TSL Express Daily Articles & News

U.S. companies rushed to bulk up their cash reserves amid market turmoil fueled by the global coronavirus outbreak and a plunge in oil prices.

FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that QuickFi®, a new mobile business lending platform from Innovation Finance USA LLC, has been selected as the winner of the “Business Lending Innovation Award” in the 2020 FinTech Breakthrough Awards program.

First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, Inc., announced the addition of Erika Perez as senior account manager. Perez has over 17 years of experience in factoring and banking. She holds a bachelor’s degree in Business Administration from Lewis University.

Secured finance executives from Gerber Finance, North Mill Capital and FTC Commercial Corp. discusses the impact of Coronavirus.

People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced its Healthcare Finance Division provided a $61 million Credit Facility to Brightview Senior Living ("Brightview"), a privately held real estate development and property management company specializing in multifamily and senior living communities.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Foresight Energy; Jefferies Group is acting as investment banker; and FTI Consulting, Inc. is acting as financial advisor. Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Lazard Frères & Co. LLC is acting as investment banker to the Ad Hoc Lender Group representing lenders under the first lien credit agreement.

Boeing Co. is planning to draw down the full amount of a $13.8 billion loan as early as Friday as the planemaker grapples with worldwide travel disruptions from the coronavirus, people familiar with the matter said. Representatives for Citigroup Inc., which led the loan, and Boeing declined to comment.

Travel and leisure companies have tapped their relationship banks for new loans to bolster liquidity and shore up investor confidence as the global spread of coronavirus heightens fears over passenger travel and canceled reservations pile up. Cruise ship operators Norwegian Cruise Line and Royal Caribbean, along with air carrier United Airlines lined up approximately US$3.23bn in new money collectively on Tuesday, one day after the virus epidemic caused a sell-off across global equity market indices with the Dow Jones Industrial Average dropping 7.8%.

Jefferson Capital Systems, LLC (Jefferson Capital), a leading purchaser and servicer of consumer charged-off and bankruptcy receivables in the United States and United Kingdom, announced today that it has completed the strategic acquisition of Canaccede Financial Group (Canaccede), the largest buyer of charged-off consumer receivables and insolvencies in Canada. J.C. Flowers & Co. (“J.C. Flowers”), a leading private investment firm specializing in the financial services industry, is the principal shareholder of Jefferson Capital.

SG was impressed with the Company’s software platform, organic growth, strong pipeline of contracted revenue, and ability to reach positive cash flow with no equity financing and minimal debt financing. SG provided a senior secured, $3MM growth capital loan structured around an ARR borrowing base and provided tailored amortization around the Company’s cyclical cash flow. ​

Bank of America has named Terry Cline as market president for Knoxville. Cline succeeds Market President John Hall, who will continue to serve on the Knoxville leadership team. As market president, Cline will be responsible for connecting the banking and investment resources offered through the company’s eight lines of business to companies, families and individuals in Knoxville.

Varagon Capital Partners (Varagon) today announced it is serving as Administrative Agent, Joint Lead Arranger and Joint Bookrunner on a senior secured credit facility to support the acquisition of ALC Schools, LLC by affiliates of Palladium Equity Partners, L.L.C. (Palladium). ALC offers alternative student transportation solutions for a variety of student populations, including special education, homeless, foster and other in-need students.

The credit facilities will be used to provide working capital to support the Company’s future projected growth. Founded in 1987, and headquartered in Marysville, CA, NorCal cuts, assembles and distributes dimensional lumber, engineered wood and related framing materials.

Huntington Business Credit announced it closed a new $12,000,000 credit facility with Custom Bilt Holdings, LLC on February 14, 2020. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital growth financing.

FocalPoint Partners, a leading middle-market investment bank, is pleased to announce the addition of senior healthcare investment banking professional Hector M. Torres as managing director in its Chicago office. Over nearly 15 years, Hector has provided investment banking, consulting, and financial advisory services to healthcare organizations nationwide, having advised on over 25 M&A transactions with a cumulative value in excess of $2.8 billion in the past six years.

Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to healthcare services and life sciences and companies worldwide, today announced the closing of a $104.3 million senior secured credit facility to Epic Healthcare Staffing (“Epic” or “the Company”), a portfolio company of Webster Equity Partners. The proceeds will be used to fund the acquisition of Orbis Data Solutions, refinance existing debt, fund future acquisitions, and for general working capital purposes.

Announces New 2020 Business Optimization and Restructuring that Will Considerably Improve Profitability and Cash Flow – Expected to generate $200-$230 Million in Annualized Cost Reductions. Refinancing Commitment will Significantly Improve Capital Structure by Refinancing Debt including 2021 Senior Notes, Extending Maturities and Delivering New Funding for the Business.

Utica Equipment Finance, a leading provider of equipment-based term loans and leases to companies throughout North America, today announced that Stephen J. Healey has joined the firm as a Managing Director. Based in Boston, he will be responsible for sourcing and developing client and referral relationships throughout the United States.

Armstrong previously was director of acquisitions for Sembler Investments and before that was market director and senior VP at The Bank of Tampa. He will lead commercial banking and lending for Valley Bank throughout the county, according to a release from the bank. He'll be in charge of six relationship managers that cover the bank's county presence, which includes seven branches.

“We are very pleased to be working with Wells Fargo. This is an important step in continuing to expand the activities of AP Equipment Financing. We have grown from a small finance company to an entity that will fund over 3,000 small ticket transactions worth over $200 million in 2020. We are excited about the treasury management capabilities Wells Fargo has to offer as well as working with a large, specialized staff in Dallas, Texas who are highly responsive to our ever-changing funding needs,” stated Chris Enbom, CEO of AP.