TSL Express Daily Articles & News

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today expansion of its executive management team with the appointment of two executives. Lisa Bond was named to the newly created position of Senior Vice President and Chief Corporate Social Impact Officer, which encompasses Diversity & Inclusion (D&I) and Environmental, Social and Governance (ESG) initiatives, areas in which the Bank is expanding its efforts companywide. Ana Harris, Signature Bank Senior Vice President and Director of Human Resources, was also promoted to the post of Senior Vice President and Chief Human Resources Officer (CHRO).

Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the majority investment in Identity Intelligence Group, LLC (“IDIQ”) by private equity sponsor Corsair Capital LLC. Founded in 2009, IDIQ is a tech-enabled leader in credit report and identity theft monitoring. IDIQ provides credit reporting, identity theft and dark web monitoring, identity restoration and related family protection services in the rapidly evolving $20 billion consumer identity monitoring market.

New York State Assembly Bill 10118-A, sponsored by Assemblyman Kenneth Zebrowski (96th District), and its Senate equivalent S.5470-B sponsored by Senator Thomas (6th District) were passed by the New York State Assembly and Senate over the summer and delivered to Governor Cuomo for signature last week. It is anticipated that the Governor will sign this legislation by year end. The new statute would require, among other provisions, that all non-regulated commercial finance companies, including ABL lenders and factors, that propose to lend $500,000 or less to New York-based borrowers, to disclose to these potential borrowers immediately prior to entering into a credit or factoring agreement the Annual Percentage Rate (“APR”) of the “loan” (inclusive of all fees and costs), expressed as a dollar amount, to be charged to the prospective borrower so that the borrower, allegedly, has the ability to better understand the lender’s pricing and make comparisons to other offers the prospective borrower may have received.

New York State Assembly Bill 10118-A, sponsored by Assemblyman Kenneth Zebrowski (96th District), and its Senate equivalent S.5470-B sponsored by Senator Thomas (6thDistrict) were passed by the New York State Assembly and Senate over the summer and delivered to Governor Cuomo for signature last week.

United Gaming LLC ("the company" or "UG"), the largest operator of coin-operated amusement machines (COAMs) in the State of Georgia, announced that it had recently entered into a new senior secured $250-million multi-draw credit facility (the "Credit Facility") with a New York-based investment group acting as agent. The Credit Facility includes incremental committed borrowing available for future expansion. At the time of closing, the use of the proceeds included fees, refinancing of an existing facility, acquisitions, capital expenditures, and general corporate purposes.

SATO Corporation (SATO) strengthened its liquidity position by signing a total of EUR 350 million committed revolving credit facilities with Nordea Bank Oyj, Danske Bank A/S, Finland Branch, OP Corporate Bank plc, Swedbank AB (publ), Svenska Handelsbanken AB (publ), Branch Operation in Finland.

Deutsche Bank Credit Solutions and Direct Lending provided debt financing for an acquisition of ENTACT LLC by J.F. Lehman & Co., a company statement said today. Proceeds will fund company growth. ENTACT, based in Westmont, Ill., employs approximately 600 people.

Sidley represented Invitation Homes Inc. (NYSE: INVH) in a US$3.5 billion sustainability-linked syndicated credit facility agented by Bank of America, N.A., with BBVA USA acting as Sustainable Agent and Coordinator. The credit facility consists of a US$1 billion revolving credit facility and a US$2.5 billion term loan facility.

Widespread vaccine availability later in 2021 will alleviate pressures on global structured finance (SF) asset performance by reducing the duration of the pandemic and likelihood of lockdown measures, mitigating downside risk in 2H21, Fitch Ratings says. Positive vaccine developments are a significant factor in Fitch’s expectations for global GDP growth in 2021, with further government support and policy easing expected until the health crisis is brought under control. However, delayed vaccine availability would result in significantly weaker growth in 2021.

The NFIB Research Center released its latest survey focusing on the impact the COVID-19 pandemic and imposed shutdowns have had on small businesses. This is the 14th survey since early March. One-in-four small business owners reported that they will have to close their doors in the next six months if the current economic conditions don’t improve, up 5% from last month. Another 22% of owners anticipate they will be able to operate no longer than 7-12 months under current economic conditions.

Data acquired by Finbold.com reveals that the total number of Commercial Banks in the US has dropped by 45.65%. The drop has been registered between 2000 and 2020. The data shows that Commercial Banks have closed at a rate of 3.15% yearly average.

Mike Colloton, Vice President – Business Development Officer, announced a closed and funded turnaround financing deal involving a $4,990,000 revolving line of credit facility, a real estate term loan, and an equipment term loan for a plastic injection molding business in Michigan.

CIT Group Inc's (NYSE: CIT) annual partnership with Feeding America® has helped provide Two Million Meals1 to people in need this holiday season. With the support of its customers, employees and followers, the company brought awareness to the pressing issue of food insecurity across the country.

UMB Bank, N.A., through its UMB Capital Finance Accounts Receivable Finance business channel, provided a $2 million credit facility to a Massachusetts-based data analytics service firm specializing as a software value added reseller. The facility will be utilized for working capital support needed for this quickly expanding business.

Tradewind Finance has provided a $1 million domestic factoring facility to a seafood importer and wholesaler based in the United States that sells a variety of fish, including snapper, tuna, swordfish, mahi-mahi, and grouper, to retailers and distributors in the USA. The company is a new subsidiary of a large seafood farmer and processor based in Costa Rica and is using the funding to expedite cash flow back to the parent company and support growth in the USA.

Varagon Capital Partners (Varagon) today announced it is serving as Administrative Agent, Lead Arranger and Bookrunner on a senior secured credit facility to support the acquisition of Red Monkey Foods (Red Monkey) by Norwest Equity Partners (NEP). Red Monkey Foods is a leading provider of premium organic, private label spices and seasonings, as well as branded salts sold through grocery, mass, specialty retailers, and e-commerce channels.

On December 11, 2020, the Company entered into a $20 million Third Lien Credit Facility with SK Financial Services, LLC (“SK Financial”). Interest and fees under the Third Lien Credit Facility are payable in kind. Proceeds from this facility were used to pay down the borrowings under the Company’s existing Revolving Credit Facility. In addition, on December 11, 2020, the Company entered into amendments to its existing Revolving Credit Facility and to its existing Term Loan Credit Facility.

Eastern Bank is pleased to announce Curate Partners LLC and its subsidiaries Curate Partners LLC, II and Curate Insights, LLC as new asset based lending customers in its Commercial Banking Division. Founded in 2014, Curate Partners is a specialized recruitment and consulting agency helping organizations achieve digital transformation. Eastern is providing an asset based lending (ABL) line of credit to meet Curate’s working capital and general corporate financing needs.

TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company,” “TPVG,” “we,” “us,” or “our”), the leading financing provider to venture growth stage companies backed by a select group of venture capital firms in the technology and other high growth industries, today announced it has extended and expanded its revolving credit facility (“Credit Facility”). Deutsche Bank AG serves as administrative agent and as a lender, together with existing lenders KeyBank National Association, TIAA, FSB, MUFG Union Bank, N.A., Hitachi Capital America Corporation and NBH Bank, and along with new lender, Customers Bank, under the Credit Facility.

TravelCenters of America Inc. (Nasdaq: TA) (“TA”) today announced the closing of a new $200 million senior secured term loan facility (“Term Loan”). Terms of the new loan include interest payable at LIBOR, with a floor of 100 basis points, plus 600 basis points and a seven-year maturity.