TSL Express Daily Articles & News

Among key findings: With the acceleration of retail bankruptcy filings into 2020, many retail store closings projected for 2021 were pulled forward during 2020. This dynamic, coupled with stronger than anticipated retail sales fundamentals in late 2020/early 2021, have reduced retail store closure announcements to their lowest level since 2016.

This year Prestige Capital hits a milestone: 36 years in business! In gematria, a form of Jewish numerology, the number 36 represents double life and luck. "So, we can't help but pinch ourselves every time we think about how long we’ve been in business,” says Rachel Hersh, Sales Director, North America, at Prestige Capital.

A&G Real Estate Partners and Murray Wise Associates LLC today announced the receivership sale of a 1.87 million-square-foot greenhouse and agricultural warehouse complex on 151 acres in Paris, Kentucky, as well as a nearby 50,000-square-foot manufacturing and warehouse facility also located in the greater Lexington market.

The transaction is not subject to a financing condition and Durational has committed debt financing led by KKR Credit and Callodine Commercial Finance, LLC. Jefferies LLC is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to Casper Sleep Inc. in connection with the proposed transaction. Kirkland & Ellis LLP is serving as legal advisor to Durational Capital Management in connection with the proposed transaction.

Capital Southwest Corporation (“Capital Southwest”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that it backed Hidden Harbor Capital Partner’s (“Hidden Harbor”) refinancing of Air Conditioning Specialist, Inc. (“ACS” or the “Company”) with a senior secured first lien term loan and a minority equity co-investment.

Revolution Capital, the leading provider of factoring & cash-flow financing in Canada and the United States, has acquired Growth Capital, a factoring firm specializing in the transportation industry.

Leading global aviation integration company GA Telesis, LLC (or the "Company") announced closing a new five-year, $225 million ABL credit facility led by HSBC Bank USA and Fifth Third Bank as Joint Lead Arrangers. The syndication was met with overwhelming interest and allowed the Company to improve terms while expanding its existing bank group.

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a senior secured credit facility to support the acquisition of Baker & Taylor LLC, a premier provider of books, digital content and technology solutions to public and academic libraries.

King Trade Capital is pleased to announce the completion of a $5 million purchase order finance facility for a Georgia based telecommunication device supplier. The company reached out directly to King Trade Capital after being referred by a previous King Trade client. The company was seeking a purchase order finance solution that would help support their rapidly growing orders with a large US based information technology products customer.

eCapital Corp. ("eCapital" or "the Company"), a leading capital solutions provider for small and medium-sized businesses in North America and the United Kingdom, today announced that they have acquired the assets of Flexible Funding, a payroll funding company for staffing agencies across multiple industries, along with its freight factoring subsidiary, InstaPay.

The Global Fund Placement and Advisory Group will be led by Tanya McHale, Managing Director, who will be based in London. Ms. McHale will report to Mr. Lowenthal, Head of Investment Banking in North America, and Max Lami, Oppenheimer EMEA Chief Executive and Head of Investment Banking.

AlixPartners, the global consulting firm, today announced its intended acquisition of management consulting firm Galt & Company, which specializes in helping management achieve and sustain superior growth in shareholder value. Galt & Company has been associated with some of the more notable corporate success stories of the last twenty years. Willkie Farr & Gallagher LLP acted as legal counsel to AlixPartners, and Whitman Breed Abbott & Morgan LLC acted as legal counsel to Galt & Company.

MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” “MAG Silver” or the “Company”) is pleased to report the signing of a binding commitment letter with the Bank of Montreal (“BMO”) for a fully underwritten US$40 million revolving credit facility (the “Facility”). Closing of the Facility is expected to occur by mid-December 2021 and is subject to the satisfaction of customary conditions, and completion of definitive documentation.

As partners of Castlelake, the individuals will retain their existing functional responsibilities and assume incremental accountability for Castlelake's performance and business strategies, as well as important internal initiatives such as sustaining the firm's culture and global employee engagement. With these additions, Castlelake's partner group comprises professionals representing a cross-section of functional expertise and experience.

Traditions Bancorp, Inc. (OTC Pink: TRBK), holding company for Traditions Bank, has announced that Thomas J. Sposito II will assume expanded leadership responsibility in the newly created role of Chief Banking Officer, effective November 15, 2021.

Tecnoglass, Inc. (NASDAQ: TGLS) ("Tecnoglass" or the "Company"), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, today announced it has amended its senior secured revolving credit facility to (i) increase the borrowing capacity under its committed Line of credit from $50 million to $150 million , (ii) reduce its borrowing costs by an approximate 130 basis points, and (iii) extend the initial maturity date by one year to the end of 2026. The facility was led by PNC Bank N.A as Administrative Agent; with Citizens Bank N.A, BBVA USA, CIT Bank and Wells Fargo Bank N.A serving as Joint Lead Arrangers.

Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, today announced that it has completed its acquisition of Century Bancorp, Inc. (Nasdaq: CNBKA) (“Century”), the stock holding company for Century Bank and Trust Company (“Century Bank”), a full service commercial bank with a full range of business, personal and institutional services. The transaction is valued at approximately $642 million.

Finitive, the leading data-driven private credit marketplace connecting borrowers with institutional investors, today announced it has hired two financial technology industry veterans, Jon Burlinson as Chief Information Officer and Joshua Masia as Chief Product Officer, to advance the Finitive platform's data-driven deal matching capabilities and drive growth.

Ares Commercial Real Estate Corporation (the "Company") (NYSE: ACRE) announced today that it has entered into an agreement to increase its existing Term Loan from $60.0 million to $150.0 million, reduce the all-in pricing from LIBOR plus 5.75% to an initial fixed rate of 4.50% and extend the initial maturity to November 2026.

Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $18,247,152 in ABL/factoring financial solutions for 16 new clients; Crestmark Equipment Finance provided $5,439,199 in nine new transactions; Crestmark Vendor Finance provided $2,367,322 in 25 new transactions; and the Government Guaranteed Lending group provided $15,425,000 in financing for one new client in the second half of October.