• Crestmark Provides More Than $86.3 Million in Commercial Financing to 22 Businesses in the Second Half of July
    August 11, 2020
    Crestmark secured a total of $29,152,900 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $7,765,608 in five new lease transactions; the Joint Ventures Division provided $4,104,958 in financing to two new clients; and the Government Guaranteed Lending group provided $45,341,886 in financing for nine new clients in the second half of July.
  • Yieldstreet’s New Private Business Credit Funded First Two Deals: $16.7M Supply Chain Finance and $1.5M Custom Model Home Loan
    August 11, 2020
    Yieldstreet Private Business Credit (“PBC”)–PBC (www.yieldstreet.com/private-business-credit-investment), a provider of single and multi-tranche term loans and participations to finance companies, banks, credit funds and private equity-backed companies has closed a $16.7M Supply Chain Financing and a $1.5M Custom Model Home Loan after just recently announcing the launch of the new PBC vertical on June 23, 2020.
  • Stellex Capital Management Opens Detroit Office and Hires Two Executives
    August 11, 2020
    Stellex Capital Management (“Stellex”), a middle market private equity firm with offices in New York and London, announced today that it has opened an office in Ann Arbor, Michigan. The Company also announced the appointment of Shankar Kiru as Managing Director and Andrew P. Arton as Director. They will be based in the Ann Arbor office. The office officially opened on August 1st.
  • Hertz Seeks Bankruptcy Loan After Share Sale Falls Through
    August 11, 2020
    Hertz Global Holdings Inc. is seeking debtor-in-possession financing for its Chapter 11 bankruptcy after its unusual attempt to raise money by selling potentially worthless shares fell through. The rental-car company said in a regulatory filing Monday it is looking for new sources of cash with the travel business in a deep slump and proceeds from the sale of its cars going to pay off creditors. Hertz raised just $29 million from selling its stock before questioning by Securities and Exchange Commission officials led the company to terminate plans to offer as much as $500 million of equity.
  • Amazon May Take Over old JCPenneys and Sears at Struggling Malls, in Order to Speed up Deliveries: Report
    August 11, 2020
    Retail spaces at struggling malls, formerly occupied by closed or bankrupt department stores, may not be empty or unprofitable for long: Amazon may move in. The company is in talks with the largest mall owner in the United States, Simon Property Group, to convert former or current JCPenney and Sears stores into distribution hubs to deliver packages, according to The Wall Street Journal.
  • Atlantic Carbon Group Names Jeff Strobel as President and CEO
    August 11, 2020
    White Oak Global Advisors-backed company Atlantic Carbon Group Atlantic Carbon Group, Inc, (ACG) a leading producer of anthracite headquartered in Hazleton, PA, announced that its Board of Directors has appointed Jeff Strobel as President and CEO, effective August 1, 2020. In addition, Seth Schwartz, interim CEO, will transition to Chairman of the Board of Directors of ACG.
  • Hilco Redevelopment Partners Provides Support for the Children’s First Fund Summer Reading Initiative
    August 11, 2020
    The initiative is designed to help Chicago Public School students build culturally relevant personal libraries and to keep them reading and learning during the summer and remote learning.
  • WaFd Bank Leverages nCino to Efficiently and Digitally Provide Commercial and Small Business Financing
    August 11, 2020
    nCino, Inc. (NASDAQ: NCNO) today announced that $18.2 billion-asset Seattle-based WaFd Bank has deployed the nCino Bank Operating System to increase and digitize its commercial lending efficiency and improve the client experience. WaFd was also able to utilize nCino for SBA loan processing to assist small businesses through the coronavirus pandemic as a result of the platform’s agility. The bank worked with management and technology consulting firm West Monroe to implement nCino’s cloud-based digital platform.
  • TCF National Bank Completes Integration with Chemical Bank, Creating Strong Foundation to Strengthen Individuals, Businesses and the Community
    August 11, 2020
    TCF National Bank announced the successful completion of its integration with Chemical Bank on Monday, creating a strong foundation to strengthen individuals, businesses and the community. TCF retired the Chemical brand and unveiled its new brand platform and ad campaign to encapsulate how when one business or individual succeeds, the positive impacts are felt throughout the entire community. The company’s new tagline, “What’s in it for We,” follows TCF’s announcement of a $1 billion loan commitment to minority communities and minority-owned and women-owned small businesses.
  • Federal Reserve Board Announces Individual Large Bank Capital Requirements, Which will be Effective on October 1
    August 11, 2020
    Following its stress tests earlier this year, the Federal Reserve Board on Monday announced individual large bank capital requirements, which will be effective on October 1. Under its framework for large banks—those with more than $100 billion in total assets—capital requirements are in part determined by stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs.
  • CRE Private-Equity Fundraising Shrivels Under Coronavirus
    August 11, 2020
    The new coronavirus has stalled the growth of commercial real estate in North America in the first half of 2020, according to a report by Preqin. According to the report, private real estate equity fundraising reached a peak in 2019 with approximately $83 billion in 2019. The report shows that number was on track to match in 2020, however by June only $23 billion has been raised in the sector. The report also shows that deal-making has been on the decline compared to 2019. There were 3,639 deals made in 2019. However, there have only been 968 deals made in the first half of 2020.
  • Over 60% of Global Bank Rating Outlooks Are Negative
    August 10, 2020
    Fitch Ratings' new interactive country-by-country map of bank rating trends shows that the balance of Outlooks globally has turned sharply negative since the onset of the coronavirus pandemic. The proportion of bank ratings on Negative Outlook or Rating Watch Negative (RWN) shot up to over 60% at end-1H20 from 13% at end-2019. The proportion on RWN was 10%, the highest in recent years, reflecting near-term risks to many banks' ratings. There were virtually no ratings on Positive Outlook or Rating Watch Positive.
  • AVEO Oncology Announces Restructuring of Existing Term Loan with Closing of New Tranched, $35 Million Debt Facility
    August 10, 2020
    AVEO Oncology (Nasdaq: AVEO) today announced the closing of a tranched, $35 million debt facility with Hercules Capital, Inc. (NYSE: HTGC) and its affiliates. The new facility has a maturity of 36 months, extendable up to 48 months, and an interest-only period of 12 months, extendable up to 30 months upon the achievement of performance milestones related to the approval and commercialization of tivozanib.
  • Rosenthal Closes Two Factoring Deals with West Coast Apparel Companies
    August 10, 2020
    Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of two separate multi-million dollar factoring deals with California-based apparel companies. A women’s apparel brand of high-quality sustainable fashion was in need of a new factoring arrangement when its current factor was no longer able to support the company and its growth plans.
  • US Capital Global Securities Receives Large Endowment into Recently Launched $100MM Global Lending Fund
    August 10, 2020
    San Francisco-based private financial group’s global fund of funds is now actively allocating to private investment funds and other capital providers offering secured loans to qualifying SMBs.
  • Biohaven Announces up to $500 Million Non-Dilutive Term Loan with Sixth Street
    August 10, 2020
    Cooley acted as legal advisor to Biohaven on the transaction. Latham & Watkins LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal advisors to Sixth Street.
  • McCabe Joins Newpoint as Managing Director
    August 10, 2020
    Newpoint Advisors Corporation, a financial advisory firm dedicated to troubled small to midsized businesses, announced that Tom McCabe has joined as a Managing Director in the Chicago office. McCabe has nearly 30 years of executive financial leadership experience.
  • Oryx Stainless Group Secures 80 Million Euro Credit Facility
    August 10, 2020
    As an important milestone in its financial strategy, Oryx Stainless Group has refinanced 80 million Euro out of a previous 100 million Euro syndicated credit facility. In this transaction, HSBC acted as sole bookrunner, supported by Commerzbank, DZ Bank and Rabobank as Mandated Lead Arrangers. NRW Bank and Sparkasse Düsseldorf acted as Lead Arrangers.
  • Amerisource Closes $1,500,000 Credit Facility for Manufacturer
    August 10, 2020
    Amerisource Business Capital announced the closing and funding of a $1,500,000 real estate loan to a flow meter manufacturer based in Texas. Doug Forbes, Regional Market Manager for Amerisource, stated: “We were able to quickly provide the funds needed to refinance the customer’s current bank debt through our real-estate product. The proceeds will increase the Company’s working capital which will be used to support future growth.”
  • BNP Paribas Closes First Environment-Linked RCF in Latin America with Empresas CMPC
    August 10, 2020
    BNP Paribas, a premier global bank, today announced that it has closed a $100 million syndicated Revolving Credit Facility (“RCF”) structured as a sustainability-linked loan (“SLL”) with Empresas CMPC S.A. (“CMPC” or the “Company”), a Chilean pulp and paper company. BNP Paribas, as Joint Lead Arranger and Sole Sustainability Coordinator, led the group of banks involved in the transaction, and will be the Administrative Agent of the facility.
  • CIFC Launches ‘All-Weather’ High Yield Strategy in UCITS Form
    August 10, 2020
    Alternative credit specialist CIFC has launched a long/short high yield UCITS fund managed by industry veteran Jason Horowitz, who has been running similar strategies successfully for over 10 years. Mr. Horowitz joined the New York-based manager in January as Head of U.S. High Yield Bond Investments. He has been managing the strategy for CIFC since February 1, 2020, delivering a 12.69% net gain to the end of July, compared with a 0.18% loss for the wider U.S. high yield market.1 The strategy made positive returns during March at the height of market anxiety around Covid-19.
  • FTI Consulting Expands Global Aviation Offering
    August 10, 2020
    FTI Consulting, Inc. (NYSE: FCN) today announced continued investment in its Aviation offering with the launch of a dedicated global industry practice and the appointment of two Senior Managing Directors and four Managing Directors. This team will immediately enhance the firm’s depth of expertise for airlines, manufacturers, lenders, lessors, investors and other aviation-industry players, as they continue to respond to the changing environment, stabilize their businesses amid profound uncertainty and take a leading position to emerge from the downturn.
  • WhiteHorse Capital Continues Expanding the Sponsor Originations Team with the Addition of Jason Hicks as Principal
    August 10, 2020
    WhiteHorse Capital (“WhiteHorse”), the direct lending affiliate of H.I.G. Capital, a leading global alternative investment firm with $39 billion of equity capital under management, is pleased to announce the addition of Jason Hicks as Principal. He will be based in WhiteHorse’s New York office and will be responsible for originating and executing middle market debt financings for private equity sponsored transactions.
  • Citizens Bank Provides $27.5 Million in Construction Financing for Housing Projects in Philadelphia
    August 6, 2020
    Citizens Bank announced today that its Community Development Group has provided a $19 million loan to 2601 Poplar OZ, LLC, whose sponsor is Daniel Greenberg, for the acquisition and construction of a new mixed used project at 2601 Poplar St. in Philadelphia that will have 108 market-rate apartments and 11,000 square feet of commercial space. Equity was provided by a partnership between Sage Real Estate Group and Jay Goldstein. The project will re-develop a vacant property.
  • Monroe Capital Corporation BDC Announces Second Quarter 2020 Financial Results
    August 6, 2020
    Second Quarter 2020 Financial Highlights: • Paid quarterly dividend of $0.25 per share; • Current annual cash dividend yield to shareholders of approximately 15.9%1; • Shares trading at a Price to NAV of 0.61x2; • Net Investment Income of $12.6 million, or $0.61 per share; • Adjusted Net Investment Income of $12.8 million, or $0.62 per share; and • Net increase in net assets resulting from operations of $14.2 million, or $0.69 per share
  • BlackRock TCP Capital Corp. Announces Appointment of Andrea Petro to Its Board Following the Retirement of Brian Wruble
    August 6, 2020
    BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“we,” “us,” “our,” “TCPC” or the “Company”) announced today that Brian Wruble retired from the Board of Directors effective August 4, 2020. Additionally, TCPC appointed Andrea Petro as an independent director. Ms. Petro will serve on the Audit Committee, Governance and Compensation Committee, and Joint Transactions Committee.
  • Viad Corp Secures Additional Capital of up to $180 Million and Amends Credit Facility for Enhanced Financial Flexibility
    August 6, 2020
    Viad Corp (NYSE: VVI) today reported that it has closed on an agreement with funds managed by private equity firm Crestview Partners for the private placement of up to $180 million of preferred stock, and an agreement with its lender group to enhance the Company’s financial flexibility for the next eight fiscal quarters. Viad was represented in the transaction by Moelis & Company LLC as placement agent and Latham & Watkins LLP as legal advisor. Crestview was represented by Jefferies Group LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor.
  • Metropolitan Bank Holding Corp. Appoints Dixiana Berrios Chief Operating Officer
    August 6, 2020
    Ms. Berrios brings more than 24 years of experience across a broad range of financial, digital and management disciplines, primarily in the banking sector. Most recently, she was Executive Vice President, Director of Operations at Amalgamated Bank, New York, NY.
  • First Eagle Alternative Credit Appoints Michelle Handy to Direct Lending Investment Committee
    August 6, 2020
    First Eagle Alternative Credit, LLC (“FEAC”) today announced the appointment of Michelle Handy, a Managing Director and Head of Portfolio & Underwriting for the firm’s Direct Lending platform, to its Direct Lending Investment Committee. Since joining the firm, then known as THL Credit in 2016, Handy has been responsible for overseeing the underwriting and management of investments across the portfolio. She joins three other primary members on the Direct Lending Investment Committee: Chris Flynn, President; Jim Fellows, CIO; and Terry Olson, COO and CFO. There are also rotating committee members who provide industry expertise.
  • A&G Accepting Offers on Phoenix Distribution Center in Tuesday Morning Corp. Bankruptcy Organization
    August 5, 2020
    A&G Real Estate Partners is now accepting bids on the leasehold interest for Tuesday Morning Corporation’s Phoenix distribution center in connection with its role as real estate advisor in the retailer’s Chapter 11 bankruptcy reorganization case. State-of-the-art facility offers turnkey opportunity for e-commerce, store fulfillment or other distribution applications.
  • Amerisource Closes $6,500,000 Revolving Line and Term Loan for Chemical and Additive Manufacturer In Texas
    August 5, 2020
    Amerisource Business Capital announced the closing and funding of a $6,500,000 credit facility for a chemical and additive manufacturer based in Texas. Proceeds of the facility were used to support the company’s continued growth.
  • Hedaya Capital Group Announces the Completion of a $750,000 Factoring Facility for an Infant and Toddler’s Clothing Importer
    August 5, 2020
    The Hedaya Capital Group, Inc. is pleased to announce a $750,000 factoring facility for an infant and toddler’s clothing importer. The company was a spin-off from a larger importer based in New York City, and is expected to do $5,000,000 in sales in its first year as an independent entity.
  • Stenn Launches International Trade Financing for Professional Services
    August 5, 2020
    Digital trade finance provider Stenn, a pioneer in offering innovative international financing solutions for diverse sectors, today announced the launch of its new Professional Services Finance Program. The program delivers international invoice financing for service providers across the globe.
  • TAB Bank Provides Outsourced Customer Service Company in Colorado with a $3 Million Revolving Credit Facility
    August 5, 2020
    TAB Bank is pleased to announce it has provided a $3 million revolving credit facility for an outsourced customer service company based in Colorado. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company.
  • Commercial Funding Inc. Enters the Asset Based Lending Market
    August 5, 2020
    Commercial Funding Inc., a national provider of invoice factoring and accounts receivable financing, has added asset-based loans to its funding solutions. Designed to meet the needs of small to mid-market sized businesses operating in the business-to-business space, Commercial Funding’s asset based loans will typically range from $500,000 to $2,500,000.
  • Morgan Stanley Private Credit and Comvest Partners Announce Junior Capital Financing for von Drehle Corporation
    August 5, 2020
    Headquartered in Hickory, North Carolina, von Drehle Corporation is a leading independent vertical-integrated manufacturer of paper tissue and towels. With its best-in-class paper making facilities in Cordova, North Carolina, and Natchez, Mississippi, coupled with a broad footprint of paper converting facilities, von Drehle is able to supply accounts nationwide with industry-leading customer service.
  • Alvarez & Marsal Launches North American Automotive and Industrials Group
    August 5, 2020
    Leading global professional services firm Alvarez & Marsal (A&M) has announced the hiring of Rick Kozole as Managing Director. Based in Detroit, Mr. Kozole will serve as the leader of the firm’s North American Automotive and Industrials Group. Mr. Kozole also joins the senior leadership team of A&M’s global Aerospace, Defense & Aviation team. His appointment expands A&M’s ability to provide these sectors with complex, enterprise-wide restructuring and performance improvement solutions in the areas of engineering, procurement, manufacturing, quality and logistics.
  • Huntington Business Credit Close New $25,128,000 Credit Facilities with LL Flex LLC
    August 5, 2020
    Huntington Business Credit announced it closed new $25,128,000 credit facilities with LL Flex LLC on June 26, 2020. LL Flex LLC is owned by Centre Lane Partners, a private equity firm based in New York City. Proceeds of the facilities were used to refinance existing debt and provide ongoing working capital growth financing.
  • Alterna Capital Solutions Celebrates 2 Years With Completion of Additional $15 Million Equity Investment and a $30 Million LOC Increase
    August 4, 2020
    Alterna Capital Solutions, a specialty and alternative financing lender to small businesses experiencing growth, today announced the completion of an additional $15 million private equity investment from Alterna Equity Partners, coinciding with a line increase of $30 million from Texas Capital Bank to complement a $50 million asset-based credit facility led by Wells Fargo Capital Finance.
  • Blackstone Hires Former Amazon Executive Christine Feng as Senior Managing Director
    August 4, 2020
    Blackstone (NYSE:BX) today announced that Christine Feng, a former senior executive at Amazon focused on mergers and acquisitions, has joined the firm as Senior Managing Director. Ms. Feng will be based in San Francisco and focus on technology investing for Blackstone’s opportunistic investing platform, Blackstone Tactical Opportunities, and will also work closely with Blackstone’s credit investing platform, GSO.
  • OpenGate Capital Strengthens Management Team with Tenured Chief Financial Officer Heather Malloy Joins OpenGate as CFO
    August 4, 2020
    OpenGate Capital, a global private equity firm, announced today that their senior leadership team has expanded with the addition of Heather Malloy who joined the firm today as Chief Financial Officer based in the firm’s Los Angeles office. Malloy is a tenured, private equity finance executive with an extensive background in corporate strategy, structuring, and systems. She is experienced in control buyouts, senior, junior, and mezzanine debt, structured finance, and asset-backed securities.
  • Truist Securities: Corporate and Investment Banking Powerhouse Created by Combination of SunTrust Robinson Humphrey and BB&T Capital Markets
    August 4, 2020
    Truist Financial Corporation (NYSE: TFC) today announced that its corporate and investment banking businesses, SunTrust Robinson Humphrey and BB&T Capital Markets, have integrated and are now doing business as Truist Securities.
  • TNS Targets Continued Global Growth with Key Strategic Appointment
    August 4, 2020
    Transaction Network Services (TNS) has appointed payments industry veteran John Tait to the newly created position of Global Managing Director for its FinTech Payments business. Based in Australia, Tait takes responsibility for TNS’ payments teams across the Americas, Europe and Asia Pacific regions, which now serve customers in over 60 countries. Tait has a strong understanding of TNS’ business having originally joined the company in 2016 as Managing Director for Asia Pacific and taking on a position on the TNS Asia Pacific Advisory Board in 2018. In 2019, Tait’s role was expanded to include management of the newly acquired ADVAM business.
  • Assets from Two Syringe-Filling/Sterile Drug Compounding Plants Up for Sale
    August 4, 2020
    Tiger Group, in partnership with Liquidity Services and Perry Videx, is now accepting immediate offers to purchase assets from two syringe-filling/sterile drug compounding plants that had been operated by PharMEDium, a manufacturer of ready-to-use compounded sterile preparations.
  • RTW Retailwinds, Inc. Announces Execution of Asset Purchase Agreement with Sunrise Brands, LLC for the Sale of its e-Commerce Business
    August 4, 2020
    RTW Retailwinds, Inc. (“RTW” or the “Company”) [OTC PINK:RTWIQ], an omni-channel specialty apparel retail platform for powerful celebrity and consumer brands, today announced that it has entered into an asset purchase agreement with Sunrise Brands, LLC for the sale of its e-commerce business and all related intellectual property, including its websites, www.nyandcompany.com, www.fashiontofigure.com and its rental subscription businesses at www.nyandcompanycloset.com and www.fashiontofigurecloset.com for a cash purchase price of $20 million plus assumption of certain liabilities, including honoring gift cards, subject to closing adjustments. B. Riley FBR, an affiliate of B. Riley Financial, Inc. (NASDAQ: RILY), is serving as the investment banker to the Company; Cole Schotz P.C. is serving as its legal advisor; and Berkeley Research Group, LLC is serving as its restructuring advisor.
  • Amerisource Closes $2,500,000 Revolver And Real Estate Term Loan for Manufacturer and Distributor
    August 4, 2020
    Amerisource Business Capital announced the closing and funding of a $2,500,000 credit facility for a power generation component part manufacturer and distributor based in Connecticut. The company is recapitalizing its balance sheet and needed a lender to provide availability on accounts receivable, inventory and real estate.
  • Texas Distribution Center Offered by A&G In Stage Stores Bankruptcy
    August 4, 2020
    With state-of-the-art features, Jacksonville, TX site offers turnkey opportunity for e-commerce, store fulfillment or other applications; site includes undeveloped land for expansion; A&G also offers income-producing industrial RTV center in Jacksonville and retail site in WV.
  • SG Credit Partners Provides $2.5 Million to Consumer Debt Collection Agency
    August 4, 2020
    The privately owned consumer debt collection agency needed capital quickly to move on opportunistic portfolio purchases as well as working capital cushion while collection curves ramped up. SG was able to quickly get comfortable with the transaction due to the value of dedicated portfolio collateral as well as a strong personal guaranty from the owner. SG worked quickly to provides $1.5MM funded ($2.5MM total) facility in a first lien position with interest-only payment.
  • Rosenthal Closes Factoring Deal w/CA-based Cosmetic Company Amid COVID-19
    August 4, 2020
    Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent multi-million factoring deal with a California-based cosmetics business that successfully shifted its production to aid in the fight against COVID-19.
  • J D Factors Announces Factoring Facilities
    August 3, 2020
    J D Factors announced the following factoring facilities: $100,000 to a transportation company in British Columbia; $50,000 to a transportation company in Texas; $100,000 to a transportation company in Alberta; $200,000 to a transportation company in Texas.
  • Hermitage Offshore Services Ltd. Announces 10-Day Extension of Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility
    August 3, 2020
    Hermitage Offshore Services Ltd. (NYSE:PSV) (“Hermitage Offshore,” or the “Company”) announced today that it has agreed to a 10-day extension of its previously announced forbearance agreement dated July 8, 2020 (the “Forbearance Agreement”) to its $132.9 Million Term Loan Facility dated January 14, 2020 (the “Term Loan Facility”) with DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) (together, the “Lenders”) and DNB Bank ASA, as agent and security agent.
  • Access Capital Provides $1.15 Million for Scribe-X LLC
    August 3, 2020
    Scribe-X LLC is a Portland, OR based provider of medical scribe services to the healthcare industry. Medical scribes provide real time clinical documentation to medical professionals thus allowing for more effective patient visits and less time behind a desk for clinicians. Access Capital replaced the company’s bank and will become its financial partner by providing a revolver of $850,000 and a term loan in the amount of $300,000.
  • Altura Energy Inc. Provides an Update on its Credit Facility Renewal
    August 3, 2020
    Altura Energy Inc. provides an update on its credit facility renewal. Altura and its lender have agreed to further extend the credit facility renewal from July 31, 2020 to August 31, 2020 to provide sufficient time to apply for the proposed federal support programs being initiated through the Export Development Bank of Canada and the Business Development Bank of Canada. In the interim, Altura's $9.0 million credit facility that was capped at $7.5 million on April 7, 2020 has been reduced to $6.0 million.
  • Simpson Thacher Adds Leading Private Equity Lawyer James Howe
    August 3, 2020
    Simpson Thacher & Bartlett LLP announced today that James Howe has joined its Mergers and Acquisitions Practice as a Partner in the London office. James is a rising star in private equity M&A who focuses on cross-border leveraged buyouts, mergers and acquisitions and corporate finance transactions. He has advised a wide range of clients across the globe, including many of the world’s leading private equity sponsors and financial institutions. He joins the Firm from Gibson, Dunn & Crutcher LLP.
  • BHI Appoints Jeff Lubatkin Chief Credit Officer
    August 3, 2020
    BHI, a full-service commercial bank, announced that it has appointed Jeff Lubatkin as Chief Credit Officer, overseeing the bank’s credit and credit analysis departments. Lubatkin has more than 25 years of commercial and corporate banking, credit risk management, and relationship management experience.
  • Denbury Resources Commences Next Step to Implement Pre-Packaged Plan to Strengthen Its Balance Sheet and Reduce Debt
    August 3, 2020
    Denbury Resources Inc. (NYSE: DNR) (“Denbury” or the “Company”) today announced it has taken the next step to implement its “pre-packaged” plan to eliminate the Company’s $2.1 billion of bond debt, consistent with the terms of its previously announced Restructuring Support Agreement (the "RSA"). Kirkland & Ellis LLP is acting as legal counsel to Denbury, Evercore Inc. is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor.
  • Noble Corporation plc Announces Comprehensive Financial Restructuring And Deleveraging Transaction
    August 3, 2020
    Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Noble, Evercore is serving as the Company's financial advisor, and AlixPartners LLP is serving as operational advisor. Porter Hedges LLP is serving as local legal counsel and EPIQ Restructuring Services LLC is serving as administrative agent. Kramer Levin Naftalis & Frankel LLP and Akin Gump LLP are serving as co-legal counsel and Ducera Partners LLC is serving as financial advisor to an ad hoc group of the Company's priority guaranteed noteholders. Milbank LLP is serving as legal counsel and Houlihan Lokey Capital, Inc. is serving as financial advisor to an ad hoc group of the Company's senior noteholders. Simpson Thacher & Bartlett LLP is serving as legal counsel and PJT Partners is serving as financial advisor to JP Morgan.
  • Le Tote and Lord + Taylor to Continue Sale Process and Commence Store Closings at Certain Stores Through Voluntary Chapter 11 Filing
    August 3, 2020
    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.
  • Support Building for More Constructive ABL Integration Into Main Street Lending Programs
    August 3, 2020
    In a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell, Senator Mike Crapo (R-ID) Chairman of the Senate Banking Committee urged law makers to “quickly expand the Main Street Lending Program by setting up an asset-based lending program” writing, “establishing a facility to accommodate asset-based lending could open access to critical resources for several industries that could not otherwise access the MSLP based on earnings or cash flow metrics.
  • Gibraltar Business Capital Turns 10, Surpasses $500MM in Closed Deals
    August 3, 2020
    Gibraltar’s long history began in 1951, when its predecessor Gibraltar Financial Corporation was founded in Chicago. In 1995, a rookie account executive named Scott Winicour joined the firm. Working his way from the ground floor up — learning the sales, credit, operations and underwriting processes — Scott took over operations in 2005. Then in 2010, Scott led a management buyout of Gibraltar Financial Corporation and established the company we are today — Gibraltar Business Capital.
  • Blackstone / GSO Announces Update to Closed-End Fund Portfolio Management Team
    August 3, 2020
    GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital Partners LP ("GSO") and the investment adviser of Blackstone / GSO Senior Floating Rate Term Fund (NYSE: BSL), Blackstone / GSO Long-Short Credit Income Fund (NYSE: BGX), and Blackstone / GSO Strategic Credit Fund (NYSE: BGB) (each a "Fund" and together the "Funds"), announced today that Robert Post has been added as a portfolio manager of the Funds, effective August 1, 2020. Robert Zable will remain the lead portfolio manager of the Funds, and Gordon McKemie will remain a portfolio manager of the Funds.
  • Five Star Bank Names Kevin Quinn Senior Vice President and Commercial Banking Executive
    August 3, 2020
    Five Star Bank (the “Bank”), subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), announced today that Kevin Quinn will be joining the Bank on August 10th as Senior Vice President and Commercial Banking Executive. Quinn will report to President and CEO, Martin K. Birmingham. Quinn will assume responsibility for commercial and industrial lending, business banking, cash management, community development and merchant services as well as leadership of Five Star Bank’s referral program, promoting relationship-building and business development between the Bank and its insurance and wealth management subsidiaries.
  • July Credit Managers’ Index Rebounds to Pre-Pandemic Levels
    August 3, 2020
    The Credit Managers’ Index from the National Association of Credit Management has rebounded to pre-pandemic levels after shutdowns and preventative measures greatly impacted the U.S. economy.
  • North Mill Capital, LLC Provides $900,000 Accounts Receivable Credit Facility for Sic Lazaro
    August 3, 2020
    North Mill Capital, LLC announced it has provided a $900,000 accounts receivable credit facility for Sic Lazaro. The funds will be used to provide additional working capital to support the company's growth.
  • Sunflower Bank’s Leveraged Finance Team Provides Senior Debt Financing to RealDefense
    July 31, 2020
    Sunflower Bank, N.A. is pleased to announce that its Leveraged Finance team worked to provide $10 million in revolving and term debt commitments to support the acquisition of iolo technologies (“IOLO”) by RealDefense, LLC (“RealDefense”), a portfolio company of Corbel Capital Partners and Broadstream Capital Partners. The transaction closed in June 2020.
  • CIT Leads $25 Million Financing Deal for MLK Community Hospital Medical Office Building
    July 30, 2020
    CIT Group Inc. (NYSE: CIT) and its Healthcare Finance unit today announced a $25 million loan supporting Seavest Healthcare Properties' acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. The private, nonprofit hospital provides essential healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.
  • TAB Bank Provides Water Bottling Company in California with a $4 Million Asset-Based Credit Facility
    July 30, 2020
    TAB Bank is pleased to announce it has provided a $4 million asset-based revolving credit facility for a water bottling company based in California. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company.
  • Rally Capital Advisors Has Successfully Sold Substantially All of the Assets of Arlington Plating Company to Strategic Investor; Rally's Third Successful Transaction Amid Pandemic
    July 30, 2020
    Rally Capital Advisors, a middle market financial and transaction advisory firm has successfully sold substantially all of the assets of Arlington Plating Company (APC) to Garth Davies, a plating industry veteran, and also owner of Midwest Rustproofing and Enameled Steel. APC is an independent and globally positioned electroplating shop, named Top 50 in the United States for three of the last five years. APC's production lines consist of automated anodizing, nickel chrome (automated and manual), electroless nickel, semi-auto and manual buffing. APC sells end-user parts to a marquee list of customers with a diverse profile across the U.S., Italy, China, Canada and Mexico.
  • Bridge Bank Extends Venture Term Loan to Deep Lens, Inc.
    July 30, 2020
    Bridge Bank today announced it has extended a venture term loan to Deep Lens, a Columbus, Ohio-based software company focused on accelerating clinical trial recruitment for the best-suited cancer patients to compress study timelines and bring game-changing therapies to market sooner. The company is venture-backed by Northpond Ventures, Sierra Ventures, Rev1 Ventures, and Tamarind Hill.
  • Z Capital Group Appoints Shahid Khoja as Director and Member of Credit Investment Team
    July 30, 2020
    Z Capital Group, LLC ("ZCG" or the "Firm"), a leading privately held global investment firm with complimentary private equity and credit businesses, today announced the appointment of Shahid Khoja as a Director and member of Z Capital Credit Partners' ("ZCCP") Investment Team. Mr. Khoja is responsible for research and analysis on existing and prospective performing and distressed investments.
  • Amerisource Closes $4,500,000 Credit Facility for Real Estate Firm
    July 30, 2020
    Amerisource Business Capital announced the closing and funding of a $4,500,000 credit facility for a real estate firm based in Texas. The proceeds are being used to refinance a maturing bank loan.
  • MidFirst Business Credit Announces New Lending Relationship with Phoenix Group Metals, LLC
    July 30, 2020
    MidFirst Business Credit (MFBC) announced it has provided a $10 million working capital facility to Phoenix Group Metals, LLC (PGM). Headquartered in Phoenix, PGM operates three recycling locations for automotive cores and catalytic convertors in Phoenix, Houston, and Atlanta. The funds were used to refinance the payoff to an existing lender, provide additional working capital and help facilitate further business expansion. The transaction was completed on July 10.
  • Corbus Pharmaceuticals Strengthens Balance Sheet with up to $121 Million in New Capital
    July 30, 2020
    Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system, today announced it has received an aggregate of $71 million in gross proceeds from its at-the-market (“ATM") offering coupled with the execution of a $50 million debt financing facility with K2 HealthVentures (“K2HV”), a healthcare-focused specialty finance company. Jefferies, LLC is serving as sales agent for the ATM offering. Morgan Stanley & Co. LLC acted as sole placement agent for the debt financing.
  • U.S. Bank Announces Several Key Leadership Changes
    July 30, 2020
    Elcio Barcelos will be joining the company as its new senior executive vice president and chief human resources officer. Greg Cunningham will continue to serve as chief diversity officer, reporting to Andy Cecere, U.S. Bank chairman, president and CEO, effective immediately. In addition to these moves, Dominic Venturo will be promoted to senior executive vice president and chief digital officer, reporting to Kate Quinn, vice chair and chief administrative officer
  • GMRE Announces Exercise of $100 Million Accordion Under its Credit Facility and New Portfolio Milestone of Over $1 Billion of Properties
    July 29, 2020
    Global Medical REIT Inc. (NYSE: GMRE) (the “Company” or “GMRE”), a net-lease medical office real estate investment trust (REIT) that acquires purpose-built healthcare facilities and leases those facilities to strong healthcare systems and physician groups with leading market share, announced today that it exercised $100 million of its accordion under its credit facility and has achieved a property portfolio size of over $1 billion.
  • LendCare Announces Renewal and Expansion of Credit Facility to Support Unprecedented Growth
    July 29, 2020
    LendCare Capital, a leading Canadian point-of-sale finance and technology company, announced today it has renewed and expanded one of the company's supplemental credit facilities for $75 million.
  • Farmer Brothers Amends Credit Agreement and Provides Business Update
    July 29, 2020
    Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today announced it has amended its credit facility with JPMorgan Chase Bank, N.A to increase the Company’s flexibility in supporting its current and future business operations as the COVID-19 situation continues to evolve. The Company also provided a business update for the fourth quarter of 2020.
  • Federal Reserve Board Announces an Extension Through December 31 of its Lending Facilities That Were Scheduled to Expire on or Around September 30
    July 29, 2020
    The Federal Reserve Board on Tuesday announced an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30. The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available to help the economy recover from the COVID-19 pandemic.
  • Amerisource Closes $1,500,000 Credit Facility for Food Manufacturer
    July 29, 2020
    Amerisource Business Capital announced the closing and funding of a $1,500,000 credit facility for a pre-packaged food manufacturer based in Illinois. The proceeds are being used to fund the company’s continued growth during COVID 19.
  • Alvarez & Marsal Expands Global Transaction Advisory Group Offering and Bolsters Benchmark Strength in Mexico
    July 29, 2020
    Leading global professional services firm Alvarez & Marsal (A&M) has announced the appointment of Rafael Aguirre as a Managing Director with the firm’s Global Transaction Advisory Group, based in Mexico City. His joining aligns the firm’s global perspective with its boots-on-the-ground approach and meets the Latin America market’s growing need for cross-border M&A, given an anticipated uptick in trade activity stemming from the United States-Mexico-Canada Agreement (USMCA).
  • Laybuy Secures £80 Million Debt Facility from Victory Park Capital
    July 29, 2020
    Laybuy, a global leader in 'Buy Now, Pay Later' (BNPL) technology, announced today that it has secured a £80 million debt facility from Victory Park Capital (“VPC”), a leading global alternative investment firm. With plans for continued international expansion, the funding from VPC will fuel Laybuy’s growth in the UK.
  • Enova to Acquire OnDeck to Create a Leading FinTech Company Serving Consumers and Small Businesses
    July 29, 2020
    Enova International (NYSE: ENVA) and OnDeck® (NYSE: ONDK), today announced that they have entered into a definitive agreement under which Enova will acquire all outstanding shares of OnDeck in a cash and stock transaction valued at approximately $90 million. The implied price of $1.38 per OnDeck share reflects a 43.6% premium to its 90-day volume weighted average price and a 90.4% premium based on the closing price of $0.73 per OnDeck share on July 27, 2020. This transaction brings together two complementary, market-leading businesses combining world-class capabilities in consumer and small business online lending.
  • J D Factors Announces Factoring Facilities
    July 29, 2020
    J D Factors announced it has provided the following factoring facilities: $100,000 to a transportation company in California; $75,000 to a transportation company in Quebec; $120,000 to a transportation company in Texas; $200,000 to a transportation company in Illinois.
  • Gordon Brothers Names Thomas Pedulla President of Real Estate
    July 29, 2020
    Gordon Brothers, the global advisory, restructuring and investment firm, announced that Thomas Pedulla has joined the company as President of Real Estate. Pedulla will lead the growth and expansion of Gordon Brothers’ real estate group. Pedulla inherits a team of seasoned real estate professionals with a multidecade track record of successful transactions ranging from lease terminations and restructurings to fee-owned property acquisition and disposition.
  • Monroe Capital Supports Warren Equity Partners’ M&D Add-on Acquisition
    July 29, 2020
    Monroe Capital LLC today announced an increase in the credit facility to Magneto & Diesel Injector Service, Inc. (“M&D”) to support the acquisition of an Automotive Parts Company. M&D is an existing portfolio company of Warren Equity Partners. The automotive parts company is a provider of aftermarket and remanufactured components for heavy duty diesel engine repairs. M&D is a leading independent distributor and remanufacturer of aftermarket parts and components for maintaining and repairing diesel-powered engines.
  • Great Rock Capital Expands Senior Management Team, Hires Brett Goodwin as Chief Financial Officer
    July 28, 2020
    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced Brett Goodwin has joined the firm as Chief Financial Officer. Brett will be based in Westport, CT and will be responsible for overseeing and managing the financial operations of the firm.
  • Pathlight Capital Announces $70,000,000 Term Loan to Armstrong Flooring
    July 28, 2020
    Pathlight Capital LP (“Pathlight”) announced it is serving as the Administrative Agent on the recently funded $70,000,000 Senior Secured Term Loan facility for Armstrong Flooring, Inc. (“Armstrong” or the “Company”), a global manufacturer of innovative flooring solutions serving customers in commercial and residential markets. The Term Loan, which was completed and funded on June 23, 2020, will be used for business transformation and growth initiatives, working capital needs and general corporate purposes.
  • TD Bank Names Jo Jagadish Head of Commercial Operating Products and Payment Innovation
    July 28, 2020
    TD Bank, America's Most Convenient Bank®, has appointed Jyotsana "Jo" Jagadish Head of Commercial Operating Products and Payment Innovation, a new role focused on developing and executing a strategy that positions TD as a partner of choice for commercial fintechs by engaging in market intelligence, developing potential partnerships and managing fintech relationships. In this role, Jagadish will also lead a team focused on mature commercial operating products and revenue management.
  • AgroFresh Announces Successful Completion of Comprehensive Refinancing
    July 28, 2020
    BMO Capital Markets acted as sole financial advisor to AgroFresh and left-lead bookrunner on the amendment and extension of AgroFresh’s senior secured credit facilities with Deutsche Bank and ING acting as joint lead arrangers and joint bookrunners. Greenberg Traurig, LLP acted as legal advisor to AgroFresh. Evercore and Kirkland & Ellis, LLP were the financial and legal advisors to Paine Schwartz, respectively. White & Case, LLP acted as the lenders’ counsel.
  • Bryant Park Capital & Multi Funding, Inc. Secure a $30 Million Senior Debt Facility
    July 28, 2020
    Bryant Park Capital ("BPC"), a leading middle-market investment bank, announced today that Multi Funding, Inc ("Multi Funding" or the "Company") recently closed on a $30 million senior debt transaction with a leading international bank. This capital injection will allow the company to accelerate top line revenue, expand its physical footprint, and operate as a significant player in the pre-settlement space. BPC served as the exclusive financial advisor to Multi Funding in connection with this transaction.
  • Bank Leumi USA Names Jerry Lumpkins Chicago Commercial Real Estate Lead
    July 28, 2020
    Bank Leumi USA announced today that it has appointed Jerry Lumpkins Commercial Real Estate Lead for Chicago. In this role, Lumpkins will focus on commercial investment real estate transactions, including multifamily, retail, office, and industrial properties throughout the Midwest. Lumpkins brings two decades of experience in commercial and real estate banking with 15 years’ expertise in the Chicago commercial banking market. He joins Leumi from BMO Harris Bank, where he was Director of Commercial Banking.
  • Simmons Joins Sunwest with More Than 30 Years of Banking and Financial Services Experience
    July 28, 2020
    Sunwest Bank is pleased to welcome Paul Simmons as its new Executive Vice President and Chief Credit Officer. In this role, Simmons will be responsible for managing the bank's asset quality and lending portfolio to ensure it continues to meet the organization's goals. Prior to joining Sunwest Bank, Simmons held leadership roles with Citigroup, GE Capital, Apollo Real Estate Advisors and Zions Bancorporation. Simmons also served as Chief Credit Officer for two publicly held banks, Banc of California, and most recently, with Silvergate Bank.
  • Lands' End Issues 'Going Concern' Warning as it Looks to Refinance Debt
    July 27, 2020
    With debt maturities looming next year, Lands' End acknowledged that there is "substantial doubt" about the company's ability to survive over the next 12 months. The company is working to replace its term loan financing, which could put to rest those doubts. "Due to the Company's recent trends of profitable growth, management believes that it will be able to refinance the Term Loan Facility on acceptable terms despite the challenging financial environment reflecting the COVID-19 pandemic," Lands' End said in a securities filing.
  • TradeCap Provides a $1,500,000 Purchase Order Facility for a Southwest U.S. Promotional Products Company
    July 27, 2020
    TradeCap Partners, LLC (“TradeCap”) recently announced the closing of a $1,500,000 trade finance facility for a promotional products importer located in the Southwest. The company had experienced sizeable growth in fiscal year 2019, financed primarily with the help of favorable payment terms with its overseas supplier and a long standing factoring relationship. Growth in 2020 started out strong with performance exceeding projections.
  • Simon and Authentic Brands Team up for Brooks Brothers Bid
    July 27, 2020
    The nation’s biggest mall owner is once again partnering to help save the bankrupt retailer Brooks Brothers. Sparc Group LLC, which is made up of Simon Property Group and Authentic Brands Group, has made a $305M bid for Brooks Brothers. The offer, which is subject to higher bids and court approval, is to purchase substantially all the retailer’s global business operations as a going concern and a commitment to keep at least 125 of Brooks Brothers’ stores open for business.
  • Rosehill Resources Inc. and Rosehill Operating Company, LLC File Voluntary Bankruptcy Petitions
    July 27, 2020
    Rosehill Resources Inc. and Rosehill Operating Company, LLC announced today that they have commenced voluntary Chapter 11 cases (under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, pursuant to the terms of the previously announced Restructuring Support Agreement (the “RSA”) between the Company, the lenders under Rosehill’s revolving first lien credit facility, holders of Rosehill’s second lien notes and the Company’s Series B Preferred Stock, and Tema Oil and Gas Company, as the holder of approximately 66.8% of the equity interests in the Company and 35.2% of the equity interests in Rosehill Operating and party to the Company’s Tax Receivable Agreement.
  • California Resources Corporation Announces Additional Support for Restructuring Plan
    July 27, 2020
    California Resources Corporation (OTC: CRCQQ) announced today that it has entered into an amended and restated Restructuring Support Agreement with approximately 85% of the holders of its term loans due 2017 and 68% of the holders of its unsecured and deficiency debt claims. Reflecting this consensus, CRC has filed a plan of reorganization in its chapter 11 case that provides for the elimination of over $5 billion of debt and mezzanine equity interest, the consolidation of CRC’s ownership in the Elk Hills power plant and cryogenic gas plant, and the payment of all valid trade, employee, retiree, customer, vendor, regulatory and contingent claims in full in cash in the ordinary course of business.
  • Encina Business Credit Provides $12.5 Million Revolving Credit Facility to a Digital Marketing Services Provider
    July 27, 2020
    Encina Business Credit, LLC (EBC) announced today that it has provided a $12.5 million senior secured credit facility to a provider of digital and telephonic marketing services. The facility consists of a senior secured revolving line of credit based on accounts receivable. Loan proceeds will be used to pay down a portion of an existing term loan and to support ongoing working capital.
  • Moody's Weaker Global Economy to Result in Tighter Underwriting and Poorer Securitization Performance, but Impact Will Vary Widely
    July 27, 2020
    The weak global economy will lead to tighter-than-expected underwriting in the second half, and continue to weaken the performance of structured finance transactions around the globe, though in uneven ways across sectors and countries. The attached report represents Moody's structured finance credit analysts updated views on the factors influencing the credit quality of securitizations of all kinds, given the unprecedented economic shocks that followed the coronavirus pandemic.
  • Nuverra Extends Maturity of First and Second Lien Credit Facilities
    July 27, 2020
    Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra,” the “Company,” “we,” “us” or “our”) has entered into agreements with its lenders to extend the maturity date on its secured credit facilities and to modify the financial covenants to better reflect the Company’s current and projected financial profile. These amendments became effective on July 13, 2020 and consisted of a Third Amendment to its First Lien Credit Agreement with funds controlled by Ares Capital Management (“Ares”) and a Second Amendment to its Second Lien Credit Agreement with funds controlled by Ascribe Capital Management (“Ascribe”) and Gates Capital Management (“Gates Capital”).
  • Roadrunner Transportation Systems Announces Planned Separation of Ascent Global Logistics
    July 27, 2020
    Contemporaneously with the completion of the spin-off, Roadrunner's existing senior secured credit facility with BMO Bank Harris, N.A. will be terminated. Although the capital and banking structure of Roadrunner (post-spin-off) has not yet been finalized and specific terms remain to be determined, it is expected that Roadrunner will be capitalized following the spin-off with zero debt and sufficient liquidity and flexibility to pursue future growth opportunities.
  • Equifax Expands Leadership in Commercial Credit Data Solutions with Acquisition of Ansonia
    July 27, 2020
    Equifax® (NYSE: EFX) has increased its leadership in commercial credit data solutions with the acquisition of Ansonia Credit Data (Ansonia), a leading provider of business credit, collections, and account receivable data used by financial institutions and other creditors and businesses focused on the transportation and logistics industries. Ansonia will be integrated into PayNet, an Equifax company that provides credit and analytics on small and medium enterprises (SMEs) as part of the Equifax United States Information Solutions (USIS) business unit.
  • North Mill Capital LLC Provides $1,250,000 Accounts Receivable Credit Facility
    July 27, 2020
    Mighty Spark provides poultry products to grocery retailers all over the country. The company works with family-owned grower cooperatives to provide humanely raised, high-quality poultry. Every pack of Mighty Spark meat sold equals a donated meal to food banks across the U.S. with foreign meals sent across the globe.
  • Loeb Expands its Executive Talent with the Hiring of Greg Andricopulos and Eric Schwartz To Key Positions at Loeb Term Solutions
    July 27, 2020
    Loeb Terms Solutions (LTS) The Equipment Term and DIP Lenders, an industry leader in term loans for industrial manufacturing equipment and machinery is continuing to strengthen its executive talent with the hiring of Greg Andricopulos as CFO and Eric Schwartz as CIO & CMO.
  • Tenex Announces Investment in Consolidated Label and Online Labels; Varagon Capital Partners Acts as Administrative Agent, Lead Arranger and Bookrunner on a Senior Secured Credit Facility
    July 27, 2020
    Tenex has recapitalised and merged Consolidated Label and Online Labels along with the founders and current business leaders Joel and Dave Carmany. Consolidated Label offers its labeling solutions for consumer products such as food, health and beauty, and nutritional supplements. Varagon Capital Partners stated that it is acting as administrative agent, lead arranger and bookrunner on a senior secured credit facility to support the acquisition of Consolidated Label by Tenex.
  • Byline Bancorp Announces Retirement of Owen Beacom and Appointment of Mark Fucinato as Chief Credit Officer
    July 27, 2020
    Byline Bancorp, Inc. (NYSE: BY) announced today that Owen Beacom, Chief Credit Officer of Byline Bancorp and Byline Bank, has informed the Company of his intention to retire effective August 14, 2020. Mark Fucinato, currently Senior Vice President and Senior Credit Officer at Byline Bank, will succeed Mr. Beacom as Chief Credit Officer. Mr. Fucinato has more than 33 years of experience in the banking industry and joined Byline in August 2019. Mr. Beacom will remain as an advisor to the Company to assist in the transition.
  • Gordon Brothers Shares Insights on the USMCA and Asset Valuation
    July 27, 2020
    Gordon Brothers, the global advisory, restructuring and investment firm, has released an article that discusses the United States-Mexico-Canada trade agreement (USMCA) and outlines some of its most important implications for asset valuation. On the heels of the USMCA becoming effective, Alex Sutton, Gordon Brothers Managing Director and Head of Research, gives insight into the potential outcomes of the deal, such as changes in the supply chain, shifts in local economies, increases in costs, and opportunities in certain sectors—all factors that can significantly impact asset values.
  • Rhino Resource Partners LP Voluntarily Files for Relief under Chapter 11
    July 23, 2020
    Rhino Resource Partners LP (OTC: RHNO) (“Rhino” or the “Partnership”) announced today that it, along with its subsidiaries and certain of its affiliates, has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Ohio. In connection with the filing, Rhino has obtained $11.75 million of post-petition financing and the support from a stalking horse bidder to acquire the company.
  • J.Jill Has Until the End of the Month to Meet Its Loan Terms — or Face Bankruptcy
    July 23, 2020
    J.Jill has been granted another extension to its forbearance period. The struggling womenswear chain and its lenders have amended its existing agreements. Originally set to expire on June 15, the agreement prevents the lenders from exercising any rights and remedies against the company until July 30.
  • Westport Fuel Systems Secures US$10 Million Credit Facility from Export Development Canada
    July 23, 2020
    Westport Fuel Systems Inc. (“Westport Fuel Systems” or the “Company”) (TSX:WPRT / Nasdaq:WPRT) today announced that they have closed a US$10 million term credit facility (the “facility”) from Export Development Canada (“EDC”) to bolster liquidity during the COVID-19 pandemic. The credit facility from EDC enables the Company to make periodic requests for advances for a period of nine months from the date of the Amended and Restated Loan Agreement and has a final maturity date twelve months from the date of the Agreement.
  • Stifel Augments European Fixed Income Team with Key New Hires
    July 23, 2020
    Stifel Financial Corp. (NYSE: SF) today announced five senior hires within its European Fixed Income division. Matt Smith, Cedric Beaumont, Christopher Greenwood, Andrew Oliver, and Chris Spear have all joined Stifel’s Fixed Income Group and are based in various locations throughout Europe. The team will strengthen the group’s global presence and further augment Stifel’s growing Leveraged Loans and GBP franchises.
