TSL Express Daily Articles & News

Healthcare venture fundraising soared to $17 billion in 2020, a 57% increase over 2019's record, according to Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors. Investment in venture-backed companies also rose to a new high of $51 billion. SVB's 10th annual Healthcare Investments and Exits Report, released today at SVB's Innovate Next virtual summit, analyzes and predicts trends for global venture capital fundraising, investing and exits that shape the biopharma, healthtech, diagnostics/tools (dx/tools) and medical device sectors.

Gemino Healthcare Finance is pleased to announce it has provided a $5 million asset-based revolving line of credit to a provider of substance use disorder treatment in December 2020.

Sallyport Commercial Finance provided a $4mm accounts receivable financing facility to a sponsor-backed metal components company. Our client had their supply-chain deeply affected by COVID-19 and as a result, needed a financing partner to help with their working capital gap caused by delays in shipments out of India and China.

A manufacturing company in New York has chosen TAB Bank for a $1.8 million asset-based revolving credit facility. The new facility is extended through a multi-year agreement and will provide the means to fund growth for the company. The company is a manufacturer of woven textile and plastic parts for the automotive, aerospace, office equipment, transportation, and heavy industrial industries.

Antero Resources Corporation (NYSE: AR) ("Antero Resources") announced today the pricing of a registered direct offering of 31.4 million shares of its common stock at a price of $6.35 per share to certain holders of its 4.25% Convertible Senior Notes due 2026. Antero Resources plans to use the proceeds from the share offering and approximately $63 million of borrowings under its revolving credit facility to repurchase from such holders $150 million aggregate principal amount of its Convertible Notes in privately negotiated transactions.

NextWave HoldCo LLC, (“NextWave”), an independent holder of 2.5 GHz wireless spectrum in major U.S. metro markets, today announced the signing of a new $200 million Senior Secured First Lien Term Loan Facility (the "Term Loan") provided by Canyon Partners, LLC. NextWave is a portfolio company of Solus Alternative Asset Management and Avenue Capital Group.

Tradewind Finance has completed a $5 million export factoring facility for a meat trading company that is based in the United States and has a subsidiary in Brazil. The company exports to the Middle East, South Africa, and Asia and is using the funding to support their growth. The company needed additional credit lines to expand their business but encountered difficulty securing them.

As we come off a year which, in response to the pandemic, was the most interactive with our members in SFNet’s history, and notwithstanding the tumult we have experienced including yesterday’s deeply disturbing events in Washington DC, we are more determined than ever to fulfill our mission of putting capital to work and eager to share our plans to do so in 2021. In consideration of the environment, we continue to shift toward a more accessible and inclusive engagement model; one that offers more frequent and on-demand opportunities for relationship building, accessing information, professional development and expressing our voice in legislative and regulatory matters than ever before.

Monroe Capital LLC and Wells Fargo Bank provided debt financing. Troutman Pepper Hamilton Sanders LLP provided legal counsel to Southfield Capital and Protos. Stifel acted as Mulligan's financial advisor. Milbank, LLP provided legal counsel to Mulligan.

SG Credit Partners continues its growth as a leading credit fund by promoting high performing team members from within. Spencer Brown and Oren Moses have each been promoted to Managing Director, Carlos Tan has been promoted to Principal and Daniel Looker and Gerardo Mora have been promoted to the role of Associate. Both Spencer and Oren joined SG Credit Partners as founding team members and today’s announcement formally recognizes their years of hard work. Spencer moved to Denver to open an office and run a critical region.

Tetra Capital, a Utah-based finance company providing factoring services for trucking companies, has been named one of the best trucking factoring companies by FactoringClub, for the third time. Over 100 factoring companies were evaluated for the awards, and winners were selected based on contract terms, integrity, quality of service, and proven track record.

Traditional bank financing was not an option due to the start-up nature of this business but that didn’t make a line of credit any less necessary. Vendors had to be paid to keep product flowing to the growing customer base. Cornerstone quickly approved and closed an expandable line of credit to provide the necessary working capital.

Texas Capital Bank announced today that it has provided a Revolving Line of Credit for Irvine, CA-based Pacific Coast Capital, LLC. Pacific Coast Capital (“PCC”), is a non-regulated specialty finance lending firm that provides asset-based lending solutions to lower and middle-market businesses across all industries. The funds will be used to support future growth.

WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the further expansion of its Commercial Banking team in the Greater Philadelphia region with the addition of three Commercial Lending Relationship Managers. Kimberly Godshall, Duane Lacsamana and Scott Woll, Jr. join the WSFS team, reporting to Patrick Fisher, Senior Vice President, Philadelphia Team Lead – Commercial Banking.

U.S. bankruptcy filings for 2020 hit their lowest level since 1986 as a flood of government support programs offset at least temporarily the full brunt of the coronavirus pandemic and a related recession, Epiq AACER reported on Friday. The firm’s compilation of bankruptcy cases showed the Chapter 11 filings used to reorganize larger businesses still jumped 29% in 2020 to 7,128, compared to 5,158 in 2019, a tally that included major retailers like J.C. Penney driven under by the biggest economic downturn in a century.

Fitch Ratings-New York/London-05 January 2021: Rating Outlooks have turned Negative for many non-bank financial institution (NBFI) sub-sectors compared to the start of 2020, reflecting negative pressures from the operating environment on asset quality, earnings and support-driven ratings, says Fitch Ratings in its "2021 Outlook: Global Non-Bank Financial Institutions Compendium".

AssetMark Financial Holdings, Inc. (NYSE: AMK) announced today that it has entered into a new Credit Agreement with six banks, including Bank of Montreal serving as administrative agent. The Credit Agreement provides for a $250 million secured revolving Credit Facility.

Jones Walker LLP announced today that John Mills joined the firm as a partner in the Litigation Practice Group in the Atlanta office. John represents clients in a wide range of matters, with an emphasis on corporate workouts and restructuring. His legal practice focuses on business disputes, the sale and acquisition of distressed assets, corporate bankruptcy, and debtor and creditor rights litigation. He regularly advises secured and unsecured creditors, debtors, and other parties on issues such as corporate reorganization, debtor-in-possession financing, and the sale and acquisition of distressed assets.

As we look forward to the year ahead and continuing to provide our readers with content to help you see around corners and manage the ongoing uncertainty, we wanted to highlight the most-read articles from 2020.

Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT capabilities, ongoing system maintenance and program management. Orion today announced it entered into a new and expanded five-year $25.0 million revolving credit facility with Bank of America, N.A. effective December 29, 2020.