- Hilco Redevelopment Partners’ Proposed Development Plans will Generate Tens of Thousands of New Jobs at the Former PES Refinery Site
- Accor Announces Additional €560 Million Banking Credit Facility
- California Resources Corporation Announces Additional Support for Restructuring Plan
- Ravaged by Coronavirus Economy, Debt-Saddled Companies Turn to Kirkland
- Streamline Health(R) Announces New Credit Facility with Bridge Bank
White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $10 million factoring – inventory finance facility to a consumer electronics wholesaler and distributor serving public and private retailers in the US and international markets.
The funding was provided against the New Jersey-based company’s accounts receivable and inventory, which the firm will use to fund large-volume purchases to grow its business and provide competitive prices for top name-brand products.
TSL Express Trending Story
Two months ago we discussed the questions that lenders should be asking their borrowers as borrowers were beginning to finalize their June 30, 2020 results and report the initial impact of the Covid shutdown and the CARES Act program funds. With the end of August around the corner, the second quarter results and even July 2020 results are available.
It is time to consider updating and expanding discussions with borrowers looking toward the remainder of 2020.
The outline of questions is a guideline to facilitate a discussion focused on the thought processes the business is going through and the financial impact over the past few months and into the future. Open ended questions that encourage a discussion are the most important tools lenders can use to understand their borrowers and the impact of the Covid-19 situation.
TSL Express Daily Headlines & News
Cardinal Energy Ltd. Announces Extension of Revolving Credit Facility
September 1, 2020Cardinal Energy Ltd. ("Cardinal") (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to September 30, 2020.
Lana Fidelscaia Joins First Business Growth Funding as Vice President - Business Development Officer
September 1, 2020First Business Growth Funding, the Accounts Receivable Financing arm of First Business Financial Services, Inc., announces that Lana Fidelscaia was hired as Vice President - Business Development Officer.
Monroe Capital Supports CORE Industrial Partners’ Fathom
September 1, 2020Monroe Capital LLC (“Monroe”) today announced an increase in the credit facility to FATHOM to support the acquisition of GPI Prototype & Manufacturing Services (GPI). FATHOM is an existing portfolio company of CORE Industrial Partners.
Celtic Capital Corporation has expanded its client development staff
September 1, 2020Celtic Capital Corporation has expanded its client development staff with the addition of Bryan Hatfield and Jonathan Bloom; both Senior Vice Presidents.
J.C. Penney lenders could take over company as sale talks sputter
September 1, 2020As sale negotiations stall, attorneys for J.C. Penney said at a hearing Monday that key lenders were "dedicated" to supporting the retailer as an operating entity by converting their debt holdings into equity in a reorganized Penney.
Women’s Retailer J. Jill Has 10 Days to Avoid Bankruptcy Filing
September 1, 2020J. Jill Inc. has just 10 days to get permission from the vast majority of its lenders for a deal that would extend the struggling retailer’s debt maturities, excuse it from financial covenants and give it fresh cash.
CIT Serves as Joint Lead Arranger on $150 Million Credit Facility for Steven Madden Ltd.
September 1, 2020CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business, part of the Commercial Finance division, served as joint lead arranger on a $150 million asset-based revolving credit facility for Steven Madden Ltd.
Latham & Watkins Advises Xenia Hotels & Resorts in US$1.375 Billion Bank and Bond Transactions
September 1, 2020Latham & Watkins represented Xenia Hotels & Resorts, Inc. in the debut private offering of US$300 million of 6.375% senior secured notes due 2025 by XHR LP, Xenia’s operating subsidiary. Xenia, a REIT that invests primarily in uniquely positioned luxury and upper upscale hotels and resorts, owns 39 hotels across 16 US states.
Leonovus Inc. Announces a $445,000 Bridge Loan
September 1, 2020Leonovus Inc., (“Leonovus” or the “Company”) (TSXV: LTV) announces that it plans to enter into a loan agreement with eleven shareholders, including two directors, (the “Lenders”) for a secured loan in the principal amount of up to CAD$445,000 (the “Loan”).
