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Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, announced today that it has entered into a new five-year $180 million term loan and $70 million revolving credit facility with JPMorgan Chase Bank, N.A. and a syndicate of banks.
JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Capital Markets LLC, Silicon Valley Bank, and Truist Securities, Inc. served as the Joint Bookrunners and Joint Lead Arrangers for the new credit facility with JPMorgan Chase Bank, N.A. serving as Administrative Agent, and Citizens Bank N.A., PNC Bank, National Association, Silicon Valley Bank, and Truist Bank serving as Co-Syndication Agents.
JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Capital Markets LLC, Silicon Valley Bank, and Truist Securities, Inc. served as the Joint Bookrunners and Joint Lead Arrangers for the new credit facility with JPMorgan Chase Bank, N.A. serving as Administrative Agent, and Citizens Bank N.A., PNC Bank, National Association, Silicon Valley Bank, and Truist Bank serving as Co-Syndication Agents.
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KeyBank Appoints Matthew Hummel Commercial Banking Team Leader
January 28, 2020As part of its planned expansion of commercial banking talent and resources across the Northeast, KeyBank announced that Matthew Hummel has joined the bank in the newly created position of Commercial Banking team leader, reporting to market president James Barger. In his new role, Hummel will lead and expand the team of commercial bankers serving middle-market clients in Connecticut and Western Mass. and help drive KeyBank’s commercial business growth throughout the market.
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LendCare Announces New Credit Facility to Support Unprecedented Growth Français
January 28, 2020LendCare Capital, a leading Canadian point-of-sale finance and technology company, announced today it has secured a new $100 million (CAD) financing commitment from a leading institutional asset manager. This facility supplements the company's current $250 million senior facility, and along with other existing relationships brings LendCare's total funding capacity to $450 million.
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Bluestone Enters into a US$30 Million Credit Facility with Natixis
January 28, 2020Bluestone Resources Inc. is pleased to announce that it has entered into a US$30 million credit facility with Natixis. Natixis is a French multinational financial services firm, and one of the lending banks in connection with a potential senior debt project financing package .
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Amerisource Closes $1,500,000 Credit Facility for Wholesaler
January 27, 2020Amerisource Business Capital announced the closing and funding of a $1,500,000 revolving credit facility for a marble and granite wholesaler in North Carolina. The proceeds of the facility are being used for working capital, with availability against accounts receivable and inventory.
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Ocwen Financial Announces Amendment to Senior Secured Term Loan
January 27, 2020Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, announced today that it has entered into an amendment to its Senior Secured Term Loan (“SSTL”) that extends the maturity date to May 15, 2022. As part of the transaction, the outstanding balance of the SSTL was reduced from $326 million to $200 million.
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Joel Flig Announces the Formation of Mountainside Capital LLC
January 27, 2020Mountainside will provide direct funding to companies creating the right capital solutions for their businesses offering receivables financing and other ABL products including term loan opportunities as well as participations with other lenders. Flig, who will serve as President and CEO of Mountainside, has been in the commercial finance business for over 40 years.
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CIT Leads Financing for Construction of Logistics Center Near JFK Airport
January 27, 2020CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business served as administrative agent for an $87 million loan to finance construction of a new logistics warehouse and storage facility adjacent to John F. Kennedy International Airport in Queens, N.Y. Triangle Equities Development Company and its partners Township Capital Inc. and L&B Realty Advisors LLP are planning to develop a five-story, 300,000-square-foot Terminal Logistics Center, which will be among the first multi-story industrial buildings in the U.S.
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Nicolet National Bank Announces Central Wisconsin Expansion
January 27, 2020Keith Baars will serve as Senior Vice President, Commercial Banking Manager and lead a team of experienced commercial bankers in the Central region. Tony Braun and Mark Tushkowski will also join the team as Vice Presidents. The trio will office in the Wausau market and serve all of Central Wisconsin.
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Synovus Closed $130+ Million in ABL Transactions in the Second Half of 2019
January 27, 2020Completed transactions included: a $45 million line of credit to a Midwest steel mill to support the company’s ESOP transaction and to provide for ongoing working capital needs and $25 million line of credit to a Southeast finance company specializing in factoring and small ABL lines of credit. The line of credit supports the company’s growth and general working capital purposes.
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Merchants Bancorp Announces Executive Officer Promotions
January 27, 2020Merchants Bancorp (NASDAQ: MBIN), along with subsidiaries Merchants Bank of Indiana ("Merchants Bank") and Merchants Capital Corp. ("Merchants Capital"), announces changes to its executive team, effective immediately. Merchants Bancorp Co-Founder Michael F. Petrie will continue to serve as Chairman and CEO of Merchants Bancorp and Chairman of Merchants Bank – positions he has held since 2006.
