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To submit company news and press releases to TSL Express, email tslexpress@sfnet.com.Today's Top Story
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Asset-Based Private Credit Lender WhiteHawk Capital Partners Announces Launch
Private credit investment manager WhiteHawk Capital Partners, LP (“WhiteHawk”) launched in 2020 with a focus on providing asset-based financing solutions to primarily middle market companies in need of liquidity and growth capital.
WhiteHawk is led by Managing Partners John Ahn, Robert Louzan and Harry Chung, formerly of Great American Capital Partners, also known as GACP, a division of B. Riley Financial. The Managing Partners were joined by their 10-member investment team, ensuring continuity of the firm’s demonstrated investment process.
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Edgewell Personal Care Announces New $425 Million Revolving Credit Facility
April 2, 2020BofA Securities, Inc and MUFG Bank, Ltd. acted as joint lead arrangers and joint bookrunners. Bank of America, N.A. acted as the administrative agent and MUFG Bank, Ltd. acted as the syndication agent. Also participating in the bank syndicate are TD Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Standard Chartered Bank, and The Northern Trust Company.
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CIT Financing Speeds Protective N95 Masks to Healthcare Workers
April 2, 2020CIT Group Inc. (NYSE: CIT) has provided critical financing for its client Aria Designs to help it procure millions of advanced N95 surgical masks that will protect medical professionals battling the COVID-19 pandemic. Aria Designs, a North Carolina-based furniture manufacturer and importer, is using its global supply chain and manufacturers to supply the much-needed protective masks.
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Nucleus Commercial Finance Appoints Regional Sales Director
April 2, 2020Nucleus Commercial Finance has appointed Riana Azam as regional sales director to expand its asset-based lending team in Yorkshire. With 14 years of industry experience, Riana joins Nucleus from Metro Bank, where she was business development director, providing funding to SMEs in the north of England.
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FTI Consulting Releases 2020 Survey of U.S. Loan Market
April 2, 2020FTI Consulting, Inc. (NYSE: FCN) today released the findings of its 2020 U.S. Loan Market Survey, which provides a glimpse into bank and non-bank lenders’ views against the backdrop of the COVID-19 pandemic and oil market price disruptions.
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JinkoSolar Australia Signs AUD37 Million Line of Credit Agreement with the National Australia Bank
April 2, 2020JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that Jinko Solar Australia Holdings Co. Pty Ltd ("JinkoSolar Australia"), a subsidiary of the Company, has signed a one-year AUD37 million line of credit agreement with the National Australia Bank ("NAB").
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Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring
April 2, 2020Moelis & Company is acting as financial advisor for the Company, Kirkland & Ellis is acting as legal advisor, Alvarez & Marsal is acting as restructuring advisor and Jeffrey S. Stein of Stein Advisors LLC is the Company’s Chief Restructuring Officer. PJT Partners is acting as financial advisor for the Consenting Noteholders and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor.
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Private Equity Liquidity Hit by 10% VaR Caused by Coronavirus Crisis
April 2, 2020CEPRES, the leading provider of portfolio forecasting for Private Markets, announced today they are advising clients to use 10% VaR (Value at Risk) forecasts for 2020 and 2021 due to the COVID-19 outbreak. CEPRES projects outcomes for more than 100 Institutional investor portfolios around the world including pensions, insurers and endowments based on their "PE.Forecast" software.
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Retailers Extend COVID-19-triggered Temporary Closings Indefinitely
April 1, 2020As efforts to curb the spread of COVID-19 expand, retailers are retooling their operations across the board.
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Albert Delgado Joins Seacoast Business Funding
April 1, 2020Seacoast Business Funding is pleased to announce the addition of Albert Delgado, as Vice President, Business Development Officer. Mr. Delgado is based on the West Coast and will focus on growing the portfolio in the region. Mr. Delgado has an extensive knowledge of the Invoice Factoring and Asset-Based Lending industry and brings a high level of expertise to solving complex financial challenges.