  • Pyxus International, Inc. Receives Overwhelming Support of Creditors for Prepackaged Plan of Reorganization
    July 23, 2020
    Pyxus International, Inc. ("Pyxus" or "the Company") (OTC Pink: PYXSQ), a global value-added agricultural company, announced today that on July 20, 2020, the Prepackaged Plan of Reorganization of Pyxus International, Inc. and its Affiliated Debtors (the "Prepackaged Plan") was overwhelmingly approved by each class of creditors entitled to vote. Of those that submitted ballots, holders of 100% of first lien notes (holding over $266 million of principal) and over 99% of the second lien notes (holding over $524 million of principal) voted in favor of the Prepackaged Plan.
  • Lighthouse Provides $5,000,000 Credit Facility
    July 23, 2020
    Lighthouse Financial Corp. is pleased to announce the completion of a $5,000,000 credit facility for a North Carolina-based distributor of high quality plumbing and HVAC products. For more than 100 years, the company's brand has represented innovative commercial and industrial valves and HVAC grilles, registers, and diffusers built with confidence and quality.
  • Mosana Khan Honored by Secured Finance Network
    July 23, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced that Mosana Khan has been honored as a recipient of its 40 Under 40 Award for 2020 by the Secured Finance Network.
  • Crestmark Provides More Than $43.4 Million in Commercial Financing to 112 Businesses in the First Half of July
    July 23, 2020
    Crestmark secured a total of $7,703,300 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $16,946,772 in three new lease transactions; Crestmark Vendor Finance provided $7,799,845 in 98 new lease transactions; the Joint Ventures Division provided $9,067,872 in financing to one new client; and the Government Guaranteed Lending group provided $1,940,000 in financing for three new clients in the first half of July.
  • Ascena Retail Group, Inc. Engages SB360 Capital Partners as Consultant to Conduct Store Closing Sales Across Brand
    July 23, 2020
    Ascena Retail Group, Inc. (Nasdaq: ASNA) (“ascena” or the “Company”), a leading national specialty retailer for women’s and girls’ apparel, and SB360 Capital Partners, one of North America’s leading asset disposition specialists, today announced the commencement of store closing sales in all Catherines stores, a significant number of Justice stores, and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores. This includes all stores across brands in Canada and Puerto Rico. The Company has engaged SB360 Capital Partners as its consultant to conduct the sales at most of the locations.
  • 1847 Holdings’ Subsidiary Closes Revolving Credit Facility
    July 22, 2020
    1847 Holdings LLC (OTC: EFSH), a publicly traded holding company platform that combines the attractive attributes of private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, announced today that its subsidiary Asien’s Appliance, Inc. has closed a secured $400 thousand revolving credit facility with Arvest Bank of Conway, AR.
  • WellSky Gains New Investment From TPG and Leonard Green & Partners to Advance Technology Innovation in Post-Acute and Community Care
    July 22, 2020
    WellSky, a global health and community care technology company, and TPG Capital, the private equity platform of alternative asset firm TPG, announced today they have entered into a definitive agreement to add Leonard Green & Partners, L.P. (LGP), a private equity firm, as a new capital partner. As part of the transaction, TPG Capital will make a new equity investment in WellSky. The partnership creates a new capital structure for the company and will accelerate WellSky’s long-term mission of realizing care’s potential across the continuum.
  • J.P. Morgan Asset Management and Hazeltree Partner to Streamline Cash and Liquidity Management for Private Fund Managers
    July 22, 2020
    J.P. Morgan Asset Management (NYSE: JPM) and Hazeltree, the leading provider of cloud-based treasury solutions for investment managers, have partnered to deliver a unique and integrated cash and liquidity management platform to private equity, private credit, real estate and infrastructure funds. J.P. Morgan Asset Management clients are now able to access Hazeltree’s technology to effortlessly manage multi-bank relationships across their entire fund structures and seamlessly access J.P. Morgan’s liquidity products
  • CVC Credit Partners Closes Apidos XXXIII CLO Fund
    July 22, 2020
    CVC Credit Partners ("CVC Credit") is pleased to announce that it has closed Apidos XXXIII, a Collateralized Loan Obligation ("CLO") fund totalling $400 million. This is the second CLO fund CVC Credit has closed in the last month, following the closing of Cordatus XVII in June. Adipos XXXIII, was arranged by Goldman Sachs and is CVC Credit's second new-issue to close in the U.S. in 2020. As with previous Apidos CLOs, the fund is primarily comprised of broadly syndicated First Lien Senior Secured Loans.
  • Global Eagle Reaches Agreement on Definitive Asset Purchase Agreement with Substantial Majority of Senior Secured First-Lien Term Loan Investors
    July 22, 2020
    Global Eagle Entertainment Inc. announced that it has agreed upon a definitive “stalking horse” asset purchase agreement under which substantially all of the Company’s assets will be acquired for total consideration of $675 million by an entity established at the direction of holders of approximately 90% of the Company’s senior secured first-lien term loans, led by lenders managed by Apollo Global Management, Inc., Eaton Vance Management, Arbour Lane Capital Management, L.P., Sound Point Capital Management, Mudrick Capital Management, or one or more of their respective affiliates, and certain funds and accounts under management by BlackRock Financial Management, Inc. Latham & Watkins LLP is serving as the Company’s legal counsel. Greenhill & Co., Inc. is serving as the Company’s financial advisor and Alvarez & Marsal is serving as the Company’s restructuring advisor.
  • First Business Capital Corp. Announces Two Closed Asset-Based Lending Deals Totaling $11,800,000
    July 22, 2020
    Mike Colloton, Vice President – Business Development Officer, announced a closed and funded turnaround financing deal involving a $5,720,000 revolving line of credit facility and real estate term loan for a distributor of electric motors in Illinois. Michael Doyle, Vice President – Business Development Officer, announced a closed and funded refinance deal involving a $6,080,000 revolving line of credit facility, equipment term loan, and real estate term loan for a manufacturer of coaxial cables in Mississippi.
  • Encina Business Credit Provides $70 Million Revolving Credit Facility to a Leading Processor and Distributor of Milk
    July 22, 2020
    Encina Business Credit, LLC (EBC) announced today that it has provided a $70 million senior secured revolving credit facility to a leading national processor and distributor of branded and private label milk. The revolver was provided to help finance the acquisition of the company and to provide ongoing working capital financing. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory.
  • Stenn Closes Trade Finance Program for USA Importer of Hand Sanitizing Stations
    July 22, 2020
    Stenn recently concluded a seven-figure trade receivables finance program for a US importer of hands-free hand sanitizing stations from a manufacturer based in Europe. The importer sells the devices for use in hotels, office buildings, retail locations and other public spaces to accommodate safe personal interaction in the recovery from the Covid-19 pandemic.
  • Southern Energy Corp. Announces Amended and Restated Credit Facility
    July 21, 2020
    Southern Energy Corp. ("Southern" or the "Company") (TSXV: SOU), an established natural gas and oil producer with U.S.-based assets, today announces that Southern Energy Corporation (Delaware), a wholly-owned subsidiary of the Company, has completed the redetermination of its senior secured credit facilities (the "Credit Facility"). The Company and its lender have agreed to amend the Credit Facility effective as of July 20, 2020 pursuant to an Amended and Restated Credit Agreement (the "Agreement").
  • AKITA Announces Credit Facility Amendments
    July 21, 2020
    AKITA Drilling Ltd. (the "Company") announces it has entered into an amending agreement to its December 19, 2018 credit facility agreement (the "Amended Facility") with a syndicate of lenders comprised of ATB Financial, The Bank of Nova Scotia, HSBC Bank Canada and the Toronto-Dominion Bank (the "Lenders").
  • Hilco Redevelopment Partners Hires Jasmine E. Sessoms to Lead Corporate Affairs as Senior Vice President for the PES Redevelopment Project in Philadelphia
    July 21, 2020
    Hilco Redevelopment Partners (HRP)--the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial properties--announced today that Jasmine E. Sessoms has joined the company’s Philadelphia office as Senior Vice President of Corporate Affairs. A lifelong Philadelphian who was born and raised in the Point Breeze section of Philadelphia, Sessoms will oversee the company’s community and government outreach efforts as HRP executes on its plan to clean up and transform the former PES refinery site into a state-of-the art, multi-modal logistics campus.
  • Bryant Park Capital Advises ProMed Capital Ventures in Sale to Experity Ventures
    July 21, 2020
    Bryant Park Capital ("BPC"), a leading middle-market investment bank, announced today that ProMed Capital Ventures, LLC ("ProMed" or the "Company"), a leading provider of financing to medical practices and facilities in the United States, has been sold to Experity Ventures, LLC, the parent company for several specialty finance and legal funding related services businesses in the United States, including Nexify Holdings, Medsolve Financial Group, and Thrivest Legal Funding, LLC dba Thrivest Link. The financial terms of the transaction were not disclosed. BPC served as exclusive financial advisor to ProMed.
  • Great Rock Capital Closes $20 Million Credit Facility with Horsburgh & Scott
    July 21, 2020
    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the close of a $20 million senior secured credit facility with Horsburgh & Scott, a manufacturer of mission critical, custom engineered gears and gearboxes utilized in heavy industrial machinery. The capital provides Horsburgh & Scott with additional liquidity to support their growing platform. The tailored facility includes a traditional term loan, as well as a revolver and delayed draw term loan.
  • Comvest Credit Partners Announces Investment in Seven Seas Water
    July 21, 2020
    Comvest Credit Partners (“Comvest”) has acted as Co-Lead Arranger and Lender in providing a Senior Credit Facility (the “Financing”) to Seven Seas Water, a developer, owner and operator of critical water infrastructure. The Financing was used to support the acquisition by Morgan Stanley Infrastructure Partners and refinance certain existing debt.
  • Ted Bojorquez Joins California Bank of Commerce to Lead Silicon Valley Region
    July 21, 2020
    Ted Bojorquez has joined California Bank of Commerce (CBC) as Executive Vice President and Manager for the bank’s Silicon Valley Region, where he will focus on providing creative solutions to mid-sized businesses.
  • Wells Fargo Names Ather Williams III as Head of Strategy, Digital and Innovation
    July 21, 2020
    Wells Fargo & Company (NYSE: WFC) today announced that Ather Williams III will join the company in October 2020 as head of Strategy, Digital and Innovation. Williams will report to CEO Charlie Scharf and serve on the company’s Operating Committee.
  • Wells Fargo Names Mike Santomassimo as New Chief Financial Officer; John Shrewsberry to Retire from the Company Following Transition
    July 21, 2020
    Wells Fargo & Company (NYSE: WFC) announced today that Mike Santomassimo will join the company in fall 2020 as Chief Financial Officer. Santomassimo will report to CEO Charlie Scharf and serve on the company’s Operating Committee. He will succeed John Shrewsberry, who has announced plans to retire following a successful 22-year career with Wells Fargo, including the last six years as the company’s CFO. Shrewsberry will continue in his role as CFO until Santomassimo joins the company and will assist with the transition thereafter.
  • Hilco Report Sees Strong Used Chassis Market, Competitive Acquisitions Ahead as Intermodal Volumes Normalize ​
    July 20, 2020
    Hilco Global has issued a timely report on the impact of diminished import/export volume on the chassis segment of the intermodal industry, how providers and end-users have responded during the current crisis, and the likely path forward for industry recovery over the last two quarters of this year and into 2021.
  • MainStreet Bank Appoints Abdul Hersiburane New President
    July 20, 2020
    MainStreet Bancshares, Inc., (Nasdaq: MNSB) parent company of MainStreet Bank announce the promotion of Abdul Hersiburane, Executive Vice President and Director of Business Banking, to the role of President. Mr. Hersiburane replaces Charles (Chris) Brockett, who remains actively engaged at the parent company as a director and President.
  • BJ Services, LLC and Affiliates Commence Voluntary Chapter 11 Process
    July 20, 2020
    Kirkland & Ellis LLP is serving as legal counsel to BJ Services. PJT Partners has acted as investment banker and financial advisor to the Company. Ankura Consulting Group, LLC is acting as restructuring advisor to the Company. Simmons Co. is acting as advisor in the sale of the cementing business.
  • Capital Financial Global Rescinds Merger Agreement With Affiliated Funding Corp, Exits Invoice Factoring Business to Avoid Economic Impact of COVID-19
    July 20, 2020
    Capital Financial Global, Inc. (OTC Pink: CFGX), announced today that it has rescinded its merger with Affiliated Funding Corporation and is exiting the invoice factoring business to avoid potential losses and market risk associated with the economic impact of COVID-19.
  • Hancock Whitney Agrees to Sell $497 Million in Energy Loans
    July 20, 2020
    Hancock Whitney Corporation (Nasdaq: HWC) today announced it has agreed to sell $497 million of energy loans to certain funds and accounts managed by Oaktree Capital Management, L.P. The sale includes reserve-based (RBL), midstream and nondrilling service credits. The company expects to receive proceeds of $257.5 million from the sale of these loans upon satisfaction of certain closing conditions.
  • Global Crossing Airlines Signs with Leading Supplier for Aviation Fuel Credit Facility and Fuel Risk Management Services
    July 20, 2020
    Global Crossing Airlines Inc. (TSXV: JET) (the "Company" or "GlobalX") has signed a $1 million credit line facility (the "Facility") with AEG Fuels ("AEG"), a Miami based supplier of fuel management and pumping capabilities at over 3000 airports worldwide. AEG has been in fuel services business for over 30 years and works with over 2500 customers worldwide.
  • KPS Capital Partners Agrees To Acquire Substantially All Of The Assets Of Briggs & Stratton Corporation, Including Equity Of Foreign Subsidiaries
    July 20, 2020
    KPS, through an affiliate, has also agreed to invest $265 million in a FILO tranche of Briggs & Stratton's Debtor in Possession ("DIP") financing to support the Company's operations. Upon the entry of a final order approving the DIP facility, KPS will have the right to "credit bid" its $265 million participation in the DIP financing in connection with the proposed acquisition of Briggs & Stratton. Further, Wells Fargo has agreed to continue to provide floorplan financing to support Briggs & Stratton's customers under KPS' ownership, and a syndicate of banks including Wells Fargo, Bank of America, BMO Harris Bank and PNC Business Credit has committed to provide exit financing to Briggs & Stratton.
  • FocalPoint Advises Horsburgh & Scott on its Refinancing by Great Rock Capital
    July 20, 2020
    The Horsburgh & Scott Co. (“H&S” or the “Company”), a leading manufacturer of custom engineered, large-diameter gears and gearboxes for heavy industrial machinery, has raised $20 million in debt financing from Great Rock Capital Partners Management, LLC (“Great Rock”) to refinance its existing debt facility and provide additional capacity for anticipated growth. H&S is a portfolio company of GenNx360 Capital Partners, LLC (“GenNx360”). FocalPoint Securities, LLC (“FocalPoint”) served as the exclusive financial advisor to the Company.
  • Cargojet Announces $600 Million Revolving Credit Facility
    July 20, 2020
    The credit facility is co-led by Royal Bank of Canada, CIBC and Bank of Nova Scotia. Other lenders include National Bank, Bank of Montreal, Laurentian Bank of Canada and ATB Financial.
  • Alleon Healthcare Capital Provides a $500,000 Medical Accounts Receivable Financing Facility to an Oncology Center in California
    July 20, 2020
    Alleon Healthcare Capital (“Alleon”), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $500,000 medical accounts receivable financing facility with a specialty oncology clinic (“Company”) in California.
  • J. Jill Struggles to Stay Solvent Just Three Years After IPO
    July 20, 2020
    Even in a world of retail upheaval, J. Jill Inc. has had a more dramatic ride than most -- and that was before the pandemic. Just three years after a highly anticipated initial public offering, J. Jill’s stock is flirting with zero and the company is trying to fend off bankruptcy. The women’s clothing chain warned its survival was in doubt a month ago after violating terms of its loans, and said Thursday its lenders extended a promise to hold off on taking action until next wee
  • Better Choice Company Announces New $7.5 Million Revolving Credit Facility with Citizens Bank
    July 20, 2020
    Better Choice Company (OTCQB: BTTR) (“Better Choice”), an animal health and wellness company, today announced that it has entered into a new $7.5 million two-year revolving credit facility (the “New Credit Facility”) with Citizen’s Business Bank (“Citizen’s Bank”) to support its future growth initiatives. The New Credit Facility matures on July 5, 2022 and bears an annual interest rate of LIBOR plus 250 basis points.
  • Petrus Resources Announces Second Lien Term Loan Extension, Extension to Credit Facility and Third Quarter 2020 Capital Budget
    July 20, 2020
    Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce the concurrent extension of its second lien term loan (“Term Loan”) and Revolving Credit Facility ("RCF") and the completion of the RCF lenders' 2020 annual review. The Company’s board of directors has also approved its third quarter 2020 capital budget. Petrus has entered into an amending agreement with Macquarie Bank Limited to extend the $35 million Term Loan maturity date to July 31, 2021.
  • CommerceWest Bank was approved for the Main Street Lending Program
    July 20, 2020
    CommerceWest Bank (OTCBB: CWBK) was approved by the Federal Reserve to participate in the Main Street Lending Program (MSLP). The Bank is participating in the program to assist financing for both existing clients and non-clients. Only a handful of Banks in the state of California are currently participating and accepting new clients through this program.
  • Sylogist Announces $40 Million Credit Facility to Target Acquisitions
    July 20, 2020
    Sylogist Ltd. (TSXV: SYZ) ("Sylogist" or the "Company"), a leading provider of cloud based ERP and CRM software solutions to the public sector, is pleased to announce that it has entered into a commitment letter with a Canadian chartered bank to obtain access to a $40 million credit facility. The commitment includes capacity to expand the credit facility subject to certain terms and conditions. The primary purpose of the credit facility is to fund acquisitions. The credit facility can also be used for general corporate purposes.
  • Bruin E&P Partners, LLC Notice of Comprehensive Prepackaged Restructuring Transaction
    July 20, 2020
    Bruin E&P Partners, LLC and its subsidiaries ("Bruin" or the "Company"), an exploration and production company with assets in the Williston Basin, North Dakota, today announced that it has the support of more than two-thirds of all its funded debt creditors, as well as its current equity holders, for a restructuring transaction that will eliminate over $840 million of the Company's funded debt. Kirkland & Ellis LLP is serving as legal counsel to Bruin, PJT Partners LLP is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and Jackson Walker L.L.P. is serving as local legal counsel.
  • Encina Business Credit Provides $25 Million Facility to a Leading Distributor and Processor
    July 20, 2020
    Encina Business Credit, LLC (EBC) announced today that it has provided a $25 million senior secured credit facility to a value-added master steel distributor and processor. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory, plus a senior secured term loan.
  • Samuel Kessler Joins Community Bank of the Chesapeake as Vice President, Commercial Loan Officer in Orange, VA and Surrounding Markets
    July 20, 2020
    Community Bank of the Chesapeake is pleased to welcome Sam Kessler as Vice President, Commercial Loan Officer. In this role, he will focus on generating business lending opportunities while building banking relationships. Sam will serve the Orange, VA and the surrounding markets, including Spotsylvania, Culpeper, Charlottesville and more.
  • AlixPartners Hires Retail Industry and Digital Transformation Specialist Brian Kalms as a Managing Director
    July 20, 2020
    AlixPartners, the global consulting firm, announced that Brian Kalms has joined as a Managing Director. Brian will focus on helping retail clients achieve business transformation through strategic technology innovation. Brian, who will be based in London, brings to AlixPartners more than 30 years of experience in management consulting and technology strategy. He has held senior leadership roles at Accenture and most recently at Elixirr, where he was the Lead Partner for Retail and Consumer and helped build the firm’s retail practice.
  • SierraConstellation Partners Continues National Expansion with Three Promotions and Senior Seattle Hire
    July 20, 2020
    Curt Kroll has been promoted to Managing Director. During his tenure at SCP, Curt has served as Chief Restructuring Officer of National Stores and interim CFO at David’s Bridal, among other assignments. Miles Staglik has been promoted to Senior Director. In addition to his prowess as a performance improvement and turnaround advisor, Miles has been a dedicated mentor to the rising junior professionals at SCP. Tim Bossidy has been promoted to Senior Director. Tim has provided valuable financial counsel to his clients informed by his years as an investment banker, and has spearheaded SCP’s expansion into the maturing cannabis industry.
  • Amicus Therapeutics Secures $400 Million Non-Dilutive Debt Financing with Hayfin Capital Management
    July 20, 2020
    Amicus Therapeutics (Nasdaq: FOLD), a global, patient-dedicated biotechnology company focused on discovering, developing and delivering novel medicines for rare diseases, today announced that it has executed a definitive agreement for a $400 million credit facility with Hayfin Capital Management (“Hayfin”). The strategic financing allows Amicus to deliver on its mission for patients and shareholders and places it firmly on a path to profitability and its vision to become one of the world’s leading biotechnology companies focused on rare genetic diseases.
  • Onex Continues to Grow its Credit Platform with Two New Senior Hires
    July 16, 2020
    Onex Corporation (“Onex”) (TSX: ONEX) and Onex Credit have appointed Clint Comeaux as Head of High Yield Credit and Tom Higbie as Portfolio Manager for the Opportunistic Credit team. Mr. Comeaux and Mr. Higbie’s appointments are the latest of several new hires that will build upon Onex Credit’s well-established core bank loan and CLO businesses. These newly created positions will report to Stuart Kovensky and Jason New, Co-CEOs of Onex Credit.
  • Owl Rock Appoints Alexis Maged As Head of Credit and Jeff Walwyn As Head of Non-Tech Underwriting
    July 16, 2020
    Owl Rock Capital Partners ("Owl Rock"), a leading alternative asset manager, announced today the appointments of Alexis Maged,­­­ as Head of Credit, and Jeff Walwyn, as Head of Non-Tech Underwriting. Maged and Walwyn will assume their new roles effective immediately. In his newly created role as Head of Credit, Maged will oversee Owl Rock's credit underwriting, portfolio management and workout functions across the firm.
  • Tradewind Finance Leverages International Capabilities to Fund Consultancy Firm in Hong Kong in Local Currency, HKD
    July 16, 2020
    Tradewind Finance, in a deal debuting their funding capabilities for another local currency, has provided a factoring facility in HKD for a consultancy firm based in Hong Kong that provides financial advisory services to global banks and other financial institutions located in the region. The deal adds HKD to the roster of currencies in which Tradewind structures their cash flow arrangements, including USD, EUR, GBP, and HUF.
  • Safeer Named Managing Director at Newpoint
    July 16, 2020
    Newpoint Advisors Corporation, a financial consulting firm dedicated to improving troubled and underperforming businesses, today announced that David Safeer, a cash flow consultant with more than 20 years of experience, has been named Managing Director of the Salt Lake City office.
  • CIT Leads $126 Million Financing for 108-Megawatt Solar Project in North Carolina
    July 16, 2020
    CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as lead arranger on a $126 million financing for the 108-megawatt (MW) direct current Trent River Solar project in Pollocksville, North Carolina. The financing was arranged on behalf of solar project developer Pine Gate Renewables, a leading utility-scale solar developer headquartered in Asheville, North Carolina.
  • Monroe Capital Supports ATTOM Data Solutions’ Acquisition of Home Junction, Inc.
    July 16, 2020
    Monroe Capital LLC today announced an increase in the credit facility to ATTOM Data Solutions (“ATTOM”) to support the acquisition of Home Junction, Inc. ATTOM is an existing portfolio company of Lovell Minnick Partners. Based in San Diego, CA, Home Junction Inc. is a real estate data technology company that specializes in building high quality geographic boundary datasets for neighborhoods, school attendance zones, subdivisions and more.
  • Going-Out-Of-Business Sales are Now Underway at All Gordmans & Stage Stores
    July 16, 2020
    Joint venture partners Gordon Brothers and Hilco Merchant Resources announced that they have commenced “Going-Out-of-Business” sales at 720 Stage Stores, Inc. locations including Gordmans and all associated brand stores across the United States. The Company filed for Chapter 11 bankruptcy protection in May in order to explore recapitalization options as part of a larger restructuring strategy. The challenging preexisting market conditions were exacerbated by the COVID-19 pandemic and prevented the retailer from obtaining the required financing to continue operating stores outside of bankruptcy.
  • Gateway Trade Funding Announces the Completion of 10 Transactions For US and Canadian Importers and Suppliers
    July 16, 2020
    Gateway Trade Funding, a PO and trade financing company, is happy to announce that it has recently completed the following purchase order transactions: a $500,000 facility for a US Importer of chemicals selling to US OEMs; $500,000 facility for a US importer of automotive parts selling to US OEMs; $1,500,000 facility for a US importer of PPE products selling to the US government and US corporations and more.
  • Cirque du Soleil Said to Accept Lenders’ Bid, Sidelining TPG
    July 15, 2020
    Cirque du Soleil Entertainment Group, which is restructuring under court protection in Canada, accepted a recapitalization offer from a group of lenders, people with knowledge of the matter said. The ad hoc committee of creditors, which represents holders of about $760 million in Cirque debt, formally presented a “credit bid” that would see lenders inject at least $300 million of new capital into the live-performance company to eventually restart its shows. The offer, previously reported by Bloomberg, was accepted by a committee of Cirque’s board Tuesday night, the people said, asking not to be identified because the information is private.
  • JCPenney Announces Organizational Restructuring
    July 15, 2020
    J. C. Penney Company, Inc. (OTCMKTS: JCPNQ) today announced that it is aligning its workforce with its store optimization strategy and reduced store footprint. JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and strategic fit for the Company and is having ongoing productive negotiations with landlords. Kirkland & Ellis LLP is serving as legal adviser, Lazard is serving as financial adviser, and AlixPartners LLP is serving as restructuring adviser to the Company.
  • Nasuni Raises $40M in Funding
    July 15, 2020
    Nasuni, a Boston, MA-based provider of cloud file storage solutions, secured $40 million in funding. This included an additional $25 million in new equity financing from family offices, venture capital firms and corporate venture arms, Goldman Sachs, Telstra Ventures, Northbridge Venture Partners and others, and a $15 million debt facility from Silicon Valley Bank.
  • Ares Management, Cyrus, and Keyframe Partner with Wunder Capital to Invest in the U.S. Commercial Solar Market
    July 15, 2020
    Wunder Capital (“Wunder”), the nation’s leader in commercial and industrial solar financing, today announced it has partnered with funds managed by Ares Management Corporation’s Infrastructure and Power strategy (“AIP”), Cyrus Capital Partners (“Cyrus”), and Keyframe Capital (“Keyframe”) to provide financing for more than $100 million in commercial solar loans. The commitment represents a boost for the commercial solar market.
  • Gateway Trade Funding Completes Two New Transactions
    July 15, 2020
    Gateway Trade Funding recently completed a $1,000,000 purchase order facility for a Canadian company selling specialist towels and linens to hotels and partnered with a factoring company to help provide a $500,000 purchase order facility to a three-year-old Midwest-based winter athletic equipment and apparel company.
  • More Than 50% of Debt Collection Agencies Thrived Under COVID-19
    July 15, 2020
    Over half the collection agencies surveyed not only thrived during the pandemic, but actually outperformed their pre-pandemic metrics in a nationwide survey conducted by Prodigal Technologies, Inc. Prodigal, a debt collection AI software company, surveyed accounts receivable management (ARM) agencies about the impact of the coronavirus pandemic on their collections operations. Collection agencies from 30 U.S. states participated in the survey.
  • Alvarez & Marsal Strengthens Asia Restructuring Practice With Senior Appointment
    July 15, 2020
    Leading global professional services firm Alvarez & Marsal (A&M) has strengthened its Asia restructuring practice with the appointment of Edward Middleton as Managing Director based in Hong Kong. This appointment demonstrates A&M’s commitment to bolstering the firm’s growing capabilities in Asia.
  • Integer Amends Its Senior Secured Credit Facility To Continue Strategy Execution Throughout The Pandemic
    July 15, 2020
    Integer Holdings Corporation (“Integer”) (NYSE: ITGR) is pleased to announce that it has successfully completed an amendment to its senior secured credit facility as a precautionary step during the COVID-19 pandemic. Integer expects to maintain compliance with its covenant net leverage ratio and requested a covenant modification as a precautionary measure to provide additional cushion to allow for continued bolt-on M&A activity and protect against a prolonged pandemic.
  • Nomad Royalty Company Secures up to US$75 Million Revolving Credit Facility
    July 15, 2020
    Nomad Royalty Company Ltd. ("Nomad" or the "Company") (NSR.TO) (NSRXF) is pleased to announce that it has entered into an agreement with The Bank of Nova Scotia ("Scotia"), Canadian Imperial Bank of Commerce ("CIBC") and The Royal Bank of Canada ("RBC") for a $US50 million revolving credit facility ("Facility") with the option to increase to US$75 million , subject to satisfaction of certain conditions.
  • Leading M&A and Private Equity Attorney Jay Coogan Joins Ballard Spahr in Philadelphia
    July 14, 2020
    Jay Coogan—a well-known attorney who advises clients in mergers and acquisitions, private equity transactions, securities offerings, capital financings, and corporate governance matters—has joined Ballard Spahr as a partner in the Business and Transactions Department, Firm Chair Mark Stewart announced today.
  • Sterling National Bank Introduces Banking-as-a-Service Program
    July 14, 2020
    Sterling Bancorp (NYSE: STL) announced that its principal subsidiary Sterling National Bank (“Sterling”) is introducing its new Banking-as-a-Service (“BaaS”) program, which provides a wide range of customized products, payment and back office capabilities for FinTech and other non-bank institutions. The launch of BaaS aligns with Sterling’s continued focus on developing innovative solutions for small and middle market enterprises and working with leading technology solutions companies to produce world-class digital capabilities.
  • Seacoast Banking Corporation of Florida Announces New Hire, Austen Carroll, to Lead Commercial Banking; Julie Kleffel Promoted to Chief Banking Officer
    July 14, 2020
    Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (the “Company” or “Seacoast”) today announced it has hired Austen Carroll as executive vice president and chief lending officer. In his newly-created role, Carroll will lead the commercial banking division at Seacoast. Additionally, Julie Kleffel, the Company’s current community banking executive and central Florida market president has been promoted to chief banking officer of the Company.
  • Gordon Brothers Adds Samantha Findley to Australian Team
    July 14, 2020
    Gordon Brothers, the global advisory, restructuring and investment firm, has appointed Samantha Findley to be Director, Special Situations in Australia. Findley will help clients to use the strength of the Gordon Brothers balance sheet and the company’s expert knowledge to resolve liquidity issues and execute restructuring programs. Findley brings more than 15 years of experience as a workout banker, restructuring and insolvency professional and client advisor. In her new role, she will steer clients through some of their most mission-critical operational challenges and lead deals from initial concept and origination, to final execution and portfolio management.
  • Great Rock Capital Upsizes Mersino Management Credit Facility to $40 Million
    July 14, 2020
    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, announced that it has renewed and expanded its senior secured credit facility for Mersino Management, providing an additional $5.1 million of borrowing capacity. Mersino is a leading provider of pumping and dewatering services. The increased borrowing capacity provides Mersino with additional liquidity to support their growing platform. The tailored facility includes a traditional term loan, as well as a revolver and delayed draw term loan.
  • A&G Realty Partners Begins Marketing of 137 Modell's Store Leases
    July 14, 2020
    A&G Real Estate Partners (A&G) has begun marketing 137 Modell’s Sporting Goods store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia in connection with the 111-year-old retailer’s voluntary Chapter 11 bankruptcy filing and liquidation.
  • A&G Offering Four Neiman Marcus Leases as Part of Retailer's Bankruptcy Proceedings
    July 14, 2020
    A&G Real Estate Partners, working on behalf of Neiman Marcus Group in the retailer’s bankruptcy proceedings, is marketing four luxury department store leases in California, Washington, Florida and Washington, D.C. Offering long-term, multiple-option leases, the buildings are situated in prime, high-visibility retail districts or shopping centers, said Emilio Amendola, Co-President of Melville-based A&G, which provides real estate advisory services to many of the nation’s most prominent retailers and corporations in both healthy and distressed situations.
  • Concord Financial Advisors, LLC Announces the Closing of Four Senior Debt Transactions 2Q of 2020
    July 14, 2020
    In the midst of the Covid-19 pandemic and uncertain economic forecast, Concord Financial Advisors, LLC announces the closing of four senior debt transactions in the second quarter of 2020.
  • Startek Amends Term Loan and Revolving Credit Facility Agreement
    July 13, 2020
    Startek Inc. (NYSE:SRT), a global provider of customer experience management solutions, has entered into an amendment agreement for its senior term loan and revolving credit facility. As part of the amended and restated facility agreement signed by one of its wholly owned subsidiaries, Startek has agreed to accede to the facilities agreement as an additional guarantor. The agreement continues to provide for a $140 million term loan facility along with a $20 million revolving credit facility.
  • Accord Financial Corp. Announces its Participation in Export Development Canada's Business Credit Availability Program Guarantee
    July 13, 2020
    Accord Financial Corp. ("Accord Financial") today announced the launch of its participation in the Export Development Canada (EDC) Business Credit Availability Program (BCAP) Guarantee. The EDC BCAP Guarantee provides eligible small and medium sized companies with loans of up to $6.25 million.
  • RTW Retailwinds, Inc. Voluntarily Files Chapter 11 Bankruptcy
    July 13, 2020
    RTW Retailwinds, Inc. [OTC PINK:RTWI], an omni-channel specialty apparel retail platform for powerful celebrity and consumer brands, today announced that it and its subsidiaries (collectively, the “Company”) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”). The Company has filed customary motions with the Bankruptcy Court that will authorize, upon Bankruptcy Court approval, the Company’s ability to maintain operations in the ordinary course of business, including, among other things, the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business, and the use of cash collateral.
  • Maxim Commercial Capital Funds Deals in 30 States During 2Q 2020
    July 13, 2020
    Maxim Commercial Capital is pleased to report it funded hard asset-secured financings for small and mid-sized businesses (SMBs) in 30 states across the United States during the second quarter of 2020. After pivoting quickly in March to safer-at-home working conditions for its 30+ team members, Maxim experienced a steady increase in applications from equipment brokers and vendors for their borrowers with challenged credit.
  • Huntington Business Credit Announces Credit Facility for Midwest Iron and Metal Company LLC
    July 13, 2020
    Huntington Business Credit announced it closed a new $10,500,000 credit facility with Midwest Iron and Metal Company LLC on May 29, 2020. Midwest Iron and Metal Company LLC is owned by Merit Capital Partners, a private equity firm based in Chicago, Illinois. Proceeds of the facilities were used to refinance existing debt and provide ongoing working capital growth financing.
  • Siena Lending Group Announces Second Quarter Results
    July 13, 2020
    Siena announced $45M in new facilities. Siena Lending Group continues to be a leader in the asset-based lending industry, consistently finding creative ways to offer our clients maximum flexibility and liquidity. We are proud to provide this overview of the financing solutions that Siena and our Siena Healthcare Finance division delivered in Q2 2020. In firm news, we are excited to share two strategic moves to further grow and strengthen our team. Siena closed two deals for $25 million in the pharmaceuticals and beauty industries.
  • Hollywood Bed & Spring Mfg. Co., Inc. Acquires Linwood Hospitality
    July 13, 2020
    Hollywood Bed & Spring Mfg. Co., Inc., ("Hollywood" or the "Company") has acquired the Linwood Hospitality division ("Linwood") from Leggett & Platt, Inc. to become the leading supplier of bedding support products to the hospitality and contract markets. FocalPoint Securities, LLC ("FocalPoint") served as exclusive investment banker to the Company.
  • Haynes and Boone Advises AYRO in $15 Million Offering
    July 13, 2020
    A Haynes and Boone, LLP deal team represented Austin-based AYRO, Inc. (Nasdaq: AYRO), a manufacturer of light-duty, emissions-free electric vehicles, in a $15 million registered direct offering of its common stock, which closed July 9, 2020. Founded in 2017, AYRO designs and manufactures compact, sustainable electric vehicle solutions for urban and community transport, local on-demand and last-mile delivery, closed-campus mobility, and government use.
  • Bed Bath & Beyond Announces Plans to Permanently lose 200 Stores Over Next Two Years
    July 13, 2020
    Bed Bath & Beyond Inc. plans to close approximately 21% of its namesake stores, or 200 locations, over the next two years, the company announced Wednesday. The New Jersey-based home goods retailer, which also operates buybuy Baby, Harmon Face Values and World Market, said the closing stores would "mostly" be Bed Bath & Beyond stores during an earnings call with analysts.
  • Crestmark Provides More Than $57.9 Million in Commercial Financing to 294 Businesses in the Second Half of June
    July 13, 2020
    Crestmark secured a total of $16,416,610 in ABL financial solutions for 14 new clients; Crestmark Equipment Finance provided $14,362,914 in four new lease transactions; Crestmark Vendor Finance provided $21,028,090 in 273 new lease transactions; and the Government Guaranteed Lending group provided $6,178,000 in financing for three new clients in the second half of June.
  • Global Net Lease Completes $88 Million Whirlpool Financing
    July 13, 2020
    Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") announced today that the Company, through certain of its subsidiaries, entered into a financing transaction with a syndicate of regional banks led by BOK Financial and borrowed an aggregate of $88 million secured by six (6) properties that are leased to Whirlpool Corporation, a Fortune 200 company with a Moody's credit rating of Baa1.
  • White Oak Commercial Finance Increases Credit Facility by $4MM to Minority-Owned Telecommunications Group
    July 13, 2020
    White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced its Government Contracting Finance group provided an additional $4MM in factor-based credit facility funding to a Washington DC-based telecommunications contracting firm. White Oak’s partnership with the company began in 2003, and the additional funding was used to support the company’s continued growth.
  • Essential Energy Services Announces Extension and Amendment of Its Credit Facility
    July 13, 2020
    Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces it has entered into an amending agreement to its June 26, 2018 credit facility agreement (together the “Amended Credit Facility”) with a syndicate of lenders comprised of National Bank of Canada, ATB Financial and Canadian Western Bank. The Amended Credit Facility provides Essential an extension of the maturity date of the revolving secured credit facility to June 30, 2022 along with revisions to certain terms and conditions.
  • Greenberg Traurig's Richard C. Kim Named to Secured Finance Network's 40 Under 40 List
    July 13, 2020
    Richard C. Kim, a corporate shareholder in the New York office of global law firm Greenberg Traurig, LLP, has been chosen as a recipient of the 2020 Secured Finance Network's (SFNet) 40 Under 40 Awards. Richard C. Kim, a corporate shareholder in the New York office of global law firm Greenberg Traurig, LLP, has been chosen as a recipient of the 2020 Secured Finance Network's (SFNet) 40 Under 40 Awards. According to SFNet, this global award recognizes "the best and brightest rising stars in secured finance."
  • Wolters Kluwer Lien Solutions Launches Technology Solution to Support Main Street Lending Program Participants
    July 13, 2020
    Wolters Kluwer Lien Solutions has launched iLien for Main Street – a technology solution devoted to helping U.S. lenders optimize their due diligence and lien management efforts when securing loans for small and medium-sized businesses under the Main Street Lending Program (Program). The Program is part of the U.S. Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
  • TradeCap Partners Closes $350,000 Purchase Order Finance Facility for Midwest Paper Products Importer
    July 13, 2020
    TradeCap Partners recently facilitated the closing of a $350,000 Purchase Order Finance Facility for an importer of Paper Products based in Minnesota. The introduction was made to TradeCap through a factoring partner that had worked with the Company for close to a decade.
  • Bay Point Advisors Provides $3.05M DIP Loan to Solar Provider in Atlanta
    July 13, 2020
    Bay Point Advisors announces it has provided a multi-tiered, senior secured debtor-in-possession loan (“DIP Loan”) to Hannah Solar, LLC. The funds will allow Hannah Solar to consolidate its existing secured debt and obtain the working capital necessary to fund its operations during its reorganization process.
  • HealthEZ Has Completed a Majority Recapitalization by Abry Partners
    July 13, 2020
    Lincoln International is pleased to announce that The Araz Group, Inc. (d/b/a HealthEZ), a leading independent third-party administrator (TPA) of self-funded medical plans, has received an investment from Abry Partners LP, a private investment firm focused on investing in and building market-leading middle market businesses
  • National Bank of Commerce (NBC) Names Hansen to Commercial Banking Team
    July 13, 2020
    National Bank of Commerce (NBC), has expanded its commercial banking team by repositioning Cammy Hansen to VP – Senior Commercial Banker. She has been with the bank for nine years and in her new role will be responsible for building relationships with commercial customers to help the local businesses and communities prosper.
  • Suominen has Signed a Credit Facility Agreement Linked to Sustainability Targets
    July 13, 2020
    Suominen has entered into a single-currency syndicated revolving credit facility agreement of EUR 100 million with a maturity of three years with two one-year extension options. The lenders for the facility are Danske Bank A/S, Finland Branch and Nordea. The new credit facility includes leverage ratio and gearing as financial covenants.
  • Pascal Meysson Joins H.I.G. Capital as Head of Direct Lending in Europe
    July 13, 2020
    H.I.G. Capital, LLC ("H.I.G."), a leading global private equity investment firm with over €34 billion of equity capital under management, is pleased to announce today that Pascal Meysson has joined H.I.G. Capital as a Managing Director and Head of H.I.G. WhiteHorse Europe, H.I.G.’s direct lending European affiliate. Pascal has 24 years of investing experience overall including 16 years in the European direct lending market.
  • North Mill Capital Provides $1 Million to Rebel Green, LLC
    July 13, 2020
    The funds were used to pay off the previous lender and provide additional working capital for the company. Rebel Green, LLC is located in Mequon, Wisconsin and provides a broad line of natural, eco-friendly household cleaning products.
  • FocalPoint Advises Triad on its Recapitalization by J.P. Morgan Chase
    July 13, 2020
    Triad Manufacturing, Inc. (“Triad” or the “Company”) has successfully completed a refinancing with J.P. Morgan Chase Bank, N.A. (“J.P. Morgan”). FocalPoint Securities, LLC (“FocalPoint”) served as the exclusive investment banker to the Company. Triad designs, engineers, manufactures, and installs custom fixtures for leading brands across the retail landscape.
  • Signature Bank Expands West Coast Operations With Appointment of Executive Director and 45 Professionals Spanning 15 Private Client Banking Teams Yesterday
    July 10, 2020
    Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today its expansion efforts in the greater Los Angeles market, complementing its San Francisco operations.
  • Birks Group Closes New Term Loan with Investissement Québec
    July 9, 2020
    The new term loan, which matures in July 2024 , is subordinated to the Company's existing senior secured revolver facility with Wells Fargo Capital Finance Corporation Canada ("Wells Fargo") and Crystal Financial LLC ("Crystal"). The loan bears an interest rate of 3.14% per annum, is repayable in 36 equal payments beginning in July 2021 and requires the Company to have a working capital ratio (defined as current assets divided by current liabilities excluding the current portion of operating lease liabilities) of at least 1.01, calculated on an annual basis.
  • Franchise Group, Inc. To Provide Debtor-in-Possession Financing to Tuesday Morning Corporation
    July 9, 2020
    Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) announced that it is providing Tuesday Morning Corporation (“Tuesday Morning”) with a $25 million debtor-in-possession (“DIP”) loan as part of its bankruptcy proceedings.
  • Osborne Named Managing Director at Newpoint
    July 9, 2020
    Newpoint Advisors Corporation, a financial advisory firm focused on small distressed companies, today announced that Aaron Osborne, an experienced chief financial officer, has joined the firm as managing director of the Dallas office.
  • Kayne Anderson Announces Expansion of Renewable Platform, Names Co-Heads of Renewable Investing
    July 9, 2020
    Kayne Anderson Capital Advisors, L.P. (“Kayne” or the “Firm”), announced today the continued expansion of its renewable investment platform with a series of solar investments in the second quarter. Over the last several years, Kayne has leveraged the firm’s deep energy and infrastructure expertise to expand its investment platform to pursue opportunities in renewable power and infrastructure. The firm has named Jon Levinson and J.C. Frey co-heads of Kayne’s renewable platform with Mr. Levinson leading the private renewable efforts and Mr. Frey leading the public markets strategies.
  • Antares Supports Parthenon Capital’s Investment in RxSense
    July 9, 2020
    Antares announced today that it served as lead left arranger and is acting as administrative agent on a senior secured credit facility to support Parthenon Capital’s growth recapitalization of RxSense.
  • Bridge Bank Expands Capital Finance Group with New Managing Director Timothy Carstens
    July 9, 2020
    Bridge Bank today announced it is expanding its Capital Finance group, which provides a full complement of asset-based lending solutions. The group now will be led by managing director Timothy Carstens, who joins Bridge Bank from Fifth Third Business Capital.
  • Tiger Group’s Ryan Davis Named to SFNet’s ‘40 Under 40’
    July 9, 2020
    Boston-based leader of firm’s Valuation Services division honored by peers in secured finance industry in annual awards program.
  • Breakout Capital Closes $20MM in Credit Facilities with Medalist Partners
    July 9, 2020
    Leading nationwide small business lender Breakout Capital announced today the completion of two senior secured credit facilities, totaling $20MM, with Medalist Partners, expanding and extending a current term loan facility and establishing a new term loan facility with attractive forward flow features with its long-time lending partner.
  • FTI Consulting Continues Investment in Turnaround & Restructuring Practice with Appointment of Daniel Wikel as Senior Managing Director
    July 8, 2020
    Based in Chicago, Mr. Wikel advises clients on corporate turnarounds and restructurings, lender workout situations, transaction advisory services/business assessments and raising capital. He has significant experience managing middle-market and large bankruptcy cases and related matters, and his financial and operational expertise spans strategic planning, capital advisory or investment analysis and identifying revenue enhancements and cost improvements.
  • Sur La Table to Restructure Its Retail Footprint and Complete a Going-Concern Sale via Voluntary Chapter 11 Process
    July 8, 2020
    Sur La Table (“the Company”), the leading retail destination since 1972 for those passionate about cooking and entertaining, today announced that it has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the “Court”) to consummate a restructuring and going-concern sale of the Company, subject to Court approval.
  • Covenant Logistics Group Completes Asset Sale of Transport Financial Solutions Factoring Segment
    July 8, 2020
    Covenant Logistics Group, Inc. (NASDAQ/GS: CVLG) (“Covenant”) today announced the sale of the transportation factoring assets of its Transport Financial Solutions (“TFS”) segment to Triumph Business Capital for approximately $132.2 million, including contingent consideration of approximately $9.9 million. Triumph Business Capital is an indirect wholly owned subsidiary of Triumph Bancorp, Inc. (NASDAQ: TBK) (“Triumph”).
  • Business Capital Arranges Acquisition Financing for Scott’s Liquid Gold
    July 8, 2020
    Business Capital assisted Scott’s Liquid Gold (OTC: SLGD) in securing a $10 million credit facility with UMB Bank in conjunction with the acquisition of the Biz and Dryel laundry brands. This new credit facility replaces an existing Bank loan and further supports the working capital needs of the combined entities going forward.
  • Citizens M&A Advises Gunnison Tree Services
    July 8, 2020
    Citizens M&A Advisory served as exclusive financial advisor to Gunnison Tree Services on its recapitalization by Warren Equity Partners Citizens M&A Advisory served as the exclusive financial advisor to Gunnison Tree Services, LLC, a leading provider of comprehensive tree and vegetation management services, on its recapitalization by Warren Equity Partners, a Jacksonville, FL-based lower middle market private equity fund.
  • Taulia Appoints Christian Lindemann as Director of Supply Chain Finance EMEA
    July 8, 2020
    Taulia, the leader in working capital technology solutions has today announced the appointment of Christian Lindemann as Director of Supply Chain Finance EMEA. Christian is based in Switzerland and will be the EMEA region’s Working Capital Solutions Expert. In an all-encompassing role, Christian will use his deep Supply Chain Finance knowledge to support the sales, marketing, and product organizations to further strengthen Taulia’s solutions and presence in the market.
  • PNC Appoints Two to Executive Committee, Creates Chief Corporate Responsibility Post
    July 8, 2020
    Carole Brown will be head of PNC’s Asset Management Group and Richard K. Bynum will serve in the newly created role of chief corporate responsibility officer. Both executives will report to Bill Demchak, chairman, president and CEO.
  • Pear Therapeutics Announces $50 Million Credit Facility from Perceptive Advisors
    July 8, 2020
    Pear Therapeutics, Inc. (“Pear” or the “Company”) today announced that it closed a credit facility for up to $50 million from Perceptive Advisors (“Perceptive”), a leading life sciences investment firm. In connection with the financing, Pear issued warrants to Perceptive, and Sam Chawla of Perceptive received board observer rights. Armentum Partners served as the Company’s financial adviser in connection with this financing.
  • Nishen Radia & Clay Bryan Named as Top Private Equity Advisors
    July 8, 2020
    FocalPoint Partners, LLC, a leading middle market investment bank, is pleased to announce that Managing Partner Nishen Radia and Managing Director Clay Bryan have been named as "Top Private Equity Advisors" for Year 2020 by the Los Angeles Business Journal. Concurrent with this recognition, FocalPoint has formed a new Financial Sponsors Group to be led by Mr. Bryan in Los Angeles. The Financial Sponsors Group will service private equity groups and their portfolio companies with a comprehensive suite of M&A, financing, and restructuring services.
  • Tiger Group Sets Online Auction for Assets of Plastics Painting Plant
    July 8, 2020
    July 21 event features robotic systems with multiple applications, tanks, agitators, spray booths, plant support/materials handling equipment and more. Assets excess to the ongoing operations of Spectrum Industries of Grand Rapids, Mich.
  • Chicago Atlantic Provides $30 Million Credit Facility to Verano Holdings, LLC
    July 7, 2020
    Green Ivy Capital, LLC ("Green Ivy Capital"), an affiliate of Chicago Atlantic Group, LLC ("Chicago Atlantic"), announced today it acted as sole lead arranger and administrative agent on a new $30 million senior secured term loan facility (the "Term Loan Facility") for Verano Holdings, LLC ("Verano"). The Term Loan Facility was led by an affiliated fund of Chicago Atlantic with participation of other institutional lenders.
  • In Bankruptcy Filing, Lucky Brand Proposes Sale To Authentic Brands And Simon Property Group
    July 7, 2020
    Lucky Brand has negotiated a two-pronged primary asset purchase agreement, also known as a “stalking horse” bid, to sell its operating assets to SPARC Group LLC (SPARC), a jointly owned entity of Authentic Brands Group (ABG) and mall owner Simon Property Group, and Lucky Brand’s intellectual property assets to ABG-Lucky LLC, a newly formed subsidiary of Authentic Brands. The all-assets bid includes $140.1 million in cash, $51.5 million in credit from vendors and a trade receivables adjustment. The proposed sale was revealed in the July 3 Lucky Brand Dungarees LLC announcement of its voluntary Chapter 11 bankruptcy protection filing.