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Southcross Energy Partners, L.P. Restructuring Plan Confirmed by Court
January 27, 2020Southcross Energy Partners, L.P. today announced that the United States Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization. Davis Polk & Wardwell LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal counsel to Southcross, Alvarez & Marsal is serving as restructuring advisor and Evercore is serving as financial advisor.
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EuroLife Brands Secures $2.5 Million Credit Facility From European Equity Group
January 27, 2020EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTC Pink: EURPF) ("EuroLife" or the "Company"), a vertically integrated enterprise focused on the pan European hemp, cannabinoid, and health & wellness sector, is pleased to announce it has entered into a definitive financing agreement (the "Agreement") with European Equity Group, an international merchant bank with a primary focus on growth oriented small-cap companies, to secure a credit facility (the "Facility") in the amount of up to $2.5 million CDN (approximately €1,700,000).
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M&A Outlook: Still a Sellers’ Market, But Urgency Recedes as Growth Continues
January 27, 2020Business leaders surveyed by Citizens Commercial Banking are feeling less urgency to engage in mergers and acquisitions, but sellers with standout businesses can still expect a relatively strong year. Survey respondents see companies relying more on organic growth, fewer sellers in the queue and continued discipline among buyers in 2020. Expect lower deal volumes, more strategic carve-outs and bolt-ons, and stable-to-higher valuations, according to the survey of nearly 600 executives.
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Blank Rome Welcomes New Corporate Associate in Los Angeles
January 27, 2020Blank Rome LLP is pleased to announce that Jose A. Manalo Jr. has joined the Firm’s Los Angeles office as an associate in the Corporate, M&A, and Securities group, which recently welcomed leading corporate and finance partner Craig R. Culbertson in the Chicago office.
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Key Energy Services Announces Restructuring Support Agreement
January 27, 2020Key Energy Services, Inc. (“Key” or the “Company”) announced today that it has entered into a Restructuring Support Agreement (including the exhibit thereto, the “RSA”) with lenders under its term loan facility collectively holding over 99.5% (the “Supporting Term Lenders”) of the principal amount of the Company’s outstanding term loans.
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Amerisource Hires Industry Veteran Doug Forbes to Aid Expansion of ABL Product Line
January 27, 2020Mr. Forbes will serve as a Regional Market Manager out of Houston and will be responsible for new business development throughout Texas and Louisiana. He joins Amerisource as an accomplished industry professional, with over 30 years sales and credit experience in asset-based lending. His previous work experience includes marketing for MidCap Business Credit and Frost Capital.
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Wynnchurch Capital Closes on Fund V at $2.277 Billion
January 23, 2020Wynnchurch Capital, L.P., a leading middle market private equity firm, announced the closing of its fifth private equity fund, Wynnchurch Capital Partners V, L.P at $2.277 billion of committed capital. Law firm Ropes & Gray, LLP represented Wynnchurch Capital. The Private Fund Group of Credit Suisse Securities (USA) LLC served in an advisory capacity with respect to the private placement.
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Stephano Slack Promotes Long-time Employee to Partner
January 23, 2020Stephano Slack, LLC, a leading regional accounting and consulting firm, recently announced the promotion of Jay Brooks from Senior Manager to Partner in the firm’s Accounting and Auditing department, effective December 1, 2019. He began work with the firm as an intern in 2008 and has held positions of increasing responsibility.
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Pinnacle Bankshares Corporation and Virginia Bank Bankshares, Inc. Announce Strategic Merger
January 23, 2020Bank Street Partners, a Performance Trust Company is acting as financial advisor to Pinnacle and Troutman Sanders LLP is acting as its legal advisor in the transaction. Janney Montgomery Scott LLC is acting as financial advisor to Virginia Bank and Williams Mullen is acting as its legal advisor in the transaction.
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Fairway Market Secures Financing For Voluntary Chapter 11 To Facilitate Sale Of Assets
January 23, 2020Enters Into Asset Purchase Agreement to Sell 5 New York City Stores and Distribution Center, Subject to Court Supervised Auction Process. Stores to Remain Open Across The Tri-State Area During the Court Process with No Service Interruptions Expected. Fairway Market's legal counsel is Weil, Gotshal & Manges, LLP, its M&A investment banker is PJ Solomon and its financial advisors are Mackinac Partners. The Ad Hoc Group of senior lenders are represented by King & Spalding, LLP.
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