TSL Express Daily Articles & News

Alternative investment managers (Alt-IMs) are seeing various unexpected benefits as a result of the economic fallout of the coronavirus pandemic, with the outlook for interest rates in most major economies remaining low through 2023 expected to fuel inflows, Fitch Ratings says. Lower rates should continue to benefit Alt-IMs as investors seek to deploy capital into potentially higher-yielding private asset classes, while partnerships with insurance companies may become even more compelling. Other tailwinds for Alt-IMs in the face of the pandemic include longer periods of base fee generation, as the pace of realizations slow.

TAB Bank is pleased to announce it has provided a $10 million asset-based revolving credit facility for a traffic control company based in California. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company.

Concurrent with the acquisition, the Company entered into a revised credit facility with PNC Bank which increased its term loan facility by approximately $10 million to $17.5 million and increased its revolving loan facility to $30 million, an increase of $7.5 million from the previous credit line of $22.5 million.

Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $74 million senior credit facility and revolving line of credit to Specialty Dental Brands ("SDB" or "the Company"), a dental services organization focused on pediatric dentistry, orthodontics, and oral surgery.

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced the addition of David Weinstein to its Restructuring & Dispute Resolution practice. Weinstein joining the team, which follows the addition of eight turnaround and restructuring veterans last year, will expand senior resources for debtor and lender workouts and restructuring both in and out of court. Based in Florida, his hire also expands the firm’s local presence to better service clients in this region.

StreetTrend LLC announced that it has acquired the European based sneaker brand P448 from NoThanks SpA, headquartered in Forli, Italy. The new consolidated entity will be called P448 SpA and will become part of the StreetTrend portfolio of footwear and fashion brands. StreetTrend LLC is a fashion footwear and street wear brand portfolio holding company under the leadership of Wayne Kulkin, former CEO of Stuart Weitzman. The company was formed in 2017 as a JV partnership with Jeffrey Hecktman, CEO of the international investment and financial services company Hilco Global.

CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $70 million senior secured financing on behalf of International Container Company Holdings Limited. The loan is secured by three large container vessels operated by Maersk A/S, a direct subsidiary of AP Moller Maersk, which owns and operates more than 700 container vessels worldwide.

White Oak Global Advisors, LLC (“White Oak” or “the Firm”) today announced it has entered a formal partnership with the Sustainability Accounting Standards Board (“SASB”), a global nonprofit founded to help businesses around the world identify, manage and report on a wide range of sustainability issues. This partnership will enable White Oak to incorporate SASB’s standards into its ESG research and underwriting processes for prospective credit issuance.

The credit facilities will provide working capital to further expand and support the Company’s future projected growth.

Encina Business Credit, LLC announced today that it has provided a $72.5 million senior secured credit facility to a leading manufacturer and distributor of heating, ventilating and cooling products used in both residential and commercial applications.

Leading global professional services firm Alvarez & Marsal’s (A&M) Healthcare Industry Group has expanded its Technology Advisory and Transformation services with the addition of Ian Donner and Avishek Nandi as Senior Directors in New York. This expanded capability is in response to clients’ increasing need for specialized technology advisory and strategic transformation services amidst complex healthcare challenges.

Metropolitan Commercial Bank today announced that Danny Tommasino joined the Bank as First Vice President, Senior Healthcare Lender. He will report to Luke J. Kaufman, First Vice President, Head of Commercial Lending. Mr. Tommasino brings 19 years of banking experience to Metropolitan Commercial Bank and has focused exclusively on the healthcare sector for the last ten years. He was recently Senior Vice President, Healthcare Practice Leader at BankUnited’s middle-market healthcare business.

Tradewind Finance has announced the completion of a $2 million post-shipment finance facility for a manufacturer and exporter of East Mediterranean food based in Lebanon. The company sells beans, vegetarian dips, jams, and olive oil, among other items, and exports to the USA, Canada, the UK, Europe, and the Middle East. The funding is being used to support the company’s growth and expand their production plant.

Wingspire Capital Holdings (“Wingspire”) is pleased to announce the funding of a $30 million senior secured working capital revolver to a leading distributor in after-market auto parts, consumer electronics and personal protective equipment. The borrower will use the funding to accelerate a turnaround plan that includes reducing expenses, eliminating slow-moving excess inventory and pursuing new customers with sought-after PPE products such as masks and thermometers.

Celtic Capital Corporation today announced its most recent new client relationship – a Kentucky-based wholesaler of industrial supplies, steel, fasteners and bearings. This 100+ year-old company has been family-owned and operated for many years and had recently fallen out of covenant with its bank line.

Stonebriar Commercial Finance is pleased to announce the promotion of Travis Bell to Managing Director of Originations. Mr. Bell joined Stonebriar in 2017 as part of SCF’ Real Estate platform acquisition. Travis has a demonstrable track record of success growing Stonebriar’s Real Estate platform and developing relationships across the industry. With his promotion, Travis will expand his focus to include Stonebriar’s General Equipment platform.

Bouchard Transportation Co., Inc. (privately held) ("Bouchard" or the "Company"), the nation's largest independently-owned ocean-going petroleum barge company, today announced that it and certain of its subsidiaries have filed voluntary petitions to restructure under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court").

Crestmark is pleased to announce the appointment of Mark Collins as business development officer for Crestmark’s Business Credit group. Based in South Carolina, he will report to Senior Vice President, Business Credit Sales Manager James Farrell, and will provide asset-based lending, factoring, and other Crestmark products to businesses nationwide.

CIT Group Inc. (NYSE: CIT) today announced the launch of a new commercial online banking platform, designed to maximize efficiency and agility for Community Association Banking customers. With new and enhanced features, the platform offers a robust suite of digital tools.

Roadrunner Freight is a leading less-than-truckload (“LTL”) transportation provider. The Company services a diverse customer base across many industries including retail, industrial, food & beverage and health care with its differentiated point-to-point LTL model. The Crystal financing facilitated the final step of a multi-year corporate transformation to simplify Roadrunner’s business operations. The revolver, term loan and delayed draw term loan will be used for working capital and growth.