TSL Express Daily Articles & News

Loan pricing and terms reflect healthier market conditions for large and mid-sized players Financing for restaurant franchise operators in the large and middle-tier segments has mostly bounced back to what it had been before the onset of the COVID-19 pandemic, according to Brian Geraghty, head of Restaurant Finance at Mitsubishi UFJ Financial Group (MUFG).

Crestmark secured a total of $1,800,000 in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $11,790,009 in three new lease transactions; Crestmark Vendor Finance provided $4,592,541 in 49 new lease transactions; the Joint Ventures Division provided $21,490,800 in financing for one new client; the Government Guaranteed Lending group provided $5,150,000 in financing for two new clients in the second half of November.

Imperial Capital Group, LLC (“Imperial Capital”) announced today the hiring of Amer Tiwana who will be charged with leading its sales & trading desk analysis strategy in distressed and special situations. Mr. Tiwana, an investment analyst with nearly 20 years on Wall Street, is based in Stamford, CT and reports to Tim Sullivan, President of Imperial Capital. This new hire is part of Imperial Capital’s efforts to expand and deepen its alternative credit strategy which provides distressed and esoteric asset solutions to institutional investors in the U.S. and the EEA.

Welsh, Carson, Anderson & Stowe ("WCAS"), a leading private equity firm focused exclusively on the healthcare and technology industries, announced today that it has named Nick O'Leary as a new General Partner. WCAS has successfully built many enduring healthcare companies over the past four decades, having invested approximately $10 billion of equity in over 90 healthcare companies through its 13 equity funds.

Epiq, a global leader in legal services, released its November bankruptcy filing statistics from its AACER business. The total number of new U.S. bankruptcy filings across all chapters was 34,440 for the month, which is the lowest monthly total since January 2006. New Chapter 11 commercial filings in November were up 40% with 654 new cases compared to 449 from the same period last year.

ORBCOMM Inc., a global provider of Machine-to-Machine (M2M) and Internet of Things (IoT) solutions, today announced that it has entered into a $200 million five-year term loan facility and a $50 million revolving credit facility. JPMorgan Chase Bank, N.A., acted as Administrative Agent, Lead Arranger and Joint Bookrunner for the financing. Funding was provided through a syndicate of banks.

Company Obtains $25 Million in Financing to Facilitate Sale Process While Continuing to Serve Customers in the Ordinary Course Process Aimed at Addressing Lease Obligations, Positioning the Company for New Ownership for Long-Term and Brand Sustainability

BlastOne International is a privately held company specializing in the provision of leading products and services to the corrosion control industry throughout North American and Asia Pacific. The Company is considered a global leader in abrasive and industrial coating equipment, equipment design and consumables, providing corrosion protection training, protective and safety gear and supplies to contractors, major metal fabricators and asset owners.

A new company that acquired the assets in place from an idled paper manufacturer was in need of a financing partner to support its rapid sales growth after relaunching operations. Gibraltar provided the necessary liquidity to allow the company to continue funding its growth — driven by rapid sales demand. GBC was chosen because of its borrowing base creativity and ability to provide a $7.5M ABL without tying up all the company’s assets.

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

The client is a woman-owned and operated import business primarily serving multi-national food service supply companies. The principal’s family has deep roots and a successful track record in the textile industry, but the client was looking to capitalize on an entrepreneurial opportunity that would allow her to branch out on her own. Rosenthal was introduced to the client by the factoring division of a Midwest bank, since purchase order financing was being considered as an option to work in tandem with the bank’s proposed factoring facility.

The PNC Financial Services Group, Inc., today announced that Harold Ford, Jr., has assumed the role of vice chairman, Corporate and Institutional Banking (C&IB), reporting to Michael Lyons, head of C&IB. In this position, Ford will be responsible for new business development and cultivating senior client relationships across all segments within the C&IB line of business. He also will help lead critical strategic initiatives focused on further growing PNC's C&IB businesses nationally.

Kraton Corporation (NYSE: KRA), a leading global sustainable producer of specialty polymers and high-value biobased products derived from pine wood pulping co-products, today announced that it has entered into an amendment to its senior secured asset-based revolving credit facility ("ABL Facility"). The amendment extends the maturity date of the ABL Facility from January 2023 to December 2025 and provides for a $50 million increase in aggregate commitment to $300 million. The ABL Facility is provided by a syndicate of banks with Bank of America, N.A. as Administrative Agent, Collateral Agent and Security Trustee.

eCapital Commercial Finance (“eCapital”), a division of eCapital Corp., a leading North American alternative financing solution provider for small and medium businesses, today announced it has provided a $2 million factoring facility to a hard seltzer provider to support its increasing production demands. The beverage provider selected eCapital due to its experience in funding solutions for the alcoholic beverage industry and ability to provide fast access to working capital.

Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced optical technology, today announced that it has entered into an agreement for a new secured debt facility for $27.5 million. The facility is supplied by PNC Bank, National Association (an affiliate of PNC Financial Services Group, Inc. (NYSE: PNC)), one of the leading credit providers to middle market companies across the country. The new agreement includes a three-year $12.5 million term loan facility and a three-year $15.0 million revolving credit facility.

Provident Bank, a leading New Jersey-based financial institution, announced today a number of key leadership appointments following the completion of its merger with SB One Bank. The appointments leverage the talents and expertise of several executives, while creating synergies within the newly combined company.

Loeb is pleased to add another innovative solution into their portfolio of financial services. Loeb’s “Line of Credit” option now allows clients to leverage the value of their machinery as collateral to gain financial flexibility while not being burden with P&I payments for working capital. This is a great development for clients who might not need to access to the equipment right away or only need it on a seasonal basis.

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance group, part of the company’s Commercial Finance division, has arranged a $75 million senior secured asset-based credit facility on behalf of One Call Corporation, a leading service provider to the workers’ compensation industry. Based in Jacksonville, Florida, One Call provides ancillary services to the workers’ compensation industry by connecting injured workers with quality provider networks across a multitude of health care services.

Versant Funding LLC is pleased to announce it has funded a non-recourse factoring facility to a distributor of electric bicycles and scooters which sells primarily through major e-commerce channels. The holiday shopping season makes up a substantial portion of the annual revenue for the company, and without an immediate source of additional working capital, this revenue would have been lost for 2020.

Flatbay Capital LLC (“Flatbay”) (www.flatbay.com) announces the closing of a $2,200,000 commercial real estate loan (industrial/warehouse) for a North Texas HVAC, plumbing, and pipe contractor. Operating successfully in DFW for over 30 years, the business recently pursued large-scale projects in new markets that were not profitable and faced challenges collecting retaining upon completion of work. The regional bank chose to reduce its credit exposure and approached Flatbay Capital for a possible refinance.