- Rocky Lozano Joins TAB Bank’s Business Development Team
- 8minute Solar Energy Upsizes Letter of Credit Facility to $350 Million and Welcomes Three Leading Project Finance Banks
- AloStar Capital Finance Provides $30 Million Credit Facility to BlackRiver Business Capital
- ABC Carpet & Home Selects Gerber Finance For Funding
- Hahn & Hessen Law Firm Promotes New Partner in the Firm's Business Finance Group
TSL Express Trending Story
The COVID-19 crisis of 2020, like a stress test for businesses and funders, created a landscape of winners and losers. For those passing the test, there are more lending options and potential buyers as M&A activity begins to sprout.
Some had a good “runway” ahead of the regional lockdowns; they were already digital companies or were well capitalized. Others enjoyed being in high-demand sectors such as groceries, technology, home goods, outdoor products, and delivery transportation.
For those companies that were well positioned or adapted quickly, business growth continues, and for those more challenged due to business restrictions, secured finance has been invaluable, along with government rescue loans. This was a repeated theme throughout the annual SFNet Convention held virtually November 17-19. This article covers many of the 34 presentations on the theme: “This Way Forward.”
TSL Express Daily Headlines & News
Landec Corporation Announces Comprehensive Refinancing of Credit Facilities
January 5, 2021The new structure includes a five-year $170.0 million uni-tranche term loan agented by Goldman Sachs Specialty Lending Group, L.P. (“Goldman Sachs”) and split equally with Guggenheim Credit Services, LLC (“Guggenheim”) and a $75.0 million asset-based line of credit provided by BMO Harris Bank N.A. (“BMO”), a lender under the Company’s prior credit facilities, which matures in five years subject to a springing maturity date described herein.
Centerra Gold Announces New Corporate Credit Facility
January 5, 2021Centerra Gold Inc. (“Centerra”) (TSX: CG) announced today it has entered into a new U.S.$400 million four-year revolving credit facility plus a U.S.$200 million accordion feature (the "Credit Facility"). The Credit Facility is led by The Bank of Nova Scotia, National Bank Financial Markets and HSBC Canada Bank and is supported by a syndicate of international financial institutions. The interest rate payable on any outstanding borrowings is LIBOR plus 2.25% to 3.25%. The Credit Facility replaced Centerra’s previous U.S.$500 million revolving credit facility.
Horizon Technology Finance and Silicon Valley Bank Provide $20 Million Venture Loan Facility for Canary Medical
January 5, 2021Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, along with lending partner, Silicon Valley Bank ("SVB"), a provider of financial solutions for growth-oriented companies, announced today that on December 31, 2020 they provided a $20 million venture loan facility to Canary Medical, Inc. ("Canary Medical"), a medical data company improving healthcare outcomes with its proprietary smart medical devices.
Armstrong Teasdale Opens in Delaware
January 5, 2021Armstrong Teasdale proudly announces its intent to establish a physical presence in Wilmington, Delaware. This marks the firm’s seventh office opening in the past two and a half years. Armstrong Teasdale will initially welcome a team of four partners, with plans to expand in the market. Partners Shelley A. Kinsella, Jonathan M. Stemerman, Eric M. Sutty and Rafael X. Zahralddin join the firm, effective Jan. 4, 2021. In 2020, Armstrong Teasdale added more than 100 attorneys and staff professionals to its ranks across the country.
FTI Consulting Promotes 18 Professionals to Senior Managing Director in the Corporate Finance & Restructuring Segment
January 5, 2021FTI Consulting, Inc. (NYSE: FCN) today announced the promotion of 18 professionals within the firm’s Corporate Finance & Restructuring segment to Senior Managing Director, effective Jan. 1, 2021. The promotions include Alexis Anaman, Jamie Belcher, Michael Bui, Jose Cepeda, Francesco Di Ianni, Ian Duncan, Andy Hall, Peter Heinz, Darin Miller, Riccardo Pacelli, Liz Park, Daniele Pe, Dave Phillips, Kevin Rea, Lisa Rickelton, Mukesh Shah, Vincent Stevens and Daniel Woodhouse.
Kristen Palmer Joins Black Olive Capital LLC as VP of Underwriting
January 5, 2021Kristen brings over 10 years of industry knowledge and expertise to Black Olive. She has served as Operation Specialist, Lead Underwriter, and business development officer for several revered boutique lenders in the industry. Kristen has extensive experience in the inventory and purchase order finance space.
FinSoft, LLC Celebrates 25 Years
January 5, 2021In the past 25 years we went from a startup to a proven company with products that span the underwriting and due diligence needs associated with auditing (AssetWriter), data gathering for Operations and Audit (AsseReader), time-series fraud reduction (AssetArchive) and our ongoing contributions to ABL-Help and training with www.ABLTrain.com.
Rosenthal Provides $950,000 Production Finance Facility for California-based Cosmetic and Beauty Company
January 5, 2021Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $950,000 purchase order finance facility to support the production financing requirements of a California-based cosmetic and beauty products company. A seasoned entrepreneur who had successfully built and sold a beauty and wellness business was now at the helm of a new beauty brand incubator.
