TSL Express Daily Articles & News

Builders FirstSource, Inc. (Nasdaq: BLDR) (“Builders FirstSource”), today announced that it increased the revolving facility commitments and extended the maturity date under its existing $900 million revolving credit facility (the “Facility”). In connection with the amended and restated Facility, the Company increased the total commitment from $900 million to $1.4 billion and extended the maturity date by 26 months to January 2026.

Victory Park Capital (“VPC”), a leading global alternative investment firm, today announced the close of a multi-year credit facility with Cap Hill Brands, a technology-driven consumer goods platform that acquires and operates e-commerce brands with an initial focus on Amazon-first brands. The credit facility marks the third deal that VPC has closed in the e-commerce sector since Q3 of last year, having most recently closed a credit facility with Perch, which also acquires and operates Amazon third-party sellers.

OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today announced the signing of an asset purchase agreement to acquire the SBA portfolio of Hana Small Business Lending, Inc., a wholly-owned subsidiary of Hana Financial, Inc.

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on $16.1 million in financing for the acquisition of a portfolio of dialysis centers. Cypress West Partners acquired the portfolio of six newly constructed built-to-suit dialysis centers in Meridian, McComb and Jackson, Mississippi; Lake Charles, Louisiana; Sacramento, California; and Bellmead, Texas. The facilities are occupied by Fresenius Medical Care, a leading dialysis provider.

Cole Bennett has joined the company as Credit Analyst. Cole graduated from Texas A&M in December 2020 with a BBA in Accounting, an MBA in Finance, and Certificate in Corporate Finance. Before joining Stonebriar Bennett had numerous internships, most recently with KPMG, LLP. Kyle Holliman has joined the company as a Director - Originations. Kyle graduated from Mississippi State University in 2018 with a BBA in Management. Prior to joining Stonebriar, Holliman was a Senior Account Manager for HomeStretch where he worked in a sales capacity maintaining existing customers and developing new relationships.

Clear Thinking Group, the award winning advisory firm, announced today that the US Bankruptcy Court for the District of Minnesota has approved its retention by Stock+Field under section 363 of the US Bankruptcy Code, and that Partner Michael Wesley will serve as Chief Restructuring Officer during the Stock+Field chapter 11 process. Stock+Field is a premier farm, home, and outdoor retailer with 25 stores serving communities across Illinois, Indiana, Ohio, Michigan and Wisconsin.

Citizens M&A Advisory announced today that it served as the financial advisor to Leadec in its acquisition of Diversified Automation, Inc. Founded in 2002, Diversified Automation is a leading automation controls and software solution provider to the express parcel industry. It serves global express parcel and e-commerce companies, prime contractors and integrators with end customers that include Amazon, FedEx Ground and UPS. Headquartered in Louisville, Kentucky, and with annual sales of approximately $100 million, Diversified Automation has more than 140 engineers and project managers operating in seven locations across the United States.

WhiteHawk Capital Partners, LP ("WhiteHawk"), a private credit investment manager focused on asset-based financing solutions, announced it has entered into an agreement with Challenge Mfg. Company, LLC (“Challenge”) to provide a senior term loan facility that is in excess of $100 million. The term loan facility supported a refinancing of Challenge’s indebtedness and provided additional liquidity to continue to execute on the company’s growth.

Audax Private Debt announced that, as Administrative Agent and Joint Lead Arranger, it provided a unitranche credit facility to support add-on acquisitions and a refinancing for Cerity Partners (“Cerity” or the “Company”), a portfolio company of funds affiliated with Lightyear Capital LLC. Founded in 2009, Cerity Partners is a leading national independent financial advisory firm serving high-net-worth individuals and their families, businesses and their employees, and non-profit organizations from its offices across the U.S.

Pacific Western Bank announced today it has acquired Civic Financial Services, LLC, (“CIVIC”), from Wedgewood, Inc. (“Wedgewood”). Headquartered in Redondo Beach, CA, CIVIC is one of the leading institutional private lenders in the United States specializing in residential business-purpose loans (BPLs). Terms of the agreement were not disclosed.

LBC Credit Partners ("LBC"), one of the leading providers of financing solutions to middle market companies, provided a senior secured credit facility to support LightBay Capital's investment in Rancho Family Medical Group ("Rancho Family"). The investment from LightBay will allow Rancho Family to invest in new and existing care centers, as well as additional technology tools, which will facilitate the Company's continued growth.

Robbins, Salomon & Patt, Ltd. (RSP), a full-service law firm in the Chicagoland area, is pleased to announce that Andrew M. Sachs, Chief Operating Officer, has taken the firm’s reins as Chief Executive Officer effective January 1, 2021.

Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $47 million senior credit facility to Averhealth (or “the Company”), a provider of substance use testing and monitoring services tailored to the unique needs of courts and social service agencies. Averhealth is a portfolio company of Five Arrows Capital Partners (“Five Arrows”), the PE investment strategy of Rothschild & Co., a global advisory and asset management company.

First Business Bank announces the closing of a $15 million Ledgered Line transaction by its Accounts Receivable Financing group. The facility includes a $4 million sub-limit against “unbilled A/R” and a $2 million short term over-advance sub-limit. Our new client provides international freight forwarding services. The company is experiencing exceptional growth, so its cash needs are outpacing its continued profitability.

Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Flip Electronics, LLC on its recapitalization by O2 Investment Partners, a Bloomfield Hills, Mich.-based lower middle market private equity firm. Flip Electronics is a Roswell, GA-based specialty distributor of end-of-life (“EOL”), obsolete and hard-to-find electronic components used in military, aerospace, telecommunications, healthcare and industrial applications. Flip’s purpose-built model, leveraging authorized partnerships with the world’s top semiconductor manufacturers, solves complex supply chain challenges created by component obsolescence.

Gemino Healthcare Finance is pleased to announce it has provided financing to a skilled nursing and rehabilitation operator in December 2020. The $5 million financing was an asset-based revolving line of credit.

Sterling National Bank's Commercial Services Group provided secured credit facilities totaling $30,000,000 to a nationwide importer and distributor of consumer electronic appliances.

Marco Financial established a factoring facility for a New York based staffing company specializing in providing law firms with temporary legal personnel. Offering terms to its customers was stretching out cash flow and limiting the company’s growth. The client appreciated the quick turnaround time to open this account and said, “Marco seems to have things well under control, performing its due diligence and getting us our first funding efficiently.”

Francesca’s Holdings Corporation (the “Company”) and Francesca’s Acquisition LLC, an affiliate of TerraMar Capital LLC (“TerraMar”), today announced, after a fulsome auction and sale process under Section 363 of the United States Bankruptcy Code, that it completed the sale of substantially all of francesca’s® assets, including all inventory and the francesca’s® brand, to Francesca’s Acquisition LLC, Tiger Capital Group LLC (“Tiger”) and SB360 Capital Group, LLC (“SB360”).

Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP") announced today that its wholly-owned, indirect subsidiary, Summit Permian Transmission, LLC, has received $175 million of commitments from three leading commercial banks to finance the development of its Double E Pipeline Project ("Double E"). The lenders have committed to provide senior secured credit facilities consisting of a $160 million delayed draw term loan facility and a $15 million working capital facility (collectively, the "Credit Facilities"). The Credit Facilities are non-recourse to SMLP and mature seven years after the date of initial borrowing.