TSL Express Daily Articles & News

Nomad Royalty Company Ltd. ("Nomad" or the "Company") (TSX: NSR) (OTCQX: NSRXF) is pleased to announce, further to its press release dated July 15, 2020, that it has closed its previously announced revolving credit facility ("Facility") for US$50 million with the option to increase to US$75 million, subject to satisfaction of certain conditions.

Centric Bank, the wholly owned subsidiary of Centric Financial Corporation (OTC: CFCX), has been recognized as one of American Banker's Top 200 Community Banks in the U.S. for the second consecutive year, as well as one of Independent Banker's Top Lenders for 2020. American Banker's annual ranking is a list of publicly traded banks and thrifts with less than $2 billion in assets. The rankings are based on Return on Average Equity (ROAE) over a three-year period. Centric Bank finished in the #92 position, climbing from #106 in the 2019 ranking.

Ritchie Bros. Auctioneers Incorporated is pleased to announce the closing of an amendment and extension of its credit agreement totaling US$630 million with a syndicate of lenders comprising: Multicurrency revolving facilities of up to US$530 Million and, a delayed-draw term loan facility of up to US$100 Million. Bank of America, N.A. and RBC Capital Markets served as Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. served as Administrative Agent and the Royal Bank of Canada as Syndication Agent.

Plants can boost mood, reduce stress, and improve air quality. That’s why Prestige Capital Finance, LLC is pleased to announce the recent closing of a $2,000,000 factoring arrangement for a California-based plant farm, specializing in potted and indoor blooming plants. The proceeds from the factoring arrangement will be used to help this grower expand its footprint in home centers across the United States.

Global professional services firm Alvarez & Marsal (A&M) continues to expand its Financial Restructuring capabilities in Europe with the hiring of two new Managing Directors in the Nordics. Jonas Rickardsson has joined as the Head of Financial Restructuring in the region, and Dan Andersson has been appointed to lead the Nordic Operational Restructuring and CRO Services. A&M currently offers Restructuring, Corporate Transformation and Private Equity Services, along with Transaction Advisory and Financial Institutions Advisory Services to Nordic clients from its offices in Stockholm and Oslo.

1st Capital Bank (OTC Pink: FISB) Chief Executive Officer Samuel Jimenez announced today that Vida Villanueva has been named Executive Vice President and Chief Operating Officer of the Bank. Ms. Villanueva will serve as a member of the executive leadership team and will be directly responsible for the management of retail branches, central deposit operations, electronic banking, and treasury management, as well as an active participant in the development and execution of the Bank’s operational and strategic initiatives.

CB Financial Services, Inc. (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc., a wholly-owned subsidiary of the Bank, today announced that John H. Montgomery has been appointed to serve as President and Chief Executive Officer of the Company and the Bank effective August 31, 2020, succeeding Barron P. McCune, Jr. who has been serving in an interim capacity since early January. Mr. Montgomery will also serve as a Director of the Company and the Bank.

The glassmaker has received a term sheet from seven of its lenders to provide $150 million in exit financing, which after fees and repayment of the company’s existing debtor-in-possession financing will provide $75 million of incremental funding for future operations, the company said in a statement. Libbey also expects to replace its $100 million DIP revolving credit facility with a new exit facility with approximately $20 million initially drawn.

In the immediate wake of COVID-19, Global 2000 companies moved to slash funding for emerging technologies, such as automation, artificial intelligence (AI), blockchain, and 5G, according to new KPMG International research. However, many executives are optimistic emerging technology spending will likely increase in the next 12 months, as enterprises recognize COVID-19 creates a burning platform to accelerate digital transformation and stimulate long-term growth.

Hilco Redevelopment Partners (HRP), the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial properties, announced today it has appointed Stephanie Eggert to the newly created position of Senior Vice President - Operations. Eggert, who will report directly to CEO Roberto Perez, joins HRP’s growing Philadelphia team, which is focused on transforming the former Philadelphia Energy Solutions (PES) refinery site into a state-of-the art, multi-modal logistics campus.

Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced the closing of a 144a privately-placed term asset-backed security (ABS) transaction (the 2020-1 transaction). The $326,962,000 financing was placed with a broad group of fixed income investors, representing 28 unique institutions. BMO Capital Markets served as Structuring Agent and Lead Bookrunner for the placement.

FSW Funding, a Phoenix-based company that specializes in financing solutions for small and mid-size businesses, recently promoted Ashton Bennett to the position of Operations Manager. Bennett will oversee the management of the factoring and asset-based lending portfolio.

Stenn recently concluded a seven-figure trade receivables finance program for an Indian importer of mobile devices and accessories from a manufacturer based in Hong Kong. The importer is a global leader in the telecom industry, distributing to manufacturers, operators and retailers.

On August 14, 2020, Key Tronic Corporation (the “Company”) and certain of its domestic subsidiaries entered into a loan and security agreement (the “Loan Agreement”) among the Company, certain domestic subsidiaries (as co-borrowers or guarantors), and Bank of America, N.A., as agent, sole lead arranger, sole bookrunner, and a lender (the “Bank”). The Loan Agreement replaces the Company’s prior amended and restated credit agreement, as amended, with Wells Fargo Bank, N.A and certain other parties (with the related credit facility, the “Prior Credit Facility”). The Loan Agreement provides for a five-year asset-based senior secured revolving credit facility (the “Credit Facility”) of up to $93 million, maturing on August 14, 2025.

Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced that certain funds managed by its affiliates (“Apollo Funds”) have made a structured investment in US Wind Inc. (“US Wind”), an offshore wind energy development company. Apollo Funds have committed to invest through convertible debt and equity up to $265 million to acquire an equity stake in US Wind and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.

SSG Capital Advisors, LLC (“SSG”) acted as the investment banker to Sustainable Restaurant Holdings, Inc. and Subsidiaries d/b/a Bamboo Sushi (“Bamboo Sushi” or the “Company”) in the sale of select assets to an affiliate of Sortis Holdings, Inc. (“Sortis”). The sale was effectuated through a Chapter 11 Subchapter V Plan utilizing a Section 363 process in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in July 2020.

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Cynthia Romano and Chris Creger of its Restructuring & Dispute Resolution practice have been awarded the prestigious Turnaround Management Association (TMA) 2020 Turnaround and Transaction of the Year Award. The award recognized their success as Chief Restructuring Officer in the turnaround and sale of Allentown, Pennsylvania-based Coordinated Health (CH). The award was won for the Middle Market category.

Wells Fargo & Company (NYSE: WFC) today announced the appointment of six new Corporate Risk leaders as part of its enhanced Risk model to further strengthen the independent oversight of all risk-taking activities and a more comprehensive view of risk across the company. In addition, the company announced that Mike Roemer, the current Chief Compliance Officer, has decided to leave Wells Fargo following a transition period.

Capital Southwest Corporation (announced today that it supported Align Capital Partners’ (“ACP”) recent acquisition of Electronic Transaction Consultants Corporation (“ETC” or the “Company”) from Italian parent company Atlantia SpA with a revolver, first lien term loan and equity co-investment. Capital Southwest led the financing transaction and will act as the sole administrative agent on the credit facility. Main Street Capital Corporation (NYSE: MAIN) and Principal Global Investors, LLC (an affiliate of Principal Financial Group, Nasdaq: PFG) were co-lenders on the term loan and the revolving credit facility.

We previously announced that we were in the process of obtaining additional financing, known as "Debtor-In-Possession (DIP) Financing". Today we obtained, subject to court approval, commitments for a US$1,000 million senior secured superpriority multi-tranche debtor in possession term loan facility (the "DIP Facility") with funds managed by affiliates of Apollo Global Management Inc. (APO). The DIP Facility consists of (i) a senior secured Tranche 1 facility of US$200 million, and (ii) a senior secured Tranche 2 facility of US$800 million. Proceeds from the DIP Facility may only be used for certain permitted expenses, including certain working capital expenses and general corporate purposes, as well as restructuring costs.