stores and filing for Chapter 11 bankruptcy, adding to a long line of struggling retailers.
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Oxford Finance Funds Skilled Nursing Portfolio Acquisition
October 28, 2019The loan will finance the acquisition of 15 facilities, which will be managed by Mission Health Communities.
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Black Diamond Group Announces New $200 Million Asset-Based Credit Facility
October 28, 2019Black Diamond Group Limited (“Black Diamond” or “the Company”) (TSX: BDI) announced today that the Company has agreed to terms with respect to a four-year secured asset-based revolving credit facility (“Facility”).
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Entrepreneur Growth Capital Closes Working Capital Facility
October 27, 2019Entrepreneur Growth Capital (“EGC”) is pleased to announce that it has closed a $4MM working capital facility to a New York-based industrial painting company (“the Company”). The Company has grown with the New York City building boom and recently acquired a competitor. However, its long time bank was reluctant to increase its line of credit. EGC offered a higher line with increased availability against accounts receivable.
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Ares Commercial Finance Provides a Senior Secured Credit Facility to Saylite Holdings LLC
October 27, 2019Ares Commercial Finance announced that it has provided a senior secured credit facility to Saylite Holdings LLC and its subsidiaries (“Saylite”). Saylite is owned by CORE Industrial Partners. The proceeds will be used to refinance the company’s existing debt and for ongoing working capital to support Saylite’s growth and potential future acquisitions.
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Finacity Facilitates MXN$750 Million Consumer Loan Securitization Program for Crédito Real
October 27, 2019Finacity Corporation (“Finacity”) is pleased to announce that it has successfully facilitated a MXN$750 million consumer loan securitization program of Crédito Real, S.A. B. de C.V., SOFOM, E.N.R. (“Crédito Real”). The securitization was placed in the Mexican capital markets (CREL19CB) with a five-year tenor that will be secured by a portfolio of consumer loans that are deducted from the pensions and retirees of the Mexican Institute of Social Security (“IMSS”).
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