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  • Tiger Finance Provides $8.2 Million Credit Facility to Outdoor Adventure Brands
    Oct 13, 2021

    Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.

    Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.

  • Eileen Wubbe 150x150 SFNet Education Offers On-Demand Classes
    SFNet has a robust education program, including virtual and in-person classes. For those whose schedules make it difficult to fit in a class, SFNet now offers On-Demand classes to help those starting out or continuing their professional development in the industry on their own terms. Content can be consumed on a laptop, phone or tablet, making it easy to gain the knowledge you need to further your career whenever and wherever it works for you.
  • Carnival Corporation & plc Announces Upsizing and Pricing of $2.3 Billion Term Loan Facility for Refinancing, Saving Interest and Extending Maturities
    Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) today announced that Carnival Corporation (the "Company") successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility ("Term Loan Facility"), which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023 (the "2023 Notes"). 

    JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the Term Loan Facility. PJT Partners is serving as independent financial advisor to the Company.

  • White Oak Healthcare Finance Provides Financing to HighFive Healthcare to Support Growth Strategy
    Oct 11, 2021
    White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent of a senior credit facility to HighFive Healthcare (“HighFive”). HighFive is a specialty dental service organization (“DSO”) focused on acquiring high production endodontics and oral surgery dental practices in the southeastern U.S.
  • DunlopArt Ready, Set, Disclose? ESG Lending and The Middle Market

    The European Union’s recent passage of its Sustainability Financial Disclosure Regulation marks yet another milestone in the progression of environmental, social and governance matters. This article will review this regulation and related ESG disclosure requirements, together with other notable ESG developments, and discuss their impact on middle-market lenders.

  • SFNet Announces Important Convention Updates and Safety Protocols
    Oct 7, 2021
    As we surpass the 600 attendee threshold for SFNet's upcoming 77th Annual Convention, we’d like to share some important updates.
  • FrontWell Capital Partners Expands Deal Originations Team With Experienced Professionals
    FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that it has added to its team two experienced professionals with expertise in sourcing, structuring and executing creative financing solutions for middle-market companies. Lilies Lanway, an industry veteran with nearly 30 years of U.S. deal sourcing experience, will join FrontWell’s deal originations team as Senior Vice President, Head of U.S. Deal Originations, and Brandon Lalonde will join the team as an Associate, both effective on October 11, 2021. 
  • Saratoga Investment Corp. Closes New $50 Million Senior Secured Revolving Credit Facility with Encina Lender Finance
    Oct 6, 2021
    Saratoga Investment Corp. (Investment” or “the Company”), a business development company, today announced that its wholly-owned subsidiary, Saratoga Investment Funding II LLC (“SIF II”), an entity formed for purposes of entering into this financing arrangement, closed a new $50.0 million senior secured credit facility (the “Facility”) with Encina Lender Finance, LLC (“Encina”). The Facility will be supported by loans held by SIF II and pledged to Encina under the terms of the credit agreement.
  • Stealth BioTherapeutics Completes a $25 Million Debt Financing with Horizon Technology Finance
    Oct 5, 2021
    Stealth BioTherapeutics Corp (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced completion of a $25 million long-term debt facility led by Horizon Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"). Stealth has drawn down $15 million under the facility with an additional $10 million available upon achievement of a predetermined milestone.
  • Meredith Coffey Headshot 2021 LIBOR Transition: FAQs
    Oct 5, 2021

    Meredith Coffey of LSTA provides readers with an update on the LIBOR transition.

    1. When is LIBOR ending?

      The UK’s Financial Conduct Authority (“FCA”) – the regulator of the ICE Benchmark Administration, the administrator of LIBOR – has said that all sterling, Swiss franc, euro and Japanese yen LIBOR settings will cease or no longer be representative after year-end 2021. The FCA also said that the settings for one-week and two-month USD LIBOR will also cease or will be non-representative after year-end 2021. The remaining USD LIBOR tenors will cease or be non-representative after June 30, 2023. Importantly, while USD LIBOR will continue to exist after the end of 2021, this is only for pre-existing “legacy” contracts. The U.S. banking regulators have said that banks should not originate new LIBOR contracts after the end of 2021.


