TSL Express Daily Articles & News

The CA DBO has now published a set of regulations and SFNet has submitted a comment letter. SFNet has been working to address compliance issues throughout the legislative and rule-making process.

J. C. Penney Company, Inc. (OTCMKTS: JCPNQ) today announced that it has entered into an asset purchase agreement (“APA”) with Brookfield Asset Management, Inc (“Brookfield”), Simon Property Group (“Simon”) and a majority of the Company’s DIP and First Lien Lenders (“Majority First Lien Lenders”). Kirkland & Ellis LLP is serving as legal adviser, Lazard is serving as financial adviser, and AlixPartners LLP is serving as restructuring adviser to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Brookfield and Simon.

Sallyport Commercial Finance opens a $4,000,000 accounts receivable facility to a large Canadian Security Firm. After several lenders reviewed and passed on the business, the company was introduced to Sallyport who took the time to listen and structure a solution that will benefit the business for long term expansion.

Gordon Brothers, the global advisory, restructuring and investment firm, has published an article examining the effects election years can have on consumer spending and different retail sectors in the U.S. Authors Rick Edwards, President of Retail, and Liz Sarhaddi-Blue, Managing Director of Retail, provide an analysis of the current state of retail, sector shifts in advance of the 2020 election and how proposed policies, like a second stimulus package, may affect the ever-evolving retail industry.

Leading global professional services firm Alvarez & Marsal (A&M) has appointed Dallas-based Omar Mata a Managing Director in its Private Equity Performance Improvement group. Mr. Mata joins the group’s expanding CFO Services vertical, where he will focus on assisting organizations improve their finance/accounting functions to positively impact business performance. His appointment is in response to increasing demand for critical finance transformation and performance improvement.

Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support the acquisition of MarkLogic Corporation (“MarkLogic”) by private equity sponsor Vector Capital. Based in San Carlos, California, MarkLogic is a leading provider of enterprise data integration and data management solutions.

Trustees are scrutinizing real estate holdings in education as never before, noted two executives from A&G Real Estate Partners in a webinar conducted by The Association of Governing Boards of Universities and Colleges (AGB). "The pandemic is fast-forwarding business models that were already pivoting to take into account declining enrollments, reductions in state funding, higher debt loads and more distance learning," said Andy Graiser, Co-President of A&G. "At the board level, there's a growing focus on ramping up the efficiency of real estate."

Wingspire Capital LLC (“Wingspire”) is pleased to announce the funding of a $60 million senior secured working capital facility to Franchise Group Inc., the owner and operator of franchised retail stores. Proceeds were used to refinance the borrower’s existing ABL credit facility in addition to providing a more flexible and cost-effective credit facility for the company going forward.

White & Case and Veirano Advogados emerged as the top legal advisers for mergers and acquisitions (M&A) in South & Central America by value and volume, respectively, for Q1-Q3 2020, according to GlobalData, a leading data and analytics company. According to GlobalData’s latest report, 'Global and South & Central America M&A Report Legal Adviser League Tables Q1-Q3 2020', during the period, 693 M&A deals were announced in the region - marking a 30% decrease over the 990 deals announced during the same period in 2019. Deal value also decreased by 45.7% from $65bn in Q1-Q3 2019 to $35bn in Q1-Q3 2020, according to GlobalData’s Financial Deals Database.

Gordon Brothers, the global advisory, restructuring and investment firm, announced Laura Ashley® has chosen to partner with NEXT plc to reintroduce their home products online and in stores nationwide. NEXT has over 500 stores in the U.K. and Eire and an online presence in over 70 countries making them an ideal retail partner to continue Laura Ashley’s story.

Pacific Western Bank is pleased to announce that Scott Blaeser has joined the Bank as a Senior Vice President, Business Development Officer, for the Intermountain Region on its asset-based lending team. He will be located in the Bank’s Denver office. Scott will lead the Bank’s efforts to deliver asset-based lending solutions to middle-market businesses throughout Colorado, Oregon, Utah, Washington and beyond.

In September of 2018, the governor of California signed into law CA 1235, which places disclosure requirements on certain commercial financing transactions in California. The CA DBO has now published a set of regulations and SFNet has submitted a comment letter. SFNet has been working to address compliance issues throughout the legislative and rule-making process.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $20 million Receivables Financing Facility to a global manufacturing company that provides innovative product components to the healthcare and consumer goods industries. The transaction was structured as a recourse factoring facility, which will be used by the company to pay down existing debt and increase its cash on hand as it manages through the impact of the COVID-19 pandemic.

1st Security Bank announces Brian J. Kunkel's promotion to the Bank's Leadership Team as Director of Commercial Lending. Brian joined the Bank in early 2016 and has contributed significantly to the Bank's commercial lending growth over the last 4 years. In his new role, Brian will oversee 1st Security's entire commercial lending platform including managing the commercial and industrial (C&I) lending teams and the treasury management team.

For the third quarter of 2020, Ares Capital reported GAAP net income of $441 million or $1.04 per share (basic and diluted), Core EPS(2) of $0.39 per share (basic and diluted), net investment income of $166 million or $0.39 per share (basic and diluted), and net realized and unrealized gains of $275 million or $0.65 per share (basic and diluted).

CapX Partners (CapX), a leading provider of middle-market equipment leasing and financing programs, has completed its transition becoming fully part of the Accord Financial Corp. family rebranding as Accord Equipment Finance (AEF). In 2017, CapX merged with Accord retaining the CapX Partners banner under a three-year phased transaction.

Huntington Business Credit announced it closed new $23,000,000 credit facilities with Paragon Steel Enterprises, LLC on September 29, 2020. Proceeds of the facilities were used to refinance existing indebtedness, provide funds for plant expansion and ongoing working capital growth financing.

Goldman Sachs and Itau Unibanco were the top advisers for mergers and acquisitions (M&A) in South & Central America by value and volume, respectively, in Q1-Q3 2020, respectively, according to GlobalData, a leading data and analytics company. According to GlobalData’s report, ‘Global and South & Central America M&A Report Financial Adviser League Tables Q1-Q3 2020’, during this period, 693 M&A deals were announced in the region, which marked a 30% decrease over the 990 deals announced during the same period in 2019. Deal value also decreased by 45.7% from $65bn in Q1-Q3 2019 to $35bn in Q1-Q3 2020.

In the midst of the COVID-19 pandemic and just a year after tempering expectations for deal-making, respondents to Dykema’s 16th Annual M&A Outlook Survey are the most optimistic they have been in the 16-year history of the survey. Seventy-one percent of respondents expect the M&A market to strengthen over the next 12 months, up from 33 percent in 2019, and 87 percent believe M&A activity will increase in the same time frame.

U.S. Bank announced today that Andrew Aye has been named Colorado market president. In his new role, Aye will lead commercial middle market banking and drive company-wide activities in Colorado. Aye returns to U.S. Bank from BOK Financial in Denver, where he established a track record of success. Earlier in his career he spent seven years at U.S. Bank in its Commercial Banking business where he developed a reputation as a strong leader and team builder. In addition to U.S. Bank, he has served as market president for Guaranty Bank and Trust Company, where he headed up the middle market team, and was a director with Stonehenge Growth Capital for more than seven years.