TSL Express Daily Articles & News

According to the latest analysis from the CEPRES Investment Platform, 2021 could be a great year for private markets because of the fallout from the COVID-19 crisis. The analysis looked back at the impact on private equity and credit transactions before, during and after the most recent Global Financial Crisis (GFC), to interpolate possible outcomes of the current COVID-19 pandemic.

North Mill Capital is pleased to announce the funding of a $1,250,000 asset-based revolving line of credit to Yurchak Printing, Inc. The funds were utilized to provide additional working capital for the company.

Canopy Rivers Inc. (today announced that PharmHouse Inc., its 49%-owned joint venture in Leamington, Ontario, amended its syndicated credit facility with the Bank of Montreal (BMO), as the agent and lead lender, and the Canadian Imperial Bank of Commerce and Concentra Bank (together with BMO, the "Lenders").

Investment firm Jefferies has propped up an otherwise barren US leveraged loan market in April, bringing US$1.275bn worth of new supply at enticing terms to lure a yield-hungry investor base still weighing the impacts of the coronavirus.

Sundial Growers Inc. (SNDL) ("Sundial" or the "Company") announced that the Company's senior lenders have amended the terms of the March 30, 2020 waivers and agreements requiring completion of defined milestones by April 15, 2020 to require completion of those milestones by April 30 , 2020.

The Debtors may negotiate to obtain a new Debtor-in-Possession ("DIP") financing to provide working capital to support normal operations and the sale of assets during the Chapter 11 process. However, it is not certain that these negotiations to obtain DIP financing will be successfully completed.

The economic pain caused by the coronavirus outbreak has been unrelenting, hitting nearly all industries and sectors. As the first waves of affected businesses explore their restructuring options or succumb to bankruptcy, many are turning to a giant in the practice for help. A string of companies in recent days have tapped Kirkland & Ellis to advise on potential bankruptcy filings or lodge Chapter 11 petitions.

Pacific Western Bank is pleased to announce that Taira Hall has joined the Bank as the Executive Vice President, Products & Partnerships. Taira will lead the organization’s enterprise-wide product development efforts, focusing on enhancing payments, treasury management and other solutions and expanding delivery across the business lines. In addition, she will cultivate new and innovative partnerships with leading fintechs and organizations across the US to support their market entry and business growth needs.

The Credit Facility represents a new commitment from BNP Paribas, Crédit Agricole Corporate & investment Bank, J.P. Morgan and Société Générale, and further enhances the Company's already strong liquidity position of $10.5bn as of 31 December 2019, including a €5.5bn revolving credit facility, which remains undrawn and is fully available until December 2024.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has successfully sold Bench, the iconic British streetwear brand to Wraith, an affiliate of Apparel Brands Limited for all territories outside of the Americas. Apparel Brands Limited is currently one of Bench’s primary European licensees.

Cerebro Capital (“Cerebro”), a digital commercial loan marketplace that revolutionizes how corporate credit facilities are sourced and managed, announced it has successfully closed its second round of venture capital. Co-led by Ulu Ventures and Grotech Ventures, it closed March 26, 2020. Sterling Partners returned as an investor, and Inner Loop Capital and Point Field Partners also participated in the round. Designed for middle market corporate borrowers and lenders, Cerebro addresses two key components of the commercial loan process: sourcing corporate loans and managing loan covenant compliance.

In a letter to Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell, SFNet CEO Rich Gumbrecht provided recommendations to help facilitate the objectives of the newly introduced Main Street Expanded and New Loan Facilities as set out by the Federal Reserve.

CIBC Innovation Banking is pleased to announce a $25 million credit facility for Q4 Inc. (Q4), a Toronto based leading global provider of cloud-based investor relations and capital markets solutions. Q4 will use this latest growth financing to support continued scaling of its team, deepening of its best-in-class technology platform, and the continued pursuit of inorganic growth opportunities.

Several Forever 21 store landlords are urging the Delaware bankruptcy court to reject a proposal by the company's Chapter 11 buyer to alter procedures for going out of business in response to the coronavirus pandemic, arguing new measures such as suspending rent and preventing repossessions would be unfair to them.

Allied Affiliated Funding, a division of Axiom Bank, N.A. is pleased to announce the following recently closed transactions: $600,000 in receivables financing to a Texas-based company specializing in the recycle, repair, and resale of previously used electronics to wholesale and e-commerce customers and $1,500,000 in receivables financing to a Texas-based company providing inspection services for pipeline/rigs and consulting and training services to the oil and gas industry.

The ABL Facility is provided by a syndicate of banks with Bank of America, N.A. as Administrative Agent, Collateral Agent and Security Trustee.

The owner of the New York Sports Club chain is weighing a Chapter 11 bankruptcy filing, as 95 percent of the company's gyms across the country remain closed to curb the spread of coronavirus, according to a report by Bloomberg Law. Town Sports International Holdings Inc. has reportedly been in talks with advisers and lenders to get ahead of its nearly $200 million loan maturity in November.

In a court filing on Monday, the denim-focused retailer listed the estimated value of its assets at $100 million to $500 million — the same estimated value of its liabilities. CEO Michael Buckley said the company is receiving a fresh influx of capital from its largest investors to help it restructure under Chapter 11. In court documents, True Religion said the coronavirus crisis precipitated its filing, writing that it “would have preferred to wait out the current instabilities of the financial markets and retail industry generally” but “simply could not afford to do so.”

Fifth Third Business Capital, a division of Fifth Third Bank, National Association, announced it acted as lead lender and administrative agent on the closing of a new $70,000,000 Senior Credit Facility for Lignetics, Inc. and its various subsidiaries ("Lignetics").

Fifth Third Business Capital, a division of Fifth Third Bank, National Association, announced it acted as sole lender and administrative agent on the closing of a new $15,828,000 Senior Credit Facility for Comfort Research, LLC. Based in Grand Rapids, Michigan, Comfort Research is the manufacturer of the Big Joe brand, which consists of casual furniture, pool products, and outdoor furniture. Fifth Third’s credit facility was used to refinance existing debt and working capital funding.