TSL Express Daily Articles & News

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending and Sponsor Finance businesses collaborated to serve as agent and sole lender on a $25 million revolving credit facility for KMS, LLC, one of the nation’s largest wholesalers of consumer product closeouts and special buys alongside its own line of KMS-sourced products. Founded in 1976 and based in Wichita, Kansas, KMS purchases excess and reconditioned goods from manufacturers and brands to sell to discount and alternative channel retailers at both the national and local level.

Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided an $8.0 million credit facility to Upstrēm, Inc. (“Upstrēm”), a technological leader in the online reselling of surplus retail footwear and apparel stocks. In addition to the financing, Upstrēm utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. Upstrēm was referred to Pacific Mercantile Bank by Corbel Capital Partners, a structured debt and equity fund that recently made an investment in Upstrēm.

The Sterling Group, a Houston-based, operationally focused middle market private equity and private credit firm, announced the addition of Jenny Harris as Managing Director of the firm's Credit Fund. Jenny brings 15 years of experience evaluating and underwriting debt capital and equity co-investments. Prior to Sterling, Jenny was a Managing Director at BNP Paribas where she led a team focused on providing leveraged credit solutions for private equity sponsors.

Pathlight Capital LP and HBC have completed a $150,000,000 Senior Secured Term Loan Facility for the company, of which Pathlight serves as the administrative agent. HBC is a holding company of portfolio businesses operating at the intersection of retail and real estate, including a real estate and investments division, HBC Properties and Investments, and three retailers, Saks Fifth Avenue, Hudson's Bay and Saks OFF 5TH.

Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $44.6 million senior credit facility and revolving line of credit to MDA Capital Group, LLC (“MDA” or “the Company”), a leading consulting services provider to the nursing home industry. The proceeds are being used for the acquisition of five skilled nursing facilities ("SNF") located in Vermont containing 527 licensed beds.

The potential combination would bring together two industry leading investment platforms that provide capital solutions to the alternative asset management industry: Owl Rock’s direct lending platform, which provides financing to middle-market companies (most of which are owned or sponsored by alternative asset managers), and Dyal, which provides capital solutions and strategic support to alternative asset managers.

Crystal Financial LLC announced the closing of a $60,000,000 Senior Term Loan for Southern States Cooperative. (“Southern States” or “the Company”). Established in 1923, the Company is one of the largest cooperatives for farmers and rural homeowners. They provide a broad assortment of products, services and growing solutions to support farming communities in 21 states.

B&G Foods, Inc. (NYSE: BGS) announced today that it intends to refinance existing revolving loans with additional tranche B term loans under its senior secured credit facility. The Company also plans to increase the revolver capacity and extend the maturity date of its revolving credit facility. The consummation of the refinancing is subject to completion of definitive agreements as well as customary closing conditions, and is subject to market conditions. There can be no assurance that the refinancing will occur, or, if it does, as to the terms of the refinancing.

ControlRad, Inc., a privately held medical technology company focused on dramatically reducing unnecessary radiation exposure during fluoroscopically guided procedures, announced today that it has entered into a loan and security agreement with Silicon Valley Bank providing access to up to $4 million of capital to the Company. The credit facility will be available for general working capital purposes.

Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX: FOOD), a leading online grocery company in Canada, announced the closing of new bank financing totalling $46 million, including a $27.5 million revolving facility (up from $10 million), a $12.5 million term loan facility, and $6 million in additional short-term financing. The financing transaction was led by Desjardins Capital Markets with participation from Investissement Québec.

The growing trend of mergers among rated business development companies (BDCs) has generally improved portfolio diversification, increased first-lien exposures, built asset coverage cushions through lower leverage and should broaden funding profiles, all of which are supportive of credit, Fitch Ratings says. However, these combinations have not had an immediate impact on ratings, as any potential benefits are not expected to materially offset the continued risks and overhang of the economic fallout of the pandemic and the downside risk to overall portfolios.

Portage Point Partners, LLC (Portage Point), a business advisory and interim management firm that partners with stakeholders during periods of transition, underperformance and distress, announced today that Tom Park has joined the firm as a Managing Director in Los Angeles.

CSE Utility Management Inc., a company controlled by Steven Muzzo, 2158815 Ontario Inc., a company controlled by Douglas Skrepnek, and certain senior management today announced the completion of their acquisition of Cricket Energy Holdings Inc. (“Cricket’), a Canadian provider of smart home energy/metering solutions and consulting services, in a transaction valued at over $200 Million. The transaction was financed by Third Eye Capital.

Sterling National Bank's Commercial Services Group provided a credit line increase to their previous senior secured credit facility now totaling $1,000,000 to 11th Hour Staffing, Inc. (“11th Hour” or the “Company”). The credit facility will provide working capital to further expand and support the Company’s future projected growth.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced its Government Contracting Finance arm provided a $1.5 million factoring facility to a service-disabled veteran owned 8(a) company that provides operational and technical engineering support to the US Army Cyber Command.

B. Riley Advisory Services is pleased to announce the addition of Paul Warley to their Atlanta and Dallas offices. Warley joins the firm with over 30 years of experience in restructuring & bankruptcy matters, lender communications, interim management, and investment banking.

Tiger Group is now accepting bids for a Dec. 10 online auction of a steel fabrication facility in South Gate, California that was formerly operated by Metal Supply, Inc. The auction features a beam line, plasma cutter, welders, material handling equipment, crane, vehicles, support equipment and other high-utility assets of interest to businesses in a wide array of sectors.

CIBC Innovation Banking is pleased to announce a US$13 million growth capital financing for Santa Monica-based EZ Texting, a cloud-based platform that enables small and medium sized businesses to confidently grow and keep their customers through their innovative messaging platform. EZ Texting plans to utilize this capital to continue building new product features that will bolster its platform and grow its go-to-market teams.

AlixPartners, the global consulting firm, announced today that Lisa Donahue, Joint Global Head of Turnaround & Restructuring Services (TRS), has received the Harvey R. Miller Outstanding Achievement Award for service to the restructuring industry. The award, sponsored by law and business publisher The Beard Group, annually recognizes leaders in the turnaround and restructuring business who have had stellar careers and pivotal roles in the biggest deals. Lisa is the first woman to receive the award in its 20-year history.

Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, has announced the closing of a $60 million senior secured term loan with RxSight, Inc. (“RxSight” or “the Company”), a privately-held, medical technology company that has commercialized the world’s first and only FDA-approved adjustable intraocular lens (“IOL”) that is customized after cataract surgery. The funds will be used for general working capital, including sales and marketing, and research and development.