TSL Express Daily Articles & News

Sallyport Commercial Finance delivers a $500,000 accounts receivable facility to an industrial safety firm providing essential medical and rescue services to the oil and gas industry. The business owner was seeking a financing partner that would help him manage the newly awarded contract with his customers and provide assurances to cover payroll.

J D Factors announced it has provided the following factoring facilities: $120,000 to a transportation company in Ohio; $100,000 to a transportation company in Alberta; $400,000 to a transportation company in Ontario; $120,000 to a transportation company in Texas

Huntington Business Credit announced it closed new $24,000,000 credit facilities with Elk Lighting, Inc. on December 15, 2020. Proceeds of the facilities were used to refinance existing indebtedness and support ongoing working capital growth financing.

The new statute requires non-regulated commercial lenders, including asset-based lenders and factors, that propose to lend $2 million (pending approval by the legislature the threshold is likely to be at least $2 million) or less to New York-based borrowers to make certain uniform disclosures in their proposals including an “estimated” Annual Percentage Rate.

Big Shoulders Capital recently funded a third generation driller and oilfield services provider to continue operations after Covid-19 depressed the global energy market. Big Shoulders worked with the new ownership group to improve upon what past generations had built.

DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it has closed on a new $330 million Senior Secured Term Loan B (“TLB”). The TLB matures on December 23, 2027. DXP intends to use the proceeds to repay the existing Term Loan B, which will be terminated on that payment; and the remaining for general corporate purposes, potential acquisitions and transaction fees and expenses. The transaction provides DXP with operational and financial flexibility to reinvest in the business and pursue its strategy around organic and targeted acquisition growth.

Pacific Drilling S.A. (OTC: PACDQ) announced today that the United States Bankruptcy Court for the Southern District of Texas confirmed the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”) on December 21, 2020.

Tuesday Morning and certain of its subsidiaries (collectively “Tuesday Morning” or the “Company”) today announced that the U.S. Bankruptcy Court for the Northern District of Texas has confirmed the Company’s Plan of Reorganization (the “Plan”). As a result, Tuesday Morning expects to successfully emerge from Chapter 11 protection by the end of December after it has satisfied the conditions to the effectiveness of the Plan.

Guitar Center, Inc. (“Guitar Center”) today announced that it has emerged from bankruptcy following the successful consummation of its plan of reorganization (the “Plan”) under chapter 11 of the U.S. Bankruptcy Code. Milbank LLP served as legal counsel to Guitar Center. Houlihan Lokey served as Guitar Center’s financial advisor. BRG served as Guitar Center’s restructuring advisor.

The Refinancing was led by Citizens Bank, N.A., as the administrative agent, and Wells Fargo Bank, National Association and Silicon Valley Bank, as joint bookrunners, joint lead arrangers and syndication agents with Citizens. The Credit Agreement provides for a term loan of $40.0 million and a $25.0 million senior revolving credit facility.

JPMorgan Chase Bank, N.A., Truist Securities, Inc., BMO Capital Markets Corp., and MUFG Union Bank, N.A. are Joint Bookrunners and Joint Lead Arrangers on the Facility. JPMorgan Chase Bank, N.A is the Administrative Agent on the Facility.

SFNet’s Advocacy Committee is reviewing the language and will hold an informative webinar as soon as practical in January. In the meantime, you may wish to consult your advisers.

BridgePoint Financial Services Inc., the general partner of BridgePoint Financial Services Limited Partnership I ("BridgePoint"), Canada's leading provider of specialized loans for the legal services market, is pleased to announce that BridgePoint's senior secured credit facility was recently increased to $100 million to support key growth initiatives for 2021.

Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced that today it completed a second amendment to the credit agreement governing its $700 million revolving credit facility, $300 million Term Loan A facility and its Term Loan B facility (of which approximately $382.5 million is outstanding), which was obtained from a consortium of banks led by Wells Fargo Bank, National Association, as administrative agent.

Ubiquity Solar Inc. (Ubiquity), a photovoltaic (PV) technology company, and Utica Leaseco, LLC (Utica), an asset-based specialty finance company, are pleased to announce the execution of a definitive agreement, whereby Ubiquity has procured from Utica rights to the intellectual property, R&D, production, inventory and other assets (the GaAs Assets) previously part of Alta Devices (Alta) of Sunnyvale, CA. As part of the parties’ transaction, Utica will acquire certain warrants to purchase capital stock of Ubiquity.

Specialist Risk Group ("SRG"), a fast-growing specialist insurance broker, today announced that it has signed a definitive agreement to be acquired by leading middle-market private equity firm HGGC. SRG's management team will invest alongside HGGC and continue to hold a significant stake in the business. The private transaction is expected to close in Q1 2021, subject to regulatory approval. As part of the transaction, existing investor Pollen Street Capital will exit the business.

Gerald Group ("Gerald"), the world's largest independent, employee-owned metals trading house is pleased to have successfully executed its eleventh annual Revolving Credit Facility ("RCF") for US$ 150 million. Gerald Group, supported by its relationship banks Credit Agricole, Credit Suisse, Deutsche Bank, DBS Bank, ING Bank, Rabobank, Banco do Brasil, Banque Cantonale Vaudoise, Erste and UniCredit arranged, documented and executed the RCF within record time of under 2 months.

Battle North Gold Corporation (TSX: BNAU) (OTCQX: BNAUF) ("Battle North" or the "Company") is pleased to announce that it has executed a binding commitment letter (the "Commitment Letter") with Macquarie Bank Limited ("Macquarie") for a senior secured term loan facility of US$40 million ("Credit Facility") to be used to fund the construction of the 100%-owned, shovel-ready Bateman Gold Project (the "Project")[1] in Red Lake, Ontario, Canada. The proceeds of the Credit Facility, together with cash currently on the Company's balance sheet, is expected to fully fund the Project to Commercial Production.

After securing a $225 million letter of credit and revolving credit facility earlier this year, 8minute Solar Energy (8minute) has significantly upsized that facility to a total of $350 million with support from new lenders. The additional $125 million in commitments comes from the existing lenders who are joined by Deutsche Bank, Landesbank Hessen-Thüringen (Helaba), and Norddeutsche Landesbank (NORD/LB). Latham & Watkins LLP represented 8minute and Norton Rose Fulbright LLP represented the lenders.

Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $2.45 million credit facility to Simpson Sandblasting & Special Coatings, Inc. (“Simpson Sandblasting”), a company that first became a client of Pacific Mercantile through the Bank’s participation in the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). The new credit facility will be utilized to refinance an existing owner-occupied commercial real estate loan, provide a revolving line of credit for working capital/bonding needs, and provide financing for equipment purchases.