TSL Express Daily Articles & News

Gulf Coast Business Credit (“GCBC”) had a great third quarter, closing 43 new Accounts Receivable Factoring and Asset Based Lending (ABL) deals. Amongst the new deals funded were a $4,000,000 working capital facility to a Louisiana based staffing company, a $300,000 working capital facility to a Texas based manufacturing company and a $200,000 working capital facility to a California based transportation company.

DLL, a global financial solutions provider will expand its offerings into the recreation and leisure lifestyle market in North America. This will include motorsport, marine, recreational vehicles and manufactured homes. DLL will provide floor planning lines of credit for eligible/qualified dealers to finance inventory purchases from their manufacturing partners, including new, rental and used inventory credit lines.

Sallyport Commercial Finance offers a $500,000 accounts receivable facility to a company that specializes in servicing, maintaining and repairing generators. Having prior experience in the generator industry has allowed this newly-formed company to accumulate clients at a pace that required assistance to support their growth. With the help of Sallyport, the business is now positioned to expand and seize new business opportunities.

North Mill Capital provided a $1,500,000 revolving line of credit and a $450,000 equipment term loan. The funds were used to pay down the bank and provide ongoing working capital for expansion of the company.

The new credit facility includes the opportunity to expand the borrowing capacity by up to $175 million to an aggregate size of $250 million. Since the Company had a zero balance on the previous credit line, no cash was utilized to pay it down upon termination. BofA Securities, Inc. acted as the sole lead arranger & sole bookrunner and Bank of America, N.A. as the administrative agent. Other participating lenders include KeyBank National Association and Morgan Stanley.

Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today reported that on October 23, 2019, Bluegreen amended and restated its syndicated credit facility led by Fifth Third Bank (“Fifth Third”). The amended credit facility is a $225.0 million syndicated credit facility which includes a $100.0 million term loan with quarterly amortization requirements and a $125.0 million revolving line of credit.

Destination Maternity announced it is closing more than a third of its stores and filing for Chapter 11 bankruptcy, adding to a long line of struggling retailers.

The loan will finance the acquisition of 15 facilities, which will be managed by Mission Health Communities.

Black Diamond Group Limited (“Black Diamond” or “the Company”) (TSX: BDI) announced today that the Company has agreed to terms with respect to a four-year secured asset-based revolving credit facility (“Facility”).

Entrepreneur Growth Capital (“EGC”) is pleased to announce that it has closed a $4MM working capital facility to a New York-based industrial painting company (“the Company”). The Company has grown with the New York City building boom and recently acquired a competitor. However, its long time bank was reluctant to increase its line of credit. EGC offered a higher line with increased availability against accounts receivable.

Ares Commercial Finance announced that it has provided a senior secured credit facility to Saylite Holdings LLC and its subsidiaries (“Saylite”). Saylite is owned by CORE Industrial Partners. The proceeds will be used to refinance the company’s existing debt and for ongoing working capital to support Saylite’s growth and potential future acquisitions.

Finacity Corporation (“Finacity”) is pleased to announce that it has successfully facilitated a MXN$750 million consumer loan securitization program of Crédito Real, S.A. B. de C.V., SOFOM, E.N.R. (“Crédito Real”). The securitization was placed in the Mexican capital markets (CREL19CB) with a five-year tenor that will be secured by a portfolio of consumer loans that are deducted from the pensions and retirees of the Mexican Institute of Social Security (“IMSS”).

IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) announces that it has secured a renewal of its existing line of credit and term loan facility with BMO Harris Bank (”BMO”). The renewal of both the BMO line of credit and term loan facility extends the facility until September 30, 2020.

Kitchen Collection is now offering deep discounts at their 160 retail stores after the announcement was made earlier this week to close the retail business by the end of 2019. The Kitchen Collection, LLC is a national specialty retailer of kitchenware primarily in outlet malls throughout the United States. Retail store closing sales are being conducted by Hilco Merchant Resources.

Citi today announced leadership changes in the below message to colleagues from CEO Michael Corbat.

Pacific Western Bank is pleased to announce the addition of Columbus Johnson as Senior Vice President, Originations. Johnson has worked in the equipment finance and leasing industry for 20 years. In his new role with the Bank, Johnson will be responsible for originating and structuring new business opportunities, with a focus on the rail and power sectors.

Shulman Rogers is pleased to announce that R. Timothy Bryan has joined the firm as Chair of the Commercial Finance Practice. During his 30-year legal career, Tim has amassed significant knowledge in the corporate finance arena, concentrating on commercial finance transactions ranging from $5 million to in excess of $500 million across a myriad of industries such as manufacturing and distribution, healthcare and biotech, telecommunications and IT, government contracting, media and marketing, cannabis and other business services.

Stonebriar Commercial Finance (“Stonebriar” or the “Company”), an Eldridge Industries business and a leading independent large-ticket commercial finance company, today announced the closing of a private issuance of $150.0 million aggregate principal amount of notes due 2024 initially assigned a “BBB (low)” rating by DBRS, Inc. (the “Notes”).

United States Steel Corporation (X) (“U. S. Steel”) today announced that it has completed approximately $1.1 billion of financing activities to support the execution of the Company’s “best of both” strategy.

Reliant Bancorp, Inc. (“Reliant”) (Nasdaq: RBNC), the parent company for Reliant Bank, announced today that it has entered into a definitive agreement to acquire First Advantage Bancorp (“FABK”), the parent company for First Advantage Bank (“FAB”), located in Clarksville, Tennessee.