TSL Express Daily Articles & News

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that on May 22, 2020, it signed a term loan facility with ABN AMRO Bank N.V., through six wholly-owned subsidiaries, in the amount of US$52.885 million, divided into two tranches. The purpose of the loan facility was to combine the two loans outstanding with the Lender and extend the maturity of the loan maturing in March 2021 to the maturity of the other loan, maturing in June 2024.

Michael Best is pleased to announce the addition of Christopher Schreiber who joins the firm as a Partner in the Litigation group in Milwaukee, focusing his practice on the banking and financial services industry sector. Schreiber brings 15 years of bankruptcy, foreclosure, loan workout, and commercial litigation experience to the firm, and he has extensive experience representing creditors in local and national bankruptcy cases and in Chapter 128 receivership cases in Wisconsin.

Tarkett announces it has obtained €245 million of additional financing. This reinforces an already solid level of liquidity. Tarkett has set up a €175 million short term revolving credit facility with a one-year maturity, extendable by six months at the Group’s discretion, then by another six months at the banks’ discretion. This club deal includes the five bookrunners of the revolving credit facility (RCF) signed in 2019, namely BNP-Paribas, Groupe Crédit Agricole, Commerzbank, HSBC, Société Générale, as well as BECM and La Banque Postale.

GA Global Partners, LLC today announced that it will conduct a live virtual public auction of the assets of Steel Partners on June 4, 2020. The auction will feature Steel Partners’ metal fabrication equipment, material handling, powder coating booth, steel inventory, trucks and trailers located in Las Vegas, NV. Steel Partners, a full-service steel contractor and major structural metals fabricator, shuttered its operations after serving the Las Vegas area for over 20 years.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that Dennis Bolton has joined its Commercial & Industrial division as Managing Director. Bolton will assist clients in evaluating remarketing methods for various types of commercial and industrial assets as well as sourcing and facilitating large equipment deals in a multitude of sectors including construction, mining, energy and aviation industries.

CIT Group Inc. (NYSE: CIT) today announced that it has won three Stevie ® American Business Awards for business excellence. The awards include a Gold award for Achievement in Management – Banking, a Silver award for FinTech Solution and a Silver award for Corporate Social Responsibility Program of the Year.

Stapleton Group announced it has expanded its team with three key hires and promoted Jake Diiorio to managing director. Michael Husted has joined Stapleton as a director specializing in operations; Joan Hadeed as associate director, Financial Advisory Services; and Emily Chen as associate director, Accounting Services.

Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $1.5MM revolving A/R and inventory facility to a manufacturer of precision machine components for the aerospace and defense industries. Proceeds from AFS’ revolver were used to provide funds for working capital support and growth.

In a time of turmoil, Gibraltar Business Capital funded an acquisition for a new client via an $18 million line of credit. The transaction was initiated by a family office investor group.

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 deals – a $750,000 purchase order finance facility for an automotive client and a $10 million collection factoring agreement for a mattress company. Both clients will be serviced by Rosenthal’s Southeast office in Atlanta.

First Business Growth Funding, a division of First Business Capital Corp., funded a $5 million accounts receivable purchase facility for a logistics and transportation company. The facility was used to refinance an existing bank loan and for additional working capital for growth opportunities. Despite challenges created by COVID-19, First Business arranged a successful and timely closing by leveraging its technical proficiencies.

J D Factors announced it provided the following factoring facilities: $50,000 to a transportation company in Arkansas. $120,000 to a transportation company in Illinois. $100,000 to a transportation company in British Columbia. $120,000 to a transportation company in Illinois. $250,000 to a transportation company in Ohio.

Vinson & Elkins L.L.P. is serving as legal advisor, Evercore Group L.L.C. is serving as investment banker, and Opportune LLP is serving as restructuring advisor to the Company. Weil, Gotshal & Manges LLP is serving as legal advisor and Greenhill & Co., LLC is serving as financial advisor to an ad hoc group of holders of Subordinated Notes.

LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), a North American omni-channel retailer of branded vintage luxury handbags and accessories, today reported that further to its announcement on May 13, 2020, the Company has completed a $3.6 million financing round of which $3.0 million, in the form of a three-year term loan, comes from the Business Capital Assistance Program COVID-19 relief program offered by the Federal Government (the "BCAP" financing) and $587,500 through a private placement (the "Equity Private Placement") of LXRandCo Class B shares (the "Shares").

Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce the renewal of the Corporation's existing $400 million revolving credit facility, following completion of its annual review by the syndicate of lenders.

The Company's $325 million Credit Facility was available on a revolving basis until May 23, 2020. On May 22, 2020, subject to certain conditions, the Company signed an extension until June 30, 2020 in order for the syndicate to have more time to assess current market conditions and the effect of potential government assistance programs on the Credit Facility. Among others, the conditions include a cap on the drawings available to the Company under the Credit Facility and that no drawings can be used to redeem or repay the Debentures.

MGG Investment Group, LP (“MGG”), a leading private direct lending investment firm, today announced that Eran Cohen, former Managing Director on the loan originations team at Wells Fargo Capital Finance, has joined the firm as a Managing Director. Mr. Cohen is based in Chicago and reports to Chief Executive Officer and Chief Investment Officer Kevin Griffin.

Bay Point Advisors announces it has entered into a senior secured debtor-in-possession (“DIP”) financing agreement with a network of blockchain mining companies comprising VC Mining Enterprises Inc., Godby DC-5 LLC, Godby DC-4 LLC, Hemphill Avenue LLC, and Virtual Citadel LLC (collectively “the Company”), which has filed for bankruptcy protection under Chapter 11 under the United States Bankruptcy Code.

SBA & Treasury have recently released additional guidance: Interim Final Rule on Loan Forgiveness (Released May 22, 2020) and Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (Released May 22, 2020).

Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) ("Sugarbud" or the "Company") is pleased to announce that it has entered into a commitment letter with Connect First Credit Union Ltd. ("First Calgary") in respect of a $5.0 million senior secured credit facility (the "Credit Facility").