TSL Express Daily Articles & News

The Office of the Comptroller of the Currency (OCC) has issued its “true lender” rule introduced earlier this year with added clarification about how banks are responsible for the actions of their third-party lending partners. The OCC’s rule, slated to take effect 60 days after publication in the Federal Register, “specifies that a bank makes a loan and is the true lender if, as of the date of origination, it (1) is named as the lender in the loan agreement or (2) funds the loan.” The rule is intended to bolster accountability for banks regarding their third-party partners, clarifying which lender in the arrangement is responsible for following all federal banking laws.

Business Capital (BIZCAP®) secured Debtor-in-Possession / Exit Financing for a premiere California North Coast boutique hotel located near the largest contiguous redwood forest in the world. Founded in the early 1920’s, it is known for offering a wide range of amenities, activities, and fine dining. The financing will help fund operations during the pandemic related travel and hospitality downturn, as well as allow for expansion and upgrades.

Since its founding in 2012, Siena Lending Group has worked extensively with financial sponsors. Achieving milestones like these speaks to Siena’s longevity, creativity in structuring deals and reliability in closing them. It tells people how much private equity firms and other financial sponsors trust Siena for asset-based lending solutions.

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, Wisconsin. IRA Capital acquired the medical campus, consisting of two class-A medical office buildings comprising nearly 119,000 square feet. The outpatient facility is 100% leased and occupied by Froedtert Health, a five-hospital system and the primary teaching affiliate of the Medical College of Wisconsin.

Trading of New Common Stock to Commence on NYSE on October 28, 2020 Chapter 11 Restructuring Eliminates Pre-Existing Debt and Midstream JV Interests in Exchange for Equity CRC Emerges With a $540 Million Revolving Credit Facility, $300 Million of Secured Notes and $200 Million of Second Lien Term Loan

Old Hill provided $8 million in the form of a senior secured revolving-to-term credit facility to a specialty finance company that provides working capital to small businesses in the form of merchant cash advances. The facility was secured by a first lien perfected security interest in receivables originated by the borrower.

Marketlend, Australia’s leading marketplace trade credit platform, continues to excel as it recently closed a new $100 million financing facility with Crayhill Capital Management LP, a New York based private credit manager and asset-based lender. This new facility will assist with liquidity and cash flow management to global companies affected by the COVID-19 pandemic. It complements Marketlend’s existing trade credit securitization program, which offers financing to companies engaged in international trade.

PREIT has a primary focus on the ownership and management of differentiated retail shopping malls crafted to fit the dynamic communities they serve. The Company operates properties in 12 states in the eastern U.S. with concentration in the Mid-Atlantic and Greater Philadelphia region. The Company is headquartered in Philadelphia, Pennsylvania. More information about PREIT can be found at www.preit.com or on Twitter or LinkedIn. DLA Piper LLP (US) LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

Iron Horse Credit (IHC) and Alterna Capital Solutions (Alterna) announced today the closing of a $3,000,000 stand-alone inventory revolving line of credit and $2,500,000 Accounts Receivable-based facility respectively to a century-old company engaged in the design, development and marketing of quality women’s footwear. The facility provided was used to pay off its current bank relationship and provide the company with additional working capital as the business impact of COVID-19 began to decrease.

Stenn recently concluded a seven-figure trade receivables finance program for a US importer of wire and cable used in the maritime sector. The firm imports from suppliers in Canada and China. “We are pleased to develop a trade financing program that meets the working capital needs of this importer as well as its suppliers,” said Peter Clement, Business Development Director, Strategic Accounts.

The associated debt from North American oil and gas bankruptcies in 2020 has already reached an all-time high and is set to grow even further this year as the wave of Chapter 11 filings continues, a Rystad Energy report projects, analyzing industry data from law firm Haynes and Boone. Although the combined count of Chapter 11 filings from exploration and production firms (E&Ps) and oilfield service (OFS) companies this year in North America has so far reached 84, which is still lower than the historical high of 142 in 2016, the associated debt these companies are carrying is much higher, at $89 billion so far, some $19 billion more than in 2016.

