TSL Express Daily Articles & News

Ted Bojorquez has joined California Bank of Commerce (CBC) as Executive Vice President and Manager for the bank’s Silicon Valley Region, where he will focus on providing creative solutions to mid-sized businesses.

Wells Fargo & Company (NYSE: WFC) today announced that Ather Williams III will join the company in October 2020 as head of Strategy, Digital and Innovation. Williams will report to CEO Charlie Scharf and serve on the company’s Operating Committee.

Wells Fargo & Company (NYSE: WFC) announced today that Mike Santomassimo will join the company in fall 2020 as Chief Financial Officer. Santomassimo will report to CEO Charlie Scharf and serve on the company’s Operating Committee. He will succeed John Shrewsberry, who has announced plans to retire following a successful 22-year career with Wells Fargo, including the last six years as the company’s CFO. Shrewsberry will continue in his role as CFO until Santomassimo joins the company and will assist with the transition thereafter.

Hilco Global has issued a timely report on the impact of diminished import/export volume on the chassis segment of the intermodal industry, how providers and end-users have responded during the current crisis, and the likely path forward for industry recovery over the last two quarters of this year and into 2021.

MainStreet Bancshares, Inc., (Nasdaq: MNSB) parent company of MainStreet Bank announce the promotion of Abdul Hersiburane, Executive Vice President and Director of Business Banking, to the role of President. Mr. Hersiburane replaces Charles (Chris) Brockett, who remains actively engaged at the parent company as a director and President.

Kirkland & Ellis LLP is serving as legal counsel to BJ Services. PJT Partners has acted as investment banker and financial advisor to the Company. Ankura Consulting Group, LLC is acting as restructuring advisor to the Company. Simmons Co. is acting as advisor in the sale of the cementing business.

Capital Financial Global, Inc. (OTC Pink: CFGX), announced today that it has rescinded its merger with Affiliated Funding Corporation and is exiting the invoice factoring business to avoid potential losses and market risk associated with the economic impact of COVID-19.

Hancock Whitney Corporation (Nasdaq: HWC) today announced it has agreed to sell $497 million of energy loans to certain funds and accounts managed by Oaktree Capital Management, L.P. The sale includes reserve-based (RBL), midstream and nondrilling service credits. The company expects to receive proceeds of $257.5 million from the sale of these loans upon satisfaction of certain closing conditions.

Global Crossing Airlines Inc. (TSXV: JET) (the "Company" or "GlobalX") has signed a $1 million credit line facility (the "Facility") with AEG Fuels ("AEG"), a Miami based supplier of fuel management and pumping capabilities at over 3000 airports worldwide. AEG has been in fuel services business for over 30 years and works with over 2500 customers worldwide.

KPS, through an affiliate, has also agreed to invest $265 million in a FILO tranche of Briggs & Stratton's Debtor in Possession ("DIP") financing to support the Company's operations. Upon the entry of a final order approving the DIP facility, KPS will have the right to "credit bid" its $265 million participation in the DIP financing in connection with the proposed acquisition of Briggs & Stratton. Further, Wells Fargo has agreed to continue to provide floorplan financing to support Briggs & Stratton's customers under KPS' ownership, and a syndicate of banks including Wells Fargo, Bank of America, BMO Harris Bank and PNC Business Credit has committed to provide exit financing to Briggs & Stratton.

The Horsburgh & Scott Co. (“H&S” or the “Company”), a leading manufacturer of custom engineered, large-diameter gears and gearboxes for heavy industrial machinery, has raised $20 million in debt financing from Great Rock Capital Partners Management, LLC (“Great Rock”) to refinance its existing debt facility and provide additional capacity for anticipated growth. H&S is a portfolio company of GenNx360 Capital Partners, LLC (“GenNx360”). FocalPoint Securities, LLC (“FocalPoint”) served as the exclusive financial advisor to the Company.

The credit facility is co-led by Royal Bank of Canada, CIBC and Bank of Nova Scotia. Other lenders include National Bank, Bank of Montreal, Laurentian Bank of Canada and ATB Financial.

Alleon Healthcare Capital (“Alleon”), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $500,000 medical accounts receivable financing facility with a specialty oncology clinic (“Company”) in California.

Even in a world of retail upheaval, J. Jill Inc. has had a more dramatic ride than most -- and that was before the pandemic. Just three years after a highly anticipated initial public offering, J. Jill’s stock is flirting with zero and the company is trying to fend off bankruptcy. The women’s clothing chain warned its survival was in doubt a month ago after violating terms of its loans, and said Thursday its lenders extended a promise to hold off on taking action until next wee

Better Choice Company (OTCQB: BTTR) (“Better Choice”), an animal health and wellness company, today announced that it has entered into a new $7.5 million two-year revolving credit facility (the “New Credit Facility”) with Citizen’s Business Bank (“Citizen’s Bank”) to support its future growth initiatives. The New Credit Facility matures on July 5, 2022 and bears an annual interest rate of LIBOR plus 250 basis points.

Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce the concurrent extension of its second lien term loan (“Term Loan”) and Revolving Credit Facility ("RCF") and the completion of the RCF lenders' 2020 annual review. The Company’s board of directors has also approved its third quarter 2020 capital budget. Petrus has entered into an amending agreement with Macquarie Bank Limited to extend the $35 million Term Loan maturity date to July 31, 2021.

CommerceWest Bank (OTCBB: CWBK) was approved by the Federal Reserve to participate in the Main Street Lending Program (MSLP). The Bank is participating in the program to assist financing for both existing clients and non-clients. Only a handful of Banks in the state of California are currently participating and accepting new clients through this program.

Sylogist Ltd. (TSXV: SYZ) ("Sylogist" or the "Company"), a leading provider of cloud based ERP and CRM software solutions to the public sector, is pleased to announce that it has entered into a commitment letter with a Canadian chartered bank to obtain access to a $40 million credit facility. The commitment includes capacity to expand the credit facility subject to certain terms and conditions. The primary purpose of the credit facility is to fund acquisitions. The credit facility can also be used for general corporate purposes.

Bruin E&P Partners, LLC and its subsidiaries ("Bruin" or the "Company"), an exploration and production company with assets in the Williston Basin, North Dakota, today announced that it has the support of more than two-thirds of all its funded debt creditors, as well as its current equity holders, for a restructuring transaction that will eliminate over $840 million of the Company's funded debt. Kirkland & Ellis LLP is serving as legal counsel to Bruin, PJT Partners LLP is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and Jackson Walker L.L.P. is serving as local legal counsel.

Encina Business Credit, LLC (EBC) announced today that it has provided a $25 million senior secured credit facility to a value-added master steel distributor and processor. The facility consists of a senior secured revolving line of credit based on accounts receivable and inventory, plus a senior secured term loan.