TSL Express Daily Articles & News

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.

CIBC Innovation Banking is pleased to announce a $30 million credit facility for Atlanta-based Azalea Health (“Azalea”). Azalea will use the capital to aid in its recent acquisition of dashboardMD, a cloud-based provider of business intelligence reporting solutions and healthcare analytics. The Azalea platform provides electronic health records integrated with telehealth functionality, revenue cycle management, and mobile health applications.

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.

K&L Gates has been retained as corporate counsel to advise on transactional issues in connection with the bankruptcy. Raymond James & Associates is serving as its investment banker. To fund its operations during the Chapter 11 process, the company said it arranged $12 million in debtor-in-possession financing from its senior secured lenders.

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.

Cambridge Wilkinson ("CW") is pleased to announce the closing of $1.2 Billion of direct Credit and direct Equity transactions in the Third Quarter of 2021. CW closed transactions across a variety of industries including specialty finance, commercial real estate, ESG as well as leverage / credit raises for Private Equity Funds and Institutional Credit Funds seeking GP Financing, NAV Loans and SPV Leverage.

From the third quarter Phoenix Management “Lending Climate in America” survey results reveals a weakened U.S. economy in the near and long term. After a brief resurgence, lenders displayed a more adverse outlook and assessment of the U.S. economy for the near and long term. The GPA for the U.S. economy in the near term significantly decreased 56 percentage points to 2.23 from the Q2 2021 results of 2.79. Additionally, lenders optimism of the U.S. economy in the long term weakened, decreasing 13 percentage points to a 2.23 from the previous quarter’s results of 2.36.

BancorpSouth Bank (NYSE: BXS) ("BancorpSouth") and Cadence Bancorporation (NYSE: CADE) ("Cadence"), the parent company of Cadence Bank, N.A., announced their proposed merger has received final Federal Deposit Insurance Corporation ("FDIC") approval. The FDIC approval follows recent approvals from the Mississippi Department of Banking and Consumer Finance and from shareholders of both companies.

Brooklyn Bedding LLC (“Brooklyn Bedding” or the “Company”), a vertically-integrated manufacturer and seller of mattresses, has been acquired by Cerberus Capital Management, L.P. (“Cerberus”). FocalPoint Partners (“FocalPoint”) served as Brooklyn Bedding’s exclusive financial advisor on the transaction. FocalPoint Partners served as exclusive financial advisor to Brooklyn Bedding, and Moelis & Company served as exclusive financial advisor to Helix. Credit Suisse and Houlihan Lokey served as financial advisors to Cerberus.

J D Factors announced the following factoring deals: $75,000 factoring facility to a transportation company in Ontario; $400,000 factoring facility to a transportation company in Illinois; $75,000 factoring facility to a transportation company in Quebec; $100,000 factoring facility to a temporary medical staffing company in New York...

High Tide Inc. said Monday that it has secured a revolving loan with a Canadian lender for up to 25 million Canadian dollars, or around US$20.2 million. The Canadian retail-focused cannabis company said that the credit facility is with ATB Financial and that it is comprised of an initial C$10 million limit and a C$15 million accordion facility.

Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company developing novel therapies for the management of central nervous system (CNS) disorders, today announced that its existing term loan facility agreement with Hercules Capital, Inc. (NYSE: HTGC), has been amended to increase the size of the facility to $300 million, and the amount immediately available upon U.S. Food and Drug Administration (FDA) approval of AXS-05 for major depressive disorder to $100 million, at the Company’s option.

Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today announced that it has entered into the Third Amended and Restated Credit Agreement (“Amendment”), which amends and refinances the Company’s Credit Agreement, dated as of May 17, 2021. The Amendment was provided by a syndicate of 14 financial institutions, including JPMorgan Chase Bank, N.A., as administrative agent.

horus Aviation Inc. ("Chorus") (TSX: CHR) announced today that it has entered into an agreement for a three-year committed operating credit facility (the "New Facility") with The Bank of Nova Scotia ("Scotiabank") as lender, sole lead arranger, bookrunner, administrative agent and issuing bank, and the Canadian Imperial Bank of Commerce ("CIBC") and the Bank of Montreal as lenders.

Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $21,807,000 in ABL/factoring financial solutions for nine new clients; Crestmark Equipment Finance provided $16,943,798 in 12 new transactions; Crestmark Vendor Finance provided $4,584,629 in 48 new transactions; and the Government Guaranteed Lending group provided $4,290,000 in financing for six new clients in the second half of September.