TSL Express Daily Articles & News

Davis Polk has announced that Pedro Bermeo, Brian Burnovski, Roshni Banker Cariello, Cheryl Chan, Scott Herrig, Michael Scheinkman, Natasha Tsiouris and Zachary Zweihorn have been elected partners of the Firm, effective July 1, 2020.

Kyriba, a leading cloud-based finance software network for CFOs and treasury leaders that enables global companies to maximize growth and reduce risk, announced its Working Capital Network offers finance solutions that have helped its clients and Fluor Corporation (NYSE:FLR), a global, publicly-traded engineering, procurement, construction (EPC) and maintenance company, optimize payment terms aiding Fluor and its suppliers during pandemic recovery.

Hilco Global has issued a timely and relevant report examining how the COVID-19 pandemic is reshaping the configuration of critical and other care facilities, and what that is likely to mean for hospitals and the broader health care real estate market moving forward.

Celtic Capital Corporation today announced its most recent new client relationship – two California-based affiliated companies that manufacture corrugated boxes and display panels. The businesses needed a line of credit to repay a small bank line and some unsecured debt that the owner used to acquire the business the year before.

Hornbeck Offshore Services, Inc. (OTC Pink Marketplace: HOSSQ) (the "Company") announced that the Company's Joint Prepackaged Chapter 11 Plan of Reorganization (the "Plan") was approved by Judge David R. Jones of the United States District Court for the Southern District of Texas. The confirmed Plan achieved the overwhelming support of 100% of voting Class 4 First Lien Claims in amount, 99.9% of voting Class 5 Second Lien Claims in amount, and 99.8% of voting Class 6 Unsecured Notes Claims in amount. The Company expects to emerge from bankruptcy upon clearing various governmental approvals, which are expected to occur within the coming few months.

Margaret Kot, who joins the team as vice president, senior underwriter and portfolio manager, has over 20 years of banking experience and has managed credit risk across a broad spectrum of markets and industries. Victoria Knipe joins the team as a credit analyst. Most recently, Victoria was a business analyst at Trustmark Insurance in Worcester, MA.

The amended Facility (“Facility”) was financed through our existing senior bank financiers, Societe Generale and BNP Paribas. The Facility refinances the current outstanding loan balance of US$37 million with revised repayment terms extending the repayment period from June 30, 2021 to December 30, 2022 which reflects the Company’s continued success in extending the project’s mine life. The Company has also secured an additional US$20 million as a revolving credit facility to further support its growth initiatives.

Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or the "Company"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today announced that Horizon Secured Loan Fund I LLC, Horizon's wholly-owned subsidiary ("HSLF"), has amended and extended its $100 million senior secured debt facility with a large U.S. based insurance company, pursuant to which HSLF may issue up to $100 million of secured notes.

A Haynes and Boone, LLP team represented Capitol Peak Partners, LLC in its winning, joint bid with KKR & Co. to acquire Borden Dairy Company as a part of the milk producer’s 363 sales process to sell its assets out of bankruptcy. Haynes and Boone M&A Partners Jan Sharry and Dan Malone and Restructuring Partner Steve Pezanosky led the Capitol Peak deal team.

Hilco Valuation Services, LLC, today announced the appointment of John Fenn as Senior Managing Director in Hilco's Enterprise Valuation Services group, a global leader in providing reliable opinions for financial institutions, investment firms and corporations on the realizable value of going concerns, intangible assets, illiquid investments, and other specialized business assets.

Felicia La Forgia has been named head of Corporate Banking. Hassan Salem has been named head of Commercial Banking. Elliot Jaffee will lead CCB’s strategic initiatives, including digital transformation, advanced data analytics, deposit strategy, and other key priorities as head of CCB Strategy. As chief credit officer, Corporate & Commercial Banking, Joseph Murphy will lead portfolio management and oversee loan underwriting policies and procedures across business lines. Shannon Donnelly, CCB’s new chief administrative officer, will manage the business line’s relationships with all key functional areas and serve as business manager for the Fixed Income & Capital Markets group.

The main point of the insolvency proceeding appears to be in order to force landlords in the U.S. and U.K. into a sales-based rent model, wherein AllSaints will only pay rent based on a percentage of its monthly net sales. There has been talk among other brands with landlords of a desire for sales-based rent as nearly all retailers and brands stopped paying rent amid the coronavirus shutdown and none expect a return to normal sales levels this year.

Online sale by Tiger Group and partners draws over 200 bidders from US and 9 foreign countries, yielding better-than-expected results. More than 95% of assets were sold by Tiger Group and partners Aaron Equipment, Rosen Systems and Perry Videx in a recent online auction for the assets of bankrupt ECS Refining’s former multi-medium recycling plant in Stockton.

Banking Committee Members Introduce Bipartisan Bill to Streamline Forgiveness of PPP Loans for Small Businesses

Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the "Company"), announced today that it successfully amended the credit agreement governing its $1.5 billion fully drawn revolving credit facility and two $500 million term loans.

Pacific Western Bank announced today they are promoting Sean Lynden to President of their Venture Banking Group. With this promotion, Pacific Western amicably marks the departure of current longstanding President of our Venture Banking Group, Frank Tower. Frank is moving on from the Bank to become a Partner at Savano Capital Partners, a direct secondaries focused growth equity fund.

Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of a recent purchase order finance facility to support the production financing requirements of a California-based distributor of hand sanitizer and anti-bacterial soap.

WEX Inc. (NYSE:WEX), a leading financial technology service provider, announced today it has agreed to a $400 million dollar investment from an affiliate of Warburg Pincus LLC (together with its affiliate, “Warburg Pincus”) which includes convertible notes in an aggregate principal amount of $310 million and $90 million in common stock through a private placement (the “Private Placement”). The Private Placement is subject to customary closing conditions and is expected to close in the next several days. Importantly, WEX has also obtained an amendment to its existing senior secured credit facilities.

Liberty Media Corporation ("Liberty") (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today an amendment to the term loan and revolving credit facility of certain subsidiaries of Delta Topco Limited, the Liberty subsidiary that holds all of its interests in Formula 1 (“Formula 1”).

DMC Global Inc. (Nasdaq: BOOM) today announced it has amended its credit agreement to provide covenant flexibility following a severe downturn in its core oil and gas end market.