TSL Express Daily Articles & News

Expert insights help lenders manage regulatory, operational challenges brought about by the pandemic.

Frontier Communications Corporation (OTCMKTS: FTRCQ) (“Frontier” or the “Company”) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (the “Plan”), subject to final documentation. Upon emergence, the Company will have reduced its total outstanding indebtedness by more than $10 billion and have achieved significant financial flexibility to support continued investment in its long-term growth. The Company expects to complete its restructuring and successfully emerge from Chapter 11, following the completion of the regulatory approval process.

1-800-FLOWERS.COM, Inc. a leading ecommerce provider of products and services designed to inspire more human expression, connection and celebration, today reported entering into a First Amendment (the “Amendment”) to its Existing Credit Agreement (as defined below) on August 20, 2020 with its existing syndicate of banks led by JPMorgan Chase Bank, N.A., as a lead arranger and bookrunner.

Marco Capital Inc., a Miami, Florida-based trade finance specialist, focusing on cross-border transactions in Latin and South America, continues to grow its executive team. Immediately following the Labor Day weekend, Barry Kastner will assume the role of Executive Vice President and Senior Managing Director. He will use his well-established industry knowledge and associations to lead the Business Development efforts and will be responsible for building key, strategic relationships in the US and Canada.

Advanced Green Innovations, LLC and its subsidiaries ZHRO Power, LLC and ZHRO Solutions, LLC ("AGI/ZHRO") emerged from restructuring proceedings as Proteum Energy, LLC, the developer of leading-edge patented technology in the oil and gas industry to produce low cost hydrogen, pipeline quality methane, and designer fuels from flare and residual gases.

The Facility will have a minimum utilization of $750 million and a term of three years. Bombardier will have the right to voluntarily prepay the outstanding amount of the Facility. In addition, the completion of the sale of Bombardier Transportation will require Bombardier to make an offer to repay 50% of the then outstanding principal amount of the Facility.

LBC Credit Partners (“LBC”), one of the leading providers of financing solutions to middle market companies, provided a senior secured term loan facility, as part of a $115 million senior secured credit facility, to AOG, LLC d/b/a TruFood Manufacturing (“TruFood”), a portfolio company of AUA Private Equity Partners, to support the acquisition of Simply Natural Foods (“Simply Natural” or the “Company”).

Sallyport Commercial Finance arranges a $500,000 accounts receivable facility to a servicing company in the energy sector that pivoted the business to include green energy with inspection and servicing agreements on wind turbines. As the oil prices dropped and Covid-19 halted the economy, the owners proactively moved into a new market with growing demands.

Huntington Business Credit announced it closed new $6,500,000 credit facilities with Onodi Tool & Engineering Company on July 31, 2020. Proceeds of the facilities were used to partially finance the acquisition of the company by Covington Capital and provide ongoing working capital growth financing. Covington Capital is a Troy, Michigan based private equity firm.

American Express (NYSE: AXP) today announced that it has entered into an agreement to acquire substantially all of Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward American Express’ goal of being an essential partner to small businesses through a broad range of payment, cash flow and financial management tools.

The firm follows the likes of rivals Noble Drillng and Diamond Offshore into the US-style bankruptcy process. Chapter 11 allows firms to continue trading while restructuring their debt – a move that helicopter firm Bristow has recently carried out.

First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, Inc., today announced that Aaron Dever has been hired as Vice President – Business Development Officer. Aaron has spent his entire career in consumer and commercial finance, with the last 24 years in accounts receivable finance and asset-based lending. At First Business, Aaron is responsible for sourcing accounts receivable finance transactions throughout the southeastern U.S. and nationwide.

A recently completed economic impact study of Hilco Redevelopment Partners’ (HRP) proposed redevelopment of the closed former Philadelphia Energy Solutions (PES) refinery in South Philadelphia is projecting significant job creation and a positive economic impact to the city and region. HRP, the real estate development unit of Hilco Global, remediates and redevelops complex and obsolete industrial properties in cities nationwide.

Stonebriar Commercial Finance (“Stonebriar”), a large-ticket independent diversified commercial finance & leasing company, announced that it has closed its seventh commercial equipment asset-backed securitization (“ABS”), SCFET 2020-1, a $572 million ABS issuance with top tranches achieving the highest possible short-term and long-term ratings from Moody’s Investors Service (“Moody’s”) and Kroll Bond Ratings Inc. (“Kroll”).

The U.S. Bank Foundation fund supports leaders of color and addresses inequities, with initial $5 million going toward Twin Cities.

CIVC Partners, L.P. ("CIVC"), a Chicago-based middle market private equity firm focused on investments in business services industries, is pleased to announce the firm's investment in iVision (the "Company"), in partnership with Gabe Damiani, David Degitz and the rest of the existing management team.

As market president, Janicki will be responsible for connecting the banking and investment resources offered through our eight lines of business to companies, families and individuals across Erie and Niagara counties. He will also lead the effort to deploy Bank of America’s resources to address social concerns, strengthen economic opportunity, and build strong communities, as well as support the health, safety and engagement of local teammates.

CapX Partners (CapX), a leading middle-market equipment finance provider, announced the completion of a $6 million true lease transaction to a well-established manufacturing company for a critical upgrade to its plant in the Northeast U.S. A trusted Capital Markets partner presented the transaction to CapX as a critical tranche for a $38 million plant upgrade.

California Bank of Commerce (CBC) has added veteran bankers Ryan Mauser and Dana Swanson to its growing team. Mauser is based out of the bank’s East Bay office, while Swanson is serving CBC clients in the Sacramento Region. Ryan Mauser joined CBC as Senior Vice President and Relationship Manager following 17 years of commercial banking experience with Bank of the West, Comerica Bank and most recently Bridge Bank. Dana Swanson brings more than 14 years of experience to her role as Senior Vice President and Relationship Manager.

Regions Bank today announced that Barb Godin, deputy chief risk officer and chief credit officer, will retire from Regions at the end of 2020. Godin’s retirement follows a successful 45-year career in the financial services industry. She joined Regions in 2003 as a consumer credit executive and has played a significant role in strengthening the bank’s credit culture and providing valuable leadership in credit policy, credit administration and problem asset management.