TSL Express Daily Articles & News

SG Credit Partners (“SGCP”) announced today the hiring of John Todd (“JT”) as a managing director in Chicago, IL. In this role, JT will lead SGCP’s Midwest coverage efforts and will be responsible for originating and closing structured cash flow, technology/recurring revenue, and special situation credit facilities

Wingspire Capital Holdings (“Wingspire” or the “Firm”) today announced that David Phillips has joined the Firm as Managing Director in the Atlanta office. In this role, Mr. Phillips will be responsible for business development activities in the Southeast and Texas. Mr. Phillips brings to Wingspire over three decades of origination and business development experience in asset-based lending.

Tengram Capital Partners (“Tengram”) announced today that it has closed on the acquisition of the hair care and skin cleansing business of High Ridge Brands Co. (“High Ridge” or the “Company”), establishing a new platform investment for Tengram in a consumer-focused hair and skin category. Tengram partnered with Hilco, Inc., an affiliate of Hilco Global to acquire the Company.

PJ SOLOMON served as financial advisor to Save A Lot, FTI Consulting served as restructuring advisor and Latham & Watkins LLP served as legal counsel. Halsey Lane Holdings, LLC served as an advisor to the Board of Directors of Save A Lot. Alix Partners served as restructuring advisor to Save A Lot’s term loan lenders, and Davis Polk & Wardwell LLP served as legal counsel.

COVID-19 pandemic affects markets, according to a Reuters report. The company originally discussed extending maturities on its $16.5 billion credit facilities with banks in early March, according to the report. But instability caused by the pandemic has impacted liquidity concerns for both the company, and for banks.

Retailers both in and out of bankruptcy court are informing landlords that they’re cutting or withholding rents as customers shelter at home and states order most merchants to close.

Hundreds of financial institutions across the U.S. are using Lendio’s streamlined digital application to facilitate COVID-19 relief funds for their small business clients Lendio, the nation’s leading small business loan marketplace, today announced the launch of an online application for small business owners to access the $349 billion in government funds set aside for the Paycheck Protection Program (PPP).

Simmons Energy, A Division of Piper Sandler, acted as exclusive financial advisor to the Special Committee of the Board of Directors for U.S. Well Services, Inc.

U.K. financial regulators have sent clear signals, reinforced in an FCA statement published last week, that firms should stop issuing sterling-linked Libor cash products by the 3rd quarter of 2020 ahead of its discontinuation at the end of 2021. As a result, Mount Street and Paul Hastings LLP have joined forces to create a streamlined, process driven service offering to replace LIBOR in existing CRE loan documentation.

Amerisource Business Capital announced the closing and funding of a $5,000,000 credit facility for a steel fabricator based in Montana. The proceeds were used to refinance existing bank debt and to support the company’s continued growth.

TD Bank Group, of which TD Bank, America's Most Convenient Bank® is part, announced that there will be no job losses in 2020 as a result of COVID-19. Today's action follows the company's decision last week to introduce a special award of up to $1,000 along with two additional paid vacation days on top of the 10 days for all Colleagues previously announced. This benefit is available to part-time and full-time Colleagues who don’t currently have the option to work from home.

SSG Capital Advisors, LLC (“SSG”) acted as the investment banker to American Global Logistics, LLC (“AGL” or the “Company”) in the sale of substantially all of its assets to Terra Worldwide Logistics, LLC. The transaction closed in March 2020. Headquartered in Atlanta, Georgia, American Global Logistics is a 3PL freight forwarder and 4PL technology solutions provider that empowers businesses to solve their biggest supply chain challenges.

Gordon Brothers, the global advisory, restructuring, and investment firm, announces the acquisition of the real property and machinery and equipment associated with Procter & Gamble’s Kansas City, Kansas facility. The acquisition was completed in conjunction with joint venture partner New Mill Capital.

Tech Capital, LLC, the asset-based finance company and wholly owned subsidiary of Tech CU, announced today that Randall Haney has joined the company as its new Vice President of Business Development. In his role, he will be responsible for business development.

SFNet’s CEO submitted a letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration

Legacy Housing Corporation (the “Company”) (NASDAQ: LEGH), a leader in the manufactured housing industry, today announced the closing of a new four-year credit agreement with Capital One, N.A. (“Capital One”) that replaces the current agreement with Capital One that was due to expire on May 11 of this year.

BofA Securities, Inc and MUFG Bank, Ltd. acted as joint lead arrangers and joint bookrunners. Bank of America, N.A. acted as the administrative agent and MUFG Bank, Ltd. acted as the syndication agent. Also participating in the bank syndicate are TD Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Standard Chartered Bank, and The Northern Trust Company.

CIT Group Inc. (NYSE: CIT) has provided critical financing for its client Aria Designs to help it procure millions of advanced N95 surgical masks that will protect medical professionals battling the COVID-19 pandemic. Aria Designs, a North Carolina-based furniture manufacturer and importer, is using its global supply chain and manufacturers to supply the much-needed protective masks.

Nucleus Commercial Finance has appointed Riana Azam as regional sales director to expand its asset-based lending team in Yorkshire. With 14 years of industry experience, Riana joins Nucleus from Metro Bank, where she was business development director, providing funding to SMEs in the north of England.

FTI Consulting, Inc. (NYSE: FCN) today released the findings of its 2020 U.S. Loan Market Survey, which provides a glimpse into bank and non-bank lenders’ views against the backdrop of the COVID-19 pandemic and oil market price disruptions.