TSL Express Daily Articles & News

Davis Polk has announced that Sheila Adams, Matthew Bacal, Ning Chiu, Ethan Goldman, David Hahn, Eric McLaughlin, Adam Shpeen, Travis Triano and Steve Wang have been elected partners of the Firm, effective July 1, 2021.

HireQuest, Inc. (Nasdaq: HQI), a national franchisor of on-demand, temporary, and commercial staffing services, today announced that the Company has closed a $63.2 million credit facility comprised of a $60.0 million Revolving Credit Facility and a $3.2 million Term Loan with its existing lender, Truist (formerly BB&T). The new facility replaces the Company’s prior $30 million revolving credit facility.

The world is going through an industrial and digital transformation whilst facing continued economic uncertainty, compelling corporations to revisit their manufacturing footprints as new technology and manufacturing techniques streamline operations. Link Auctions introduces an auction company that levels the playing field, extending global execution capabilities in equipment appraisals, industrial auctions and asset remarketing for industrial companies and financial institutions looking to streamline, transform or lean into evolving manufacturing technologies, whilst continuing to serve traditional asset classes.

Patriot Capital, a multi-strategy middle market investment firm, announced the promotion of Sean Bilbrough to Vice President, effective immediately. Mr. Bilbrough joined Patriot Capital in June 2018 as a Senior Associate.

Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its June 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. New filings in June were flat with 34,248 across all chapters, a 1% drop from the May count of 34,767. Non-commercial consumer filings across all chapters totaled 32,267, down 2% from 32,976 in May.

Current assessments of the U.S. economy visualize it as on fire, and the question that begs asking is: How long will it last? Credit managers have started to provide an answer to this question via NACM’s Credit Manager’s Index (CMI) for June. Month on month, the CMI continued to lose some ground with a total combined score of 57.5. Overall, the score for the June CMI fell 2.3 points compared with May, and 3.1 points since April.

BankFinancial NA, the national banking association subsidiary of BankFinancial Corporation (Nasdaq - BFIN) announced today the expansion of its Commercial Finance Division and the appointments of Carol Bader Apicella as Senior Vice President – Government Finance, and Lindsay Gordon as Senior Vice President - Commercial Finance.

LSQ, a leading provider of working capital solutions, announced the origination of a $1.5 million factoring facility for a packaging and distribution business in California. The company specializes in beauty products and required an injection of capital to help fuel the expansion of a new cosmetics line. The facility with LSQ will allow them to build up inventory to fulfill larger wholesale and subscription box orders.

J D Factors announced in provided the following factoring facilities: $120,000 to a transportation company in Illinois; $150,000 to a transportation company in Texas; $100,000 to a transportation company in Alberta; $75,000 to a transportation company in Alabama...

MidCap Business Credit announced today they have closed on a $6,500,000 asset-based revolving line of credit for Horizon Mud Company headquartered in Midland, TX. Horizon Mud sells chemicals and provides engineering and project management services into the oil and gas industry. The opportunity was sourced out of Midcap’s office located in Dallas, TX.

For the 11th and seventh straight year, respectively, BMO has been recognized as the Best Private Bank and Best Commercial Bank in Canada by World Finance Magazine. The awards recognize both groups' innovative and client-centric approach; commitment to digital transformation and experience; and holistic understanding of market trends and changing client needs – especially during the COVID-19 pandemic.

Winston & Strawn represented Chart Industries, Inc. (NYSE: GTLS), a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets, in its acquisition of L.A. Turbine for $80 million in cash (subject to certain customary adjustments).

SVB Financial Group ("SVB") (Nasdaq: SIVB), the parent of Silicon Valley Bank, today announced it has completed the acquisition of Boston Private Financial Holdings, Inc. ("Boston Private"), the parent company of Boston Private Bank & Trust Company ("Boston Private Bank"), a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits.

Absolute Software Corporation (Nasdaq: ABST) (TSX: ABST), a leader in next generation Endpoint Resilience™ solutions, today announced it has completed its previously announced acquisition (the “Acquisition”) of 100% of NetMotion Software, Inc. (“NetMotion”), a leading provider of connectivity and security solutions, from The Carlyle Group.

InPlay’s Senior Credit Facility has been reconfirmed at $65 million, comprised of a $55 million revolving credit facility and a $10 million operating line of credit, with the maturity date being extended to May 30, 2022. The Senior Credit Facility has been amended to a fully conforming, revolving facility under substantially the same terms as our current revolving facility with the borrowing base next scheduled for semi-annual review by November 30, 2021 and annual review by May 31, 2022.

Ares Management Corporation (“Ares”) (NYSE: ARES) announced today that a subsidiary of Ares completed its previously disclosed acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business (“Black Creek”). As a leading real estate investment management firm, Black Creek has approximately 300 professionals operating across eight offices throughout the U.S. and approximately $11.6 billion of assets under management (“AUM”), as of March 31, 2021.

Crayhill Capital Management LP, a New York-based private credit manager and asset-based investor with a strong focus on renewable energy investments, announced today the appointments of Erick Bauman and Ben Snydacker as Managing Directors of a newly-formed affiliate, Crayhill Renewables LLC, based in Nashville, TN.

Rexford Industrial Realty, Inc. (the "Company") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, today announced that it has exercised the accordion option of the Company's existing unsecured revolving credit facility and increased the borrowing capacity by $200 million from $500 million to $700 million. All other material terms and conditions of the Company's unsecured revolving credit facility remain unchanged. Lenders for the $150 million unsecured term loan facility maturing May 22, 2025, include Capital One, National Association, as administrative agent and lead arranger, and Truist Bank.

Axiom Bank, N.A., a Maitland-based, leading community bank, has expanded its team with the hiring of John Wattinger as Senior Account Executive in its factoring and asset-based lending division in Dallas. Wattinger brings more than 35 years of experience in commercial, middle market, asset-based lending and factoring. In this new role with Axiom’s Allied Affiliated Funding division, he will oversee a portfolio of client accounts while also managing the development and underwriting of new credit requests.

BDO Consulting Group, LLC is pleased to announce that Michael Edelschick has rejoined the firm’s Business Restructuring & Turnaround Services practice as a Managing Director and national leader of the Bankruptcy Litigation Services group. Edelschick was previously with BDO for seven years until he was hired in 2019 to lead the post-bankruptcy executive team of a specialty supermarket chain as its CFO and the only c-suite executive.