TSL Express Daily Articles & News

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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.

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.

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.

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.

Newpoint Advisors Corp., a national financial advisory firm focused on small companies, announced a senior staff member has become the first Trustee appointed to a case under Subchapter V of the Small Business Reorganization Act of 2019 (SBRA) that went into effect on February 19, 2020, Subchapter V Trustee Tim Stone, a Senior Managing Director at Newpoint, was named Trustee for the first case filed under the new law in the Middle District of Tennessee. Plans are expected to be finalized within 90 days of the filing.

National duo delay deal to the summer as leaders of newly merged Faegre Drinker praise staff for level of collaboration in face of crisis.

A top Senate Democrat is calling for federal financial regulators to shelve all their rulemaking projects that aren't directly related to the COVID-19 pandemic, saying their attentions right now need to be on protecting the financial system and mitigating economic fallout from the outbreak.

Business Capital structured and delivered an $8M secured asset-based credit facility for Nivagen Pharmaceuticals, a specialty company that develops and sells generic prescription drugs for the North American market. Nivagen is focused on building a sustainable portfolio of therapeutics, which treat a wide variety of ailments, and has launched over 15 generic products which are sold through multiple channels

As the coronavirus continues to spread, cybercriminals are using this public health crisis to spread phishing emails and create malicious domains for a variety of fraud -- targeting major companies and people working from home. Heinan Landa, CEO and Founder of Optimal Networks, a globally-ranked IT services firm, and author of The Modern Law Firm: How to Thrive in an Era of Rapid Technological Change can discuss online security and what you can do to protect yourself.

Citizens M&A Advisory announced today that it served as the exclusive financial advisor to DASCO Home Medical Equipment in its recapitalization by Silver Oak Service Partners. DASCO will continue to operate under the leadership of CEO Rachel Mazur and President Jason Seeley. Headquartered in Westerville, Ohio, DASCO is a leading regional distributor of durable medical equipment, specializing in respiratory equipment such as home oxygen, non-invasive ventilation and CPAP equipment for sleep apnea.