TSL Express Daily Articles & News

Monroe Capital LLC (“Monroe”) today announced it acted as administrative agent and joint lead arranger on the funding of a senior credit facility to support the acquisition of Specialized Packaging Group (“SPG”) by private equity sponsor Altamont Capital Partners.

FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Dave Katz as a Senior Managing Director in the firm’s Corporate Finance & Restructuring segment, further enhancing the firm’s Senior Lender Advisory practice. Mr. Katz, who will be based in Houston, brings over 20 years of experience having negotiated, structured and managed numerous ground-breaking, complex restructurings, transactions and amendments. His appointment comes as lenders realign their focus on energy and renewables and companies reassess how to best position themselves in ever more challenging markets.

Fifth Third Business Capital announced it arranged a $10 million working capital line of credit for Polder Products, LLC, a leading designer and distributor of a variety of houseware products based in Oxford, CT.

Curaleaf Holdings, Inc., a leading U.S. provider of consumer products in cannabis, today announced the Company has successfully completed a new $50 million, three-year secured revolving credit facility. Seaport Global Securities LLC acted as the sole placement agent for the credit facility.

Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection this week amid struggles brought on by the COVID-19 pandemic. The bankruptcy filing estimates the company’s number of creditors to be between 100 and 199, and its assets and liabilities to each be between $10 million and $50 million. Butzel Long PC is representing the company as counsel in connection with all duties under the Bankruptcy Code and B. Riley Advisory Services is acting as financial advisor in connection with the company’s Chapter 11 case.

Citizens M&A Advisory announced today that it served as exclusive financial advisor to Lacerta Group on its recapitalization by SK Capital. Privately held since it was founded in 1993, Lacerta is a leading provider of innovative packaging solutions primarily serving the food end market. The company offers a comprehensive range of custom PET packaging products including a leading line of tamper-evident products sold under the “Fresh N’ Sealed” brand. The vast majority of Lacerta’s products are 100% recyclable, and the packaging solutions produced by the company can be made with up to 100% recycled content.

SG Credit Partners provided a $2.2 million SaaS loan for a digital signage SaaS platform enabling SMB & enterprise customers to easily create and manage content in real time on any number of displays, anywhere in the world.

Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $50 million to VERO Biotech LLC, an Atlanta, Georgia-based biotechnology company focused on saving lives, alleviating suffering, and improving the health economics of care.

Better Choice Company, an animal health and wellness company is proud to announce it has secured a new $12.0 million long-term credit facility at LIBOR plus 250 basis point interest rate with Wintrust Financial Corporation (‘Wintrust’), a leading commercial bank headquartered in Chicago, Illinois. Under the terms of this new agreement, Better Choice will simultaneously refinance all existing indebtedness with Citizens Bank and Bridging Finance, which currently totals approximately $13.3 million.

Horizon Technology Finance Management LLC ("Horizon"), a registered investment advisor that underwrites and manages secured loans made to companies in the technology, life science, healthcare information and services, and sustainability industries, and the manager and advisor for Horizon Technology Finance Corporation (NASDAQ: HRZN), announced today that it has added five finance professionals to its origination and investment team.

DocuSign, Inc. (Nasdaq: DOCU) today announced the closing of a new $500 million, five-year senior secured revolving credit facility. The facility will be undrawn at closing and carries an accordion feature allowing for an additional $250 million of capacity, subject to customary terms and conditions.

Ares Management Corporation (NYSE: ARES) and aviation industry veterans, including Bob Brown, Sean Sullivan and Will Hudson, announced today the launch of Vmo Aircraft Leasing L.P. (“Vmo”), a newly-formed company to acquire and lease commercial aircraft. Funds managed by Ares’ Private Equity Group and Vmo management have committed approximately $500 million in initial equity capital to support Vmo, which will target a global and diversified portfolio of modern, next-generation and efficient commercial aircraft.

Middle-market companies took advantage of newfound clarity in crisis and are poised not just for a return but a renaissance. According to the 2021 BDO Middle Market CFO Outlook Survey, CFOs anticipate the new year will bring recovery and new opportunities. A majority forecast economic recovery (60%) and revenue increases (56%) in 2021. While financial forecasts vary, industries like technology, life sciences and healthcare that helped to power business continuity and advance COVID-19 care are particularly optimistic for growth in 2021.

Sterling Bancorp (NYSE: STL) (the “Company”), parent company of Sterling National Bank (the “Bank”), announced today that Luis Massiani will transition to the role of Chief Operating Officer of the Company and continue his position as President of the Bank. Luis will maintain his duties as CFO of the Company and the Bank through February 28, 2021, at which time he will fully transition to COO of the Company. In connection with Luis’ transition, Bea Ordonez has joined the organization as Executive Vice President and will assume the role of CFO of both the Company and the Bank effective as of March 1, 2021.

Now celebrating its tenth anniversary, Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of companies with $3 million to $15 million in EBITDA, today announced three promotions that are effective immediately: Joseph Lee – from Senior Associate to Vice President Jacob Wise –from Analyst to Associate, and Austin Rendell – from Analyst to Associate

Christopher & Banks disclosed on Thursday a cascade of defaults earlier this month on financial obligations, including key loans and the lease on its headquarters, according to a securities filing. Specifically, the distressed apparel seller said it has received notices of default on a term loan, secured vendor program, credit facility and the lease on its corporate headquarters. The company said it is working with advisers to evaluate the default notices and negotiating with lenders to resolve its outstanding obligations.

UK airline EasyJet announced a new five-year term loan facility of $1.87 billion (c.£1.4 billion) on Friday, which will be secured on aircraft upon drawing. “This facility will significantly extend and improve EasyJet’s debt maturity profile and increase the level of liquidity available,” CEO Johan Lundgren said in a statement. The facility is underwritten by a syndicate of banks and supported by a partial guarantee from UK Export Finance under their Export Development Guarantee scheme, the airline said.

Crestmark secured a total of $9,700,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $25,440,689 in ten new lease transactions; Crestmark Vendor Finance provided $5,792,233 in 65 new lease transactions; and the Government Guaranteed Lending group provided $38,165,000 in financing for eight new clients in the second half of December.

Naprotek, Inc. (“Naprotek” or the “Company”) has secured financing from TCF National Bank (“TCF”) and Patriot Capital, LP (“Patriot”) in connection with its acquisition by Edgewater Capital Partners (“Edgewater”). FocalPoint Partners, LLC (“FocalPoint”) served as financial advisor to Edgewater, providing exclusive buyside and debt advisory service in the process.

Affimed N.V. (Nasdaq: AFMD), a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer, today announced that it has entered into a debt financing agreement with Silicon Valley Bank German Branch (SVB) which provides Affimed with up to €25 million in term loans.