TSL Express Daily Articles & News

Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE: DLS) announced today that it has executed a binding commitment letter for a $6.25 million, 12-month term loan with a Schedule 1 Bank in partnership with the Export Development Corporation. This loan bears interest at bank’s prime rate + 4%, with an annual guarantee fee of 1.8% and is secured by a first ranking general security agreement over EcoHome.

Middle market companies that have exhausted traditional funding sources are increasingly using their assets as collateral to access vital liquidity for their operations. Investors’ risk-aversion and direct lenders’ demands for greater protections to make loans have narrowed the availability of capital for small or mid-sized companies compelling borrowers to pledge their assets as collateral to obtain asset-based loans (ABL).

SC&H Capital, a leading investment bank specializing in M&A advisory, announced it acted as the exclusive investment banker to Beef International, Inc. (“Beef International”) in the sale of its equipment and inventory assets to RKW Holdings, LLC (RKW), a Delaware Corporation.

Karni has nearly three decades of extensive executive, corporate and commercial banking experience with Bank Leumi, serving most recently as CEO of the bank's UK operations. In the past decade, he also held significant executive roles in Europe.

Crestmark secured a total of $7,800,000 in ABL financial solutions for 10 new clients; Crestmark Equipment Finance provided $7,564,246 in four new lease transactions; Crestmark Vendor Finance provided $10,791,438 in 17 new lease transactions; and the Joint Ventures Division provided $1,047,785 in financing for one new client in the first half of May.

Finacity Corporation (“Finacity”), a member of the Greensill family of companies, announces the close of a trade receivables securitization program for Startek, Inc. (“Startek”) in April 2020. The securitization program finances receivables originated by Startek’s entities in the United States.

Exchange Bank (OTC: EXSR) President and CEO Gary Hartwick announced his retirement as of December 31, 2020. Hartwick joined Exchange Bank in January of 2009 and served as the chief credit officer and chief operating officer before assuming the role of president and CEO in March of 2014. In his 12 years of distinguished service with Exchange Bank, Gary has provided positive leadership and a well‑executed strategic vision. He has served on the Bank’s Board of Directors since 2014 and will remain on the Board and continue to be active in Sonoma County, where he resides.

In connection with the filing, the Company has executed a Restructuring Support Agreement with lenders representing more than 75% of its secured debt, who will collectively serve as a "stalking horse" bidder in the Company's sale process and provide additional liquidity to fund the Company's business operations during this process. Akorn is advised in this matter by Kirkland & Ellis as legal advisor, PJT Partners as financial advisor and AlixPartners as restructuring advisor.

Perella Weinberg Partners (“PWP”) today announced that Kevin Lockhart has joined the Firm as a Partner in its Advisory business. Based in New York, Mr. Lockhart will provide strategic capital markets advice to clients across industries. Mr. Lockhart joins PWP after building his own independent financing advisory business, Lockhart Creative Capital Solutions, where he advised corporate clients on a range of transactions, including acquisition financings, recapitalizations, and project and working capital financing transactions.

Molecular Templates, Inc., a clinical-stage biopharmaceutical company focused on the discovery and development of the Company’s proprietary targeted biologic therapeutics, engineered toxin bodies (ETBs), today announced it has secured a debt financing facility for up to $45 million from K2 HealthVentures, a healthcare-focused specialty finance company. MTEM received a first tranche of $15 million upon closing, a portion of which has been used to repay the remaining indebtedness that was outstanding under the Company’s prior credit facility.

MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, announced today that it has amended its $440 million credit facility, which provides MarineMax with greater financial capacity by increasing its liquidity and extending the term. The agent of the facility is Wells Fargo Commercial Distribution Finance and includes the following lending partners: M&T Bank, Bank of the West and Truist Bank.

Hilco Global has issued a timely report on the present state of the craft beer industry, the outlook for existing brewers emerging from the current crisis, and how these dynamics may create certain opportunities for new entrants to the market. Indicators Suggest Modest Growth for Craft Brewers That Evolve, Connect and Prepare Now for Post-Pandemic Re-Start, authored by Adam Stump- Managing Director at Hilco Valuation Services, examines factors that have shaped the industry over the past decade and how brewers' own experiences and actions throughout the COVID-19 period may be the key to unlocking a profitable future for their businesses as the category recovers later this year.

Banks in the US have launched US$3.4bn in leveraged loans backing mergers and acquisitions this month, reopening a market that was mainly available for companies seeking emergency funding related to the coronavirus pandemic. Four term loans are scheduled to price before the end of this month, and banks are offering investors juicy coupons and steep original issue discounts (OIDs) to sell the debt.

Scorpio Tankers, Inc. (NYSE: STNG) (the “Company”) announced today that it has closed a previously announced credit facility with a group of European financial institutions. In May 2020, the Company executed an agreement for a loan facility of up to $225.0 million with a group of European financial institutions. This loan facility consists of a $150.0 million term loan facility and $75.0 million revolving credit facility. The proceeds of this new facility are expected to be used to refinance the existing debt on nine vessels.

CPS Technologies Corporation (Nasdaq:CPSH) today announced that it has entered into an amendment to its credit facility with The Massachusetts Business Development Corporation. The maximum borrowing on the facility has been increased from $2.5 million to $3.0 million.

Sprague Resources LP, the parent company of Sprague Operating Resources LLC and Kildair Service ULC, announced today the signing of a second amended and restated senior secured credit agreement with MUFG Bank, LTD, as Administrative Agent, MUFG Bank LTD. and BNP Paribas as Co-Collateral Agents, BNP Paribas, Citizens Bank, N.A., Société Générale, Wells Fargo Bank, N.A. and Coöperatieve Rabobank U.A., New York Branch, as Co-Syndication Agents, ABN AMRO Capital USA LLC and Santander Bank, N.A., as Co-Documentation Agents and MUFG Bank LTD, BNP Paribas, Citizens Bank, N.A., Société Générale, Wells Fargo Securities, LLC and Coöperatieve Rabobank U.A., New York Branch as Joint Lead Arrangers and Joint Bookrunners and financial institutions party thereto.

All Js Greenspace LLC, one of GGB’s existing secured lenders, has agreed to fund the CCAA proceedings through a debtor-in-possession loan facility in the initial amount of up to US$1 million. An additional $US6.2 million will be made available for borrowing under the DIP Agreement following the Initial Period upon Court approval at a subsequent hearing that would (i) extend the stay period; (ii) increase the amount of the DIP Lender’s Charge (as defined below); (iii) approve a sale and investment solicitation process; and (iv) approve a stalking-horse agreement (the “Stalking Horse Agreement”) among the Company, All Js and Capital Transfer

First Northwest Bancorp (NASDAQ: FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank” or “First Federal”), today announced that Andy Pohlman will join First Federal’s management team as Regional Market President and Senior Vice President of Investment Services, effective June 1, 2020. Pohlman will lead the Bank’s Retail Banking Strategy in Whatcom and Kitsap Counties, as well as oversee the Investment Services function.

Ankura, a global business advisory and expert services firm, today announced the appointment of Scott Davido as a Senior Managing Director, based in New York. As part of Ankura's Turnaround & Restructuring Group, Mr. Davido will serve clients with his more than 30 years of experience leading operations, finance, accounting, and strategic functions for companies and governments undergoing operational and financial crises or transitions.

AHLA outlines action needed by Congress to help industry survive economic impact worse than Great Depression.