    1. Rosenthal Launches Pipeline™, A New Division Geared Exclusively Towards High-Growth Direct-To-Consumer and E-Commerce Businesses
      Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the launch of Pipeline, a new e-commerce growth capital resource tailor-made for savvy entrepreneurs and founders looking for an extra edge to keep their brands charging forward.

      Family-owned and independent, Rosenthal leverages its rich 83-year-old heritage and extensive expertise in financing businesses of all kinds with an eye toward the future and the changing e-commerce landscape. Pipeline adds a range of new customized capital offerings to Rosenthal’s arsenal designed specifically for direct-to-consumer brands to fill the gaps where venture capital and equity cannot.
    2. Eclipse Business Capital Provides $77.5 Million Revolving Credit Facility to Ranger Energy Services, Inc.
      Oct 4, 2021
      Eclipse Business Capital LLC (“EBC”), formerly known as Encina Business Credit, announced today that it has provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to a market leader in the oil and gas well services industry.
    3. Ericsson Signs $2 Billion Sustainability-linked Revolving Credit Facility
      Sep 30, 2021
      Ericsson (NASDAQ: ERIC) has signed a USD 2 billion sustainability-linked revolving credit facility, renewing an undrawn USD 2 billion credit facility signed in 2013. The successful transaction underlines the confidence in Ericsson’s financial and sustainable performance and the facility is backed by a group of leading global and regional banks.

      HSBC and SEB acted as Coordinators for the facility, whilst SEB also acted as Sustainability Coordinator. Swedbank is the Facility Agent.
    4. Jim Gurgone Joins Eclipse Business Capital as Chief Risk Officer
      Eclipse Business Capital (“EBC”) is pleased to announce that Jim Gurgone has joined the organization as Chief Risk Officer.  In this role, Gurgone will oversee EBC’s credit processes for its existing portfolio management verticals in addition to providing input into new opportunities and strategies.
    5. Rosenthal Announces Executive Leadership Changes
      Sep 28, 2021
      Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced a series of executive leadership changes as part of the firm’s focus on long-term strategic growth and exceptional client service. Family-owned and independent for 83 years, Rosenthal is promoting several individuals from various divisions throughout the company who will assume new roles and responsibilities, effective January 1, 2022.
    6. Gannett Announces Opportunistic Debt Refinancing
      Sep 27, 2021
      The new senior secured term loan would be in a principal amount up to $550 million (the “Credit Agreement”). Gannett Holdings LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company, would be the borrower under the Credit Agreement (the “Borrower”), and lenders are anticipated to include funds managed by affiliates of Apollo Capital Management L.P. Upon closing, the net proceeds of the loans will be used to refinance a portion of the Company’s existing term loan.
    7. Valley National Bancorp to Acquire Bank Leumi USA Creating a Premier Commercial Bank With Unique, Sustainable and Diverse Growth Opportunities
      Sep 27, 2021
      Valley National Bancorp (“Valley”) (NASDAQ: VLY) and Bank Leumi Le-Israel Corporation (“Leumi”) announced today that they have entered into a definitive merger agreement whereby Valley will acquire Leumi, the US subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA (“Bank Leumi”). This strategic combination broadens Valley’s commercial product offerings and enhances Valley’s funding verticals. As a result of the mutually beneficial transaction, Valley will greatly expand its technology and venture capital banking business, and Bank Leumi Le-Israel B.M. will enhance its exposure to the U.S. banking market.
    8. Eileen Wubbe 150x150 Interview with eCapital’s Charles Sheppard, COO, on the ECapital Connect Platform
      Sep 27, 2021

      In August, eCapital, a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced the launch of a new commercial credit card program with Visa, the world leader in digital payments. The eCapital connect platform is a hub where clients can access their money from their factoring account and line of credit utilizing a Visa Commercial Credit Card or by transferring funds to their external bank instantly 24 hours a via Visa Direct.  