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Will the $2.2 Trillion Coronavirus Aid Package Be Enough?
April 1, 2020The CARES Act that President Trump signed into law last Friday marks the fourth big effort to support the U.S. economy as it continues to reel from the impact of the coronavirus pandemic. It includes some $2.2 trillion in cash, loans, tax breaks and other incentives for individuals and families, small and big businesses, state and local governments, and health and education services, among others. It builds on a series of actions by the Federal Reserve, and two other relief bills Trump signed in March – one for $8.3 billion in emergency funding for mostly health and human services, and another for paid sick and family leave for affected employees or those caring for a sick child.
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Gibraltar Crafts $5MM Financing Solution for Sponsored Manufacturer
April 1, 2020Headquartered in Kansas City, MO, Gibraltar's new client has been in business since 1952, manufacturing, supplying, designing, marketing, selling and servicing refueling and related equipment.
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Context Business Lending Closed Three New Loans During the Height of the Pandemic, Supporting Companies Through This Uncertain Time
April 1, 2020Over the last few weeks, amidst global chaos, Context provided revolving lines of credit to three new companies: a Mining Technology Company, an eCommerce distributor, and a designer and manufacturer of consumer products.
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Scott Frederick Joins First Business Growth Funding as Vice President – Business Development Officer
April 1, 2020First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, Inc., today announced that Scott Frederick has been hired as Vice President – Business Development Officer.
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Honeywell Announces Completion Of $6 Billion Term Loan To Enhance Resilience During COVID-19 Outbreak
April 1, 2020Honeywell (NYSE: HON) announced today that it has entered into a $6 billion two-year delayed draw term loan agreement to maximize financial flexibility and further bolster liquidity in the event global economic conditions persist or worsen throughout 2020.
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Mountain Province Diamonds Announces Amendments to Revolving Credit Facility
April 1, 2020Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX andOTCQX: MPVD) announces the following amendments to the covenant requirements under its currently undrawn US$50 million revolving credit facility with Scotiabank and Nedbank:
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Aclaris Therapeutics Secures $11 Million Term Loan Facility
April 1, 2020Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a physician-led biopharmaceutical company, today announced that it has entered into a loan and security agreement with Silicon Valley Bank (“SVB”) pursuant to which Aclaris has borrowed $11.0 million.
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COVID-19 Update: Planned Changes to UK Insolvency Laws to Enable Companies to Continue Trading
April 1, 2020On Saturday 28 March 2020, the Business Secretary, Alok Sharma, announced that the UK government would be introducing legislation to make changes to existing insolvency laws in response to COVID-19. The new measures seek to enable companies undergoing a rescue or restructuring process to continue trading and help them avoid insolvency, and include a temporary suspension of wrongful trading provisions retrospectively from 1 March 2020 for three months.
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Drew McManigle, Founder and Managing Director of MACCO Restructuring Group, LLC Announces Firm Promotions and Additions
April 1, 2020MACCO Restructuring Group, LLC (MACCO) announces a promotion, additions to the firm and the founder, Drew McManigle’s selection as 1 of 6 Houston-based, Title 11, Subchapter V (Small Business) Chapter 11 Trustees appointed by the U.S. Department of Justice, Office of the United States Trustee.
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Dean Foods Reaches Agreement in Principle With Industrial Realty Group, LLC for the Sale of Dean Foods’ Meadow Gold Hawaii Business
April 1, 2020Davis Polk & Wardwell LLP and Norton Rose Fulbright are serving as legal advisors to the Company, Evercore is serving as its investment banker and Alvarez & Marsal is serving as its financial advisor.
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Online Automotive Retailer Vroom Announces $450 Million Floorplan Commitment from Ally Financial
April 1, 2020Ally’s new financing supports Vroom’s continued national growth, which is bringing about enduring change in the used vehicle industry. Ally has provided floor plan financing to Vroom since 2016. The new agreement, finalized earlier this month, doubles the total amount of available credit and is Ally’s first fully committed facility to Vroom.
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