TSL Express Daily Articles & News

InterNex Capital provided a $3.4 million VelocityFlex funding solution to a Texas company specializing in technology staffing services to mid to large-cap companies. The company sought a flexible funding solution to pay off their existing debt and provide additional working capital while desiring to only monetize certain current assets without any minimum or guaranteed commitments.

A Michigan manufacturer of cutting tools was looking for a new lender. mBank Senior Management personally visited the client and reviewed their plans and met with all management. mBank then presented the company with a customized financial package that met their needs. The loan closed in November 2020.

Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $500,000 to Sporticulture. The credit facilities will be used to provide working capital to further support the Company’s future growth.

A prominent menswear importer faced with rapidly growing sales was constrained by the limits of their existing bank facility. Express’s breath of knowledge in the apparel industry, specifically in menswear, allowed for a quick, seamless set up and transition from the client’s old facility. The client and Express knew each other from previous dealings which gave all parties more trust and allowed Express greater flexibility and speed to deliver ample, aggressive financing from Day 1.

By having Focus Lenders Services Group (FLSG) perform the Field Exam and walk-through inspection for a company’s Inventory, and having Gerrard Group, Inc. (GGI) perform the “gross & net” Forced and Orderly Liquidation Inventory Appraisal eliminates the duplication process due to only needing a one-time visit/ walk through inspection, which reduces travel expenses & appraisal fees (approximately 10% to 30% plus savings).

Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions to the previously announced consensual Term Loan restructuring transaction (the "TL Restructuring") involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC ("SMP Holdings") have been satisfied. Lenders collectively holding 100% of the aggregate principal amount of claims, including the approximately $155.2 million in principal amount outstanding, under SMP Holdings' Term Loan (the "Term Loan") have consented to the TL Restructuring and, at closing, will receive their pro rata shares of consideration consisting of $26.5 million of cash and approximately 2.3 million SMLP common units currently pledged as collateral under the Term Loan

Leading global professional services firm Alvarez & Marsal (A&M) has appointed John P. Malfettone as Senior Advisor with the firm’s Global Transaction Advisory Group. Mr. Malfettone will work with Global Transaction Advisory leaders to identify solutions to maximize emerging merger and acquisition (M&A) and private equity trends. His appointment boosts the firm’s bench of senior transaction advisors and reflects its commitment to expanding executive leadership talent in support of clients’ increasingly complex demands.

Rockland Trust announced today the hiring of Andrew Wilson as Vice President, Relationship Manager as part of their Asset-Based Lending Department. In this role, Andrew will be responsible for managing a portfolio of asset-based lending relationships, while attracting new clients to the team.

King Trade Capital is pleased to announce the completion of a $4.5 million purchase order-based supply chain finance facility for a New York based PPE distributor importing medical gowns to be delivered to the US Government. King Trade was contacted by a nationwide asset-based lender that was asked to help find a PO Finance partner to finance the gown company’s large contract awarded by the US Government. The government contract created a supply chain finance need to help the client pay for the production of gowns manufactured in China and ship them to the US.

Flatbay Capital LLC (“Flatbay”) (www.flatbay.com) announces the closing of a $2,400,000 commercial real estate term loan for a private equity-owned steel distributor based in Houston. The deal was referred by their large regional bank, who wasn’t able to provide the working capital due to regulations, the client’s current cash flow position, and the percentage of exposure in the energy sector. The property was used as collateral for the 2-year interest only term loan, and provided the perfect solution to bridge the gap until the economy recovers.

Business Capital (BIZCAP®) secured a Credit Facility for a leading curator of world class footwear brands for women, in business for over 80 years. The Company is unique in that it offers extended sizes in each of their brands, all of which are innovatively designed to balance comfort and fashion and are crafted from premium quality materials. T

When a Los Angeles apparel manufacturing and import company sought funding for their 2020 Holiday season orders, they chose Republic Business Credit to accelerate their growth. Republic approved a traditional factoring facility to fund their confirmed orders for the Holiday season, including an additional shipment of Personal Protective Equipment (“PPE”) in the late summer. Republic fully approved the customer limits necessary to enable the company to fulfill the large purchase orders and the add on line for PPE products in the midst of Covid-19.

Gemino Healthcare Finance is pleased to announce it has provided $3 million in financing in the form of an asset-based revolving line of credit to a skilled nursing operator.

Capital One announced today that it served as administrative agent and lead arranger for an amended and restated credit facility totaling approximately $960 million for Covis Group S.á.r.l. This includes a $485 million upsize to its existing facility in support of the company’s acquisition of AMAG Pharmaceuticals.

First Business Capital Corp., a division of First Business Financial Services, Inc. (Nasdaq: FBIZ) is pleased to announce that Brian Banning was hired as Vice President – Business Development with over 30 years of experience in financial services. He is located in the Detroit metro area.

Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the "Bookrunning Mandated Lead Arrangers") were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Emirates NBD PJSC joined as Senior Mandated Lead Arranger.

Libbey Inc., one of the world's largest glass tableware manufacturers, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through its Plan of Reorganization, Libbey Inc. is emerging from Chapter 11 as a new private company formed and controlled by Libbey Inc.'s former lenders, Libbey Glass LLC (the "Company" and together with Libbey Inc., "Libbey"), and will remain under the same leadership. The Company emerges with substantial liquidity, supported by proceeds from a $150 million term loan and a $100 million asset-based lending facility.

Mesa Air Group, Inc. (NASDAQ: MESA) today announced that it has completed a second closing through its previously disclosed five-year Loan and Guarantee Agreement under the Coronavirus Air, Relief, and Economic Security Act (CARES Act). The Loan Agreement provided a secured term loan facility of up to $200 million. On October 30, 2020, Mesa borrowed $43 million under the facility and today, completed a second closing to borrow an additional $152 million. These funds may be used for general corporate purposes and operating expenses, to the extent permitted by the CARES Act.

Enterprise Financial Services Corp (Nasdaq: EFSC) (“Enterprise”), the holding company of Enterprise Bank & Trust (“EB&T”), announced today the completion of its merger with Seacoast Commerce Banc Holdings (“Seacoast”), effective November 12, 2020, and the merger of EB&T with Seacoast’s wholly owned subsidiary, Seacoast Commerce Bank (“Seacoast Bank”). The merger adds approximately $1.3 billion in assets, $1.2 billion in loans and $1.0 billion in deposits to Enterprise. Following the merger, Enterprise will have approximately $9.7 billion in total assets.

TAB Bank is pleased to announce it has provided an additional $4 million revolving credit facility to support related Canadian entity of an existing client. This entity of TAB’s existing client is a key provider of aftermarket support solutions for the global aerospace and defense industries including the maintenance, repair, and overhaul of engines, components, and related accessories.