TSL Express Daily Articles & News

Associated Bank has announced the completion of a $12,255,100 term loan for VK Industrial V, LP, an affiliate of Venture One Real Estate, for the acquisition of a Chicago-area logistics portfolio and billboard site. The portfolio includes four bus terminal sites and a separate billboard site. The properties are located in the Central DuPage and Fox Valley industrial submarkets of Chicago.

Horizon Technology Finance Management LLC ("Horizon"), a registered investment advisor that underwrites and manages secured loans made to companies in the technology, life science, healthcare information and services, and sustainability industries, and the manager and advisor for Horizon Technology Finance Corporation (NASDAQ: HRZN), announced today that on March 4, 2021 it entered into an agreement with Waterfall Asset Management, LLC ("Waterfall") to originate and manage a venture debt portfolio. Horizon will originate and manage an initial commitment of $100 million, with the potential to increase to $300 million over time.

Crestmark secured a total of $9,715,246 in ABL financial solutions for six new clients; Crestmark Equipment Finance provided $7,543,149 in four new lease transactions; and Crestmark Vendor Finance provided $4,928,905 in 55 new lease transactions.

CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided financing for construction of a new 730,000-square-foot logistics center and campus in North Las Vegas, Nevada. Construction on the SunPoint West facility is expected to begin in April and conclude in approximately 12 months. The campus is located near Interstate 15 in North Las Vegas, well-known as an attractive area for shipping and logistics centers.

Based in the firm’s Kent offices, Steven Edwards is a licenced insolvency practitioner with more than 20 years of experience in corporate recovery and turnaround working with a variety of owner managed business and non-profit clients. He works closely with banks, asset based lenders, accountants and solicitors, providing advice to companies under financial stress.

Matrix Capital Markets Group Inc., an independent investment bank has made two promotions and a new hire to the downstream energy and convenience retail investment banking group. John T. Mickelinc has been promoted to associate. Michael J. Tucker, CFA, has been promoted to senior analyst. Matrix has also added James P. Mickelinc, analyst, as a member of the downstream energy and convenience retail investment banking group.

Angel Oak Commercial Lending, LLC (“Angel Oak”), a specialty finance company committed to meeting the underserved financing needs of commercial real estate owners, developers and investors, announces the hiring of David Pike as managing director and Bob Forsythe as senior managing director. Both began work in early March and report to co-Presidents Nik Chillar and Rick Gallitto.

Neiman Marcus Holding Company, Inc. today announced the completed refinancing of a substantial portion of its exit facilities with an aggregate principal amount of $1.1 billion of new 7.125% senior secured notes due 2026 issued by NMG Holding Company, Inc., a Delaware corporation, and The Neiman Marcus Group LLC, a Delaware limited liability company. The transaction, initially sized at $1 billion, was increased to $1.1 billion in response to demand from institutional investors.

Hertz Global Holdings, Inc. (OTCPK:HTZGQ) ("Hertz" or the "Company") announced today that it has made all of the required court filings in its Chapter 11 case needed to continue the process it initiated at the beginning of March 2021 to exit Chapter 11 in June 2021. White & Case LLP is serving as legal advisor, Moelis & Co. is serving as investment banker, and FTI Consulting is serving as financial advisor.

KKR, a leading global investment firm, today announced the appointments of two Managing Directors in the firm’s global private credit team who will focus on sourcing investment opportunities in the specialty lending and private asset-based finance (“ABF”) markets. Jim Lees and Vaibhav Piplapure (“VP”) join the firm as Managing Directors based in New York and London, respectively.

LSQ, a leading provider of technology-driven working capital solutions, announced that the company originated an additional $3 million facility for an existing textile manufacturing client in Tennessee. The client, an owner of another subsidiary, immediately needed to replace their existing asset-based lending facility. Their incumbent lender had asked them to exit and find a new lender for working capital due to deteriorating financial performance.

Old Hill Partners has increased its committed credit facility to ByzFunder NY, a New York-based provider of working capital solutions in the form of merchant cash advances, to $12 million. The commitment increase will further accelerate the growth of the company and allow it to expand into additional credit tiers.

Incremental commitments were provided by a syndicate of banks arranged by Wells Fargo, N.A., including Bank of America N.A., U.S. Bank N.A., PNC Bank, N.A., Bank of the West, and Northern Trust, N.A.

NuBridge Commercial Lending LLC, a small-balance commercial bridge lender, announced today its completion of a new senior secured revolving credit facility with Cadence Business Finance, a division of Cadence Bank. The initial size of this 36-month committed credit facility is $20 million and is expected to grow to at least $50 million.

White Oak Healthcare Finance, LLC (“White Oak”) announced today that it acted as sole lender and administrative agent on the funding of a senior credit facility for ViaQuest Holdings, Ltd. and affiliates (“ViaQuest”) to support the acquisition by Council Capital, a Nashville based private equity fund. ViaQuest is a provider of services for individuals with intellectual and development disabilities (“I/DD”), hospice services, and other behavioral health services to individuals.

Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Telestream in its acquisition of Masstech. Telestream, a portfolio company of Genstar Capital, is a vertical market software business focused on the video space and is a global leader in media workflow orchestration, media streaming and delivery technologies.

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 $23 million credit facility for Nova Compression, LLC (a successor company to MGC Equipment Company, LLC). Founded in December 2010 and headquartered in Kilgore, Texas, Nova Compression supports clients in Louisiana and Texas with equipment rentals, installation, maintenance and repair of gas compressors.

Alterna Capital Solutions (Alterna) announced today the addition of Roger Allen, a veteran of specialty and alternative financing in the SME market. Alterna founder and president, Stan Carpenter, welcomes Allen as chief operating officer as they reunite following assignments together successfully building and growing trusted long-term relationships with bank partners and small-business owners.

AeroCentury Corp. (the “Company”) today announced it and certain of its subsidiaries commenced a voluntary case (the “Chapter 11 Case”) under chapter 11 of title 11 of the United States Code (“Chapter 11”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). Morrison & Foerster LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal advisor, and B Riley Securities, Inc. is serving as financial advisor and investment banker.

Navacord Corp., one of Canada’s largest insurance brokerage firms and fastest growing multi-line brokers, today announced that it has completed a C$1.05 billion financing. The transaction provides Navacord with increased capacity to continue pursuing M&A transactions and other strategic growth initiatives. TD Securities is acting as administrative agent on the revolving credit facility and first lien term loan and Bank of Montreal is acting as administrative agent on the second lien term loan.