TSL Express Daily Articles & News

Michael Doyle, Vice President II – Asset-Based Lending at First Business Specialty Finance, LLC, a subsidiary of First Business Bank, announces a recently closed and funded $5.5 million revolving line of credit and equipment term loan for a contract drilling services company seeking to refinance.

There was confidence in the asset-based lending market in the second quarter despite the economic pain of surging inflation and rising interest rates, according to data released by the Secured Finance Network. SFNet surveyed bank and non-bank asset-based lenders (ABLs) on key indicators for its quarterly Asset-Based Lending Index and SFNet Confidence Index.

CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business has provided $110 million in senior secured credit facilities to Quipt Home Medical Corp. Headquartered in Cincinnati, Ohio, Quipt is a leader in the home medical equipment industry with a focus on in-home monitoring and disease management services including end-to-end respiratory solutions.

The Bank of America Institute released a new publication today which finds continued resilience in small businesses. New Bank of America small business data shows that, despite economic headwinds, small businesses continue to strengthen in a variety of areas, including credit and debit card spending, business travel expenditures and payroll payments. Overall small business payments per client increased 11% year over year in August, up from 3% year over year in the prior month. Card spending per client increased 13% year over year last month, outpacing July’s 7% growth rate.

InterVest Capital Partners, formerly known as Wafra Capital Partners, a leading investment manager in structured finance verticals and a pioneer of Sharia-compliant investment products, announced a major rebrand today. InterVest Capital Partners, previously the Structured Finance and Business Development Divisions of Wafra, Inc. ("WAFRA"), commenced operations on January 1, 2012, as a separate operating entity and U.S. registered investment adviser under the name Wafra Capital Partners. The rebrand brings forth a differentiated identity, distinct from its former affiliate (Wafra Inc.).

Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce that it has extended the maturity date of its existing US$25 million secured revolving credit facility with Bank of Montreal to March 31, 2025. The extended credit facility consists of a US$10 million secured revolving credit facility (the "Facility"), with an accordion feature providing for an additional US$15 million of availability (the "Accordion").

Stifel Financial Corp. (NYSE: SF) today announced the rehiring of Jonathan Knepper and Edward (E.J.) Osswalt as Managing Directors in the firm’s Fixed Income Capital Markets Group. In their new roles, Mr. Knepper will focus on high yield and distressed sales, while Mr. Osswalt is responsible for Stifel’s crossover trading, which includes credits moving between high yield and investment grade ratings. They are both based in the firm’s New York City office.

High Tide Inc. ("High Tide" or the "Company") ( Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, is pleased to announce that, further to its press release dated August 18, 2022, it has closed a $19 million senior secured credit facility (the "Credit Facility") with connectFirst Credit Union Ltd. ("connectFirst"), with an initial 5-year term, at connectFirst's floor interest rate.

U.S. Bancorp (NYSE: USB) (“U.S. Bank”) and Mitsubishi UFJ Financial Group (NYSE: MUFG) (“MUFG”) have mutually agreed to exercise their right under the purchase agreement for U.S. Bank’s acquisition of MUFG Union Bank’s core regional banking franchise to extend the outside termination date from September 30, 2022 to December 31, 2022.

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has appointed Ryan Pavlik as vice president of debt capital markets. Mr. Pavlik is the newest addition to Water Street's team as the firm expands its resources to support its growing group of companies specializing in health care services and technology, medical products and diagnostics, and pharmaceuticals and life sciences.

King Trade Capital (“KTC”) is pleased to announce the completion of a $5 million purchase order finance facility for a California based HVAC equipment supplier. King Trade Capital was introduced to the HVAC company by its factoring company, one which KTC has a longstanding relationship.

Mercer International Inc., or "Mercer", (Nasdaq: MERC) today announced that it has successfully entered into a new €300 million revolving credit facility for its German subsidiaries with a syndicate of European banks (the "New Facility"). The New Facility has a five year term, is unsecured and accrues interest at a rate of Euribor plus a stipulated margin.

SVB Financial Group (SVB), the financial partner of the innovation economy and parent of Silicon Valley Bank, today announced the appointment of Thomas King, former Chief Executive Officer of Investment Banking at Barclays, to its board of directors, effective September 13, 2022. King will also serve on the board's Compensation and Human Capital Committee.

Greenbacker Renewable Energy Company LLC (“GREC” or “Greenbacker”), a leading green energy investment company and independent power producer, has entered into a senior credit agreement of $186.2 million with KeyBank N.A. and Fifth Third Bank. KeyBank served as administrative agent for the lenders, and KeyBanc Capital Markets and Fifth Third Bank, National Association served as joint lead arrangers.

Fundamental Renewables, an established provider of financing for solar and other renewable energy projects, today announced that it has secured a $400 million credit facility. Delaware Life Insurance Company ("Delaware Life"), a Group 1001 company, acted as the arranger of the facility and is a lead lender. Other lenders include CDPQ American Fixed Income V Inc., a wholly-owned subsidiary of CDPQ, and East West Bank. Fundamental Renewables is the clean energy investment arm of Fundamental Advisors ("Fundamental").

BRT Apartments Corp. (NYSE:BRT) entered into an amended credit facility which increases to up to a total of $60 million the amount available to be borrowed for the acquisition of, and repayment of mortgage debt on, multi-family properties, increases the amount available to be borrowed for operating expenses to $25 million, and extends the term of the facility to September 2025. The financing is lead by VNB New York, LLC, an affiliate of Valley National Bank.

Oportun Financial Corporation (Nasdaq: OPRT) (the “Company” or “Oportun”), a mission-driven fintech and digital banking platform, today announced that it has closed a $150 million senior secured term loan due in 2026 from funds managed or sub-advised by Neuberger Berman Specialty Finance.

Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, and Skyview Capital, LLC ("Skyview"), a global private investment firm specializing in the acquisition and management of mission critical enterprises in technology, telecommunications, business services and manufacturing, announced today a significant growth investment in Fidelis Cybersecurity ("Fidelis").

CIBC Innovation Banking is pleased to announce a new debt financing for Massachusetts-based TransMedics Group, Inc. ("TransMedics"), a market leading medical technology company that focuses on organ transplant therapy for patients with end-stage lung, heart and liver failure. TransMedics plans to use the incremental growth capital to accelerate its commercial momentum, helping to grow transplant volume and improve clinical outcomes.

Jennifer A. Lewellyn, a 22-year retail veteran with experience in both managing healthy stores and liquidating underperforming locations, has joined Tiger Group as Associate Director of Retail Operations. Based in Pittsburgh, Lewellyn will provide operational input and data to Tiger’s retail dealmaker team during the due-diligence phase. She will work on special projects, write appraisal reports and provide on-site leadership and executive representation.