TSL Express Daily Articles & News

Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) announced today the finalization of a new $ 127.5 million, four-year financing arrangement, which includes an $80.0 million asset-backed revolving credit facility and $47.5 million term loan due April 2025. The financing was led by Wells Fargo Bank. In accordance with the terms of the financing agreement, the proceeds may be used for general corporate purposes and the Company may prepay amounts borrowed under the asset-backed revolving credit facility at any time without premium or penalty.

Flatbay Capital LLC (“Flatbay”) (www.flatbaycapital.com) is pleased to announce that industry veteran, Jorge Puig (formerly at Bank of America) has joined Flatbay Capital as a Managing Partner. Jorge will join the firm’s credit committee, manage part of the business development team, and collaborate with founder Elliot Smith on expanding the firm's bank relationships.

SG was able to get comfortable with the transaction due to the Company’s strong management team, blue chip customer base, enterprise value, and its supportive cap table. SG provided a $2MM senior secured facility with an interest-only period and modest amortization to payoff the bank and support the Company’s ARR growth with non-dilutive capital.

Triumph Business Capital, a member of the Triumph Bancorp, Inc. (Nasdaq: TBK) group and provider of working capital financing solutions to small and medium-sized business, announced today the appointment of Amber Roy as chief operating officer. Roy will report to its chief executive officer, Geoff Brenner.

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the elevation of Jacqueline Reyes to senior vice president, Bank Secrecy Act (BSA)/Anti-Money Laundering (AML)/Office of Foreign Assets Control (OFAC) officer at Peapack-Gladstone Bank.

SierraConstellation Partners (SCP), a national interim management and advisory firm to middle-market companies in transition, has hired Jim Peters, a trusted advisor to CEOs, boards and management teams for over three decades, as a Managing Director to lead the firm’s newly-formed Performance Improvement practice.

The Market Concern Loans total declined for the 12th straight month and is now off 22% from the April peak, but still up 16% from pre-pandemic levels. The current $200.9 billion total, the lowest amount since February 2020, is heavily concentrated in the Other Market At-Risk Loan Issuers at 43%, and Tier 2 Market Concern Loans at 39%. Fitch's Top Market Concern Loans list stands at $37 billion, falling 47% from the April highs.

Regions Capital Markets, a division of Regions Bank, acted as Lead Arranger and sole Administrative Agent in connection with the incremental senior secured credit facility, and Citizens Bank, N.A. and Truist Securities, Inc. acted as Joint Lead Arrangers on the credit agreement expansion.

exactEarth Ltd. ("the Company") (TSX: XCT), a leading provider of Satellite-AIS data services announces that it has entered into a new credit facility ("Credit Facility") that provides for a $6 million secured revolving operating line with National Bank of Canada's ("NBC") Technology and Innovation Banking Group. The Credit Facility is undrawn as of today's date.

J D Factors announces it has provided the following factoring facilities: $150,000 to a transportation company in California; $200,000 to a transportation company in Pennsylvania; $100,000 to a transportation company in British Columbia and $75,000 to a textile manufacturing company in Tennessee.

Calum Willamson, Sallyport Managing Director states; “We worked with the prospect and their incumbent back to agree a way forward that allowed Sallyport to inject new working capital going forward, helping the turnaround of this healthy snack company in Western Canada. We look forward to helping the business thrive and grow going forward.”

New team members represent several departments spanning the organization and include the following people in alphabetical order: Jeffrey Allen, Robert Geary, Anthony “AJ” Giertych, Demostenes Gonzalez, Karen Houser, Kathryn LeConey, Jessica Link, Naushin Mehdi. Michael P. Morris, Yafreisi Olivo-Arredondo, Trevor Smith, Denise Steinberger, Mitchell Tobak and James Weyand.

IDS, a leading provider of enterprise mission-critical solutions for secured finance announced today the Metropolitan Capital Bank & Trust has selected IDS ABL to support their small to medium business customers access to working capital through an easy to use technology platform. The selection of IDS ABL (formerly Stucky ABLM) aligns with the bank’s strategic focus to support their customers through innovative finance solutions supported by best-in-class technology.

Lighthouse Financial Corp. is pleased to announce the completion of a $5,000,000 credit facility for a Florida-based importer and distributor of premium quality, responsibly-sourced crab meat. For over 25 years, the company has proudly worked to improve oceans and fishing communities with an eye towards sustainability while providing exceptional service to their customer base.

The facility will primarily be used to provide letters of credit to support both existing and upcoming security requirements associated with new project interconnections and power purchase agreements for Scout's growing pipeline of renewable energy projects. With KeyBanc Capital Markets as Coordinating Lead Arranger, along with Rabobank and Wells Fargo, each Joint Lead Arrangers, the corporate credit facility also offers the ability to upsize to $85 million in the future.

On Monday, April 19, SFNet and its members met with Rep. Dan Meuser (R-PA), a member of the House Small Business Committee, to educate him about the secured lending industry as well as discuss specific concerns of SFNet around the Economic Injury Disaster Loan program (EIDL) at the Small Business Administration (SBA).

Phibro Animal Health Corporation (NASDAQ:PAHC) announced today that on April 22, 2021, the Company entered into an amended and restated credit agreement jointly arranged by BofA Securities, Inc. and Coöperatieve Rabobank U.A., with Bank of America, N.A. acting as Administrative Agent.

Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today several management appointments, promotions and transitions, all of which will address its progress to date and future growth and initiatives. After 21 years of dedicated service, Mark Sigona, Senior Executive Vice President and Chief Operating Officer, announced his retirement, effective June 30, 2021. Sigona, a founding member of the executive management team, joined as Senior Vice President and Chief Financial Officer. He served in this capacity until 2004 at which time he was appointed COO.

Victory Park Capital (“VPC”), a global alternative investment firm, and investment manager of VPC Specialty Lending Investments PLC (LON: VSL) (“VSL”), today announced the closing of a $200 million credit facility with Massachusetts Mutual Life Insurance Company (“MassMutual”) to finance VSL’s growth initiatives.

As Senior Director, Mr. Annapareddy will focus on originating, executing, and managing investment opportunities to finance buyouts, recapitalizations, and growth initiatives for sponsored and non-sponsored companies in the healthcare services industry.