TSL Express Daily Articles & News

Bell’s newest group of bankers to join our team in Phoenix will help guide commercial lending and deposit growth at Bell’s current and upcoming Arizona locations. (Watch our website and social channels for more info!) Kyle Kennedy, Bell’s Phoenix president and Arizona banking director, announced that Adam Christensen has been named senior vice president (SVP)/commercial banking manager and Gerald Deetz has been named SVP/commercial sales manager in the Phoenix market. They are joined on the commercial leadership team by Heidi Marshall, Kevin Herbst and Ben Allen.

Jason Industries (“Jason” or the “Company”) today announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (the “Plan”), clearing the way for Jason to successfully complete its Chapter 11 financial restructuring and emerge in the coming days.

Anthony Labozzetta has been appointed to the position of President and Chief Operating Officer. Vito Giannola has been appointed to the position of Executive Vice President and Chief Retail Banking Officer. George Lista will continue in his role as President of SB One Insurance Agency, Inc., a wholly-owned subsidiary of Provident Financial Services. Josephine Moran has been appointed Executive Vice President, Chief Corporate Services & Consumer Lending Officer

Chubb, National Center for the Middle Market survey shows diminished outlook due to prolonged pandemic, provides insights on the business impact and risk implications of COVID-19 on this segment

Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase in Net Income Year Over Year

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 term loan and revolving line of credit to ReMed Holdings, LLC ("ReMed" or "the Company"), a leading provider of rehab services to patients with post-acute acquired brain injuries ("ABIs").

Micron Solutions, Inc. (OTCQB: MICR) (the “Company”), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components and assemblies requiring precision machining and injection molding, announced entry into a purchase and sale agreement for the sale and leaseback of its main manufacturing facility.

TAB Bank is pleased to announce it has provided a $4 million asset-based revolving credit facility for manufacturing company based in North Carolina. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company. In addition to the revolving credit facility, TAB Bank also provided the company with a $200 thousand M&E term loan and a $1 million commercial real estate loan.

Continuing its commitment to help during the pandemic, Prestige Capital Finance, LLC recently participated in funding for a nondurable goods distributor based in Rhode Island. Prestige provided $1.5 million to this New England company as part of a carve out of certain customers from its existing bank. The proceeds of the funding were used to purchase additional inventory to service a growing list of retailers, including a Fortune 100 chain.

The Interface Financial Group (“IFG”) announced the closing and funding of a AUD$10,000,000 Open Ledger invoice finance facility for a Zen Energy, operating in South Australia. The proceeds are being used to assist with their demerger from SIMEC Zen Energy Group and to finance further growth. ZEN Energy offers renewable energy solutions to businesses & residents around Australia.

Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, has announced that on July 15, 2020, it closed a $10 million senior secured term loan with Inhibrx, Inc. (or "the Company") (Nasdaq: INBX), a clinical-stage biotechnology company focused on developing a broad pipeline of novel biologic therapeutic candidates. The funds, which were secured prior to the Company's recent initial public offering, will provide general growth capital as Inhibrx aims to evolve into a commercial-stage biotechnology company.

The debt agreements governing $297 million of debt at Braves Stadium Company, LLC (collectively the “Ballpark funding”) have been amended such that the applicable financial covenants will not apply until the quarter ending September 30, 2021, subject to certain conditions being met.

Cequence Energy Ltd. (“Cequence” or “the Company“) announces a recapitalization transaction (the “Restructuring Transaction”), to be implemented as a plan of compromise and arrangement (the “Plan”) under the Companies’ Creditors Arrangement Act (“CCAA”) that will allow Cequence to reduce its debt and interest costs and improve liquidity to fund future operations. In connection with the Plan, Cequence has entered into a restructuring support agreement (the “Support Agreement”) with certain lenders under the Company’s second lien senior secured $50.0 million term loan facility due October 3, 2023

1st Commercial Credit, LLC is an Austin, Texas-based factoring company servicing all of the United States and has recently expanded its sales territory with sales offices in Dallas, Houston and San Antonio Texas.

Melissa Coffey has been appointed as Assistant Vice President and Branch Manager of the Wise and Norton, Virginia offices. Coffey is a 2006 graduate of the University of South Carolina. She has 14 years of banking experience, and has been with First Bank & Trust Company for nine years. Coffey began her work with First Bank & Trust Company in Norton, Virginia as lender, then in 2017 assumed the role of Branch Manager of the Norton office where she spent much of her lending focus on residential real estate and consumer lending.

FTS International, Inc. (NYSE American: FTSI) (“FTSI” or the “Company”) today announced that it has entered into a restructuring support agreement (the “Agreement”) with approximately 75 percent of the holders of the Company’s 6.250% senior secured notes due 2022 (the “Secured Notes”) and approximately 64 percent of the Company’s secured debt claims. The Agreement outlines a comprehensive restructuring that will deleverage the Company’s balance sheet by $437.3 million and provide it with the financial flexibility to deliver results-oriented and innovative well completion solutions to its customers. Importantly, the Agreement contemplates that the Company’s vendors, suppliers, and customers will remain unaffected by the transaction.

Austin Financial Services, Inc. (AFS) is pleased to welcome Joe Curdy as its new Senior Vice President and Chief Risk Officer. In this role, Curdy will work alongside senior management and be responsible for managing asset quality & financial risk to ensure it continues to meet the organization's high credit standards and growth goals.

Citizens M&A Advisory served as the exclusive financial advisor to OSG, an Aquiline Capital Partners portfolio company, on its divestiture of Applied Revenue Analytics ("AppRev"), a provider of revenue cycle optimization and revenue integrity solutions. AppRev was acquired by Centauri Health Solutions, a healthcare technology and services provider and portfolio company of Abry Partners.

Rosenthal & Rosenthal, Inc., today announced the completion of a recent purchase order finance facility to support the production financing requirements of a Wisconsin based apparel company that imports licensed casual wear.

Pyxus International, Inc. ("Pyxus" or "the Company"), a global value-added agricultural company, announced today that the Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Pyxus International, Inc. and Its Affiliated Debtors (the "Plan") confirmed by the United States Bankruptcy Court for the District of Delaware on August 21, 2020 has become effective. As a result, Pyxus has successfully completed its financial restructuring and emerged from Chapter 11 with its debt reduced by more than $400 million and maturities extended. Simpson Thacher & Bartlett LLP served as legal counsel, and Lazard and RPA Advisors served as financial advisors to Pyxus.