Kirkland & Ellis LLP is serving as legal counsel to the Company, Lazard Ltd. is serving as the Company's investment banker, and Berkeley Research Group is serving as the Company's financial advisor.
The Extended Term Loan Lenders are represented by Wachtell, Lipton, Rosen & Katz as legal counsel and Ducera Partners LLC as investment banker.
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The Post-COVID New Normal For Store Closing and Strategic Sale Events. Reflections by SB360’s Scott Bernstein.
“Why aren’t you in the water? Nobody’s going in. Please… get in the water.” Those pleading words uttered in the 1975 blockbuster movie “Jaws” were part of an ill-fated effort by Mayor Larry Vaughn to save his fictional sleepy beach town from financial ruin. Those of us who saw the movie or have binged watched Shark Week re-runs know how that worked out for the reluctant residents of Amity.
TSL Express Daily Headlines & News
Organizers Planning de novo Bank in New York City
June 10, 2020NBF Holdings would be the holding company for NewBank, according to an application filed with the Office of the Comptroller of the Currency. Organizers have also applied with the Federal Deposit Insurance Corp. for deposit insurance. NewBank would be “primarily focused on providing credit, payments and deposits to consumers and businesses nationwide,” the filing says. “The bank will source customers and depositors largely through strategic partnerships, primarily with non-depository finance companies, original equipment manufacturers, retailers and technology companies.”
Surplus Professional AV Production Gear from The Camera Division and Cinema Verde Productions Set for Online Auction by Tiger Group on June 16
June 10, 2020Surplus professional AV production gear from equipment rental and production houses The Camera Division and Cinema Verde Productions are hitting the block on June 16 in a combined online-only auction conducted by Tiger Group.
Francisco Partners Announces Close of $750 Million Credit Fund
June 10, 2020Francisco Partners (FP) today announced the closing of FP Credit Partners, L.P., a $750 million opportunistic credit fund focused on the rapidly expanding technology credit market.
Bob Olsen Promoted to Lead Ankura's Global Cybersecurity and Privacy Group
June 10, 2020Ankura, a global business advisory and expert services firm, today is pleased to announce the appointment of Bob Olsen, Senior Managing Director, to the position of Global Head of Cybersecurity and Privacy, effective immediately. Based in Baltimore, Mr. Olsen will be responsible for supporting the continued expansion and growth of the firm's cybersecurity and privacy practices in both existing and developing markets.
Balbec Capital Raises $1.2 Billion for Latest Global Credit Fund
June 10, 2020Balbec Capital, LP, a global alternative asset manager with expertise sourcing and investing in bankrupt and insolvent credit, has completed the final close of InSolve Global Credit Fund IV, L.P. (the Fund), with total commitments of approximately $1.2 billion. This exceeds the Fund's $1 billion target and makes it Balbec's largest fund to date. The Fund received significant backing from current Balbec clients and welcomed a number of new global institutional investors.
Reich Bros Structured Finance to Operate as “Align Business Finance”
June 10, 2020Reich Bros Structured Finance (RBSF ) has announced its subsidiary, Reich Bros Business Solutions, LLC, a leading provider of capital solutions to companies across a wide range of industries, will operate, effective immediately, under the name Align Business Finance (www.alignbusinessfinance.com). The new name more accurately addresses the company’s customer philosophy, which is to align with itsborrowers’ financial needs, and provide capital so our clients can Align their business
Loeb Term Solutions Provides Term loans on $10M In Machinery this Quarter for Nine Satisfied Clients and Expands Sales Force
June 10, 2020In the past 2 months nine clients were able to grow their businesses by leveraging working capital from their machinery with equipment financing provided by Loeb Term Solutions. These winning solutions amount to $10 million in covenant-free financing for businesses ranging from transportation to earth moving, from a truck fabricator to an underground utility contractor, from a steel producer to a protein producer, and several others.
Sallyport Commercial Finance Structures a Multi-Million Dollar Credit Facility for an Electronics Company
June 10, 2020Sallyport Commercial Finance arranges a $3,000,000 accounts receivable facility for a national distributor of gaming and consumer electronics. Due to the COVID-19 pandemic, the business has expanded their products to include personal protective equipment such as masks and gloves.
Highlight of Changes Made to Main Street Lending Program
June 9, 2020Clayton Stallbaumer and Staci Rosche of McGuireWoods summarized the changes to the MSLP, which were announced on Monday.
Clear Thinking Group Promotes Brian Allen to Senior Managing Director
June 9, 2020Clear Thinking Group LLC, the award-winning business advisory firm, is pleased to announce the promotion of Brian Allen to Senior Managing Director effective immediately. Mr. Allen has over twenty-five years of experience serving in Controller and CFO positions with both public and private companies.
