TSL Express Daily Articles & News

The Covid-19 outbreak is unlike any previous crisis: traditional crisis-response approaches will not be sufficient. CEOs need to act now, and act aggressively.

Dr. Kerstin Braun, President of Stenn Group, commented: “2019 was weaker than expected and the stakes are only higher for 2020. Governments around the world are having to act forcefully to prevent the economic hit from Covid-19 deepening, taking a coordinated approach and opening the liquidity pipe for both fiscal and monetary support.

Richard Gumbrecht, SFNet CEO, met with representatives of the Office of the Comptroller of the Currency last week to discuss issues of importance to our respective missions. Participating were Lou Ann Francis, Director of Commercial Credit Risk who oversees Asset Based Lending for the OCC and her staff as well as her boss Richard Taft, Deputy Comptroller of Credit Risk

Information on relief loan programs can be found be clicking here.

The inaugural facility matures in December 2022, with two, one-year extension options thereafter. Based upon the leverage levels at closing, the interest rate under the revolving facility is LIBOR plus 185 basis points. The facility also has an accordion feature that allows for borrowing capacity of up to $300 million. KeyBank serves as Administrative Agent and Lead Arranger and Mizuho Bank, City National Bank, and First Financial Bank serve as participating lenders.

Wanda Sports Group Company Limited (WSG) (the “Company”) today announced that the Company signed a $240 million senior term loan facility agreement with Credit Suisse AG, Singapore Branch, enabling the Company to refinance and prepay its existing senior 364-day term loan facility, dated March 15, 2019.

Acreage Holdings, Inc., one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., today announced (i) the first closing and drawdown of $21 million on the previously announced $100 million credit facility, with net proceeds of approximately $20.2 (excluding placement fees) to Acreage, and (ii) the borrowing of $22 million by an Acreage subsidiary (“IP Borrower”) from IP Investment Company, LLC in a transaction that represents the initial borrowing under the previously announced loan transaction.

The lending institutions participating in the Facility include The Toronto-Dominion Bank as lead arranger, Bank of America, National Bank of Canada , The Bank of Nova Scotia , and Canadian Imperial Bank of Commerce. The Term Loan is provided through TD Bank, N.A.

L Brands has drawn $950 million from its revolving credit facility, giving the company more than $2 billion in cash. The move was made "in an abundance of caution and as a proactive measure" amid temporary coronavirus-related store closures, per a company press release. L Brands also withdrew its previous earnings guidance for the current quarter given uncertainty around the COVID-19 pandemic's impact.

From furloughs and layoffs to withdrawn guidance and loyalty program modifications, the big hotel chains were maneuvering to survive the novel coronavirus outbreak. The actions they are taking are hardly novel as they’ve been used by hotels and other industries during past crises such as 9/11 and the 2008 financial crisis.

Jon Harmon has joined Virtas Partners as Director, leading the firm’s strategic communications services. Virtas Partners is an advisory firm helping clients successfully navigate key transitions, including acquisitions, divestitures, IPOs, carve-outs, accounting investigations & restatements, corporate restructurings, turnarounds and capital placements.

On 17 March 2020, AMNS Luxembourg Holding S.A. (“AMNS”), the parent company of the AMNS India joint venture in partnership with Nippon Steel Corporation (“NSC”), entered into a $5.146 billion ten-year term loan agreement with Japan Bank for International Cooperation (“JBIC”) and MUFG BANK, LTD. , SUMITOMO MITSUI BANKING CORPORATION, MIZUHO BANK EUROPE N.V., and SUMITOMO MITSUI TRUST BANK, LIMITED (LONDON BRANCH).

In response to current market volatility and COVID-19, law firm Schulte Roth & Zabel (SRZ) has reconstituted its SRZ Market Conditions Working Group from the global financial crisis. The firm also opened its COVID-19 Resource Center at www.srz.com, and as of today, the lawyers have published more than 20 SRZ Client Alerts thus far this week on a range of crisis-related topics.

Tiger Group on March 31 will hold an online-only auction of excess pro-grade audiovisual gear from The Camera Division (TCD), the one-stop rental house formed in 2017 by the successful merger of The Camera House and Division Camera. The offering includes digital and video cameras, zoom lenses, lighting, matte boxes, monitors, jib arms, sliders, tripods, camera accessories, media, filters, and more.

Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) today reported the purchase of more than 237,500 shares of MRCC common stock by officers and directors of the Company and senior management of Monroe Capital Management Advisors, LLC (“MCMA”), an affiliate of the Company’s investment advisor, in open market transactions recently.

After more than 38 years in financial services, Huntington (Nasdaq: HBAN; www.huntington.com) Commercial Banking Director Rick Remiker has announced his decision to retire in May 2020. Remiker joined Huntington in 2010 to lead the bank's equipment finance business. He subsequently led specialty banking and in 2014 assumed leadership of the commercial bank.

Finitive's platform, which includes a network of 500 institutional investors, allows it to efficiently match non-bank lenders with investors based on criteria such as asset class, loan size, target yield range and more.

Internap Corporation today announced definitive steps through which it expects to significantly reduce debt and extend maturities, equipping INAP to generate the cash flows needed to grow the business and reinvest in its products and customers. To support this strengthening of its capital structure, INAP entered into a Restructuring Support Agreement (the "RSA") with an ad hoc lender group (the "Ad Hoc Lender Group") holding approximately 77% of its outstanding term loans. With support of the Ad Hoc Lender Group, INAP and each of its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

Etablissements Maurel & Prom announces the signature of amendment agreements to re-profile the repayment of its two debt facilities, the $600 million term loan with a syndicate of lenders and the $200 million loan from M&P’s controlling shareholder PT Pertamina International Eksplorasi Dan Produksi. The banks participating in the Term Loan are Bank of Tokyo-Mitsubishi UFJ, Natixis, PT Bank Mandiri, Sumitomo Mitsui Banking, Crédit Agricole, DBS, ING, HSBC and PT Bank Negara Indonesia.

BofA Securities, Inc. acted as the sole book runner and sole lead arranger for the syndicated credit facility. Bank of Montreal acted as lender and syndication agent. MUFG Union Bank, N.A. acted as lender and documentation agent. Bank of America, N.A., Keybank National Association and Washington Federal Bank, National Association also acted as lenders. Bank of America, N.A. will also serve as administrative agent.