TSL Express Daily Articles & News

Huntington Business Credit announced it closed $13,536,000 in new credit facilities with Mills Products, LLC on May 24, 2022. Proceeds of the facility were used to provide acquisition financing and to provide ongoing working capital growth financing. Mills Products, LLC, headquartered in Athens, TN, is a manufacturer of roll-formed and tubular stamped metal products servicing the consumer appliance, after-market truck and automotive, and office furniture markets.

U.S. Bank announced today that veteran Colorado banker Benjamin Fields-Elizalde has joined the growing U.S. Bank Asset Based Finance division as vice president. Based in Denver, Fields-Elizalde will lead efforts to provide asset-based credit solutions for businesses across Arizona, Colorado, Idaho, Montana, New Mexico, Nevada, Utah and Wyoming. Fields-Elizalde has more than 17 years of banking experience, including nearly 14 years in various asset-based finance roles at Wells Fargo.

Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a leading global provider of space-based data, analytics and space services, today announced that it has obtained a credit facility up to $120 million, led by Blue Torch Capital. Proceeds will be utilized to extinguish an existing approximately $71 million credit facility and to continue driving Spire’s four strategic growth pillars, providing flexibility to strategically run the business.

Leading global professional services firm Alvarez & Marsal (A&M) strengthens its capabilities with the addition of Dallas-based Steve Hurt as a Managing Director with the firm’s Automotive & Industrials Group. Mr. Hurt’s joining demonstrates A&M’s continued commitment to help clients achieve growth and profitability goals against the backdrop of accelerating industry-wide change and disruption, including the transition to electric vehicles (EVs).

Stifel Financial Corp. (NYSE: SF) today announced the hiring of Michael Gonzales as a Managing Director in the firm’s Fixed Income Capital Markets Group. In this role, Mr. Gonzales will lead Stifel’s efforts to expand its front-end credit sales, focusing on a broad spectrum of fixed income products, including asset-backed securities, investment-grade corporate debt, U.S. government securities, and structured notes. He will be based in the San Francisco Bay area.

Saxum Real Estate is pleased to announce the closing of a $17 million construction loan from CIT, a division of First Citizens Bank, for the financing of two industrial developments in Hazleton, PA. The current sites, both within opportunity zones, are poised to become two Class-A industrial developments of 105,000 SF and 115,000 SF.

Lighthouse was founded in 1987 for one purpose; to assist small to mid-size businesses with working capital financing and term debt when traditional bank loans were unavailable. Thirty-five years later, we have not waivered from our commitment to provide creative and flexible lending solutions along with unsurpassed service to our clients.

Wingspire Capital LLC (“Wingspire”) provided a revolver as part of a unitranche senior credit facility to Gehl Foods, LLC (“Gehl”). The proceeds were used to refinance previous debt and to fund an acquisition that expands Gehl’s manufacturing capabilities. Gehl is a pioneer in low-acid aseptic processing for shelf-stable beverages, as well as cheese and other sauces used in stadiums, convenience stores and quick service restaurants across the U.S.

MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $30mm senior secured credit facility, comprising an asset-based revolving line of credit to H-D Advanced Manufacturing Company (“H-DAM” or “Company”).

A canned seafood company based in Miami has received $2.5 million in funding from Tradewind Finance. This working capital will be used to expand business in the United States, where the company sells packaged tuna and sardines. As the canned seafood brand had a surge of orders within the US, it sought financing from Tradewind. In order to keep up with demand stateside, the Miami subsidiary needed faster cash flow from a parent company based in Ecuador.

The M&A Advisor has announced the winners of the 16th Annual Turnaround Awards. FocalPoint Partners was named a winner in the Consumer Discretionary Deal of the Year ($10MM-$100MM) category for the sale of Hatteras Cabo Yachts to the White River Marine Group, a Bass Pro Shops affiliate. The awards will be presented at a Black-Tie Gala on Wednesday, September 21, 2022 in New York City.

SLR Healthcare ABL is pleased to announce it has provided a $3.5 million asset-based revolving line of credit to a skilled nursing operator in April 2022.

Founded in 1981, Metaltec Steel Abrasive ('Metaltec') is a top-three manufacturer of mission-critical, consumable metal abrasive materials in North America. Metaltec is the only company in North America with the capability of manufacturing both high and low-carbon steel abrasive products, providing a differentiated market position.

Fat Tuesday (the “Company”), the largest and fastest growing off-premise alcohol business in the US, announced that it has closed on a New Senior Secured Credit Facility provided by Comvest Credit Partners. The proceeds provide substantial capital to accelerate growth. Garnett Station Partners, a New York based principal investment firm, acquired Fat Tuesday in April 2021.

VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a leader in digital banking and cyber security solutions, today announced that, through its wholly owned U.S. subsidiary, VersaHoldings US Corp., it has signed a definitive agreement to acquire Minnesota-based Stearns Bank Holdingford, N.A. ("SBH"), a privately held, wholly owned subsidiary of Stearns Financial Services Inc. ("SFSI") based in St. Cloud, Minnesota.

JPMorgan Chase Bank, N.A. is acting as administrative agent. Bank of America, N.A. and BMO Harris Bank N.A. are acting as co-syndication agents. TD Bank, N.A., and Citizens Bank, N.A. are acting as co-documentation agents, with JPMorgan Chase Bank, N.A.; BofA Securities, Inc.; and BMO Harris Bank N.A. as joint bookrunners and joint lead arrangers.

eCapital Corp. (“eCapital”), a leading tech-enabled finance provider, today announced the recent closure of a £3million sterling U.K. and $1.5 million U.S. trans-Atlantic working capital line of credit to a prominent international provider of manpower solutions within the renewable energy and sustainable transportation industries.

PacWest Bancorp (Nasdaq: PACW) (the “Company”) and Pacific Western Bank (the “Bank”) announced today the appointment of Paul W. Taylor as President of both the Company and the Bank effective July 1, 2022. Mr. Taylor currently serves as a Director of the Company and the Bank and is a member of each of their respective Asset/Liability Management and Risk Committees.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Solomon Partners acted as lead financial advisor to Cardenas Markets and KKR. BMO Capital Markets also advised, and Kirkland & Ellis LLP served as legal advisor to Cardenas Markets and KKR. Credit Suisse, Wells Fargo and Rabobank have provided committed debt financing for the transaction.

EQ Riskfactor, the leading global provider of risk management software for the commercial finance market (part of Equiniti Group), is delighted to unveil its new partnership with Solifi. A global fintech software partner, Solifi provides market-leading, mission-critical software-as-a-service (SaaS) solutions built on an open finance platform for the secured finance industry, and is the most widely used and trusted asset-based lending (ABL) and factoring software in the U.S. commercial finance industry.