TSL Express Daily Articles & News

Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $7.0 million credit facility to Winc, Inc., an online winery and wine club. In addition to the financing, Winc utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.

Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its February 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. February experienced the lowest number of new monthly bankruptcy filings across all chapters, with only 31,188 filings, since February 2006 (26,617 filings). The continued slide represents a decrease of 3% over January 2021 filings and a 45% decrease over February 2020 filings, where there were 56,209 new cases.

Monroe Capital LLC ("Monroe" or the "Firm"), a leading middle market private credit investment manager with approximately $10 billion in assets under management, today announced that it has sold a passive minority equity stake to Bonaccord Capital Partners (“Bonaccord”), a division of Aberdeen Standard Investments (“ASI”). Terms of the investment were not disclosed.

Hertz Global Holdings Inc. received a bid from Knighthead Capital Management and Certares Management to purchase the rental-car company out of bankruptcy for as much as $4.2 billion, according to court documents.

Stonebriar Commercial Finance (“Stonebriar”), a large-ticket independent diversified commercial finance and leasing company, announced that it has closed its eighth asset-backed securitization (“ABS”), SCFET 2021-1. The ABS issuance is secured by a portfolio of commercial equipment loans and leases, with an aggregate discounted contract balance of over $1 billion with 64 obligors, and a weighted average IRR of 8.24%. The top tranches earned the highest possible short-term and long-term ratings from Moody’s Investors Service (“Moody’s”) and Kroll Bond Ratings Inc. (“Kroll”).

Greystone, a leading national commercial real estate finance company, announced that David E. Friedman has joined as a Senior Managing Director and Head of Institutional Lending to lead a strategic build-out and take-to-market execution of the firm’s new institutional lending platform.

KTC was contacted by a referral partner who was hired to seek capital for a New York based apparel brand in need of capital to fund its’ growing inventory need to fulfill growing sales. KTC was able to quickly assess the Client’s in-house pre-sold inventory and their supply chain finance needs and KTC offered a full trade cycle finance solution to help the Client execute upon the doubling their sales in 2021.

Paper Source, which sells greeting cards, paper goods and custom invitations, filed for Chapter 11 bankruptcy protection on Tuesday after sales plummeted due to the pandemic. The move marks a reversal for a company that was expanding as recently as a year ago, having acquired some from its liquidating rival Papyrus right before COVID-19 hit. It also marks another setback for the greeting card industry, which has been slumping in recent years amid the rise of digital competition.

Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the maturity date applicable to the Company's credit facility has been extended to April 30, 2021 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before April 30, 2021.

Fourth Quarter 2020 Financial Highlights: Paid quarterly dividend of $0.25 per share; Current annual cash dividend yield to shareholders of approximately 10.5%1; Shares trading at a Price to NAV of 0.86x2; Net investment income of $5.3 million, or $0.25 per share...

Context Business Lending, LLC ("CBL") a family office-backed leading, national asset-based lender becoming increasingly well known for disrupting non-bank Asset Based Lending ("ABL") industry, announced today the launch of its official E-Commerce Division. With online retail sales skyrocketing as a result of the Pandemic, many E-commerce companies and distribution centers have found themselves without viable working capital solutions to help facilitate that growth. CBL has designed an offering to specifically address the needs of E-Commerce companies.

Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $1.25 million purchase order finance facility to support the production financing requirements of a New York-based importer and distributor of kitchen and cookware products.

DLL, global asset finance company for equipment and technology, has partnered with Winnebago Industries, manufacturer of outdoor lifestyle products used primarily in leisure travel and outdoor recreation activities. Dealers of Winnebago, Grand Design and Newmar recreational vehicle branded product will now have the benefit and option of financing floorplan and inventory purchases with a DLL line of credit, anywhere in North America.

Mitsubishi UFJ Financial Group (MUFG) is announcing today that it has acted as a structuring lead on Starwood Property Trust Inc.'s first project finance collateralized loan obligation (CLO) – STWD 2021-SIF1. The deal also represents MUFG's first structuring lead mandate on a project finance CLO backed by a pool of $500 million project finance and corporate infrastructure loans secured primarily by long-term, critical, core infrastructure projects. STWD 2021-SIF1 was designed to optimize Starwood's portfolio management strategy while leveraging MUFG's experience and deep technical expertise in project finance loans.

CVG (NASDAQ: CVGI), announced that effective today, it has amended its $90.0 million asset-based Revolving Credit Facility (the "ABL Facility") with Bank of America, N.A., as agent, and certain financial institutions as lenders, extending its maturity date to March 1, 2026.

Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Walker Magnetics Group, Inc. (“Walker Magnetics” or the “Company”) to Industrial Magnetics, Inc. (“IMI”), a portfolio company of DNS Capital, LLC (“DNS”). Prior to the sale, Walker Magnetics was owned by Alliance Holdings, Inc. (“Alliance Holdings”), a private investment firm based in Horsham, PA.

BOK Financial has named Stacy Kymes Chief Operating Officer with responsibility for all revenue-generating divisions. Kymes, who has been with the company for almost 25 years, previously served as executive vice president over all specialized banking areas, including energy, commercial real estate, healthcare, treasury services and TransFund.

Sandra Whalen has joined WSFS Institutional Services®, a division of WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), as Senior Vice President, Business Development Officer. Reporting to WSFS’ Executive Vice President and Chief Wealth Officer Arthur J. Bacci, Whalen’s primary focus is to strengthen and grow client relationships, help develop new products and work closely with the Corporate Trust team.

FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Miriam Wrobel as a Senior Managing Director in the Power & Renewables practice within the Corporate Finance & Restructuring segment at FTI Consulting, enhancing the firm’s clean energy strategic advisory offerings for clients throughout the deal lifecycle.

The client is a Hawaiian-based loungewear company. With the unprecedented explosion of people working from home precipitated by the pandemic, workers are retiring their suits for something more comfortable to weather uncomfortable times. While many in the apparel industry experienced drastic reductions in sales volume, the popular shift to loungewear has increased sales for at least this small segment of apparel wholesalers, including some others in similar categories like athletic apparel and gear.