TSL Express Daily Articles & News

Grant Thornton LLP has named David Platt as its regional managing partner for the firm’s East region. In the role, Platt will oversee a consolidated geographic area covering the firm’s East Coast operations. In addition, Grant Thornton has expanded Nichole Jordan’s role as its regional managing partner for the firm’s Central region – adding the Midwest geographic area to a portfolio that previously consisted of Kansas, Missouri, Nebraska, Oklahoma and Texas.

Antares announced that it served as lead left arranger and is acting as administrative agent for a senior secured credit facility to support Sentinel Capital Partners’ acquisition of ECM Industries. Headquartered in New Berlin, WI, ECM Industries is a global manufacturer and supplier of electrical products for construction, maintenance, lighting, irrigation, landscape supply and gas utility markets.

Golub Capital acted as the Administrative Agent, Left Lead Arranger and Joint Bookrunner on a $1.6 billion GOLD facility to finance a substantial strategic investment in MRI Software by funds managed by Harvest Partners, LP and refinance existing indebtedness. GOLD facilities are Golub Capital One-Loan Debt facilities.

Landmark approval signifies pivotal moment for banking industry, formalizing mobile-first brand's massive role in providing consumers greater choice and leading digital experiences

The Boy Scouts of America (BSA) today announced that the national organization has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code to achieve two key objectives: equitably compensate victims who were harmed during their time in Scouting and continue carrying out its mission for years to come. The BSA intends to use the Chapter 11 process to create a Victims Compensation Trust that would provide equitable compensation to victims.

Pier 1 announced Monday that it began Chapter 11 bankruptcy proceedings in Virginia and that it is pursuing a sale of the company. The company said it plans to use this process to complete the previously announced closure of up to 450 store locations, including all Canadian locations. Prior to filing Chapter 11, Pier 1 said it entered into an agreement with the majority of its term loan lenders and secured commitments of approximately $256 million in debtor-in-possession financing from Bank of America, Wells Fargo, and Pathlight Capital.

North Mill Capital is pleased to announce the funding of a $3,000,000 revolving line of credit and a $500,000 equipment term loan facility to Seating Concepts, LLC. The proceeds were used to pay off the existing lender and provide additional working capital.

Allegiant Travel Company (today announced the closing of the amended agreement of its existing term loan with Barclays Bank PLC as administrative agent. Barclays Bank PLC, Goldman Sachs Lending Partners LLC and Credit Agricole Corporate and Investment Bank served as lead arrangers, bookrunners and syndication agents for the transaction. The amendment effects a repricing and upsizing of the Term Loa

Omnicom Group Inc. (NYSE: OMC) announced today the amendment and extension of its multiyear revolving credit facility to February 2025. Amounts available for borrowings under the facility are unchanged at $2.5 billion. The agreement includes two one-year extensions of the facility on any anniversary date with bank approvals.

Stonybrook Capital is pleased to announce the completion of a capital raise for a $45,000,000 senior secured credit facility for Cypress Group Holdings, Inc. (“Cypress”). Stonybrook Capital served as the exclusive financial advisor to Cypress on this transaction.

Syros Pharmaceuticals (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, today announced the closing of a $60 million senior secured loan facility with Oxford Finance LLC, a specialty finance firm providing senior debt to life sciences and healthcare service companies. The non-dilutive financing agreement provides Syros with up to $60 million in borrowing capacity in three tranches, with the initial tranche of $20 million available immediately.

River City Bank is expanding its business banking services in the North Bay region and has announced Jim Kimball as Executive Vice President and Market President for the North Bay. In this new role, Kimball will expand the bank's commercial banking presence by establishing a footprint and hiring a locally based team to serve business clients and communities in Marin, Sonoma and Napa counties.

Webster Bank is pleased to announce that Jason Soto, Chief Credit Officer, has been promoted to executive vice president, responsible for credit risk activities across the organization. He reports to directly to Daniel Bley, executive vice president and Chief Risk Officer.

Kohl's is eliminating 250 roles, including an entire "layer" of regional-store leadership, according to a report from the Milwaukee Journal Sentinel.

Leading global investment firm, HPS Investment Partners, has launched a new podcast series, The HPScast. The new series focuses on the careers of successful business leaders including: co-founder of Alvarez and Marsal, Brian Marsal, former Soulcycle CEO Melanie Whelan, and cable and media legend, Leo Hindery.

Investors Bank’s Healthcare Lending Group has appointed James Andrew “Andy” Phelps to the position of Senior Vice President. Mr. Phelps, who will report to the Healthcare Lending’s Founder and Senior Vice President James Vincenti, will be a member of the team that is introducing a new line of innovative banking products and services for healthcare providers. Mr. Phelps will be responsible for developing, managing and growing a portfolio of loans serving the national healthcare sector.

Encina Business Credit, LLC (“EBC”) announces the completion of a $50.0 million revolving credit facility for The McClatchy Company (“McClatchy”). The facility was used to refinance McClatchy’s pre-petition, asset-based revolver and support their working capital needs during bankruptcy. The facility is also structured to automatically convert to an exit financing upon meeting certain criteria.

Sallyport Commercial Finance supplies a $1,300,000 accounts receivable facility to a wholesale distributor of plants and flowers. The company needed additional working capital to fulfill large orders. They were referred to Sallyport by a broker who has worked with us in the past and felt confident that we could provide a structured solution to support their growth.

The retailer is preparing for a financial restructuring that could include a bankruptcy filing, reported The Wall Street Journal. According to the report, Stage Stores has been late in paying its vendors amid a cash crunch. Stages Stores has brought on the investment bank and financial services firm Peter J Solomon and law firm Kirkland & Ellis as it looks to refinance its bank debt, according to the report.

Refinancing expands borrowing capacity nearly 30%, reduces cost of debt and enhances flexibility to drive growth strategy