TSL Express Daily Articles & News

Versant Funding LLC is pleased to announce it has funded a $2,000,000 non-recourse factoring facility to a manufacturer and distributor which serves major commercial airlines. The business needed additional working capital to fund its expansion and their senior lender agreed to subordinate its lien on accounts receivables due from only a single customer to allow the business to raise cash.

People’s United Bank led the bank group which also included BMO Capital Markets Corp. as syndication agent, and Bryn Mawr Trust, Stifel Nicolaus & Company and TriState Capital as participants.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has closed the recently announced non-brokered credit agreement (the “Credit Agreement”) for a senior secured term loan (the “Senior Loan”) in an initial aggregate principal amount of US$100 million, with a mutual option to increase the size of the facility to a maximum of US$200 million.

Provides $200 million commitment to fully refinance existing revolving credit facility; provides an initial $30 million of working capital; provides new $30 million revolving credit facility in May 2020; new maturity date is January 2022; company expects fourth quarter 2019 results to significantly outperform the third quarter, with a return to positive GAAP consolidated operating income for the first time in 3 years.

Stonebriar Commercial Finance (“SCF”) has closed an additional $30 million equipment lease facility with its existing customer, an industry-leading food processing company, to support the growth of a new innovative product line. SCF will provide interim financing during the construction term of this new production line, which is forecast to be fully completed by June 2020. When fully funded, SCF’s total outstanding for this key customer will exceed $70 million.

Phoenix Textile is a distributor of textiles, sheets, linens and interiors to residential, hospitality, government institutions and healthcare facilities across the country. The family-owned and operated company has been in business since 1983 and is headquartered in Missouri.

Celtic Capital Corporation today announced its most recent new client relationship – a California-based company that sells fresh and frozen seafood to wholesale and retail customers.

Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced that on January 31, 2020, it executed an amendment to its credit facilities, consisting of the $380 million senior secured term loan ("Term Loan") and the $200 million senior secured revolving credit facility ("Revolver"). Both the Term Loan and the Revolver are at the Company's APLP Holdings Limited Partnership ("APLP Holdings") subsidiary.

Specialist asset-based lender, Ultimate Finance, is today announcing the launch of its Structured Finance proposition providing a streamlined solution for UK businesses to release working capital and invest in their growth. Structured Finance from Ultimate Finance will enable introducers to connect their clients to tailored, multi-asset funding solutions of between £350k and £5 million against several assets simultaneously, such as unpaid invoices, plant and machinery, and property.

Mount Logan Capital Inc. (NEO:MLC) (“Mount Logan” or the “Company”) is pleased to announce that it and its wholly-owned subsidiary Great Lakes Senior MLC I LLC (“MLC Subsidiary”) have entered into an amendment (the “First Amendment”) to its existing facility and security agreement (the “Facility Agreement”) with a subsidiary of Global Atlantic Financial Group, as initial lender, those persons who from time to time become lenders pursuant to the Facility Agreement (collectively, the “Lenders”), as lenders, and U.S. Bank National Association, as administrative agent, custodian, collateral agent and collateral administrator.

The Facility was led by SunTrust Robinson Humphrey, JPMorgan Chase Bank, N.A. and MUFG Union Bank, N.A. as joint lead arrangers and includes a total of 20 bank participants. The accordion feature, which would allow the Company, under certain circumstances, to upsize the Facility has also increased from a maximum of $1.50 billion to $1.75 billion. Pricing and advance rates under the Facility remain unchanged.

FTI Consulting, Inc. (NYSE: FCN) today announced that Anthony Saitta has joined its Real Estate Solutions industry group as a Managing Director and will lead the Executive Compensation & Corporate Governance practice.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced the expansion of Managing Director Rick Wilichowski’s role to include oversight of the Valuations Division’s Equipment Finance, Asset Management, and Mobile Modular sales functions.

Wings Capital Partners LLC (“Wings”) announced the successful closing of a secured term loan collateralized by a 777-200LRF on lease to Korean Airlines. The three-tranche financing has a maturity coterminous with the lease tenor and was provided by a syndicate of financial institutions including Barings, Nord LB, Bayern LB, and Investec.

Bank of America acts as administrative agent under the New Credit Facility, which provides for revolver borrowings in an aggregate principal amount of up to $400 million, and contains a $100 million letter of credit sub-facility (increased from $50 million), and a $200 million foreign currency sub-facility (increased from $100 million). The New Credit Facility also has a $100 million accordion feature (increased from $50 million), exercisable if new or existing lenders agree to provide or increase their commitments.

The credit facility contains customary covenants and borrowing availability requirements. The facility is provided by a syndicate of banks, including Bank of America, N.A., Rabobank Nederland, Canadian Branch, Bank of Montreal, JP Morgan Chase Bank, N.A., and Wells Fargo Bank, National Association.

CrowdOut Capital LLC, a pioneering non-bank lender for middle-market companies, today announced the completion of a term loan and a delayed draw growth facility to Wild Wing Cafe. Founded in Hilton Head, Wild Wing Cafe owns and operates a successful restaurant franchise with 44 system-wide restaurants (16 corporate, 28 franchised) across nine states, predominately across the Southeast.

CIFC LLC (“CIFC”), a leading alternative credit specialist serving institutional investors globally, today announced that it has appointed Jason Horowitz as Head of U.S. High Yield Bond Investments to lead the expansion of CIFC’s high yield investment business. In this new role, Mr. Horowitz is supported by seasoned high yield investment professionals, Managing Director Brandon Hole and Executive Director Eric Seiden. Mssrs. Horowitz, Hole and Seiden join CIFC from Millennium Management and are based in New York.

Comtech expects to fund the acquisition and related transaction costs by redeploying a portion of the $100.0 million of pro forma combined cash and cash equivalents plus additional cash expected to be generated prior to closing, and by drawing on a new $800.0 million secured credit facility to be provided by Citibank, N.A., Manufacturers and Traders Trust Company (“M&T Bank”), Santander Bank, N.A., BMO Harris Bank, N.A. (“Bank of Montreal”), Regions Bank, Israel Discount Bank of New York and Goldman Sachs Bank USA.

SG Credit Partners teamed up with CapitalPlus Construction Services to provide a $13.0 MM structured factoring facility based on the Company’s strong ownership group, diversified customer base, and leverage profile.