TSL Express Daily Articles & News

Winston & Strawn represented Seven Oaks Acquisition Corp. (“Seven Oaks” or “SVOK”) (Nasdaq: SVOK, SVOKU, SVOKW), a publicly-traded SPAC, in its announced definitive business combination agreement with Boxed, Inc. (“Boxed” or “the Company”; legally known as “Giddy Inc. d/b/a Boxed”), an e-commerce grocery shopping platform selling bulk consumables to households and businesses, which would result in Boxed becoming a public company. The combined company will be called Boxed, Inc. upon the closing of the transaction and is expected to be listed in the U.S. under a new ticker symbol.

Ceres Global Ag Corp. (TSX: CRP) ("Ceres" or the "Corporation") a global agricultural, energy and industrial products merchandising and supply chain company, announced that it has entered into a five-year senior secured $50 million term debt credit facility with the Bank of Montreal ("BMO") that includes a $30 million term loan draw that will be used to retire the Company's term loan with Bixby Bridge Fund IV, LLC ("Bixby") along with an additional $20 million delayed draw committed term loan that will be used to fund future growth projects and initiatives.

H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $44 billion of equity capital under management, is pleased to announce that an affiliate made a significant investment in Cleo Communications (“Cleo” or the “Company”), a global provider of ecosystem integration software solutions.

Iron Horse Credit (“IHC”), a leading stand-alone inventory lender, is pleased to announce the closing of a $6,500,000 stand-alone inventory revolving line of credit to a wine and spirit importer and distributor.

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announces that its Commercial Lending team has extended financing to R.J. Forbes Painting Contractor, Inc. (R.J. Forbes) by securing a SBA 504 Loan through Bay Colony Development Corporation, a certified development company whose mission is to provide companies with fixed asset financing at affordable rates and reasonable terms.

LSQ, a leading provider of working capital solutions, announced the origination of a $1 million facility for a high-growth startup in South Florida. The healthcare business was referred to LSQ and required a sustainable solution to improve cash flow related to net 60 billing terms.

AETEA Information Technology, Inc. (“AETEA”) is a provider of IT Human Capital Management, with a strong specialization in life sciences. Founded and led by seasoned industry expert, Jeffrey Sardis, the Pennsylvania-based company has been providing contract IT solutions to a diversified client base, for over 35 years. AETEA has built a strong reputation within the marketplace as an adaptable service provider with the ability to deliver highly customized staffing solutions.

Versant Funding LLC is pleased to announce it has funded a $3 million non-recourse factoring transaction to a supplier to the oil and gas industry. Since the energy sector has rebounded from the impacts of the pandemic, this company has experienced increasing demand for their products. Meeting this demand from both new and existing customers is putting increasing strain on the company’s working capital position.

BMO Harris Bank announced today the opening of a new commercial banking office in Denver, Colorado. Led by Brian Russ, the team will be focused on providing mid-market businesses throughout Colorado with access to BMO's full array of financial services and industry expertise.

Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $48,850,000 in ABL/factoring financial solutions for 14 new clients; Crestmark Equipment Finance provided $11,977,955 in 13 new transactions; Crestmark Vendor Finance provided $3,492,993 in 37 new transactions; and the Government Guaranteed Lending group provided $2,255,000 in financing for three new clients in the second half of May.

KKR, a leading global investment firm, today announced the launch of AV AirFinance Limited (“AV AirFinance”), a global commercial aviation loan servicer established by a team of experienced industry professionals together with KKR. The new secured loan servicing platform combines stable, long-term capital and decades of experience structuring commercial aircraft loan transactions to offer creative and innovative financing solutions to commercial aviation customers around the world.

ATB Capital Markets and BMO Capital Markets acted as financial advisors to Strathcona in connection with the transaction. CIBC Capital Markets and Scotiabank acted as financial advisors to Osum in connection with the transaction. TD Securities, RBC Capital Markets, Scotia Capital, CIBC Capital Markets, and BMO Capital Markets served as Co-Lead Arrangers and Joint Bookrunners on Strathcona's new covenant-based credit facility.

Hertz Global Holdings, Inc. (OTCPK:HTZGQ) ("Hertz" or the "Company") today announced that the Bankruptcy Court confirmed the Company's Plan of Reorganization (the "Plan"). The Plan unimpairs all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Court's approval clears the way for Hertz to emerge from Chapter 11 by the end of June 2021.

The Miami-based fintech and trade finance specialist has added three new industry experts to its Business Development team. Chip Scoggins; Carlos M. Herrera and William C. Avedon have joined the business development team.

Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $4MM revolving A/R and inventory credit facility to a privately owned Canning Company. The Company, which was recently acquired, is focused on growing its customer base while working on integrating its business lines. Management needed an experienced and dependable lending partner to provide working capital while they tackled the post-acquisition integration challenges.

Lenthor Engineering, Inc. (“Lenthor” or the “Company”), has been acquired by Fralock Holdings, LLC (“Fralock”), a portfolio company of Arsenal Capital Partners (“Arsenal”). FocalPoint Partners, LLC ("FocalPoint") served as exclusive financial advisor to Lenthor.

J D Factors announced the following factoring facilities: $200,000 to a transportation company in Nova Scotia; $00,000 to a transportation company in Georgia; $2,000,000 to a transportation company in Quebec; $100,000 to a transportation company in Texas.

Assure Holdings Corp., a provider of intraoperative neuromonitoring services, is pleased to announce that it has entered into a definitive agreement with Centurion Financial Trust, an investment trust formed by Centurion Asset Management Inc. in respect of an US$11,000,000 credit facility comprised of a US$6,000,000 senior term loan, a US$2,000,000 senior revolving loan and a US$3,000,000 senior term acquisition line and together with the Senior Term Loan and the Senior Revolving Loan,.

LBC Credit Partners (“LBC”), one of the leading providers of financing solutions to middle market companies, provided a senior secured credit facility to support the refinancing of Evercast, add-on acquisition of Precast Supply Company, and future acquisitions. Evercast is a portfolio company of PNC Mezzanine Capital and Cornerstone Capital Partners. LBC served as Agent and Sole Lender for the senior secured credit facility.

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 $17.4 million credit facility for Hynes Industries, a provider of custom metal solutions. Based in Youngstown, Ohio, Hynes Industries manufactures highly engineered custom metal products, including strip steel, rolled form shapes, flat wire and slotted angle systems, for customers across a broad range of industries.