TSL Express Daily Articles & News

LBC Credit Partners ("LBC”) announced the final closing of LBC Credit Partners V, L.P. (“LBC V”), and a fund raised contemporaneously adding $808 million of equity commitments to the firm’s capital base. To date, LBC V has funded 28 investments and with LBC’s robust pipeline, the firm continues to evaluate many opportunities for the platform.

Humacyte, Inc., a clinical-stage biotechnology platform company developing universally implantable bioengineered human tissue at commercial scale, today announced the closing of a secured debt financing facility with Silicon Valley Bank for up to $50 million, of which the first $20 million was funded at closing.

Monroe Capital LLC today announced Jayro Yoo has joined the firm as Director based in Texas. Jayro will serve on the firm’s Marketing & Investor Relations team. Prior to Monroe, Jayro was a Vice President at DWS Asset Management where he focused on raising capital for DWS’s alternative investment platform.

Environmental, social and governance (ESG) issues pose higher credit risk to certain structured finance asset classes and certain global regions, with evolving regulations and shifting consumer demand exposing transactions to the potential for falling asset values or declining cash flow. According to a new report from Moody's Investors Service, structural features, short loan tenors and asset diversification help minimize ESG issues' credit negative effects on securitizations and covered bond deals.

Crestmark is pleased to announce that Rick Pierman has been named senior vice president, business unit president of the Crestmark Equipment Finance (CEF) business unit. Based in Troy, Pierman will report to division president, Christopher Soupal. Pierman previously held the role of senior vice president, strategic operations with CEF. In this new role, he is responsible for overseeing CEF’s equipment finance portfolio, succeeding Tom Rutherford, who remains with the company in support of division special projects.

A beverage company in Idaho has chosen TAB Bank for a $3 million revolving credit facility. The new facility is extended through a multi-year agreement and will provide the means to fund growth for the company. The company is a wholesaler of beverage products. In 2019, the company entered into a contract with a sizeable retail customer to serve their beverage products at all their locations nationwide.

Travelers Capital, a transitional capital financing initiative from Travelers Financial Group designed to support small and mid-market businesses that operate in asset-intensive industries, announced today its alliance with Ritchie Bros., a leading global provider of asset management, valuation, and disposition solutions.

Middle market private companies in the Golub Capital Altman Index experienced year-over-year earnings growth of 16.3% and revenue growth of 3.2% during the first two months of the first quarter of 2021. This compares to year-over-year earnings growth of 14.9% and revenue growth of 2.9% in the fourth quarter of 2020. This is the last comparison of post-Covid profit performance to a completely pre-Covid period, and the growth rate demonstrates very meaningful economic strength in the U.S. middle market.

Runway Growth funded seven loans during the first quarter ended March 31, 2021, including two investments in new portfolio companies and five follow-on investments in existing portfolio companies. These included a $25 million senior secured term loan commitment to Allurion Technologies, Inc.; $20 million senior secured term loan commitment to Bombora, Inc.; $15 million additional funding to existing portfolio company Vero Biotech LLC and $3.3 million advance to four existing portfolio companies.

L Catterton, the largest global consumer-focused private equity firm, today announced that it has entered into a definitive agreement under which L Catterton will acquire a controlling interest in West Marine (the "Company"), the nation's leading omni-channel platform in the marine aftermarket, from Monomoy Capital Partners. Terms of the transaction were not disclosed.

Cross River, a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider, today announced that it is powering SeedFi’s new Credit Builder and Borrow & Grow Plans through its banking and technology platform, as well as providing debt financing through its Strategic Direct Lending Group.

According to the survey, which was conducted from February 22 to March 12, less than a majority (41%) of respondents expect strong economic growth (real GDP > 4%) this year, yet 70% said that the effects of Federal Reserve policy actions and benign credit market conditions will dampen default and restructuring activity for up to one year. Despite this, only 25% of respondents expect loan default and workout activity will be sharply lower this year, with most expecting such activity to be robust or above average in 2021.

Navios Maritime Acquisition Corporation (“Navios Acquisition” or the “Borrower”) (NYSE: NNA), an owner and operator of tanker vessels, announced that Navios Acquisition entered into a secured loan agreement with a subsidiary of N Shipmanagement Acquisition Corp. (“Lender”), an entity affiliated with Navios Acquisition’s Chairman and Chief Executive Officer, for a loan of up to $100.0 million to be used for general corporate purposes (the “Loan”).

Stabilis Solutions, Inc. ("Stabilis" or the "Company") (OTCQX:SLNG), a leading provider of energy transition services including hydrogen and liquified natural gas ("LNG") fueling solutions, today announced that it has secured a $10 million credit facility that will be used to support the Company's working capital requirements. The credit facility is being provided by Ameristate Bank in conjunction with the U.S. Department of Agriculture's ("USDA") Business & Industry Loan Program. Ark-La-Tex Financial Consultants, L.L.C. acted as broker and consultant on the transaction.

Car Capital, an automotive FinTech company, has closed a $20 million credit line with Medalist Partners. This transaction gives Car Capital access to capital to expand their business, fund deals, and ultimately get consumers into cars. Car Capital's proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALSSM) allows franchise and independent dealers to make 24/7 immediate auto loan decisions for 100% of their customers.

CVB Financial Corp. (“CVBF”), the holding company for Citizens Business Bank (“CBB”), is pleased to announce the appointment of Brian T. Mauntel as the President of CBB, effective April 26, 2021. In his new position, Mr. Mauntel will be responsible for overseeing the Bank’s 57 business financial centers, specialty lending groups including Dairy & Livestock and Agribusiness, sales support groups, and our wealth management division, CitizensTrust.

NXT Capital announced today that it provided a senior credit facility in support of Wind Point Partners’ acquisition of Zone Mechanical. NXT Capital acted as the sole lead arranger and bookrunner on this transaction. Zone Mechanical is one of the largest providers of commercial and industrial refrigeration installation and maintenance services to customers in Illinois, Wisconsin, Michigan and Indiana.

Hitachi Business Finance has announced that Heather Rachel has joined their business development team, where she will focus her efforts on supporting business owners and trusted advisors across the United States. Based in the greater Minneapolis area, Rachel will assist growing businesses with efficient access to working capital.

SG Credit Partners announced it provided $1 million for a privately-held family investment vehicle. SG was able to underwrite this transaction by taking a holistic approach toward the Guarantors’ personal financial profile, and not restricting leverage solely to the subject property.

Gateway Trade Funding provided Maéstro Watch Co., a Canadian-based watch company, with a $500,000 purchase order facility that allowed them to take on the new client faster than most other financing sources would have. Gateway understood and identified their current and future needs, assuring that Maéstro will have financing available if needed moving forward, which exceeded their goals. Knowing this makes new business acquisition easier for Maéstro.