TSL Express Daily Articles & News

Ares Management Corporation (NYSE: ARES) is providing details on certain new financing commitments made across its U.S. direct lending strategies. Funds managed by Ares Management Corporation’s Credit Group (collectively “Ares”) closed approximately $7.2 billion in commitments across 54 transactions during the third quarter of 2021 and approximately $27.0 billion in commitments across 244 transactions in the last twelve-month period ended September 30, 2021.

QVC, Inc. (“QVC”) announced today the refinancing of its senior secured credit facility with a new amended and restated senior secured credit facility on October 27, 2021. The new senior secured credit facility is a multi-currency revolving facility, provides a line of credit of up to $3.25 billion and replaces QVC's existing $2.95 billion bank credit facility. QVC is a wholly owned subsidiary of Qurate Retail, Inc.

ING Capital LLC, Wells Fargo Bank, N.A., and MUFG Bank, Ltd., are Joint Lead Arrangers for the Facility. Other banks joining the facility are HSBC Bank USA NA, Societe Generale, and Coöperative Rabobank U.A. The Facility will continue to be used to provide liquidity for 61C’s growing business.

Drip Capital, Inc. (Drip Capital), a leading digital cross-border trade finance platform for small and medium businesses (SMBs), announces that it has raised $175 million in fresh capital to power its next phase of growth. Funds raised include a $40 million Series C investment and $135 million in warehouse debt facilities. To date, with this fundraise, Drip Capital has raised about $525 million in equity and debt funding.

After the pandemic left a $40 Million Service Company with a cash flow issue due to later paying customers, New York-based investment banker, Attract Capital, LLC was engaged to find a solution. With a conventional loan facility not in the cards for the company, Attract Capital's founder, David Barnitt, advised the company to secure a receivables financing facility that would infuse a significant cash position on the balance sheet on day one.

Gordon Brothers, the global advisory, restructuring and investment firm, will serve as Ranger Energy Services Inc.’s agent in the disposition of excess oil field services equipment and operating assets the company purchased through the Basic Energy Services Inc. bankruptcy process.

Medsphere Systems Corporation, the leading provider of affordable and interoperable healthcare IT platform solutions, today announced that Wells Fargo has extended a $50 million credit facility that will enable Medsphere to continue its current growth trajectory. Medsphere is continuing to develop a comprehensive health platform that incorporates existing technology platforms and service lines while also exploring additional software tools and services that meet the needs of the company’s core customer base.

Bridge Bank today announced it has increased the credit facility provided last year to YES Leasing, a Miami-based commercial equipment leasing company specializing in funding business owners with challenged credit. The increased credit facility will provide additional capacity to support the continued growth of YES Leasing's portfolio.

Kuber Mortgage Investment Corporation ("Kuber" or the "Company") is pleased to announce that it has secured a $40 million revolving credit facility (the "Credit Facility") from a top 5 Canadian Schedule 1 bank (the "Bank"). The credit facility is for a term of 12 months.

Express Trade Capital is pleased to announce that effective immediately, David Estrakh has been promoted to EVP. Over the last few years, David has already taken on and performed the duties of EVP and his new title is intended to convey a role commensurate with those responsibilities.

FGI Worldwide LLC, a global leader in commercial finance, today announced that Paul Melchiorre has been appointed to the Board of Directors of its parent company, FGI Worldwide Holdings LLC. Mr. Melchiorre brings over 30 years of business solutions leadership experience to FGI, specifically within the SaaS environment.

Amerisource Business Capital announced the closing and funding of a $2,000,000 senior credit facility for an Illinois based manufacturer of nickel and cobalt alloy.

Companies have unique opportunities to shift their focus beyond capital structure fixes during bankruptcy and identify plans and strategies for building a stronger foundation for scalable, sustainable growth upon emerging from Chapter 11, according to a new study released today by FTI Consulting, Inc. (NYSE: FCN) The report, Emerge to Grow: Market Insights and Playbook for Achieving Profitability and Sustainable Growth Post-Bankruptcy, surveyed 50 business leaders from large companies with recent experience going through Chapter 11 to gain quantifiable insights about the bankruptcy process.

JPMorgan Chase Bank, N.A (JPM), BofA Securities, Inc. (BAS), KKR Capital Markets LLC (KCM), Citigroup, N.A. (Citi), Credit Suisse Loan Funding LLC (CS), Goldman Sachs Bank USA (GS), Morgan Stanley Senior Funding, Inc. (MSSF), and UBS Securities LLC (UBSS) acted as joint lead arrangers (collectively, including any of the foregoing in their capacity as Joint Lead Bookrunners, each as a “Lead Arranger”).

Solifi, formerly IDS, a global fintech software partner for secured finance, announced that Stonebriar Commercial Finance (Stonebriar) has extended their relationship with Solifi as we provide our software-as-a-service (SaaS) technology platform to support their back-office portfolio management and growth goals. Stonebriar, the largest private independent equipment financing firm in the U.S., has been a client of Solifi since Stonebriar’s inception in 2015 and since 2004 with the management’s former company.

Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $11,700,000 in ABL/factoring financial solutions for 13 new clients; Crestmark Equipment Finance provided $6,086,672 in 23 new transactions; Crestmark Vendor Finance provided $4,050,096 in 39 new transactions; and the Government Guaranteed Lending group provided $910,000 in financing for one new client in the first half of October.

Winston & Strawn represented Alkuri Global Acquisition Corp. (NASDAQ: KURI, KURIU and KURIW) ("Alkuri"), a special purpose acquisition company, in connection with its business combination with Babylon Holdings Limited ("Babylon"), one of the world's fastest-growing digital healthcare companies.

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that, for the second year in a row, Hedgeweek has recognized CohnReznick as Best Audit Firm in its 2021 Americas Awards program. Hedgeweek is a major global publication covering hedge fund industry news for investors and fund managers.

BizCap® (Business Capital since 2002), a national commercial finance and advisory firm, today announced it has successfully structured and secured $8 million in growth financing for its repeat client, AlterG, the creator of the Anti-Gravity Treadmill. This financing will be used to pay-off existing debt with the remaining proceeds available to accelerate growth initiatives and working capital purposes, including new product development and expansion into new markets, as well as broadened adoption in rehabilitation and elite athletics.

Rosenthal & Rosenthal, Inc., a leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $2 million revolving credit facility and $750,000 term loan to support the working capital needs of an Ohio-based finishing and coatings company serving the automotive, appliance and electrical industries.