      TSL Express sat down with eCapital’s Charles Sheppard, chief operating officer, to discuss more on what he describes as a revolutionary partnership that allows customers more money, with faster access and less hassle, to be more control in how money is received and when it’s spent.

       

    9. White Oak Healthcare Finance Provides $185 Million Financing for a 14-Facility Skilled Nursing Portfolio
      Sep 23, 2021
      White Oak Healthcare Finance, LLC ("White Oak") today announced it acted as administrative agent on the funding of a $185 million senior credit facility secured by 14 skilled nursing facilities in the Southeast. The total portfolio comprised over 1,400 beds.
    10. Cambridge Savings Bank Fuels The Ockers Company’s Growth With $8 Million Credit Facility
      Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced that its Asset-Based Lending team has extended an $8 million credit facility to The Ockers Company, an information and communications technology reseller located in Brockton, Massachusetts.
    • Tiger Finance Provides $8.2 Million Credit Facility to Outdoor Adventure Brands
      Oct 13, 2021

      Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.

      Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.

    • Eileen Wubbe 150x150 SFNet Education Offers On-Demand Classes
      SFNet has a robust education program, including virtual and in-person classes. For those whose schedules make it difficult to fit in a class, SFNet now offers On-Demand classes to help those starting out or continuing their professional development in the industry on their own terms. Content can be consumed on a laptop, phone or tablet, making it easy to gain the knowledge you need to further your career whenever and wherever it works for you.
    • Carnival Corporation & plc Announces Upsizing and Pricing of $2.3 Billion Term Loan Facility for Refinancing, Saving Interest and Extending Maturities
      Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) today announced that Carnival Corporation (the "Company") successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility ("Term Loan Facility"), which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023 (the "2023 Notes"). 

      JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the Term Loan Facility. PJT Partners is serving as independent financial advisor to the Company.

    • White Oak Healthcare Finance Provides Financing to HighFive Healthcare to Support Growth Strategy
      Oct 11, 2021
      White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent of a senior credit facility to HighFive Healthcare (“HighFive”). HighFive is a specialty dental service organization (“DSO”) focused on acquiring high production endodontics and oral surgery dental practices in the southeastern U.S.
    • DunlopArt Ready, Set, Disclose? ESG Lending and The Middle Market

      The European Union’s recent passage of its Sustainability Financial Disclosure Regulation marks yet another milestone in the progression of environmental, social and governance matters. This article will review this regulation and related ESG disclosure requirements, together with other notable ESG developments, and discuss their impact on middle-market lenders.

    • SFNet Announces Important Convention Updates and Safety Protocols
      Oct 7, 2021
      As we surpass the 600 attendee threshold for SFNet's upcoming 77th Annual Convention, we’d like to share some important updates.
    • FrontWell Capital Partners Expands Deal Originations Team With Experienced Professionals
      FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that it has added to its team two experienced professionals with expertise in sourcing, structuring and executing creative financing solutions for middle-market companies. Lilies Lanway, an industry veteran with nearly 30 years of U.S. deal sourcing experience, will join FrontWell’s deal originations team as Senior Vice President, Head of U.S. Deal Originations, and Brandon Lalonde will join the team as an Associate, both effective on October 11, 2021. 
    • Saratoga Investment Corp. Closes New $50 Million Senior Secured Revolving Credit Facility with Encina Lender Finance
      Oct 6, 2021
      Saratoga Investment Corp. (Investment” or “the Company”), a business development company, today announced that its wholly-owned subsidiary, Saratoga Investment Funding II LLC (“SIF II”), an entity formed for purposes of entering into this financing arrangement, closed a new $50.0 million senior secured credit facility (the “Facility”) with Encina Lender Finance, LLC (“Encina”). The Facility will be supported by loans held by SIF II and pledged to Encina under the terms of the credit agreement.
    • Stealth BioTherapeutics Completes a $25 Million Debt Financing with Horizon Technology Finance
      Oct 5, 2021
      Stealth BioTherapeutics Corp (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced completion of a $25 million long-term debt facility led by Horizon Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"). Stealth has drawn down $15 million under the facility with an additional $10 million available upon achievement of a predetermined milestone.
    • Meredith Coffey Headshot 2021 LIBOR Transition: FAQs
      Oct 5, 2021

      Meredith Coffey of LSTA provides readers with an update on the LIBOR transition.

