TSL Express Daily Articles & News

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.

Propel Holdings Inc. (“Propel”) (TSX: PRL), an innovative fintech company dedicated to credit inclusion, announced a new $250 million syndicated credit facility for the company’s CreditFresh line of business (“the credit facility”). The new credit facility replaces and upsizes the previous CreditFresh facility by $90 million.

H.I.G. Capital, LLC ("H.I.G."), a leading global alternative investment firm with $55 billion of capital under management, is pleased to announce that Colin Hannaway has joined the firm’s Capital Formation Group as a Managing Director, based in New York City.

Stonebriar Commercial Finance (“Stonebriar”) today announced the closing of a $22 million sale and leaseback on a new manufacturing plant and associated equipment that has the capacity to produce 100-million pounds of protective coating for automotive OEM and aftermarket space. This transaction provided the Lessee the ability to consolidate its supply chain, driving significant savings every year, while also building out the production capacity that establishes them as the market leader.

SSG Advisors, LLC (“SSG”) acted as the investment banker to Amoroso’s Baking Company and Quattro Foods Group, LLC (collectively “Amoroso’s” or the “Company”) in the Company’s recapitalization. The funding was used to refinance existing indebtedness and provide additional liquidity for growth. The transaction closed in January 2023.

Crescent Capital Group LP (“Crescent”), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII (“CCS Fund VIII”), raising $8 billion in investable capital, including targeted leverage and separately managed accounts investing alongside the fund.

nFusion Capital was selected as a winner of the M&A Advisor’s Restructuring Deal of the Year ($50 million to $100 million) for our role in the restructuring of an oil and gas equipment manufacturer. The award will be presented during the 2023 Distressed Investing Summit and 17th Annual Turnaround Awards Gala in Palm Beach, Florida in March.

LINKBANCORP, Inc. ("LINK") (NASDAQ: LNKB), parent company of LINKBANK, and Partners Bancorp ("Partners") (NASDAQ: PTRS), a financial services company with two wholly-owned operating subsidiaries, The Bank of Delmarva and Virginia Partners Bank, announced today that they have entered into a definitive agreement under which the companies will combine in an all-stock combination, valued at approximately $167.8 million, based on LINK's 10 day volume-weighted average price of $8.08 as of February 21, 2023.

Sotera Health Company (“Sotera Health” or the “Company”) (Nasdaq: SHC), a leading global provider of mission-critical end-to-end sterilization solutions and lab testing and advisory services for the healthcare industry, today announced that it has successfully closed on a new senior secured Term Loan B facility in an aggregate principal amount of $500 million.

Spouting Rock Asset Management, LLC, (Spouting Rock), a multi-boutique manager platform providing investment solutions and services, today announced an ownership stake in Altan Asset Management LLC (Altan), an investment management firm that aims to drive outsized returns by diligently seeking overlooked opportunities in the global equity markets.

Gridium, Inc., a decarbonization partner to leading real estate firms, announced total funding of over $14M from investors who see the potential to decarbonize commercial buildings. Gridium also entered into a revolving debt financing facility sized at $10M with Mitsubishi HC Capital America, Inc

Austin Financial Services, Inc. (AFS) is pleased to announce closing of a $2.5MM AR & inventory facility to a manufacturer and distributor of health & beauty aids. Proceeds from AFS’ revolver were used to refinance the Company’s existing bank facility and provide ongoing working capital support.