TSL Express Daily Articles & News

"This non-dilutive credit facility provides us with important financial and operating flexibility at terms that we believe are favorable to the company," stated Peter van Stolk, Chief Executive Officer of Freshlocal. "These funds will assist us in advancing the development of our eGrocery Management Solution which enables the profitable provision of online grocery services at a time when the global grocery business is experiencing a rapid shift to on-line grocery."

Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a revolving line of credit to Quality Candy Company, LLC (“Quality Candy”), a manufacturer and distributor of high quality hard candy and soft sugar candy. Along with the financing, Quality Candy utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.

Matt Rupp has joined Troutman Pepper as a partner in the Corporate Practice Group. Most recently, Rupp served as a partner at McDermott Will & Emery. Rupp has spent more than 10 years counseling clients on a variety of corporate matters. He focuses his practice on representing private equity and other investment funds, private and public companies, and family offices in a wide variety of transactions, with an emphasis on mergers, acquisitions, divestitures, recapitalizations, restructurings, joint ventures, and general corporate counseling.

Bill Noel joined IDS on May 17 as its new chief product officer – a newly created executive position to lead the company's secured finance portfolio growth objectives. IDS, a leading provider of enterprise mission-critical solutions for secured finance, today announced that Bill Noel has joined the company as its chief product officer. In this newly created executive position, Noel will play a strategic role in leading and integrating the company's comprehensive portfolio of market leading product offerings to deliver unparalleled value to the global secured finance market.

Greg Charleston brings more than 30 years of experience in turnaround and M&A, specifically working with financially troubled or underperforming companies to address liquidity issues, develop cost containment programs, implement process improvements, and improve profitability.

CIT Group Inc. (NYSE: CIT) today announced that it has hired Blake Goddard as a business development officer in its Asset-Based Lending business. Goddard will be based in Atlanta and focus on asset-based lending business development across the Southeast region, where he will be responsible for generating new business leads, deepening client relationships and representing a wide range of bank products and services.

Express Trade Capital Inc. recently closed a $1.3MM letter of credit (LC) facility to help finance its client’s purchase of Personal Protective Equipment (PPE) from a manufacturer in Vietnam. Prior to the transaction, Express’s client – a commodities trader – obtained a purchase order backed by an LC from their end customer, an established distributor of PPE and consumer goods.

Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $750,000 to Flash Temps, LLC. The credit facilities will be used to provide working capital to support the company’s current operations.

The Yieldstreet Private Business Credit team rocketed through the first month of 2Q21 closing six new deals for a total of $31.2M. These deals are across both consumer and commercial asset classes, various positions within the capital stack, and different states.

Gartz is based in Texas and reports to Group Sales Manager, Steve Hansen. He brings extensive experience in growing middle market banking relationships, most recently serving as senior vice president, corporate banking with BBVA. Bassel is based in California and reports to Group Sales Manager, James (Jim) Farrell.

Ares Commercial Finance (“ACF”) announced that it has provided a $10 million senior secured multinational revolving line of credit to MicroStar International Holdings Corporation (“MicroStar”), a portfolio company of Freeman Spogli, for working capital purposes in support of the acquisition of Kegstar Holdings Pty Ltd (“Kegstar”). Kegstar, founded in Australia in 2012, engages in “keg pooling” and keg leasing services in Australia, the UK, and US.

ADC Therapeutics SA (NYSE: ADCT), a commercial-stage biotechnology company leading the development of novel antibody drug conjugates (ADCs) to treat hematological malignancies and solid tumors, today announced the receipt of the $50 million second tranche under its convertible credit facility with Deerfield Partners, L.P. and certain of its affiliates (collectively, Deerfield). Under the terms of the Facility Agreement dated April 24, 2020, Deerfield agreed to provide to the Company up to $115 million in financing consisting of two separate tranches.

Cimpress plc (Nasdaq: CMPR) has closed its previously announced $1.16 billion senior secured Term Loan B (the “Term Loan B”). In conjunction with this transaction, Cimpress redeemed all of the $300 million aggregate principal amount of its 12% second lien notes due 2025, which it issued one year ago during the height of pandemic uncertainty. Additionally, Cimpress’ Term Loan A due 2024 has been repaid and terminated and Cimpress repaid all amounts drawn under its revolving credit facility.

Hayward Holdings, Inc. (NYSE: HAYW), a global designer, manufacturer and marketer of broad portfolio of pool equipment and associated automation systems, announced today that its indirect, wholly owned subsidiary Hayward Industries, Inc. (the “Company”) has successfully secured commitments for a senior secured term loan facility (“New Term Loan Facility”) in an aggregate principal amount of $1 billion.

KeyBank National Association was the Administrative Agent and KeyBanc Capital Markets, Inc., Capital One, National Association and Regions Capital Markets were Joint Lead Arrangers.

mCloud Technologies Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence ("AI") and analytics, is pleased to announce it has executed a commitment letter with ATB Financial ("ATB") for a $5 million secured operating line (the "ATB Facility"). Proceeds of the ATB Facility will be used to repay amounts owed by the Company to HSBC Bank Canada and for general working capital purposes.

Monroe Capital LLC (“Monroe”), Oak Hill Advisors L.P. (“OHA”) and Barclays Bank, PLC (“Barclays”), acting as administrative agent, announced the closing of a $325.0 million credit facility to support Vertical Bridge REIT, LLC’s (“Vertical Bridge”) merger with Eco-Site, LLC (“Eco-Site”) and the combined company’s future development of build-to-suit locations throughout the country.

These facilities comprise a five-year $2.5 billion sustainability-linked revolving credit facility, which matures in May 2026, and a nearly $1.2 billion sustainability-linked term loan A, which matures in October 2024. Crédit Agricole Corporate and Investment Bank (CIB) served as the sole sustainability structuring agent on both credit facilities.

Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced that Craig Farr will join the Firm as a Senior Partner to lead Apollo’s capital solutions activities. In this newly created role, Mr. Farr will spearhead Apollo’s centralized origination, structuring and distribution platform, reporting directly to Apollo Co-Presidents, Scott Kleinman and Jim Zelter.

Wingspire Capital announced today that it has provided a $95 million senior secured credit facility to Fox Racing, the global leader in motocross and mountain biking protective gear and apparel. The credit facility consists of a $35 million revolving line of credit and a $60 million term loan.