      1. When is LIBOR ending?

        The UK’s Financial Conduct Authority (“FCA”) – the regulator of the ICE Benchmark Administration, the administrator of LIBOR – has said that all sterling, Swiss franc, euro and Japanese yen LIBOR settings will cease or no longer be representative after year-end 2021. The FCA also said that the settings for one-week and two-month USD LIBOR will also cease or will be non-representative after year-end 2021. The remaining USD LIBOR tenors will cease or be non-representative after June 30, 2023. Importantly, while USD LIBOR will continue to exist after the end of 2021, this is only for pre-existing “legacy” contracts. The U.S. banking regulators have said that banks should not originate new LIBOR contracts after the end of 2021.


      1. Rosenthal Launches Pipeline™, A New Division Geared Exclusively Towards High-Growth Direct-To-Consumer and E-Commerce Businesses
        Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the launch of Pipeline, a new e-commerce growth capital resource tailor-made for savvy entrepreneurs and founders looking for an extra edge to keep their brands charging forward.

        Family-owned and independent, Rosenthal leverages its rich 83-year-old heritage and extensive expertise in financing businesses of all kinds with an eye toward the future and the changing e-commerce landscape. Pipeline adds a range of new customized capital offerings to Rosenthal’s arsenal designed specifically for direct-to-consumer brands to fill the gaps where venture capital and equity cannot.
      2. Eclipse Business Capital Provides $77.5 Million Revolving Credit Facility to Ranger Energy Services, Inc.
        Oct 4, 2021
        Eclipse Business Capital LLC (“EBC”), formerly known as Encina Business Credit, announced today that it has provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to a market leader in the oil and gas well services industry.
      3. Ericsson Signs $2 Billion Sustainability-linked Revolving Credit Facility
        Sep 30, 2021
        Ericsson (NASDAQ: ERIC) has signed a USD 2 billion sustainability-linked revolving credit facility, renewing an undrawn USD 2 billion credit facility signed in 2013. The successful transaction underlines the confidence in Ericsson’s financial and sustainable performance and the facility is backed by a group of leading global and regional banks.

        HSBC and SEB acted as Coordinators for the facility, whilst SEB also acted as Sustainability Coordinator. Swedbank is the Facility Agent.
      4. Jim Gurgone Joins Eclipse Business Capital as Chief Risk Officer
        Eclipse Business Capital (“EBC”) is pleased to announce that Jim Gurgone has joined the organization as Chief Risk Officer.  In this role, Gurgone will oversee EBC’s credit processes for its existing portfolio management verticals in addition to providing input into new opportunities and strategies.
      5. Rosenthal Announces Executive Leadership Changes
        Sep 28, 2021
        Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced a series of executive leadership changes as part of the firm’s focus on long-term strategic growth and exceptional client service. Family-owned and independent for 83 years, Rosenthal is promoting several individuals from various divisions throughout the company who will assume new roles and responsibilities, effective January 1, 2022.
      6. Gannett Announces Opportunistic Debt Refinancing
        Sep 27, 2021
        The new senior secured term loan would be in a principal amount up to $550 million (the “Credit Agreement”). Gannett Holdings LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company, would be the borrower under the Credit Agreement (the “Borrower”), and lenders are anticipated to include funds managed by affiliates of Apollo Capital Management L.P. Upon closing, the net proceeds of the loans will be used to refinance a portion of the Company’s existing term loan.
      7. Valley National Bancorp to Acquire Bank Leumi USA Creating a Premier Commercial Bank With Unique, Sustainable and Diverse Growth Opportunities
        Sep 27, 2021
        Valley National Bancorp (“Valley”) (NASDAQ: VLY) and Bank Leumi Le-Israel Corporation (“Leumi”) announced today that they have entered into a definitive merger agreement whereby Valley will acquire Leumi, the US subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA (“Bank Leumi”). This strategic combination broadens Valley’s commercial product offerings and enhances Valley’s funding verticals. As a result of the mutually beneficial transaction, Valley will greatly expand its technology and venture capital banking business, and Bank Leumi Le-Israel B.M. will enhance its exposure to the U.S. banking market.
      8. Eileen Wubbe 150x150 Interview with eCapital’s Charles Sheppard, COO, on the ECapital Connect Platform
        Sep 27, 2021