Garrett Motion Inc. (“Garrett”) today announced that on Friday, October 23, 2020, it secured Court approval of bidding procedures for a competitive process to either sell the business of Garrett or raise equity capital for a stand-alone plan of reorganization. The competitive process will continue over the next seven weeks and is expected to conclude at an auction on or about December 18, 2020. The bidding procedures permit Garrett to explore all options, including sales of Garrett for cash, sales of Garrett with co-investment rights offered to stakeholders, and stand-alone plans of reorganization.

Forcepoint, a leading provider of cybersecurity solutions that protects the critical data and networks of thousands of customers throughout the world, and Francisco Partners, a leading global investment firm that specializes in partnering with technology and technology-enabled businesses, announced today that Francisco Partners has signed a definitive agreement to acquire Forcepoint from Raytheon Technologies. Debt financing for this transaction was provided by Credit Suisse. Paul Hastings LLP and Kirkland & Ellis acted as legal advisors to Francisco Partners. Barclays acted as exclusive financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Raytheon Technologies.

TCF Financial Corp. CEO Craig Dahl will retire, effective today, after helping to lead the $3.6 billion merger of TCF and Chemical Financial Corp., the Detroit-based company announced late Monday afternoon. Dahl, 66, will be succeeded by David Provost, 66, and Thomas Shafer, 62, who was named CEO of TCF National Bank. Shafer, who was also elected vice chairman, will run the day-to-day operations of the bank and is tasked with growing it organically.

LBC Small Cap, an affiliate of LBC Credit Partners, provided a senior secured credit facility and equity co-investment to support Susquehanna Private Capital, LLC’s (“SPC”) acquisition of Authority Franchise Systems, LLC (“Mosquito Authority” or the “Company”). LBC served as Agent and Sole Lead Arranger for the senior secured credit facility. North Carolina-based Mosquito Authority is a franchisor of mosquito, pest, and tick control services throughout the United States, Puerto Rico, and Canada.

EisnerAmper LLP, a leading global business advisory firm, is pleased to announce that Yvette Garcia has joined the firm as a commercial audit partner concentrating on audit & assurance, mergers & acquisitions, public offerings and capital formation.

Blue Wolf Capital Partners ("Blue Wolf"), a New York-based private equity firm, today announced the expansion of its investment team with four strategic hires: Shashank Patel, Greg Singer, Ethan Cooper and David Meyers. Blue Wolf has also promoted Chief Financial Officer and Chief Compliance Officer Joshua Cherry-Seto to Managing Director.

Hilco Redevelopment Partners (HRP) announced today that it has named Justin Dunn as Senior Vice President of Development of the company’s Philadelphia team, which is working to redevelop a 1,300 acre former oil refinery site in southwest Philadelphia. The project will transform the site into a state-of-the-art, environmentally responsible logistics and commercial campus. HRP is the real estate development unit of Hilco Global and is dedicated to the remediation and redevelopment of obsolete industrial properties.

Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of the propane, petroleum, and lubricant operations of Dixie Gas & Oil Corporation (“Dixie” or the “Company”) to Quarles Petroleum, Inc. Based in Verona, Virginia, Dixie is one of the region’s largest independent suppliers of retail propane, heating oil, commercial fuels, and lubricant products serving over 10,000 customers in 17 counties throughout Virginia and West Virginia. Jessica Robinson and Victor Santos of Nelson, McPherson, Summers & Santos, L.C. served as legal counsel to Dixie.

H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $40 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire Capstone Logistics, LLC (“Capstone” or the “Company”), a leading national provider of outsourced supply chain solutions to distribution centers catering primarily to the grocery, food service, retail and CPG industries, from an affiliate of The Jordan Company, L.P. (“TJC”).