TSL Express Daily Articles & News

Wells Fargo Corporate & Investment Banking (CIB), a division of Wells Fargo & Company (NYSE: WFC), today announced that it has appointed Geneviève Piché to lead Banking Environmental, Social, and Governance (ESG) Solutions. In this newly created role, Piché will drive a cohesive approach to meet accelerated demand for ESG products in the Corporate and Investment Bank, spanning debt capital markets, equity capital markets, public finance, lending, M&A advisory, cash management products, and liquidity.

Facing a major cash crunch, MobiTV has filed for voluntary Chapter 11 bankruptcy and the pursuit of a process that could result in the pay-TV tech vendor selling most of its assets. MobiTV said it has secured some critical financing to facilitate the restructuring along with assurances that its customers, which include T-Mobile and dozens of small and midsized cable operators, will continue to be served as the process plays out

Ruby Tuesday, the iconic bar-and-grill chain, has emerged from federal bankruptcy protection with less debt and a lot fewer restaurants. The Maryville, TN-based chain, whose decline over the past 15 years has been a symbolic demonstration of the challenges faced by ’80s-era, mall-focused casual-dining restaurants, has 209 locations after the bankruptcy process allowed the company to shed leases and close restaurants.

Credit risk for those U.S. banks and non-bank entities active in corporate lending is rising, as seen in the shared national credit (SNC) regulatory report released on Feb. 22, with “non-pass” loans increasing to 12.4% of SNC-reported commitments at 3Q20 from 6.9% a year before. However, while criticized loans increased as a result of the pandemic-induced economic fallout and lender exposure to affected industries, they remain well below the 2009 peak of 22%. Credit risks to U.S. banks appear manageable over the near to medium term, thanks in part to their primary focus on investment-grade lending exposure, as well as fiscal support measures and the corresponding and rapid growth of loan loss reserves, Fitch Ratings says.

Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a $9 million venture loan facility to Primary Kids, Inc. ("Primary"), of which $6 million has been initially funded.

White Oak Commercial Finance ("White Oak"), an affiliate of White Oak Global Advisors, is pleased to welcome Robert Mocerino as Senior Vice President, Managing Director of Staffing and Government Originations. He will be based in New York with national coverage responsibilities reporting to Bob Grbic, President & CEO of White Oak Commercial Finance.

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.

Tiger Group will begin accepting bids on March 2 for a March 9 online auction of heavy equipment, paving equipment, trucks, trailers, and tools from one of the largest paving contractors in the Northeast: Advanced Pavement Group (APG). The assets are located at the company’s sites in New Castle, Del.; Downingtown, Pa.; Millville, N.J.; and Islip, N.Y.

Ares Commercial Finance (“ACF”) announced that it has provided a $100 million senior secured revolving line of credit to support the acquisition of Easton Diamond Sports, LLC (“Easton”) by Rawlings Sporting Goods, Inc. (“Rawlings”), a portfolio company of Seidler Equity Partners. Rawlings and Easton are leading global brands and manufacturers of premium baseball and softball equipment, including bats, gloves, balls, and protective gear.

Broadmark Realty Capital Inc. (NYSE: BRMK) (the “Company”), an internally managed secured real estate finance company, today announced that the Company has obtained a new $135 million secured revolving credit facility with a three-year term. JPMorgan Chase Bank, N.A. acted as administrative agent for the lending group, which included Barclays Bank PLC, Axos Bank, VNB New York, LLC and China CITIC Bank International Limited.

Atlas Technical Consultants, Inc., a leading provider of professional testing, inspection, engineering, environmental, and consulting services, announced today a significant recapitalization and simplification of the Company’s capital structure. The Company has replaced its current debt and preferred equity agreements with a new, more economically favorable term loan credit agreement funded by funds and accounts managed or advised by Blackstone Credit or its affiliates, consisting of $432 million of long-term debt maturing in 2028 and a $75 million committed delayed draw term loan

Titan International, Inc. (NYSE: TWI) today announced the completion of an amendment to its domestic credit facility. On February 25, 2021, the Company amended and extended the Credit and Security Agreement (the Agreement), dated as of February 17, 2017 (as amended), with agent BMO Harris Bank N.A. and other financial institutions with respect to its $125 million revolving credit facility (the Credit Facility).

Mitsubishi UFJ Financial Group (MUFG) announced today the hiring of two managing directors for its leveraged finance platform: Todd Bondy will serve as Head of High-Yield Trading, and Ryan Munro will serve as Head of Leveraged Syndicate. Both will be based in New York and are scheduled to join the firm in April.

Crestmark secured a total of $29,940,115 in ABL financial solutions for 15 new clients; Crestmark Equipment Finance provided $21,737,910 in 14 new lease transactions; Crestmark Vendor Finance provided $4,717,776 in 50 new lease transactions; the Joint Ventures group provided $3,788,960 in one new transaction; and the Government Guaranteed Lending group provided $12,540,200 in financing for four new clients in late January to early February.

Monroe Capital LLC (“Monroe” or “Sponsor”) announced it has sponsored MCAP Acquisition Corporation (the “Company” or “MCAP”), a special purpose acquisition company (“SPAC”). This is the third SPAC Monroe has participated as a sponsor investor. In 2018, Monroe co-sponsored Thunder Bridge Acquisition, Ltd. and supported its successful business combination with Repay Holdings Corporation (NASDAQ: RPAY). In 2019, Monroe co-sponsored Thunder Bridge Acquisition, Ltd. II, which has entered into a definitive merger agreement with indie Semiconductor.

J D Factors announced it has provided the following factoring facilities: $250,000 to a transportation company in Illinois; $250,000 to a transportation company in Georgia; $200,000 to a transportation company in Florida; $250,000 to a transportation company in Texas...

Broadmark Realty Capital Inc. (NYSE: BRMK) (the “Company”), an internally managed secured real estate finance company, today announced that the Company has obtained a new $135 million secured revolving credit facility with a three-year term. JPMorgan Chase Bank, N.A. acted as administrative agent for the lending group, which included Barclays Bank PLC, Axos Bank, VNB New York, LLC and China CITIC Bank International Limited.

Old Hill provided $5.1 million in the form of a senior secured drawdown facility to a company that acquires and leases standard 40’ shipping containers. Its lessees include shippers with trade routes in Asia and the Middle East. Leasing and container management services are provided to the borrower by managers in Hong Kong and Singapore. Security for the facility consists of the new containers, the leases, receivables from the leases, a stock pledge of the borrower, and guarantees.

Bridge Bank today announced it has extended a $12,000,000 credit facility to Ellevation, a cloud-based software platform serving nearly 1,000 school districts and supporting more than 1.5 million students across the country. Ellevation focuses specifically on supporting the fastest-growing population of K-12 students, English language learners by helping school districts manage their English language programs through a compliance, data and instructional planning platform, providing resources to build teacher capacity and student-facing programs to teach academic language.