TSL Express Daily Articles & News

Fifth Third Bank, National Association today announced that Executive Vice President Kala Gibson has been named chief enterprise corporate responsibility officer & head of Business Banking. His role is expanding to include responsibility for Community and Economic Development.

Callodine Commercial Finance (“CCF”) recently provided CAD $20 million of financing to support Kingswood Capital Management’s acquisition of MEC, an established retailer, and Canada's go-to place for outdoor gear, know-how, and inspiration. This represents the inaugural transaction completed by CCF on the team’s new platform, after being acquired by Callodine Group.

BNY Mellon High Yield Strategies Fund (NYSE: DHF) (the “Fund”) today announced entry into a new credit facility of up to $125 million with BNP Paribas Prime Brokerage International Limited. The new credit facility replaces the credit facility with the Fund's previous credit facility provider. The credit facility is evergreen, subject to standard notice and termination provisions, and is secured by the Fund’s investments. Borrowings under the new credit facility are at an interest rate of 1-month LIBOR + 90 basis points.

In the nine months since COVID-19 was declared a pandemic, Gibraltar Business Capital has remained committed to providing access to flexible, reliable and fast capital — closing 12 transactions and $130.5 million in new commitments. Credit facilities ranged from $4MM to $20MM and were utilized to support refinances, growth, acquisitions, and recapitalizations. The growth in individual facility sizes reflects Gibraltar’s continued, successful shift upstream towards supporting companies with increased liquidity and working capital needs.

B. Riley Financial, Inc. (“B. Riley”) and 180 Degree Capital Corp. (“180”) today announced that they are taking the steps required to seek significant changes to the composition of the Board of Directors (the “Board”) of Maven (the “Company”). B. Riley and 180 also today expressed their utmost confidence and support for the Company’s management and employees. Last week, B. Riley and 180 sent a letter to the Board requesting the immediate resignation of five of its members. In the letter, B. Riley and 180 noted that in the absence of such resignations, they would file a consent solicitation statement with the Securities and Exchange Commission (“SEC”) to seek consents from holders of at least a majority of the voting power of MVEN securities entitled to vote to remove such directors.

The auction features well-maintained equipment, including: • 2017 Agilent lntuvo 9000 Gas Chromatography System, complete with 7697A Headspace Sampler • 2017 Agilent Ultivo Triple Quadrupole LC/MS System • 2018 Tuttnaur Autoclave, Model EZ11-Plus • Laminar Flow Station • 2017 Waters Preparatory System, Model SFC 350

CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided a $38 million senior secured loan toward the acquisition of an apartment complex in Winter Park, Florida. The property, owned by Phoenix Realty Group (“PRG”) and its investors and affiliated entities, is known as Lakeside at Winter Park and consists of 288 units of garden style apartments on more than 26 acres with amenities including a pool, fitness center, clubhouse and tennis, basketball and volleyball courts. The financing was used for the acquisition and to continue ongoing renovations and improvements at the complex.

Wingspire Capital (“Wingspire”) announced that Allison Adornato has joined as Managing Director and National Head of Underwriting. Ms. Adornato will oversee the underwriting of Wingspire’s asset-based lending (“ABL”) products, which range from $20 million to $200 million in transaction size and include revolving lines of credit, fixed asset term loans and cash flow stretch term loans.

The Hedaya Capital Group, Inc. is pleased to announce a $2,500,000 Factoring Facility for a luxury cashmere and knitwear brand. Hedaya was approached by a turnaround consultant when the company’s turnaround was already well underway. Hedaya Capital worked diligently with the CFO and their management consultant to finalize the transaction, takeover the client, and put the company on steady footing for growth. In addition to factoring, Hedaya is issuing letters of credit to the company’s main supplier to secure and facilitate the import of inventory for sale.

ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today announced three key appointments at the Bank level. Elizabeth Magennis has been elevated to President, Michael O’Malley has been hired as Executive Vice President and Chief Risk Officer, and Siya Vansia has been named Senior Vice President and Chief Brand and Innovation Officer.

Bridge Bank today announced it has extended a $25,000,000 credit facility to Health-Ade. Founded in 2012 and based in Los Angeles, Health-Ade is an organic beverage company, selling its beverages in more than 35,000 retailers nationwide, including Whole Foods, Target and Publix. The new credit facility will be used to support growth and expansion initiatives.

InterNex Capital has provided a $1,500,000 Line of Credit (VelocityLOC) to a Maryland company who helps organizations bring drug treatments to the market through health research services.

In the spirit of Giving Tuesday, Gordon Brothers, the global advisory, restructuring and investment firm, has announced the firm’s shareholders completed $1 million in donations to charities supporting communities across the globe impacted by COVID-19. The shareholders collaborated with Gordon Brothers employees to establish the $1 million COVID-19 Emergency Relief Fund in March and have together carefully selected over 60 philanthropic organizations working to better the lives of people challenged medically and financially by the pandemic.

Clearlake Capital Group LP agreed to buy Dallas-based Dimora Brands Inc., or TKE Holdings Inc., from middle-market private equity firm The Jordan Co. LP for an undisclosed amount. Dimora provides high-end specialty hardware and home accessories. Baird served as financial adviser and Winston & Strawn LLP acted as legal counsel to Dimora. Nomura Securities Co. acted as an adviser to Dimora's board of directors.

Jacobs will also provide debt financing to PA through a 650 million euros term loan and a revolving credit facility of up to 100 million euros. It intends to fund the acquisition through a combination of cash-on-hand and existing and incremental debt facilities.

Hertz Global Holdings, Inc. (OTCPK: HTZGQ) today announced that it has entered into a stock and asset purchase agreement to sell substantially all of the assets of its wholly-owned subsidiary, Donlen Corporation ("Donlen"), a fleet management leader, to Athene Holding Ltd. ("Athene") (NYSE: ATH), a leading financial services company, for an anticipated cash payment of $825 million subject to adjustments for fleet equity, working capital and assumed debt. Hertz anticipates that these adjustments will result in a purchase price at closing of at least $875 million. White & Case LLP is serving as Hertz's legal advisor, Moelis & Co. is serving as investment banker, and FTI Consulting is serving as Hertz's financial advisor.

Stampede Drilling Inc. is pleased to announce the closing of a loan facility in an amount of up to $2 million pursuant to a letter of offer dated October 28, 2020 with the Business Development of Canada ("BDC"). BDC, HSBC Bank Canada ("HSBC") and the Company have also entered into a priority agreement, whereby the BDC Security Interest is postponed and subordinated to the security interests held by HSBC in the personal property of the Company in connection with the facility letter dated December 20, 2018 from HSBC to the Company, as acknowledged and agreed to by the Company on December 20, 2018.

CTRL USA has launched a new global fund, seeking to raise at least $3.5 billion for its second private equity-value add fund focused on commercial real estate acquisitions and development. The U.S. private investment company has begun marketing the new vehicle to prospective global investors, i.e., United Arab Emirates, Asia & etc. It’s targeting more than double the size of its first private equity buyout fund, which closed at about $300 million in 2019.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $5 million receivables financing facility to a telecommunications and electrical contracting company that provides integrated voice and data cabling infrastructure solutions nationwide.

Celtic Capital Corporation today announced its most recent new client relationship – a California-based manufacturer of high-volume, low-speed industrial ceiling fans. This 13-year old family-owned business was asked by its bank to seek alternative financing due to loan covenant violations.