TSL Express Daily Articles & News

Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of a single-port robotic surgical system for application in minimally invasive surgery (“MIS”), announces that it has closed a US$1.5 million senior secured loan facility (“Loan Facility”) from a leading global medical technology company. The Loan Facility has an interest rate of 8% per annum and is repayable not later than April 29, 2023.

Tradewind Finance has closed a $650,000 credit facility for a manufacturer of mobile chargers and other consumer electronic accessories based in Hong Kong. The company has a factory in Vietnam and one in Dongguan and exports primarily to the United States and Europe to brand names like Belkin International. The deal, closed amidst COVID-19, provided funding to improve the company’s working capital and support their growth.

CIT Group Inc. (NYSE: CIT) today announced its Treasury and Payments Services business is collaborating with B2B fintech innovator Fintainium to provide an integrated payments and financial workflow management solution to meet the needs of small and midsize businesses. CIT and Fintainium will waive the first three months of subscription fees for this new solution and also waive all integration fees for businesses that enroll before June 30 in support of the current challenges for many small and midsized businesses.

Wave has arranged for Debtor-in-Possession ("DIP") financing from an affiliate of Tallwood Venture Capital totaling approximately $27.9 million, which provides the business sufficient liquidity to continue regular business operations through the bankruptcy process.

Comvest Partners (“Comvest”) is pleased to announce that Renee Rempe has joined the Firm as a Managing Director in Comvest’s direct lending group, Comvest Credit Partners. Renee will be based in Comvest’s Chicago office and will be responsible for managing and directing strategy on investments within the Comvest Credit Partners’ portfolio.

Citizens M&A Advisory served as the exclusive financial advisor to DeWinter Group, a leading provider of human capital solutions in the San Francisco Bay Area, on its recapitalization by New Heritage Capital, a Boston-based private equity firm. Founded in 2000, DeWinter is one of the Bay Area’s most recognized talent acquisition brands, providing temporary and permanent staffing solutions across the accounting, finance and information technology disciplines.

To ensure access to the PPP loan program for the smallest lenders and their small business customers, starting at 4 p.m. today EDT through 11:59 p.m. EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars.

Macy’s Inc. has been downgraded once again as the retailer’s turnaround plan has hit a standstill and its debt pressures intensify amid the coronavirus pandemic. In a release on Friday, S&P Global Ratings announced that it had lowered the department store chain’s issuer credit rating to B+ from BB. The agency attributed the downgrade to a revised macroeconomic outlook that could weaken discretionary spending, as well as Macy’s debt maturities in the coming years and potential compliance issues under its revolving credit facility.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today the extension of its SVCP Credit Facility (the “Facility”) by one year to May 6, 2024. The Facility is led by ING Capital LLC and includes a total of 7 bank participants. The size of the Facility remains $270 million, and the pricing and advance rates were unchanged.

Avis Budget Group, Inc. (NASDAQ: CAR) today announced that the Company has obtained a waiver of the leverage covenant included in its existing senior credit facilities, comprised of a term loan and revolving credit facility, until June 30, 2021. The waiver is included in an amendment to the credit facilities, which allows the Company to incur an additional $750 million of first lien debt.

According to the report, the struggling department store retailer is in talks with existing lenders Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co. and is seeking a debtor-in-possession loan package of $800 million to $1 billion. The loan would keep the retailer’s operations running during the bankruptcy process.

Crestmark secured a total of $24,150,000 in ABL financial solutions for 14 new clients; Crestmark Equipment Finance provided $6,088,469 in six new lease transactions; Crestmark Vendor Finance provided $5,776,035 in 54 new lease transactions; and the Government Guaranteed Lending Division provided $5,295,000 in financing for three new clients in the first half of April.

Pam, a partner in Sidley’s Global Finance group, with 31 years of legal experience, focuses on commercial finance and is an expert in the field. Pam is located in Palo Alto, California and represents major institutional and other lenders, lessors, borrowers and equity sponsors.

A dance apparel company based in New Jersey has chosen TAB Bank for a $2.6 million asset-based revolving credit facility. The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs. The company is well known in the dance and performance space for the quality of the tights, dance apparel, and soft shoes they design and produce.

BMO Harris Bank and 1871 today announced a nationwide call to apply for WMN•FINtech, a mentoring program for women-led startups and the latest evolution of the BMO Harris / 1871 Innovation Program. This marks the first time BMO and 1871 have partnered on a women's-focused program. Applications will be accepted through May 11.

Latham & Watkins LLP1 is pleased to announce that Suzzanne Uhland has joined the firm's New York office as a partner in the Restructuring & Special Situations Practice within the Finance Department. Uhland has an extensive track record advising parties in Chapter 11 reorganizations and out of court restructurings and buyers and sellers in Bankruptcy Code Section 363(b) sales and other distress transactions.

Wells Fargo & Company (NYSE: WFC) today announced that Lester Owens will join the company in the newly created role of head of operations, responsible for building a more unified, more integrated approach to Wells Fargo’s business operations functions. Owens, who joins Wells Fargo in late July 2020, will report to Chief Operating Officer Scott Powell and will serve on the company’s Operating Committee.

Amerisource Business Capital announced the closing and funding of a $4,000,000 revolving credit facility for a Texas-based natural gas compression services firm.

Asset Based Lending Consultants would like to announce the that we now have a stronger presence in the New York Tri-State Area with not just our new office in Connecticut, led by Patrick Chemngorem, CPA, but with the opening of our New York Metropolitan Area office, headed up by Dustin Fitzpatrick, as of June 1st,2020. The presence of these two offices, now gives us an opportunity to assist lenders within the Tri-State area in an ever busy and everchanging market.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Evren Ozargun as Managing Director of Corporate Development and Credit. In his role, Ozargun will serve as advisor to senior leadership, helping set and execute the firm’s strategic agenda, including identifying and supporting new initiatives, pursuing new alliances, and structuring complex transactions.