TSL Express Daily Articles & News

Rosenthal & Rosenthal, Inc., a leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of five transactions last month that will help address working capital needs, mitigate risk and support growth opportunities for several of the firm’s clients across the Southeast. The transactions – three factoring deals, one asset-based lending deal and one purchase order financing transaction – demonstrate Rosenthal’s solution-based approach and breadth of funding options.

J D Factors announced it provided: $50,000 to a transportation company in Texas; $200,000 to a transportation company in Rhode Island; $100,000 to a transportation company in Manitoba; $100,000 to a transportation company in Quebec...

Commercial and specialty finance veterans Mark Seigel, Evan Nadler and Tony Liobis announce the launch of Crown Partners, an independent advisory firm specializing in $5 -$75 million senior credit facilities and loan products for US companies that are in need of incremental working capital, executing an acquisition, or undergoing a turnaround.

North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor providing small-ticket financing through its network of referral agents, announced today that it has restructured its working capital solution to make it more competitive with other, less cost-effective options on the market.

Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), today announced it has entered into a Banking as a Service agreement with BrightFi, a provider of cloud-based digital banking platform technology and services to regional and community banks and non-bank entities.

U.S. Bank today announced that John C. Stern has been named president of its Global Corporate Trust and Custody business within U.S. Bank Wealth Management and Investment Services. Stern, who currently serves as U.S. Bancorp Corporate Treasurer, will assume his role effective May 17, 2021. Stern is a 20-year veteran of U.S. Bank, and has steadily risen through the ranks in Corporate Treasury while building a record of leadership and success.

PNC Bank, N.A. today announced the appointment of Chris Hermann as the regional president and head of Corporate Banking for Wisconsin, effective April 12. In this role, he will lead the effort to provide customers and clients in the market with access to a full range of products and capabilities through PNC’s Main Street Bank model, in addition to delivering on the bank’s commitment to supporting local communities in Wisconsin.

Superior is also pleased to announce that its wholly-owned subsidiaries, Superior Plus LP, Superior General Partner Inc. and Superior Plus US Financing Inc., have completed an extension of their $750 million senior secured revolving credit facility (the “Credit Facility”) with The Bank of Nova Scotia and TD Securities as Co-Lead Arrangers, and a syndicate of ten lenders. The Credit Facility will now mature on May 8, 2026 and has been amended to reflect the release of certain obligors from its terms as a result of the Transaction.

Houston-based Cadence Bancorporation, parent company of Cadence Bank, announced Monday it would merge with BancorpSouth Bank in an all-stock transaction with a market value of more than $6 billion. According to a filing with the Securities and Exchange Commission, the combined entity would be the fifth-largest institution in Texas and the Southeast, with assets of around $44 billion.

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced it provided Worcester Envelope Company with an expanded credit facility, based upon the growth expected as Worcester becomes part of the performance driven marketing company Moore.

Pete Lowney, President – Asset-Based Lending at First Business Specialty Finance, LLC, a subsidiary of First Business Bank, announces a recently closed and funded $16 million revolving line of credit facility for a musical instrument retailer in Minnesota.

Genesis Energy, L.P (NYSE: GEL) announced today that it has successfully syndicated and closed on a refinancing of its existing revolving credit facility with $950 million in new commitments from existing lenders, including a new $650 million revolving credit facility and a $300 million Term Loan A, both due March 15, 2024. Proceeds from the Term Loan A will be used to repay an equivalent amount outstanding under the existing revolving facility.

Automotores Gildemeister Chile ("AG" or the "Company") today announced that it has commenced solicitation of its previously announced pre-packaged chapter 11 plan of reorganization (the "Plan"), which seeks to deleverage the Company's balance sheet by approximately $200 million while minimizing any impact on its day-to-day operations. The restructuring under the Plan will create a sustainable capital structure with less debt that will position the company for future success with brighter prospects and a greater ability to serve its customers for years to come.

Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA – today announced that it served as Administrative Agent and Sole Lead Arranger for senior secured credit facilities to support the refinance of LifeSpan Biosciences, Inc. (LSBio) by Thompson Street Capital Partners. Abacus also made an equity co-investment in LSBio.

Initially sideswiped by COVID-19 in early 2020, private credit markets began to bounce back by year’s end, leaving dealmakers optimistic that private credit might fully rebound in 2021. According to a new survey of 112 private credit industry professionals conducted in February, 91 percent of investors and 80 percent of lenders surveyed expect deal flow to increase this year and are optimistic about several deal categories and sectors.

Today, JPMorgan Chase Commercial Banking announced the new Green Economy specialized industry team, which will provide dedicated banking services and expertise to companies that produce environmentally-friendly goods and services or focus on environmental conservation. JPMorgan Chase Commercial Banking has named Brian Lehman as the Head of Green Economy. Lehman, who will build a dedicated team of bankers to serve the segment, has more than 20 years of client-facing experience and deep knowledge of sustainable finance.

Rothschild & Co is acting as lead financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to KPS and its affiliates. Barclays and UBS are also acting as financial advisors to KPS and its affiliates. Debt financing to support the transaction is being led by Barclays and Deutsche Bank along with BNP Paribas, Credit Suisse and UBS Investment Bank.

When a group of investors with industry experience found the opportunity to purchase a Midwest producer of high-quality fresh and frozen ground meat out of bankruptcy via a 363 sale, they turned to their community bank.

First Foundation Inc. (NASDAQ: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, announced today the promotion of Michael Berry to Senior Vice President, Director of Commercial Banking of First Foundation Bank.

Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the amendment of its revolving credit facility (the "Credit Facility"). The recently closed amendment provides an extension of the final maturity to April 2026. The total commitments of the Credit Facility increased from $780.0 million to $855.0 million while maintaining an expanded accordion feature that allows for an increase up to $1.2 billion of total commitments from new and existing lenders on the same terms and conditions as the existing commitments.