TSL Express Daily Articles & News

eCapital Commercial Finance (“eCapital”), a division of eCapital Corp., a leading North American alternative finance provider for small and medium-sized businesses, today announced the issuance of a $750,000 factoring facility to an industrial staffing service provider.

“During the height of pandemic-related uncertainty last year, we suspended the financial maintenance covenants associated with our senior secured bank debt to provide flexibility to navigate the pandemic,” said Sean Quinn, executive vice president and chief financial officer. “That flexibility came at the price of taking on expensive second lien debt. We have since proven our ability to deliver solid profits and cash flow despite the significant impact of the pandemic."

Greystone, a leading national commercial real estate finance company, announced that Jeff Pirhalla has joined as a Director for the firm’s Agency lending platform. In this role, Mr. Pirhalla will focus on bank correspondent and lending relationships intended to drive volume for Greystone’s industry-leading small loans and overall Agency lending platforms. Mr. Pirhalla comes to Greystone after five years at CBRE, where he founded the Wholesale and Bank Correspondent Lending divisions.

Medical Equipment Manufacturer secured a new $195 million revolving credit facility from Global Private Equity Partners. Effective immediately, the new credit facility replaced the Company’s existing $70 million credit facility which was comprised of five term loans. Terms of the new senior secured credit facility include a ten-year term, no amortization, and an Adjusted LIBOR Rate plus an interest rate range based on market conditions, and the Company’s Total Leverage Ratio as defined in the Credit Agreement.

Goodfood Market Corp. (“Goodfood'' or “the Company”), a leading online grocery company in Canada, announced the expansion of its credit financing by $21 million for total credit facilities of $67 million, including the upsize of its revolving credit facility by $15 million to reach $42.5 million, and $6 million in additional short-term financing. The financing transaction sees the Canadian Imperial Bank of Commerce join Desjardins Capital Markets and Investissement Québec as part of the syndicate.

John Thompson was recently named United Community Bank’s middle market and asset-based lending division manager. He has more than 25 years of banking experience. He has served as a middle market relationship manager for United since 2011.

Blank Rome LLP is pleased to announce that Anthony (“Tony”) R. Callobre has joined the firm as a partner in its Finance, Restructuring, and Bankruptcy practice group and Financial Services industry group in the Los Angeles office. Tony represents lenders and borrowers in commercial loan transactions, with a particular focus on asset-based lending and fund finance. He joins Blank Rome from Buchalter where he was a shareholder.

Stenn International has closed a seven-figure trade receivables finance program for a trading company based in Canada that sources seafood from the Asia-Pacific region. This financing program is being used to free up working capital to support sales expansion during the coronavirus outbreak. With stay-at-home guidelines in place, people are stocking up on supplies and eating more at home. Large and small grocers alike have seen a spike in demand.

Western Alliance Bancorporation (“Western Alliance”) (NYSE: WAL) today announced the execution of a definitive agreement to acquire Aris Mortgage Holding Company, LLC, the parent company of AmeriHome Mortgage Company, LLC (“AmeriHome”) for an estimated purchase price of $1.0 billion in cash, subject to adjustments at closing. AmeriHome brings a B2B approach to the mortgage ecosystem through its relationships with over 700 independent correspondent mortgage originator clients, including independent mortgage bankers, community and regional banks, and credit unions of all sizes.

Encina Lender Finance, LLC (“ELF”) announced today that it has provided an inaugural senior credit facility to Doc2Doc Lending, Inc., which is a consumer lending platform focused on doctors. The facility will be used by Doc2Doc to further scale its origination of new loan volume.

Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced the closing of a 144a privately-placed term asset-backed security (ABS) transaction (the 2021-1 transaction). The $327,821,000 financing was placed with a broad group of fixed income investors, representing 23 unique institutions. Wells Fargo Securities served as Structuring Agent and Lead Bookrunner for the placement. The financing contracts supporting the security consist of a diverse pool of CCG’s customer contract originations in the construction, fleet transportation, manufacturing and waste equipment industries.

Citizens M&A Advisory announced today that it served as the exclusive M&A advisor to Bionix Development Corporation on its recapitalization by Argosy Private Equity. Bionix, headquartered in Toledo, Ohio, is a leading developer of innovative healthcare products for single-use ear, nasal and wound care applications, among others. Co-founded in 1984 by Drew Milligan, Ph.D., and Jim Huttner, M.D., Ph.D., Bionix produces its products in the United States and is trusted by physicians throughout the care continuum for developing premium products that set innovation, quality and performance standards.

Kevin Gooch has joined Holland & Knight's Atlanta office as a partner in the firm's Financial Services Practice Group. Mr. Gooch represents financial institutions, corporate borrowers and private equity funds in complex finance and restructuring transactions. He previously was a partner at DLA Piper LLP (US).

Compute North, an industry leader in economical, large-scale computing infrastructure and cryptocurrency mining, announced this week that it has closed its next growth capital round of $25 million in debt financing and equity to expand capacity and enable further growth. With more than 920 PH/s under management, the company expects to see that nearly double with the upcoming development.

Otterbourg P.C. announced today that Erik B. Weinick and Chad B. Simon have been promoted to Members of the firm. A member of Otterbourg’s Bankruptcy and Litigation Groups, Mr. Weinick is also co-founder of the firm’s Privacy & Cybersecurity practice. He has represented a wide range of commercial and financial firms, entrepreneurs, individuals, as well as domestic and foreign government agencies before regulators, state and federal courts, and alternative dispute resolution tribunals.

Strategic Venue Partners (SVP), the leading provider of in-building wireless connectivity-as-a-service, has successfully closed a new Senior Secured Credit Facility with TD Securities as lead left arranger and bookrunner on the financing. The facility will be used to fund future wireless infrastructure development with new and existing venue customers. The new commercial lending facility closed on Jan. 26, 2021.

Ares Management Corporation (NYSE: ARES) is providing details on certain new financing commitments made across its U.S. direct lending strategies. Funds managed by Ares Management Corporation’s Credit Group (collectively “Ares”) closed approximately $7.3 billion in commitments across 68 transactions during the fourth quarter and approximately $13.7 billion in commitments across 163 transactions for the full year 2020.

White Oak Commercial Finance ("White Oak") is pleased to announce the hiring of Fridolf Hanson as a Managing Director and Business Development Officer of its expanded ABL and Lender Finance platform. This is one of three new senior BDO positions created to join the existing five-member Originations team, which focuses on sourcing transactions with committed capital needs ranging from $15 - $250 million. He will report to Vice Chairman, Andrew McGhee.

First Horizon Business Credit, the ABL Division of First Horizon Bank, provided a $35MM Line of Credit to Standard Premium Finance Management Corporation, a Florida-based premium finance company. The Facility is secured by accounts receivable and offers the Company additional flexibility for its ongoing growth.

Glenn Thomas, president of Pathway Capital Corp., announced that his firm closed a $7 million senior secured revolving credit facility to a regional trucking and warehousing company in northern New Jersey. Pathway acted as the sole arranger. The revolving line of credit is collateralized by accounts receivable and inventory, and is being used by the logistics company to finance its ongoing working capital needs.