TSL Express Daily Articles & News

The continued acceleration in Chapter 11 filings is a clear sign that business owners should prepare for the pandemic’s impact to last longer than was originally planned, even as the COVID-19 vaccine becomes more available. Chapter 11 bankruptcy filings increased again in the fourth quarter, as seen in the newest Polsinelli-TrBK Distress Indices Report.

Pathway Capital Corp. has closed on a $3.5 million non-notification factoring facility for a startup specialty hauling company based outside of Houston, Texas. Pathway acted as sole arranger. The facility—which was vital to the company’s launch—provided a 90% advance on receivables purchased as well as 120-day terms on numerous accounts.

Cora, a provider of ethically sourced, organic, and innovative feminine hygiene products, and Gibraltar agreed on a $5 million asset-based line of credit based on accounts receivable and inventory. The inventory borrowing base includes finished goods and in-transit inventory with no inventory appraisal required which reflects the creativity of Gibraltar’s credit team. An accordion feature allows the facility to be increased to $7 million as warranted.

Armory Securities, LLC is pleased to announce that Uniformity Labs has completed a $38.35 million Series B financing round. Armory served as exclusive financial advisor and placement agent to Uniformity for the transaction. Uniformity is a leading additive manufacturing (AM) company that is revolutionizing industrial 3D printing processes with its breakthrough material and software solutions. The company’s patented technology enables significant cost savings, speed, and quality improvements across all mainstream AM printers.

TAB Bank is pleased to announce it has provided a $12 million asset-based credit facility for an aluminum extrusion manufacturing company based in Ohio. The facility is based on a multi-year agreement and will provide for the company’s ongoing working capital needs. The company produces a wide range of standard and custom designed aluminum extrusions in several grades of aluminum alloys and tempers.

Oil States International, Inc. (NYSE:OIS) announced today that it has entered into a new $125 million asset-based revolving credit agreement (the "Credit Agreement"). Wells Fargo Bank, National Association is the administrative agent for the Credit Agreement. In addition to Wells Fargo, lenders under the Credit Agreement include Bank of America, National Association, JPMorgan Chase Bank, N.A. and Royal Bank of Canada.

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.

CIBC Innovation Banking is pleased to announce a growth capital facility for Indianapolis-based Bloomerang, Inc. (“Bloomerang”). Bloomerang plans to use the capital for its recent acquisition of Nashville, TN-based Kindful, Inc. (“Kindful”), and to continue its growth momentum.

Ramp today announced $150 million in debt financing from Goldman Sachs to fuel growth for Ramp, a corporate card focused on helping businesses spend less money and automate their finances. Goldman Sachs Bank USA provided the credit line to Ramp. The news follows the appointment of Srinath Srinivasan as Head of Risk at Ramp last month. Srinivasan previously worked at Goldman Sachs and was deeply involved with developing credit underwriting for the Apple Card. Earlier this year, Nik Koblov also joined Ramp to lead Risk and Underwriting Engineering. Before joining Ramp, Koblov served as the VP of Engineering at Affirm and as a Vice President in Credit Technology at Goldman Sachs.

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as a co-lead arranger on a $93.3 million financing for a portfolio of six battery energy storage systems located in Texas. The battery energy storage systems (BESS) are owned by Key Capture Energy LLC, a leading developer, owner and operator of BESS projects in the United States, with an overall development pipeline of more than 2.5 gigawatts in New York, Texas and New England. Key Capture Energy is a portfolio company of sustainable real asset firm Vision Ridge Partners.

Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced it has provided $25.0 million of liquidity through a senior secured term facility to support a Michigan-based critical sole-source supplier of automotive products. The facility was used to refinance the company’s existing lender and will provide additional working capital and financial flexibility to support the Company’s continued growth.

Citizens M&A Advisory served as the exclusive financial advisor to Thought Logic Consulting, a leading business and technology transformation consulting firm with offices in Atlanta, GA, and Richmond, VA, on its significant growth capital investment from Renovus Capital Partners, a Philadelphia-area private equity firm. The partnership with Renovus will help Thought Logic make additional investments in its team and capabilities, accelerate its planned geographical expansion and seek industry partnerships and acquisitions.

Tiger Group is offering over $11 million (at retail) in commercial foods in a Feb. 23 online auction of the remaining inventory from cruise industry supplier Kansas Marine Co.’s soon-to-close Miami distribution center. The offering features over 40 million pieces of consumable food items, including frozen products, canned goods, proteins, dry food products and bonded items.

U.S. Bank announced today the appointment of Marcus Martin as managing director and head of Environmental, Social, Governance (ESG) for its Fixed Income & Capital Markets business. In his new role, Martin will be responsible for expanding the bank’s Sustainable Capital Markets activities, providing issuer and investor clients with a full range of options to address their ESG needs, including Green Bonds.

Potbelly also announced that it has reached an agreement in principle with its lender, JP Morgan, to amend its existing senior secured revolving credit facility. Upon execution of the amendment, Potbelly is expected to have a senior secured revolving credit facility of $25 million that matures on January 31, 2023.

Velocity Financial, Inc. (NYSE: VEL), (“Velocity” or the “Company”), a leading provider of small balance investor loans, today announced that it has entered into a new $175 million, 5-year term loan with a syndicate of lenders including funds managed by Blackrock’s U.S. Private Capital group, Oaktree Capital Management, L.P., and UBS O’Connor.

JPMorgan Chase Bank, N.A. is acting as administrative agent for the amended credit agreement, and JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC and Truist Securities, Inc. are acting as joint bookrunners and joint lead arrangers. The Company has commenced the syndication of the Term Loan B, which is expected to be completed during the week of February 22nd, 2021. Certain terms of the Term Loan B remain subject to market conditions and completion of the syndication.

Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced it has executed an agreement with special purpose entities owned by funds and accounts managed by Oaktree Capital Management, L.P. (“Oaktree”) for a debt investment in the Company that would generate $250 million in proceeds, and provided preliminary information regarding its fourth quarter 2020 results.

CCA Industries, Inc. (OTC: CAWW), announced that it has entered into a new credit facility with M&T Bank, on January 21, 2021 to replace the line of credit with PNC Bank and for general working capital purposes. The credit facility provides a term loan in an amount of $500,000 (the "Term Loan") and a revolving loan up to a maximum of $4,500,000 (the "Revolving Loan" and together with the Term Loan, the "Loans").

Bardin Hill Investment Partners LP (“Bardin Hill”), a leading investment management firm specializing in credit strategies and event-driven equities, today announced the successful final close of the Bardin Hill Opportunistic Credit Fund, LP and a parallel side-car vehicle (collectively, the “Strategy”) with total commitments of approximately $600 million. The firm’s flagship closed-end Strategy received significant backing from new institutional investors globally, as well as from existing Bardin Hill clients.