TSL Express Daily Articles & News

The global law firm Jones Day announced today that Ted Powers has joined the Firm as a partner in its Corporate Practice. He will be based in Jones Day’s New York Office. Mr. Powers has more than 20 years of experience practicing corporate law, including private and public mergers and acquisitions, asset and stock transactions, minority investments and general corporate and securities matters.

Stellus Capital Management, LLC (“Stellus”) announced today that its affiliates partnered with City National Bank to provide senior debt financing in support of Intuitive Health (“Intuitive” or the “Company”), a portfolio company of Altamont Capital Partners (“Altamont”), on its acquisition of Premier ER & Urgent Care (“Premier”), a Texas-based hybrid emergency room (ER) and urgent care (UC) clinic with four locations in San Marcos, Temple, Waco, and Woodway, Texas.

Talen Energy Corporation ("TEC") announced today that Talen Energy Supply, LLC ("TES" or the "Company"), a direct wholly owned subsidiary of TEC, has priced an offering of $1.2 billion in the aggregate principal amount of its 8.625% senior secured notes due 2030 (the "Notes"), pursuant to the Joint Chapter 11 Plan of Reorganization of Talen Energy Supply, LLC and its Affiliated Debtors (the "Plan").

Mountain Ridge Capital ("Mountain Ridge") today announced the closing of a senior secured credit facility for a southeast commercial bakery operation. The new credit facility, consisting of a $3 million revolving line of credit and a $3 million term loan, refinanced a national commercial bank.

Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO), parent company of Peoples Bank, announced today that it has completed its acquisition of Limestone Bancorp, Inc. ("Limestone") (NASDAQ: LMST) and Limestone's wholly-owned subsidiary, Limestone Bank, Inc. ("Limestone Bank"). The acquisition became effective as of the close of business on April 30, 2023.

Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $2.1 billion in U.S. direct lending commitments across 35 transactions during the first quarter of 2023 and approximately $23.5 billion in U.S. direct lending commitments across 189 transactions in the last twelve-month period ended March 31, 2023.

U.S. Bank is introducing a new Business Diversity Lending Program that will expand the ability of diverse business owners to obtain capital, building upon the bank’s broader efforts to support under-represented businesses and help address the wealth gap.

Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of Signature Bank, an internal review evaluating the agency’s supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023. The internal review report identifies the causes of Signature Bank’s failure and assesses the FDIC’s supervision of the bank. The review was conducted at the request of FDIC Chairman Martin J. Gruenberg.

Encina Lender Finance, LLC (ELF) announced today continued expansion of its senior leadership team with the addition of industry veterans Jeff Carbery as managing director, Ryan Connorton as managing director, and Latonya Whitfield Stroup as director.

Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has renewed the available credit under its existing facility with Silicon Valley Bank, a division of First Citizens Bank (“SVB Facility”), of $14.0 million to support higher working capital requirements related to increased customer demand.

Minto has drawn down a further US$1.5 million under its existing prepayment facility (the "Sumitomo Facility") with Sumitomo Canada Limited ("Sumitomo") pursuant to the amended and restated prepayment facility agreement dated May 16, 2022 entered into between the Company and Sumitomo (the "Sumitomo Facilty Agreement"), bringing the total amount of funds advanced by Sumtiomo under the Sumitomo Facility to US$12.5 million.

Global law firm White & Case LLP, alongside lead US counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, has advised Tenneco, a portfolio company of Apollo Global Management and leading designer, manufacturer and marketer of automotive products for OEM and aftermarket customers, on the establishment of an asset-based credit facility consisting of aggregate commitments totaling approximately US$1.2 billion.

Colliers International Group Inc. (TSX and NASDAQ: CIGI) ("Colliers") announced today that it has increased the total commitments under its unsecured multi-currency revolving credit facility maturing May 2027 (the “Credit Facility”) by US$250 million, resulting in total borrowing capacity of US$1.75 billion.

Even if MRC Global does not enter into a refinancing transaction in the future, MRC Global is confident that it could repay the Term Loan debt utilizing its asset-based lending (ABL) facility and cash generated from its operations.

The survey of more than 1,000 business owners across the country found that, despite the continued impact of inflation and supply chain issues, 65% of business owners anticipate revenue growth in the next 12 months

Celtic Capital provided a $616,000 equipment loan, which coupled with the other lender’s facility, provided enough money to pay off the company’s existing bank and fund a settlement agreement whereby the majority owner bought out the minority owner.

Star Mountain Capital, LLC ("Star Mountain"), a specialized investment manager with approximately $3.5 billion in assets under management (committed capital including debt facilities as of 3/31/2023) focused on generating systematic excess risk-adjusted returns by investing in the less efficient “lower middle-market” of established, private small and medium-sized businesses in North America, is pleased to announce that Leanne Schmitt has joined as a Managing Director.

In order to fuel its ongoing and anticipated success, the company required a credit facility. Access Capital stepped in and expertly crafted a tailored credit solution that will help the new borrower continue to generate strong revenue growth.

Ocean Bank’s Factoring Division has financed a $10mm factoring facility to fund the expansion plans of a leading provider of offshore deep-water oil rig repairs. The client is well established in the market and has provided services to some of the world’s largest oil producers for more than 30 years.

CVC Credit is pleased to announce that it has priced Apidos XLV (45), a new issue Collateralized Loan Obligation (“CLO”) vehicle totalling $500 million (c.€450 million). Bank of America served as lead arranger.