TSL Express Daily Articles & News

Eclipse Business Capital, LLC (“EBC”) is pleased to announce that Anthony Lavinio has joined its underwriting team as a Managing Director. Mr. Lavinio is an asset-based lending professional with over 25 years of experience in underwriting, portfolio management, and new business originations at non-bank private debt funds.

The company needed to replace an existing bank line so approached Celtic Capital for a $750,000 accounts receivable line of credit and a $150,000 inventory line of credit to replace the bank financing and provide working capital to help them effectuate their turnaround plan. Celtic Capital provided the requested financing and the company is off and running on their plan.

ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac" or the "Company") announced today that it has successfully completed its acquisition of Performance Proppants, making it the largest in-basin proppant producer serving the Haynesville. ProFrac acquired Performance Proppants for approximately $475 million, consisting of $469 million in cash and the remainder in shares of ProFrac Class A common stock.

CVC Credit is pleased to announce that it has priced Apidos XLIII (43), a Collateralized Loan Obligation (“CLO”) fund totalling c.$500m (c.€ 470m), arranged by Deutsche Bank. Apidos XLIII is the first new CLO priced by CVC Credit’s transatlantic performing credit platform this year and will increase CVC Credit’s global AUM to over $38 billion (€36 billion).

Octaura, the electronic trading platform for syndicated loans, today announced the appointment of Howard Cohen as Head of Loan Execution. In this role, Mr. Cohen will be responsible for leading the platform's growth and integration strategies and is a member of the Octaura leadership team.

Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, announced today that Andrew Ziegler has joined the firm’s Transaction Advisory Services team as a Managing Director. Mr. Ziegler is based in New York and will assist the firm’s corporate and financial sponsor clients on a range of domestic and cross-border M&A tax matters.

BlueCove Limited ("BlueCove”), the London-based scientific fixed income manager, and Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today that they have reached an agreement under which Ares will acquire a minority equity stake in BlueCove with the option to acquire control of the business over a multi-year term.

BHI, a full-service commercial bank, announced that it has closed the refinancing of a $30 million loan for a senior living facility with 199 beds in Davie, Florida. The borrower is Royal Senior Care, which owns and operates senior living facilities in the Southeastern United States with a primary focus in South Florida.

Rollins, Inc. (NYSE:ROL) ("Rollins" or the "Company"), a premier global consumer and commercial services company, today announced that the Company entered into a new credit agreement which provides for a $1.0 billion senior unsecured revolving credit facility which refinanced the Company's existing credit facility that was scheduled to mature in April 2024. JPMorgan Chase, N.A. is administrative agent and lead arranger on the transaction, Bank of America, N.A. acted as syndication agent.

Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, today announced that on February 24, 2023, it consummated the closing of a $150 million senior secured term loan (the "2023 Term Loan"), maturing November 23, 2027. JPMorgan Chase Bank, N.A. served as sole lead arranger and sole bookrunner in connection with the 2023 Term Loan and Goodwin Procter LLP served as legal advisor to Cano Health in connection with the 2023 Term Loan and warrants.

Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) today announced an amendment of its senior secured credit agreement to increase the loans under the existing Term Loan A credit facility due 2027 by $500 million. This amendment increases the existing Term Loan A credit facility due 2027 from $800 million to $1,300 million (the “Increased Term Loan A”) and makes certain other changes to its existing credit agreement.

Marco — the first tech-enabled trade financing platform built for small and medium-sized businesses in Latin America and the United States— announced today it has received a $200 million credit facility from leading middle market lender MidCap Financial and global asset-based private credit specialist, Castlelake.

Connecticut has re-introduced legislation proposing commercial finance disclosures. CEO Rich Gumbrecht and co-general counsel Jon Helfat of Otterbourg testified in front of the Connecticut General Assembly Banking Committee on February 23. Connecticut originally proposed disclosure legislation last year. SFNet was instrumental in that bill not moving forward.

King Trade Capital is pleased to announce the completion of a $9 million purchase order finance facility for a private equity backed athleisurewear company. The 20-year-old company, was acquired in 2020 by a private equity investor expanding its’ active lifestyle inspired portfolio of companies. The private equity firm helped the Client obtain a line of credit with a bank for the initial two years of its ownership of the business but as the business grew the Client was in need of additional working capital and liquidity the bank couldn’t offer to support rapidly growing sales.

GoldenTree Asset Management (“GoldenTree”), a global asset management firm with over $49 billion in assets under management, today announced the opening of its first office in the Middle East in the Dubai International Financial Centre, United Arab Emirates. The Dubai office will become GoldenTree’s ninth location, with offices already active in New York, West Palm Beach, Charlotte, London, Dublin, Singapore, Sydney and Tokyo.

Chief Financial Officers view inflation and cost of capital as the top two risks facing their businesses as they prepare for slower growth over the next 18 months, according to findings from a new survey conducted by the Office of the CFO Solutions practice at FTI Consulting, Inc. (NYSE: FCN), in collaboration with the finance publication CFO Dive. The survey also marks the first time FTI Consulting has obtained responses from CFOs and finance leaders around the world.

Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Apogee IT Services, backed by Brook Venture Partners, on the sale of its U.S. assets to Magna5. Magna5 is a national provider of managed IT, cybersecurity and cloud-based services and a NewSpring Holdings portfolio company.

TD Bank Group ("TD") (TSX: TD) (NYSE: TD) and Cowen Inc. ("Cowen") (NASDAQ: COWN) today announced they have received all regulatory approvals required under their merger agreement to complete TD's acquisition of Cowen. With this step completed, TD expects the acquisition to close on March 1, 2023, subject to the satisfaction of other customary closing conditions.

LSQ, a leading provider of working capital and payments management solutions, recently originated a $1.5 million credit facility for a Connecticut-based pet-food wholesaler. The company will use the additional working capital to support growth and manage sales and inventory seasonality.

36th Street Capital Partners LLC (“36th Street”), an independent provider of equipment financing solutions for middle market companies, announced the appointment of Cecile Latouche as Chief Risk Officer. Latouche joined 36th Street in 2022 and succeeds Gerard Kammerer who remains with the firm as a senior advisor.