SBALenders.com completes study of Covid impact on SBA lender activity during Q2
August 31, 2020To ascertain the impact that Covid has had on lending to small businesses in America, SBAlenders.com conducted a study of SBA loan activity by analyzing data provided by the Small Business Administration (SBA). SBA loans, which are designed to be attractive for borrowers who cannot easily obtain a traditional commercial loan, have plummeted in the second quarter of 2020.
RadNet Expands its Revolving Credit Facility to $195 million
August 31, 2020RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 332 owned and/or operated outpatient imaging centers, today announced the amendment of its senior secured first lien credit agreement to increase the amount of the revolving commitments thereunder by $57.5 million.
Heritage Global Inc. Announces New Head of Heritage Global Valuations
August 31, 2020Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HGI” or “the Company”), an asset services company specializing in financial and capital assets, today announced that Michael Goldstein has been promoted to Executive Managing Director, Head of Heritage Global Valuations (“HGV”), a division of Heritage Global Partners and a leading asset liquidation and appraisal firm.
King Trade Capital Provides $6 Million PO Finance Facility for Personal Hygiene Company
August 31, 2020King Trade Capital is pleased to provide financing to a California-based company that sells hand sanitizer and sanitizing wipes.
Celtic Capital Corporation Announces New Client Relationship
August 31, 2020Celtic Capital Corporation today announced its most recent new client relationship – a California-based distributor and fabricator of sheet metal products and industrial supplies.
Weatherford Completes Financing Transactions
August 31, 2020Weatherford International (collectively with certain of its subsidiaries, "Weatherford" or the "Company") today announced that it has refinanced its senior secured asset-based lending agreement (the "ABL Credit Agreement") through the issuance of $500 million of senior secured first lien notes.
Stonebriar Commercial Finance Promotes Smith, And Adds Carter
August 31, 2020Stonebriar Commercial Finance is pleased to announce the promotion of Harrison P. Smith to Vice President, Credit Manager.
Le Tote and Lord & Taylor Announce the Commencement of Going out of Business Sales at all of Their Iconic Stores
August 28, 2020Le Tote, Inc. and Lord & Taylor LLC (together with their respective subsidiaries, the “Company”), will commence Going Out of Busines Sales shortly at the historic brands’ 38 iconic stores and on www.lordandtaylor.com. Kirkland & Ellis LLP is acting as legal advisor to the Company and Berkeley Research Group, LLC is acting as restructuring advisor. Nfluence Partners is acting as the Company’s investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the Company’s store closing sales.
Nutanix Announces $750 Million Investment From Bain Capital Private Equity to Support Growth Initiatives
August 28, 2020Nutanix (NASDAQ: NTNX), a leader in enterprise cloud computing, today announced that Bain Capital Private Equity will make an investment of $750 million in Convertible Senior Notes to support the Company’s growth initiatives.
Fortress Biotech Announces $60 Million Loan Agreement with Oaktree Capital Management
August 28, 2020Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), an innovative revenue-generating company focused on acquiring, developing and commercializing or monetizing promising biopharmaceutical products and product candidates cost-effectively, today announced that it has entered into a $60 million loan agreement with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global investment firm (the “Agreement”). The company expects the proceeds from the five-year loan will be used to refinance existing indebtedness. The loan will mature in August 2025.
King Trade Capital Provides $6 Million PO Finance Facility for Personal Hygiene Company
August 28, 2020King Trade Capital is pleased to provide financing to a California-based company that sells hand sanitizer and sanitizing wipes. Beginning in February, KTC underwrote and began providing PO financing for the import of hand sanitizer allowing the client to deliver an additional $40 million in sales to Walgreens, CVS and other stores during the peak of the Covid 19 pandemic.
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The Secured Lender
The SFNet 40 Under 40 Issue.