  • Immucor Announces Successful Refinancing
    July 7, 2020
    Immucor, Inc., a global leader in transfusion and transplantation diagnostics, today announced the successful completion of the refinancing of its capital structure. The transaction consists of a new revolving credit facility, first lien term loan, and second lien term loan, with additional support from existing majority shareholder TPG Capital. The newly issued debt instruments mature in 2025. Other terms of the refinancing were not disclosed.
  • McDermott Adds Five-Lawyer Restructuring Team from Katten
    July 7, 2020
    McDermott Will & Emery is adding a five-lawyer group from Katten Muchin Rosenman to its restructuring and insolvency practice in Dallas as the economic effects of the coronavirus crisis bring more bankruptcy work for Big Law firms. Katten partner Charles “Chuck” Gibbs leads the team joining McDermott, and will head its Dallas-based restructuring practice. Mark Patterson and Eric Seitz are also making the move from Katten joining as counsel along with two associates.
  • White Oak Commercial Finance Supports Hunt & Sons Inc. with $6MM for Acquisitions
    July 7, 2020
    White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it increased funding on its $75MM asset-based credit facility by $6MM with Hunt & Sons Inc. (“Hunt”), a third-generation, family-owned diversified petroleum products distributor. The funding was used to support Hunt with regional acquisitions.
  • MidCap Business Credit Closes $4,500,000 Asset-based Revolving Line of Credit for CR Brands, Inc.
    July 7, 2020
    MidCap Business Credit announced today they have closed on a $4,500,000 asset-based revolving line of credit for CR Brands, Inc., a portfolio company of Resilience Capital Partners, headquartered in West Chester Township, Ohio. CR Brands is an innovative consumer packaged goods company with a portfolio of affordable household cleaning and laundry products with superior performance qualities. Today, CR Brands enjoys national distribution and close customer relationships with many leading retailers
  • CIT Leads $118.5 Million Financing for North Carolina Solar Project
    July 7, 2020
    CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, North Carolina. The project is owned by Kayne Anderson Capital Advisors L.P., a leading alternative investment manager, and marks their first solar investment supplying the PJM Interconnection grid.
  • LSQ Provides a $10MM Facility to an Educational Software and Technology Company
    July 7, 2020
    An educational software and technology firm in the northeast US approached LSQ to satisfy its working capital needs during the COVID-19 crisis. The company provides turnkey solutions to school districts so its students can work remotely and access class and homework assignments. While the company had received government stimulus funding, it was not sufficient to satisfy the new cash requirements from its foreign supply chain due to the impacts of COVID-19.
  • BHI Appoints Jocelyn Bluth Chief People Officer
    July 7, 2020
    BHI, a full-service commercial bank, announced that it has appointed Jocelyn Bluth as Chief People Officer. Bluth joins BHI with more than 25 years of human resources experience in banking and financial services.
  • Deutsche Bank And Google To Form Strategic Global, Multi-Year Partnership To Drive A Fundamental Transformation Of Banking
    July 7, 2020
    Deutsche Bank and Google Cloud have agreed to join forces and form a strategic partnership that aims to redefine how the bank develops and offers its financial services. The partnership is unique in that it will not only deliver cutting edge cloud services to Deutsche Bank, but also enable co-innovation between the two companies to create the next generation of technology-based financial products for clients. Both parties have signed a Letter of Intent and plan to sign a multi-year contract within the next few months.
  • Imperial Capital Hires Distressed Debt Trading Veteran, Simon Mullaly, to Head New European Private Credit Group
    July 7, 2020
    Imperial Capital Group, LLC (“Imperial Capital”), announced today that Simon Mullaly has returned to the markets to launch a European Private Credit Group in which he will serve as Head Trader. The European Private Credit Group will source private European credit investment opportunities for Imperial Capital’s institutional investors in both Europe and the US.
  • SC&H Capital Advises P-D Valmiera Glass USA Corp. in its Sale to Saint-Gobain Adfors America, Inc.
    July 7, 2020
    SC&H Capital, a leading investment bank specializing in M&A advisory, announced it acted as the exclusive investment banker to P-D Valmiera Glass USA Corp. (“Valmiera”) in the sale of substantially all of its assets to Saint-Gobain Adfors America, Inc. (“Saint-Gobain”).
  • Latham & Watkins Adds New York Partner to Expanding Restructuring & Special Situations Practice
    July 7, 2020
    Latham & Watkins LLP is pleased to announce that George Klidonas has joined the firm’s New York office as a partner in the Restructuring & Special Situations Practice within the Finance Department. Klidonas focuses his practice on corporate restructurings, liability management transactions, recapitalizations, and other special situation transactions.
  • Marco Capital, Inc. Announces Hiring of Two Experienced Credit Professionals
    July 7, 2020
    Marco Capital, Inc., a Miami, Florida-based trade receivables factoring specialist, grew its credit staff today with the hiring of two experienced credit professionals in domestic U.S. and cross-border LatAM transactions. Taking on the position of chief credit officer and SVP of Operations is Fred Leder, a 20-year veteran in the non-bank finance industry. Alisa Rusanoff takes on the role of senior credit officer, taking the lead in screening, evaluating and underwriting new business.
  • Tiger Group Execs: Retail Inventory Valuations Bounced Back to Surprisingly Healthy Levels During Re-Openings
    July 7, 2020
    Retail inventory valuations bounced back quickly in May and June as large numbers of Americans responded to retail re-openings by hunting for bargains at liquidation sales, said executives from Tiger Capital Group in a webinar with analysts from Goldman Sachs.
  • InterNex Supplies $1.25MM in Financing to Consumer Goods Company
    July 6, 2020
    The line of credit will enable the company’s expansion plans and the added VelocityTM Strech facility will support their new product ramp up.
  • Austin Financial Services Provides a $2.5MM Revolving A/R Facility to a Logistics and Fulfillment Company
    July 6, 2020
    Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $2.5MM revolving A/R facility to a Logistics and Fulfillment Company. Proceeds from AFS’ revolver were used to support the Company’s growing customer base & near-term plans for expansion.
  • Love’s Acquires Vero Business Capital, Foley Business Capital
    July 6, 2020
    Love’s Financial, a member of the Love’s Family of Companies, has acquired two freight factoring companies: Vero Business Capital of Memphis, Tennessee, and Foley Business Capital of Omaha, Nebraska.
  • Bridge Bancorp, Inc. and Dime Community Bancshares, Inc. to Combine in Merger of Equals Creating The Best Business Bank in New York
    July 6, 2020
    Bridge Bancorp, Inc. (Nasdaq: BDGE) (“Bridge”), the parent company of BNB Bank, and Dime Community Bancshares, Inc. (Nasdaq: DCOM) (“Dime”), the parent company of Dime Community Bank, today announced that they have entered into a definitive merger agreement pursuant to which the companies will combine in an all-stock merger of equals transaction, valued at approximately $489 million. The merger combines two complementary banking platforms to create a premier community-based business bank. The combined company will have over $11 billion in assets, over $8 billion in total deposits, and 66 branches spanning Montauk to Manhattan.
  • Warren Rice Joins Community Bank of the Chesapeake as Senior Vice President, Commercial Loan Officer
    July 6, 2020
    Community Bank of the Chesapeake is pleased to welcome Warren Rice as Senior Vice President, Commercial Loan Officer for the Calvert County market. In this role, he will focus on generating business lending opportunities while building banking relationships within the business community.
  • Pebblebrook Hotel Trust Announces Successful Amendments Of Credit Agreements: Covenant Waivers And Extensions of Debt Maturities
    July 6, 2020
    Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has successfully amended the agreements governing its outstanding debt, including its $650.0 million senior unsecured revolving credit facility, $2.0 billion of term loans and working capital facilities, and $100.0 million private placement senior notes. In addition, $242.6 million of the Company’s $300.0 million November 2021 debt maturity was extended to November 2022.
  • Moncler Signs Sustainability-Linked Revolving Credit Facility
    July 6, 2020
    Moncler has signed a financing credit line granted by Intesa Sanpaolo SpA for a maximum amount of 400 million euros and based on a rewarding mechanism linked to the achievement of environmental impact reduction targets.
  • Diversified Healthcare Trust Amends Credit and Term Loan Agreements and Provides COVID Related Business Updates
    July 6, 2020
    Diversified Healthcare Trust (Nasdaq: DHC) today announced that it has amended the agreements governing its $1 billion unsecured revolving credit facility and $200 million unsecured term loan, and is also providing certain business updates in light of the ongoing COVID-19 (coronavirus) pandemic.
  • Xenia Hotels & Resorts Successfully Amends Corporate Credit Agreements And Secured Mortgage Loans
    July 6, 2020
    Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") announced today that it has finalized amendments to each of its corporate credit agreements (the "Amendments"), including its $500 million senior revolving credit facility and four term loan facilities totaling $575 million, as well as modifications to seven of its eight secured mortgage loans.
  • MiMedx Announces Concurrent $150 Million Private Equity and Debt Financings
    July 6, 2020
    MiMedx Group, Inc. (OTC PINK: MDXG) (“MiMedx” or “the Company”), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced the closing of concurrent $150 million private equity and debt financings, consisting of an equity financing pursuant to a Securities Purchase Agreement with an entity controlled by EW Healthcare Partners and certain funds managed by Hayfin Capital Management LLP (“Hayfin”), and a debt financing pursuant to a Loan Agreement with Hayfin. As part of the transaction, EW Healthcare Partners has designated Martin P. Sutter and William A. Hawkins III to serve on the Company’s board as preferred directors.
  • Lakeland Industries Announces New Credit Facility with Bank of America
    July 6, 2020
    Lakeland Industries, Inc. (LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced that it has established a new credit facility with Bank of America. The new facility consists of a senior secured $12.5 million revolving credit facility, which includes a $5 million letter of credit sub-facility and an option to convert up to $5 million of the revolving credit facility into a term loan facility. The facility also includes an accordion feature under which the Company may request from time to time an increase in the revolving commitment of up to $5 million (for a total commitment of up to $17.5 million).
  • Electrovaya Announces Increased Credit Facility and Provides Update
    July 6, 2020
    Electrovaya Inc. ("Electrovaya" or the "Company") (EFL.TO)(EFLVF), a lithium-ion battery manufacturer with industry-leading performance, today announced that it has closed an agreement with a Canadian financial institution to increase its revolving credit facility from C$1.5 million to C$4.5 million. The facility will support fulfillment of purchase orders.
  • Village Farms International Announces Completion of the Accordion Provision of the Pure Sunfarms' Credit Facility
    July 6, 2020
    Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) (TSX: VFF) today announced its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has further expanded its credit facility (the "Credit Facility") with the lending syndicate led by Bank of Montreal and including Farm Credit Canada ("FCC") and the addition of CIBC to its full $59 million capacity with the completion of the Credit Facility's accordion feature. The Credit Facility now consists of a $15.0 million revolving operating loan (the "Revolver") and a $25.0 million term loan (the "New Term Loan"), in addition to its existing $19.0 million loan (the "Existing Loan").
  • Scott’s Liquid Gold Announces New Credit Facility with UMB
    July 6, 2020
    Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced it has entered a new credit facility with UMB Bank in conjunction with the acquisition of the Biz and Dryel laundry brands. Scott’s new credit facility includes a $7 million asset based line of credit, along with a $3 million term loan, with current interest rates of 4.75% and 5.50%, respectively. The credit facility has a three year term and includes typical covenants. The UMB credit facility replaces our existing credit facility with JPMorgan Chase Bank, which was terminated in conjunction with the closing. The Company was assisted by Business Capital, a national commercial finance company, throughout the financing process.
  • NPC International Enters into Restructuring Support Agreement with Majority of Senior Secured Lenders to Substantially Reduce Long-Term Debt and Strengthen Financial Position
    July 6, 2020
    NPC International, Inc. (“NPC” or the “Company”) today announced that it has entered into a restructuring support agreement (“RSA”) with lenders holding approximately 100% of the Company’s first lien priority debt and 70% of its first lien debt (collectively, the “Senior Secured Lender Group”) to substantially reduce NPC’s long-term debt and strengthen the Company’s capital structure. NPC and the Senior Secured Lender Group contemplate that the terms of the RSA would become part of a comprehensive Chapter 11 plan to restructure the Company’s balance sheet and optimize its portfolio of restaurants throughout the country.
  • Chapter 11 U.S. Commercial Bankruptcies up 43% in June For First Half 2020, Chapter 11 Filings are Up 26% Versus Same Period Last Year
    July 6, 2020
    Epiq, a global leader in legal services, released the June 2020 bankruptcy filings statistics today from its AACER business. Notably, commercial Chapter 11 filings are up 43% over June of last year, with 609 new filings, up from 424 from the same period last year. For the first half of 2020, total commercial Chapter 11 filings are up 26% with 3,604 new filings, up from 2,855 from the same period last year.
  • California Advocacy Alert
    July 6, 2020
    Last month, SFNet alerted members to CA AB2559, which expands the DBO’s enforcement powers by allowing the DBO to seek ancillary relief in the form of refunds, restitution, disgorgement or damages paid by the lender subject to the California Financing Law (“CFL”) which is found to be violating the CFL. Such ancillary relief is in addition to any fee or citation levied by the DBO and collected for the benefit of the State and is to be paid directly to the aggrieved borrower.
  • Houlihan Lokey Advises MFA Financial
    July 6, 2020
    Houlihan Lokey is pleased to announce the successful placement of $2.15 billion of capital for MFA Financial, Inc. (NYSE:MFA), consisting of a $500 million private senior secured loan with warrants funded by Apollo Global Management, Inc. (Apollo), and a $1.65 billion new asset-level term facility funded by Athene USA Corporation and Barclays Bank PLC.
  • J D Factors Announces Factoring Facilities
    July 6, 2020
    J D Factors announces it has provided: $700,000 to a transportation company in California; $100,000 to a transportation company in Georgia; $75,000 to a transportation company in Quebec; $300,000 to a transportation company in Illinois...
  • CIBC Welcomes Nathan Love to U.S. Asset-Based Lending Team
    July 1, 2020
    Love joins CIBC from PNC Business Credit, where he served as Senior Vice President, Business Development. In this role, he handled business development of Asset-based loans for middle market companies experiencing growth or business transition. At CIBC, Love will focus on origination in the Great Lakes region, continuing to provide creative solutions to family-owned or sponsor-backed, middle market companies.
  • Troutman Pepper Officially Launches; Law Firm one of 50 Largest in U.S.
    July 1, 2020
    Troutman Sanders and Pepper Hamilton officially became Troutman Pepper (Troutman Pepper Hamilton Sanders LLP) today, a national law firm with 1,100 attorneys in 23 U.S. cities. The new firm offers clients greater resources and bench strength, enhanced practices, and expanded geographical reach. Troutman Pepper is one of the 50 largest law firms in the country, with offices in eight of the 10 largest U.S. markets. The firm supports some of the country’s biggest industry sectors, including health sciences, energy, real estate, insurance, finance, private equity, construction, and technology.
  • Citi Expands Commercial Banking Business in the Nordics; Mariève Gauthier Appointed to Lead and Grow the Nordic Operations
    July 1, 2020
    The commercial bank business in the Nordics, covering Sweden, Norway, Denmark and Finland, serves the middle market segment in a wide range of traditional industries as well as the fast growing digital sector. Mariève will be based in Stockholm and will start transitioning to her new role with immediate effect.
  • Alvarez & Marsal Expands Its Healthcare Offerings with Launch of Biopharmaceutical and MedTech Advisory Practice
    July 1, 2020
    Leading global professional services firm Alvarez & Marsal (A&M) has appointed Jacques Mulder as a Managing Director in its Healthcare Industry Group to expand its biopharmaceutical and medical technology (MedTech) sector offerings. Mr. Mulder’s appointment reflects A&M’s commitment to assist clients in the biopharmaceutical and medical device industry to address multifaceted market challenges, which have been exacerbated by the Covid-19 pandemic.
  • FTI Consulting Adds Senior Restructuring and Performance Improvement Specialist
    July 1, 2020
    FTI Consulting, Inc. (NYSE: FCN) today announced the continued investment in its Turnaround & Restructuring practice within the Corporate Finance & Restructuring segment with the appointment of Kevin Barrentine as a Senior Managing Director. Mr. Barrentine , who will be based in Atlanta, brings more than 30 years of experience in restructuring and performance improvement for underperforming or distressed businesses.
  • Home Capital Renews $500 Million Committed Standby Secured Funding Facility With Bank of Montreal and Royal Bank of Canada
    July 1, 2020
    Home Capital Group Inc. (TSX: HCG) (“Home Capital” or the “Company”) is pleased to announce the renewal of its $500 million committed standby secured funding facility (the “Credit Facility”) entered into by its subsidiary, Home Trust Company, and Bank of Montreal and Royal Bank of Canada for a period of one year.
  • Lincoln International Adds Three Healthcare Investment Banking Leaders, Strengthening Firm’s Offering in Europe as Sector Consolidation Increases
    July 1, 2020
    Lincoln International, a leading global investment banking advisory firm, today announced that three leaders specializing in mergers and acquisitions (M&A) advisory for the healthcare sector have joined the firm's Frankfurt office. Dirk Loeffler joins as Managing Director and head of healthcare for the DACH region and Julian Knirim and Jens Gerlach join as Directors. All will advise shareholders, management teams and financial sponsors on complex private and public M&A transactions in the global healthcare sector.
  • Fed Says Primary Corporate Credit Facility Open for Business
    July 1, 2020
    The Federal Reserve announced that the Primary Market Corporate Credit Facility opened for business Monday, the last of its nine pandemic emergency lending programs to become operational. The program to support up to $500 billion in direct credit to corporate borrowers was announced in March as a flight from risk as the coronavirus spread began raising borrowing costs for corporations of all kinds.
  • Horizon North Logistics Inc. Announces New Credit Facility
    July 1, 2020
    Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX: HNL.TO) announced today that the Corporation has negotiated a new credit facility with a syndicate of lenders led by Scotiabank (the "Credit Facility"). Key features of the Credit Facility include an extended maturity date to December 31, 2022 and an increase in credit availability from $150 million to $175 million.
  • Gordon Brothers Welcomes Appraisal Expert to Expand Valuations Practice in Australia
    July 1, 2020
    Gordon Brothers, the global advisory, restructuring and investment firm, announced that Brendan Smyth has been named Head of the Australian Valuation team. The appointment will facilitate targeted, high-touch service to Australian clients of the company’s growing Valuations business.
  • Cardinal Energy Ltd. Announces Extension of Revolving Credit Facility
    July 1, 2020
    Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to July 15, 2020.
  • Bank of America Business Capital Names Senior Business Development Officer
    July 1, 2020
    Bank of America Business Capital is pleased to announce that Meredith Gall was named Senior Business Development Officer. Based in Denver, she will be responsible for originating new ABL financing opportunities in Colorado, Utah, Nevada, Arizona and Wyoming.
  • Pacific Western Bank hires William J. Black as Executive Vice President, Strategy and Corporate Development
    July 1, 2020
    Pacific Western Bank is pleased to announce that Bill Black has been appointed as Executive Vice President, Strategy and Corporate Development. In this newly created role, Mr. Black will focus on sourcing and evaluating prospective strategic opportunities for the Bank with the goal of generating improved financial results and shareholder value over time. He will serve as a member of the Bank’s executive management team and will maintain his primary office in the Bank’s New York City location.
  • The Paycheck Protection Small Business Forgiveness Act
    June 30, 2020
    U.S. Senators Kevin Cramer (R-ND), Bob Menendez (D-NJ), Thom Tillis (R-NC) and Kyrsten Sinema (D-AZ), Senate Banking Committee members, today introduced the “Paycheck Protection Small Business Forgiveness Act,” bipartisan legislation to streamline forgiveness of Paycheck Protection Program (PPP) loans for small businesses.
  • U.S. Buys Debt From Hollywood Giants As Pandemic Credit Facility Ramps Up
    June 30, 2020
    The Federal Reserve purchased more than $16 million in debt from WarnerMedia owner AT&T, more than $13 million in debt issued by NBCUniversal owner Comcast and $4.5 million in debt issued by Fox Corp., among others. The U.S. government has purchased millions of dollars in corporate bonds issued by entertainment giants like Fox Corp., Comcast, AT&T and others as part of a debt liquidity program spurred on by the novel coronavirus pandemic.
  • Davis Polk Elects Eight New Partners
    June 30, 2020
    Davis Polk has announced that Pedro Bermeo, Brian Burnovski, Roshni Banker Cariello, Cheryl Chan, Scott Herrig, Michael Scheinkman, Natasha Tsiouris and Zachary Zweihorn have been elected partners of the Firm, effective July 1, 2020.
  • Kyriba Working Capital Network Benefits Fluor and its Suppliers During Pandemic Recovery
    June 30, 2020
    Kyriba, a leading cloud-based finance software network for CFOs and treasury leaders that enables global companies to maximize growth and reduce risk, announced its Working Capital Network offers finance solutions that have helped its clients and Fluor Corporation (NYSE:FLR), a global, publicly-traded engineering, procurement, construction (EPC) and maintenance company, optimize payment terms aiding Fluor and its suppliers during pandemic recovery.
  • Hilco Report Points to Disruptive Change Ahead for Health Care Real Estate Market
    June 30, 2020
    Hilco Global has issued a timely and relevant report examining how the COVID-19 pandemic is reshaping the configuration of critical and other care facilities, and what that is likely to mean for hospitals and the broader health care real estate market moving forward.
  • Celtic Capital Corporation Provides $750,000 Accounts Receivable Line Credit for Two California-based Affiliated Companies
    June 30, 2020
    Celtic Capital Corporation today announced its most recent new client relationship – two California-based affiliated companies that manufacture corrugated boxes and display panels. The businesses needed a line of credit to repay a small bank line and some unsecured debt that the owner used to acquire the business the year before.
  • Hornbeck Offshore Announces Reorganization Plan Approved By Court
    June 30, 2020
    Hornbeck Offshore Services, Inc. (OTC Pink Marketplace: HOSSQ) (the "Company") announced that the Company's Joint Prepackaged Chapter 11 Plan of Reorganization (the "Plan") was approved by Judge David R. Jones of the United States District Court for the Southern District of Texas. The confirmed Plan achieved the overwhelming support of 100% of voting Class 4 First Lien Claims in amount, 99.9% of voting Class 5 Second Lien Claims in amount, and 99.8% of voting Class 6 Unsecured Notes Claims in amount. The Company expects to emerge from bankruptcy upon clearing various governmental approvals, which are expected to occur within the coming few months.
  • Peapack-Gladstone Bank Announces the Expansion of the Peapack Capital Team to Accommodate Continued Growth
    June 30, 2020
    Margaret Kot, who joins the team as vice president, senior underwriter and portfolio manager, has over 20 years of banking experience and has managed credit risk across a broad spectrum of markets and industries. Victoria Knipe joins the team as a credit analyst. Most recently, Victoria was a business analyst at Trustmark Insurance in Worcester, MA.
  • Roxgold Refinances Existing Credit Facility
    June 30, 2020
    The amended Facility (“Facility”) was financed through our existing senior bank financiers, Societe Generale and BNP Paribas. The Facility refinances the current outstanding loan balance of US$37 million with revised repayment terms extending the repayment period from June 30, 2021 to December 30, 2022 which reflects the Company’s continued success in extending the project’s mine life. The Company has also secured an additional US$20 million as a revolving credit facility to further support its growth initiatives.
  • Horizon Technology Finance Strengthens Capital Resources with Amendment and Extension of its $100 Million Credit Facility with U.S. Based Insurance Company
    June 30, 2020
    Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or the "Company"), 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, today announced that Horizon Secured Loan Fund I LLC, Horizon's wholly-owned subsidiary ("HSLF"), has amended and extended its $100 million senior secured debt facility with a large U.S. based insurance company, pursuant to which HSLF may issue up to $100 million of secured notes.
  • Haynes and Boone Represents Capitol Peak Partners in Acquisition of Borden Dairy
    June 30, 2020
    A Haynes and Boone, LLP team represented Capitol Peak Partners, LLC in its winning, joint bid with KKR & Co. to acquire Borden Dairy Company as a part of the milk producer’s 363 sales process to sell its assets out of bankruptcy. Haynes and Boone M&A Partners Jan Sharry and Dan Malone and Restructuring Partner Steve Pezanosky led the Capitol Peak deal team.
  • John Fenn Joins Hilco Valuation Services As Senior Managing Director Focused On Business Valuation
    June 30, 2020
    Hilco Valuation Services, LLC, today announced the appointment of John Fenn as Senior Managing Director in Hilco's Enterprise Valuation Services group, a global leader in providing reliable opinions for financial institutions, investment firms and corporations on the realizable value of going concerns, intangible assets, illiquid investments, and other specialized business assets.
  • U.S. Bank Announces New Leaders and Changes in Corporate & Commercial Banking
    June 30, 2020
    Felicia La Forgia has been named head of Corporate Banking. Hassan Salem has been named head of Commercial Banking. Elliot Jaffee will lead CCB’s strategic initiatives, including digital transformation, advanced data analytics, deposit strategy, and other key priorities as head of CCB Strategy. As chief credit officer, Corporate & Commercial Banking, Joseph Murphy will lead portfolio management and oversee loan underwriting policies and procedures across business lines. Shannon Donnelly, CCB’s new chief administrative officer, will manage the business line’s relationships with all key functional areas and serve as business manager for the Fixed Income & Capital Markets group.
  • AllSaints Gets U.S. Bankruptcy Court OK of U.K. Restructuring
    June 30, 2020
    The main point of the insolvency proceeding appears to be in order to force landlords in the U.S. and U.K. into a sales-based rent model, wherein AllSaints will only pay rent based on a percentage of its monthly net sales. There has been talk among other brands with landlords of a desire for sales-based rent as nearly all retailers and brands stopped paying rent amid the coronavirus shutdown and none expect a return to normal sales levels this year.
  • Over 95% of Assets Sold at Auction of Former ECS Recycling Plant in California
    June 30, 2020
    Online sale by Tiger Group and partners draws over 200 bidders from US and 9 foreign countries, yielding better-than-expected results. More than 95% of assets were sold by Tiger Group and partners Aaron Equipment, Rosen Systems and Perry Videx in a recent online auction for the assets of bankrupt ECS Refining’s former multi-medium recycling plant in Stockton.
  • Host Hotels & Resorts Successfully Amends $2.5 Billion Credit Agreement to Enhance Flexibility and Preserve Liquidity and Updates Investor Presentation
    June 29, 2020
    Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the "Company"), announced today that it successfully amended the credit agreement governing its $1.5 billion fully drawn revolving credit facility and two $500 million term loans.
  • Pacific Western Bank Promotes Sean Lynden to President, Venture Banking Group as Frank Tower Departs
    June 29, 2020
    Pacific Western Bank announced today they are promoting Sean Lynden to President of their Venture Banking Group. With this promotion, Pacific Western amicably marks the departure of current longstanding President of our Venture Banking Group, Frank Tower. Frank is moving on from the Bank to become a Partner at Savano Capital Partners, a direct secondaries focused growth equity fund.
  • Rosenthal Provides $4 Million Purchase Order Finance Facility for California Personal Protection Products Distributor
    June 29, 2020
    Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of a recent purchase order finance facility to support the production financing requirements of a California-based distributor of hand sanitizer and anti-bacterial soap.
  • WEX Announces a $400 Million Investment From Warburg Pincus and Amendment to the Credit Agreement
    June 29, 2020
    WEX Inc. (NYSE:WEX), a leading financial technology service provider, announced today it has agreed to a $400 million dollar investment from an affiliate of Warburg Pincus LLC (together with its affiliate, “Warburg Pincus”) which includes convertible notes in an aggregate principal amount of $310 million and $90 million in common stock through a private placement (the “Private Placement”). The Private Placement is subject to customary closing conditions and is expected to close in the next several days. Importantly, WEX has also obtained an amendment to its existing senior secured credit facilities.
  • Liberty Media Announces Amendment to Formula 1 Financial Covenant
    June 29, 2020
    Liberty Media Corporation ("Liberty") (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today an amendment to the term loan and revolving credit facility of certain subsidiaries of Delta Topco Limited, the Liberty subsidiary that holds all of its interests in Formula 1 (“Formula 1”).
  • DMC Global Announces Amendment to Credit Agreement
    June 29, 2020
    DMC Global Inc. (Nasdaq: BOOM) today announced it has amended its credit agreement to provide covenant flexibility following a severe downturn in its core oil and gas end market.
  • NetCents Technology Provides Further Details of Credit Facility
    June 29, 2020
    NetCents has partnered with a handful of forward-thinking institutions to use its merchant order flow as a supply for a short-term crypto portfolio. The credit line will enable NetCents to have money in the market over an extended period, and be able to profit from arbitrage opportunities. The profits from this arbitrage will ultimately allow NetCents to reduce fees to its client base.
  • Allied Affiliated Funding, a division of Axiom Bank, N.A. Announces Recently Closed Transactions
    June 29, 2020
    Allied Affiliated Funding, a division of Axiom Bank, N.A. announced it closed $1,000,000 in receivables financing to a Texas-based company that provides commercial flooring to retailers, schools, senior living centers and other commercial projects and $400,000 in receivables financing to a Louisiana-based company that provides consultants for the oil and gas industry, primarily focused on water production and operations with well work and light roustabout services.
  • Harsco Completes Amendment To Its Credit Facility
    June 29, 2020
    Citigroup Global Markets Inc., PNC Bank National Association, Goldman Sachs Bank USA, Bank of America, N.A., BMO Harris Bank, N.A., HSBC Bank USA, National Association, Royal Bank of Canada, Fifth Third Bank, National Association, The Huntington National Bank, Keybank National Association, ING Bank N. V., Dublin Branch, Trust Bank (formerly known as Branch and Banking Trust Company), Bank of the West, and Santander Bank, N.A. have acted as joint lead arrangers.
  • Chesapeake Energy Corporation Commences Voluntary Chapter 11 Process
    June 29, 2020
    Kirkland & Ellis LLP is serving as legal counsel, Alvarez & Marsal is serving as restructuring advisor, Rothschild & Co and Intrepid Financial Partners are serving as financial advisors, and Reevemark is serving as communications advisor to the Company. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the Company's Board of Directors. Sidley Austin LLP is serving as legal counsel, RPA Advisors, LLC is serving as financial advisor, and Houlihan Lokey Capital, Inc. is serving as investment banker to MUFG Union Bank, N.A., the DIP facility agent and exit facilities agent.
  • Federal Reserve Board Releases Results of Stress Tests for 2020 and Additional Sensitivity Analyses Conducted in Light of the Coronavirus Event
    June 29, 2020
    In addition to its normal stress test, the Board conducted a sensitivity analysis to assess the resiliency of large banks under three hypothetical recessions, or downside scenarios, which could result from the coronavirus event. The scenarios included a V-shaped recession and recovery; a slower, U-shaped recession and recovery; and a W-shaped, double-dip recession.
  • North Mill Capital Provides $500,000 Accounts Receivable Facility
    June 29, 2020
    North Mill Capital announced it provided a $500,000 accounts receivable facility for The Right Staff, LLC. The funds were used to pay off the previous lender and provide additional working capital for the company.
  • Northeast Bank Announces Sale of Paycheck Protection Program Loans
    June 29, 2020
    Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, announced today that it has entered into a Loan Purchase and Sale Agreement (the “Loan Sale Agreement”) with The Loan Source, Inc. (“Loan Source”) and agreed to sell to Loan Source $457.6 million of loans originated by the Bank in connection with the Small Business Administration’s Paycheck Protection Program (“PPP”). After amortizing previously unamortized PPP loan origination fees, the Bank will realize a pre-tax gain of approximately $9.8 million in the current fiscal quarter as a result of the sale. In addition, the Bank will receive fee income on the loans sold until such time as the loans are forgiven or repaid.
  • HTG Molecular Diagnostics Secures Senior Term Loan from Silicon Valley Bank
    June 29, 2020
    HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, today announced that it has entered into a $10.0 million senior term loan agreement with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, to replace its existing senior credit facility.
  • Fennec Pharmaceuticals Announces Amendment to Increase Existing Senior Debt Facility
    June 29, 2020
    Fennec Pharmaceuticals Inc. (NASDAQ:FENC; TSX: FRX), a specialty pharmaceutical company focused on the development of PEDMARK™ (a unique formulation of sodium thiosulfate) for the prevention of platinum-induced ototoxicity in pediatric patients, today announced an amendment to its existing senior debt facility with the Life Sciences Group at Bridge Bank increasing the size of the facility from $12.5 million to $18 million.
  • Hilco Redevelopment Partners Closes on $225.5 Million Acquisition of PES
    June 29, 2020
    Hilco Redevelopment Partners (HRP) – the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial property – today announced that it completed a transaction to purchase the 1300-acre former Philadelphia Energy Solutions (PES) refinery in Southwest Philadelphia. The deal is a giant step toward building an environmentally responsible and economically robust commercial hub in Southwest Philadelphia.
  • Amerisource Closes $3,000,000 Credit Facility for Health Services Company
    June 29, 2020
    Amerisource Business Capital announced the closing and funding of a $3,000,000 credit facility for an international occupational health services company based in Texas. The proceeds were used to refinance existing bank debt and support additional working capital needs
  • LOUD Capital Names Senior Partner and Chief Investment Officer, Expands Investment Offerings
    June 25, 2020
    LOUD Capital, an alternative investment firm headquartered in Columbus, Ohio, is proud to name Nishad Parmar as senior partner and chief investment officer. Parmar, who is based out of LOUD's Chicago office, will be leading LOUD's diversified strategy into a new series of alternative investments. Foley & Lardner LLP will be legal partners to LOUD's Chicago office.
  • Going-Out-of-Business Sales Resume at 107 Modell’s Sporting Goods
    June 25, 2020
    With retailers resuming in-store operations following the months-long COVID-19 pause, shoppers from across the Northeast and Mid-Atlantic will find liquidation discounts on top-name sporting goods, footwear and apparel brands as Modell’s Sporting Goods resumes going-out-of-business sales at 107 of its remaining stores, beginning immediately. A joint venture of Tiger Capital Group, Great American Group (a B. Riley Financial company) and SB360 Capital Partners is conducting the sales on behalf of the New York-based retailer in accordance with state and local social distancing and sanitation guidelines.
  • BBVA, Sustainability Coordinator of the new Revolving Credit Facility for EnBW in Germany
    June 25, 2020
    The new revolving credit facility, which replaces the existing facility, is for a total of EUR 1.5Bn and signed for an initial term of five years with two possible one-year extensions that will allow to push back its maturity date. A total of 18 banks have participated in the transaction, following a successful syndication process that was widely oversubscribed. BBVA, due to its global vision and strategic approach to sustainability, has been chosen as the sole sustainability coordinator of this first sustainable facility that is being formalized after the COVID-19 crisis. BBVA also acted as global coordinator of the transaction together with BayernLB and Unicredit.
  • Candelaria Mining Closed $9 Million Medium Term Loan Facility
    June 25, 2020
    Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the “Company”) is pleased to announce that it has closed a US$9 million medium term loan facility (“Facility”) with Accendo Banco, S.A. (“Accendo”). Funds advanced under the facility will be used for financing construction of the Company’s Pinos project and working capital purposes.
  • J. Crew Steps Along With Reorganizing Efforts
    June 25, 2020
    On Thursday, a Virginia bankruptcy court approved the retailer’s disclosure statement, essentially one of the prerequisite steps before eventually having a Chapter 11 plan OK’d. The disclosure statement’s approval was expected, as the standard for doing so is a fairly straightforward question — whether the statement provides reasonable information for a hypothetical investor to make an informed decision. J. Crew Inc.’s contemplated Chapter 11 plan envisions converting $1.6 billion of secured debt to equity, and would include $400 million in “new money commitment backstopped by their plan sponsors,” according to the retailer’s court filings.
  • Technicolor Files for Restructuring in Bankruptcy Court, Citing Coronavirus Impact
    June 25, 2020
    The long-beleaguered company's post-production and VFX subsidiaries worked on 100 theatrical films and 300 series last year.
  • Chuck E. Cheese Parent CEC Entertainment Files for Chapter 11 Bankruptcy
    June 25, 2020
    The company said it will use the time to continue talks with its financial stakeholders, including landlords, to "achieve a comprehensive balance sheet restructuring that supports its re-opening and longer-term strategic plans."
  • Return to Modest Growth Expected for Lumber Markets According to Hilco Forestry Report
    June 25, 2020
    Pandemic Impacts Continue to Shape the Course of Forestry Markets, authored by Jesse Marzouk- Vice President and Forestry Products Specialist at Hilco Global, explores how the continuation of construction and remodeling throughout the current crisis has helped sustain U.S. lumber prices and how factors including significantly increased online ordering have served to bolster specific areas of the market such as containerboard. The report also addresses the potential for long-term lumber capacity oversupply, as well as near-term implications stemming from consumer toilet paper hoarding during the pandemic period.
  • Garrison Capital Inc. to Merge with Portman Ridge Finance Corporation
    June 25, 2020
    Garrison Capital Inc. (Nasdaq: GARS) (“GARS”) and Portman Ridge Finance Corporation (“PTMN”) (Nasdaq: PTMN) announced today that they have entered into a definitive agreement under which GARS will merge with and into PTMN, a business development company managed by Sierra Crest Investment Management LLC (“Sierra Crest”), an affiliate of BC Partners Advisors L.P. (“BC Partners”) and LibreMax Capital LLC. The transaction is the result of the previously announced review of strategic alternatives by GARS and has been approved by a unanimous vote of the Board of Directors of GARS (on the unanimous recommendation of the Special Committee of the Board of Directors of GARS) and the Board of Directors of PTMN.
  • Susan George Joins White Oak Global Advisors as Head of Asset Management
    June 25, 2020
    White Oak Global Advisors, LLC (“White Oak” or "the Firm"), today announced Susan George has joined the Firm as Head of Asset Management. Ms. George will be based in New York and will sit on the Investment Committee. Ms. George brings over 30 years of middle market private debt and distressed private equity experience to White Oak. Prior to joining the Firm, Ms. George served as Head of Corporate Asset Management and was a member of the Investment Committee at private credit firm Garrison Investment for 12 years. She previously worked for The CIT Group for over 20 years, where she held various leadership roles in credit restructuring, underwriting and business credit.
  • CIT Northbridge Credit Serves as Sole Lender on $50 Million Credit Facility for CITIES Market Studios
    June 25, 2020
    CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $50 million senior secured revolving credit facility for CITIES Market Studios. Based in Minneapolis, Minnesota, CITIES is a global consumer product and retail strategy company that collaborates with retailers, brands and inventors to develop and execute strategies, products and programs for the digital and physical markets.
  • NexTech AR Secures $600,000 Credit Line With Royal Bank of Canada
    June 24, 2020
    NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, and AR-enhanced virtual events is pleased to announce that it has secured a $600,000 lending facility with the Royal Bank of Canada (“RBC”).
  • White Oak Global Advisors Expands Commitment to Impact Investing
    June 24, 2020
    White Oak Global Advisors, LLC, (“White Oak”, or the “Firm”) today reiterated its commitment to responsible credit investing by dedicating additional resources to deploy capital in senior-secured, non-sponsored debt investments in companies that are focused on environmental and social outcomes, particularly in the areas of healthcare, environment and well-being. As a leader in the private debt asset class, White Oak is uniquely positioned to provide senior secured first lien loans that benefit small to middle market businesses that are mission driven to make a positive impact and reduce the footprint on our earth.
  • Sunflower Bank Provides Senior Debt Financing to SSP Innovations, LLC
    June 24, 2020
    Sunflower Bank, N.A. is pleased to announce it provided revolving and term debt commitments in connection with a refinancing of SSP Innovations, LLC (“the Company”) by Warren Equity Partners, LLC (“WEP”). The transaction closed in March 2020.
  • Hunter Street Provides Capital to Support Growth and Acquisitions for Leading Telecommunication Services Company
    June 24, 2020
    Hunter Street Partners ("Hunter Street"), a Minneapolis-based alternative investment management firm, has partnered with Five Crowns Credit Partners ("Five Crowns") to provide an $11 million senior secured term loan to finance TriStruX, the holding company resulting from a merger between Telcom Engineering Group and one of its regional competitors Leone Electric Company.
  • GNC is the Latest Retailer to File for Bankruptcy, Closing up to 1,200 Stores
    June 24, 2020
    GNC's parent company, GNC Holdings Inc., filed for Chapter 11 bankruptcy protection late Tuesday, and the health and wellness retailer said it plans to close "at least 800 to 1,200 stores," or approximately a quarter of its North American fleet. GNC was slammed by yearslong sales declines that made it impossible to meet enormous debt obligations coming due this year.
  • WSFS Bank Promotes Jim Wechsler to Senior Vice President, Chief Retail Lending
    June 24, 2020
    WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the promotion of Jim Wechsler to Senior Vice President, Chief Retail Lending Officer reporting to Executive Vice President and Chief Retail Banking Officer, Richard Wright. Wechsler will be responsible for Consumer Lending, Small Business, Government Guaranteed Lending, Community Reinvestment and NewLane Finance. He will also manage the bank’s fintech lending relationships. Wechsler is replacing Glenn Kocher, who is retiring.
  • Santander Bank Arranges $225 Million Deal with Purolite
    June 24, 2020
    Santander Bank today announced that its Commercial Banking division acted as joint lead arranger for a $175 million term loan and $50 million revolver to Purolite Corporation ("Purolite") to facilitate additional spending on capital projects and enhance liquidity. The deal will enable Purolite, the second largest international manufacturer of ion-exchange resins, to replenish its previous senior secured facility and maintain the rate of its business growth.
  • Crestmark Provides More Than $29 Million in Commercial Financing to 126 Businesses in the First Half of June
    June 24, 2020
    Crestmark Equipment Finance provided $15,319,877 in four new lease transactions; Crestmark Vendor Finance provided $8,710,820 in 121 new lease transactions; and the Government Guaranteed Lending group provided $5,050,000 in financing for two new clients in the first half of June.
  • Encina Business Credit Provides $35 Million Facility to a Leading Supplier and Distributor of Paint Supplies
    June 23, 2020
    Encina Business Credit, LLC (EBC) announced today that it has provided a $35 million senior secured credit facility to a leading retailer and distributor of paint and paint supplies. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory.
  • American Air Braces Balance Sheet With $3.5 Billion in Financing
    June 23, 2020
    Goldman Sachs, Citigroup, BofA Securities and JPMorgan are jointly running the stock and notes offerings for American. The carrier used a pool of slots, gates and routes in various countries, including the U.S., China, Japan, Australia and South America as collateral for the bonds and term loan. The stock offering is to start trading Tuesday, according to a person familiar with the matter.
  • Armstrong Flooring Expands Capital Resources and Liquidity
    June 23, 2020
    Bank of America acted as sole Lead Arranger for the ABL Facility and Pathlight Capital acted as sole Lead Arranger for the Term Loan. Jefferies LLC acted as a financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Armstrong Flooring.
  • Goldgroup Announces Loan Facility Term Sheet With Accendo
    June 23, 2020
    Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce that it has signed an indicative term sheet (the "Term Sheet") in respect of a secured loan facility (the "Facility") with Accendo Banco S.A., Multiple Banking Institution (the "Lender"), in the amount of USD$3,000,000 (the "Facility Amount").
  • Cindi Giglio Joins Gordon Brothers, Ben Olushola Assumes Expanded Role and Additional Attorney Sought
    June 23, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that Cindi Giglio has joined its legal function as Associate General Counsel, with primary responsibility for Retail and Commercial & Industrial transactions in North America. Meanwhile, Corporate Counsel Ben Olushola takes on an expanded role as Associate General Counsel for the enterprise, and continues to serve as lead counsel for Gordon Brothers’ International business from his current base in London.
  • Cavotec Enters Into a New Long Term Credit Facility Agreement
    June 23, 2020
    Cavotec has during the past months conducted a competitive process to procure a new long term credit facility, resulting in competing bids involving several bank consortia. After careful evaluation Cavotec has chosen a consortium led by Credit Suisse to provide a five-year credit facility as it offered the most competitive overall services and terms.
  • Despegar.com Obtains $40 Million Committed Credit Facility
    June 23, 2020
    Despegar.com, Corp. (NYSE: DESP), (“Despegar” or the “Company”) the leading online travel company in Latin America, today announced that it has signed a $40 million committed revolving credit facility (the “Facility”) with Citibank. The Facility has a 1-year term, renewable for an additional six months if certain financial covenants are met. This financing provides Despegar with additional financial flexibility with funds expected to be used for general corporate purposes.
  • Ares Management Corporation Leads £1.875 Billion Commitment to The Ardonagh Group in Largest Ever Unitranche Financing Transaction
    June 23, 2020
    Ares Management Corporation (“Ares”) (NYSE:ARES) announced today that it is serving as the lead arranger for a £1.875 billion financing commitment to The Ardonagh Group (“Ardonagh”), the U.K.’s largest independent insurance broker, through Ares’ global direct lending platform. Ardonagh is majority owned by HPS Investment Partners ("HPS") and Madison Dearborn Partners. In addition to direct lending funds managed by Ares, other significant lenders include Caisse de dépôt et placement du Québec (“CDPQ”), HPS and KKR.
  • Is Ann Taylor’s Owner Cloning JCP’s Path to Bankruptcy?
    June 23, 2020
    Ann Taylor’s debt-laden owner seems to be taking a page from Penney’s path to bankruptcy. Executive retention bonus payouts appear to be the newest clue that portends a potential bankruptcy filing, with Ascena Retail Group the latest fashion firm that may be headed in that direction.
  • Sallyport Commercial Finance Customizes a Credit Facility for a Mortgage Advisory Firm
    June 23, 2020
    Sallyport Commercial Finance arranges a $2,000,000 accounts receivable facility including a $500,000 cash flow loan to a company that provides due diligence and document management solutions.
  • B. Riley Financial Acquires Automotive Restructuring Firm, Alderney Advisors
    June 23, 2020
    Acquisition enhances B. Riley platform and expands financial advisory consulting services and capabilities. Alderney’s team of experienced crisis and turnaround advisors join B. Riley’s GlassRatner affiliate.
  • Clare Oaks Bondholders Announce Chapter 11 Plan To Stabilize And Invest In The Community
    June 22, 2020
    Certain funds managed by Lapis Advisers, LP and Amundi Pioneer Asset Management, Inc., filed a chapter 11 plan of reorganization in US Bankruptcy Court for the Northern District of Illinois, Eastern Division to restructure the financially challenged Clare Oaks community. They laid out their restructuring plan (the Bondholders Plan) for the continued operation of Clare Oaks with minimal disruption to the residents.
  • Access Capital Structures $1.5 Million Credit Facility for truData
    June 22, 2020
    Access Capital has structured a credit facility for $1.5 million for the California-based company truData Solutions, a data centric firm focused on partnering with clients in building analytics and data integration capabilities leveraged through Cloud solutions.
  • Athenex Announces $225 Million Loan Agreement with Oaktree
    June 22, 2020
    Athenex, Inc. (“Athenex” or the “Company”) (NASDAQ: ATNX), a global biopharmaceutical company dedicated to the discovery, development and commercialization of novel therapies for the treatment of cancer and related conditions, today announced that it has entered into a $225 million loan agreement with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global investment firm (the “Agreement”).
  • Hedge Funds Exploit CLO Weakness Laid Bare by Corporate Distress
    June 22, 2020
    There’s a set of rules in the world of CLOs designed to keep managers’ temptations in check, so that they don’t rush foolishly into overly risky assets. But in a strange twist sparked in part by the coronavirus pandemic, these regulations are suddenly handcuffing them as they try to fend off aggressive Wall Street hedge funds. Firms from Elliott Management Corp. to Oaktree Capital Management are increasingly profiting from restrictions on collateralized loan obligations that limit their participation in distressed situations. Some investors are even arranging deals that intentionally shift value away from the structures, according to market watchers.
  • Wirecard Creditors Seek More Clarity Amid Talks Over Debt
    June 22, 2020
    Wirecard’s creditors are demanding more clarity from the company in return for the extension of almost $2 billion in financing after it breached terms on the loan, people familiar with the matter said. At least 15 commercial lenders, including Commerzbank AG and ABN Amro, are in negotiations about the steps to take after the German payments company said on Thursday it’s unable to release its annual report because it can’t locate 1.9 billion euros in cash ($2.1 billion), the people said.
  • Lenders Get Creative on Debt to Tie up M&A
    June 22, 2020
    Banks and borrowers are being forced to get creative on debt financings, putting in place sub-optimal structures in a bid to complete M&A transactions. A £4bn unfunded credit facility to back the US$38bn merger of the British businesses of Liberty Global and Telefonica; and a US$1.3bn club loan backing KKR’s acquisition of a 60% stake in US-based cosmetics maker Coty’s hair and nail care business were both innovative financings, designed to overcome the challenges that come with bringing such large deals to market during the Covid-19 pandemic.
  • SierraConstellation Partners Launches Senior Advisor Council to Provide C-Level Industry Expertise to Clients
    June 22, 2020
    SierraConstellation Partners, LLC (SCP), a national interim management and advisory firm to middle-market companies in transition, today announced the formation of a Senior Advisor Council to the firm. The Council will consist of experienced senior executives who have held C-level positions at firms in specific industries that have gone through restructurings, bankruptcies, and performance turnarounds. Each advisor will offer their unique expertise in a consulting capacity on SCP assignments in their respective industries.
  • Castleton Commodities International LLC Closes Renewal of $2.4 Billion Credit Facility
    June 22, 2020
    BNP Paribas, ABN AMRO Capital USA LLC, MUFG Bank, Ltd., Societe Generale, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, Credit Agricole Corporate and Investment Bank and Natixis, New York Branch served as Joint Lead Arrangers and Joint Bookrunners for the Facility. ING Capital LLC acted as Senior Managing Agent for the Facility. CCI is also pleased to welcome Credit Suisse (Switzerland) Ltd. and Wells Fargo Bank, N.A. as Senior Managing Agents in the Facility this year. BNP Paribas served as Global Coordinator and Administrative Agent for the Facility. Cadwalader, Wickersham & Taft LLP served as counsel to the lenders. Stroock & Stroock & Lavan LLP served as counsel to the borrower.
  • Tamarack Valley Energy Ltd. Announces Completion of Credit Facility Redetermination
    June 22, 2020
    Tamarack Valley Energy ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that our bank syndicated credit facility has been redetermined at $275 million, of which the company was drawn approximately $209 million as of June 18th, 2020. The Company has ample liquidity for the remainder of 2020 and expects to generate free adjusted funds flow1 over and above planned capital expenditures with a forecasted net debt to trailing annual adjusted funds flow ratio1 of less than 2x.
  • NetCents Technology Negotiates Industry Leading Credit Facility
    June 22, 2020
    NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company"), a disruptive cryptocurrency payments technologies company, is pleased to announce that NetCents has received an institutional credit facility totaling 1.4 billion USD to power merchant settlements.
