TSL Express Daily Articles & News

President Donald Trump on Friday signed into law legislation that makes a number of changes to the Payroll Protection Program.

Tuesday Morning Corporation (NASDAQ: TUES) today announced that the Company has obtained a commitment from BRF Finance Co., LLC, an affiliate of B. Riley Financial, Inc. (NASDAQ:RILY) (“B. Riley”), for $25 million of debtor-in-possession (“DIP”) financing as required by the Company’s current $100-million DIP agreement with its existing lender group. With this commitment, the Company has secured commitments for a total of $125 million to support the continuity of operations during Chapter 11 proceedings.

Ascena Retail Group has brought on new advisers to "explore balance sheet alternatives," according to a Debtwire report that cited unnamed sources. Among those advising the apparel retailer is law firm Kirkland & Ellis, which has worked on many high-profile retail bankruptcies over the years. Also working with Ascena is Guggenheim Securities, which advised the retailer last year on the sale of a majority stake in the Maurices banner, and the consultancy Alvarez & Marsal. An Ascena spokesperson did not reply to Retail Dive's request for comment.

CIBC Innovation Banking is pleased to announce a US$6 million revolving credit facility for Virginia-based Vbrick Systems Inc. (“Vbrick”), an industry-leading provider of video platform solutions. With operations in North America, Europe and Australia, the credit facility will be used to accelerate its rapid growth trajectory with investments in new customer acquisition and product innovation.

After five hours of testimony, the judge rejected on argument by creditors who considered the financing to be “predatory.”

Green Plains Partners LP (NASDAQ:GPP) and Green Plains Inc. (NASDAQ:GPRE) announced today the successful refinancing of the partnership’s debt facility which was arranged by Bank of America. The loan was approved by all of its existing lenders and became effective on June 4, 2020.

Global law firm Ropes & Gray has strengthened its European restructuring and special situations offering with the appointment of Matthew Czyzyk as a partner in its business restructuring group. Matt will be based in London. A leading special situations and restructuring lawyer, Matt has broad experience acting for a wide range of stakeholders, including debtors, banks and alternative capital providers. He has advised on transactions across the credit spectrum, including cross-border and domestic financial restructurings, lending transactions, and distressed and recovery situations.

Republic Business Credit funds a West Coast apparel manufacturer with a non-recourse factoring facility to help fill summer orders for a large retailer.

Leading finance technology company White Clarke Group is pleased to announce the release of a country survey for the USA. In association with the World Leasing Yearbook, this annual survey aims to provide an assessment of the national leasing markets in the US, focusing on the period up to mid-2019. Comprised of in-depth research conducted on behalf of the Equipment Leasing & Finance Foundation by Keybridge Research, the survey offers a wealth of economic and industry insights, including the size of the equipment finance market before the impact of the Coronavirus pandemic.

Crestmark secured a total of $14,340,000 in ABL financial solutions for 11 new clients; Crestmark Equipment Finance provided $2,269,805 in two new lease transactions; Crestmark Vendor Finance provided $8,645,911 in 90 new lease transactions; and the Government Guaranteed Lending group provided $5,965,000 in financing for two new clients in the second half of May.

Metropolitan Partners Group Management, LLC ("Metropolitan"), a direct-lending fund manager that provides senior-secured, transitional capital to small and mid-sized businesses in the U.S., recently completed an investment in International Literary Properties LLC ("ILP"). ILP was set up to acquire the rights in literary estates from those who have inherited them, or from living authors seeking financial certainty from an experienced and engaged buyer.

Online trade finance scale-up Stenn has secured participation from Barclays Bank, Coface SA, and Crayhill Capital Management LP in its latest investment round. The funding is for its core trade financing programme, Stenn Assets Funding, now sized at half a billion dollars.

Acting Comptroller of the Currency Brian P. Brooks today expressed concerns about the effects of regional and local responses to COVID-19 on the federal banking system. In letters to the National League of Cities, the U.S. Conference of Mayors, and the National Association of Governors, the Acting Comptroller of the Currency urged mayors and governors to consider the adverse impact of long-term regional economic shutdown on the nation's banks when making their decisions.

Republic Business Credit is proud to announce the hiring of Tae Chung as Senior Vice President of Business Development in its Los Angeles office. Tae will significantly increase our presence in the California traditional factoring market, further building upon the acquisition of Continental Business Credit in 2019.

Dan Davis, president and CEO of Axiom Bank, N.A., was recently appointed to a two-year term on the Board of Directors of the Florida Bankers Association (FBA). The Board is made up of representatives from both national and community banks.

Stonebriar Commercial Finance announced the closing of a $30 million equipment lease facility with a private equity owned global provider of cloud computing services. The company securely transfers clients’ information technology workloads out of their data centers and onto the cloud. Through data centers on five continents, and via software-as-a-solution, the company serves thousands of businesses and governmental agencies around the world.

Prestige Capital Finance, LLC is pleased to announce the recent closing of a combined $1,250,000 factoring arrangements for healthy consumer products companies: Nouri Life, a probiotics company; KiiTO, a plant-based nutrition company; and Cure Hydration, a science-backed sports hydration company. Prestige Capital has long been committed to the health and wellness space. From nutritional supplements to power foods for active lifestyles, Prestige has supported founders who are dedicated to feeding our bodies and our minds.

Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider in the United States, today announced the closing of two separate debt transactions, totaling $545 million in incremental lender commitments. The first is a $245 million upsize to the company's already existing multi-lender revolving warehouse facility closed in 2019, for a total of $570 million in aggregate commitments. The second is a $300 million hold-co loan facility provided by the Brookfield Infrastructure Debt Fund, a global credit-focused platform managed by Brookfield Asset Management Inc. (NYSE: BAM).

Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), 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 Osceola Capital’s (“Osceola”) recapitalization of Central Medical Group (“CMG” or the “Company”) with a senior secured first lien term loan, revolver and capex line, as well as a minority equity investment. Capital Southwest led the financing and will act as the sole administrative agent on the credit facilities.

Groupe Renault announces the finalization of a credit facility agreement with a banking pool, for a maximum total amount of €5 billion benefiting from a guarantee of the French State. The banking pool consists of BNP Paribas, Crédit Agricole, HSBC France, Natixis and Société Générale.