TSL Express Daily Articles & News

London-listed hedge fund Man Group (EMG.L) said on Thursday it has agreed to buy a controlling stake in U.S. middle market private credit manager Varagon Capital Partners, building on a recent acquisition.

United Capital Funding Group LLC, a Florida-based factoring firm completed twelve transactions totaling $10.75 million in accounts receivable financing in Q2 of 2023. ​

Celtic Capital Corporation today announced its most recent new client relationship – three CNC machine shops related through common ownership. Two are located in Texas; the other, in Michigan.

Armory Group, LLC, a leading financial advisory firm serving the middle market, is pleased to welcome Jim Alwan as a managing director. Based out of the Los Angeles office, Jim brings over 25 years of executive management and operating experience in technology and the healthcare industry, having led early-stage firms as well as large multinational businesses by driving rapid growth, strategic pivots, and turn-arounds.

InterNex Capital provides $6,000,000 facility to a transportation and logistics company in the Midwest. The company required additional growth capital and greater flexibility than provided by their existing bank facility.

John McQuiston, Head of Global Sales, Global Receivables and Trade Finance with Wells Fargo, died unexpectedly on June 25.

Culain Capital Funding LLC, a specialty finance firm focusing on responsive and efficient funding solutions for small- and medium-sized business in the United States announces the completion of a $200,000 and a $250,000 accounts receivable factoring facility with two startup medical staffing companies based in Texas. ​

CIBC Innovation Banking is pleased to announce that its North American team is growing, with team members joining in New York and San Francisco.

TradeCap Partners recently extended a $700,000 purchase order finance facility to a minority, women owned startup apparel brand. Having started her brand with a D2C online presence only, the founder landed her first big opportunity with a large retailer.

COMPASS Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, today announced that the Company has entered into a term loan agreement with Hercules Capital, Inc. (NYSE: HTGC) for up to $50 million.

Dave & Buster's Entertainment Inc (NASDAQ:PLAY) said it amended its credit agreement, achieving favorable pricing and upsizing the Term Loan B facility to $900 million.

CVC Credit, the $41 billion global credit management business of CVC, is pleased to announce the final close of CVC CLO Equity III at its hard cap with $800 million of commitments. Across its period of deployment, this equity fund is intended to support over $10 billion of global CLO issuance for CVC Credit’s Performing Credit platform.

Monitronics International, Inc. (Monitronics or the Company), one of the largest smart home security and alarm monitoring companies in North America, received confirmation by the United States Bankruptcy Court for the Southern District of Texas of the Company’s partially prepackaged Plan of Reorganization (the Plan) following an uncontested hearing on June 26, 2023. Monitronics emerged from chapter 11 on June 30, 2023.

-Byline Bancorp, Inc. (“Byline”) (NYSE: BY), the parent company of Byline Bank, announced today that it has completed its merger with Inland Bancorp, Inc. (“Inland Bancorp”) and its wholly owned bank subsidiary, Inland Bank and Trust. As a result of the transaction, effective July 1, 2023, Inland Bank and Trust merged with and into Byline Bank.

Kirkland & Ellis LLP and Jackson Walker LLP are serving as legal counsel, Jefferies is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. The Company has retained C Street Advisory Group to serve as the strategy and communications advisor.

Nearly three quarters of North American sectors maintain a deteriorating outlook for 2023, reflecting Fitch Ratings’ expectation for weaker core credit drivers relative to 2022. Inflation, rising rates, and tightening lending conditions remain key considerations for North American sector outlooks.

Peer Street, Inc. and its affiliated companies (“PeerStreet”) announced that on Monday, June 26, 2023, they filed for protection under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

PKF Clear Thinking, the award-winning business advisory firm and subsidiary of PKF O’Connor Davies, one of the nation’s largest accounting, tax and advisory practices, today announced that Joseph Marchese has been appointed Chief Restructuring Officer of The Rockport Company, LLC, as the global footwear brand begins voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.

The 2,973 total commercial Chapter 11 bankruptcies filed during the first six months of 2023 represented a 68 percent increase over the 1,766 filed during the same period in 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Individual Chapter 13 filings increased by 23 percent during the same period.

Evercore Group LLC is acting as investment banker and Pachulski Stang Ziehl & Jones LLP and Akerman LLP are acting as legal counsel to Monster. Huron Consulting Group is acting as financial advisor, Rothschild & Co is acting as investment banker, and Latham & Watkins LLP and Berger Singerman LLP are acting as legal counsel to Bang Energy. C Street Advisory Group is acting as strategy and communications advisor to Bang Energy.