  • SBA and Treasury Announce Enhanced Transparency Regarding the Paycheck Protection Program
    June 22, 2020
    The U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury have agreed with the bipartisan leaders of the U.S. Senate Small Business Committee to make public additional data regarding the Paycheck Protection Program (PPP). This agreement will ensure that the interests of both transparency and protections for small businesses are served.
  • Axiom Bank, N.A. Donates $10,000 to Hunger Relief Efforts During COVID-19 Pandemic
    June 22, 2020
    Axiom Bank, N.A. donated $10,000 to two nonprofits committed to fighting hunger across Central Florida and Tampa. Feeding Children Everywhere, headquartered in Longwood, and Feeding Tampa Bay were each gifted $5,000 to aid in their mission of providing meals to families in need. With the economic impacts of the COVID-19 pandemic continuing to stagger the region, both hunger relief groups have reported increased need at levels never seen before.
  • Grupo Bimbo Prepays $400 Million of Its Committed Revolving Credit Facility
    June 22, 2020
    Grupo Bimbo S.A.B. de C.V. (“Grupo Bimbo” or the “Company”) prepaid US$400 million of its committed revolving credit facility, maturing on October 7th, 2023. On March 25, 2020 the Company announced the disposal of US$720 million of its committed revolving credit facility, from which US$200 million will be used to refinance the 2020 notes maturing in June, while the balance was aimed at increasing liquidity, prioritizing flexibility and financial strength as a preventive measure due to the uncertain environment.
  • BRP Group, Inc. Upsizes Senior Revolving Credit Facility to $400 Million
    June 22, 2020
    BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that its subsidiary, Baldwin Risk Partners, LLC (“BRP LLC”), has amended its senior revolving credit facility, effective immediately, to increase the committed line under the credit facility to $400 million, up $100 million from its previous amount of $300 million.
  • SPECTRUM Commercial Services Opens North Carolina Office and adds Travis Smith to Sales Team
    June 22, 2020
    Travis joins SPECTRUM Commercial Services Company (SPECTRUMCommercial.com), bringing over 20 years of experience in commercial lending, most recently providing factoring and asset-based lending solutions. His track record of success working with commercial lenders, consultants and business owners make him an excellent fit as SPECTRUM expands into Charlotte and surrounding markets.
  • WesBanco Bank Announces the Appointment of Vice President, Commercial Banking
    June 22, 2020
    WesBanco, Inc., a diversified, multi-state bank holding company, announces that its affiliate, WesBanco Bank, has appointed Robert A. Van Nostrand as vice president, commercial bBanking for the Charleston, Huntingtonand southern Ohio markets. In his role, Van Nostrand will develop new client relationships and grow existing relationships across the commercial banking spectrum.
  • Ares Management Corporation Closes Oversubscribed $3.5 Billion Special Opportunities Fund
    June 22, 2020
    Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today the final closing of its Ares Special Opportunities Fund, L.P. (together with its parallel vehicles, “ASOF” or the “Fund”). The Fund was significantly oversubscribed at over $3.5 billion of commitments relative to its $2.0 billion target.
  • CVC Credit Partners backs Calibre Scientific's Next Phase of Growth
    June 22, 2020
    CVC Credit Partners ("CVC Credit") is pleased to announce that it has provided a $92 million multicurrency first lien credit facility to Calibre Scientific, the life sciences and diagnostics business owned by StoneCalibre. Funding provided by CVC Credit will be used to refinance the existing debt facility and to support the company's global acquisition strategy. Baird Global Investment Banking served as the exclusive debt advisor for the transaction.
  • American Addiction Centers Files for Bankruptcy in Delaware
    June 22, 2020
    AAC lined up $62.5 million of initial financing that will allow it to maintain operations during the restructuring, according to a separate statement. The company, which operates rehab centers in seven states, has struggled with its debt load, including borrowings it took on from its acquisition of AdCare in 2018.
  • TradeCap Partners Structures $1.6 Million PO Finance Facility for West Coast Soap Importer
    June 22, 2020
    TradeCap Partners recently closed a $1.6mm PO facility for a West coast-based importer of soap products. TradeCap’s collaboration with the company’s bank and a factoring partner resulted in a debtor carve-out paving the way for fulfillment of the orders. The Company’s existing line of credit with the bank was fully utilized, leaving no availability to capitalize on a growth opportunity with a former retail customer. Demand for household cleaning products had significantly increased as a result of the COVID pandemic, leaving the retailers’ shelves empty and out of stock.
  • North Mill Capital Announces New Transactions
    June 22, 2020
    North Mill Capital is pleased to a $2,000,000 accounts receivable credit facility to an LTL transportation company specializing in the transport and storage of products for industrial manufacturers throughout the Midwest; a $2,000,000 accounts receivable credit facility to an Iowa-based consulting firm providing IT staffing and services to businesses throughout the country and a $400,000 accounts receivable credit facility to a manufacturer of retail fixtures and point of purchase displays in Minnesota.
  • Steve Weber Joins Focus Management Group as Managing Director
    June 19, 2020
    Focus Management Group (FMG), a nationwide turnaround and restructuring firm, is proud to announce they have upgraded their team with the addition of Steve Weber. Steve will serve as a Managing Director to meet the firm’s growing activity levels for its turnaround management team and corporate restructuring services.
  • Fifth Third, Truist Among Banks Closing Early to Observe Juneteenth
    June 18, 2020
    Amid an intense period of national outrage over racial injustice and inequality, banks across the country are observing — for the first time — the date that commemorates the end of slavery in the United States. Fifth Third Bancorp, Truist Financial and others are joining corporations such as Nike, JC Penney and Mastercard in recognizing June 19, or Juneteenth, as a holiday.
  • White Oak Commercial Finance Loans Exceeded $600MM in 2019, Surpass $300MM YTD
    June 18, 2020
    White Oak Commercial Finance, LLC (“White Oak” or "the firm"), an affiliate of White Oak Global Advisors, today announced it funded over $600MM in credit facilities in 2019 and over $300MM year-to-date to diversified enterprises in North America, the UK, Europe, and Australia.
  • Republic Capital Access, LLC Finances Silicon Valley Tech Company
    June 18, 2020
    Republic Capital Access, LLC has seen a surge in demand for financing from cutting-edge, non-traditional defense contractors as the US Government seeks disruptive technologies. Republic recently financed a technology firm, backed by some of the leading venture capitalists in Silicon Valley, that provides data analytics to the US Government.
  • 24 Hour Fitness Receives Court Approval of $250 Million in Financing; Club Reopenings Continue Nationwide
    June 18, 2020
    24 Hour Fitness (the “Company”), an industry-leading fitness brand for over 35 years, today announced that it has received approvals from the U.S. Bankruptcy Court for the District of Delaware for the First Day motions related to the Company’s voluntary Chapter 11 filing on June 15, 2020. The approved motions will support the Company’s continued business operations while it implements the financial restructuring process.
  • Metropolitan Commercial Bank Promotes Luke J. Kaufman to Head of Commercial Lending
    June 18, 2020
    Metropolitan Bank Holding Corp. (NYSE:MCB) (“Metropolitan” or the “Company”), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced the promotion of Luke J. Kaufman as Head of Commercial Lending, effective immediately. He will report to Scott Lublin, Executive Vice President and Chief Lending Officer and will be responsible for the overall operations of its Commercial Lending division.
  • Marina Kremer Joins California Bank of Commerce as Senior Vice President of Sponsor Finance Division
    June 18, 2020
    California Bank of Commerce (CBC) is expanding its Sponsor Finance Lending Division with the addition of veteran banker Marina Kremer. The division works closely with private equity firms (including Search Funds), SBICs and direct lenders to provide cash flow-based senior debt financing. Kremer has served in various capacities in banking, most recently as Director of Credit/Underwriting at Neptune Financial (NepFin).
  • SFNet's Women in Secured Finance Conference Deploys SFNet Connect
    June 18, 2020
    This year’s theme is “Empowered Women Empower Women.” SFNet’s Women in Secured Finance Conference will bring together some of our industry’s leading female executives and other professionals to offer their insights and tips on navigating issues faced in today’s work environment, providing women in secured finance an opportunity to learn from and support each other.
  • New Regency Extends Credit Facility, Announces Term Loan
    June 17, 2020
    New Regency has extended its credit facility for an additional five years, the entertainment company behind “The Revenant” and “Gone Girl” announced Tuesday. The extension includes a revolving facility with a capacity of $700 million. It is led by J.P. Morgan and also backed by such financial institutions as Bank of America, Union Bank, and SunTrust. New Regency said it has also closed a five and a half year, $125 million term loan from The Carlyle Group.
  • Marketplace Lender October Adds new Predictive Risk Tool to Platform Facilitating Instant Loans
    June 17, 2020
    To cope with the high volume of these loan requests, October has launched a new instant decision tool to speed up the granting of a secured loan. The feature uses machine learning techniques to assess the risk of a business default even more quickly.
  • Singing Machine Secures $12.5 Million Revolving Credit Facility
    June 17, 2020
    On June 16, 2020 the Company entered into a two-year Loan and Security Agreement for a $10,000,000 financing facility with Crestmark, a division of Meta Bank, NA (“Crestmark”) on eligible accounts receivable. Further, the Company also executed a two-year Loan and Security Agreement with Iron Horse Credit (“Iron Horse”) for up to $2,500,000 in inventory financing.
  • Blucora Announces Proposed Add-On to Term Loan Facility
    June 17, 2020
    Blucora, Inc. (NASDAQ: BCOR), a leading provider of tax-smart financial solutions that empower people to achieve their goals, announced that it will host a bank meeting later today, Wednesday, June 17, 2020, for the purpose of syndicating a $175,000,000 add-on to its term loan under the Company’s existing senior secured credit facility.
  • UniCredit Select US FinTech Taulia to Boost Working Capital Solutions
    June 17, 2020
    Pan-European commercial bank, UniCredit announced a partnership with San-Francisco-based FinTech Taulia in a bid to develop and enhance its working capital solutions. The partnership is expected to boost UniCredit’s existing supply chain finance platform and allow for simplified integration into corporates’ enterprise resource planning (ERP) systems.
  • Sarah Williams Joins Viva Capital as Vice President of Sales
    June 17, 2020
    Viva Capital Funding (“Viva Capital”) is excited to announce the hiring of Sarah Williams as Vice President of Sales. The addition of Ms. Williams marks a new chapter in the continued growth of Viva Capital and furthers its commitment to maintaining its reputation as one of the leading specialty finance companies in the United States.
  • ProSight Specialty Insurance Announces Closing of New Debt Refinance Facility
    June 17, 2020
    ProSight Global, Inc. (NYSE: PROS) (ProSight) today announced that it has entered into a $165 million delayed draw term loan which will refinance existing indebtedness. The joint lead arrangers of the facility are SunTrust Robinson Humphrey and Citizens Bank, N.A.
  • MFA Financial, Inc. Provides First Quarter 2020 Financial Results, Announces $500 Million Capital Raise with Apollo and Athene and $1.65 billion Committed Term Borrowing Facility
    June 17, 2020
    MFA announced today a $500 million capital raise through a private senior secured loan agreement to be funded by certain funds and accounts managed by subsidiaries of Apollo Global Management, Inc. (together with such funds and accounts, "Apollo"), including subsidiaries of Athene Holding Ltd. ("Athene"), to which Apollo provides asset management and advisory services. The Company is entering into commitments for a non-mark-to-market term borrowing facility of approximately $1.65 billion from Barclays and Athene. Barclays served as exclusive financial advisor to Apollo and Athene. Houlihan Lokey served as financial advisor to MFA.
  • J.Jill Inches Toward Potential Bankruptcy as It Enters Forbearance
    June 16, 2020
    The struggling womenswear chain has entered into two forbearance agreements after falling out of compliance with certain covenants under its asset-based lending and term loan credit facilities. As part of the respective deals, its lenders have agreed not to exercise any rights and remedies against the company until July 16. So long as it remains compliant with the terms of those agreements, J.Jill has been granted a month to explore financial options as it grapples with cash flow challenges that have accelerated amid the coronavirus pandemic.
  • Bradley Adds Attorney George Barber To Bankruptcy Practice In Dallas
    June 16, 2020
    Bradley Arant Boult Cummings LLP is pleased to announce that George Barber has joined the firm's Bankruptcy and Creditors' Rights Practice Group in Dallas. "We are pleased to have George join us in the Dallas office," said Bradley Dallas Office Managing Partner Richard A. Sayles. "His experience handling a wide variety of bankruptcy matters further expands the capabilities of our Dallas office and enhances the strengths of the firm nationally."
  • Cheniere Energy, Inc. Announces Commitments for Term Loan Facility to Refinance Convertible Notes
    June 16, 2020
    Cheniere Energy, Inc. (NYSE American: LNG) announced today that it has obtained commitments from 17 financial institutions for an approximately $2.5 billion three-year delayed draw Senior Secured Term Loan at Cheniere Energy, Inc. (the “Cheniere Term Loan”), with the ability to add further commitments from additional financial institutions.
  • Xalles Capital to Launch Fintech Growth Center
    June 16, 2020
    Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announces that it is launching a Fintech Growth Center. Xalles Capital Inc., a wholly owned subsidiary of Xalles Holdings Inc., is creating the world’s first virtual growth center for fintech firms. Many small fintech companies are searching for assistance to grow from startup or seed financing to mid-tier financing and ultimately achieve a major financial event.
  • Veritex Adds Depth to its Executive Management with Texas Banking Veterans James D. Recer and Cara McDaniel
    June 16, 2020
    Mr. Recer brings over 30 years of banking experience to Veritex Bank’s senior executive management team. His role at Veritex will be to lead the company’s efforts in all revenue initiatives and to develop scalable strategies designed to support the Bank's organic growth. Cara McDaniel has been named Senior Executive Vice President and Chief HR/Talent Officer at Veritex Community Bank. Ms. McDaniel brings over 20 years of banking and financial institution experience to Veritex.
  • Contango Announces Amendment to its Senior Credit Facility, Certain Operational Updates and the Schedule for its First Quarter 2020 Earnings Release
    June 16, 2020
    On June 9, 2020, the Company entered into the Second Amendment (Credit Agreement Amendment) to the Credit Agreement, dated as of September 17, 2019, by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the other participating lenders thereto. The Credit Agreement Amendment provides for, among other things, a slight increase in the applicable margin of the borrowing base utilization-based pricing grid, a reduction of the borrowing base to $95.0 million on the effective date of the Credit Agreement Amendment, with further $10.0 million automatic borrowing base reductions on each of June 30, 2020 and September 30, 2020, the suspension of testing the current ratio financial covenant until the fiscal quarter.
  • Seacoast Banking Corporation of Florida Announces CEO Succession Plan
    June 16, 2020
    Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (the “Company” or “Seacoast”) today announced that Charles (Chuck) Shaffer, current executive vice president, chief operating officer (COO), and chief financial officer (CFO), has been promoted to president and COO and will become chief executive officer (CEO) and a member of the Company’s board of directors in December 2020. Tracey Dexter, the Company’s current controller, has been promoted to executive vice president and CFO. Dennis S. Hudson, III, the Company’s current chairman of the board of directors and CEO, will become executive chairman of the board of directors in December 2020. Jennings “Jay” Walker, the Company’s current treasurer, has been promoted to executive vice president, treasurer and director of corporate strategy.
  • Franklin Capital Provides A/R Financing Facilities to a PPE Supplier and an IT Equipment Supplier
    June 16, 2020
    Franklin Capital provided a $1,000,000 accounts receivable financing facility to a supplier of personal protective equipment (PPE) and a $3,000,000 accounts receivable financing facility to a UK-based IT equipment supplier.
  • B. Riley Financial's GA Global Partners to Conduct Public Auction of Second Sight Medical Products, Inc.
    June 16, 2020
    GA Global Partners, a B. Riley Financial company, today announced that it will conduct an online public auction of the assets of Second Sight Medical Products, Inc. on June 25, 2020. Second Sight, a developer and manufacturer of implantable visual prosthetics for blind individuals, created the only FDA-approved implantable visual prosthetic treatment for severe Retinitis Pigmentosa. GA Global is conducting the auction of Second Sight’s assets in connection with the orderly wind down of its operations.
  • Clear Channel Outdoor Holdings, Inc. Announces Amendment To Credit Agreement
    June 15, 2020
    Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has entered into an amendment (the "Amendment") to the Company's credit agreement, dated as of August 23, 2019 (the "Credit Agreement"), with several of its lenders.
  • WW International Provides Update on Strong Momentum in Digital Trends, Studio Reopening Plans, and Amended Revolving Credit Facility
    June 15, 2020
    As WW International, Inc. (NASDAQ: WW) continues to advance its digital transformation, the Company today provided an update on recent membership trends and its Studio reopening plans, and announced added financial flexibility pursuant to an amendment to its revolving credit facility. The Company has amended its revolving credit facility, increasing the commitments to $175 million from $150 million and raising the consolidated first lien net debt leverage ratio required by the financial maintenance covenant, together providing for significantly more flexible access to liquidity.
  • InterNex Capital and Utech Global Enter Into Memorandum of Understanding (MOU) to Form a Digital Partnership
    June 15, 2020
    InterNex Capital is pleased to announce that they have entered into an MOU with Utech Global (www.utechcorp.com). Under this Digital Partnership, Utech's GPSTab™ and TMS platforms will be integrated with InterNex’s Velocity™ platform to provide a comprehensive turnkey solution for Utech’s clients who are looking for a better solution to manage their Transportation business while optimizing their working capital.
  • Section 363 Sales Beckon U.S. Real Estate Investors, Notes A&G Executive
    June 15, 2020
    Structured process stands to yield strong acquisition opportunities in retail, office, education, student housing and other sectors, advises Jeff Hubbard in Zoom panel discussion.
  • J D Factors Announces Factoring Facilities
    June 15, 2020
    J D Factors announced the following factoring facilities: $100,000 to a transportation company in Alberta;$250,000 to a transportation company in Pennsylvania; $300,000 to a transportation company in Quebec...
  • New Look Vision Group Inc. Announces the Completion of New Financing Arrangements
    June 15, 2020
    New Look Vision Group Inc. ("New Look Vision" or the "Company") (TSX: BCI) announced today the finalization of new financing arrangements for $40 million. With an initial investment in 2013, Fonds de solidarité FTQ (the “Fonds”) reaffirms its confidence in the Company by investing an additional $40 million. The credit facility granted to New Look vision is part of the Fonds' plan to support Québec businesses during the COVID-19 pandemic.
  • Skillsoft Enters Into Agreement with Lenders to Significantly Reduce Debt and Position Company for Long-Term Success
    June 15, 2020
    Skillsoft Corporation, a global leader in corporate learning, today announced that it has entered into a Restructuring Support Agreement (“RSA”) with an overwhelming majority of its first and second lien lenders. The RSA is expected to result in a comprehensive de-levering of the Company’s balance sheet by reducing the Company’s existing first lien and second lien debt to $410 million from approximately $2.0 billion, with total debt (including working capital financing) aggregating $585 million, lowering the Company’s annual cash interest by approximately $100 million. Weil, Gotshal & Manges LLP is serving as legal counsel to Skillsoft, Houlihan Lokey Capital, Inc. is serving as investment banker, and AlixPartners LLP is serving as financial advisor.
  • 24 Hour Fitness Sets Course for the Future with Financial Restructuring; Nationwide Club Reopenings Underway
    June 15, 2020
    24 Hour Fitness (the “Company”), an industry-leading fitness brand for over 35 years, today announced that, due to the disproportionate impact of the COVID-19 pandemic, the Company has voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. In conjunction with the Chapter 11 filing, the Company expects to secure approximately $250 million in debtor-in-possession (DIP) financing. Lazard is acting as financial advisor, FTI Consulting is acting as restructuring advisor and Weil, Gotshal & Manges LLP is acting as the Company’s legal counsel in connection with the Company’s Chapter 11 cases.
  • Playa Hotels & Resorts N.V. Announces Additional Financing of $224 Million and Amendment to Amended & Restated Credit Agreement
    June 15, 2020
    Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (the “Company”) today announced that it has raised $204 million of additional debt financing, has sold $20 million of its ordinary shares at a price of $4.10 per share in a private transaction, and has entered into the Fourth Amendment to Amended & Restated Credit Agreement with its senior secured credit facility lenders. The Company has raised $204 million of additional debt financing from affiliates of Davidson Kempner Capital Management LP.
  • Medley Capital Corporation Subject to Monthly Expense Support, Houlihan Lokey Commenced Strategic Review Process
    June 15, 2020
    Medley Capital Corporation announced today that, on June 12, 2020, the board of directors of the Company, including its special committee, has approved an expense support agreement under which MCC Advisors LLC and Medley LLC agreed (jointly and severally) to cap the management fee and all of the Company’s other operating expenses (except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the Special Committee at $667,000 per month.
  • Cerence Announces the Successful Completion of Its Debt Refinancing
    June 15, 2020
    Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced that the Company has successfully completed the refinancing of its senior secured term loan B and revolving credit facility through a combination of proceeds from the recent sale of $175 million 3% convertible senior notes due 2025 and a new $125 million senior secured term loan A credit facility. The Company expects to realize significant interest savings as a result of the successful completion of its debt refinancing.
  • Petrus Resources Announces Extension to Credit Agreement
    June 15, 2020
    Petrus Resources Ltd. announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 15, 2020 to June 22, 2020.
  • Kongsberg Automotive Renegotiated Terms for its Revolving Credit Facility
    June 15, 2020
    Kongsberg Automotive has renegotiated certain terms of its Euro 70 million revolving credit facility with its banks, Danske Bank and J P Morgan.
  • Federal Reserve’s Main Street Lending Program Opens for Lender Registration
    June 15, 2020
    The Federal Reserve’s Main Street Lending Program is now open for lender registration. Lenders can find the necessary registration documents on the program site and are encouraged to begin making Main Street program loans immediately.
  • Amazon Unveils Small Business Credit Line with Goldman in Latest tie-up Between Tech and Wall Street
    June 15, 2020
    Amazon is introducing a new digital credit line for U.S.-based merchants with partner bank Goldman Sachs, CNBC has learned exclusively. Small business owners who sell items on the e-commerce giant’s platform will soon be receiving targeted invitations from Goldman’s Marcus brand for credit lines of up to $1 million, according to people with knowledge of the project.
  • Goldman Sachs BDC (GSBD) Amends & Restates Merger Agreement
    June 15, 2020
    Goldman Sachs BDC GSBD and Goldman Sachs Middle Market Lending Corp., the specialty finance companies of Goldman Sachs GS have amended and restated their merger agreement dated Dec 9, 2019. Both Goldman Sachs BDC and Goldman Sachs Middle Market Lending Corp. are the affiliated business-development companies that are managed by Goldman Sachs’ wholly-owned subsidiary, Goldman Sachs Asset Management, L.P.
  • xtraction Oil & Gas, Inc. Files for Chapter 11 Protection
    June 15, 2020
    Extraction Oil & Gas, Inc. (NASDAQ: XOG) (together with its subsidiaries, “Extraction” or the “Company”) announced today that the Company has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Court”). The Company has obtained a committed $125 million debtor-in-possession financing facility (the “DIP Facility”), which contemplates $50 million in new money, up to $15 million of which will become immediately available upon Bankruptcy Court’s order, and a “roll up” of $75 million of revolving loans under the Company’s existing revolving credit agreement. The DIP Facility is underwritten by Wells Fargo Bank, National Association .
  • North Mill Capital Provides Accounts Receivable Facility
    June 15, 2020
    North Mill Capital provided a $750,000 accounts receivable facility for GearTek, Inc. The funds were used to pay off the previous lender and provide additional working capital for the company.
  • SFNet NorCal Chapter June 2020 Newsletter
    June 15, 2020
  • TD Bank Appoints New Head of Small Business Specialists
    June 15, 2020
    TD Bank, America's Most Convenient Bank®, has named Jeff Fazio Head of Small Business Specialists, a new role created to lead the Specialist team of approximately 100 employees throughout TD's Maine to Florida footprint that focus on small businesses with revenues of $1 million and under. In this position, Fazio will oversee pipeline management, work with product teams on strategy and product enhancement and closely collaborate with the Small Business Credit Center to refine the lending process.
  • Revitalization Partners Expands Corporate and Board Advisory Practice
    June 15, 2020
    Revitalization Partners adds Rod Stevens, a seasoned executive who has successfully turned around complex commercial real estate projects on behalf of high net worth individuals, financial institutions, development firms and municipalities, to the Seattle-based corporate advisory firm. He will serve as Senior Director.
  • U.S. High Yield Default Rate to Hit 5% with Imminent Energy Bankruptcies
    June 15, 2020
    The U.S. high yield default rate is poised to reach 5% in June for the first time since July 2016, up from 4.6% at May 31 driven by energy defaults, according to a new Fitch Ratings report.
  • Pipestone Energy Corp. Announces it Has Successfully Maintained Its $225 Million Reserve Based Loan and Provides an Operations Update
    June 15, 2020
    Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that it has successfully redetermined its Reserve Based Loan (“RBL” or “Credit Facility”) with its syndicate of banks, maintaining its credit capacity of $225 million. Pipestone Energy has closed on its RBL redetermination with its corporate banking syndicate, consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial, and Canadian Western Bank...
  • MUFG Sees Divergent Effects of COVID-19 Pandemic on Tech and Telecom Companies
    June 15, 2020
    Remote work, home sheltering, store closures, supply-chain disruptions and declining ad expenditures among largest drivers.
  • Capital Southwest Supports Coastal Television Broadcasting’s Acquisition of Wyoming Media Group
    June 15, 2020
    Capital Southwest Corporation, an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that it supported Coastal Television Broadcasting Holdings LLC and its affiliates’ recent acquisitions of stations controlled by Wyoming Media Group (collectively, “WMG”) with term loans and a revolving credit facility. Capital Southwest led the financing transaction and will act as the sole administrative agent on the credit facilities. Main Street Capital Corporation was a co-investor in the credit facilities.
  • Brink’s Amends Credit Facility to Provide Additional Financial Flexibility
    June 15, 2020
    The Brink’s Company (NYSE:BCO) today announced an amendment to its existing credit agreement that provides long-term covenant relief and added flexibility to execute its strategic plan. The amendment changes the methodology for calculating the company’s leverage ratio by using a net first lien leverage ratio (net secured debt leverage ratio) instead of a total net debt leverage ratio.
  • SFNet CEO Reiterates Call for Eligibility of Secured Lenders as Borrowers Under PPP
    June 11, 2020
    In response to the newly passed Paycheck Protection Program Flexibility Act, SFNet issued a letter to Treasury Secretary Mnuchin, SBA Administrator Carranza and Members of Congress reiterating its calls to make secured lenders and factors eligible as borrowers under the Paycheck Protection Program Interim Final Rule, noting that these institutions "who are a critical conduit of capital flows for our economy are now facing material economic hardship, not only from reduced economic activity, but by the displacement of revenue streams due to the success of PPP!"
  • Umpqua Bank Promotes Tory Nixon To President Former Chief Banking Officer to lead Umpqua's Growth Strategy
    June 11, 2020
    Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDQ: UMPQ), announced today that Tory Nixon has been promoted from chief banking officer to bank president. The announcement is part of Umpqua's increasing focus on serving the small and middle market businesses that are such a critical part of local economies across the West Coast. Cort O'Haver will continue to serve as CEO of both Umpqua Bank and Umpqua Holdings.
  • Tailored Brands may Seek Chapter 11 Protection if COVID Effect Continues
    June 11, 2020
    Men’s Wearhouse owner Tailored Brands Inc. said on Wednesday it may have to seek bankruptcy protection or discontinue operations, if the COVID-19 crisis continues to pummel sales. The retailer said it has taken “decisive actions to manage liquidity”, including borrowing money, while opening nearly half of its stores across the United States and Canada.
  • Calpine Corporation Announces Closing of $1.1 Billion Climate Bonds Certified Financing for The Geysers Power Company, LLC
    June 11, 2020
    MUFG Bank, BNP Paribas, Crédit Agricole, Natixis, Mizuho Bank, National Bank of Canada, Sumitomo Mitsui, SunTrust Robinson Humphrey, CoBank, Rabobank, ING Capital and DZ Bank acted as lead arrangers on the transaction.
  • DiamondRock Hospitality Company Successfully Secures Financial Covenant Waivers For Credit Agreements
    June 11, 2020
    DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 31 premium hotels in the United States, announced today that it successfully finalized an amendment to the credit agreement for its $400 million revolving credit facility and $350 million unsecured term loan and the credit agreement for its $50 million unsecured term loan (collectively, the "Credit Amendments").
  • Liquid Finance Helps Large Agriculture Equipment Manufacturer GVM, Inc. Exit Chapter 11 Bankruptcy in Post COVID-19 Environment
    June 11, 2020
    GVM Inc. of Biglerville, PA, an American manufacturer of high-end agriculture equipment called Prowler Double Duty Spreaders and Mako Sprayers, has exited Chapter 11 Bankruptcy in a transaction with Liquid Finance. With the reorganization, GVM has cleaned their balance sheet, allowing them to continue manufacturing state of the art agriculture and snow equipment in their facilities in Ohio, Pennsylvania, Missouri, and Indiana. Liquid Finance structured a transaction that helps GVM grow distribution across North America.
  • Main Street Lending Program Forms and Agreements - Federal Reserve Bank of Boston
    June 11, 2020
    The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.
  • Largely Untouched by COVID-19 Fallout in Q1, Banks and Independents Report ABL Growth
    June 11, 2020
  • Danaher Replaces Previous $5B Credit Facility with New $2.5B Facility
    June 11, 2020
    In documents filed with the US Securities and Exchange Commission on Wednesday, Danaher disclosed it entered into a new $2.5 billion 364-day revolving credit facility with Bank of America as administrative agent on June 5.
  • LivaNova Announces New Senior Secured Credit Facility
    June 11, 2020
    LivaNova PLC (NASDAQ:LIVN) (“The Company” or “LivaNova”) today announced its entry into a five-year $450 million senior secured credit facility (the “Credit Facility”) through its wholly owned U.S. subsidiary, LivaNova USA, Inc. with funds managed by affiliates of Ares Management Corporation, as administrative agent and collateral agent. Goldman Sachs & Co. LLC served as exclusive advisor to LivaNova in connection with the Credit Facility.
  • Goldman Sachs BDC, Inc. and Goldman Sachs Middle Market Lending Corp. Announce Amended and Restated Merger Agreement
    June 11, 2020
    Goldman Sachs BDC, Inc. and Goldman Sachs Middle Market Lending Corp. announced today that they have amended and restated the Agreement and Plan of Merger, dated December 9, 2019. GSBD and MMLC are affiliated business development companies that are managed by Goldman Sachs Asset Management, L.P.. BofA Securities, Inc. served as financial advisor and Dechert LLP serves as the legal counsel to the special committee of GSBD. Morgan Stanley & Co. LLC served as financial advisor and Eversheds Sutherland (US) LLP serves as the legal counsel to the special committee of MMLC. GSAM’s legal advisor is Wachtell, Lipton, Rosen & Katz.
  • GreenSky, Inc. Announces Closing of $75 Million Incremental Term Loan
    June 11, 2020
    GreenSky, Inc. (“GreenSky” or the “Company”) (NASDAQ: GSKY), a leading financial technology company Powering Commerce at the Point of Sale®, today announced the closing of a $75 million incremental Term Loan B facility, the proceeds of which will be used for general corporate purposes and to enhance the Company’s overall liquidity position. JP Morgan Chase Bank, N.A., acted as sole lead arranger and bookrunner for this transaction.
  • Chimera Closes $400 Million Capital Commitment Led by Funds Managed by Ares Management Corporation
    June 11, 2020
    Chimera Investment Corporation (NYSE: CIM) (“Chimera”) today announced the closing of a three-year $400 million secured loan commitment led by funds managed by the Alternative Credit Strategy at Ares Management Corporation (“Ares”).
  • Organizers Planning de novo Bank in New York City
    June 10, 2020
    NBF 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, 2020
    Surplus 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, 2020
    Francisco 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, 2020
    Ankura, 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, 2020
    Balbec 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, 2020
    Reich 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, 2020
    In 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, 2020
    Sallyport 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, 2020
    Clayton 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, 2020
    Clear 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, 2020
    Under 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, 2020
    Robinson 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, 2020
    TAB 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, 2020
    Wild 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, 2020
    Credit 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, 2020
    Rayonier 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, 2020
    Serta 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, 2020
    Orion 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, 2020
    Douglas 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, 2020
    QuickFi® 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.
  • Federal Reserve Board Expands its Main Street Lending Program to Allow More Small and Medium-sized Businesses to be Able to Receive Support
    June 8, 2020
    The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.
  • Payroll Protection Program (PPP) Loan Update
    June 8, 2020
    This weekend, the SBA released its latest Payroll Protection Program (PPP) loan update. Please see the attached report.
  • Fed to Stay Full Throttle With Credit Support Despite Debt Rally
    June 8, 2020
    The Federal Reserve may have stoked one of the strongest corporate debt market rallies in decades, but it’s too soon to declare an all-clear for credit with the economy facing a potentially rocky road ahead. Sure, U.S. investment-grade borrowing costs have retreated to near all-time lows, and companies have sold $1 trillion of bonds at the fastest pace on record -- evidence that merely announcing a plan to pump liquidity into corporate debt markets has helped ease strains before barely a dollar of central bank money was deployed.
  • Methanex Amends $1.1B Credit Facilities, Boosts Flexibility
    June 8, 2020
    Methanex Corporation MEOH boosted its financial flexibility by amending its $300 million committed revolving credit facility and $800-million non-revolving construction facility. Notably, the amendment is expected to offer meaningful financial covenant relief and greater timeline flexibility for completing the Geismar 3 project. The financial covenant relief will offer more flexibility in calculating minimum EBITDA to interest coverage ratio through Jun 30, 2021, and an increase of the maximum debt-to-capitalization ratio through Jun 30, 2023.
  • Paul, Weiss Adds Leading Restructuring Partner
    June 8, 2020
    Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Andrew M. Parlen is joining the firm as a partner in the Restructuring Department, resident in the New York office. Mr. Parlen represents public and private companies, ad hoc groups of creditors and investors in a variety of distressed situations, including out-of-court restructurings, prepackaged and prearranged chapter 11 reorganizations, debtor-in-possession financings and acquisitions of distressed companies.
  • Joint Statement by SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin Regarding Enactment of the Paycheck Protection Program Flexibility Act
    June 8, 2020
    SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following the enactment of the Paycheck Protection Program (PPP) Flexibility Act: “We want to thank President Trump for his leadership and commend Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working on a bipartisan basis to pass this legislation for small businesses participating in the Paycheck Protection Program.
  • Going-out-of-Business Sales are Underway at All Open Pier 1 Stores and Pier1.com
    June 8, 2020
    Joint venture partners Gordon Brothers and Hilco Global announced that they have commenced “Going-Out-of-Business” sales at more than 350 open Pier 1 stores across the United States. Pier 1 announced on Friday, May 29 that it has received approval from the U.S. Bankruptcy Court to begin an orderly wind-down of its retail operations as soon as reasonably possible, pending each location’s ability to reopen following mandated closures due to the impact of COVID-19. It is estimated that all remaining stores will be operating going out of business sales by mid-June, or as soon as the stores can reopen based on respective state and local guidelines.
  • VEON Announces a New RUB 100 Billion Term Loan Agreement With Sberbank
    June 8, 2020
    VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON) announced today that its subsidiary VEON Holdings B.V. has successfully entered into a new RUB 100 billion, approximately USD 1.5 billion1, bilateral term loan agreement with Sberbank. The loan will be used to refinance and extend the maturity of the existing loan between Sberbank and VEON Holdings, as well as to provide additional funds for general corporate purposes.
  • QEP Resources Announces Amendment to Credit Agreement
    June 8, 2020
    QEP Resources, Inc. (NYSE:QEP) (QEP or the Company) announced today that it has entered into an amendment to its existing credit agreement with Wells Fargo Bank, National Association, and other lenders (the Credit Agreement).
  • Suppliers Tap Receivables for Liquidity Amid COVID-19 Pandemic, MUFG Says
    June 8, 2020
    A growing number of suppliers are using their receivables as a source of liquidity to alleviate financial strains in the wake of the coronavirus pandemic, according to Maureen Sullivan, Head of Supply Chain Finance at Mitsubishi UFJ Financial Group (MUFG). Receivables are legally enforceable claims for payment held by a business for the goods it supplies or services it renders that customers have ordered but not paid for. These claims usually take the form of invoices issued by the supplier and delivered to the buyer for payment within an agreed timeframe.
  • North Mill Capital Announces Transactions
    June 8, 2020
    North Mill Capital announces the funding of a $1,750,000 asset-based revolving line of credit to a wholesaler and distributor of pure maple syrup in Wisconsin; $500,000 accounts receivable credit facility to an Illinois manufacturer of springs and metal stamping for the automotive industry and $500,000 accounts receivable credit facility to a trucking company in Pennsylvania.
  • J D Factors Announces Factoring Facilities
    June 8, 2020
    J D Factors announced it has provided the following factoring facilities: $120,000 to a transportation company in Illinois; $200,000 to a jewelry wholesale and distribution company in California; $50,000 to a transportation company in South Carolina; $300,000 to a transportation company in Maryland; $100,000 to a transportation company in Ontario; $200,000 to a shipping company in Texas and $500,000 to a transportation company in New York.
  • Brooks Brothers Seeks Financing for Potential Bankruptcy, as it Continues Sale Process
    June 8, 2020
    Brooks Brothers is talking to banks about raising financing for a potential bankruptcy that could come as soon as July, as the coronavirus pandemic squeezes the sales of the two-century-old retailer, people familiar with the matter tell CNBC. Brooks Brothers is continuing a sale process it launched earlier this year to heavy interest, and could still conduct a sale without filing for bankruptcy, these people say.
  • SB Financial Announces Completion of Merger with Edon State Bank
    June 8, 2020
    SB Financial Group, Inc. (NASDAQ: SBFG) ("SB Financial"), parent company of State Bank and Trust Company ("State Bank"), announced today the successful closing of the previously announced merger with Edon Bancorp, Inc. (Private) ("Edon Bancorp"), parent company of The Edon State Bank Company of Edon, Ohio ("Edon State Bank"). The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks in accordance with the terms of the previously announced agreement.
  • TPG Specialty Lending, Inc. Announces Corporate Name Change to Sixth Street Specialty Lending, Inc.
    June 8, 2020
    TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today announced that it will change its name to Sixth Street Specialty Lending, Inc., effective June 15, 2020. The new name reflects the previously announced completion of an agreement between Sixth Street Partners (“Sixth Street”) and TPG to become independent, unaffiliated businesses.
  • Bill Easing PPP Limits Signed by President
    June 5, 2020
    President Donald Trump on Friday signed into law legislation that makes a number of changes to the Payroll Protection Program.
  • Tuesday Morning Corporation Secures $25 Million of Additional Financing to Support Financial and Operational Reorganization
    June 4, 2020
    Tuesday Morning Corporation (NASDAQ: TUES) today announced that the Company has obtained a commitment from BRF Finance Co., LLC, an affiliate of B. Riley Financial, Inc. (NASDAQ:RILY) (“B. Riley”), for $25 million of debtor-in-possession (“DIP”) financing as required by the Company’s current $100-million DIP agreement with its existing lender group. With this commitment, the Company has secured commitments for a total of $125 million to support the continuity of operations during Chapter 11 proceedings.
  • Debtwire: Ascena Brings on Kirkland & Ellis, Others to Advise on Balance Sheet
    June 4, 2020
    Ascena Retail Group has brought on new advisers to "explore balance sheet alternatives," according to a Debtwire report that cited unnamed sources. Among those advising the apparel retailer is law firm Kirkland & Ellis, which has worked on many high-profile retail bankruptcies over the years. Also working with Ascena is Guggenheim Securities, which advised the retailer last year on the sale of a majority stake in the Maurices banner, and the consultancy Alvarez & Marsal. An Ascena spokesperson did not reply to Retail Dive's request for comment.
  • CIBC Innovation Banking Provides Vbrick Systems Inc. with a US$6 Million Growth Financing
    June 4, 2020
    CIBC Innovation Banking is pleased to announce a US$6 million revolving credit facility for Virginia-based Vbrick Systems Inc. (“Vbrick”), an industry-leading provider of video platform solutions. With operations in North America, Europe and Australia, the credit facility will be used to accelerate its rapid growth trajectory with investments in new customer acquisition and product innovation.
  • 'It’s the only path forward’: J.C. Penney’s Bankruptcy Judge Approves $900 Million Lifeline
    June 4, 2020
    After five hours of testimony, the judge rejected on argument by creditors who considered the financing to be “predatory.”
  • Green Plains Partners Completes Debt Refinancing
    June 4, 2020
    Green Plains Partners LP (NASDAQ:GPP) and Green Plains Inc. (NASDAQ:GPRE) announced today the successful refinancing of the partnership’s debt facility which was arranged by Bank of America. The loan was approved by all of its existing lenders and became effective on June 4, 2020.
  • Leading European Restructuring Lawyer Matthew Czyzyk Joins Ropes & Gray's Business Restructuring Group in London
    June 4, 2020
    Global law firm Ropes & Gray has strengthened its European restructuring and special situations offering with the appointment of Matthew Czyzyk as a partner in its business restructuring group. Matt will be based in London. A leading special situations and restructuring lawyer, Matt has broad experience acting for a wide range of stakeholders, including debtors, banks and alternative capital providers. He has advised on transactions across the credit spectrum, including cross-border and domestic financial restructurings, lending transactions, and distressed and recovery situations.
  • Republic Provides a $1.75 Million Non-Recourse Facility for an Apparel Importer
    June 4, 2020
    Republic Business Credit funds a West Coast apparel manufacturer with a non-recourse factoring facility to help fill summer orders for a large retailer.
  • White Clarke Group Release Leasing Market Update for the USA
    June 4, 2020
    Leading finance technology company White Clarke Group is pleased to announce the release of a country survey for the USA. In association with the World Leasing Yearbook, this annual survey aims to provide an assessment of the national leasing markets in the US, focusing on the period up to mid-2019. Comprised of in-depth research conducted on behalf of the Equipment Leasing & Finance Foundation by Keybridge Research, the survey offers a wealth of economic and industry insights, including the size of the equipment finance market before the impact of the Coronavirus pandemic.
  • Crestmark Provides More Than $31.2 Million in Commercial Financing to 105 Businesses in the Second Half of May
    June 3, 2020
    Crestmark secured a total of $14,340,000 in ABL financial solutions for 11 new clients; Crestmark Equipment Finance provided $2,269,805 in two new lease transactions; Crestmark Vendor Finance provided $8,645,911 in 90 new lease transactions; and the Government Guaranteed Lending group provided $5,965,000 in financing for two new clients in the second half of May.
  • Metropolitan Partners Group Provides Debt Facility To International Literary Properties
    June 3, 2020
    Metropolitan Partners Group Management, LLC ("Metropolitan"), a direct-lending fund manager that provides senior-secured, transitional capital to small and mid-sized businesses in the U.S., recently completed an investment in International Literary Properties LLC ("ILP"). ILP was set up to acquire the rights in literary estates from those who have inherited them, or from living authors seeking financial certainty from an experienced and engaged buyer.
  • Trade Finance Fintech Stenn Extends and Upsizes Core Finance Programme to $500 Million With New Major Investors
    June 3, 2020
    Online trade finance scale-up Stenn has secured participation from Barclays Bank, Coface SA, and Crayhill Capital Management LP in its latest investment round. The funding is for its core trade financing programme, Stenn Assets Funding, now sized at half a billion dollars.
  • OCC Sounds Warning About Effects of COVID-19 'Lockdowns' on Banking System
    June 3, 2020
    Acting Comptroller of the Currency Brian P. Brooks today expressed concerns about the effects of regional and local responses to COVID-19 on the federal banking system. In letters to the National League of Cities, the U.S. Conference of Mayors, and the National Association of Governors, the Acting Comptroller of the Currency urged mayors and governors to consider the adverse impact of long-term regional economic shutdown on the nation's banks when making their decisions.
  • Republic Hires Tae Chung as SVP, Business Development
    June 3, 2020
    Republic Business Credit is proud to announce the hiring of Tae Chung as Senior Vice President of Business Development in its Los Angeles office. Tae will significantly increase our presence in the California traditional factoring market, further building upon the acquisition of Continental Business Credit in 2019.
  • Axiom Bank CEO Appointed to Florida Bankers Association Board
    June 3, 2020
    Dan Davis, president and CEO of Axiom Bank, N.A., was recently appointed to a two-year term on the Board of Directors of the Florida Bankers Association (FBA). The Board is made up of representatives from both national and community banks.
  • Stonebriar Commercial Finance Closes a $30 Million Lease Facility
    June 3, 2020
    Stonebriar Commercial Finance announced the closing of a $30 million equipment lease facility with a private equity owned global provider of cloud computing services. The company securely transfers clients’ information technology workloads out of their data centers and onto the cloud. Through data centers on five continents, and via software-as-a-solution, the company serves thousands of businesses and governmental agencies around the world.
  • Prestige Capital Announces Funding of $1,250,000 for Companies that Feed the Body and the Mind
    June 3, 2020
    Prestige Capital Finance, LLC is pleased to announce the recent closing of a combined $1,250,000 factoring arrangements for healthy consumer products companies: Nouri Life, a probiotics company; KiiTO, a plant-based nutrition company; and Cure Hydration, a science-backed sports hydration company. Prestige Capital has long been committed to the health and wellness space. From nutritional supplements to power foods for active lifestyles, Prestige has supported founders who are dedicated to feeding our bodies and our minds.
  • Vivint Solar Closes $545 Million Of New Financing In Two Separate Transactions
    June 3, 2020
    Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider in the United States, today announced the closing of two separate debt transactions, totaling $545 million in incremental lender commitments. The first is a $245 million upsize to the company's already existing multi-lender revolving warehouse facility closed in 2019, for a total of $570 million in aggregate commitments. The second is a $300 million hold-co loan facility provided by the Brookfield Infrastructure Debt Fund, a global credit-focused platform managed by Brookfield Asset Management Inc. (NYSE: BAM).
  • Capital Southwest Supports Osceola Capital’s Recapitalization of Central Medical Group
    June 3, 2020
    Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that it supported Osceola Capital’s (“Osceola”) recapitalization of Central Medical Group (“CMG” or the “Company”) with a senior secured first lien term loan, revolver and capex line, as well as a minority equity investment. Capital Southwest led the financing and will act as the sole administrative agent on the credit facilities.
  • Groupe Renault Announces the Finalization of a €5 Billion Credit Facility Agreement With a Guarantee of the French State
    June 3, 2020
    Groupe Renault announces the finalization of a credit facility agreement with a banking pool, for a maximum total amount of €5 billion benefiting from a guarantee of the French State. The banking pool consists of BNP Paribas, Crédit Agricole, HSBC France, Natixis and Société Générale.
  • Hilco Global APAC and Gordon Brothers Partner to Disperse Late Model CAT Mining Fleet in South Africa
    June 2, 2020
    Leading asset valuation and disposal company Hilco Global APAC and Gordon Brothers, the leading global advisory, investment, and restructuring firm, have partnered to disperse a fleet of late model Caterpillar 100T-class mobile mining assets located in South Africa.
  • Faegre Drinker Welcomes Prominent Restructuring Lawyers James Conlan and Patrick Corr
    June 2, 2020
    Faegre Drinker today announced the addition of two of the world's leading restructuring attorneys, James F. Conlan in the U.S. and Patrick Corr in Europe, as partners in the firm's growing finance and restructuring practice. Both come from Sidley Austin, where they previously held senior practice leadership positions.
  • Premier Diversified Holdings Inc. Announces Loan Agreement, Amendment to Existing Loan and Letter of Intent
    June 2, 2020
    Premier Diversified Holdings Inc. ("Premier" or the "Company") (TSXV: PDH) announces that it has entered into a loan agreement with MPIC Fund I, LP ("MPIC") for a secured loan in the aggregate principal amount of up to USD$150,000 (the "Loan").
  • Platinum Equity Portfolio Company Orbit Irrigation Acquires Bond Manufacturing's Garden Business
    June 2, 2020
    Wilkie Farr & Gallagher served as legal counsel to Platinum Equity and Orbit on the transaction. PNC Bank, N.A., served as administrative agent for the transaction. Steel City Capital Funding, a division of PNC Bank, N.A., provided a portion of the financing.
  • IBC Advanced Alloys Announces an Increase to Its Credit Facility with BMO Harris Bank
    June 2, 2020
    IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) is pleased to announce the Company has reached agreement with BMO Harris Bank N.A. (“BMO”) to increase the available capacity of IBC’s operating credit facility with BMO, dated October 1, 2012, from $3.0 million to $3.5 million.
  • G1 Therapeutics Announces Flexible Credit Financing for Up to $100 Million with Hercules Capital
    June 2, 2020
    G1 Therapeutics, Inc. (Nasdaq: GTHX), a clinical-stage oncology company, today announced that the company has entered into a debt financing agreement with Hercules Capital, Inc. (NYSE: HTGC) for up to $100 million. G1 plans to use the proceeds to fund commercialization and further development of trilaciclib, its first-in-class investigational therapy designed to improve outcomes for people with cancer treated with chemotherapy.
  • Rosenthal Closes Two Key Asset-Based Lending Deals
    June 2, 2020
    Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of two separate deals – a $5 million revolving line of credit and a $1.5 million asset based loan facility – for two new clients.
  • White Paper for Investors and Lenders Highlights Risks of Excess Assets in Biopharmaceutical Sector
    June 2, 2020
    Analysis by Tiger Liquidity Services Biopharma Partnership underscores the strategic value to hedge funds, private equity firms, asset-based lenders, and bankruptcy professionals of leveraging asset-valuation and disposition in the biopharma/pharmaceutical space
  • Gibraltar Announces Three Executive Promotions
    June 2, 2020
    Gibraltar Business Capital is reinforcing the resources we have ready and available to help our clients gain innovative, flexible solutions to their financial needs. We are building our leadership team by promoting exemplary team members from within. Jeremy DeBoer has been promoted to Senior Vice President and Account Executive Team Leader. Stan Scott was promoted to a Senior Vice President position. Sam Marder has been promoted to Assistant Vice President.
  • Bankrupt Neiman Marcus Breached its Loan Terms, Lender Says
    June 2, 2020
    Deutsche Bank raised "concerns" last week that Neiman Marcus breached the terms of its asset-based credit line as it seeks a financing package to help it reorganize in bankruptcy. According to the bank, which is an administrative agent on the retailer's ABL, an initial budget tied to Neiman's bankruptcy loan (know as "debtor-in-possession" financing) "contained material errors undermining key assumptions" that could impede the retailer's ability to repay its loan.
  • First Business Growth Funding Funds $5 Million Accounts Receivable Facility
    June 2, 2020
    First Business Growth Funding, a division of First Business Capital Corp., funded a $5 million accounts receivable purchase facility for a logistics and transportation company. The facility was used to refinance an existing bank loan and for additional working capital for growth opportunities.
