TSL Express Daily Articles & News

NetCents has partnered with a handful of forward-thinking institutions to use its merchant order flow as a supply for a short-term crypto portfolio. The credit line will enable NetCents to have money in the market over an extended period, and be able to profit from arbitrage opportunities. The profits from this arbitrage will ultimately allow NetCents to reduce fees to its client base.

Allied Affiliated Funding, a division of Axiom Bank, N.A. announced it closed $1,000,000 in receivables financing to a Texas-based company that provides commercial flooring to retailers, schools, senior living centers and other commercial projects and $400,000 in receivables financing to a Louisiana-based company that provides consultants for the oil and gas industry, primarily focused on water production and operations with well work and light roustabout services.

Citigroup Global Markets Inc., PNC Bank National Association, Goldman Sachs Bank USA, Bank of America, N.A., BMO Harris Bank, N.A., HSBC Bank USA, National Association, Royal Bank of Canada, Fifth Third Bank, National Association, The Huntington National Bank, Keybank National Association, ING Bank N. V., Dublin Branch, Trust Bank (formerly known as Branch and Banking Trust Company), Bank of the West, and Santander Bank, N.A. have acted as joint lead arrangers.

Kirkland & Ellis LLP is serving as legal counsel, Alvarez & Marsal is serving as restructuring advisor, Rothschild & Co and Intrepid Financial Partners are serving as financial advisors, and Reevemark is serving as communications advisor to the Company. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the Company's Board of Directors. Sidley Austin LLP is serving as legal counsel, RPA Advisors, LLC is serving as financial advisor, and Houlihan Lokey Capital, Inc. is serving as investment banker to MUFG Union Bank, N.A., the DIP facility agent and exit facilities agent.

In addition to its normal stress test, the Board conducted a sensitivity analysis to assess the resiliency of large banks under three hypothetical recessions, or downside scenarios, which could result from the coronavirus event. The scenarios included a V-shaped recession and recovery; a slower, U-shaped recession and recovery; and a W-shaped, double-dip recession.

North Mill Capital announced it provided a $500,000 accounts receivable facility for The Right Staff, LLC. The funds were used to pay off the previous lender and provide additional working capital for the company.

Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, announced today that it has entered into a Loan Purchase and Sale Agreement (the “Loan Sale Agreement”) with The Loan Source, Inc. (“Loan Source”) and agreed to sell to Loan Source $457.6 million of loans originated by the Bank in connection with the Small Business Administration’s Paycheck Protection Program (“PPP”). After amortizing previously unamortized PPP loan origination fees, the Bank will realize a pre-tax gain of approximately $9.8 million in the current fiscal quarter as a result of the sale. In addition, the Bank will receive fee income on the loans sold until such time as the loans are forgiven or repaid.

HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, today announced that it has entered into a $10.0 million senior term loan agreement with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, to replace its existing senior credit facility.

Fennec Pharmaceuticals Inc. (NASDAQ:FENC; TSX: FRX), a specialty pharmaceutical company focused on the development of PEDMARK™ (a unique formulation of sodium thiosulfate) for the prevention of platinum-induced ototoxicity in pediatric patients, today announced an amendment to its existing senior debt facility with the Life Sciences Group at Bridge Bank increasing the size of the facility from $12.5 million to $18 million.

Hilco Redevelopment Partners (HRP) – the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial property – today announced that it completed a transaction to purchase the 1300-acre former Philadelphia Energy Solutions (PES) refinery in Southwest Philadelphia. The deal is a giant step toward building an environmentally responsible and economically robust commercial hub in Southwest Philadelphia.

Amerisource Business Capital announced the closing and funding of a $3,000,000 credit facility for an international occupational health services company based in Texas. The proceeds were used to refinance existing bank debt and support additional working capital needs

LOUD Capital, an alternative investment firm headquartered in Columbus, Ohio, is proud to name Nishad Parmar as senior partner and chief investment officer. Parmar, who is based out of LOUD's Chicago office, will be leading LOUD's diversified strategy into a new series of alternative investments. Foley & Lardner LLP will be legal partners to LOUD's Chicago office.

With retailers resuming in-store operations following the months-long COVID-19 pause, shoppers from across the Northeast and Mid-Atlantic will find liquidation discounts on top-name sporting goods, footwear and apparel brands as Modell’s Sporting Goods resumes going-out-of-business sales at 107 of its remaining stores, beginning immediately. A joint venture of Tiger Capital Group, Great American Group (a B. Riley Financial company) and SB360 Capital Partners is conducting the sales on behalf of the New York-based retailer in accordance with state and local social distancing and sanitation guidelines.

The new revolving credit facility, which replaces the existing facility, is for a total of EUR 1.5Bn and signed for an initial term of five years with two possible one-year extensions that will allow to push back its maturity date. A total of 18 banks have participated in the transaction, following a successful syndication process that was widely oversubscribed. BBVA, due to its global vision and strategic approach to sustainability, has been chosen as the sole sustainability coordinator of this first sustainable facility that is being formalized after the COVID-19 crisis. BBVA also acted as global coordinator of the transaction together with BayernLB and Unicredit.

Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the “Company”) is pleased to announce that it has closed a US$9 million medium term loan facility (“Facility”) with Accendo Banco, S.A. (“Accendo”). Funds advanced under the facility will be used for financing construction of the Company’s Pinos project and working capital purposes.

On Thursday, a Virginia bankruptcy court approved the retailer’s disclosure statement, essentially one of the prerequisite steps before eventually having a Chapter 11 plan OK’d. The disclosure statement’s approval was expected, as the standard for doing so is a fairly straightforward question — whether the statement provides reasonable information for a hypothetical investor to make an informed decision. J. Crew Inc.’s contemplated Chapter 11 plan envisions converting $1.6 billion of secured debt to equity, and would include $400 million in “new money commitment backstopped by their plan sponsors,” according to the retailer’s court filings.

The long-beleaguered company's post-production and VFX subsidiaries worked on 100 theatrical films and 300 series last year.

The company said it will use the time to continue talks with its financial stakeholders, including landlords, to "achieve a comprehensive balance sheet restructuring that supports its re-opening and longer-term strategic plans."

Pandemic Impacts Continue to Shape the Course of Forestry Markets, authored by Jesse Marzouk- Vice President and Forestry Products Specialist at Hilco Global, explores how the continuation of construction and remodeling throughout the current crisis has helped sustain U.S. lumber prices and how factors including significantly increased online ordering have served to bolster specific areas of the market such as containerboard. The report also addresses the potential for long-term lumber capacity oversupply, as well as near-term implications stemming from consumer toilet paper hoarding during the pandemic period.

Garrison Capital Inc. (Nasdaq: GARS) (“GARS”) and Portman Ridge Finance Corporation (“PTMN”) (Nasdaq: PTMN) announced today that they have entered into a definitive agreement under which GARS will merge with and into PTMN, a business development company managed by Sierra Crest Investment Management LLC (“Sierra Crest”), an affiliate of BC Partners Advisors L.P. (“BC Partners”) and LibreMax Capital LLC. The transaction is the result of the previously announced review of strategic alternatives by GARS and has been approved by a unanimous vote of the Board of Directors of GARS (on the unanimous recommendation of the Special Committee of the Board of Directors of GARS) and the Board of Directors of PTMN.