TSL Express Daily Articles & News

US Foods Holding Corp. (NYSE: USFD) today announced that it has successfully completed the previously announced $970 million all cash acquisition of Smart Foodservice Warehouse Stores (“Smart Foodservice”). The transaction that closed today excludes the Smart & Final retail grocery business, which was previously separated from Smart Foodservice. US Foods funded the purchase price for the acquisition with cash on hand and the proceeds from a $700 million term loan.

Northwest Bancshares, Inc. ("Northwest") (NASDAQ: NWBI), the holding company for Northwest Bank, announced today that it has successfully completed its merger with MutualFirst Financial, Inc. ("MutualFirst Financial") (NASDAQ: MFSF), the holding company for MutualBank.

Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, today announced it has renewed its $300 million receivable-backed financing facility with two large banks for an additional 364 day period, further enhancing its solid liquidity position. MUFG Bank, Ltd. acted as Facility Agent for this transaction. MUFG Bank, Ltd. and Mizuho Bank, Ltd. are serving as participating lenders.

Yukon Partners (“Yukon”), a provider of mezzanine capital for middle market private equity transactions, is pleased to announce its investment in Crossroads Treatment Centers (“Crossroads” or the “Company”), a portfolio company of Revelstoke Capital Partners (“Revelstoke”). Crossroads, based in Greenville, South Carolina, is a premier provider of medication assisted treatment services in the United States.

In response to growing demand for its leading edge transmission and distribution poles, RS Technologies Inc. ("RS" or the "Company") is pleased to announce that it has, together with its subsidiary RS Utility Structures Inc., entered into a credit agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A., Toronto Branch (the "Bank") for a five year term that provides for senior secured debt financing.

Wereldhave N.V. ("Wereldhave") announces today the launch of the Green Financing Framework and has agreed under this framework a new Green Revolving Credit Facility of EUR100 million with ABN AMRO Bank N.V. as a sole lender.

Contributing investors represent a diverse cohort of the foremost capital management firms, including Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman on behalf of clients.

CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications unit served as joint lead arranger and administrative agent for a $325 million round of financing for Mobilitie Investments III LLC, a telecommunications infrastructure provider. This is the third financing round that CIT has led in recent years on behalf of Mobilitie, which owns and operates a national portfolio of wireless communications infrastructure, including towers, distributed antenna systems and wi-fi networks.

J D Factors announced it provided the following factoring facilities: $100,000 to a staffing company in Alberta; $300,000 to a transportation company in Nevada; $250,000 to a transportation company in Ontario; $120,000 to a transportation company in California; $200,000 to a transportation company in New York and $120,000 to a transportation company in Pennsylvania.

An auxiliary healthcare staffing platform had an asset-based revolving line of credit in place which was approaching renewal. Due to the company’s rapid growth over the past several years, they had accumulated an over-advance balance of approximately $1MM which was causing them to be charged a much higher rate of interest.

The letter, spearheaded by Reps. Ted Budd (R-NC) and Blaine Luetkemeyer (R-MO), argues that, “While the PPP was statutorily “housed” in section 7(a) of the Small Business Act so that it could use 7(a) Program loan delivery infrastructure, eligibility for the PPP, a new and separate program, was intended to extend to “any business concern” that meets the applicable CARES Act employee thresholds. The Small Business Administration (“SBA”) unduly narrowed the intended broad statutory scope of PPP eligibility when it by rule rendered ineligible for PPP any business ineligible to borrow under the 7(a) Program, which includes lending and financing companies.” Click here to view the letter.

Delta Air Lines, Inc. (NYSE: DAL) (the "Company" or "Delta") today announced that it intends to commence a private offering to eligible purchasers of $1.5 billion in aggregate principal amount of senior secured notes due 2025 (the "Notes"), subject to market and other conditions. The Company also announced it intends to enter into a new $1.5 billion Term Loan B facility due 2023 (the "New Credit Facility") concurrently with the closing of the offering of the Notes.

Greenberg Traurig, LLP has added Jason S. DelMonico to its Boston office as a Shareholder in the firm’s Corporate Practice.

New credit facilities provide up to $20 million in near-term liquidity. In combination with cost-reduction initiatives, provide runway to complete value-enhancing development activities to seek approval of 180-day product. Senseonics continues to pursue its previously announced exploration of strategic alternatives.

Inari, the biotechnology company developing next-generation seeds, announced that it has entered into a $45 million loan and security agreement with K2 HealthVentures (K2HV), a life sciences-focused investment firm. The funds complement Inari's recent $89 million equity raise and will be used to accelerate the development and commercialization of breakthrough gene-edited crops that address the challenges of climate change and improve productivity.

JPMorgan Chase Bank NA and Silicon Valley Bank acted as joint book runners and joint lead arrangers on the agreement.

Rockwell Automation, Inc. (NYSE: ROK) announced today that it has entered into a $400 million, 364-day term loan agreement, which will be used to provide funding for two previously announced acquisitions and for other general corporate purposes. In February of this year, Rockwell Automation announced the signing of agreements to acquire privately-held Kalypso, LP, a US-based software delivery and consulting firm, and Italy-based ASEM, S.p.A., a leading provider of digital automation technologies. These acquisitions are expected to close within the next few weeks.

Latest analysis from the CEPRES Investment Platform highlights major sectors that could be winners and losers from the Coronavirus crisis. By evaluating current value creation and revenue growth opportunities in PE-backed companies and contrasting with the GFC (Global Financial Crisis) period the CEPRES Platform is able to identify potential outcomes from the COVID-19 crisis.

On Tuesday, April 21, the Senate passed an amendment to the CARES Act that, among other things, would amend certain provisions of the Paycheck Protection Program (“PPP”), economic injury disaster loans, and emergency grants. The amendment is expected to pass the House later this week and the president has indicated he would sign it. In some ways, the amendment is as notable for some of the things it did not do – it did not create eligibility for financial services firms including community banks and secured lenders to borrow PPP loans, and it did not include rumored restrictions on larger borrower’s access to PPP – as it is for what it did do (increase funding and create a set-aside of PPP guarantees for PPP loans made by certain small and community development lenders).

MiMedx Group, Inc. (OTC PINK: MDXG) (“MiMedx” or “the Company”), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced that it has received notice from Bank of America that its application for a Paycheck Protection Program loan (a “PPP Loan”) under the CARES Act has been approved.