  • Diodes Incorporated Announces New $670 Million Credit Facility in Next Step of Lite-On Semiconductor Acquisition
    June 1, 2020
    Diodes Incorporated (Nasdaq: DIOD), today announced that it has entered into a new credit agreement that will provide a $670 million, three-year secured credit facility. The new facility makes available up to $520 million in a term loan, a $150 million revolving credit line and will be funded by a syndicate of banks. BofA Securities, Inc., BBVA Securities and PNC Capital Markets acted as joint lead arrangers and joint bookrunners. Also participating in the bank syndicate are Citibank, Regions Bank, Comerica Bank, Silicon Valley Bank, HSBC Bank USA, and Cadence Bank.
  • Libbey Commences Chapter 11 Reorganization with $160 Million in Agreed Financing
    June 1, 2020
    Libbey Inc. (NYSE American: LBY) ("Libbey" or the "Company"), one of the world's largest glass tableware manufacturers, today announced that the Company and its U.S.-based subsidiaries have filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Libbey's international subsidiaries in Canada, China, Mexico, the Netherlands and Portugal are not included in the Chapter 11 proceedings and are operating in the normal course of business.
  • Republic Provides a $3.5 Million Non-Recourse Facility to a Furniture Manufacturer
    June 1, 2020
    Republic Business Credit provided a $3.5 million non-recourse factoring facility that provides credit protection without any covenants. Republic’s funding was used to refinance out the existing bank facility while providing over a million dollars of availability to respond to customer demand.
  • Ballard Spahr Adds Two Attorneys, Expands Practices in Minneapolis
    June 1, 2020
    Intellectual property lawyer Jodi DeSchane and public finance attorney Rebecca Lawrence have joined Ballard Spahr, firm Chair Mark Stewart announced today. Ms. DeSchane is Of Counsel in the firm’s Intellectual Property Department. Her practice centers on trademark, copyright, advertising, social media, and internet-related matters, especially for clients in the banking, retail, restaurant, human resources, consumer products, professional sports, and franchising industries.
  • Katten Taps Erin England to Grow Commercial Finance Practice in Expanding Dallas Office
    June 1, 2020
    England represents borrowers and lenders, including banks and alternative lending institutions, in structuring and negotiating domestic and international commercial transactions. She also has deep real estate finance experience, including her representation of borrowers and lenders in construction loans and other real-estate secured loans involving virtually every type of property use — raw land acquisition, industrial properties, hotels, and office and retail space.
  • Pacific Premier Bancorp, Inc. Announces Completion of Acquisition of Opus Bank
    June 1, 2020
    Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank, announced today that it has completed the acquisition, effective as of June 1, 2020, of Opus Bank, a California-chartered commercial bank headquartered in Irvine, California (NASDAQ: OPB) (“Opus”).
  • Crossplane Capital Adds Bandwidth to Capitalize on Expected Wave of Restructurings
    June 1, 2020
    Crossplane Capital announced the expansion of its team today with the arrival of associates Michael Bertrand and David Harris. Michael and David will be responsible for supporting the team across multiple areas, including opportunity screening, financial modeling, company and industry due diligence, and value creation planning and implementation.
  • WhiteHorse Capital Provides a New Senior Secured Term Loan to Connexity, Inc. to Support the Acquisition of SkimLinks
    June 1, 2020
    WhiteHorse Capital, the direct lending affiliate of H.I.G. Capital ("H.I.G."), a leading global private equity and alternative assets investment firm with $37 billion of equity capital under management, provided a new senior secured term loan facility to Connexity, Inc. (“Connexity” or the “Company”) to support its acquisition of SkimLinks. California based Connexity is the leading independent provider of new ecommerce customer prospecting across the U.S. and Europe, serving the retail performance marketing industry.
  • CFG Merchant Solutions Enhances Partnership with Arena Investors and its Affiliates to Serve SMEs
    June 1, 2020
    CFG Merchant Solutions (“CFGMS”), a leading financier of small and medium-sized enterprises (“SMEs”), announced today that the company is building upon its partnership with Arena Investors, LP (“Arena”), in conjunction with Ceteris Portfolio Services (“Ceteris), an Arena servicing affiliate, in servicing and providing liquidity to Platinum Rapid Funding’s (“PRF”) merchant portfolio. CFGMS has been a leading capital provider to SMEs and an originator of advances to growing merchants, providing in excess of $400 million merchant cash advances since 2015. Arena has been CFGMS’s primary capital partner since 2016.
  • North Mill Capital Provided an $1,250,000 for Performance Freight Systems, Inc.
    June 1, 2020
    North Mill Capital announced it provided an $1,250,000 accounts receivable facility for Performance Freight Systems, Inc. The funds were used to pay off the previous lender and provide additional working capital for the company.
  • Celtic Capital Corporation Provides $600,000 for Distributor and Installer of Fireplaces
    June 1, 2020
    Celtic Capital Corporation today announced its most recent new client relationship – a Colorado-based distributor and installer of fireplaces for commercial and residential use. This Company approached us for a working capital line of credit to support its expected growth.
  • Organigram Successfully Completes Amendment to Credit Facilities with Bank of Montreal
    June 1, 2020
    Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (collectively, the “Company” or “Organigram”), a leading licensed producer of cannabis, is pleased to announce that the Company has amended its credit agreement dated May 31, 2019, with Bank of Montreal (“BMO”) as lead arranger and agent as well as a syndicate including three other lenders (the “Credit Agreement Amendment”). The Credit Agreement Amendment modifies certain terms of the $115 million term loan (the “Term Loan”) and $25 million revolving credit facility (the “Revolver”, and together with the Term Loan, the “Facilities”).
  • Proskauer Introduces Private Credit Default Index
    June 1, 2020
    Proskauer, a leading international law firm, announced the creation of the Proskauer Private Credit Default Index© which tracks, on a quarterly basis, the default rates of senior secured and unitranche loans.
  • Baudax Bio Secures $50 Million Credit Facility
    June 1, 2020
    Baudax Bio, Inc. (NASDAQ:BXRX), a pharmaceutical company focused on therapeutics for acute care settings, today announced that it has closed on a credit facility of up to $50 million from funds managed by Marathon Asset Management, a global credit solutions partner. Proceeds from the facility will generally be used to support the commercial launch of ANJESOTM (meloxicam) injection, and for working capital purposes. JMP Securities LLC acted as exclusive financial advisor and sole placement agent to Baudax on this transaction.
  • Rubicon Minerals Announces Extension of Loan Facility
    June 1, 2020
    On June 1, 2020, Sprott and Rubicon agreed to extend the maturity date of the Loan Facility by one year to December 31, 2021 subject to certain other amendments and conditions as more particularly described below (the "Amended Loan Facility").
  • Hewlett Packard Secures New $1 Billion Credit Facility
    June 1, 2020
    Computing giant Hewlett Packard Inc. (HPQ), which focuses on PCs and printers, said it has secured a 364-day revolving credit facility, with aggregate lending commitments of $1 billion. Loans under the senior, unsecured revolving credit facility will be used for general corporate purposes, the company said in a SEC filing. JPMorgan Chase Bank, N.A. will act as the administrative agent on the credit line.
  • Green Growth Brands Announces Extension of Stay under Insolvency Proceedings
    June 1, 2020
    Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) and certain of its direct and indirect wholly owned subsidiaries (collectively “GGB”, the “Company” or the “Applicants”) today provided an update on its insolvency proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”).
  • Main Street Lending Program Updates as of May 28
    May 28, 2020
    The Federal Reserve Bank of Boston today released additional information for potential lenders and potential borrowers, including a form loan participation agreement, lender certifications and covenants, borrower certifications and covenants, updated Frequently Asked Questions, and other legal documents.
  • Tiger Group Selling Surplus Equipment from Ongoing Operations of Leading CBD and Cannabis Manufacturer
    May 28, 2020
    Tiger Group is now liquidating well-maintained, late-model machinery and equipment surplus to the ongoing operations of a leading dispenser and manufacturer of Cannabidiol (CBD) products, with a range of value-add uses in the cannabis and biopharma sectors. This 2018 Agilent Gas Chromatography/Mass Spectrometry system is among the assets available in Tiger Group's sale of assets from a leading dispenser and manufacturer of CBD products.
  • Cineworld Shares Jump on Covenant Waiver and Increase in Credit Facility
    May 28, 2020
    Cineworld said it has increased its leverage covenant to 9.0x net debt to EBITDA for the December 2020 testing date, has agreed the terms of $110 million of additional liquidity through an increase in its revolving credit facility, has received approval to apply for $45 million through the CLBILS loan scheme in the UK and expects shortly to commence a process to access $25 million through the U.S. government CARES Act.
  • Advanced Flower Capital Provides $42 Million Secured Credit Facility to Nature's Medicines
    May 28, 2020
    Advanced Flower Capital Management, LLC ("AFC") announced today that an affiliate of the company has arranged for a $42 million credit facility for Nature's Medicines. The credit facility is designed to streamline Nature's Medicines' capital structure and support its expansion initiatives, which include growth in its home state of Arizona and significant expansion into the Michigan market. AFC served as Lead Arranger and Administrative Agent for the transaction.
  • ABM Industries Amends Credit Agreement to Enhance Financial Flexibility
    May 28, 2020
    ABM (NYSE: ABM), a leading provider of facility solutions, announced today it has successfully completed an amendment to its senior, secured credit agreement. The Company is a party to a syndicated credit facility comprised of an $800 million revolving line of credit and an $800 million amortizing term loan, both of which mature on September 1, 2022. Bank of America, N.A. acted as Administrative Agent.
  • Alvarez & Marsal Continues Expanding Its Energy Advisory Services in Houston
    May 28, 2020
    Craig Jones, a 20-year energy industry veteran, experienced in CFO services, M&A integration, strategy and operations management, and lean performance improvement, joins Alvarez & Marsal.
  • Owl Rock Capital Appoints Nicole Drapkin and Jesse Huff as Co-Heads of Opportunistic Investing
    May 28, 2020
    Owl Rock Capital ("Owl Rock"), a leading alternative asset manager, announced today the hiring of Jesse Huff, formerly of Oaktree Capital Management, and the expanded role of Nicole Drapkin, Managing Director at Owl Rock, who together will serve as Co-Heads of the firm's opportunistic investing strategy. Huff most recently served as a managing director and member of Oaktree's Strategic Credit platform where he had been focusing on opportunistic credit since 2014.
  • AlixPartners Further Expands Middle East Presence with the Arrival of Turnaround & Restructuring Leader, Matthew Wilde
    May 28, 2020
    AlixPartners, the global consulting firm, announced today that Matthew Wilde has joined as a Managing Director. Matthew will serve clients across the Middle East region and he will be based in AlixPartners’ Dubai office. Matthew brings a proven track record in turnaround and restructuring having been a partner with PwC for nearly 20 years before becoming an independent Chief Restructuring Officer
  • Rubio-Cardin-Collins-Shaheen: Paycheck Protection Program Extension Act
    May 27, 2020
    The Paycheck Protection Program (PPP) is a critical lifeline for America’s small employers and their employees, who are struggling with the consequences of economic shutdowns aimed at fighting the spread of COVID-19. Since its launch in early April, the program has provided loans totaling more than $510 billion to approximately 4.3 million small employers across the country. The overwhelming majority of borrowers are very small – according to the latest data, nearly two-thirds of all PPP loans are for $50,000 or less, and the average size of a PPP loan is just $118,000, suggesting an average employer size of about 10 employees.
  • Bakery Chain Le Pain Quotidien’s U.S. Arm Files Bankruptcy
    May 27, 2020
    The U.S. arm of bakery chain Le Pain Quotidien filed for bankruptcy in Delaware with plans to sell itself for $3 million to avoid shutting down for good, court papers show. The Chapter 11 petition allows Le Pain Quotidien to rework its debts and carry out a sale to Aurify Brands LLC, which requires court approval. Without the sale, the company would’ve had to liquidate its 98 U.S. stores, proposed Chief Restructuring Officer Steven Fleming said in a court declaration.
  • A&W Food Services of Canada Announces an Increase to Its Credit Facility
    May 27, 2020
    A&W Food Services of Canada Inc. announced today the completion of the definitive documents for its previously announced increase in the available capacity of its operating line credit facility from $6 million to $25 million.
  • Macy's Announces $1 Billion Bond Offering to Repay Credit Facility
    May 27, 2020
    Macy’s Inc (M.N) said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility. The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.
  • Diana Shipping Inc. Announces Signing of a Term Loan Facility with ABN AMRO Bank to Refinance Two Separate Existing Loans with the Bank
    May 27, 2020
    Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that on May 22, 2020, it signed a term loan facility with ABN AMRO Bank N.V., through six wholly-owned subsidiaries, in the amount of US$52.885 million, divided into two tranches. The purpose of the loan facility was to combine the two loans outstanding with the Lender and extend the maturity of the loan maturing in March 2021 to the maturity of the other loan, maturing in June 2024.
  • Michael Best’s Litigation & Bankruptcy Groups Bolster with Addition of Christopher Schreiber
    May 27, 2020
    Michael Best is pleased to announce the addition of Christopher Schreiber who joins the firm as a Partner in the Litigation group in Milwaukee, focusing his practice on the banking and financial services industry sector. Schreiber brings 15 years of bankruptcy, foreclosure, loan workout, and commercial litigation experience to the firm, and he has extensive experience representing creditors in local and national bankruptcy cases and in Chapter 128 receivership cases in Wisconsin.
  • Tarkett Secures Bridge Loan
    May 27, 2020
    Tarkett announces it has obtained €245 million of additional financing. This reinforces an already solid level of liquidity. Tarkett has set up a €175 million short term revolving credit facility with a one-year maturity, extendable by six months at the Group’s discretion, then by another six months at the banks’ discretion. This club deal includes the five bookrunners of the revolving credit facility (RCF) signed in 2019, namely BNP-Paribas, Groupe Crédit Agricole, Commerzbank, HSBC, Société Générale, as well as BECM and La Banque Postale.
  • B. Riley's GA Global Partners Appointed to Conduct Auction of Steel Partners’ Assets
    May 27, 2020
    GA Global Partners, LLC today announced that it will conduct a live virtual public auction of the assets of Steel Partners on June 4, 2020. The auction will feature Steel Partners’ metal fabrication equipment, material handling, powder coating booth, steel inventory, trucks and trailers located in Las Vegas, NV. Steel Partners, a full-service steel contractor and major structural metals fabricator, shuttered its operations after serving the Las Vegas area for over 20 years.
  • Dennis Bolton Joins Gordon Brothers’ Commercial & Industrial Division as Managing Director
    May 27, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that Dennis Bolton has joined its Commercial & Industrial division as Managing Director. Bolton will assist clients in evaluating remarketing methods for various types of commercial and industrial assets as well as sourcing and facilitating large equipment deals in a multitude of sectors including construction, mining, energy and aviation industries.
  • CIT Wins Three Stevie® American Business Awards
    May 27, 2020
    CIT Group Inc. (NYSE: CIT) today announced that it has won three Stevie ® American Business Awards for business excellence. The awards include a Gold award for Achievement in Management – Banking, a Silver award for FinTech Solution and a Silver award for Corporate Social Responsibility Program of the Year.
  • Stapleton Group Expands Team in Response to Strong Demand
    May 27, 2020
    Stapleton Group announced it has expanded its team with three key hires and promoted Jake Diiorio to managing director. Michael Husted has joined Stapleton as a director specializing in operations; Joan Hadeed as associate director, Financial Advisory Services; and Emily Chen as associate director, Accounting Services.
  • Austin Financial Services Provides a $1.5MM Revolving Facility to a Precision Machine components Manufacturer for the Aerospace & Defense Industries
    May 26, 2020
    Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $1.5MM revolving A/R and inventory facility to a manufacturer of precision machine components for the aerospace and defense industries. Proceeds from AFS’ revolver were used to provide funds for working capital support and growth.
  • Gibraltar’s $18MM Credit Facility Funds Acquisition for Family Office Investor Group
    May 26, 2020
    In a time of turmoil, Gibraltar Business Capital funded an acquisition for a new client via an $18 million line of credit. The transaction was initiated by a family office investor group.
  • Rosenthal’s Southeast Office Closes Purchase Order Financing, Non-Recourse Collection Factoring Deals
    May 26, 2020
    Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of two separate deals – a $750,000 purchase order finance facility for an automotive client and a $10 million collection factoring agreement for a mattress company. Both clients will be serviced by Rosenthal’s Southeast office in Atlanta.
  • First Business Growth Funding Funds $5 Million Accounts Receivable Facility
    May 26, 2020
    First Business Growth Funding, a division of First Business Capital Corp., funded a $5 million accounts receivable purchase facility for a logistics and transportation company. The facility was used to refinance an existing bank loan and for additional working capital for growth opportunities. Despite challenges created by COVID-19, First Business arranged a successful and timely closing by leveraging its technical proficiencies.
  • J D Factors Announces Factoring Facilities
    May 26, 2020
    J D Factors announced it provided the following factoring facilities: $50,000 to a transportation company in Arkansas. $120,000 to a transportation company in Illinois. $100,000 to a transportation company in British Columbia. $120,000 to a transportation company in Illinois. $250,000 to a transportation company in Ohio.
  • Unit Corporation Voluntarily Files Chapter 11 Cases to Restructure Balance Sheet
    May 26, 2020
    Vinson & Elkins L.L.P. is serving as legal advisor, Evercore Group L.L.C. is serving as investment banker, and Opportune LLP is serving as restructuring advisor to the Company. Weil, Gotshal & Manges LLP is serving as legal advisor and Greenhill & Co., LLC is serving as financial advisor to an ad hoc group of holders of Subordinated Notes.
  • LXRandCo Announces Closing of $3.6 Million Financing and Renewal of $12.5 Million Revolving Bank Line
    May 26, 2020
    LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), a North American omni-channel retailer of branded vintage luxury handbags and accessories, today reported that further to its announcement on May 13, 2020, the Company has completed a $3.6 million financing round of which $3.0 million, in the form of a three-year term loan, comes from the Business Capital Assistance Program COVID-19 relief program offered by the Federal Government (the "BCAP" financing) and $587,500 through a private placement (the "Equity Private Placement") of LXRandCo Class B shares (the "Shares").
  • Advantage Announces Renewal of Credit Facility at $400 Million
    May 26, 2020
    Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce the renewal of the Corporation's existing $400 million revolving credit facility, following completion of its annual review by the syndicate of lenders.
  • Cardinal Energy Ltd. Announces Extension of Credit Facility Redetermination Date and Debentureholder Meeting
    May 26, 2020
    The Company's $325 million Credit Facility was available on a revolving basis until May 23, 2020. On May 22, 2020, subject to certain conditions, the Company signed an extension until June 30, 2020 in order for the syndicate to have more time to assess current market conditions and the effect of potential government assistance programs on the Credit Facility. Among others, the conditions include a cap on the drawings available to the Company under the Credit Facility and that no drawings can be used to redeem or repay the Debentures.
  • MGG Investment Group Continues to Bolster Senior Investment Team
    May 26, 2020
    MGG Investment Group, LP (“MGG”), a leading private direct lending investment firm, today announced that Eran Cohen, former Managing Director on the loan originations team at Wells Fargo Capital Finance, has joined the firm as a Managing Director. Mr. Cohen is based in Chicago and reports to Chief Executive Officer and Chief Investment Officer Kevin Griffin.
  • Bay Point Advisors Provides $7.5M DIP Loan to Cryptocurrency Mining Facility in Atlanta
    May 26, 2020
    Bay Point Advisors announces it has entered into a senior secured debtor-in-possession (“DIP”) financing agreement with a network of blockchain mining companies comprising VC Mining Enterprises Inc., Godby DC-5 LLC, Godby DC-4 LLC, Hemphill Avenue LLC, and Virtual Citadel LLC (collectively “the Company”), which has filed for bankruptcy protection under Chapter 11 under the United States Bankruptcy Code.
  • Paycheck Protection Program (PPP) Policy Update
    May 26, 2020
    SBA & Treasury have recently released additional guidance: Interim Final Rule on Loan Forgiveness (Released May 22, 2020) and Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (Released May 22, 2020).
  • Sugarbud Announces Non-Dilutive Secured $5.0 Million Credit Facility with Connect First Credit Union Ltd.
    May 26, 2020
    Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) ("Sugarbud" or the "Company") is pleased to announce that it has entered into a commitment letter with Connect First Credit Union Ltd. ("First Calgary") in respect of a $5.0 million senior secured credit facility (the "Credit Facility").
  • Dealnet Obtains $6.25 Million Term Loan with Schedule 1 Bank
    May 26, 2020
    Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE: DLS) announced today that it has executed a binding commitment letter for a $6.25 million, 12-month term loan with a Schedule 1 Bank in partnership with the Export Development Corporation. This loan bears interest at bank’s prime rate + 4%, with an annual guarantee fee of 1.8% and is secured by a first ranking general security agreement over EcoHome.
  • ABL Providers Step up With Capital in Uncertain Environment
    May 26, 2020
    Middle market companies that have exhausted traditional funding sources are increasingly using their assets as collateral to access vital liquidity for their operations. Investors’ risk-aversion and direct lenders’ demands for greater protections to make loans have narrowed the availability of capital for small or mid-sized companies compelling borrowers to pledge their assets as collateral to obtain asset-based loans (ABL).
  • SC&H Capital advises Beef International, Inc. in its sale to RKW Holdings, LLC
    May 26, 2020
    SC&H Capital, a leading investment bank specializing in M&A advisory, announced it acted as the exclusive investment banker to Beef International, Inc. (“Beef International”) in the sale of its equipment and inventory assets to RKW Holdings, LLC (RKW), a Delaware Corporation.
  • Gil Karni to Head US Operations of Bank Hapoalim
    May 26, 2020
    Karni has nearly three decades of extensive executive, corporate and commercial banking experience with Bank Leumi, serving most recently as CEO of the bank's UK operations. In the past decade, he also held significant executive roles in Europe.
  • Crestmark Provides More Than $27.2 Million in Commercial Financing to 32 Businesses in the First Half of May
    May 26, 2020
    Crestmark secured a total of $7,800,000 in ABL financial solutions for 10 new clients; Crestmark Equipment Finance provided $7,564,246 in four new lease transactions; Crestmark Vendor Finance provided $10,791,438 in 17 new lease transactions; and the Joint Ventures Division provided $1,047,785 in financing for one new client in the first half of May.
  • Finacity Arranges Receivables Securitization for Startek, Inc.
    May 26, 2020
    Finacity Corporation (“Finacity”), a member of the Greensill family of companies, announces the close of a trade receivables securitization program for Startek, Inc. (“Startek”) in April 2020. The securitization program finances receivables originated by Startek’s entities in the United States.
  • Exchange Bank Announces Change in Leadership; Gary Hartwick Announces Retirement with Troy Sanderson to Succeed as President and CEO
    May 26, 2020
    Exchange Bank (OTC: EXSR) President and CEO Gary Hartwick announced his retirement as of December 31, 2020. Hartwick joined Exchange Bank in January of 2009 and served as the chief credit officer and chief operating officer before assuming the role of president and CEO in March of 2014. In his 12 years of distinguished service with Exchange Bank, Gary has provided positive leadership and a well‑executed strategic vision. He has served on the Bank’s Board of Directors since 2014 and will remain on the Board and continue to be active in Sonoma County, where he resides.
  • Akorn to Use Voluntary Chapter 11 Process to Position Business for Long-Term Success
    May 26, 2020
    In connection with the filing, the Company has executed a Restructuring Support Agreement with lenders representing more than 75% of its secured debt, who will collectively serve as a "stalking horse" bidder in the Company's sale process and provide additional liquidity to fund the Company's business operations during this process. Akorn is advised in this matter by Kirkland & Ellis as legal advisor, PJT Partners as financial advisor and AlixPartners as restructuring advisor.
  • Kevin Lockhart Joins Perella Weinberg Partners as Partner
    May 26, 2020
    Perella Weinberg Partners (“PWP”) today announced that Kevin Lockhart has joined the Firm as a Partner in its Advisory business. Based in New York, Mr. Lockhart will provide strategic capital markets advice to clients across industries. Mr. Lockhart joins PWP after building his own independent financing advisory business, Lockhart Creative Capital Solutions, where he advised corporate clients on a range of transactions, including acquisition financings, recapitalizations, and project and working capital financing transactions.
  • Molecular Templates, Inc. Announces $45 Million Debt Financing From K2 HealthVentures
    May 26, 2020
    Molecular Templates, Inc., a clinical-stage biopharmaceutical company focused on the discovery and development of the Company’s proprietary targeted biologic therapeutics, engineered toxin bodies (ETBs), today announced it has secured a debt financing facility for up to $45 million from K2 HealthVentures, a healthcare-focused specialty finance company. MTEM received a first tranche of $15 million upon closing, a portion of which has been used to repay the remaining indebtedness that was outstanding under the Company’s prior credit facility.
  • MarineMax Expands Financial Capacity
    May 26, 2020
    MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, announced today that it has amended its $440 million credit facility, which provides MarineMax with greater financial capacity by increasing its liquidity and extending the term. The agent of the facility is Wells Fargo Commercial Distribution Finance and includes the following lending partners: M&T Bank, Bank of the West and Truist Bank.
  • Hilco Global Report Indicates Modest Growth for the Craft Brewery Industry Post-Pandemic
    May 26, 2020
    Hilco Global has issued a timely report on the present state of the craft beer industry, the outlook for existing brewers emerging from the current crisis, and how these dynamics may create certain opportunities for new entrants to the market. Indicators Suggest Modest Growth for Craft Brewers That Evolve, Connect and Prepare Now for Post-Pandemic Re-Start, authored by Adam Stump- Managing Director at Hilco Valuation Services, examines factors that have shaped the industry over the past decade and how brewers' own experiences and actions throughout the COVID-19 period may be the key to unlocking a profitable future for their businesses as the category recovers later this year.
  • Banks Test Sluggish US Loan Market With a Slew of M&A Transactions
    May 21, 2020
    Banks in the US have launched US$3.4bn in leveraged loans backing mergers and acquisitions this month, reopening a market that was mainly available for companies seeking emergency funding related to the coronavirus pandemic. Four term loans are scheduled to price before the end of this month, and banks are offering investors juicy coupons and steep original issue discounts (OIDs) to sell the debt.
  • Scorpio Tankers Inc. Announces Closing of a Previously Announced Credit Facility
    May 21, 2020
    Scorpio Tankers, Inc. (NYSE: STNG) (the “Company”) announced today that it has closed a previously announced credit facility with a group of European financial institutions. In May 2020, the Company executed an agreement for a loan facility of up to $225.0 million with a group of European financial institutions. This loan facility consists of a $150.0 million term loan facility and $75.0 million revolving credit facility. The proceeds of this new facility are expected to be used to refinance the existing debt on nine vessels.
  • CPS Technologies Corporation Increases Credit Facility to $3 Million
    May 21, 2020
    CPS Technologies Corporation (Nasdaq:CPSH) today announced that it has entered into an amendment to its credit facility with The Massachusetts Business Development Corporation. The maximum borrowing on the facility has been increased from $2.5 million to $3.0 million.
  • Sprague Resources LP Announces Signing of $1.18 Billion Senior Secured Amended and Restated Credit Facility
    May 21, 2020
    Sprague Resources LP, the parent company of Sprague Operating Resources LLC and Kildair Service ULC, announced today the signing of a second amended and restated senior secured credit agreement with MUFG Bank, LTD, as Administrative Agent, MUFG Bank LTD. and BNP Paribas as Co-Collateral Agents, BNP Paribas, Citizens Bank, N.A., Société Générale, Wells Fargo Bank, N.A. and Coöperatieve Rabobank U.A., New York Branch, as Co-Syndication Agents, ABN AMRO Capital USA LLC and Santander Bank, N.A., as Co-Documentation Agents and MUFG Bank LTD, BNP Paribas, Citizens Bank, N.A., Société Générale, Wells Fargo Securities, LLC and Coöperatieve Rabobank U.A., New York Branch as Joint Lead Arrangers and Joint Bookrunners and financial institutions party thereto.
  • Green Growth Brands Obtains Initial Order Under Companies' Creditors Arrangement Act
    May 21, 2020
    All Js Greenspace LLC, one of GGB’s existing secured lenders, has agreed to fund the CCAA proceedings through a debtor-in-possession loan facility in the initial amount of up to US$1 million. An additional $US6.2 million will be made available for borrowing under the DIP Agreement following the Initial Period upon Court approval at a subsequent hearing that would (i) extend the stay period; (ii) increase the amount of the DIP Lender’s Charge (as defined below); (iii) approve a sale and investment solicitation process; and (iv) approve a stalking-horse agreement (the “Stalking Horse Agreement”) among the Company, All Js and Capital Transfer
  • Andy Pohlman Joins First Federal as SVP and Regional Market President
    May 21, 2020
    First Northwest Bancorp (NASDAQ: FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank” or “First Federal”), today announced that Andy Pohlman will join First Federal’s management team as Regional Market President and Senior Vice President of Investment Services, effective June 1, 2020. Pohlman will lead the Bank’s Retail Banking Strategy in Whatcom and Kitsap Counties, as well as oversee the Investment Services function.
  • Scott Davido Joins Ankura as Senior Managing Director
    May 21, 2020
    Ankura, a global business advisory and expert services firm, today announced the appointment of Scott Davido as a Senior Managing Director, based in New York. As part of Ankura's Turnaround & Restructuring Group, Mr. Davido will serve clients with his more than 30 years of experience leading operations, finance, accounting, and strategic functions for companies and governments undergoing operational and financial crises or transitions.
  • Hotel Industry on Brink of Collapse Releases Roadmap to Recovery
    May 21, 2020
    AHLA outlines action needed by Congress to help industry survive economic impact worse than Great Depression.
  • CIT Provides $37.3 Million Investment for Jordan Downs Apartment Project
    May 21, 2020
    CIT and its Pasadena-based banking subsidiary CIT Bank, N.A. today announced a $37.3 million investment in the Jordan Downs Apartments Project, a 92-unit multifamily apartment complex to support low-to-moderate income families in the Watts neighborhood of Los Angeles.
  • Spike in U.S. CMBS Delinquencies and Special Servicing in May Due to Coronavirus
    May 21, 2020
    New loan delinquencies and new loan transfers to special servicing within the Fitch-rated U.S. CMBS conduit universe increased substantially in May due to coronavirus. The majority of conduit remittances for May have now been reported and 30-day loan delinquencies increased exponentially, rising 12 times as much as April. This is consistent with Fitch's expectation the delinquency rate will increase over the next few months and peak between 8.25% and 8.75% by the end of third quarter 2020.
  • Change Capital Provides 2nd Lien Financing to Specialty A/V Contractor
    May 21, 2020
    This rapidly growing specialty contracting firm was referred to Change Capital by a leading accounts receivable-based lender. The company, based in Texas, specializes in audio-visual and building automation design, construction and installation. Change Capital was introduced and engaged quickly, providing a $350,000 2nd lien tranche of capital within five business days of the initial submission.
  • LBC Small Cap Continues Support of Lower Middle Market Companies
    May 21, 2020
    LBC Small Cap, an affiliate of LBC Credit Partners, recently provided financing solutions to support the growth of two U.S.-based lower middle market companies. LBC Small Cap provided a secured mezzanine investment to support the acquisition of SIB Fixed Cost Reduction (“SIB”) by O2 Investment Partners. Additionally, LBC Small Cap provided senior secured credit facilities and an equity co-investment to support the recapitalization of Breakout EDU by Cascadily LLC, along with key members of management.
  • Magic Johnson Will Provide $100 Million to Fund Loans to Minority-owned Businesses
    May 20, 2020
    Johnson announced that EquiTrust Life Insurance Co., of which he owns a majority, is providing $100 million in capital to fund federal loans for minority and women business owners who have been hit hard by the coronavirus pandemic. EquiTrust will work with MBE Capital Partners, a lender that specializes in asset-based loans for minority-owned small businesses, to distribute the loans through the federal government's Paycheck Protection Program.
  • Bank Regulator Unveils New Anti-redlining Rules Ahead of Expected Departure
    May 20, 2020
    The Office of the Comptroller of the Currency (OCC) on Wednesday released new rules covering how banks should be judged under a 1977 anti-redlining law, breaking with two other bank regulators ahead of the comptroller’s expected resignation. The OCC unveiled its proposal to update the rules that regulators and banks must follow under the Community Reinvestment Act (CRA), a law that requires banks to serve low-income communities and finance loans and projects in areas historically neglected by the financial sector.
  • Allied Affiliated Funding Announces $1.5 Million and $300,000 in Closed Transactions
    May 20, 2020
    Allied Affiliated Funding, a division of Axiom Bank, N.A. is pleased to announce it closed $1,500,000 in receivables financing to a New Jersey-based pet wash manufacturing company that sells primarily dog washing stations to national pet retailers and $300,000 in debtor-in-procession receivables financing to a Texas-based manufacturer for lead and steel-based specialty items.
  • Energy Company in West Virginia Chooses TAB Bank for a $2.5 Million Revolving Credit Facility
    May 20, 2020
    An energy company based in West Virginia has chosen TAB Bank for a $2.5 million revolving credit facility. The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs. The company offers patented on-site solutions for natural gas drilling companies.
  • Riemer & Braunstein Announces Promotions and New Hires Bolstering Finance Practice
    May 20, 2020
    Jaime Rachel Koff was promoted to senior partner in commercial finance. Jaime graduated from Boston College Law School in 2006. Jaime was a member of the firm’s summer program in 2005 and became a junior partner in 2013. Jaime works primarily out of our Boston office. Jaime’s practice focuses on financing for commercial lenders with particular emphasis on asset-based and cash flow transactions
  • BRG Adds Expert Scott Baxter to Energy & Climate Practice
    May 20, 2020
    Berkeley Research Group (BRG), a leading global advisory firm, announced today that Scott Baxter has joined the firm as a managing director in its Energy & Climate practice. He will be based in the firm's Houston, Texas, office. He has over 30 years of global energy investment banking experience. He has been a primary advisor in executing over $200 billion in energy restructuring transactions, corporate mergers and acquisitions, private equity capital raises and independent fairness opinions to special committees.
  • Gensource Announces Addition of Societe Generale as Joint Mandated Lead Arranger for Senior Debt Financing of the Tugaske Project
    May 20, 2020
    Societe Generale has been appointed as joint lead arranger alongside KfW IPEX-Bank for the senior debt facility (“Debt Facility” or “Facility”) for the Tugaske Project (“Tugaske” or “Project”) finance package. Gensource is very pleased to formally add Societe Generale to the Facility team.
  • Phoenix Lending Survey Results Reveals COVID-19 has Created Pessimism in the U.S. Economy’s Near-Term Performance
    May 20, 2020
    From the second quarter Phoenix Management “Lending Climate in America” survey results reveal COVID-19 has created pessimism in the U.S. economy’s near-term performance. The outlook for the U.S. economy saw a significant decrease in the near-term. The near-term grade point average (GPA) decreased 139 percentage points to 1.18 from the Q1 2020 GPA of 2.57, the lowest GPA since Q1 2009.
  • Pier 1 Going Out of Business and Closing all 540 Stores
    May 19, 2020
    Pier 1, the seller of wicker chairs and scented candles, said it will go out of business and permanently close all 540 of its stores. The Texas-based company said Tuesday that it was unable to find a buyer for its business after filing for bankruptcy protection earlier this year.
  • Mnuchin and Powell Provide the First Public Update on the Coronavirus Aid, Relief and Economic Security Act
    May 19, 2020
    Yesterday, Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell provided the first public update on the Coronavirus Aid, Relief and Economic Security Act to the Senate Banking Committee.
  • Greystone Provides $116.4 Million to Refinance Mission-Driven Multifamily Housing in Los Angeles
    May 19, 2020
    Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided $116,439,707 in mission-driven Freddie Mac loans to refinance three separate portfolios consisting of 34 total workforce housing properties in Los Angeles, California. The transactions were originated by Dale Holzer, managing director in Greystone’s Newport Beach office.
  • Cohere Capital Raises $200 Million Debut Private Equity Fund
    May 19, 2020
    Cohere Capital Partners (“Cohere”), a Boston-based private equity firm focused exclusively on middle market growth companies, today announced the successful closing of its debut fund, Cohere Capital Fund I, LP (the “Fund”) at $200 million. The Fund closed over its target and at its hard cap without the use of a placement agent.
  • Sallyport Commercial Finance Adds Another Client to their Growing Canadian Portfolio
    May 19, 2020
    Sallyport Commercial Finance approves a $1,750,000 accounts receivable facility to a group of staffing companies that provide flexible recruiting services to Canada and the U.S.
  • The StoneHill Group Names Director of Due Diligence
    May 19, 2020
    In his new role, Rick will be responsible for the strategic direction and operational oversight of StoneHill's RRE Due Diligence Services, leveraging the broader capabilities of the organization to help clients realize opportunities across their real estate activity.
  • Akerman Launches Return to Work Resource Guide for Employers Following Shutdown Caused by COVID-19 Pandemic
    May 19, 2020
    Firm offers library of resources for businesses challenged with transitioning employees back to the workplace and resuming regular operations.
  • Restaurant Sales Fell to Their Lowest Real Level in Over 35 Years
    May 19, 2020
    With restaurant dining areas shuttered throughout most of the country, consumers had no choice but to allocate their food spending elsewhere in recent weeks. While takeout and delivery options offered many restaurants a bit of a lifeline, it by no means made up for the mandated elimination of on-premises traffic.
  • EQ U.S. Launches Risk Management SaaS Model for U.S. Receivables Finance Market
    May 19, 2020
    EQ Riskfactor launches its first cloud-hosted SaaS product in the U.S. The new SaaS model enables lenders to implement the software seamlessly with no need for costly IT infrastructure, leading to rapid deployment and return on investment. The SaaS model is an extension of EQ Riskfactor and is specifically designed to meet the growing demand from the large U.S. factoring and receivables finance market.
  • Prestige Capital Announces Funding of $2,500,000 for Distributor of Vascular Tubing, Catheters and Pediatric Intravenous Kits
    May 19, 2020
    Prestige Capital Funding, LLC is pleased to announce the closing of a $2,500,000 factoring arrangement for a Florida – based designer and distributor of vascular tubing, catheters and pediatric intravenous kits for sale to institutional medical concerns.
  • Penney’s Plans to Slash Up to 242 Stores
    May 19, 2020
    Three days after it filed for bankruptcy court protection, J. C. Penney is looking at operating with a slimmed-down network of 604 stores, down from 846, according to a business plan filed Monday with the Securities and Exchange Commission. And while the department store company expects its e-commerce business to fiscal 2019’s trajectory until the second quarter of fiscal 2021, store sales are unlikely to stabilize before holiday that year, it said.
  • Pandemic Traps Apparel Supply Chain Between a Rock and a Hard Place
    May 18, 2020
    The global pandemic and resulting widespread store closures and stay-at-home orders has the textile and apparel industry squeezed between challenges in supply and demand.
  • Accor Announces Additional €560 Million Banking Credit Facility
    May 18, 2020
    Accor announces today that it has signed an agreement with a consortium of 5 banks for a new €560m Revolving Credit Facility (RCF). The new fully committed facility has a 12 months tenor, with two six-months extension options in the hands of Accor and has neither covenant nor restriction. It has been underwritten by the following 5 banks: BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, Natixis and Société Générale.
  • Regis Corporation Announces Successful Amendment to Revolving Credit Facility
    May 18, 2020
    Regis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating technology enabled hair salons, announced today that it successfully amended its $295 million revolving credit facility that expires in March 2023. The amendment, among other things, removes all prior financial covenants, including the net leverage ratio and fixed charge coverage ratio, and adds a minimum liquidity covenant.
  • Colony Bankcorp Names Leonard H. Bateman, Jr. Executive Vice President and Chief Credit Officer
    May 18, 2020
    Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”), the bank holding company for Colony Bank (the “Bank”), today announced that Leonard H. (“Lenny”) Bateman, Jr. has been named Executive Vice President and Chief Credit Officer of the Company, effective June 1, 2020. Bateman replaces J. Stan Cook, who will be reducing his workload and responsibilities for medical reasons.
  • Stellus Capital Investment Corporation Increases and Extends Its Revolving Credit Facility
    May 18, 2020
    Stellus Capital Investment Corporation announced that it has increased commitments under its revolving credit facility to $230 million, extended the commitment termination date of the Facility to March 10, 2021, and amended certain covenants and conditions of the Facility. The Facility was led by Zions Bancorporation, N.A. dba Amegy Bank, and includes a total of 10 bank participants. Pricing and advance rates remain unchanged on the facility.
  • J D Factors Announces Factoring Facilities
    May 18, 2020
    J D Factors announced it provided the following factoring facilities: $100,000 to a transportation company in British Columbia; $200,000 to a transportation company in Arizona; $75,000 to a transportation company in Tennessee; $300,000 to a transportation company in Quebec and $100,000 to a transportation company in Texas. ​
  • J.C. Penney, 118-Year-Old Department Store, Files for Bankruptcy
    May 18, 2020
    The chain’s move came after J. Crew and the Neiman Marcus Group filed, and represented the biggest casualty amid retail closures tied to the coronavirus pandemic.
  • Letter from the CFCC President for SoCal Chapter
    May 18, 2020
    We are certainly living through ‘unprecedented times’. First & foremost we hope you and your families are safe and healthy, and that your businesses are coping through this challenging period in our lives. Our thoughts and prayers go out to all the front-line workers and everyone that has been directly affected by this terrible pandemic.
  • Centric Brands Reaches Agreement with Lenders to Position the Company for Long-Term Growth
    May 18, 2020
    Centric Brands Inc. (the “Company”) (NASDAQ: CTRC), a leading lifestyle brands collective, announced today that it has entered into a Restructuring Support Agreement (“RSA” or the “agreement”) with substantially all of the Company’s secured lenders, led by certain funds managed by Blackstone (“Blackstone”), Ares Management Corporation (“Ares”), and HPS Investment Partners (“HPS”), to recapitalize the Company, provide $435 million in debtor-in-possession financing and allow the Company to operate without interruption throughout the restructuring process.
  • 1st Commercial Credit Roles Out Debtor in Possession (DIP) Factoring Finance
    May 18, 2020
    1st Commercial Credit has contracted seasoned bankruptcy attorneys to expedite DIP Financing request with an average funding time frame under 2 weeks.
  • Update on SFNet's Advocacy Efforts and Crucial Conversation Webinar Series from CEO Rich Gumbrecht
    May 18, 2020
    SFNet’s vision of being an essential community for those who provide such solutions has never felt more relevant or rewarding. On the relief effort front, our Advocacy Committee has been communicating with legislators and meeting directly with Treasury and Fed officials to amend and refine the Main Street Lending Programs.
  • BNP Paribas Appoints Florence Pourchet Head of CIB Latin America
    May 18, 2020
    BNP Paribas, a premier global bank, continues to develop its presence in Latin America with the appointment of Florence Pourchet as Head of CIB Latin America, effective immediately. In this new role, Florence will help drive BNP Paribas’ Latin America strategy, as well as provide oversight and support to the various countries in the region where the bank has a presence.
  • B&W Completes Two-Year Financing Agreement and Credit Extension
    May 18, 2020
    In addition, B. Riley Financial, Inc. (“B. Riley”) has provided $30 million of new Tranche A last-out term loans and has committed to provide $35 million of additional incremental last-out term loans through the maturity date. These incremental last-out term loans will amortize the revolving credit facility through reductions in revolving credit facility commitments over time.
  • Yukon Supports Sentinel and ECM Industries’ Acquisition of ILSCO
    May 18, 2020
    Yukon Partners (“Yukon”), a provider of mezzanine capital for middle market private equity transactions, is pleased to announce its support of ECM Industries (“ECM” or the “Company”), a portfolio company of Sentinel Capital Partners, in its acquisition of ILSCO.
  • Trade Finance Firm Drip Capital Launches Inventory Financing Product GoTrade
    May 18, 2020
    GoTrade, a trading arm of Drip Capital, Inc., today announced that it has sealed a deal worth US$4 million with a leading seafood importer based out of New Jersey. Access to working capital has been a problem among SMBs for a while now. In most of the cases, importers must pay the suppliers once their shipment is cleared by the Food and Drug Administration (FDA). This process could take from a week to a couple of months, locking the working capital for the buyer for that period.
  • Diana Shipping Inc. Announces Signing of a Term Loan Facility With Nordea Bank to Refinance Its Existing Loan With the Bank
    May 15, 2020
    Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that on May 7, 2020, it signed a term loan facility with Nordea Bank Abp, filial i Norge (the “Lender”), through eight wholly-owned subsidiaries (the “Borrowers”), in the amount of US$55.848 million, to refinance its existing loan with the Lender of the same balance, so as to extend the repayment of the loan by two more years until March 2022.
  • CohnReznick Forms Integrated Transactions & Turnaround Advisory Practice
    May 15, 2020
    CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced the formation of its Transactions & Turnaround Advisory practice, integrating the firm’s transactional, restructuring and dispute resolution, valuation, and project finance advisory services under one umbrella. Claudine Cohen, a seasoned transaction advisor, will lead the new group as Managing Principal.
  • Hornbeck Offshore Announces Launch Of Solicitation Of Votes On Comprehensive Prepackaged Restructuring Transaction With The Support Of The Requisite Majorities Of The Voting Creditors In-Hand
    May 14, 2020
    The plan will de-lever the balance sheet, provide $75 million in debtor-in-possession financing, allow use of cash on hand to continue operations during reorganization, and provide $100 million of new equity capital upon emergence to strengthen the company's financial position for long-term success.
  • Neon Closes Revolving Credit Facility With MUFG Union Bank
    May 14, 2020
    Neon, distributor of multi-Oscar winning and Best Picture Parasite, has inked a revolving credit facility with MUFG Union Bank. Tom Quinn, Jessica Nickelsberg, Jeff Deutchman, and Jim Wehrfritz negotiated the deal on behalf of Neon along with MUFG Director Matt Rosenberg and Managing Director Tony Beaudoin. Neon is repped by Sidley Austin and MUFG Union Bank by Akin Gump Strauss Hauer & Feld LLP.
  • Arconic Announces Closing of $700 Million Notes Offering and $800 Million ABL Facility Replacing Existing Term Loan and Revolver Facilities
    May 14, 2020
    The Company also replaced its cash flow revolver with a new asset-based credit facility (the “ABL Facility”) with aggregate commitments of $800 million. Deutsche Bank AG New York Branch is Administrative Agent for the ABL Facility. Availability under the ABL Facility is subject to a borrowing base calculation generally based upon a set percentage of eligible accounts receivable and inventory, less customary reserves.
  • CIT Provides $21 Million Medical Office Portfolio Loan
    May 14, 2020
    CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance unit served as the sole lead arranger on a $21 million acquisition financing for a portfolio of medical facilities in Texas. Ridgeline Capital Partners acquired nine medical properties containing approximately 100,000 square feet in the Dallas-Fort Worth area. Affiliates of U.S. Renal Care, a leading dialysis provider, serve as primary tenants for the facilities, which also house other healthcare services.
  • Middle-Market Loan Defaults May Jump to 10% Amid Shutdowns
    May 14, 2020
    Middle-market loan default rates are likely to soar in the second half of the year as business shutdowns due to the coronavirus pandemic take their toll, according to a survey released Wednesday by Carl Marks Advisors.
  • U.S. Healthcare Industry Faces Crosscurrents from COVID-19, MUFG's Global Healthcare Banking Team Says
    May 14, 2020
    The outbreak of COVID-19 is both benefiting and challenging the U.S. healthcare industry in ways that will continue to evolve in the coming quarters, according to the Global Healthcare team at Mitsubishi UFJ Financial Group (MUFG). The team issued its perspective on the heels of a wave of first-quarter earnings reports published by major U.S. pharmaceutical companies.
  • Nassau Private Credit Hires Vincent Chan
    May 14, 2020
    Vincent has 16 years of CLO and structured credit investment experience. He was most recently the Portfolio Manager for structured product investments and Managing Director at Assurant Investment Management, where he also was responsible for structuring in Assurant’s CLO management platform.
  • Intelsat Undertakes Financial Restructuring; Obtains $1 Billion in Debtor-in-Possession Financing
    May 14, 2020
    Intelsat has secured a commitment for $1 billion of new financing. Subject to Court approval, this debtor-in-possession financing, coupled with significant cash on hand and positive cash flow generated by the business, will provide ample liquidity during the restructuring process to support ongoing operations, fund the substantial upfront C-band clearing costs, and allow the Company to continue investing in the innovations and services that customers need today and in the future.
  • Giles to Become President and CEO of Wisconsin Bank & Trust
    May 14, 2020
    Giles is an exceptional banking executive and brings more than 30 years of experience in commercial and consumer banking, strategic leadership, team building and delivering client satisfaction to the Wisconsin Bank & Trust team. Giles recently held the positions of Chairman of the Board, President and CEO of Liberty Bancorp, Inc. and BankLiberty, both headquartered in Kansas City, MO. Giles holds a Bachelor of Science Degree in Finance and a Master of Business Administration from University of Missouri.
  • ACG-NY and Chief Outsiders Take the Pulse of Private Equity Investors
    May 14, 2020
    The report from ACG-NY and Chief Outsiders shows the pulse of Private Equity thinking as we enter May and states begin to allow businesses to reopen
  • Cathay Capital Closes $850 Million Private Equity Fund
    May 14, 2020
    Cathay Capital Private Equity ("Cathay Capital" or "Cathay"), a leading international investment platform focused on cross-border investment and committed to supporting the international expansion of middle-market companies in North America, Europe and China has raised $850 million for its private equity fund, Midcap II. Founded in 2007, with offices in the U.S., Europe and China, Cathay Capital has completed over 140 buyouts, growth and venture capital investments. Midcap II represents Cathay Capital's largest fund to date and an increase of $325 million over its Midcap I fund, which closed in 2014.
  • House Democrats Propose the Heroes Act
    May 14, 2020
    House Democrats unveiled a massive $3-trillion virus-relief bill Tuesday, combining aid to state and local governments with direct cash payments, expanded unemployment insurance and food stamp spending as well as funds for voting by mail and the U.S. Postal Service. A vote is likely on Friday.
  • Espresso Capital Extends $8 Million Credit Facility to Inference Solutions
    May 13, 2020
    Espresso Capital announced today that it has provided Inference Solutions, a global provider of Intelligent Virtual Agents, with a US$8 million credit facility. The San Francisco-based company will use the capital to achieve key milestones prior to initiating another fundraise later this year.
  • International Game Technology PLC Announces Amendments To Revolving Credit Facilities And Term Loan
    May 13, 2020
    BofA Securities and Mediobanca - Banca di Credito Finanziario S.p.A. acted as IGT's Global Coordinators with respect to the Amendments.
  • TAB Bank Provides Transportation Company in Arizona with a $4 Million Revolving Credit Facility
    May 13, 2020
    TAB Bank is pleased to announce it has provided a $4 million revolving credit facility for a transportation company based in Arizona. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company.
