TSL Express Daily Articles & News

24 Hour Fitness (the “Company”), an industry-leading fitness brand for over 35 years, today announced that it has entered into a restructuring support agreement (the “RSA”) with lenders beneficially holding approximately 73% of the Company’s secured debt and approximately 65% of the Company’s senior unsecured notes on the terms of a comprehensive restructuring plan (the “Plan”). The RSA sets forth terms for a financial restructuring that will reduce approximately $1.2 billion dollars of funded debt, provide increased financial flexibility to help navigate through the Coronavirus (COVID-19) pandemic, and better position 24 Hour Fitness for long-term success.

Honored by the Center for Executive Succession at the Darla Moore School of Business for a legacy of fostering talent and delivering performance.

First Business Growth Funding, a division of First Business Capital Corp., announced today that it is financing multiple COVID-19 vaccine trials at various sites throughout the United States. The COVID-19 vaccine trials are in Stages II and III and involve thousands of subjects.

Crestmark secured a total of $15,847,400 in ABL financial solutions for ten new clients; Crestmark Equipment Finance provided $20,343,127 in five new lease transactions; Crestmark Vendor Finance provided $6,111,586 in 79 new transactions; the Government Guaranteed Lending

The sponsorship will provide up to 24 Little Village and Chicago Residents the opportunity to attend the full pre-apprenticeship program tuition free to prepare for a valuable career in the trades.

Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today the financial close of its 126 MWp Tastiota project in the state of Sonora, Mexico. The non-recourse financing package, arranged by Canadian Solar, was provided by Sumitomo Mitsui Banking Corporation ("SMBC"). SMBC acted as Sole Structuring Bank and Mandated Lead Arranger in the transaction.

Kugman Partners is pleased to announce an addition to our professional staff. Nathan Hoover joined the firm as an associate on September 1st. Nathan Hoover is a corporate advisor and financial analyst with demonstrated success in forming and implementing strategy for organizations experiencing transition, including stress and distress; managing complex sale transactions; and supporting C-suite and management teams with development of sophisticated reporting tools, presentation templates, and financial models.

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Michael J. Mulcahy, Senior Managing Director, Commercial Private Banker (C&I). Michael is responsible for developing and growing a portfolio of commercial clients in the markets the Bank serves. With the fragmentation in the market, he will be able to successfully deliver our full suite of products utilizing our boutique service model and advice-led strategy.

Monroe Capital LLC (“Monroe”) was selected as the recipient of the 2020 Private Credit Strategy of the Year by the Pension Bridge Institutional Asset Management Awards. The award was presented to the firm’s Monroe Capital Senior Secured Direct Loan Fund at the awards ceremony on September 24, 2020. The Pension Bridge Institutional Asset Management Awards recognize and reward the institutional asset management industry for performance and excellence across various strategies, enabling asset managers to benchmark and prove themselves against their competition.

Pathlight Capital ("Pathlight") announced it is serving as the FILO Agent on the recently funded $125,000,000 FILO Facility for The Neiman Marcus Group ("Neiman Marcus" or the "Company"), one of the largest omni-channel luxury fashion retailers in the world. The FILO Facility was funded upon the Company's successful emergence from Chapter 11 on September 25, 2020. Proceeds from the facility will be used to refinance existing debt and provide liquidity to support the reorganized Company's ongoing operations and strategic initiatives.

Sale of the legendary comedy empire that helped launch the careers of comedians from John Belushi to Tina Fey to Keegan-Michael Key. Global investment bank Houlihan Lokey will advise on the sale on behalf of The Second City.

Citizens M&A Advisory served as the exclusive financial advisor to BV Investment Partners ("BV"), a Boston-based private equity firm focused on information and business services and communications industries, on its simultaneous acquisition of two ServiceNow (NYSE: NOW) consulting partners – GlideFast Consulting, a Boston-based commercial partner, and Pharicode, a Huntsville-based government partner.

Altacrest Capital LLC (“Altacrest”), a Dallas-based private equity firm that invests in growing eCommerce brands, has acquired a controlling interest in Big Dot of Happiness, a leading online seller of designer party supplies and lifestyle collections. Altacrest Capital financed this transaction in partnership with Route 2 Capital Partners (“R2CP”), Venturi Private Wealth, co-owners Sherri and Scott Yukel, and a group of equity investors. R2CP provided both debt and equity to support the transaction. CrossFirst Bank provided a credit facility in association with the transaction.

Digital trade finance provider Stenn International today announced the completion of an invoice finance facility for a worldwide leading manufacturer and exporter of speciality packaging materials based in India. The firm’s graphic-grade films, foils and laminates are used in gift wrap, holographic paper, and packaging for premium branded goods.

Oasis Petroleum Inc. entered into a restructuring support agreement with "substantially all of its lenders" under its revolving credit facility and "holders of 52% of the aggregate principal amount of the company's bonds," on what the company termed a "pre-prepackaged" restructuring plan, the company announced on Sept. 30. To implement the RSA, the company further said it filed for Chapter 11 in bankruptcy court in Houston, Texas.

Frontier Communications Corporation has set price talk for a $1.15 billion offering of debtor-in-possession-to-exit senior secured notes at 6.00%-6.25%, sources said. Books for the seven-year (non-call three) paper will close today at 2 p.m. ET, with pricing expected to follow thereafter. Goldman Sachs (left), J.P. Morgan, Deutsche Bank, Barclays, Morgan Stanley and Credit Suisse are bookrunners for the deal. Initial price thoughts circulated in a mid-6% context, according to sources."

Blue Bridge Financial, LLC announces the closing of a one-year extension of its $20 million revolving credit facility with Fifth Third Bank, National Association. “This extension along with the previously announced corporate note extension insures that Blue Bridge will continue to be a key source of capital for small businesses in need of equipment finance.”

Through its recent bankruptcy process, the J. Crew and Madewell parent company, now named "Chinos Intermediate 2," has significantly trimmed the massive debt load that had undermined the namesake brand's ability to right itself and the healthier but smaller brand's capacity to grow. J. Crew provided about 70% of the company's sales last year, with Madewell, which enjoyed double-digit comps from 2018 to 2019, chipping in more than 20%, thanks to what S&P analysts said is "merchandise that resonates with its millennial customer segmentation," per S&P Global's release.

SG Credit provided the Company with a non-dilutive $2.5 million term loan with structured amortization early in the term to free up cash flows and liquidity to fund growth initiatives. This structure allowed the Company to seamlessly buyout the existing shareholder without complicating existing shareholder dynamics.

Avianca Holdings S.A. (OTCMKTS: AVHOQ, BVC: PFAVH) (the "Company" or "Avianca") today announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of New York (the "U.S. Court") to access its debtor-in-possession ("DIP") financing totaling just over US$2.0 billion.