TSL Express Daily Articles & News

Haversine Funding closed a $13 million senior secured, lender finance facility to an equipment lender specializing in truck and trailer loans across the U.S.; closed $3 million of a $4.2 million real estate participation in three assisted living centers located in North Carolina and Florida; closed $1.8 million of a $3 million inventory participation in this agricultural equipment manufacturing loan and closed $1.5 million of a $3 million factoring participation to a staffing company located in Georgia.

Cold Bore Capital Management, LLC (“Cold Bore”) has announced the successful closing of acquisition financing for Regiment Security Partners (“RSP”). The debt financing was provided by Kayne Anderson Private Credit and Willow Tree Credit Partners. FocalPoint Partners (“FocalPoint”) served as Cold Bore’s exclusive financial advisor on the transaction.

As PRG prepares for the full reopening of the industries it serves, it has enlisted Tiger Group to auction select live event and production-ready AV gear from its existing rental inventories. The gear from PRG, which maintains the largest rental inventory of production equipment globally, features a wide array of broadcast and digital cameras, broadcast camera lenses, projectors, heads, and camera accessories.

New Mountain Capital (the “Firm” or “New Mountain”), managing over $35 billion across private equity, credit, and net lease real estate, today announced the closing of its latest direct lending fund, New Mountain Guardian III BDC, L.L.C. (the “Fund” or “Guardian III”) with approximately $1.15 billion of capital commitments from a diverse group of investors. Commitments included a substantial investment from the General Partner and employees of the Firm.

Mayer Brown announced today that Sam Patranella joined the firm’s Houston office as a partner in the Corporate & Securities practice, where he will focus on energy and private equity transactions. Previously, Mr. Patranella was vice president, general counsel and corporate secretary for Luxe Energy LLC and Luxe Minerals LLC, where he was also an initial member.

OppFi Inc. (NYSE: OPFI) (“OppFi”), a leading financial technology platform that powers banks to help everyday consumers gain access to credit, announced today that it has amended its existing $75 million credit facility with Atalaya Capital Management to support the growth of the newly launched OppFi Card, issued by First Electronic Bank, Member FDIC.

B. Riley Financial (NASDAQ: RILY) ("B. Riley") today announced the expansion of its Corporate Advisory and Valuation Services practice with the addition of Dave Bookbinder and Quinn Shearer to B. Riley Advisory Services. Bookbinder and Shearer bring significant business and intangible asset valuation expertise, serving strategic corporate finance functions in areas including tax planning, financial and tax reporting, transaction advisory and due diligence.

inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets, including automotive, defense/aerospace, industrial, medical, semiconductor and telecommunications, today announced that it has executed a new five-year credit agreement with M&T Bank, which includes a $25 million non-revolving delayed draw term loan and a $10 million revolving credit facility.

Carrick Specialty Holdings LLC (“The Carrick Group” or “Carrick”), an international non-life legacy business providing reinsurance and run-off management solutions, today announced that its Bermuda-based subsidiary, Carrick Holdings (Bermuda), has entered into an agreement with Bank of Montreal to provide funding of up to $40 million for legacy transactions. Carrick was advised by DLA Piper, and Mayer Brown LLP was advisor to Bank of Montreal.

Single Point Capital announced it provided a $450,000 factoring facility for a transportation company in Oklahoma.

Sallyport is delighted to announce that it has just provided a $7,500,000 accounts receivable facility for an electronics distributor. Referred to Sallyport by their current lender whom they will work alongside, the client has a highly seasonal business and needed to free-up working capital to be able to secure enough stock for the holiday season whilst also meeting their payroll commitments.

Screen-printing and embroidery companies can now acquire the remaining equipment assets from Gate NY—formerly a major drop-ship location for garment distributors in the Northeast—in an immediate sale by Tiger Group.

Michael Doyle, Vice President – Asset-Based Lending at First Business Specialty Finance, LLC, a subsidiary of First Business Bank, announces a recently closed and funded $3 million revolving line of credit facility for a Minnesota-based company providing technology enabled delivery services in markets throughout the nation.

Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) today announced that it, along with its subsidiaries, has entered into a new $7.5 Million revolving credit facility with Comerica Bank (the “Bank”). The facility matures on September 30, 2023 and allows for advances based on 80% of eligible accounts receivable plus an applicable non-formula amount consisting of $2,000,000 of additional availability at close, stepping down $250,000 per quarter beginning with the quarter ending June 30, 2022.

J.P. Morgan, BoA Securities, Ares, Golub, Antares, Barclays, Blue Owl, BMO Capital Markets, BNP Paribas, Credit Suisse, Goldman Sachs and Jefferies provided debt financing for the transaction.

The California Department of Financial Protection and Innovation has issued its latest proposed regulations pertaining to CA SB 1235. Comments will be accepted until Oct. 27. If you have any questions or would like to speak with SFNet’s subcommittee addressing this legislation, please contact Michele Ocejo at mocejo@sfnet.com.

Winston & Strawn represented IX Acquisition Corp. (the “Company”) in connection with its initial public offering of 23,000,000 units, including 3,000,000 units issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $10.00 per unit. The units are listed on The Nasdaq Stock Market LLC (“Nasdaq”) and began trading under the ticker symbol “IXAQU” on October 7, 2021.

The client was referred to Sallyport via a CPA and one of our industry competitors at a time when they started accelerating growth exponentially; the preceding factoring provider felt uncomfortable adapting to their growing financial requirements. Sallyport’s responsive ethos shone through once more and the client recognized our flexibility in getting them funded despite the challenges of high customer concentration.

CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on $26.5 million in senior secured financing on behalf of Queen Esther Shipping Limited. The loan is secured by the Queen Esther, a modern container ship operated by a joint venture led by Lomar Corporation Limited, a longtime CIT client.

Middle market private companies in the Golub Capital Altman Index experienced EBITDA growth of 21% and revenue growth of 24% in July and August 2021 compared to their July and August 2019 earnings and revenue. The data in this special edition report reflects the median performance of approximately 120 companies that were in the Golub Capital Altman Index in both periods. The comparison over a two-year period is intended to provide greater insight than the report's typical year-over-year analysis, given the impact of COVID-related lockdowns throughout much of 2020.