  • Simpson Adds Another M&A Partner, This Time From Client Goldman Sachs
    May 13, 2020
    An M&A slowdown during the pandemic hasn't stalled demand for well-connected dealmakers, especially for law firms serving the private equity industry. Katherine Krause, a managing director in Goldman Sachs’ legal department, is joining Simpson Thacher & Bartlett as a partner in its mergers and acquisitions practice in New York, the firm said Tuesday.
  • Axiom Bank Hires Richard Jensen
    May 13, 2020
    Axiom Bank, N.A., a Maitland-based, leading community bank, recently named Richard Jensen as SVP, commercial relationship manager in Tampa. In this role, Jensen will develop and manage relationships with Axiom’s commercial clients. Jensen has three decades of experience helping Tampa-area business owners with their banking needs. As a member of the Florida Commercial Brokers Network, he has built strong relationships with a variety of commercial real estate clients and operating companies.
  • Hilco Global and Colbeck Acquire Assets of Leading Truck Asset Financing and Fleet Management Company - 19th Capital Group
    May 13, 2020
    Hilco team will operate the asset financing and fleet management company as it restructures and prepares the truck leasing and fleet services business for post pandemic success.
  • Aligned Increases Facility to $575 Million in Response to Demand for Adaptive and Sustainable Data Center Solutions
    May 13, 2020
    Aligned, a leading data center provider offering innovative, sustainable and adaptable colocation and build-to-scale solutions for cloud, enterprise, and managed service providers, announces it has increased its secured credit facility to $575 million as the company experiences continuous and consistently strong customer demand for its adaptive infrastructure solutions. Along with the continued backing of Macquarie Infrastructure Partners, BlueMountain Capital Management and Goldman Sachs Bank USA, new facility lenders include ING Capital LLC, Shinhan Bank New York Branch and TD Securities.
  • BOK Financial names Mark Wade Executive Director of Commercial Banking
    May 13, 2020
    Mark Wade will serve as the executive director of BOK Financial’s Commercial Banking division. The division, which generally serves owner-managed companies and nonprofits with $5 million to $50 million in revenue, is one of the company’s largest lines of business.
  • Sallyport Commercial Finance Supplies a Credit Facility to a Canadian Printing Company
    May 13, 2020
    Sallyport delivers a $2,000,000 accounts receivable facility to a company that provides a wide range of printing and finishing services. Their state-of-the-art production equipment and automated workflow systems allow for quality content, making them a leader in the industry.
  • Crestmark Provides More Than $35.2 Million in Commercial Financing to 85 Businesses in the Second Half of April
    May 12, 2020
    Crestmark secured a total of $3,950,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $17,383,632 in eight new lease transactions; Crestmark Vendor Finance provided $8,457,754 in 71 new lease transactions; and the Government Guaranteed Lending Division provided $5,423,700 in financing for two new clients in the second half of April.
  • Endeavor Secures $260 Million Loan Amid Cost-Cutting Measures
    May 12, 2020
    Endeavor Group Holdings has secured a $260 million term loan to sustain its financial flexibility amid recent cost-cutting measures taken during the coronavirus, an individual with knowledge of the situation told TheWrap. The deal adds to an existing $2.8 billion term loan and carry an interest rate of just under 11%, according to the Wall Street Journal, which first reported the news. That funding injection — arranged by JPMorgan Chase, with Oaktree Capital Group LLC as the chief purchaser — should help the L.A.-based company that has been battered by the shutdown of film and TV production as well as live events.
  • Enablence Technologies Announces Successful Renegotiation of Loan Agreement with Senior Lender
    May 12, 2020
    Enablence Technologies Inc. (TSXV: ENA) ("Enablence" or the "Company"), a leading supplier of optical components and subsystems, today announced changes to its secured term loan facility with Export Development Canada ("EDC"). The term loan facility was first announced on March 3, 2016.
  • Gateway First Bank Adds Eight Experienced Banking Professionals to Support Expansion of Financial Services
    May 12, 2020
    Gateway First Bank announces the expansion of its banking professional team in the Tulsa, Oklahoma and Dallas markets. The eight team members listed below have experience working in financial institutions, private wealth management/private banking, commercial banking, commercial lending and treasury management.
  • U.S. Marketplace Loan ABS Face Significant Coronavirus Pressure
    May 12, 2020
    The coronavirus pandemic is causing sharp economic contraction and a rapid spike in unemployment that will lead to significant performance degradation in U.S. Marketplace Loan (MPL) portfolios and potentially imperil the viability of some MPL originators, according to Fitch Ratings. The significant GDP decline and unemployment spike in 2020 will pressure borrowers' income levels and ability to make loan payments. Fitch believes negative performance will be more pronounced in MPL portfolios compared to other consumer ABS sectors, especially for recently originated transactions and transactions from less experienced originators whose credit models remain the most untested.
  • Monroe Credit Advisors Places $27.1 Million in Senior Credit Facilities Supporting Viva5 Corporation’s Partner Buyout and Refinancing
    May 12, 2020
    Monroe Credit Advisors (“MCA”) announced today the successful placement of $27.1 million in senior credit facilities on behalf of Viva5 Corporation (“Viva5” or “the Company”). MCA was the Company’s exclusive financial advisor and placement agent and ran an expedited debt placement process that generated significant lender interest and resulted in an optimized debt capital solution for the Company. Proceeds from the financing were used to facilitate a partner buyout, refinance existing indebtedness and provide significant growth capital for future acquisitions.
  • New York Fed Announces Start of Certain Secondary Market Corporate Credit Facility Purchases on May 12
    May 12, 2020
    The Federal Reserve Bank of New York today announced that the Secondary Market Corporate Credit Facility (SMCCF) will begin purchases of exchange-traded funds (ETFs) on May 12. As specified in the term sheet, the SMCCF may purchase U.S.-listed ETFs whose investment objective is to provide broad exposure to the market for U.S. corporate bonds.
  • Ken Wendler Joins Wingspire Capital as Chief Credit Officer
    May 12, 2020
    Wingspire Capital Holdings (“Wingspire”) today announced that Ken Wendler has joined the firm as Chief Credit Officer. In this role, Mr. Wendler will lead Wingspire’s Investment Committee, work directly with the firm’s front-end team to thoughtfully structure senior secured loans, manage credit policies, direct risk management strategies and help to identify new products and asset categories for Wingspire’s growing portfolio.
  • Moody's - Pandemic-related Payment Moratoriums Add Risks to Global Securitizations
    May 12, 2020
    Payment moratoriums, both publicly and privately initiated, will ease payment obligations on struggling borrowers across assets that back structured finance transactions around the globe, but will also introduce some risks for the securitizations. According to a new report from Moody's Investors Service, the degree to which delayed payments will affect transaction cash flows depends on the length of the delay and the economic distress, as well as transaction characteristics.
  • SFNet Submits Request for Further Amendments to MSLP
    May 12, 2020
    After careful review, the Advocacy Committee of SFNet determined that we should provide additional comments to the Fed and Treasury in an effort to make the Main Street Loan Programs better suited to ABL lenders.
  • Sallyport Commercial Finance Supplies a Credit Facility to a Canadian Printing Company
    May 11, 2020
    Sallyport delivers a $2,000,000 accounts receivable facility to a company that provides a wide range of printing and finishing services. Their state-of-the-art production equipment and automated workflow systems allow for quality content, making them a leader in the industry.
  • Recycling Operators to Vie for Former ECS Refining Plant in California
    May 11, 2020
    Turnkey or piecemeal buyers can acquire e-waste, TV, glass and wood process lines from ECS’ former Stockton plant in sale conducted by Tiger Group and partners.
  • A&G Real Estate Partners Adds Structured Investment Sales Division, Expanding Firm’s Services to Full Range of Asset Classes
    May 11, 2020
    A&G Real Estate Partners today announced the creation of a Structured Investment Sales Division, recruiting a four-person team led by industry veteran Jeff Hubbard that collectively brings 80-plus years of experience in structured turnkey dispositions of portfolios and individual properties across all asset classes. Tapping a global network of buyers, the division’s team has worked nationwide on behalf of healthy and distressed clients in designing and executing asset-specific disposition solutions, including cases involving bankruptcies and out-of-court workout restructurings.
  • Rosenthal Provides $1 Million Production Finance Facility for New Jersey-Based Food & Beverage Packaging Manufacturer
    May 11, 2020
    Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of a $1 million work in process production finance deal for a food and beverage packaging manufacturer.
  • Monroe Capital Corporation Announces First Quarter 2020 Business Development Company Results
    May 11, 2020
    Chief Executive Officer Theodore L. Koenig commented, “Through the beginning of March, we were focused on our previously discussed strategy of reinvesting available capital in strong, resilient portfolio companies in defensive sectors. Our disciplined underwriting and credit process resulted in us having limited to no direct portfolio exposure in the high risk cyclical industries of airlines, automotive, travel, leisure, oil and gas, minerals and mining and energy. However, the unprecedented uncertainty associated with the COVID-19 pandemic has created concerns related to overall economic conditions and also, specific unanticipated challenges for many companies due to business interruptions and a slowdown in economic activity.
  • J D Factors Announces Factoring Facilities
    May 11, 2020
    J D Factors announced it provided the following factoring facilities: $100,000 to a transportation company in Alberta; $250,000 to a transportation company in Maryland; $75,000 to a transportation company in Pennsylvania; $250,000 to a transportation company in Illinois and $100,000 to a transportation company in Ontario. ​
  • Zinobe Announces New $30 Million Credit Facility Provided by Monachil Capital Partners
    May 11, 2020
    Zinobe, a leading online financial services company in the Colombian market, announced the closing of its USD $10 million secured line of credit, expandable up to USD $30 million, provided by Monachil Capital Partners, a global investment management firm founded by former Goldman Sachs partner Ali Meli.
  • Gap Inc. Announces Closing of $2.250 Billion of Senior Secured Notes Offering and $1.868 Billion ABL Credit Facility
    May 11, 2020
    Gap Inc. (NYSE: GPS) today announced it has closed its previously announced offering of $2.250 billion of senior secured notes and that it has entered into an asset-based revolving credit facility with an initial aggregate principal amount of $1.868 billion. The company also announced it has repaid the outstanding $500 million borrowed under its prior revolving credit facility, and no amounts were borrowed at close under the asset-based revolving credit facility.
  • Plug Power Strengthens Financial Flexibility with Restructured and Increased Generate Capital Loan Facility
    May 11, 2020
    Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, and Generate Capital have agreed to increase its term loan facility and reduce the interest rate. The term facility will be increased by $100M and the interest rate will be reduced to 9.5% from 12% for the entire facility. Plug Power has drawn an incremental $50M, and an additional $50M of borrowing capacity is available to be drawn based on mutual agreement. The maturity of the loan has been extended to October 2025 from October 2022. The proceeds will be used to help fund the Company’s hydrogen expansion strategies as well as overall working capital given the growing pipeline of opportunities.
  • Bob Gold & Associates Opens New Bankruptcy & Litigation Communications Practice
    May 11, 2020
    With More Than 100 Years of Combined Experience in Crisis, Bankruptcy and Litigation Communications, Bob Gold & Associates Can Expertly Support Business Restructuring
  • Is There Hope For J. Crew After Bankruptcy?
    May 11, 2020
    On Monday J. Crew made it official and filed for Chapter 11 Bankruptcy protection. Under a debtor-in-possession agreement, it will restructure $1.65 million of debt by converting it into equity, while securing $400 million in financing through its existing lenders including Anchorage Capital, GSO Capital Partners, Davidson Kempner Capital Management, and others.
  • How COVID-19’s ‘Seesaw Effect’ Threw Supply and Demand Off Kilter
    May 11, 2020
    The COVID-19 outbreak has upended the fashion supply chain in many ways, largely through interruptions across factories, distribution centers and stores, but one of the biggest disruptions it has brought highlights a rift between retailers and manufacturers amid rampant order cancellations. This “seesaw effect”—which began with low supply from the sourcing locales first hit by the pandemic before an immediate shift to sagging demand from the most recently affected countries—illustrates the difficulty in maintaining a healthy balance of supply and demand during unpredictable global circumstances.
  • Blue Bird Secures an Additional $42 Million of Capacity on Its Revolving Credit Facility
    May 11, 2020
    Blue Bird Corporation (Nasdaq: BLBD), the leading independent designer and manufacturer of school buses, reported that on May 7, 2020, it had secured an additional $41.9 million of capacity on its revolving credit facility. This brings the total revolving commitments to $141.9 million. The additional revolving commitments will be used for working capital and to fund general corporate purposes.
  • Aldo Files For Bankruptcy Protection: Will The Shoe Retailer Turn Its Business Around?
    May 11, 2020
    Shoe and accessory retail chain Aldo has succumb to the fate of a series of retailers this week and filed for Chapter 15 bankruptcy protection on Thursday. The retailer has an initial order in Canada under the Companies’ Creditors Arrangement Act and is seeking bankruptcy protection in the U.S. and Switzerland.
  • Stage Stores Commences Voluntary Chapter 11 Process
    May 11, 2020
    Stage Stores, Inc. (NYSE: SSI) (“Stage” or the “Company”) today announced that the Company has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The Company will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations. The Company will terminate the wind-down of operations at certain locations if it receives a viable going-concern bid.
  • ABN AMRO Commercial Finance Provides £47.5 Million Funding Solution to Packaging Conglomerate
    May 11, 2020
    Reflex Group is a market leading packaging company with operations across the UK. The business helps its broad customer-base to create unique ‘shelf presence’ for their consumer products, ranging from brand conception design through to labeling and packaging. The provision of this funding solution will enable Reflex to focus on further integration of recent acquisitions, drive organic growth and be at the forefront of innovation as they continue to invest in technology and people.
  • Stenn Closes New $200 Million Program to Expand Digital Trade Finance Services
    May 11, 2020
    Stenn International, a data and financial technology company that delivers innovative online solutions for buyers and sellers in the global supply chains, announced today that it has closed a new $200 million financing facility from Crayhill Capital Management LP (“Crayhill”), a New York-based private credit manager and asset-based lender. The facility complements Stenn’s existing award-winning accounts receivable securitisation programme, which provides financing to companies engaged in international trade.
  • Gibraltar Moves Rapidly to Provide $6MM to Manufacturer of Essential Products
    May 11, 2020
    Even in today’s challenging environment, Gibraltar moved rapidly to help a new sponsor-backed client, Bentek, refinance a working capital loan. With a more flexible advance rate structure, we were able to provide Bentek with the funding support it required to efficiently manage a project backlog.
  • Huntington Business Credit Closes Credit Facilities with Advance Electrical Supply Company LLC
    May 11, 2020
    Huntington Business Credit announced it closed new $21,815,000 credit facilities with Advance Electrical Supply Company LLC on April 13, 2020. Proceeds of the facilities were used to refinance existing debt, finance the acquisition of real estate, and provide ongoing working capital growth financing.
  • TradeCap Partners Closes $9 Million Purchase Order Facility for Safety Gear Manufacturer
    May 11, 2020
    Extensive industry experience and product knowledge of the management team led to an exclusive agreement with a global building materials distributor to design and manufacture private label safety gear products. Initial load-in orders for the items from existing dealer, wholesale and retail channels overlapped, resulting in large upfront capital requirements to produce goods. Given timing of the load-ins and the volume of purchases, goods needed to be put into production immediately to meet delivery dates.
  • Garden Weasel Acquired by High Road Capital Partners' Portfolio Company
    May 11, 2020
    High Road Capital Partners announced that its portfolio company General Tools & Instruments has acquired Garden Weasel, a provider of specialized lawn and garden tools, from Faultless Brands. The transaction marks General Tools’ second acquisition under High Road’s ownership, having acquired PacTool International in November 2017.
  • Factoring Poised to Provide Stable Revenue, Offsetting COVID-19 Uncertainty for Non-Bank Lenders and Banks
    May 11, 2020
  • Crestmark Provides More Than $215 Million for More Than 673 Small Businesses through the SBA CARES Act
    May 7, 2020
    Crestmark is pleased to announce they have funded more than $215 million for small businesses through the Paycheck Protection Program (PPP), part of the SBA CARES stimulus package. More than 670 small businesses were funded by Crestmark as part of program in 38 states. More than half of the businesses were not existing clients of Crestmark and over 56% of the total loan sizes were for less than $100,000.
  • Assembled Brands Announces $1.35M Facility with Violet Grey in Partnership with Agility Capital
    May 7, 2020
    Today, Assembled Brands announced the closing of a $1.35 million senior secured credit facility with Violet Grey, the go-to source for luxury beauty products. Assembled Brands partnered with Agility Capital, a leading venture debt fund, on this financing round to propel the Hollywood-based beauty brand to greater heights.
  • Freepoint Commodities Renews its Revolving Credit Facility at USD 2.565 Billion; Allows Growth to $3.165 Billion
    May 7, 2020
    BNP Paribas Securities Corp ("BNPPSC"), MUFG Bank, Ltd. ("MUFG") and Natixis, New York Branch ("NATIXIS") are Joint Lead Arrangers and Bookrunners for the Facility. Freepoint is also pleased to welcome as new Joint Lead Arrangers, ABN AMRO Capital USA LLC, Coöperatieve Rabobank U.A., New York Branch, and Société Générale. BNP Paribas remains as the Administrative Agent. Co-Syndication and Co-Documentation Agents include: ABN AMRO Capital USA LLC, Coöperatieve Rabobank U.A.., New York Branch, ING Bank N.V., and Société Générale.
  • Marriott Raises $920 Million Through Amended Agreements with Chase and Amex
    May 7, 2020
    hrough these amendments, Marriott will raise $570 million from Chase and $350 million from American Express, according to a filing with the Securities and Exchange Commission. Marriott will record these amendments as deferred revenue and make the cash available for general corporate purposes. The Chase agreement includes $500 million of prepayment of some future revenues and $70 million from Chase's early payment of a co-brand signing bonus that the two companies had agreed upon earlier.
  • MidCap Financial Announces Completion of $300mm Plus New Equity Financing
    May 7, 2020
    MIDCAP FINANCIAL is pleased to announce that it has completed an equity offering of more than $300mm. This offering is part of a comprehensive strategy to enhance MidCap Financial's financial flexibility in order to further cement the company's position as a leading capital provider of choice to the middle market.
  • AlixPartners Announces Peter D. Fitzsimmons has Rejoined as a Managing Director
    May 7, 2020
    AlixPartners, announced today that Peter D. Fitzsimmons has rejoined the company as a Managing Director. Peter has more than 30 years’ experience in client-focused leadership roles with companies of all sizes and across a wide range of industries. He has worked as a hands-on advisor, an interim C-level executive, and, most recently, as a private equity investor. Peter will be based in AlixPartners’ New York office.
  • Neiman Marcus Group Enters into a Restructuring Support Agreement with a Significant Majority of its Creditors to Substantially Reduce Debt and Position the Company for Long-Term Growth
    May 7, 2020
    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. The Noteholders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel and Houlihan Lokey as investment banker.
  • Jeffrey Wurst Joins Armstrong Teasdale in New York City
    May 7, 2020
    Armstrong Teasdale is proud to announce the addition of Partner Jeffrey Wurst to its Bankruptcy and Financial Restructuring practice in New York City. Wurst has more than 30 years of experience and is well recognized for handling significant commercial finance and bankruptcy matters. He is one of over 45 attorneys and staff the firm has added to-date in 2020.
  • M&A Activity in North America Consistently Declined During Q1 2020 as COVID-19 Impacted Deals, says GlobalData
    May 7, 2020
    The number of mergers and acquisition (M&A) deals in North America consistently declined during the first quarter (Q1) of 2020, from 1,178 in January to 1,024 in February and 820 in March, according to GlobalData, a leading data and analytics company.
  • Sierra Income Corporation Announces Termination of Mergers
    May 6, 2020
    Sierra Income Corporation (“Sierra” or the “Company”) today announced that effective as of May 1, 2020 its Board of Directors has terminated its previously announced mergers with Medley Capital Corporation (“MCC”) and Medley Management Inc. (“MDLY”) as the Outside Date (as defined below) has passed and neither of the mergers were consummated.
  • TAB Bank Provides Finance Company in Texas with a $4 Million Rediscount Credit Facility
    May 6, 2020
    TAB Bank is pleased to announce it has provided a $4 million rediscount credit facility for a finance company based in Texas. The new facility is extended through a multi-year agreement and will provide increased liquidity for the company.
  • Paycheck Protection Program Frequently Asked Questions (FAQs) as of May 19
    May 6, 2020
    The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This document will be updated on a regular basis.
  • In a Pandemic, Food, Booze and Guns Retain Value Best
    May 6, 2020
    Apparel, accessories and footwear are riskier assets to finance, liquidation firm Tiger Capital Group finds.
  • Fortuna Announces Proposed Amendments to Financial Covenants in Credit Facility
    May 6, 2020
    Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FVI) provides an update on discussions with its senior lenders to amend the financial covenants contained in its US$150 million credit facility (the “Credit Facility”) (refer to Fortuna news release dated April 2, 2020).
  • Tenneco Completes COVID-19 Covenant Amendments To Senior Credit Facility
    May 6, 2020
    Tenneco (NYSE: TEN) announced today that its senior lenders have agreed to amend the financial covenant ratios of its senior secured credit facility, significantly increasing the maximum leverage ratio and decreasing the minimum interest coverage ratio requirements in the company's senior credit facility. The revised covenant amendments are expected to help the company manage through the anticipated temporary drop in revenue and earnings related to the COVID-19 pandemic while maintaining compliance with senior credit facility terms.
  • Chatham Lodging Trust Executes Credit Facility Amendment
    May 6, 2020
    Participating lenders in the credit facility include Barclays Bank PLC, Regions Capital Markets, Citibank N.A., US Bank National Association, Wells Fargo Bank National Association, Bank of America N.A., Citizens Bank N.A. and BMO Harris Bank N.A.
  • How J. Crew's Bankruptcy Sets the Stage for a 'Shakeout' in Retail
    May 6, 2020
    The iconic company struggled for years with debt and brand missteps. Now it may be a harbinger of what's to come for distressed retailers.
  • PPPLF Update and Summary
    May 5, 2020
    On April 30, 2020, the Federal Reserve announced that it is expanding eligibility to participate in the Federal Reserve’s Paycheck Protection Program Liquidity Facility (the “PPPLF”) to all lenders eligible to originate Paycheck Protection Program loans.[1] The PPPLF permits eligible PPP lenders to pledge PPP loan notes to the Federal Reserve in exchange for a low interest, non-recourse loan from the Federal Reserve in the amount of the pledged PPP loan note.
  • Solar Capital Partners Adds Senior Professionals
    May 5, 2020
    Solar Capital Partners ("SCP") announces the addition of four senior professionals to expand SCP's investment and business development capabilities. Gary Lembo joined the investment team as a Partner, senior underwriter, and originator. Mr. Lembo has 25 years of experience originating and underwriting investments in middle market companies. Most recently, Mr. Lembo was a Director at BlackRock/TCP. Previously, Mr. Lembo served as a Managing Director at CRG Partners and Marathon Asset Management, LP.
  • Ladder Capital Corp Announces Strategic Financings
    May 5, 2020
    Ladder Capital Corp (“Ladder” or the “Company”) (NYSE: LADR) today announced that it has entered into a strategic financing arrangement (the “Agreement”) with Koch Real Estate Investments, LLC (“Koch”), an affiliate of Koch Industries, under which Koch will provide the Company with approximately $206.4 million in senior secured financing (the “Koch Facility”) to fund transitional and land loans. The Company also announced the completion of a private CLO with Goldman Sachs Bank USA (“Goldman”), which generated $310.2 million of gross proceeds to Ladder.
  • Walker & Dunlop Closes Largest Transaction in Company History with $2.4 Billion Credit Facility
    May 5, 2020
    Walker & Dunlop, Inc. announced today that it closed the largest transaction in company history; a $2.4 billion Fannie Mae Credit Facility to refinance 67 multifamily properties located in the Washington, D.C. metropolitan area. The borrower, Southern Management Corporation, is the largest privately-owned residential property-management company in the Mid-Atlantic region.
  • Succession Resource Group Launches LendingWell Amid COVID-19 Pandemic
    May 5, 2020
    Succession Resource Group, Inc. is a succession consulting firm specialized in helping financial professionals value, protect, merge/acquire, and develop exit strategies for their business. With decades of combined industry experience, SRG possesses a unique combination of skills, resources, and expertise to help advisors understand the value of their business, develop strategies to improve that value, protect it with comprehensive contingency and succession plans, and grow through acquisition.
  • Gerber Finance Inc. Funds $1 Million Line of Credit to Spectron Glass & Electronics, Inc.
    May 4, 2020
    Producing state of the art tilt sensors for both the military and commercial marketplaces. Spectron tilt sensors have been designed into most of the worlds jet aircraft, both fixed and rotary wing which also provides gravity reference for torpedoes, missiles, land navigation, ship antennas, microwave landing systems, and a host of other applications.
  • InterNex Capital Passes $500 Million in Client Fundings
    May 4, 2020
    InterNex Capital announced that it surpassed $500 million in client fundings after launching to the market just over three years ago. “This momentous milestone is a testament to the value we are bringing to small and medium-sized businesses across the United States. We started InterNex because we knew these underserved businesses needed more than just money. They want technology that makes running their businesses and accessing capital easier.
  • Huntington Business Credit Provides Credit Facilities to Watkins Incorporated
    May 4, 2020
    Huntington Business Credit announced it closed new $22,500,000 credit facilities with Watkins Incorporated on March 13, 2020. Proceeds of the facilities were used to refinance existing debt and provide ongoing working capital growth financing.
  • Monroe Capital Supports Altaris Capital Partners’ Acquisition of Kindeva Drug Delivery L.P.
    May 4, 2020
    Monroe Capital LLC (“Monroe”) today announced it acted as Co-Syndication Agent in the funding of a senior credit facility and equity co-investment to support the acquisition of Kindeva Drug Delivery L.P. (“Kindeva”) by Altaris Capital Partners. Based outside of St. Paul, Minnesota, Kindeva is a unique Contract Development and Manufacturing Organization (“CDMO”) focused on both drugs and their delivery devices, particularly inhalation, including asthma inhalers; transdermal, or patches that deliver drugs; and other systems.
  • North Mill Capital Provides $1,500,000 Asset Based Credit Facility to PRC Laser
    May 4, 2020
    North Mill Capital announced it has provided a $1.5 million asset-based facility to PRC Laser. The funds were used to repay the previous lender and provide additional working capital to support growth. PRC Laser Corporation distributes and services lasers used for industrial applications and is headquartered in Charleston, South Carolina.
  • Alleon Healthcare Capital Provides a $12,000,000 Medical Accounts Receivable Financing Facility to an Accountable Care Organization
    May 4, 2020
    Alleon Healthcare Capital ("Alleon"), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $12,000,000 medical accounts receivable financing facility with an Accountable Care Organization (“ACO”).
  • J D Factors Announces Factoring Facilities
    May 4, 2020
    J D Factors announced it has provided the following factoring facilities: $100,000 to a transportation company in British Columbia; $120,000 to a transportation company in Illinois; $100,000 to a transportation company in Alberta; $100,000 to a transportation company in Quebec and $400,000 to an oil field services company in Texas.
  • TradeCap Partners Provides $800,000 PO Finance Facility to Office Supply Company
    May 4, 2020
    TradeCap Partners is pleased to announce the closing of an $800,000 purchase order Facility for an office supply company on the West Coast. The Company had been working with a major retailer on a new endcap program that coincided with the fall, back-to-school season. Despite the COVID pandemic, the retailer’s stores remained open given their classification as an essential business selling a diversified mix of goods.
  • Amerisource Closes $1,500,000 Credit Facility for Environmental Services Firm
    May 4, 2020
    Amerisource Business Capital announced the closing and funding of a $1,500,000 credit facility for an environmental services firm based in New York. The proceeds are being used to support working capital needs and anticipated growth.
  • AGS Announces The Closing Of $95 Million Incremental Term Loan And Amendment To Its Credit Agreement
    May 4, 2020
    AGS (NYSE: AGS) (the "Company") today announced it has successfully closed an incremental term loan of $95 million ("Incremental Term Loan") and an amendment to its existing credit agreement. The Incremental Term Loan, which matures in February 2024, has an interest rate of LIBOR plus 1,300 basis points, with a 100 basis point LIBOR floor. The net proceeds of the Incremental Term Loan are expected to be used for general corporate purposes.
  • COVID-19 Crisis Triggers Conversions to Asset-Based Credit Revolvers, MUFG's Gately Says
    May 4, 2020
    The financial hardship resulting from the COVID-19 pandemic is driving some companies to convert their revolving credit facilities from secured cash flow-based to asset-based lines of credit, according to Ed Gately, Head of Asset-Based Finance at Mitsubishi UFJ Financial Group (MUFG). Asset-based credit facilities are applicable to businesses in retail, wholesale and general distribution, where high levels of inventory are more common.
  • ADC Therapeutics Announces a $115 Million Convertible Credit Facility with Deerfield
    May 4, 2020
    ADC Therapeutics SA, a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of highly potent antibody drug conjugates (ADCs) for patients suffering from hematological malignancies and solid tumors, today announced that it entered into a $115 million Convertible Credit Facility (the “Convertible Credit Facility”) with funds affiliated with Deerfield Management Company, L.P. (collectively, “Deerfield”).
  • Houlihan Lokey Further Builds Its Corporate Finance Capabilities in Australia
    May 4, 2020
    Houlihan Lokey (NYSE:HLI), the global investment bank, announced today that Christian Lunny has joined the firm’s Corporate Finance business as a Managing Director. He is based in Sydney and will assist the firm’s mid-cap corporate and financial sponsor clients, focusing in part on the healthcare, consumer, and retail sectors.
  • Dillard’s, Inc. Amends Revolving Credit Facility; Arranged by JPMorgan Chase Bank, N.A.
    May 4, 2020
    Dillard’s, Inc. (NYSE: DDS) (“Dillard’s” or “the Company”) announced that it has amended its $800 million senior unsecured revolving credit facility consistent with the Company’s liquidity needs. The amended credit facility is secured by inventory of certain subsidiaries. A $200 million expansion option remains in place and the maturity date remains August 9, 2022.
  • Gordon Brothers Appointed by Joint Administrators of Bibby Hydromap Ltd
    April 30, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, has been instructed by KMPG to market for sale the modern and fully equipped marine survey vessel fleet of Bibby Hydromap Ltd, together with the extensive inventory of marine survey and test equipment and associated assets. Marine survey specialist Bibby Hydromap Ltd was placed into Administration in April 2020 with Andrew Stone and Rick Harrison of KPMG appointed Joint Administrators.
  • Crestmark’s Healthcare Financial Services Group Marks First Quarter Growth, Adds Chad Kerr to Team
    April 30, 2020
    Crestmark’s Healthcare Financial Services group is proud to announce its first completed funding and the addition of Underwriting Manager Chad Kerr to the team. Since its soft launch in December 2019, the group has reviewed numerous opportunities, and closed its first official funding on March 24. The $600,000 ledgered line of credit facility was provided to a health services provider in California that treats chronic pain, opioid dependence, PTSD and related disorders. The group is currently working on numerous facilities for health care providers across the U.S.
  • Celtic Capital Corporation Announces New Client Relationship
    April 30, 2020
    Celtic Capital Corporation today announced its most recent new client relationship – a California-based manufacturer of packaging products primarily used in the healthcare, cosmetics, pharmaceutical and food industries. This business was referred to Celtic Capital to replace a soured relationship with the Company’s factor.
  • CIT Adds Regional Community Association Banking Executives in Florida Market
    April 30, 2020
    CIT Group Inc. (NYSE: CIT) today announced that its Community Association Banking (CAB) business has added two new regional account executives to serve property management companies and homeowner association banking needs in the Florida market.
  • Skyway Capital Markets Names Barry Shevlin to Senior Leadership Team
    April 30, 2020
    Skyway Capital Markets, LLC (Skyway), a Tampa, FL-based privately held investment banking firm names Barry Shevlin as Senior Managing Director. Shevlin leads Skyway Capital Markets Technology practice for the middle-market sector identifying and facilitating customized financial solutions, including restructuring advice, capital raising (debt and equity) and mergers & acquisitions.
  • The Marcus Corporation Announces New $90.8 Million Financing and Amendment to Credit Agreement
    April 30, 2020
    The Marcus Corporation (NYSE: MCS) today announced it has entered into a First Amendment to Credit Agreement, (the "Amendment") dated April 29, 2020, among the company and several banks, including JPMorgan Chase Bank, N.A., as administrative agent, and U.S. Bank National Association, as syndication agent. The Amendment amends the company’s existing credit agreement dated January 9, 2020.
  • Centreville Bank and PB Bancorp, Inc. Announce Receipt of Regulatory Approvals and Targeted Closing Date of Pending Merger
    April 30, 2020
    Centreville Bank, a Rhode Island-chartered savings bank, and PB Bancorp, Inc. (NASDAQ Capital Market: PBBI) jointly announced today that all regulatory approvals relating to the acquisition by Centreville Bank of PB Bancorp and its wholly owned subsidiary, Putnam Bank, have been received. PB Bancorp shareholders previously approved the merger at a special meeting of shareholders on February 7, 2020. The merger is targeted to close before the opening of business on May 1, 2020.
  • New ABI Website Supplies Bankruptcy Professionals with Key Resources to Help Navigate the Financial Crisis Resulting from the Covid-19 Pandemic
    April 30, 2020
    The American Bankruptcy Institute (ABI) launched its new COVID-19 Resources website for bankruptcy professionals and the public to access essential information and analysis regarding the financial distress being inflicted by the COVID-19 pandemic. The site features exclusive ABI content on the crisis, recommended member analysis, industry sector news, charts and more.
  • BRG Capital Advisors Adds Michael Ory to Healthcare M&A Team in Nashville
    April 30, 2020
    BRG Capital Advisors (BRGCA) announced today that Michael Ory has joined the firm as a managing director and will help lead BRGCA’s efforts in Healthcare Services. Based in Nashville, he brings over 25 years of investment banking experience.
  • Amerisource Closes $1,000,000 Credit Facility for Healthcare Staffing Software Firm
    April 30, 2020
    Amerisource Business Capital announced the closing and funding of a $1,000,000 credit facility for a nurse staffing and software firm based in Tennessee. The proceeds are being used to support a significant spike in working capital needed to service hospitals which are fighting Covid-19.
  • Federal Reserve Board Announces it is Expanding the Scope and Eligibility for the Main Street Lending Program
    April 30, 2020
    The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic.
  • AICPA Calls for Federal Loans Backed by Accounts Receivables
    April 29, 2020
    The American Institute of CPAs (AICPA) has called for the Treasury Department and the Federal Reserve to create a federally backed short-term accounts receivable lending facility that would allow companies to deal with the cash flow shortfalls brought on by the coronavirus crisis.
  • Titan Medical Announces $1.5 Million Senior Secured Loan Facility With a Leading Global Medical Technology Company
    April 29, 2020
    Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of a single-port robotic surgical system for application in minimally invasive surgery (“MIS”), announces that it has closed a US$1.5 million senior secured loan facility (“Loan Facility”) from a leading global medical technology company. The Loan Facility has an interest rate of 8% per annum and is repayable not later than April 29, 2023.
  • Tradewind Finance Provides Export Factoring Facility for Manufacturer of Mobile Chargers in Hong Kong
    April 29, 2020
    Tradewind Finance has closed a $650,000 credit facility for a manufacturer of mobile chargers and other consumer electronic accessories based in Hong Kong. The company has a factory in Vietnam and one in Dongguan and exports primarily to the United States and Europe to brand names like Belkin International. The deal, closed amidst COVID-19, provided funding to improve the company’s working capital and support their growth.
  • CIT Collaborates with Fintainium to Provide Fintech Payments Solution
    April 29, 2020
    CIT Group Inc. (NYSE: CIT) today announced its Treasury and Payments Services business is collaborating with B2B fintech innovator Fintainium to provide an integrated payments and financial workflow management solution to meet the needs of small and midsize businesses. CIT and Fintainium will waive the first three months of subscription fees for this new solution and also waive all integration fees for businesses that enroll before June 30 in support of the current challenges for many small and midsized businesses.
  • Wave Computing Files for Chapter 11 Protection; Receives $27.9 Million in DIP Financing
    April 29, 2020
    Wave has arranged for Debtor-in-Possession ("DIP") financing from an affiliate of Tallwood Venture Capital totaling approximately $27.9 million, which provides the business sufficient liquidity to continue regular business operations through the bankruptcy process.
  • Comvest Partners Announces Addition of Renee Rempe
    April 29, 2020
    Comvest Partners (“Comvest”) is pleased to announce that Renee Rempe has joined the Firm as a Managing Director in Comvest’s direct lending group, Comvest Credit Partners. Renee will be based in Comvest’s Chicago office and will be responsible for managing and directing strategy on investments within the Comvest Credit Partners’ portfolio.
  • Citizens M&A Team Advises DeWinter Group on Recapitalization
    April 29, 2020
    Citizens M&A Advisory served as the exclusive financial advisor to DeWinter Group, a leading provider of human capital solutions in the San Francisco Bay Area, on its recapitalization by New Heritage Capital, a Boston-based private equity firm. Founded in 2000, DeWinter is one of the Bay Area’s most recognized talent acquisition brands, providing temporary and permanent staffing solutions across the accounting, finance and information technology disciplines.
  • SBA Sets Window From 4 p.m. Through Midnight Tonight to Accept PPP Applications From Borrowers of Small Lenders Only
    April 29, 2020
    To ensure access to the PPP loan program for the smallest lenders and their small business customers, starting at 4 p.m. today EDT through 11:59 p.m. EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars.
  • Macy’s Downgraded Again as Turnaround Plan Is Stalled and Debt Pressures Intensify
    April 28, 2020
    Macy’s Inc. has been downgraded once again as the retailer’s turnaround plan has hit a standstill and its debt pressures intensify amid the coronavirus pandemic. In a release on Friday, S&P Global Ratings announced that it had lowered the department store chain’s issuer credit rating to B+ from BB. The agency attributed the downgrade to a revised macroeconomic outlook that could weaken discretionary spending, as well as Macy’s debt maturities in the coming years and potential compliance issues under its revolving credit facility.
  • BlackRock TCP Capital Corp. Announces Extension of Its Revolving Credit Facility
    April 28, 2020
    BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today the extension of its SVCP Credit Facility (the “Facility”) by one year to May 6, 2024. The Facility is led by ING Capital LLC and includes a total of 7 bank participants. The size of the Facility remains $270 million, and the pricing and advance rates were unchanged.
  • Avis Budget Group Announces Leverage Covenant Waiver Under Existing Credit Facility
    April 28, 2020
    Avis Budget Group, Inc. (NASDAQ: CAR) today announced that the Company has obtained a waiver of the leverage covenant included in its existing senior credit facilities, comprised of a term loan and revolving credit facility, until June 30, 2021. The waiver is included in an amendment to the credit facilities, which allows the Company to incur an additional $750 million of first lien debt.
  • J.C. Penney Moves Closer To Bankruptcy Funding
    April 28, 2020
    According to the report, the struggling department store retailer is in talks with existing lenders Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co. and is seeking a debtor-in-possession loan package of $800 million to $1 billion. The loan would keep the retailer’s operations running during the bankruptcy process.
  • Crestmark Provides More Than $41 Million in Financing in the First Half of April
    April 28, 2020
    Crestmark secured a total of $24,150,000 in ABL financial solutions for 14 new clients; Crestmark Equipment Finance provided $6,088,469 in six new lease transactions; Crestmark Vendor Finance provided $5,776,035 in 54 new lease transactions; and the Government Guaranteed Lending Division provided $5,295,000 in financing for three new clients in the first half of April.
  • Pamela Martinson Named President of the American College of Commercial Finance Lawyers for 2020 – 2021
    April 28, 2020
    Pam, a partner in Sidley’s Global Finance group, with 31 years of legal experience, focuses on commercial finance and is an expert in the field. Pam is located in Palo Alto, California and represents major institutional and other lenders, lessors, borrowers and equity sponsors.
  • Dance Apparel Company in New Jersey Chooses TAB Bank for a $2.6 Million Revolving Credit Facility
    April 28, 2020
    A dance apparel company based in New Jersey has chosen TAB Bank for a $2.6 million asset-based revolving credit facility. The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs. The company is well known in the dance and performance space for the quality of the tights, dance apparel, and soft shoes they design and produce.
  • BMO Harris Bank and 1871 Launch WMN•FINtech, Women's Fintech Mentoring Program
    April 28, 2020
    BMO Harris Bank and 1871 today announced a nationwide call to apply for WMN•FINtech, a mentoring program for women-led startups and the latest evolution of the BMO Harris / 1871 Innovation Program. This marks the first time BMO and 1871 have partnered on a women's-focused program. Applications will be accepted through May 11.
  • Latham & Watkins Adds Prominent Restructuring & Special Situations Partner in New York
    April 28, 2020
    Latham & Watkins LLP1 is pleased to announce that Suzzanne Uhland has joined the firm's New York office as a partner in the Restructuring & Special Situations Practice within the Finance Department. Uhland has an extensive track record advising parties in Chapter 11 reorganizations and out of court restructurings and buyers and sellers in Bankruptcy Code Section 363(b) sales and other distress transactions.
  • Wells Fargo Names Lester Owens as New Head of Operations
    April 28, 2020
    Wells Fargo & Company (NYSE: WFC) today announced that Lester Owens will join the company in the newly created role of head of operations, responsible for building a more unified, more integrated approach to Wells Fargo’s business operations functions. Owens, who joins Wells Fargo in late July 2020, will report to Chief Operating Officer Scott Powell and will serve on the company’s Operating Committee.
  • Amerisource Closes $4,000,000 Credit Facility for Equipment Rental Firm
    April 28, 2020
    Amerisource Business Capital announced the closing and funding of a $4,000,000 revolving credit facility for a Texas-based natural gas compression services firm.
  • ABLC Celebrates Expansion with the Opening of Two New Northeast Offices
    April 28, 2020
    Asset Based Lending Consultants would like to announce the that we now have a stronger presence in the New York Tri-State Area with not just our new office in Connecticut, led by Patrick Chemngorem, CPA, but with the opening of our New York Metropolitan Area office, headed up by Dustin Fitzpatrick, as of June 1st,2020. The presence of these two offices, now gives us an opportunity to assist lenders within the Tri-State area in an ever busy and everchanging market.
  • Gordon Brothers Names Evren Ozargun as Managing Director of Corporate Development and Credit
    April 27, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Evren Ozargun as Managing Director of Corporate Development and Credit. In his role, Ozargun will serve as advisor to senior leadership, helping set and execute the firm’s strategic agenda, including identifying and supporting new initiatives, pursuing new alliances, and structuring complex transactions.
  • Central Bank Balance Sheets Surge on Coronavirus Crisis
    April 27, 2020
    Global Quantitative Easing (QE) asset purchases are likely to reach USD6 trillion in 2020, Fitch Ratings says. Central banks' balance sheets are expanding extremely rapidly as they buy up large quantities of public and private assets and increase their lending to financial institutions in their efforts to counter the damaging economic impact of the coronavirus.
  • Gerber Finance Inc. Funds $2 Million Line of Credit to MPOWERD
    April 27, 2020
    Gerber Finance Inc. announced it provided a $2 million line of credit to MPOWERD. MPOWERD aims to create responsibly crafted, sustainable products, that while addressing a particular need, have a positive impact on the environment. MPOWERD believes that everyone deserves access to clean, reliable, and affordable energy — no matter how or where they live. To date, MPOWERD has positively impacted 3.7+ million lives while averting 1.4+ million US tons of CO2 in the process.
  • Hotels Require More PPP Loan Funding to Save Jobs
    April 27, 2020
    New report shows without increased loan limits in the Paycheck Protection Program (PPP), small business hotels won’t be able to keep doors open and rehire employees. AHLA sends urgent letter to Congress signed by 13,000+ hoteliers from all 50 states requesting additional SBA Loan funding and updates to CARES Act.
  • US Foods Completes Acquisition of Smart Foodservice Warehouse Stores
    April 27, 2020
    US Foods Holding Corp. (NYSE: USFD) today announced that it has successfully completed the previously announced $970 million all cash acquisition of Smart Foodservice Warehouse Stores (“Smart Foodservice”). The transaction that closed today excludes the Smart & Final retail grocery business, which was previously separated from Smart Foodservice. US Foods funded the purchase price for the acquisition with cash on hand and the proceeds from a $700 million term loan.
  • Northwest Bancshares, Inc. Completes Merger with MutualFirst Financial, Inc.
    April 27, 2020
    Northwest Bancshares, Inc. ("Northwest") (NASDAQ: NWBI), the holding company for Northwest Bank, announced today that it has successfully completed its merger with MutualFirst Financial, Inc. ("MutualFirst Financial") (NASDAQ: MFSF), the holding company for MutualBank.
  • Ryder Further Strengthens its Liquidity Position with Renewal of $300M Receivable-Backed Financing Facility
    April 27, 2020
    Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, today announced it has renewed its $300 million receivable-backed financing facility with two large banks for an additional 364 day period, further enhancing its solid liquidity position. MUFG Bank, Ltd. acted as Facility Agent for this transaction. MUFG Bank, Ltd. and Mizuho Bank, Ltd. are serving as participating lenders.
  • Yukon Supports Revelstoke’s Recapitalization of Crossroads Treatment Centers
    April 27, 2020
    Yukon Partners (“Yukon”), a provider of mezzanine capital for middle market private equity transactions, is pleased to announce its investment in Crossroads Treatment Centers (“Crossroads” or the “Company”), a portfolio company of Revelstoke Capital Partners (“Revelstoke”). Crossroads, based in Greenville, South Carolina, is a premier provider of medication assisted treatment services in the United States.
  • RS Technologies Inc. Announces Completion of Credit Facilities With JPMorgan Chase Bank, N.A. and Purchase of Utah Facility For U.S. Expansion
    April 27, 2020
    In response to growing demand for its leading edge transmission and distribution poles, RS Technologies Inc. ("RS" or the "Company") is pleased to announce that it has, together with its subsidiary RS Utility Structures Inc., entered into a credit agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A., Toronto Branch (the "Bank") for a five year term that provides for senior secured debt financing.
  • JCPenney Negotiating With Lenders Over Bankruptcy Funding
    April 27, 2020
    J.C. Penney Company Inc. (NYSE: JCP) is negotiating bankruptcy financing with banks for a debtor-in-possession loan to secure liquidity for operations during bankruptcy. J.C. Penney is at an advanced stage of discussions with Wells Fargo & Co. (NYSE: WFC), Bank of America Corp. (NYSE: BAC) and JPMorgan Chase & Co. (NYSE: JPM) to secure funding to the tune of $800 million to $1 billion, through a debtor-in-possession loan.
  • Gap to Shore Up Liquidity Amid Cash Squeeze Warning
    April 27, 2020
    Gap Inc. (GPS) raised $2.25 billion in debt as the cash-strapped clothing retailer warned that it may run out of money in the next 12 months, while also announcing the suspension of rent payments. Gap will use the net proceeds of the debt offering to refinance its $1.25 billion notes due April 2021, as well as all outstanding amounts under its existing $500 million, five-year, unsecured revolving credit facility, which is scheduled to expire in May 2023, and for general corporate purposes.
  • Wereldhave Launches Green Financing Framework and Secures new Funding
    April 27, 2020
    Wereldhave N.V. ("Wereldhave") announces today the launch of the Green Financing Framework and has agreed under this framework a new Green Revolving Credit Facility of EUR100 million with ABN AMRO Bank N.V. as a sole lender.
  • AvidXchange Secures Additional $128 Million in Funding, Raising a Total of $388 Million in Latest Financing
    April 27, 2020
    Contributing investors represent a diverse cohort of the foremost capital management firms, including Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman on behalf of clients.
  • CIT Leads $325 Million Financing for Mobilitie
    April 27, 2020
    CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications unit served as joint lead arranger and administrative agent for a $325 million round of financing for Mobilitie Investments III LLC, a telecommunications infrastructure provider. This is the third financing round that CIT has led in recent years on behalf of Mobilitie, which owns and operates a national portfolio of wireless communications infrastructure, including towers, distributed antenna systems and wi-fi networks.
  • Huntington Business Credit Announces it Closed $65.2 Million in Credit Facilities with Liberty Steel Products, Inc.
    April 27, 2020
    Huntington Business Credit announced it closed new $65,200,000 credit facilities with Liberty Steel Products, Inc. on March 11, 2020. Proceeds of the facilities were used to refinance existing debt and provide ongoing working capital growth financing.
  • J D Factors Announces Factoring Facilities
    April 27, 2020
    J D Factors announced it provided the following factoring facilities: $100,000 to a staffing company in Alberta; $300,000 to a transportation company in Nevada; $250,000 to a transportation company in Ontario; $120,000 to a transportation company in California; $200,000 to a transportation company in New York and $120,000 to a transportation company in Pennsylvania.
  • Change Capital Provides $2MM to a National Healthcare Staffing Platform
    April 27, 2020
    An auxiliary healthcare staffing platform had an asset-based revolving line of credit in place which was approaching renewal. Due to the company’s rapid growth over the past several years, they had accumulated an over-advance balance of approximately $1MM which was causing them to be charged a much higher rate of interest.
  • Bipartisan Group of 28 Members of Congress Call for Lender Eligibility as Borrowers Under PPP in Support of SFNet Position
    April 24, 2020
    The letter, spearheaded by Reps. Ted Budd (R-NC) and Blaine Luetkemeyer (R-MO), argues that, “While the PPP was statutorily “housed” in section 7(a) of the Small Business Act so that it could use 7(a) Program loan delivery infrastructure, eligibility for the PPP, a new and separate program, was intended to extend to “any business concern” that meets the applicable CARES Act employee thresholds. The Small Business Administration (“SBA”) unduly narrowed the intended broad statutory scope of PPP eligibility when it by rule rendered ineligible for PPP any business ineligible to borrow under the 7(a) Program, which includes lending and financing companies.” Click here to view the letter.
  • Delta Air Lines Announces Proposed Senior Secured Notes Offering and New Credit Facility
    April 23, 2020
    Delta Air Lines, Inc. (NYSE: DAL) (the "Company" or "Delta") today announced that it intends to commence a private offering to eligible purchasers of $1.5 billion in aggregate principal amount of senior secured notes due 2025 (the "Notes"), subject to market and other conditions. The Company also announced it intends to enter into a new $1.5 billion Term Loan B facility due 2023 (the "New Credit Facility") concurrently with the closing of the offering of the Notes.
  • Greenberg Traurig Continues Growth in Boston; Adds Corporate Shareholder
    April 23, 2020
    Greenberg Traurig, LLP has added Jason S. DelMonico to its Boston office as a Shareholder in the firm’s Corporate Practice.
  • Senseonics Enters into New Credit Facilities with Certain Funds Managed by Highbridge Capital Management, LLC
    April 23, 2020
    New credit facilities provide up to $20 million in near-term liquidity. In combination with cost-reduction initiatives, provide runway to complete value-enhancing development activities to seek approval of 180-day product. Senseonics continues to pursue its previously announced exploration of strategic alternatives.