        In August, eCapital, a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced the launch of a new commercial credit card program with Visa, the world leader in digital payments. The eCapital connect platform is a hub where clients can access their money from their factoring account and line of credit utilizing a Visa Commercial Credit Card or by transferring funds to their external bank instantly 24 hours a via Visa Direct.  

        TSL Express sat down with eCapital’s Charles Sheppard, chief operating officer, to discuss more on what he describes as a revolutionary partnership that allows customers more money, with faster access and less hassle, to be more control in how money is received and when it’s spent.

         

      9. White Oak Healthcare Finance Provides $185 Million Financing for a 14-Facility Skilled Nursing Portfolio
        Sep 23, 2021
        White Oak Healthcare Finance, LLC ("White Oak") today announced it acted as administrative agent on the funding of a $185 million senior credit facility secured by 14 skilled nursing facilities in the Southeast. The total portfolio comprised over 1,400 beds.
      10. Cambridge Savings Bank Fuels The Ockers Company’s Growth With $8 Million Credit Facility
        Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced that its Asset-Based Lending team has extended an $8 million credit facility to The Ockers Company, an information and communications technology reseller located in Brockton, Massachusetts.
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      • Tiger Finance Provides $8.2 Million Credit Facility to Outdoor Adventure Brands
        Oct 13, 2021

        Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.

        Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.

      • Eileen Wubbe 150x150 SFNet Education Offers On-Demand Classes
        SFNet has a robust education program, including virtual and in-person classes. For those whose schedules make it difficult to fit in a class, SFNet now offers On-Demand classes to help those starting out or continuing their professional development in the industry on their own terms. Content can be consumed on a laptop, phone or tablet, making it easy to gain the knowledge you need to further your career whenever and wherever it works for you.
      • Carnival Corporation & plc Announces Upsizing and Pricing of $2.3 Billion Term Loan Facility for Refinancing, Saving Interest and Extending Maturities
        Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) today announced that Carnival Corporation (the "Company") successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility ("Term Loan Facility"), which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023 (the "2023 Notes"). 

        JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the Term Loan Facility. PJT Partners is serving as independent financial advisor to the Company.

      • White Oak Healthcare Finance Provides Financing to HighFive Healthcare to Support Growth Strategy
        Oct 11, 2021
        White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent of a senior credit facility to HighFive Healthcare (“HighFive”). HighFive is a specialty dental service organization (“DSO”) focused on acquiring high production endodontics and oral surgery dental practices in the southeastern U.S.
      • DunlopArt Ready, Set, Disclose? ESG Lending and The Middle Market

        The European Union’s recent passage of its Sustainability Financial Disclosure Regulation marks yet another milestone in the progression of environmental, social and governance matters. This article will review this regulation and related ESG disclosure requirements, together with other notable ESG developments, and discuss their impact on middle-market lenders.

