TSL Express Daily Articles & News

North Mill Capital announced it provided an $1,250,000 accounts receivable facility for Performance Freight Systems, Inc. The funds were used to pay off the previous lender and provide additional working capital for the company.

Celtic Capital Corporation today announced its most recent new client relationship – a Colorado-based distributor and installer of fireplaces for commercial and residential use. This Company approached us for a working capital line of credit to support its expected growth.

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (collectively, the “Company” or “Organigram”), a leading licensed producer of cannabis, is pleased to announce that the Company has amended its credit agreement dated May 31, 2019, with Bank of Montreal (“BMO”) as lead arranger and agent as well as a syndicate including three other lenders (the “Credit Agreement Amendment”). The Credit Agreement Amendment modifies certain terms of the $115 million term loan (the “Term Loan”) and $25 million revolving credit facility (the “Revolver”, and together with the Term Loan, the “Facilities”).

Proskauer, a leading international law firm, announced the creation of the Proskauer Private Credit Default Index© which tracks, on a quarterly basis, the default rates of senior secured and unitranche loans.

Baudax Bio, Inc. (NASDAQ:BXRX), a pharmaceutical company focused on therapeutics for acute care settings, today announced that it has closed on a credit facility of up to $50 million from funds managed by Marathon Asset Management, a global credit solutions partner. Proceeds from the facility will generally be used to support the commercial launch of ANJESOTM (meloxicam) injection, and for working capital purposes. JMP Securities LLC acted as exclusive financial advisor and sole placement agent to Baudax on this transaction.

On June 1, 2020, Sprott and Rubicon agreed to extend the maturity date of the Loan Facility by one year to December 31, 2021 subject to certain other amendments and conditions as more particularly described below (the "Amended Loan Facility").

Computing giant Hewlett Packard Inc. (HPQ), which focuses on PCs and printers, said it has secured a 364-day revolving credit facility, with aggregate lending commitments of $1 billion. Loans under the senior, unsecured revolving credit facility will be used for general corporate purposes, the company said in a SEC filing. JPMorgan Chase Bank, N.A. will act as the administrative agent on the credit line.

Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) and certain of its direct and indirect wholly owned subsidiaries (collectively “GGB”, the “Company” or the “Applicants”) today provided an update on its insolvency proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”).

The Federal Reserve Bank of Boston today released additional information for potential lenders and potential borrowers, including a form loan participation agreement, lender certifications and covenants, borrower certifications and covenants, updated Frequently Asked Questions, and other legal documents.

Tiger Group is now liquidating well-maintained, late-model machinery and equipment surplus to the ongoing operations of a leading dispenser and manufacturer of Cannabidiol (CBD) products, with a range of value-add uses in the cannabis and biopharma sectors. This 2018 Agilent Gas Chromatography/Mass Spectrometry system is among the assets available in Tiger Group's sale of assets from a leading dispenser and manufacturer of CBD products.

Cineworld said it has increased its leverage covenant to 9.0x net debt to EBITDA for the December 2020 testing date, has agreed the terms of $110 million of additional liquidity through an increase in its revolving credit facility, has received approval to apply for $45 million through the CLBILS loan scheme in the UK and expects shortly to commence a process to access $25 million through the U.S. government CARES Act.

Advanced Flower Capital Management, LLC ("AFC") announced today that an affiliate of the company has arranged for a $42 million credit facility for Nature's Medicines. The credit facility is designed to streamline Nature's Medicines' capital structure and support its expansion initiatives, which include growth in its home state of Arizona and significant expansion into the Michigan market. AFC served as Lead Arranger and Administrative Agent for the transaction.

ABM (NYSE: ABM), a leading provider of facility solutions, announced today it has successfully completed an amendment to its senior, secured credit agreement. The Company is a party to a syndicated credit facility comprised of an $800 million revolving line of credit and an $800 million amortizing term loan, both of which mature on September 1, 2022. Bank of America, N.A. acted as Administrative Agent.

Craig Jones, a 20-year energy industry veteran, experienced in CFO services, M&A integration, strategy and operations management, and lean performance improvement, joins Alvarez & Marsal.

Owl Rock Capital ("Owl Rock"), a leading alternative asset manager, announced today the hiring of Jesse Huff, formerly of Oaktree Capital Management, and the expanded role of Nicole Drapkin, Managing Director at Owl Rock, who together will serve as Co-Heads of the firm's opportunistic investing strategy. Huff most recently served as a managing director and member of Oaktree's Strategic Credit platform where he had been focusing on opportunistic credit since 2014.

AlixPartners, the global consulting firm, announced today that Matthew Wilde has joined as a Managing Director. Matthew will serve clients across the Middle East region and he will be based in AlixPartners’ Dubai office. Matthew brings a proven track record in turnaround and restructuring having been a partner with PwC for nearly 20 years before becoming an independent Chief Restructuring Officer

The Paycheck Protection Program (PPP) is a critical lifeline for America’s small employers and their employees, who are struggling with the consequences of economic shutdowns aimed at fighting the spread of COVID-19. Since its launch in early April, the program has provided loans totaling more than $510 billion to approximately 4.3 million small employers across the country. The overwhelming majority of borrowers are very small – according to the latest data, nearly two-thirds of all PPP loans are for $50,000 or less, and the average size of a PPP loan is just $118,000, suggesting an average employer size of about 10 employees.

The U.S. arm of bakery chain Le Pain Quotidien filed for bankruptcy in Delaware with plans to sell itself for $3 million to avoid shutting down for good, court papers show. The Chapter 11 petition allows Le Pain Quotidien to rework its debts and carry out a sale to Aurify Brands LLC, which requires court approval. Without the sale, the company would’ve had to liquidate its 98 U.S. stores, proposed Chief Restructuring Officer Steven Fleming said in a court declaration.

A&W Food Services of Canada Inc. announced today the completion of the definitive documents for its previously announced increase in the available capacity of its operating line credit facility from $6 million to $25 million.

Macy’s Inc (M.N) said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility. The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.