  • Inari Secures $45 Million Debt Financing to Bring Innovative Agriculture Technologies to Market
    April 23, 2020
    Inari, the biotechnology company developing next-generation seeds, announced that it has entered into a $45 million loan and security agreement with K2 HealthVentures (K2HV), a life sciences-focused investment firm. The funds complement Inari's recent $89 million equity raise and will be used to accelerate the development and commercialization of breakthrough gene-edited crops that address the challenges of climate change and improve productivity.
  • Beyond Meat Secures $150M Credit Line
    April 23, 2020
    JPMorgan Chase Bank NA and Silicon Valley Bank acted as joint book runners and joint lead arrangers on the agreement.
  • Rockwell Automation Announces $400 Million Term Loan
    April 23, 2020
    Rockwell Automation, Inc. (NYSE: ROK) announced today that it has entered into a $400 million, 364-day term loan agreement, which will be used to provide funding for two previously announced acquisitions and for other general corporate purposes. In February of this year, Rockwell Automation announced the signing of agreements to acquire privately-held Kalypso, LP, a US-based software delivery and consulting firm, and Italy-based ASEM, S.p.A., a leading provider of digital automation technologies. These acquisitions are expected to close within the next few weeks.
  • CEPRES Highlights Best Sectors for Post-Coronavirus Market
    April 23, 2020
    Latest analysis from the CEPRES Investment Platform highlights major sectors that could be winners and losers from the Coronavirus crisis. By evaluating current value creation and revenue growth opportunities in PE-backed companies and contrasting with the GFC (Global Financial Crisis) period the CEPRES Platform is able to identify potential outcomes from the COVID-19 crisis.
  • CARES Act Amendment Summary
    April 23, 2020
    On Tuesday, April 21, the Senate passed an amendment to the CARES Act that, among other things, would amend certain provisions of the Paycheck Protection Program (“PPP”), economic injury disaster loans, and emergency grants. The amendment is expected to pass the House later this week and the president has indicated he would sign it. In some ways, the amendment is as notable for some of the things it did not do – it did not create eligibility for financial services firms including community banks and secured lenders to borrow PPP loans, and it did not include rumored restrictions on larger borrower’s access to PPP – as it is for what it did do (increase funding and create a set-aside of PPP guarantees for PPP loans made by certain small and community development lenders).
  • MiMedx Announces Additional Access to Capital and Financing
    April 22, 2020
    MiMedx Group, Inc. (OTC PINK: MDXG) (“MiMedx” or “the Company”), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced that it has received notice from Bank of America that its application for a Paycheck Protection Program loan (a “PPP Loan”) under the CARES Act has been approved.
  • Sidley Welcomes New Global Finance Partner Joshua Thompson in New York
    April 22, 2020
    Sidley is pleased to announce that Joshua Thompson has joined the firm in New York as a partner in its Global Finance group. Mr. Thompson was previously a partner at Shearman & Sterling LLP, where he was head of the firm’s Global Leveraged Finance group and head of Private Capital.
  • Arent Fox Expands Corporate & Securities Practice With Addition of Partner Tal Unrad
    April 22, 2020
    Arent Fox is pleased to announce the expansion of its Corporate & Securities practice with the addition of Partner Tal M. Unrad in Boston.
  • Citizens M&A Advisory Advises CareerBuilder on its Sale of CareerBuilder Employment Screening to Accurate Background
    April 22, 2020
    Citizens M&A Advisory served as co-lead advisor to CareerBuilder, a global technology company that provides end-to-end talent acquisition solutions, on its sale of CareerBuilder Employment Screening to Accurate Background, a leading provider of automated workforce screening solutions. Accurate received an investment to support the acquisition from Apax Digital Fund, the technology-focused growth equity fund advised by Apax Partners
  • Tradewind Finance Announces $5 Million Post-Shipment Finance Facility for India-based Company in the Chemical Industry
    April 22, 2020
    Tradewind Finance has provided a $5 million credit facility to a manufacturer of flavorings, essential oils, and fragrances based in India. The company exports to the United States and Europe and is using the facility to grow their business and expand into new markets. The India-based manufacturer uses sustainable techniques to produce their line of flavorings and operates a lab dedicated to research and development. In order to capitalize on their R&D capabilities and build their business, they required access to additional working capital.
  • Gordon Brothers Acquires Laura Ashley® Brand
    April 22, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has acquired the global Laura Ashley® brand, archives, and related intellectual property from the Laura Ashley group’s U.K. Administrators.
  • African Asset Finance Company Completes Redeemable Preferred Share Offering
    April 22, 2020
    Company receives gross proceeds totaling $30 million to expand portfolio of equipment leasing contracts in Africa
  • CVC Credit Partners U.S. Direct Lending Fund II Secures Total Commitments of $657 Million
    April 22, 2020
    CVC Credit Partners is pleased to announce that it has successfully raised US$657 million for its second U.S. focused direct lending fund, CVC Credit Partners U.S. Direct Lending Fund II ("Fund II"). Fund II will follow the same strategy as its predecessor fund, investing in established U.S. middle market businesses.
  • TAB Bank Provides Construction Maintenance Company in California with a $2 Million Revolving Credit Facility
    April 22, 2020
    TAB Bank is pleased to announce it has provided a $2 million asset-based revolving credit facility for a construction maintenance company based in California. The new facility is extended through a multi-year agreement and will provide increased liquidity for the company’s ongoing working capital needs.
  • Strategic Wireless Secures up to $75,000,000 Credit Facility with Texas Capital Bank
    April 22, 2020
    The syndication, led by Texas Capital Bank headquartered in Dallas, Texas, includes a number of other lenders with extensive backgrounds in lending within the telecommunications sector. The new credit facility will provide Strategic Wireless greater flexibility to capitalize on the growing number of infrastructure opportunities throughout the U.S.
  • KCP Advisory Group Appointed by the Commonwealth of Massachusetts to Assist MA Long-Term Care Facilities
    April 22, 2020
    KCP Advisory Group has been appointed by the Commonwealth of Massachusetts to provide the state’s long-term care facilities with on-site operational support and to assist with staffing, vendors, implementing infection control measures, and similar needs amid the COVID-19 crisis.
  • Katten Grows Its Commercial Finance Practice on East and West Coasts
    April 21, 2020
    Katten announced today that two new partners have joined its Commercial Finance practice — Kirby Chin in New York and Brian Stern in Los Angeles — expanding a national team that works with many of the most active investors in the market, handles a wide range of US and cross-border financings and has overseen virtually every combination of deal variation, in all kinds of market environments.
  • Sheri Tischer Joins TCI Business Capital
    April 21, 2020
    TCI Business Capital is pleased to announce the hiring of Sheri Tischer as Vice President of Business Development – Staffing. Ms. Tischer brings to her role over 15 years of front-line staffing experience and has an authentic passion for the industry. She is responsible for developing staffing industry partnerships and driving sales of our payroll funding solutions throughout the nation.
  • Freshpet, Inc. Amends and Restates Credit Facility
    April 21, 2020
    Freshpet, Inc. (FRPT) (“Freshpet” or the “Company”) the leader in fresh, real food for pets, today announced the closing of an amended and restated $165 million senior secured credit facility (the “New Credit Facility”). This New Credit Facility includes a $130 million delayed draw term loan facility and a $35 million revolving loan facility that replaces the Company’s prior $55 million delayed draw term loan facility and $35 million revolving loan facility. The New Credit Facility will mature on April 17, 2025.
  • Alfa Laval Extends Maturity of Revolving Credit Facility
    April 21, 2020
    Alfa Laval - a world leader in heat transfer, centrifugal separation and fluid handling - has amended the company's Revolving Credit Facility into a facility of EUR 900 million and with a one-year extension of the maturity from June 2021 until June 2022.
  • Atalaya Capital Management Provides $100 Million Credit Facility to CURO Group Holding
    April 21, 2020
    Atalaya Capital Management, a private credit and special opportunities alternative investment manager, recently closed a $100 million senior secured revolving credit facility to CURO Group Holdings Corp. (“CURO”). The facility’s borrowing capacity may be increased up to $200 million over time.
  • Welbilt Completes Senior Secured Revolving Credit Facility Amendment
    April 21, 2020
    Financial covenants on $400 million revolver amended to provide compliance relief due to impact from COVID-19 pandemic.
  • CIBC Announces New Loan Program With Export Development Corporation to Provide Liquidity to Canadian Businesses
    April 21, 2020
    CIBC (CM) (CM) today announced that its clients can now apply for the new Export Development Corporation (EDC) Business Credit Availability Program (BCAP), offering loans of up to $6.25 million to provide much needed liquidity for Canadian businesses.
  • PPP Bill Extends $310B in Additional Capital…Fails to Incorporate Provisions for Lender Eligibility as Borrowers
    April 21, 2020
    The agreed-upon provisions of the highly anticipated expansion of the popular Paycheck Protection Program were released this afternoon and will be voted on as soon as today in the Senate before moving on to the House later this week. The president has indicated he would sign the bill. The bill would extend an additional $310B in funding under the program, but falls short of making certain financial services firms including community banks and secured lenders eligible to borrow under the program – a move that SFNet has vigorously petitioned for. The detailed bill can be found here. SFNet will continue to advocate for these provisions as amendments to the measure and encourages its members to do the same.
  • Blake Paulson Named OCC's Next Chief National Bank Examiner
    April 20, 2020
    Comptroller of the Currency Joseph M. Otting announced that Blake Paulson would become the agency's Chief National Bank Examiner at the end of the month. Mr. Paulson will add the title to his current role as Senior Deputy Comptroller for Midsize and Community Bank Supervision. In this role, Mr. Paulson oversees the supervision of more than 1,000 banks and savings associations that support consumers, communities, and businesses across the country.
  • J D Factors Announces Factoring Facilities
    April 20, 2020
    J D Factors announced it provided the following factoring facilities: $75,000 to a transportation company in New Brunswick; $400,000 to a transportation company in Illinois; $350,000 to a transportation company in Manitoba; $250,000 to a transportation company in Indiana...
  • Stonebriar Commercial Finance Closes a $20 Million Lease Facility
    April 20, 2020
    Stonebriar Commercial Finance announced the closing of a $20 million equipment lease facility with a leading provider of healthcare services. The company operates accredited hospitals and specialty care clinics in multiple states across the U.S. The lease facility was structured to support the construction and term lease of essential-use assets critical to operations of one of the lessee’s core hospital properties.
  • Moody's - Shifts in Credit From Coronavirus Shocks Will Weaken Global Securitization
    April 20, 2020
    Magnitude of shocks to asset performance will vary by asset class and by geography. The sharpness and duration of the downturn will influence its effect on structured finance transaction
  • BGL Announces the Recapitalization of AIMS Companies by Sterling Investment Partners
    April 20, 2020
    Brown Gibbons Lang & Company ("BGL") is pleased to announce the recapitalization of AIMS Companies ("AIMS") by Sterling Investment Partners ("Sterling") along with AIMS' founder and CEO, Chris Mihaletos, and its senior management team. Sterling is a leading middle market private equity firm focused on value-added business services and distribution investments.
  • Houlihan Lokey Adds New Service Offering to Assist Financial Sponsor General Partners
    April 20, 2020
    Houlihan Lokey (NYSE:HLI), the global investment bank, announced today that Joseph Lombardo has joined the firm as Head of Private Equity General Partner Advisory, a new practice within the Financial Institutions Group and an addition to the firm’s suite of services for financial sponsor general partners.
  • George Bilicic Rejoins Lazard as a Vice Chairman, Investment Banking and as Global Head of Power, Energy & Infrastructure
    April 20, 2020
    Lazard Ltd (NYSE:LAZ) announced today that George Bilicic has rejoined the firm as a Vice Chairman, Investment Banking and as Global Head of Power, Energy & Infrastructure, effective immediately. Mr. Bilicic rejoins Lazard from Sempra Energy, where he most recently served as President and Chief Legal Officer.
  • French Retailer FNAC Darty Taps State-Backed Loan
    April 20, 2020
    Fnac Darty has secured a 500 million euro ($544 million) government-guaranteed loan, the consumer electronics retailer said on Sunday, becoming the first large company in France to tap a state aid scheme to help businesses affected by the coronavirus crisis. France has rolled out a 110-billion-euro package to prop up the economy and help businesses including cash handouts for the smallest firms, tax and payroll charge deferrals and state-subsidised furloughs.
  • Nordstrom, Sally Beauty and Shoe Carnival Renegotiate Credit Facilities
    April 20, 2020
    Following temporary store closures, furloughs and cost management measures, a number of U.S.-based fashion and beauty retailers are now renegotiating their credit facilities in order to ensure continued liquidity during the Covid-19 crisis. On Thursday, announcements to this effect were made by Columbia, Nordstrom, Sally Beauty and Shoe Carnival.
  • Eros International and STX Entertainment to Combine, Creating a Global Entertainment Content, Digital Media & OTT Powerhouse
    April 20, 2020
    Revamped capital structure includes $125 million of incremental equity from new and existing STX Entertainment equity investors, including TPG, Hony Capital and Liberty Global; superior liquidity and a robust balance sheet including a $350 million JP Morgan-led credit facility
  • Portage Point Launches West Coast Practice with Industry Veteran Darrick Martin
    April 20, 2020
    Portage Point Partners, LLC (Portage Point), an interim management and business advisory firm that partners with stakeholders during periods of transition, underperformance and distress, announced today that Darrick Martin has joined the firm to lead the West Coast Region.
  • U.S. Concrete Announces Preliminary First Quarter 2020 Financial Results, New $180 Million Credit Facility and First Quarter 2020 Investor Conference Call Schedule
    April 20, 2020
    On April 17, 2020, U.S. Concrete entered into a new $180 million delayed draw term loan facility provided by Bank of America, N.A., as Administrative Agent. The term loan facility’s flexible structure provides additional liquidity and allows the Company to draw incrementally on the facility if needed.
  • Alston & Bird Adds Doug Taber as Finance Senior Counsel in New York
    April 20, 2020
    Alston & Bird has expanded its corporate debt advisory and restructuring capabilities with the addition of Doug Taber as senior counsel in the firm’s New York office. Taber, who most recently was a business reorganization and insolvency partner at Hogan Lovells U.S. LLP, spent 17 years in various roles as in-house counsel at GE Capital, including lead executive counsel for restructuring and banking.
  • Office Depot Streamlines Capital Structure by Refinancing Existing Credit Facility and Repaying Term Loan
    April 20, 2020
    The Company’s new $1.3 billion asset-based credit facility consists of a $1.2 billion revolving credit facility and a $100 million first-in, last-out (“FILO”) facility. This new credit facility matures in April 2025 and replaces the Company’s previous credit facility that was due to expire in May 2021.
  • U.S. CMBS Delinquencies Projected to Approach Great Recession Peak due to Coronavirus
    April 20, 2020
    Fitch Ratings expects U.S. CMBS loan delinquencies to approach peak levels, with hotel and retail expected to have the highest delinquency rates.
  • Tiger Group Issues Risk Assessment Guidance for Lenders on Consumer Goods Categories
    April 20, 2020
    In wake of pandemic, firm's Valuation Services Division posts ratings on 29 asset categories; majority deemed 'moderate risk'; fashion apparel has highest risk.
  • Kohl's Enters $1.5 Billion Asset-based Revolving Credit Facility
    April 20, 2020
    Kohl's Corp. KSS, -1.29% said Friday it has entered a $1.5 billion asset based revolving credit facility, as the department-store chain moves to refinance about $1 billion in debt and attain additional financial flexibility.
  • Community Bank Saves 30,000 Small Business Jobs in New Jersey
    April 20, 2020
    Peapack-Gladstone Bank, the wholly owned subsidiary of Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), is beginning to see its efforts to help clients come to fruition. Small businesses that applied for the Small Business Administration (SBA) Paycheck Protection Program (PPP) loans through the Bank, are starting to receive their money.
  • 2021 Could Be Great Year for Private Equity
    April 20, 2020
    According to the latest analysis from the CEPRES Investment Platform, 2021 could be a great year for private markets because of the fallout from the COVID-19 crisis. The analysis looked back at the impact on private equity and credit transactions before, during and after the most recent Global Financial Crisis (GFC), to interpolate possible outcomes of the current COVID-19 pandemic.
  • North Mill Capital Funds $1.25 Million Line of Credit to Yurchak Printing, Inc.
    April 20, 2020
    North Mill Capital is pleased to announce the funding of a $1,250,000 asset-based revolving line of credit to Yurchak Printing, Inc. The funds were utilized to provide additional working capital for the company.
  • Canopy Rivers' Flagship Joint Venture PharmHouse Increases Bank Debt Facility by $10 Million
    April 16, 2020
    Canopy Rivers Inc. (today announced that PharmHouse Inc., its 49%-owned joint venture in Leamington, Ontario, amended its syndicated credit facility with the Bank of Montreal (BMO), as the agent and lead lender, and the Canadian Imperial Bank of Commerce and Concentra Bank (together with BMO, the "Lenders").
  • Jefferies Seizes on Barren US Loan Market With $1.275B in Risky Debt
    April 16, 2020
    Investment firm Jefferies has propped up an otherwise barren US leveraged loan market in April, bringing US$1.275bn worth of new supply at enticing terms to lure a yield-hungry investor base still weighing the impacts of the coronavirus.
  • Sundial Announces Extension of Credit Facility Waiver Agreements
    April 16, 2020
    Sundial Growers Inc. (SNDL) ("Sundial" or the "Company") announced that the Company's senior lenders have amended the terms of the March 30, 2020 waivers and agreements requiring completion of defined milestones by April 15, 2020 to require completion of those milestones by April 30 , 2020.
  • Yuma Energy, Inc. Files for Chapter 11 Protection
    April 16, 2020
    The Debtors may negotiate to obtain a new Debtor-in-Possession ("DIP") financing to provide working capital to support normal operations and the sale of assets during the Chapter 11 process. However, it is not certain that these negotiations to obtain DIP financing will be successfully completed.
  • Ravaged by Coronavirus Economy, Debt-Saddled Companies Turn to Kirkland
    April 16, 2020
    The economic pain caused by the coronavirus outbreak has been unrelenting, hitting nearly all industries and sectors. As the first waves of affected businesses explore their restructuring options or succumb to bankruptcy, many are turning to a giant in the practice for help. A string of companies in recent days have tapped Kirkland & Ellis to advise on potential bankruptcy filings or lodge Chapter 11 petitions.
  • Pacific Western Bank Hires Taira Hall as EVP, Products & Partnerships
    April 16, 2020
    Pacific Western Bank is pleased to announce that Taira Hall has joined the Bank as the Executive Vice President, Products & Partnerships. Taira will lead the organization’s enterprise-wide product development efforts, focusing on enhancing payments, treasury management and other solutions and expanding delivery across the business lines. In addition, she will cultivate new and innovative partnerships with leading fintechs and organizations across the US to support their market entry and business growth needs.
  • ArcelorMittal Announces Commitment for New $3 Billion Term Loan Facility
    April 16, 2020
    The Credit Facility represents a new commitment from BNP Paribas, Crédit Agricole Corporate & investment Bank, J.P. Morgan and Société Générale, and further enhances the Company's already strong liquidity position of $10.5bn as of 31 December 2019, including a €5.5bn revolving credit facility, which remains undrawn and is fully available until December 2024.
  • Gordon Brothers Announces the Sale of Bench Brand
    April 16, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has successfully sold Bench, the iconic British streetwear brand to Wraith, an affiliate of Apparel Brands Limited for all territories outside of the Americas. Apparel Brands Limited is currently one of Bench’s primary European licensees.
  • Cerebro Raises New Capital to Expand its Digital Commercial Loan Marketplace
    April 16, 2020
    Cerebro Capital (“Cerebro”), a digital commercial loan marketplace that revolutionizes how corporate credit facilities are sourced and managed, announced it has successfully closed its second round of venture capital. Co-led by Ulu Ventures and Grotech Ventures, it closed March 26, 2020. Sterling Partners returned as an investor, and Inner Loop Capital and Point Field Partners also participated in the round. Designed for middle market corporate borrowers and lenders, Cerebro addresses two key components of the commercial loan process: sourcing corporate loans and managing loan covenant compliance.
  • New UK Insolvency Legislation and its Potential Impact on the Asset-Based Lending Industry: The New Moratorium
    April 16, 2020
    Richard Hawkins, CEO of Atlantic RMS, considers the implications of the UK government's latest announcement and its impact on asset-based lending to UK business.
  • SFNet Responds to Main Street Lending Program Guidance
    April 15, 2020
    In a letter to Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell, SFNet CEO Rich Gumbrecht provided recommendations to help facilitate the objectives of the newly introduced Main Street Expanded and New Loan Facilities as set out by the Federal Reserve.
  • Q4 Inc. Secures $25 Million From CIBC Innovation Banking to Support Ongoing Growth
    April 15, 2020
    CIBC Innovation Banking is pleased to announce a $25 million credit facility for Q4 Inc. (Q4), a Toronto based leading global provider of cloud-based investor relations and capital markets solutions. Q4 will use this latest growth financing to support continued scaling of its team, deepening of its best-in-class technology platform, and the continued pursuit of inorganic growth opportunities.
  • Forever 21 Landlords Balk At Liquidation Changes In Outbreak
    April 15, 2020
    Several Forever 21 store landlords are urging the Delaware bankruptcy court to reject a proposal by the company's Chapter 11 buyer to alter procedures for going out of business in response to the coronavirus pandemic, arguing new measures such as suspending rent and preventing repossessions would be unfair to them.
  • Allied Affiliated Funding, a division of Axiom Bank, N.A. Announces Closed Transactions
    April 15, 2020
    Allied Affiliated Funding, a division of Axiom Bank, N.A. is pleased to announce the following recently closed transactions: $600,000 in receivables financing to a Texas-based company specializing in the recycle, repair, and resale of previously used electronics to wholesale and e-commerce customers and $1,500,000 in receivables financing to a Texas-based company providing inspection services for pipeline/rigs and consulting and training services to the oil and gas industry.
  • Kraton Corporation Announces Renewal and Extension of $250 Million ABL Credit Facility
    April 15, 2020
    The ABL Facility is provided by a syndicate of banks with Bank of America, N.A. as Administrative Agent, Collateral Agent and Security Trustee.
  • Coronavirus Prompts New York Sports Club Parent Town Sports International to Consider Bankruptcy: Report
    April 15, 2020
    The owner of the New York Sports Club chain is weighing a Chapter 11 bankruptcy filing, as 95 percent of the company's gyms across the country remain closed to curb the spread of coronavirus, according to a report by Bloomberg Law. Town Sports International Holdings Inc. has reportedly been in talks with advisers and lenders to get ahead of its nearly $200 million loan maturity in November.
  • True Religion Files for Its Second Bankruptcy in Three Years
    April 15, 2020
    In a court filing on Monday, the denim-focused retailer listed the estimated value of its assets at $100 million to $500 million — the same estimated value of its liabilities. CEO Michael Buckley said the company is receiving a fresh influx of capital from its largest investors to help it restructure under Chapter 11. In court documents, True Religion said the coronavirus crisis precipitated its filing, writing that it “would have preferred to wait out the current instabilities of the financial markets and retail industry generally” but “simply could not afford to do so.”
  • Fifth Third Business Capital Provides $70 Million Senior Credit Facility for Lignetics
    April 15, 2020
    Fifth Third Business Capital, a division of Fifth Third Bank, National Association, announced it acted as lead lender and administrative agent on the closing of a new $70,000,000 Senior Credit Facility for Lignetics, Inc. and its various subsidiaries ("Lignetics").
  • Fifth Third Business Capital Provides $15.8 Million Senior Credit Facility for Comfort Research
    April 15, 2020
    Fifth Third Business Capital, a division of Fifth Third Bank, National Association, announced it acted as sole lender and administrative agent on the closing of a new $15,828,000 Senior Credit Facility for Comfort Research, LLC. Based in Grand Rapids, Michigan, Comfort Research is the manufacturer of the Big Joe brand, which consists of casual furniture, pool products, and outdoor furniture. Fifth Third’s credit facility was used to refinance existing debt and working capital funding.
  • Michael Holland Joins TCI Business Capital
    April 15, 2020
    Michael joins from Pivotal Advisors, a national sales improvement firm dedicated to helping companies drive sales performance through implementation and reinforcement of systems, processes tools, and effective management where he had been a Sr. Consultant since 2017.
  • Sallyport Commercial Finance Delivers a Working Capital Solution to a Traffic Control Company
    April 15, 2020
    Sallyport Commercial Finance provides a $2,000,000 accounts receivable facility, including a $500,000 Cash Flow Loan to a company that provides a complete range of traffic control services for their customers.
  • Frontier Communications Files for Bankruptcy Protection
    April 15, 2020
    Frontier Communications Corp has filed for bankruptcy protection in the United States, the high-speed internet company said on Tuesday, as it restructures finances to cut down its borrowings by more than $10 billion. Frontier said it has entered an agreement with its bondholders and received $460 million in debtor-in-possession financing.
  • FCA Successfully Completes Syndication of the €3.5 Billion Credit Facility
    April 15, 2020
    Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MTA: FCA) (“FCA”) announced today that it has successfully completed the syndication to a group of thirteen banks (inclusive of the two original underwriting banks) of the credit facility entered into on March 25, 2020 (“Credit Facility”).
  • XFL Files for Chapter 11 Bankruptcy Due to Coronavirus
    April 14, 2020
    The XFL, a reboot of the 2001 league of the same name, filed for Chapter 11 bankruptcy protection on Monday a month after it had to cancel the remainder of its inaugural season because of the coronavirus outbreak.
  • JCPenney Hires AlixPartners as Debt Issues Grow
    April 14, 2020
    JCPenney has hired turnaround and restructuring firm AlixPartners LLP as the company looks for ways to survive its growing debt brought on by COVID-19 related business issues. According to Bloomberg, AlixPartners joins a growing list of advisers, including legal firm Kirkland & Ellis LLP and Lazard Ltd., the latter an investment bank that is also working with Macy’s.
  • Owner of Brio, Bravo Restaurants Files Chapter 11 Amid Virus
    April 14, 2020
    FoodFirst Global Restaurants Inc., owner of Italian restaurant chains Brio Italian Mediterranean and BRAVO Fresh Italian, is the latest to seek bankruptcy reorganization in part because of shutdowns necessitated by the coronavirus pandemic. FoodFirst and seven affiliates filed Chapter 11 in the U.S. Bankruptcy Court for the Middle District of Florida April 10, intending to pursue a sale.
  • Michigan Women Forward Launches Small-business Relief Program
    April 14, 2020
    Loan deferrals and grants geared toward Michigan's women entrepreneurs working in collaboration with SBA, Huntington Bank and others entrepreneurs are feeling community support, says MWF CEO. The new relief program, done in financial partnership with Detroit-based New Economy Initiative's Small Business COVID-19 Loan Relief Program, the Small Business Administration (SBA) and Huntington Bank, officially launched April 1 for the organization's existing companies and will run through September.
  • Walt Disney Enters New $5 Billion Credit Agreement For Coronavirus Cushion, Follows $6 Billion Debt Sale Last Month
    April 14, 2020
    Walt Disney said Monday it’s entered into a new $5 billion, one-year credit agreement. That follows $6 billion the company raised last month with a sale of debt securities. The current agreement matures in April of 2021 and could be extended for a year. It provides for advances to be made for a year to be used for general corporate purposes, the company said in a SEC filling.
  • Siena Lending Group Announces First Quarter Results
    April 14, 2020
    Siena Lending Group closed five deals totaling $51 million for an accessories manufacturer and food container manufacturer and companies provided software development, logistics and transportation. Siena Healthcare Finance closed two deals totaling $12 million for a skilled nursing facility chain and medical and government staffing.
  • Santander US Announces Leadership Appointments
    April 14, 2020
    Brian Yoshida named Chief Legal Officer for Santander US; Joe Abruzzo named Head of Commercial Banking for Santander Bank
  • OnDeck Capital Starts Applications Process for SBA's Paycheck Protection Program
    April 14, 2020
    On Deck Capital Inc., in partnership with Celtic Bank, will be serving small business owners seeking funding under the Small Business Administration's Paycheck Protection Program loan applications, a part of the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act.
  • Boskalis Refinances its Revolving Credit Facility With a new EUR 500 Million Facility
    April 14, 2020
    Royal Boskalis Westminster N.V. (Boskalis) has refinanced its revolving credit facility (RCF) providing the company with EUR 500 million committed bank financing until April 2025. The new facility was coordinated by ING Bank and is provided by a syndicate of seven banks (ABN AMRO Bank, BNP Paribas, HSBC, ING Bank, MUFG, Rabobank and NatWest).
  • Darden Restaurants Provides Business Update Related to COVID-19 And Announces New Term Loan
    April 14, 2020
    Bank of America, N.A., served as administrative agent for the new term loan credit agreement. Additionally, BofA Securities, Inc. and U.S. Bank National Association served as joint lead arrangers and joint bookrunners, U.S. Bank National Association served as syndication agent and Truist Bank served as documentation agent.
  • Blackstone and Alnylam Enter Into $2 Billion Strategic Financing Collaboration to Accelerate the Advancement of RNAi Therapeutics
    April 14, 2020
    Blackstone (NYSE: BX) and Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, today announced the companies have entered into a broad strategic collaboration under which Blackstone will provide up to $2 billion to support Alnylam’s advancement of innovative RNA interference (RNAi) medicines that have the potential to transform the lives of patients suffering from a range of debilitating diseases.
  • Hitachi Capital America Welcomes David Williamson as Vice President of Sales, Technology Finance
    April 14, 2020
    Hitachi Capital America Corp. (HCA) today announced that David Williamson has joined the company as vice president of Sales, Technology Finance. David is responsible for originating, structuring, and closing working capital and supply chain financing relationships with new clients in the technology sector. He is based in southern California and reports to Paul Stemler, president of the Technology Finance business.
  • Maxim Commercial Capital Funded 250 Businesses in 1Q 2020
    April 14, 2020
    Maxim Commercial Capital is pleased to announce it funded hard asset-secured financings for 250 small and mid-sized businesses (SMBs) during the first quarter of 2020. With the onset of the COVID-19 pandemic, Maxim adapted quickly to safer-at-home working conditions for its 30+ team members. Maxim lends $10,000 to $3,000,000 to SMBs nationwide secured by heavy equipment and real estate to facilitate asset purchases, working capital and to refinance expensive short term debt.
  • Gordon Brothers Announces Launch of COVID-19 Industry Brief
    April 13, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the launch of its Industry Brief, which can be found on the COVID-19 Resource Hub at www.gordonbrothers.com/covid-19. Gordon Brothers’ Industry Brief gives an up-to-the-minute assessment of what the firm’s inventory, machinery and equipment, and intangibles experts see happening in multiple markets. The Industry Brief also comments on how values may be affected based on the most recent trends and events in the near, medium, and long term.
  • KeyBank Names Greg Jones as Chief Diversity, Equity, and Inclusion Officer
    April 13, 2020
    KeyCorp (NYSE: KEY) today announced that Greg Jones has been named Chief Diversity, Equity, and Inclusion Officer for the company. In this role, Greg will be accountable for leading the strategy and tactics to improve the acquisition, movement, development and retention of diverse talent and suppliers.
  • Old Hill Partners Provides a $10 Million Credit Facility to HealthGrowth Capital
    April 13, 2020
    Old Hill provided $10 million in the form of a senior secured revolving-to-term credit facility to HealthGrowth Capital, LLC, a leading direct lender to community pharmacies. The facility was secured by first lien perfected security interest in pharmacy loans.
  • SierraConstellation Partners Hires Bill Partridge as Managing Director in Bay Area, Adds Staff Nationwide
    April 13, 2020
    Merv Merzoug Joins as Director in New York City; Elizabeth Knapp Joins as Executive Assistant to Boston Office Leader Tom Lynch.
  • Allied Affiliated Funding Announces Recently Closed Transactions
    April 13, 2020
    Allied Affiliated Funding, a division of Axiom Bank, N.A. is pleased to announce the following recently closed transactions: $600,000 in receivables financing to a Texas-based company specializing in the recycle, repair, and resale of previously used electronics to wholesale and e-commerce customers and $1,500,000 in receivables financing to a Texas-based company providing inspection services for pipeline/rigs and consulting and training services to the oil and gas industry. .
  • CARES Act Frequently Asked Questions
    April 13, 2020
    On March 27, 2020, Congress approved the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act includes extensive provisions to address the current public health crisis, including, among other things, $349 billion of commitments for general business loans under Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) through June 30, 2020 under Title I of the CARES Act, titled “Keeping American Workers Paid and Employed Act,” which sets out the terms for the “Paycheck Protection Program.”
  • New Message from SFNet CEO - Crisis and Renewal
    April 13, 2020
    I hope you had a safe and peaceful weekend as many of us celebrated the Passover and Easter holidays and found some respite from the crisis in our friends, families and communities. Events continue to unfold at a rapid pace, and I’d like to bring you up to speed on what our association is doing to analyze and share information and influence outcomes to support our collective interests.
  • AMC Theaters in Talks to Hire Bankruptcy law Firm Weil Gotshal Amid Coronavirus Shutdown
    April 13, 2020
    The largest U.S. largest movie theater chain, whose cinema houses have been shuttered nationwide since mid-March because of the coronavirus epidemic, is in talks to hire law firm Weil Gotshal & Manges to explore a potential Chapter 11 filing, The Post has learned. Weil Gotshal’s team is headed up by lawyer Ray Schrock, who lately has worked as bankruptcy counsel to California utility PG&E, the Fairway supermarket chain, and retail icon Sears Holdings, many of whose stores got taken over by billionaire Eddie Lampert.
  • West Fraser Enters into $150 Million Committed Revolving Credit Facility and adopts Shareholder Rights Plan
    April 13, 2020
    West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") announced today that it has obtained from a syndicate of lenders an additional $150 million committed revolving credit facility. This committed facility has a term of two years and is made available on substantially the same terms and conditions as the Company's existing syndicated revolving credit facility from certain lenders that are part of that syndicate. The facility can be used for general corporate purposes.
  • Oak Valley Community Bank Hires Matt Morgado as Commercial Loan Officer
    April 13, 2020
    Morgado brings over 25 years of commercial and agricultural banking experience to Oak Valley. In his role, he will be responsible for business development and relationship management in the greater Sacramento area.
  • Pace Industries Reaches Agreement to Strengthen Its Balance Sheet, Announcing Plan to Position the Business to Realize the Full Benefit of Its Operational Improvements Following COVID-19
    April 13, 2020
    Pace Industries, LLC ("the Company") today announced that it has reached an agreement with its senior secured lenders on the terms of a comprehensive financial restructuring plan, which will deleverage the Company's balance sheet. This agreement has support from 100% of the holders of its senior secured notes as well as its revolving credit facility lenders.
  • LSC Communications Takes Action to Strengthen Its Liquidity and Improve Its Capital Structure Voluntarily Files for Business Reorganization under Chapter 11
    April 13, 2020
    Sullivan & Cromwell LLP is serving as legal advisor, Evercore Group L.L.C. is serving as financial advisor and AlixPartners, LLP is serving as restructuring advisor to the Company.
  • In The COVID-19 Wave Of Bankruptcies, Creativity Is Key
    April 13, 2020
    An onslaught of bankruptcy filings expected in the wake of the COVID-19 outbreak is forcing restructuring professionals to engineer creative solutions to protect their clients’ value as they ask courts to be flexible when administering cases in these turbulent economic times. While no standard protocol has yet been adopted, the recently altered landscape includes efforts by new debtors to in effect mothball their estates pending the end of the COVID-19 crisis, and bankruptcy judges have been amenable to such requests.
  • Crestmark Provides More Than $24 Million in Commercial Financing to 76 Businesses in the Second Half of March
    April 13, 2020
    Crestmark secured a total of $13,900,000 in ABL financial solutions for eight new clients; Crestmark Equipment Finance provided $3,654,190 in five new lease transactions; Crestmark Vendor Finance provided $5,048,790 in 63 new lease transactions; and the Government Guaranteed Lending Division provided $1,420,000 in financing for one new client in the second half of March.
  • Moody's - Coronavirus Stimulus Will Lessen Economic Pain, but Credit Climate Will Remain Difficult
    April 13, 2020
    Financial assistance to vulnerable households and businesses will mitigate the economic and employment shock but will not prevent a severe downturn. Support to large companies will limit credit deterioration for certain issuers.
  • Access Capital Finances Acquisition by Premier Healthcare Professionals
    April 13, 2020
    Access Capital is pleased to share news of its latest transaction with its client, Premier Healthcare Professionals. Premier Healthcare Professionals (“Premier Healthcare”) is a provider of travel nurses and locum tenens doctors to hospitals and medical centers nationwide. Access Capital, which provides Premier Healthcare with a senior credit facility, funded a new term loan to Premier Healthcare for the purpose of acquiring another provider of travel nurses.
  • Briar Capital Real Estate Fund Announces Closing of its Largest Loan to Date
    April 9, 2020
    Briar Capital Real Estate Fund ("BCREF") (www.BriarCapital.com) is pleased to announce the closing of its largest loan to date, a $14MM real estate term loan for a pipeline service provider to the midstream oil & gas industry located in Houston, TX.
  • H&M Borrows More Than $1 Billion as Coronavirus Slams Business
    April 9, 2020
    H&M is bulking up its liquidity buffer as the coronavirus continues to batter fashion players across the board. In a statement, the fast-fashion retailer announced it had secured a 980 million-euro, or nearly $1.1 billion, revolving credit facility to help cushion its business amid the pandemic, which has sickened more than 1.49 million people around the world and killed at least 87,400.
  • Six Flags Increases Revolving Credit Facility to $481 Million to Provide Additional Liquidity and Financial Flexibility
    April 9, 2020
    Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that certain of the company’s revolving credit lenders agreed to provide an incremental $131 million of revolving credit commitments to its senior secured revolving credit facility, increasing the facility from $350 million to $481 million.1
  • Why Bankruptcy May Not Be the Best Option Now for Hollywood's Distressed Firms
    April 9, 2020
    Just what can movie seats teach us about the economic impact of a health pandemic? Consider the Chapter 11 bankruptcy of VIP Cinemas Holdings, a multinational and the world’s largest manufacturer of luxury recliner seating for movie theaters.
  • TAB Bank Provides Outdoor Products Company in Utah with an $8 Million Revolving Credit Facility
    April 9, 2020
    TAB Bank is pleased to announce it has provided a $8 million asset-based revolving credit facility for an outdoor products company based in Utah. The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs.
  • AT&T Secures $5.5B Term-Loan to Tackle Coronavirus Worries
    April 9, 2020
    In light of the ongoing coronavirus pandemonium, AT&T Inc. T announced yesterday that it has secured a $5.5-billion term loan at competitive rates with 12 banks for additional financial flexibility to an already strong cash position. The company’s shares have moved up 2.2% in the last trading session. The Dallas, TX-based wireless carrier, which had almost $12 billion in cash in hand at the end of 2019, stated that the loans are pre-payable without penalty.
  • Lassila & Tikanoja Signs a New Revolving Credit Facility
    April 9, 2020
    Lassila & Tikanoja plc has signed a new revolving credit facility of EUR 30 million. The revolving credit facility will mature in the second quarter of 2022. The agreement includes a one-year extension option. The agreement was signed with Danske Bank.
  • Apex Parks Group Announces Financial Restructuring; Company To Enter Into Stalking Horse Purchase Agreement and Files for Chapter 11 to Effectuate Sale
    April 9, 2020
    Apex Parks Group, LLC ("Apex" or "Company"), today announced that it is pursuing a comprehensive financial restructuring aimed at reducing the Company's current debt and, ultimately, enhancing operations to continue to serve guests and communities for years to come. As part of this process, Apex expects to enter into a stalking horse purchase agreement ("Agreement") with the Company's prepetition secured lenders ("Lenders") to sell substantially all of the Company's assets and operations and has filed for Chapter 11 of the United States Bankruptcy Code in the District of Delaware to facilitate the sale. The Lenders will also provide financing to support the Company during the restructuring.
  • Heartland BancCorp Completes Acquisition of Northern Kentucky/ Cincinnati-Focused Victory Community Bank
    April 9, 2020
    Heartland was advised by D.A. Davidson & Co., as financial advisor, and Hunton Andrews Kurth LLP, as legal counsel. Victory was advised by Boenning & Scattergood, Inc., as financial advisor, and Dinsmore & Shohl LLP, as legal counsel.
  • HealthGrowth Capital, LLC Closes $16.8 Million Financing
    April 9, 2020
    The debt portion of the financing consists of an initial $10 million credit facility provided by Old Hill Partners, based in Darien, Connecticut. The credit facility has an accordion feature to expand into a larger facility under certain terms and conditions.
  • Alvarez & Marsal Managing Director Andrea Gonzalez to Serve with the Firm's Unsecured Creditors’ Committee Advisory Practice
    April 9, 2020
    Leading global professional services firm Alvarez & Marsal announces that Andrea Gonzalez, a Chicago-based Managing Director who joined the firm’s Disputes and Investigations practice six and half years ago, will now serve in its Unsecured Creditors’ Committee (UCC) Advisory practice. Ms. Gonzalez’s extensive accounting and investigative expertise bolsters the UCC Advisory practice’s ability to maximize value for clients amidst a turbulent economic environment.
  • Fintech Working to Help Hospitals Ease COVID19 Financial Burden
    April 9, 2020
    To assist hospitals and health systems with the financial impact of COVID19, Collateral Velocity, Inc., announced today that the company has designed and alpha-tested two new financial products based on the processing of public or private medical claims. The products offer a low-cost finance alternative as hospitals brace their balance sheets for the financial fallout.
  • FocalPoint Adds Restructuring Banker in New York Office
    April 8, 2020
    FocalPoint Partners, a leading middle-market investment bank, is pleased to announce the addition of restructuring and special situations veteran Richard F. NeJame as Managing Director in its New York office. With over two decades of experience, Mr. NeJame has advised leveraged and distressed corporate clients, as well as institutional, private equity, and other investing clients.
  • Hogan Lovells Cross-Trains Attys To Boost Bankruptcy Ranks
    April 8, 2020
    International law firm Hogan Lovells announced Tuesday that it would offer its attorneys in other practice areas the opportunity to receive restructuring cross-training to assist the firm’s existing practice ahead of an anticipated rush of bankruptcy filings in the aftermath of the COVID-19 pandemic.
  • Are U.S. Banks Strong Enough to Weather the Downturn?
    April 8, 2020
    Banks are at the frontline of the relief measures announced by the Federal Reserve and the Trump administration to support the economy in the downturn triggered by the coronavirus pandemic. The Fed has noted that the U.S. banking system is stronger than it was during the 2008 recession with supporting oversight by regulators. However, in its desire to make it easier for banks to expand lending during the slowdown, the Fed has relaxed its regulatory requirements on several fronts.
  • Ackroo Adds $1 Million Through BDC Capital and Increases Access to Capital Through RBC/EDC
    April 8, 2020
    Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company” or “Ackroo”), a loyalty marketing, gift card and payments technology and services provider, is pleased to announce it has received an additional $1,000,000 of working capital from BDC Capital (BDC). Under the terms of the loan from BDC Capital, Ackroo received a second and final tranche of $1,000,000 from their previously approved $4,000,000 loan.
  • Baker McKenzie Hires Pre-Eminent Cross-Border Restructuring Team Led by Chair of the American College of Bankruptcy, Mark Bloom
    April 8, 2020
    The group delivers market-leading global bankruptcy, restructuring, insolvency and distressed M&A experience in Latin America, Europe and Asia.
  • B. Riley Financial Expands Real Estate Division
    April 8, 2020
    B. Riley Financial, Inc., a diversified provider of business advisory and financial services, today announced that Al Lieberman and Peter Lynch have joined as Principals with B. Riley Real Estate, LLC. Lieberman and Lynch each bring over 30 years of experience across the real estate value chain, as well as vast restructuring and disposition expertise, both in and out of bankruptcy.
  • Douglas A. Greenspan Joins A&G as Managing Director
    April 8, 2020
    New York-based executive has extensive experience in guiding the real estate decisions of clients in retail, multifamily, hospitality, healthcare, warehouse/industrial, and other sectors during bankruptcies and restructurings.
  • Hilco Report Cautions: S&OP, Supply Chain Efficiency Now Critically Dependent Upon Companies' Own Efforts to Actively Develop New, Updated Predictive Models
    April 8, 2020
    Hilco Global has issued a timely and relevant report on the unprecedented circumstances facing businesses and how they should adjust their existing, predictive forecasting models and the steps they should be following to ensure their own success in the current crisis environment.
  • US Cash Payments to Decline by 4.5% Between 2019 and 2023 Due to COVID-19, Says GlobalData
    April 8, 2020
    The rapidly rising number of coronavirus (COVID-19) cases in the US has caused an economic slowdown in the country, which has resulted in the number and value of expected transactions being significantly reduced - largely due to a substantial fall in cash transactions, says GlobalData, a leading data and analytics company.
  • COVID-19 Crisis Prompts Changes to Bankruptcy Code Concerning Debtors, Consumers and Businesses
    April 8, 2020
    The COVID-19 crises recently prompted the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which, in part, includes changes to the Bankruptcy Code of which financial institutions should be made aware concerning existing debtors, consumers, and small businesses facing financial distress.
  • Fission Announces the Closing of a $10 Million Credit Facility with Sprott
    April 8, 2020
    FISSION URANIUM CORP. ("Fission" or "the Company") is pleased to announce the closing of a US$10 million senior secured credit facility (the "Facility") with Sprott Resource Lending II (Collector) L.P. ("Sprott") subject to the terms and conditions set forth in the credit agreement (the "Credit Agreement"). Fission will use the proceeds from the Facility to fund development of the Patterson Lake South uranium project (the "Project") and for general working capital purposes.
  • Securitas Signs New Credit Facility
    April 7, 2020
    Coordinating Mandated Lead Arrangers and Bookrunners are Commerzbank, Danske Bank and ING Bank. Mandated Lead Arrangers and Bookrunners are: Banco Bilbao Vizcaya Argentaria, Citigroup, Commerzbank, Crédit Industriel et Commercial, Danske Bank, ING Bank, KBC Bank, SEB and UniCredit.
  • Bank of America Sees Booming Rescue Loan Demand, With Applications for Nearly 10% of Program
    April 7, 2020
    The bank confirmed that it has received applications from 177,000 small businesses for a total of $32.6 billion in financing. The current Bank of America numbers are its applications and do not represent the sums the Small Business Administration has approved.
  • Greenberg Traurig Continues Strategic Expansion of Restructuring & Bankruptcy Capabilities; Adds Shareholders in Denver, Boston
    April 7, 2020
    Global law firm Greenberg Traurig, LLP continues the strategic expansion of its world-class Restructuring & Bankruptcy Practice with the addition of Peggy Hunt and Annette Jarvis in Denver as shareholders. Jason S. DelMonico also joins as a corporate shareholder in Boston and will continue to focus a significant portion of his practice on restructuring, loan workouts and bankruptcy finance matters, in addition to corporate finance generally.
  • Commercial Chapter 11 Bankruptcies Increase 14 Percent in the First Quarter Of 2020, Total Filings Down 5 Percent Before COVID-19 Financial Distress Fully Reflected in Filings
    April 7, 2020
    Total commercial chapter 11 bankruptcy filings for the first calendar quarter of 2020 increased 14 percent from the same period last year, according to data provided by Epiq Systems, Inc. The 1,709 total commercial chapter 11s from January 1 through March 31, 2020, increased from the 1,500 total commercial chapter 11s during the same period in 2019. Total overall commercial bankruptcy filings also increased in the first quarter of 2020, as the 9,817 during the first three months of 2020 marked a 4 percent increase over the 9,481 total commercial filings over the same period in 2019.
  • Power Solutions International Announces Closing of its New Credit Facility
    April 7, 2020
    Power 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 has closed on its new senior secured revolving credit facility (the “Credit Facility”) under a credit agreement, dated as of March 27, 2020, (the “Credit Agreement”) between the Company and Standard Chartered Bank, as administrative agent for the lenders thereunder.
  • Clearpool Announces the Completion of its Acquisition by BMO Financial Group
    April 7, 2020
    Clearpool Group (Clearpool), a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer, today announced that BMO Financial Group (BMO) has completed its previously announced acquisition of the company. Terms of transaction were not disclosed.
  • Brian P. Klaban Joins Platte River Equity as Director of Business Development & Debt Capital Markets
    April 7, 2020
    Platte River Equity ("Platte River") announced today that Brian Klaban has joined the firm as Director of Business Development and Debt Capital Markets. In this position, he will lead Platte River's sourcing, marketing and business development efforts as well as support the broader investment team on debt financings.
  • Titan Machinery Announces Entry into New Amended and Restated Credit Agreement
    April 7, 2020
    Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, announced today that it has entered into a new five-year Amended and Restated Credit Agreement, maturing April 2025, arranged by Bank of America, with a syndicate of lenders consisting of Bank of America, Wells Fargo Bank, Regions Bank, BBVA USA, AgCountry Farm Credit Services, and Sterling National Bank.
  • Houlihan Lokey Hires Industry Veteran to Lead Its Transaction Advisory Services Practice
    April 7, 2020
    Houlihan Lokey (NYSE:HLI), the global investment bank, announced today that Sean Murphy has joined its Financial and Valuation Advisory business to lead its Transaction Advisory Services practice. He is based in Dallas. Mr. Murphy joins following more than two decades at KPMG, where he was a Principal in the firm’s Deal Advisory group with oversight of both global and domestic transaction-related engagements in connection with mergers, acquisitions, and dispositions.
  • Alleon Announces $2,400,000 Medical Accounts Receivable Financing for MSO
    April 7, 2020
    Alleon Healthcare Capital (“Alleon”), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $2,400,000 medical accounts receivable financing facility with a Management Service Organization (“MSO”) in California.
  • Gerber Finance Inc. Funds $1 Million Line of Credit to Cook San Francisco LLC DBA Nona Lim
    April 7, 2020
    Nona Lim headquartered in Oakland, CA, is a manufacturer of Asian comfort foods made with clean, non-GMO ingredients. The company was founded in 2014 to help bring healthy, slow-simmered bone broths with healing Asian herbs and fresh rice noodles to North American consumers.
  • SFNet Petitions SBA to Modify Interim Final Rule to Include Lender Eligibility Under PPP
    April 7, 2020
    SFNet, in alignment with the International Factoring Association and Equipment Leasing and Finance Association has petitioned the Small Business Administration and Department of the Treasury to amend its Interim Final Rule prohibiting financial services companies from participating in the Paycheck Protection Program under the CARES Act.
  • U.S. Treasury PPP Frequently Asked Questions
    April 7, 2020
    The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This document will be updated on a regular basis.
