TSL Express Daily Articles & News

The Federal Reserve’s Main Street Lending Program is now open for lender registration. Lenders can find the necessary registration documents on the program site and are encouraged to begin making Main Street program loans immediately.

Amazon is introducing a new digital credit line for U.S.-based merchants with partner bank Goldman Sachs, CNBC has learned exclusively. Small business owners who sell items on the e-commerce giant’s platform will soon be receiving targeted invitations from Goldman’s Marcus brand for credit lines of up to $1 million, according to people with knowledge of the project.

Goldman Sachs BDC GSBD and Goldman Sachs Middle Market Lending Corp., the specialty finance companies of Goldman Sachs GS have amended and restated their merger agreement dated Dec 9, 2019. Both Goldman Sachs BDC and Goldman Sachs Middle Market Lending Corp. are the affiliated business-development companies that are managed by Goldman Sachs’ wholly-owned subsidiary, Goldman Sachs Asset Management, L.P.

Extraction Oil & Gas, Inc. (NASDAQ: XOG) (together with its subsidiaries, “Extraction” or the “Company”) announced today that the Company has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Court”). The Company has obtained a committed $125 million debtor-in-possession financing facility (the “DIP Facility”), which contemplates $50 million in new money, up to $15 million of which will become immediately available upon Bankruptcy Court’s order, and a “roll up” of $75 million of revolving loans under the Company’s existing revolving credit agreement. The DIP Facility is underwritten by Wells Fargo Bank, National Association .

North Mill Capital provided a $750,000 accounts receivable facility for GearTek, Inc. The funds were used to pay off the previous lender and provide additional working capital for the company.

TD Bank, America's Most Convenient Bank®, has named Jeff Fazio Head of Small Business Specialists, a new role created to lead the Specialist team of approximately 100 employees throughout TD's Maine to Florida footprint that focus on small businesses with revenues of $1 million and under. In this position, Fazio will oversee pipeline management, work with product teams on strategy and product enhancement and closely collaborate with the Small Business Credit Center to refine the lending process.

Revitalization Partners adds Rod Stevens, a seasoned executive who has successfully turned around complex commercial real estate projects on behalf of high net worth individuals, financial institutions, development firms and municipalities, to the Seattle-based corporate advisory firm. He will serve as Senior Director.

Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that it has successfully redetermined its Reserve Based Loan (“RBL” or “Credit Facility”) with its syndicate of banks, maintaining its credit capacity of $225 million. Pipestone Energy has closed on its RBL redetermination with its corporate banking syndicate, consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial, and Canadian Western Bank...

The U.S. high yield default rate is poised to reach 5% in June for the first time since July 2016, up from 4.6% at May 31 driven by energy defaults, according to a new Fitch Ratings report.

Remote work, home sheltering, store closures, supply-chain disruptions and declining ad expenditures among largest drivers.

Capital Southwest Corporation, an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that it supported Coastal Television Broadcasting Holdings LLC and its affiliates’ recent acquisitions of stations controlled by Wyoming Media Group (collectively, “WMG”) with term loans and a revolving credit facility. Capital Southwest led the financing transaction and will act as the sole administrative agent on the credit facilities. Main Street Capital Corporation was a co-investor in the credit facilities.

The Brink’s Company (NYSE:BCO) today announced an amendment to its existing credit agreement that provides long-term covenant relief and added flexibility to execute its strategic plan. The amendment changes the methodology for calculating the company’s leverage ratio by using a net first lien leverage ratio (net secured debt leverage ratio) instead of a total net debt leverage ratio.

In response to the newly passed Paycheck Protection Program Flexibility Act, SFNet issued a letter to Treasury Secretary Mnuchin, SBA Administrator Carranza and Members of Congress reiterating its calls to make secured lenders and factors eligible as borrowers under the Paycheck Protection Program Interim Final Rule, noting that these institutions "who are a critical conduit of capital flows for our economy are now facing material economic hardship, not only from reduced economic activity, but by the displacement of revenue streams due to the success of PPP!"

Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDQ: UMPQ), announced today that Tory Nixon has been promoted from chief banking officer to bank president. The announcement is part of Umpqua's increasing focus on serving the small and middle market businesses that are such a critical part of local economies across the West Coast. Cort O'Haver will continue to serve as CEO of both Umpqua Bank and Umpqua Holdings.

Men’s Wearhouse owner Tailored Brands Inc. said on Wednesday it may have to seek bankruptcy protection or discontinue operations, if the COVID-19 crisis continues to pummel sales. The retailer said it has taken “decisive actions to manage liquidity”, including borrowing money, while opening nearly half of its stores across the United States and Canada.

MUFG Bank, BNP Paribas, Crédit Agricole, Natixis, Mizuho Bank, National Bank of Canada, Sumitomo Mitsui, SunTrust Robinson Humphrey, CoBank, Rabobank, ING Capital and DZ Bank acted as lead arrangers on the transaction.

DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 31 premium hotels in the United States, announced today that it successfully finalized an amendment to the credit agreement for its $400 million revolving credit facility and $350 million unsecured term loan and the credit agreement for its $50 million unsecured term loan (collectively, the "Credit Amendments").

GVM Inc. of Biglerville, PA, an American manufacturer of high-end agriculture equipment called Prowler Double Duty Spreaders and Mako Sprayers, has exited Chapter 11 Bankruptcy in a transaction with Liquid Finance. With the reorganization, GVM has cleaned their balance sheet, allowing them to continue manufacturing state of the art agriculture and snow equipment in their facilities in Ohio, Pennsylvania, Missouri, and Indiana. Liquid Finance structured a transaction that helps GVM grow distribution across North America.

The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.