Great Rock Capital Provides $11.8 Million of Liquidity through Senior Secured Credit Facility
January 5, 2021Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced it has provided $11.8 million of capital through a senior secured credit facility to support one of North America’s leading providers of high-quality catalog solutions. The facility was used to finance an acquisition and will provide additional liquidity to support the Company’s future growth.
Inventories From Last 3 Facilities of Major Distributor of Disposable and Durable Medical Supplies to be Auctioned by Tiger Group on Jan. 12-14
January 5, 2021Online wind-down event offers PPE and other items from American Medical Depot’s FL, NC & NY warehouses; material handling, warehouse and office assets also up for bid. Following private treaty bulk sales and successful auctions of assets from three of American Medical Depot’s (AMD) six facilities, Tiger Group will wrap up the wind-down of this major distributor of medical equipment and supplies with online auctions in mid-January for in excess of $16 million in inventories plus other assets from the company’s three remaining locations.
White Oak Healthcare MOB REIT Acquires 3 Class-A Medical Office Buildings in Southern Florida
January 5, 2021White Oak Healthcare MOB REIT today announced it has acquired three Class-A medical office buildings in Southern Florida. The stabilized assets, Estero Medical Center, located in Estero, Florida and Oak Point I & II in Vero Beach, Florida, total 77,363 square feet and are 97.3% leased to a diverse group of physician practices. Oak Point I & II are located within a growing medical micro-market anchored by Cleveland Clinic Indian River Hospital, surgery centers, as well as post operation rehabilitation, skilled nursing and senior living facilities.
Match Factors Named a Top Factor Fourth Year Running
January 5, 2021Match Factors, a leading provider of transportation factoring, has once again earned top honors from The FactoringClub, an industry group dedicated to guiding small businesses. For the fourth year in a row, Match Factors received the Best Freight Factor award from the FactoringClub, a leading online resource for finding factoring companies.
Fairstone Financial Holdings Inc. Acquired by Duo Bank of Canada
January 5, 2021Duo Bank of Canada ("Duo Bank"), a Toronto-based financial services provider supported by Stephen Smith, Centerbridge Partners L.P. and Ontario Teachers' Pension Plan Board ("Ontario Teachers'"), announced today the completion of the acquisition of all outstanding shares of Fairstone Financial Holdings Inc. ("Fairstone" or the "Company"). Headquartered in Montreal, Fairstone is Canada's leading provider of responsible credit solutions for near-prime borrowers with over $3 billion in assets on a consolidated basis.
North Mill Equipment Finance, LLC Sets Multiple Records in 2020 as Originations Reach All-Time High
January 4, 2021North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor located in Norwalk, Connecticut, announced today that 2020 was the best twelve months in the company’s 60-year history as loan and lease originations reached an all-time high. Reporting upsurges in volume throughout 2020, the organization beat each of its prior high-water marks as new records were set for annual, quarterly, and monthly volume as December came to a close.
Greenbrook TMS Closes $30 Million Credit Facility With Oxford Finance LLC
January 4, 2021Greenbrook TMS Inc. (TSX: GTMS) (“Greenbrook” or the “Company”), a leading provider of Transcranial Magnetic Stimulation (“TMS”) therapy in the United States, announced today that it and its subsidiaries have entered into a credit and security agreement for a US$30 million secured credit facility (the “Credit Facility”) with Oxford Finance LLC (“Oxford”). Bloom Burton Securities Inc. acted as the Company’s sole financial adviser in connection with the transaction.
Power Solutions International Announces Amendment to Credit Agreement
January 4, 2021Power Solutions International, Inc. (“the Company”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced that it entered into a first amendment to its one-year senior secured revolving credit facility pursuant to that certain credit agreement dated March 27, 2020, between the Company and Standard Chartered Bank (“Standard Chartered”).
MidCap Business Credit Closes on a $6 Million Asset-Based Credit Facility
January 4, 2021The opportunity was sourced out of MidCap’s headquarters in West Hartford, CT. Seth Cooper, Senior Vice President of MidCap Business Credit said, “We were able to structure a flexible credit facility for the sponsor and close quickly, which will assist them in helping the business achieve their financial objectives”.
MidFirst Business Credit Announces New Lending Relationship with Morcon, Inc.
January 4, 2021MidFirst Business Credit (MFBC) announced it has provided $8.5 million in working capital and capital expenditure facilities to Morcon, Inc. (Morcon). Located in Eagle Bridge, NY, Morcon is a commercial paper tissue converting company with three primary product lines: tissue, towel and napkins. The funds were used to provide additional working capital and help facilitate further business expansion. The transaction was completed on December 22, 2020.
J D Factors Announces Factoring Facilities
January 4, 2021J D Factors announced it had provided the following factoring facilities: $50,000 to a transportation company in Kentucky; $400,000 to a transportation company in Illinois; $50,000 to a transportation company in Texas and $250,000 to a transportation company in Georgia.
Encina Business Credit Provides $30 Million Revolving Credit Facility to E-Commerce Retailer
January 4, 2021Encina Business Credit, LLC announced today that it has provided a $30 million senior secured revolving credit facility to an e-commerce retailer. The senior secured revolving line of credit, which is collateralized by accounts receivable, credit card receivables, and inventory, was used by the company’s private equity investor to finance its acquisition and ongoing working capital financing needs.
In This Section
The Secured Lender
The SFNet Capital Markets Issue