TSL Express Daily Articles & News

Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of two separate multi-million dollar factoring deals with California-based apparel companies. A women’s apparel brand of high-quality sustainable fashion was in need of a new factoring arrangement when its current factor was no longer able to support the company and its growth plans.

San Francisco-based private financial group’s global fund of funds is now actively allocating to private investment funds and other capital providers offering secured loans to qualifying SMBs.

Cooley acted as legal advisor to Biohaven on the transaction. Latham & Watkins LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal advisors to Sixth Street.

As an important milestone in its financial strategy, Oryx Stainless Group has refinanced 80 million Euro out of a previous 100 million Euro syndicated credit facility. In this transaction, HSBC acted as sole bookrunner, supported by Commerzbank, DZ Bank and Rabobank as Mandated Lead Arrangers. NRW Bank and Sparkasse Düsseldorf acted as Lead Arrangers.

Amerisource Business Capital announced the closing and funding of a $1,500,000 real estate loan to a flow meter manufacturer based in Texas. Doug Forbes, Regional Market Manager for Amerisource, stated: “We were able to quickly provide the funds needed to refinance the customer’s current bank debt through our real-estate product. The proceeds will increase the Company’s working capital which will be used to support future growth.”

BNP Paribas, a premier global bank, today announced that it has closed a $100 million syndicated Revolving Credit Facility (“RCF”) structured as a sustainability-linked loan (“SLL”) with Empresas CMPC S.A. (“CMPC” or the “Company”), a Chilean pulp and paper company. BNP Paribas, as Joint Lead Arranger and Sole Sustainability Coordinator, led the group of banks involved in the transaction, and will be the Administrative Agent of the facility.

Alternative credit specialist CIFC has launched a long/short high yield UCITS fund managed by industry veteran Jason Horowitz, who has been running similar strategies successfully for over 10 years. Mr. Horowitz joined the New York-based manager in January as Head of U.S. High Yield Bond Investments. He has been managing the strategy for CIFC since February 1, 2020, delivering a 12.69% net gain to the end of July, compared with a 0.18% loss for the wider U.S. high yield market.1 The strategy made positive returns during March at the height of market anxiety around Covid-19.

FTI Consulting, Inc. (NYSE: FCN) today announced continued investment in its Aviation offering with the launch of a dedicated global industry practice and the appointment of two Senior Managing Directors and four Managing Directors. This team will immediately enhance the firm’s depth of expertise for airlines, manufacturers, lenders, lessors, investors and other aviation-industry players, as they continue to respond to the changing environment, stabilize their businesses amid profound uncertainty and take a leading position to emerge from the downturn.

WhiteHorse Capital (“WhiteHorse”), the direct lending affiliate of H.I.G. Capital, a leading global alternative investment firm with $39 billion of equity capital under management, is pleased to announce the addition of Jason Hicks as Principal. He will be based in WhiteHorse’s New York office and will be responsible for originating and executing middle market debt financings for private equity sponsored transactions.

Second Quarter 2020 Financial Highlights: • Paid quarterly dividend of $0.25 per share; • Current annual cash dividend yield to shareholders of approximately 15.9%1; • Shares trading at a Price to NAV of 0.61x2; • Net Investment Income of $12.6 million, or $0.61 per share; • Adjusted Net Investment Income of $12.8 million, or $0.62 per share; and • Net increase in net assets resulting from operations of $14.2 million, or $0.69 per share

BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“we,” “us,” “our,” “TCPC” or the “Company”) announced today that Brian Wruble retired from the Board of Directors effective August 4, 2020. Additionally, TCPC appointed Andrea Petro as an independent director. Ms. Petro will serve on the Audit Committee, Governance and Compensation Committee, and Joint Transactions Committee.

Viad Corp (NYSE: VVI) today reported that it has closed on an agreement with funds managed by private equity firm Crestview Partners for the private placement of up to $180 million of preferred stock, and an agreement with its lender group to enhance the Company’s financial flexibility for the next eight fiscal quarters. Viad was represented in the transaction by Moelis & Company LLC as placement agent and Latham & Watkins LLP as legal advisor. Crestview was represented by Jefferies Group LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor.

Ms. Berrios brings more than 24 years of experience across a broad range of financial, digital and management disciplines, primarily in the banking sector. Most recently, she was Executive Vice President, Director of Operations at Amalgamated Bank, New York, NY.

First Eagle Alternative Credit, LLC (“FEAC”) today announced the appointment of Michelle Handy, a Managing Director and Head of Portfolio & Underwriting for the firm’s Direct Lending platform, to its Direct Lending Investment Committee. Since joining the firm, then known as THL Credit in 2016, Handy has been responsible for overseeing the underwriting and management of investments across the portfolio. She joins three other primary members on the Direct Lending Investment Committee: Chris Flynn, President; Jim Fellows, CIO; and Terry Olson, COO and CFO. There are also rotating committee members who provide industry expertise.

A&G Real Estate Partners is now accepting bids on the leasehold interest for Tuesday Morning Corporation’s Phoenix distribution center in connection with its role as real estate advisor in the retailer’s Chapter 11 bankruptcy reorganization case. State-of-the-art facility offers turnkey opportunity for e-commerce, store fulfillment or other distribution applications.

Amerisource Business Capital announced the closing and funding of a $6,500,000 credit facility for a chemical and additive manufacturer based in Texas. Proceeds of the facility were used to support the company’s continued growth.

The Hedaya Capital Group, Inc. is pleased to announce a $750,000 factoring facility for an infant and toddler’s clothing importer. The company was a spin-off from a larger importer based in New York City, and is expected to do $5,000,000 in sales in its first year as an independent entity.

Digital trade finance provider Stenn, a pioneer in offering innovative international financing solutions for diverse sectors, today announced the launch of its new Professional Services Finance Program. The program delivers international invoice financing for service providers across the globe.

TAB Bank is pleased to announce it has provided a $3 million revolving credit facility for an outsourced customer service company based in Colorado. The new facility is extended through a multi-year agreement and will provide for the ongoing working capital needs for the company.

Commercial Funding Inc., a national provider of invoice factoring and accounts receivable financing, has added asset-based loans to its funding solutions. Designed to meet the needs of small to mid-market sized businesses operating in the business-to-business space, Commercial Funding’s asset based loans will typically range from $500,000 to $2,500,000.