  • Business Capital Adds Senior Executive to Team
    April 6, 2020
    Business Capital (BizCap®), a leading commercial finance and advisory firm, is expanding its team with the addition of Matt Christensen as senior vice president, team lead. He will play a central role assisting the capital markets and credit teams in expanding coverage and service to clients, working with partners to structure and deploy commercial financing and restructuring solutions for small to mid-sized businesses, as well as helping to build and manage the firm’s deep network of relationships.
  • John Todd (JT) Joins SG Credit Partners
    April 6, 2020
    SG Credit Partners (“SGCP”) announced today the hiring of John Todd (“JT”) as a managing director in Chicago, IL. In this role, JT will lead SGCP’s Midwest coverage efforts and will be responsible for originating and closing structured cash flow, technology/recurring revenue, and special situation credit facilities
  • Wingspire Capital Hires David Phillips as Managing Director
    April 6, 2020
    Wingspire Capital Holdings (“Wingspire” or the “Firm”) today announced that David Phillips has joined the Firm as Managing Director in the Atlanta office. In this role, Mr. Phillips will be responsible for business development activities in the Southeast and Texas. Mr. Phillips brings to Wingspire over three decades of origination and business development experience in asset-based lending.
  • Tengram Capital Partners Announces Closing of High Ridge Brands’ Haircare and Skin Cleansing Assets
    April 6, 2020
    Tengram Capital Partners (“Tengram”) announced today that it has closed on the acquisition of the hair care and skin cleansing business of High Ridge Brands Co. (“High Ridge” or the “Company”), establishing a new platform investment for Tengram in a consumer-focused hair and skin category. Tengram partnered with Hilco, Inc., an affiliate of Hilco Global to acquire the Company.
  • Save A Lot Announces Successful Completion of Business Recapitalization
    April 6, 2020
    PJ SOLOMON served as financial advisor to Save A Lot, FTI Consulting served as restructuring advisor and Latham & Watkins LLP served as legal counsel. Halsey Lane Holdings, LLC served as an advisor to the Board of Directors of Save A Lot. Alix Partners served as restructuring advisor to Save A Lot’s term loan lenders, and Davis Polk & Wardwell LLP served as legal counsel.
  • GM Adjusts Plans for Refinancing $16.5 Billion in Revolving Loans, Report Says
    April 6, 2020
    COVID-19 pandemic affects markets, according to a Reuters report. The company originally discussed extending maturities on its $16.5 billion credit facilities with banks in early March, according to the report. But instability caused by the pandemic has impacted liquidity concerns for both the company, and for banks.
  • Pier 1 Imports Asks Bankruptcy Court to Let it Skip Rent Payments
    April 6, 2020
    Retailers both in and out of bankruptcy court are informing landlords that they’re cutting or withholding rents as customers shelter at home and states order most merchants to close.
  • Under Armour Issues Updates on Coronavirus & Restructuring
    April 6, 2020
    Under Armour, Inc. UAA further detailed actions to cope with challenges tied to the coronavirus pandemic. In view of heightened uncertainty, the company called off first quarter and 2020 view as well as informed that its stores, which have been closed effective Mar 16, will remain shut till further notice. It had earlier issued a cautionary statement that the coronavirus outbreak in China is likely to hurt first-quarter 2020 sales. Additionally, management issued updates on its restructuring efforts to strengthen financial position.
  • Village Farms International Announces Completion of Pure Sunfarms' Expanded Credit Facility with Existing Lender for up to $59 Million
    April 6, 2020
    Village Farms International, Inc. ("Village Farms" or the "Company") (TSX: VFF; NASDAQ: VFF) today announced its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has satisfied all pre-conditions and completed its previously announced expansion of its credit facility with its existing lender to $59 million , including accordion provisions of $22.5 million . (All figures are in Canadian dollars.)
  • Workday Gets $750 Million Term Loan Facility
    April 6, 2020
    Workday Inc. disclosed in a Monday filing that it received a term-loan facility of $750 million and a revolver of $750 million on April 2. The company had an outstanding term loan of $500 million as of April 2, the company said in its filing. Workday shares are up 4% in premarket trading Monday.
  • Lendio Launches Paycheck Protection Program Loan Application for Small Businesses
    April 6, 2020
    Hundreds of financial institutions across the U.S. are using Lendio’s streamlined digital application to facilitate COVID-19 relief funds for their small business clients Lendio, the nation’s leading small business loan marketplace, today announced the launch of an online application for small business owners to access the $349 billion in government funds set aside for the Paycheck Protection Program (PPP).
  • U.S. Well Services Finalizes Amendment to Senior Secured Term Loan and $21 Million Sale of Convertible Preferred Stock
    April 6, 2020
    Simmons Energy, A Division of Piper Sandler, acted as exclusive financial advisor to the Special Committee of the Board of Directors for U.S. Well Services, Inc.
  • Mount Street and Paul Hastings Join Forces on LIBOR Replacement Service for Real Estate Loans
    April 6, 2020
    U.K. financial regulators have sent clear signals, reinforced in an FCA statement published last week, that firms should stop issuing sterling-linked Libor cash products by the 3rd quarter of 2020 ahead of its discontinuation at the end of 2021. As a result, Mount Street and Paul Hastings LLP have joined forces to create a streamlined, process driven service offering to replace LIBOR in existing CRE loan documentation.
  • Amerisource Closes $5,000,000 Credit Facility for Fabrication Firm
    April 6, 2020
    Amerisource Business Capital announced the closing and funding of a $5,000,000 credit facility for a steel fabricator based in Montana. The proceeds were used to refinance existing bank debt and to support the company’s continued growth.
  • TD Bank Confirms No Job Losses in 2020 Resulting From COVID-19
    April 6, 2020
    TD Bank Group, of which TD Bank, America's Most Convenient Bank® is part, announced that there will be no job losses in 2020 as a result of COVID-19. Today's action follows the company's decision last week to introduce a special award of up to $1,000 along with two additional paid vacation days on top of the 10 days for all Colleagues previously announced. This benefit is available to part-time and full-time Colleagues who don’t currently have the option to work from home.
  • SSG Advises American Global Logistics, LLC in the Sale of Substantially all of its Assets to Terra Worldwide Logistics, LLC
    April 6, 2020
    SSG Capital Advisors, LLC (“SSG”) acted as the investment banker to American Global Logistics, LLC (“AGL” or the “Company”) in the sale of substantially all of its assets to Terra Worldwide Logistics, LLC. The transaction closed in March 2020. Headquartered in Atlanta, Georgia, American Global Logistics is a 3PL freight forwarder and 4PL technology solutions provider that empowers businesses to solve their biggest supply chain challenges.
  • Gordon Brothers and New Mill Capital Acquire Procter & Gamble Assets in Joint Venture
    April 6, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announces the acquisition of the real property and machinery and equipment associated with Procter & Gamble’s Kansas City, Kansas facility. The acquisition was completed in conjunction with joint venture partner New Mill Capital.
  • Tech Capital, LLC Hires Randall Haney as its Vice President of Business Development
    April 6, 2020
    Tech Capital, LLC, the asset-based finance company and wholly owned subsidiary of Tech CU, announced today that Randall Haney has joined the company as its new Vice President of Business Development. In his role, he will be responsible for business development.
  • SFNet Sends Letter to SBA and Treasury in Support of Non-bank Lenders Under CARES Act
    April 4, 2020
    SFNet’s CEO submitted a letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration
  • US Treasury Department Issues Application Form and Other Guidance in Connection with the Paycheck Protection Program
    April 4, 2020
    As of March 31, 2020, the US Treasury Department has issued the application form and other guidance in connection with the Paycheck Protection Program which can be found on its website: https://home.treasury.gov/cares
  • SFNet's Members Only COVID-19 Discussion Group
    April 2, 2020
    The SFNet's COVID-19 Discussion group is a open forum for members to partake and add posts about the effect that the Coronavirus pandemic is having on their business.
  • Legacy Housing Corporation Announces New Credit Facility
    April 2, 2020
    Legacy Housing Corporation (the “Company”) (NASDAQ: LEGH), a leader in the manufactured housing industry, today announced the closing of a new four-year credit agreement with Capital One, N.A. (“Capital One”) that replaces the current agreement with Capital One that was due to expire on May 11 of this year.
  • U.S. Well Services Finalizes Amendment to Senior Secured Term Loan and $21 Million Sale of Convertible Preferred Stock
    April 2, 2020
    U.S. Well Services, Inc. (USWS) today announced it has entered into an Amended and Restated Senior Secured Term Loan Credit Agreement (the “Amended Term Loan Facility”) with CLMG Corp. (the “Lenders”) that provides for a suspension of scheduled principal and interest payments for 24 months. Under the terms of the Amended Term Loan Facility, U.S. Well Services’ next scheduled principal and interest payment to the Lenders will be due June 30, 2022.
  • BMO Expert Podcast on COVID-19 and the Future of the Global Economy
    April 2, 2020
    Darryl White, Chief Executive Officer, BMO Financial Group leads the discussion. Following BMO Financial Group's 2020 Annual Meeting of Shareholders, BMO is providing access to a podcast featuring diverse perspectives on the economic and social impacts of the COVID-19 pandemic and how businesses must evolve and adapt to changing conditions.
  • Edgewell Personal Care Announces New $425 Million Revolving Credit Facility
    April 2, 2020
    BofA 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.
  • Marriott Vacations Expands Non-recourse Warehouse Credit Facility to $531 Million
    April 2, 2020
    Marriott Vacations Worldwide Corp. VAC, -0.12% said Thursday it has amended its non-recourse warehouse credit facility to expand its borrowing capacity to $531 million, up by $181 million. Under the terms of the agreement, the termination date for the existing $350 million warehouse facility remains Dec. 2021, with the additional capacity terminating on March 31, 2021.
  • CIT Financing Speeds Protective N95 Masks to Healthcare Workers
    April 2, 2020
    CIT 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.
  • Nucleus Commercial Finance Appoints Regional Sales Director
    April 2, 2020
    Nucleus 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.
  • FTI Consulting Releases 2020 Survey of U.S. Loan Market
    April 2, 2020
    FTI 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.
  • JinkoSolar Australia Signs AUD37 Million Line of Credit Agreement with the National Australia Bank‎
    April 2, 2020
    JinkoSolar 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").
  • Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring
    April 2, 2020
    Moelis & 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.
  • Private Equity Liquidity Hit by 10% VaR Caused by Coronavirus Crisis
    April 2, 2020
    CEPRES, 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.
  • Federal Reserve Temporarily Eases Some Bank Leverage Requirements
    April 2, 2020
    The U.S. Federal Reserve announced on Wednesday it was temporarily easing its leverage rules for large banks by exempting certain investments from a key leverage calculation, part of the effort to combat the economic slowdown inflicted by the coronavirus pandemic.
  • Retailers Extend COVID-19-triggered Temporary Closings Indefinitely
    April 1, 2020
    As efforts to curb the spread of COVID-19 expand, retailers are retooling their operations across the board.
  • Albert Delgado Joins Seacoast Business Funding
    April 1, 2020
    Seacoast 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.
  • Will the $2.2 Trillion Coronavirus Aid Package Be Enough?
    April 1, 2020
    The 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.
  • Gibraltar Crafts $5MM Financing Solution for Sponsored Manufacturer
    April 1, 2020
    Headquartered 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.
  • Context Business Lending Closed Three New Loans During the Height of the Pandemic, Supporting Companies Through This Uncertain Time
    April 1, 2020
    Over 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.
  • Scott Frederick Joins First Business Growth Funding as Vice President – Business Development Officer
    April 1, 2020
    First 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.
  • Honeywell Announces Completion Of $6 Billion Term Loan To Enhance Resilience During COVID-19 Outbreak
    April 1, 2020
    Honeywell (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.
  • Crown Partners Fund Completes Term Loan with Centric Health for up to $30 Million
    April 1, 2020
    Capital Partners Inc. ("Crown" or the "Corporation") (CRWN.TO), a capital partner to entrepreneurs and growth businesses, today announced that Crown Partners Fund, an investment fund managed by Crown and in which Crown holds an approximate 39% interest, has completed a term loan of up to $30 million (the "Agreement") with Centric Health Corporation ("Centric") (CHH.TO), a leading provider of pharmacy and other healthcare services to Canadian seniors.
  • Mountain Province Diamonds Announces Amendments to Revolving Credit Facility
    April 1, 2020
    Mountain 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:
  • Aclaris Therapeutics Secures $11 Million Term Loan Facility
    April 1, 2020
    Aclaris 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.
  • COVID-19 Update: Planned Changes to UK Insolvency Laws to Enable Companies to Continue Trading
    April 1, 2020
    On 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.
  • Drew McManigle, Founder and Managing Director of MACCO Restructuring Group, LLC Announces Firm Promotions and Additions
    April 1, 2020
    MACCO 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.
  • Dean Foods Reaches Agreement in Principle With Industrial Realty Group, LLC for the Sale of Dean Foods’ Meadow Gold Hawaii Business
    April 1, 2020
    Davis 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.
  • Online Automotive Retailer Vroom Announces $450 Million Floorplan Commitment from Ally Financial
    April 1, 2020
    Ally’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.
  • Phoenix Lending Survey Results Reveals Coronavirus will be a Leading Driver of Economic Performance in 2020
    April 1, 2020
    From the first quarter Phoenix Management “Lending Climate in America” survey results, which was conducted in late February, reveal the coronavirus and other factors will be leading economic driver in 2020. Lenders were asked to identify what they believe will be the largest driver of economic performance in the first half of 2020. The majority of lenders, 40%, believe the coronavirus along with other factors will be the largest driver of economic performance.
  • Kazuo Koshi Appointed Executive Chairman of the Board of MUFG Americas Holdings Corporation and MUFG Union Bank, N.A.
    April 1, 2020
    MUFG, one of the world's leading financial groups, today announced that Kazuo ("Kaz") Koshi has been appointed Executive Chairman of the board of directors for MUFG Americas Holdings Corporation and its U.S. banking subsidiary, MUFG Union Bank, N.A., effective April 1, 2020. He has been a member of the board of directors since 2016 and active with MUFG's U.S. subsidiaries since the mid-1990s. He will continue to be based in New York.
  • Azlo’s COVID-19 Small Business Survey
    April 1, 2020
    According to the survey of small business banking customers, 77% of small business owners have already been negatively impacted by COVID-19 and another 16% anticipate they will be impacted. In addition, over 30% said they have experienced up to 100% loss of monthly revenue.
  • CARES Act Provides Enhanced Opportunities for Small Businesses to Use Chapter 11 of the Bankruptcy Code to Weather COVID-19
    April 1, 2020
    The Coronavirus Aid, Relief and Economic Security Act of 2020 (“CARES Act”) which Congress approved last week, together with the Small Business Reorganization Act of 2019 (the “SBRA”) which became effective on February 19, 2020, will make Chapter 11 bankruptcy protection much more attractive for small business debtors. Together, the two new pieces of legislation not only streamline existing rules governing the efforts of small businesses and individuals to restructure successfully under Chapter 11 of the Bankruptcy Code, but the CARES Act raises the maximum debt level to qualify from $2,725,625 to $7,500,000, thereby expanding access to this form of relief to thousands of businesses.
  • Allen Frederic Joins Infinity Financial Group (IFG)
    March 31, 2020
    With 47 years of experience in commercial banking, asset-based lending, factoring, and mergers and acquisitions, Allen Frederic will use his vast experience to find solutions for his clients to help them succeed when faced with the challenges presented by industry, market, and financial problems. Allen’s extensive network of various institutional and personal contacts in the financial industry is essential for successful outcomes of his services.
  • Frequently Asked Questions for Financial Institutions Affected by the Coronavirus Disease 2019 (Referred to as COVID-19)
    March 31, 2020
    The FDIC encourages financial institutions to provide borrowers affected in a variety of ways by the COVID-19 outbreak with payment accommodations that facilitate their ability to work through the immediate impact of the virus. Such assistance provided in a prudent manner to borrowers facing short-term setbacks could help the borrower and a community to recover.
  • Village Farms International Announces Expansion of Pure Sunfarms' Credit Facility with Existing Lender by up to $59 Million
    March 31, 2020
    Village Farms International, Inc. ("Village Farms" or the "Company") (TSX: VFF;NASDAQ: VFF) today announced its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has expanded its credit facility with its existing lender to $59 million, including accordion provisions of $22.5 million. The expanded credit facility (the "Credit Facility") consists of a $7.5 million revolving operating loan (the "Revolver") and a $10 million term loan (the "New Term Loan"), in addition to its existing $19 million term loan (the "Existing Term Loan").
  • PRA Group Announces Expansion of European Credit Facility
    March 31, 2020
    PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that on March 27, 2020 it amended and expanded its European credit facility, increasing the committed facility by $200 million for a total European revolving credit facility of $1.3 billion. The amended facility extends the maturity of the facility to February 19, 2023 and includes an accordion feature to allow for future increases.
  • COVID-19 Considerations For UK Asset-Based Lenders
    March 31, 2020
    As the global crisis develops with bewildering speed, lenders of all kinds find themselves caught, increasingly, between the demands of government to support business and jobs on the one hand, and the increasing risk of borrower default on the other. Regulated lenders are subject to specific requirements laid down by their supervising authorities. The following is intended to provide pointers to nonbank lenders, specifically those operating in the receivables finance and asset-based lending sectors, which may not be receiving guidance from regulatory bodies.
  • Celtic Capital Provides a $200,000 Equipment Loan to Indiana-based Manufacturer
    March 31, 2020
    Celtic Capital Corporation today announced its most recent new client relationship – an Indiana-based manufacturer of all aspects of commercial and industrial sheet metal installations.
  • Fed Opens Multiple Taps to Keep Liquidity Flowing and Dampen Coronavirus Disruption
    March 31, 2020
    Over the last several weeks the Board of Governors of the Federal Reserve (the Fed) has taken a series of actions and rolled out a wide range of tools to offset the funding difficulties and liquidity challenges of financial institutions, corporate borrowers and municipalities brought on by the coronavirus pandemic (see Appendix, page 9 for details on key measures).
  • Hitachi Capital America Welcomes Brian Blend as Regional Controller, Technology Finance
    March 31, 2020
    Hitachi Capital America Corp. (HCA) today announced that Brian Blend has joined the company as Regional Controller, Technology Finance. Brian is responsible for managing all aspects of the day-to-day relationships of assigned clients in the technology sector. He is based in Columbus, Ohio and reports to Steve Weislogel, Chief Operating Officer of the Technology Finance business.
  • Sunflower Bank Provides Senior Debt Financing to Team Laboratory Chemical, LLC
    March 31, 2020
    Sunflower Bank, N.A. is pleased to announce it provided revolving and term debt commitments in connection with an investment in Team Laboratory Chemical, LLC (“Team Lab”). Sunflower Bank partnered with Team Lab’s management team, Lightspring Capital Partners and Plexus Capital to support the future growth of Team Lab.
  • Sunflower Bank Provides Senior Debt Financing to QuickBox Fulfillment
    March 31, 2020
    Sunflower Bank, N.A. is pleased to announce it provided $15 million in commitments to support the redemption of shares and future growth of QuickBox Fulfillment. The transaction closed in November 2019. In this transaction, Sunflower Bank provided senior debt financing in connection with an investment made by Pike Street Capital. Additionally, Sunflower Bank provided QuickBox with a revolving line of credit in support of the company’s operations and future growth.
  • Scott Franzen Joins TCI Business Capital
    March 31, 2020
    TCI Business Capital (www.tcicapital.com) is pleased to announce the hiring of Scott Franzen as Senior Vice President, Business Development. Mr. Franzen brings over 27 years of Sales and Business Development experience in the Factoring industry to his role. He is responsible for selling invoice factoring services to trucking fleets throughout the Midwest.
  • Constellis Announces Successful Completion of De-Levering and Recapitalization
    March 31, 2020
    Akin Gump Strauss Hauer & Feld LLP served as the Company’s legal counsel, PJT Partners, Inc. served as its financial advisor and AlixPartners LLP provided a managing director to serve as chief restructuring officer and served as restructuring and operations advisor. Gibson, Dunn & Crutcher LLP and Houlihan Lokey, Inc. served as legal counsel and financial advisor, respectively, to an ad hoc group of certain of the Company’s lenders.
  • Corporate Advisory Firm M-III Partners Announces Additions To Senior Team
    March 31, 2020
    M-III Partners, LP, a leading independent corporate advisory firm, today announced two new additions to the firm's team of advisory, restructuring, and turnaround veterans. Thomas Biaggi, an executive with more than 35 years of experience managing distressed and special assets, and Keshav Lall, an expert in identifying and maximizing value in distressed assets, have joined M-III as Managing Directors, effective immediately.
  • CIT Announces Community Support for those Affected by COVID-19
    March 31, 2020
    CIT (NYSE: CIT) today outlined a $1 million community commitment to support those affected by COVID-19. These resources will provide some immediate relief to New York City and L.A. County, the respective headquarters for the company and its bank subsidiary. In addition, it will provide support for several community initiatives across the company's footprint that aim to provide relief to those impacted by the pandemic, with approximately half of the funding supporting nonprofits assisting small businesses in California.
  • Ares Capital Corporation Increases and Extends Its Revolving Credit Facility
    March 31, 2020
    Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced today that it has increased commitments under its Revolving Credit Facility (the “Facility”) to approximately $3.6 billion and extended the final maturity date to March 30, 2025. The Facility was led by JP Morgan, Bank of America, SunTrust Robinson Humphrey, BMO Capital Markets, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation and includes a total of 37 bank participants. Pricing and advance rates remain unchanged on the Facility.
  • Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus
    March 31, 2020
    The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators (hereafter, the agencies), are issuing this interagency statement to provide additional information to financial institutions who are working with borrowers affected by the Coronavirus Disease 2019 (also referred to as COVID-19).
  • CARES Act Paycheck Protection Loan Program: From the Secured Lender Perspective
    March 31, 2020
    SFNet’s Advocacy Committee is prioritizing initiatives to support our bank, non-bank and service provider constituents. A key component of this is analyzing the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was enacted on March 27, for specific opportunities to address the needs of our members and borrowers across asset classes and industries, as the focus now turns to implementation.
  • USPS Warns it Might Have to Shutter by June as $2 Trillion Coronavirus Stimulus Package Provides no Funding
    March 30, 2020
    With a negative net worth of $65 billion and an additional $140 billion in unfunded liabilities, the USPS originally expected to run out of liquidity by 2021 without intervention. That has accelerated rapidly because of COVID-19. Fewer people and businesses are sending mail because of the outbreak, which could hasten the decline of the Postal Service and close its doors as early as June, officials warned.
  • MUFG Pledges $3 Million to Support Those Affected by COVID-19
    March 30, 2020
    Mitsubishi UFJ Financial Group (MUFG) announced today that given the global impact and disruption of COVID-19, the company is taking measures to support communities in which it serves across the United States, Latin America and Canada, as well as clients and colleagues.
  • EY Capital Confidence Barometer Survey Forms Part of a Wider Range of Insights on the COVID-19 Crisis
    March 30, 2020
    Despite unprecedented social and economic paralysis, many global companies continue to plan major transformation programs. More than half (56%) of executives globally are opting to transform through transaction and plan an acquisition in the next 12 months, according to our Capital Confidence Barometer survey of more than 2,900 C-suite executives globally.
  • J D Factors Announces Factoring Facilities
    March 30, 2020
    J D Factors announced it has provided the following factoring facilities: $100,000 to a transportation company in Alberta; $500,000 to a security staffing company in Ontario; $2,500,000 to a transportation company in California...
  • The Howard Hughes Corporation® Closes On Two Loans Totaling Over $490 Million
    March 30, 2020
    The Howard Hughes Corporation® (NYSE: HHC) announced today its recent closing on two loans totaling over $490 million. A $356.8 million construction loan was secured at Ward Village® for its sixth residential mixed-use development, Kō'ula, reflecting continued strong demand to live in the acclaimed 60-acre master planned community transforming Oahu. In addition, a $137 million, 5-year term loan was secured for 9950 Woodloch Forest Drive, one of two premier Class AAA towers in The Woodlands® comprising the newly rebranded The Woodlands Towers at The Waterway.
  • Constellis Announces Successful Completion of De-Levering and Recapitalization
    March 30, 2020
    Constellis (or “the Company”), a leading provider of essential risk management and mission support services to government and commercial customers worldwide, announced today the successful completion of a comprehensive debt de-levering and recapitalization transaction with consent from 100% of its term loan and revolving lenders. As a result of the debt-for-debt and debt-for-equity exchanges, Constellis has significantly strengthened its balance sheet, reducing its debt by approximately $1.1 billion and annual cash interest payments by up to $90 million, while adding up to $50 million in new capital to support operations.
  • ViacomCBS Controlling Holder Restructures Credit Facility With Wells Fargo
    March 30, 2020
    Shares of ViacomCBS (VIACA) fell on Thursday, even as National Amusements Inc., the media titan's controlling shareholder, said it had forged an agreement with Wells Fargo to restructure its credit facility. “Following this amendment, NAI will have a revolving facility of $125 million and ample liquidity, in addition to its substantial cash reserves, to fund operations of NAIEH [NAI Entertainment Holdings], which includes its theater business,” National Amusements said in a statement.
  • Kohl’s Will Furlough About 85,000 Employees, Macy’s Furloughs Majority as Retailers Cope With Significant Sales Losses
    March 30, 2020
    Macy’s and Kohl’s said Monday that they will most furlough employees as the department store chains cope with significant sales losses during the coronavirus pandemic. Macy’s said the majority of its employees will go on furlough starting this week. Kohl’s said employees at stores and store distribution centers and some in store-related corporate positions will be furloughed.
  • CalAmp Extends $50 Million Credit Facility with J.P. Morgan
    March 30, 2020
    CalAmp (Nasdaq: CAMP), a global technology solutions pioneer transforming the mobile connected economy, today announced that it amended its existing $50 million credit facility with J.P. Morgan originally entered into on March 30, 2018. The new amendment extends the maturity of the credit facility by two years, among other changes.
  • OneWeb Files for Chapter 11 Restructuring to Execute Sale Process
    March 30, 2020
    OneWeb ("OneWeb," "the Company"), the global communications company with a mission to bring connectivity to everyone everywhere, announced today that the Company and certain of its controlled affiliates have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company intends to use these proceedings to pursue a sale of its business in order to maximize the value of the company.
  • FCA Announces Signing of an Incremental Credit Facility of € 3.5 Billion
    March 30, 2020
    Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MTA: FCA) (“FCA”) announced today that it has entered into a new credit facility (“Credit Facility”). The Credit Facility, entered into with two banks, will be available for general corporate purposes and for working capital needs of the Group and is structured as a bridge facility to support the Group’s access to capital markets.
  • Ares Management Corporation and Sumitomo Mitsui Banking Corporation Announce Strategic Agreement and Equity Transaction
    March 30, 2020
    Ares Management Corporation (“Ares”) (NYSE: ARES), Sumitomo Mitsui Financial Group, Inc. and Sumitomo Mitsui Banking Corporation (hereinafter referred as “SMBC,” together, the two are hereinafter referred to as “SMBC Group”) announced today that they have reached a strategic agreement to collaborate on future business opportunities. Citi served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to SMBC Group. Goldman Sachs & Co. LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Ares.
  • Coronavirus Market Volatility Causes Modell’s to Delay Chapter 11 Process
    March 30, 2020
    Similar to XPO Logistics’ decision to postpone its exploration of divesting assets due to current market uncertainty caused by coronavirus, a bankruptcy court judge has granted a 45-day stay on the Chapter 11 filing of sporting goods retailer Modell’s due to the ongoing crisis and its impact on closing sales.
  • Jernigan Capital Upsizes Credit Facility to $375 Million with Reduced Pricing, Extended Maturity and Additional Banks; Provides Liquidity and Business Updates
    March 30, 2020
    KeyBanc Capital Markets, Inc. and BMO Capital Markets Corp. acted as joint lead arrangers and syndication agents for the credit facility. KeyBank National Association acted as the Administrative Agent for the credit facility. Raymond James Bank, N.A. served as documentation agent. Other banks participating in the credit facility are Pinnacle Bank, Trustmark National Bank, Truist Bank, Synovus Bank, IberiaBank, FirstBank, Renasant Bank, and Triumph Bank.
  • Airbnb Asks Banks To Extend $1B Credit Facility Due To Coronavirus Impact: Report
    March 30, 2020
    J.P. Morgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Bank of America Corp. (NYSE: BAC) and Morgan Stanley (NYSE: MS) together gave the $1 billion debt line to Airbnb in 2016. According to the Reuters source, Airbnb has never used the credit facility, and it doesn't expire for another year, but the company wants to boost its cash holdings to sustain the impact of the pandemic
  • iHeartMedia, Inc. Withdraws Full Year 2020 Guidance Due to COVID-19 Impact
    March 30, 2020
    iHeartMedia, Inc. (Nasdaq: IHRT) announced today that it is withdrawing its full-year 2020 financial guidance provided on its fourth quarter earnings call on February 27, 2020 due to heightened uncertainty related to the novel coronavirus pandemic (“COVID-19”), its impact on the operating and economic environment and related, near-term advertiser spending decisions.
  • CNL Strategic Capital Closes on Investment in Blue Ridge ESOP Associates
    March 30, 2020
    CNL Strategic Capital, LLC closed on a $12.5 million investment in Transition Finance Strategies LLC, which does business under the name Blue Ridge ESOP Associates (Blue Ridge). This is the sixth company in CNL Strategic Capital’s portfolio. CNL Strategic Capital is co-investing in Blue Ridge with LLCP Lower Middle Market Fund, L.P., an institutional fund and affiliate of Levine Leichtman Strategic Capital, LLC, the sub-manager of CNL Strategic Capital, as well as the existing owners and management team.
  • Cooper Standard Further Enhances Financial Liquidity with Renewal of Revolving Credit and European Factoring Facilities
    March 30, 2020
    Cooper Standard (NYSE: CPS) announced today that it has further enhanced its financial liquidity position through the renewal of its asset-based revolving credit ("ABL") facility and its European receivables factoring facility. The ABL facility, which was amended on March 24, 2020, provides a line of credit of up to $180 million, subject to borrowing base availability, with maturity in March 2025. The European factoring facility, which was renewed on March 2, 2020, allows the Company to factor up to €120 million of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk.
  • Cubic Strengthens Financial Flexibility with Restructuring of Debt and Revolver Credit Increase
    March 30, 2020
    JPMorgan Chase Bank, N.A. will serve as the Administrative Agent for the credit facilities. JPMorgan Chase Bank, N.A., Bank of the West, MUFG Union Bank, N.A., Truist Bank and Wells Fargo Bank National Association acted as Joint Lead Bookrunners and Joint Lead Arrangers for the credit facilities.
  • With Profound Sadness, Jefferies Announces Death of Jefferies Group LLC CFO, Peg Broadbent
    March 30, 2020
    Jefferies Financial Group Inc. (NYSE: JEF) today announced with profound sadness that Peg Broadbent, the CFO of Jefferies Group LLC, has passed away from coronavirus complications. The entire Jefferies family mourns Peg’s loss. On behalf of our Board of Directors, management team and all our global employees, we extend our deepest sympathies to Peg’s family.
  • Feds Urge Small-Dollar Bank Lending Amid COVID-19 Crisis
    March 27, 2020
    Federal regulators said Thursday banks should think about providing small-dollar loans to help cash-strapped consumers during the coronavirus pandemic, guidance that consumer advocates say opens the door to predatory lending at the "worst possible time."
  • Scatec Solar Establishes Credit Facilities of $165 Million
    March 27, 2020
    Scatec Solar has signed new and expanded credit facilities with a bank consortium consisting of BNP Paribas, Nordea Bank and Swedbank. Scatec Solar has refinanced its current Revolving Credit Facility (RCF) and established a new USD 90 million ESG linked RCF with a 3-year tenor. The Company has furthermore secured an additional USD 75 million bank facility with tenor up to 18 months. Average interest rate margin for the two bank facilities is 280 basis points compared to 325 basis points for the RCF which has now been replaced.
  • ABN AMRO Extends Support Measures for Businesses Affected by Coronavirus
    March 27, 2020
    Last week ABN AMRO announced that, for Commercial Banking clients with a credit facility of up to 2.5 million euros, payment of principal and interest will be deferred for six months. Today ABN AMRO is extending this measure to Commercial Banking clients with a credit facility with a principal and/or a limit of up to 50 million euros.
  • Oak Valley Community Bank Announces Commercial Loan Officer Hiring
    March 27, 2020
    Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that Rafael Martinez has joined the bank as Assistant Vice President, Commercial Loan Officer. Martinez will be based out of the Turlock Office. Martinez has 10 years of banking experience. He will focus on commercial and agricultural lending in Turlock and other adjacent cities.
  • Jernigan Capital Upsizes Credit Facility to $375 Million with Reduced Pricing, Extended Maturity and Additional Banks; Provides Liquidity and Business Updates
    March 27, 2020
    KeyBanc Capital Markets, Inc. and BMO Capital Markets Corp. acted as joint lead arrangers and syndication agents for the credit facility. KeyBank National Association acted as the Administrative Agent for the credit facility. Raymond James Bank, N.A. served as documentation agent. Other banks participating in the credit facility are Pinnacle Bank, Trustmark National Bank, Truist Bank, Synovus Bank, IberiaBank, FirstBank, Renasant Bank, and Triumph Bank.
  • AlixPartners Expands Performance Improvement Practice with New Managing Director, Mo Habbas
    March 27, 2020
    An expert in delivering large and complex transformation across industries with specialization in the TMT and industrial manufacturing sectors, Mo brings nearly 20 years of consulting experience, including four years at Deloitte where he was a Partner and Head of Value Creation Services. Mo holds an MBA degree from INSEAD.
  • A Message to the Secured Finance Community
    March 26, 2020
    After another tumultuous week I’d like to update you on steps SFNet is taking to address our collective interests in regard to the COVID-19 crisis.
  • International Paper Company (IP) Enters New $750M Revolving Credit Facility, Has Not Drawn Down Lines
    March 26, 2020
    International Paper Company (NYSE: IP) disclosed that on March 25, 2020, it entered into a $750 million 364-day revolving credit agreement with a syndicate of banks and other financial institutions, including Sumitomo Mitsui Banking Corporation; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; BNP Paribas and Credit Agricole Corporate and Investment Bank and Sumitomo Mitsui Banking Corporation, as administrative agent.
  • Clear Channel Outdoor Draws Down $150 Million From Revolving Credit Facility
    March 26, 2020
    Clear Channel Outdoor Holdings Inc. CCO, +46.33% said Wednesday it is drawing down $150 million of its revolving credit facility as it works to preserve cash on its balance sheet in the midst of the coronavirus pandemic. The outdoor ad company said it had about $399 million in cash at end December, including $38 million from Clear Media Limited, an indirect, non-wholly owned subsidiary based in China.
  • Financial Reporting Considerations Related to COVID-19 and an Economic Downturn
    March 26, 2020
    This Financial Reporting Alert discusses certain key accounting and financial reporting considerations related to conditions that may result from the COVID-19 pandemic as well as various industry-specific considerations. The significance of the topics discussed will of course vary by industry and entity, but we believe that the following accounting and reporting issues will be the most pervasive and challenging as a result of the pandemic’s impact:
  • Veteran Commercial Banking Executives Randy Cameron and Dave Wood Join Voya Investment Management to Lead Voya’s Regional and Community Bank Advisory Program
    March 26, 2020
    Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE:VOYA), announced today that Randy Cameron and Dave Wood have joined the firm as senior vice presidents to co- head the firm’s Regional and Community Bank Advisory Program. Based in Salt Lake City, both report to Charlie Shaffer, head of Distribution, Voya Investment Management (IM).
  • Greenberg Traurig Re-Joins Forces with Leading Bankruptcy Guru Bruce Zirinsky
    March 26, 2020
    In another timely move, Greenberg Traurig, the 2200-lawyer global firm, announced it is rejoining forces with Bruce Zirinsky, its former Co-Chair of the Restructuring & Bankruptcy Practice, and subsequently founder of Zirinsky Law Partners PLLC, a boutique law and advisory firm. Only last week, Greenberg Traurig announced the addition of Ian Jack in London, Baker McKenzie's former global co-head of restructuring and insolvency and a 20-plus-year partner at that firm, as Greenberg Traurig prepares to assist clients during the developing change in global markets caused by the growing health crisis.
  • Mexican SME Lender Credijusto Secures Credit Facility From Credit Suisse for $100 Million
    March 26, 2020
    Credijusto, the leading tech-enabled lender in Mexico, announced today that it closed a USD $100 million debt facility with Credit Suisse AG. The transaction follows the closing of a landmark USD $100 million credit facility with Goldman Sachs last year. These two transactions were the first such deals that both banks had completed with a Mexican fintech.
  • Ares Capital Corporation Issues Letter to Stakeholders
    March 26, 2020
    Ares Capital Corporation announced today that it issued an open letter to its stakeholders regarding a business update amid the coronavirus (“COVID-19”) pandemic.
  • Kennedy Wilson Renews $500 Million Revolving Credit Facility
    March 26, 2020
    Bank of America, N.A. will serve as administrative agent for the revolving credit facility. BofA Securities, Inc. acted as joint lead arranger and joint bookrunner, JPMorgan Chase Bank, N.A. as joint lead arranger and joint bookrunner, and U.S. Bank National Association served as joint lead arranger.
  • Citizens M&A Advisory Advises LegalPartners on its Recapitalization by Eureka Equity Partners
    March 26, 2020
    Citizens M&A Advisory served as the exclusive financial advisor to LegalPartners, a leading alternative legal services provider (ALSP) on its recapitalization by Eureka Equity Partners, a Philadelphia-based private equity firm. LegalPartners is a leading national ALSP platform providing outsourced team-based legal solutions, substantive engagements requiring sophisticated legal professional services, and traditional legal recruiting and placement.
  • Altus Group Amends and Increases Credit Facility to $275 Million
    March 25, 2020
    The Facility is effective March 24, 2020, subject to the satisfaction of customary closing conditions. Bank of Montreal is the Lead Arranger, Administrative Agent and Bookrunner, The Toronto-Dominion Bank is Syndication Agent, and HSBC Bank of Canada and National Bank of Canada are Co-Lead Arrangers and Co-Bookrunners.
  • Main Street Announces Increase in Commitments Under its Credit Facility
    March 25, 2020
    Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the expansion of total commitments under its revolving credit facility (the "Credit Facility") from $705.0 million to $740.0 million. The $35.0 million increase in total commitments was the result of the addition of a new lender relationship, which further diversifies the Main Street lending group under the Credit Facility to a total of eighteen participants.
  • Vesta Draws Down $85 Million From Existing $125 Million Revolving Credit Facility Reinforcing Company's Strong Balance Sheet
    March 25, 2020
    Corporación Inmobiliaria Vesta, S.A.B. de C.V. ("VESTA" or the "Company") (BMV: Vesta), one of the leading pure-play industrial real estate companies in Mexico, announced today the drawdown of US$85 million from an US$ 125 million existing three-year revolving credit facility, maturing in August 2022.
  • ON Semiconductor Draws Down $1.17 Billion From Its Revolving Credit Facility
    March 25, 2020
    ON Semiconductor Corporation (Nasdaq: ON) today announced that it has drawn down approximately $1.17 billion from its revolving credit facility. The company has no immediate use of the funds, and it has made the withdrawal out of abundance of caution to have access to sufficient liquidity in an uncertain macroeconomic environment. With this withdrawal, the company has made full use of its $1.97 billion revolving line of credit.
  • Unlike a Typical Downturn, Services Have Been Hit Hardest...So Far
    March 25, 2020
    Early data on global business activity is beginning to trickle in, and it’s revealing an across-the-board collapse in service sector activity. Manufacturing has likewise sunk into contractionary territory but has not (yet) turned down as severely. So far, that trend belies what we normally see in economic downturns, where services tend to contract slower than the total economy.
  • Churchill Asset Management Completes Fundraising for Middle Market Senior Loan Fund II (and Related Vehicles) with $2 Billion in Limited Partner Commitments
    March 25, 2020
    Churchill Asset Management LLC (“Churchill”), an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies, today announced that it has completed fundraising for Churchill Middle Market Senior Loan Fund II (and related investment vehicles) (the “Fund”) with $2 billion in limited partner commitments, exceeding its original target of $1 billion.
  • Crestmark Provides More Than $49.4 Million in Commercial Financing to 70 Businesses in the First Half of March
    March 25, 2020
    Crestmark secured a total of $20,250,000 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $13,763,020 in 6 new lease transactions; Crestmark Vendor Finance provided $5,524,480 in 52 new lease transactions; and the Government Guaranteed Lending Division provided $9,900,000 in financing for five new client in the first half of March.
  • Charlotte's Web Announces Line of Credit with J.P. Morgan and Engagement for Commercial Banking Services
    March 24, 2020
    Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") the market leader in hemp-derived extract products, has entered into a new Asset Backed Line of Credit with J.P. Morgan for $10 million with an accordion feature to extend the line to $20 million with a 3 year maturity. In addition, Charlotte's Web has engaged J.P. Morgan for commercial banking services including merchant processing services to support the Company's global growth.
  • Flushing and Empire Announce Delay of Closing of Merger; Merger Consideration Election Process Extended
    March 24, 2020
    Flushing Financial Corporation (FFIC) (“Flushing”), parent company of Flushing Bank, and Empire Bancorp, Inc. (EMPK) (“Empire”), parent company of Empire National Bank, announced today that the closing of the previously announced merger of Empire with and into Flushing (the “merger”) will be delayed due to the severe instability and volatility in the U.S. financial and stock markets.
  • Neiman Marcus in Bankruptcy Talks with Lenders: Bloomberg Law
    March 24, 2020
    Luxury retailer Neiman Marcus Group Inc is in talks with lenders to file for bankruptcy as it struggles to ease its $4.3 billion debt load, Bloomberg reported on Monday, citing people familiar with the matter.
  • Honeywell to Discuss New $5 Billion Term Loan With Banks
    March 24, 2020
    Honeywell International Inc. is in discussions with banks to raise a new $5 billion term loan, according to people familiar with the matter. The new loan is expected to have a maturity of two years, the people said, asking not to be named because the discussions are private. A representative for Honeywell confirmed the discussions, but did not give specific details.
  • Contura Announces Partial Draw Down of Revolving Credit Facility
    March 24, 2020
    Contura Energy, Inc. (NYSE: CTRA), a leading U.S. coal supplier, today announced the Company has drawn down $57.5 million in principal amount under its revolving credit facility as a proactive, precautionary measure in light of the COVID-19 pandemic and its potential effects upon national and world economies.
  • Axiom Bank Offering Support for Customers Affected by Covid-19
    March 24, 2020
    Axiom Bank, N.A., a Maitland-based, leading community bank, is offering support for its commercial and consumer customers who are being financially affected by the COVID-19 pandemic.
  • Hitachi Business Finance Welcomes Mark Simshauser to Business Development Team
    March 24, 2020
    Simshauser is based in the New York region and is responsible for connecting with business owners and trusted advisors and communicating the variety of flexible financing options offered by Hitachi Business Finance. He will act as a resource to help determine the most effective means to accessing capital for growing businesses.
  • Hilco Global Retail Group Issues Strategic Recommendations Through October 2020 For Lenders With Retail Market Portfolio Exposure During COVID-19 Crisis
    March 24, 2020
    Hilco Global has issued a series of short- and mid-term strategic recommendations to assist lenders with current portfolio exposure in the retail market to take appropriate and informed action during the near-term fallout of the current COVID-19 pandemic.
  • Republic Provides a $2.0 million ABL Facility to Natural Food Manufacturer
    March 24, 2020
    Republic Business Credit partners with an industry expert to provide a scalable asset-based loan for a plant-based products company.
  • Royal Caribbean Receives $2.2 Billion Loan to Enhance Liquidity
    March 23, 2020
    Royal Caribbean Cruises Ltd. has announced that they have received a $2.2 billion secured loan facility to enhance the company’s liquidity position. The facility can be extended at the company’s option for an additional 364 days. The company has borrowed the full amount available under the term loan to further bolster its liquidity.
  • SpeakEasy Announces $3.27 Million in Loan Financing
    March 23, 2020
    SpeakEasy Cannabis Club Ltd. (" SpeakEasy" or the " Company") (EASY.CN) (39H.F) is pleased to announce that it has secured loan financing in the aggregate principal amount approximately $3.27 million (collectively, the " Loan Financing").
  • Capri Holdings Limited Amends Revolving and Term Loan Credit Agreement
    March 23, 2020
    Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced it amended the Company’s Revolving and Term Loan Credit Agreement. The maturity of Tranche A-1 Term Loans due in December 2020 was extended to December 2023 for $267 million of the outstanding balance of $315 million. The remaining $48 million for Tranche A-1 is the Company’s only debt maturity prior to 2023. The Tranche A-2 Term Loan, with a current balance of $700 million, and the Revolving Credit Facility continue to have maturity dates of December and November 2023, respectively.
  • A-Mark Precious Metals Renews $270 Million Revolving Credit Facility
    March 23, 2020
    Rabobank acted as Administrative Agent, Bookrunner and Joint Lead Arranger, and Natixis acted as Joint Lead Arranger and Syndication Agent.
  • NMI Holdings Amends and Extends Revolving Credit Facility, Expanding Lender Group and Increasing Capacity to $100 Million
    March 23, 2020
    J.P. Morgan, RBC Capital Markets and SunTrust Robinson Humphrey served as joint lead arrangers on the transaction with additional commitments made by Citibank and Deutsche Bank.
  • LICT Corporation Closes on a New $50 Million Revolving Credit Facility Provided by CoBank
    March 23, 2020
    LICT Corporation (“LICT” or the “Company”; OTC Pink ®: LICT) has borrowed the entire $50 million under its revolving credit facility with CoBank. The addition of the $50 million in new borrowings increases LICT’s pro-forma gross cash balance to just under $90 million with net cash of $76 million. LICT expects to continue to generate free cash flow throughout the year.
  • Capital Southwest Increases Credit Facility to $325 Million
    March 23, 2020
    Capital Southwest Corporation (“Capital Southwest” or the “Company”; Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced an increase of its Senior Secured Credit Facility (the “Credit Facility”) from $295 million to $325 million.
  • Citizens Hires Don Mastro as Head of ABL Portfolio Management
    March 23, 2020
    Mastro, who will be based in Chicago, most recently managed a team of professionals overseeing $6 billion of assets as the central region ABL Portfolio Management leader at Bank of America. He has held a variety of ABL roles over his 25 years as senior banker, including origination, underwriting, field examination and trainer. A graduate of Lake Forest College, he earned his MBA from Loyola University Chicago. He is a nationally certified hockey coach and Special Olympics volunteer.
  • BRIEF-Fitch Says Coronavirus Crisis Is Crushing Global GDP Growth
    March 23, 2020
    Fitch says Coronavirus Crisis is crushing global GDP growth.
  • Amerisource Closes $1,000,000 DIP Facility for Limestone Quarry
    March 23, 2020
    Amerisource Business Capital announced the closing and funding of a $1,000,000 DIP credit facility for a limestone quarry based in Missouri.
  • Delta Air Lines (DAL) Announces $2.6 Billion Secured Credit Facility, Suspends Buyback and Dividend
    March 23, 2020
    Delta Air Lines (NYSE: DAL) today announced it has entered into a $2.6 billion secured credit facility, enhancing the company’s liquidity as it manages through an unprecedented decline in air travel demand due to the COVID-19 outbreak. The company is also drawing $3 billion under its existing revolving credit facilities.
  • Fed Makes 'Aggressive' Move to Back Corporate Debt Markets, Main St.
    March 23, 2020
    The Federal Reserve called a third emergency meeting to combat the economic impact of the novel coronavirus and unveiled a number of new and “extensive” measures on Monday that would expand the Fed’s efforts to calm corporate debt markets. The Fed also said a direct lending program to Main Street businesses will be announced soon.
  • The Coronavirus Crisis Could See 37 Million Jobs Lost, and These Workers Will Be the Hardest Hit, Chart Shows
    March 23, 2020
    Industries from energy and airlines to cruise operators are being hammered and a recent research piece by the developers of the U.S. Private Sector Job Quality Index estimates that some 37 million domestic jobs are vulnerable to layoffs due the temporary shutdowns created by the viral outbreak. COVID-19 was first identified in Wuhan, China, in December and has infected more than 318,000 people worldwide and claimed nearly 14,000 lives, according to data compiled by Johns Hopkins University as of Sunday afternoon. “There is a sub
  • Moody’s- Pandemic Impact on Americas Securitizations Varies and Depends on Duration and Evolving Events
    March 23, 2020
    The ability of securitization notes to withstand the fallout of the pandemic will depend on its duration and issues including the strength of structural protections, according to a Moody's Investors Service analysis of bonds they rate. Moody's analysis partly reflects the rating agency's most recent baseline macroeconomic assumptions. The report notes that declines in interest rates, lower oil prices and ongoing government actions will have mixed effects.
  • New Business Development SVP, Mark Pickering, Brings 25+ Years of Experience to Gibraltar’s Team
    March 23, 2020
    Gibraltar welcomes Mark Pickering as the newest member of our expert business development team. He is an SVP based in Atlanta, covering the states of Georgia, Tennessee, Alabama, and Mississippi.
  • PwC’s COVID-19 CFO Pulse Survey: What finance leaders are focused on
    March 23, 2020
    A new PwC pulse survey shows how finance leaders plan to react to COVID-19 — and what impacts they expect to see. Fifty leaders from a cross section of industries weighed in from the US and Mexico during the week of March 9. The survey will continue so we can track changing sentiments and priorities.
  • Monroe Capital Arranges Credit Facility for Buy of Shaw Development
    March 23, 2020
    Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the acquisition of Shaw Development, LLC (“Shaw”) by private equity sponsor Monomoy Capital Partners. Founded in 1944 and based in Bonita Springs, Florida, Shaw is a designer, manufacturer and assembler of sensors, fluid management systems and related components primarily for diesel exhaust fluid (“DEF”) applications.
  • TopBuild Upsizes Senior Secured Credit Facilities
    March 23, 2020
    Bank of America, JP Morgan Chase and PNC Bank served as Joint Lead Arrangers and Joint Book Runners on the new credit facilities.
  • Republic Partners with Midwest Equity Sponsor to Provide a $3.65 Million Facility to Communications and Utility Contractor
    March 23, 2020
    Republic was chosen by the sponsor and consultant due to its flexibility, creativity, experience and its reputation for approving its original term sheets. The private equity firm acquired the company several years before, but brought in the turnaround consulting firm once it realized the management team needed immediate support and long-term improvement. The turnaround consultant knew of Republic’s commitment to the corporate renewal of companies with its President, Robert Meyers, recently completing his year as President of the Midwest Chapter of the Turnaround Management Association.
  • TradeCap Partners Closes $5.5 million Purchase Order Facility for Audio/Visual-IT Integration Company
    March 23, 2020
    TradeCap Partners (“TradeCap”) recently announced the closing of a $5.5 million Purchase Order Facility for an East coast based Audio/Visual-IT Integration Company to support a large public sector contract award to upgrade existing technology.