TSL Express Daily Articles & News

Hermitage Offshore Services Ltd. (NYSE:PSV) (“Hermitage Offshore,” or the “Company”) announced today that it has agreed to a 10-day extension of its previously announced forbearance agreement dated July 8, 2020 (the “Forbearance Agreement”) to its $132.9 Million Term Loan Facility dated January 14, 2020 (the “Term Loan Facility”) with DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) (together, the “Lenders”) and DNB Bank ASA, as agent and security agent.

Scribe-X LLC is a Portland, OR based provider of medical scribe services to the healthcare industry. Medical scribes provide real time clinical documentation to medical professionals thus allowing for more effective patient visits and less time behind a desk for clinicians. Access Capital replaced the company’s bank and will become its financial partner by providing a revolver of $850,000 and a term loan in the amount of $300,000.

Altura Energy Inc. provides an update on its credit facility renewal. Altura and its lender have agreed to further extend the credit facility renewal from July 31, 2020 to August 31, 2020 to provide sufficient time to apply for the proposed federal support programs being initiated through the Export Development Bank of Canada and the Business Development Bank of Canada. In the interim, Altura's $9.0 million credit facility that was capped at $7.5 million on April 7, 2020 has been reduced to $6.0 million.

Simpson Thacher & Bartlett LLP announced today that James Howe has joined its Mergers and Acquisitions Practice as a Partner in the London office. James is a rising star in private equity M&A who focuses on cross-border leveraged buyouts, mergers and acquisitions and corporate finance transactions. He has advised a wide range of clients across the globe, including many of the world’s leading private equity sponsors and financial institutions. He joins the Firm from Gibson, Dunn & Crutcher LLP.

BHI, a full-service commercial bank, announced that it has appointed Jeff Lubatkin as Chief Credit Officer, overseeing the bank’s credit and credit analysis departments. Lubatkin has more than 25 years of commercial and corporate banking, credit risk management, and relationship management experience.

Denbury Resources Inc. (NYSE: DNR) (“Denbury” or the “Company”) today announced it has taken the next step to implement its “pre-packaged” plan to eliminate the Company’s $2.1 billion of bond debt, consistent with the terms of its previously announced Restructuring Support Agreement (the "RSA"). Kirkland & Ellis LLP is acting as legal counsel to Denbury, Evercore Inc. is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Noble, Evercore is serving as the Company's financial advisor, and AlixPartners LLP is serving as operational advisor. Porter Hedges LLP is serving as local legal counsel and EPIQ Restructuring Services LLC is serving as administrative agent. Kramer Levin Naftalis & Frankel LLP and Akin Gump LLP are serving as co-legal counsel and Ducera Partners LLC is serving as financial advisor to an ad hoc group of the Company's priority guaranteed noteholders. Milbank LLP is serving as legal counsel and Houlihan Lokey Capital, Inc. is serving as financial advisor to an ad hoc group of the Company's senior noteholders. Simpson Thacher & Bartlett LLP is serving as legal counsel and PJT Partners is serving as financial advisor to JP Morgan.

Kirkland & Ellis LLP is acting as legal advisor to the Company and Berkeley Research Group, LLC is acting as restructuring advisor. Nfluence Partners is acting as the Company’s investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the Company’s store closing sales.

In a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell, Senator Mike Crapo (R-ID) Chairman of the Senate Banking Committee urged law makers to “quickly expand the Main Street Lending Program by setting up an asset-based lending program” writing, “establishing a facility to accommodate asset-based lending could open access to critical resources for several industries that could not otherwise access the MSLP based on earnings or cash flow metrics.

Gibraltar’s long history began in 1951, when its predecessor Gibraltar Financial Corporation was founded in Chicago. In 1995, a rookie account executive named Scott Winicour joined the firm. Working his way from the ground floor up — learning the sales, credit, operations and underwriting processes — Scott took over operations in 2005. Then in 2010, Scott led a management buyout of Gibraltar Financial Corporation and established the company we are today — Gibraltar Business Capital.

GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital Partners LP ("GSO") and the investment adviser of Blackstone / GSO Senior Floating Rate Term Fund (NYSE: BSL), Blackstone / GSO Long-Short Credit Income Fund (NYSE: BGX), and Blackstone / GSO Strategic Credit Fund (NYSE: BGB) (each a "Fund" and together the "Funds"), announced today that Robert Post has been added as a portfolio manager of the Funds, effective August 1, 2020. Robert Zable will remain the lead portfolio manager of the Funds, and Gordon McKemie will remain a portfolio manager of the Funds.

Five Star Bank (the “Bank”), subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), announced today that Kevin Quinn will be joining the Bank on August 10th as Senior Vice President and Commercial Banking Executive. Quinn will report to President and CEO, Martin K. Birmingham. Quinn will assume responsibility for commercial and industrial lending, business banking, cash management, community development and merchant services as well as leadership of Five Star Bank’s referral program, promoting relationship-building and business development between the Bank and its insurance and wealth management subsidiaries.

The Credit Managers’ Index from the National Association of Credit Management has rebounded to pre-pandemic levels after shutdowns and preventative measures greatly impacted the U.S. economy.

North Mill Capital, LLC announced it has provided a $900,000 accounts receivable credit facility for Sic Lazaro. The funds will be used to provide additional working capital to support the company's growth.

Sunflower Bank, N.A. is pleased to announce that its Leveraged Finance team worked to provide $10 million in revolving and term debt commitments to support the acquisition of iolo technologies (“IOLO”) by RealDefense, LLC (“RealDefense”), a portfolio company of Corbel Capital Partners and Broadstream Capital Partners. The transaction closed in June 2020.

CIT Group Inc. (NYSE: CIT) and its Healthcare Finance unit today announced a $25 million loan supporting Seavest Healthcare Properties' acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. The private, nonprofit hospital provides essential healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.

TAB Bank is pleased to announce it has provided a $4 million asset-based revolving credit facility for a water bottling 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.

Rally Capital Advisors, a middle market financial and transaction advisory firm has successfully sold substantially all of the assets of Arlington Plating Company (APC) to Garth Davies, a plating industry veteran, and also owner of Midwest Rustproofing and Enameled Steel. APC is an independent and globally positioned electroplating shop, named Top 50 in the United States for three of the last five years. APC's production lines consist of automated anodizing, nickel chrome (automated and manual), electroless nickel, semi-auto and manual buffing. APC sells end-user parts to a marquee list of customers with a diverse profile across the U.S., Italy, China, Canada and Mexico.

Bridge Bank today announced it has extended a venture term loan to Deep Lens, a Columbus, Ohio-based software company focused on accelerating clinical trial recruitment for the best-suited cancer patients to compress study timelines and bring game-changing therapies to market sooner. The company is venture-backed by Northpond Ventures, Sierra Ventures, Rev1 Ventures, and Tamarind Hill.

Z Capital Group, LLC ("ZCG" or the "Firm"), a leading privately held global investment firm with complimentary private equity and credit businesses, today announced the appointment of Shahid Khoja as a Director and member of Z Capital Credit Partners' ("ZCCP") Investment Team. Mr. Khoja is responsible for research and analysis on existing and prospective performing and distressed investments.