Albireo Announces Two Financing Transactions to Extend Cash Runway Into the Beginning of 2022
June 9, 2020Under the updated terms of the agreement with HCR, the company will receive an additional $15 million on top of the $45 million royalty financing commitment HCR made in 2018 for royalty rights based on sales for elobixibat in the treatment of chronic constipation in Japan. Under the terms of the new agreement with Hercules Capital, Albireo may access up to $80 million of new capital, with an initial minimum of $10 million drawn down on a first available tranche of $15M, and additional tranches based on regulatory and other milestones.
Huntington Business Credit Announces $11.5 Million in Credit Facilities with Robinson Fans Holdings, Inc.
June 9, 2020Robinson Fans Holdings, Inc., located in Zelienople, Pennsylvania, is a designer and manufacturer of industrial fans and air moving equipment.
TAB Bank Provides Consumer Lighting Products Company in Utah with an $8 Million Revolving Credit Facility
June 9, 2020TAB Bank is pleased to announce it has provided an $8 million asset-based revolving credit facility for a consumer lighting products company based in Utah. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company.
Bright Mountain Media Completes Accretive Acquisition of CL Media Holdings d/b/a/ Wild Sky Media
June 9, 2020Wild Sky Media, an interactive media company and home to parenting and lifestyle brands CafeMom, Mom.com, LittleThings, Revelist, Babynamewizard, and MamasLatinas. The transaction was completed on a debt-free and cash-free basis, free and clear of any liens and encumbrances for a total enterprise value of $15.0 million, in addition to 2.5 million shares of common stock of Bright Mountain Media, Inc. Centre Lane funded a $15.0 million first lien senior secured term loan to Bright Mountain Media to finance the purchase price at closing.
Macy’s, Inc. Raises Approximately $4.5 Billion in Financing
June 9, 2020Credit Suisse and JP Morgan served as joint physical book runners on the company’s senior secured notes issuance. Bank of America and Goldman Sachs served as book runners on the notes issuance. Bank of America is serving as the Administrative Agent and Lead Arranger on the company’s asset-based credit agreement.
Rayonier Advanced Materials Announces Credit Agreement Amendment Providing Extended Financial Covenant Relief and Additional Liquidity
June 8, 2020Rayonier Advanced Materials Inc. (the “Company”) today announced that, in working with its lenders under its Senior Secured Credit Agreement, it has entered into an amendment (the “Amendment”) under which, among other changes, the lenders have agreed to relax the financial covenants through 2022. In addition, the Amendment provides additional liquidity to the Company by reducing the minimum availability the Company is required to maintain under its revolving credit facility. The Amendment added a 1 percent LIBOR floor and lenders were paid a customary fee as consideration for their consent to the Amendment.
Serta Simmons Bedding Enters Into Agreement with Majority of Lenders on Deleveraging and Liquidity Enhancing Transaction
June 8, 2020Serta Simmons Bedding, LLC ("SSB" or the "Company"), the largest manufacturer and distributor of mattresses in North America, today entered into a transaction support agreement with a majority of its First Lien and Second Lien Term Loan Holders to recapitalize the Company. The transaction is expected to reduce net debt by approximately $400 million, and further provides for $200 million in new capital to increase its financial strength and support the acceleration of SSB's business transformation plan.
Orion Group Holdings, Inc. Announces Additional $20 Million Revolver
June 8, 2020Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading specialty construction company, today announced it has entered into an amendment to its existing credit agreement with Regions Bank and other lenders, providing for a new $20 million revolving credit facility to supplement its existing $50 million revolver. The new revolver will have a term of one year.
Douglas Dynamics Refinances $375 Million Credit Facility
June 8, 2020Douglas Dynamics, Inc. (NYSE: PLOW), North America's premier manufacturer and upfitter of work truck attachments and equipment, today announced it has refinanced its existing senior secured credit facilities with $375 million of new credit facilities, consisting of a $275 million 6-year Senior Secured Term Loan B Facility due June 2026 and a $100 million 3-year Senior Secured ABL Revolving Credit Facility due June 2023. The proceeds from the borrowings will be used for general corporate purposes, including repaying the entirety of the company’s prior $226 million Term Loan B Facility that was scheduled to mature on December 31 2021.
QuickFi® & Johnson Controls International Announce Customer Financing Program
June 8, 2020QuickFi® by Innovation Finance USA, LLC is pleased to provide financing services for Johnson Controls International customers. Johnson Controls is a worldwide leader in optimizing building performance to improve safety and enhance comfort. QuickFi enables business equipment purchasers to initiate and complete fixed-rate, term equipment financing transactions, which previously took days or weeks, in only three minutes.
In This Section
The Secured Lender
The Cross-Border Issue.