      • SFNet Announces Important Convention Updates and Safety Protocols
        Oct 7, 2021
        As we surpass the 600 attendee threshold for SFNet's upcoming 77th Annual Convention, we’d like to share some important updates.
      • FrontWell Capital Partners Expands Deal Originations Team With Experienced Professionals
        FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that it has added to its team two experienced professionals with expertise in sourcing, structuring and executing creative financing solutions for middle-market companies. Lilies Lanway, an industry veteran with nearly 30 years of U.S. deal sourcing experience, will join FrontWell’s deal originations team as Senior Vice President, Head of U.S. Deal Originations, and Brandon Lalonde will join the team as an Associate, both effective on October 11, 2021. 
      • Saratoga Investment Corp. Closes New $50 Million Senior Secured Revolving Credit Facility with Encina Lender Finance
        Oct 6, 2021
        Saratoga Investment Corp. (Investment” or “the Company”), a business development company, today announced that its wholly-owned subsidiary, Saratoga Investment Funding II LLC (“SIF II”), an entity formed for purposes of entering into this financing arrangement, closed a new $50.0 million senior secured credit facility (the “Facility”) with Encina Lender Finance, LLC (“Encina”). The Facility will be supported by loans held by SIF II and pledged to Encina under the terms of the credit agreement.
      • Stealth BioTherapeutics Completes a $25 Million Debt Financing with Horizon Technology Finance
        Oct 5, 2021
        Stealth BioTherapeutics Corp (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced completion of a $25 million long-term debt facility led by Horizon Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"). Stealth has drawn down $15 million under the facility with an additional $10 million available upon achievement of a predetermined milestone.
      • Meredith Coffey Headshot 2021 LIBOR Transition: FAQs
        Oct 5, 2021

        Meredith Coffey of LSTA provides readers with an update on the LIBOR transition.

        1. When is LIBOR ending?

          The UK’s Financial Conduct Authority (“FCA”) – the regulator of the ICE Benchmark Administration, the administrator of LIBOR – has said that all sterling, Swiss franc, euro and Japanese yen LIBOR settings will cease or no longer be representative after year-end 2021. The FCA also said that the settings for one-week and two-month USD LIBOR will also cease or will be non-representative after year-end 2021. The remaining USD LIBOR tenors will cease or be non-representative after June 30, 2023. Importantly, while USD LIBOR will continue to exist after the end of 2021, this is only for pre-existing “legacy” contracts. The U.S. banking regulators have said that banks should not originate new LIBOR contracts after the end of 2021.


        1. Rosenthal Launches Pipeline™, A New Division Geared Exclusively Towards High-Growth Direct-To-Consumer and E-Commerce Businesses
          Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the launch of Pipeline, a new e-commerce growth capital resource tailor-made for savvy entrepreneurs and founders looking for an extra edge to keep their brands charging forward.

          Family-owned and independent, Rosenthal leverages its rich 83-year-old heritage and extensive expertise in financing businesses of all kinds with an eye toward the future and the changing e-commerce landscape. Pipeline adds a range of new customized capital offerings to Rosenthal’s arsenal designed specifically for direct-to-consumer brands to fill the gaps where venture capital and equity cannot.
        2. Eclipse Business Capital Provides $77.5 Million Revolving Credit Facility to Ranger Energy Services, Inc.
          Oct 4, 2021
          Eclipse Business Capital LLC (“EBC”), formerly known as Encina Business Credit, announced today that it has provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to a market leader in the oil and gas well services industry.
        3. Ericsson Signs $2 Billion Sustainability-linked Revolving Credit Facility
          Sep 30, 2021
          Ericsson (NASDAQ: ERIC) has signed a USD 2 billion sustainability-linked revolving credit facility, renewing an undrawn USD 2 billion credit facility signed in 2013. The successful transaction underlines the confidence in Ericsson’s financial and sustainable performance and the facility is backed by a group of leading global and regional banks.

          HSBC and SEB acted as Coordinators for the facility, whilst SEB also acted as Sustainability Coordinator. Swedbank is the Facility Agent.
        4. Jim Gurgone Joins Eclipse Business Capital as Chief Risk Officer
          Eclipse Business Capital (“EBC”) is pleased to announce that Jim Gurgone has joined the organization as Chief Risk Officer.  In this role, Gurgone will oversee EBC’s credit processes for its existing portfolio management verticals in addition to providing input into new opportunities and strategies.
        5. Rosenthal Announces Executive Leadership Changes
          Sep 28, 2021
          Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced a series of executive leadership changes as part of the firm’s focus on long-term strategic growth and exceptional client service. Family-owned and independent for 83 years, Rosenthal is promoting several individuals from various divisions throughout the company who will assume new roles and responsibilities, effective January 1, 2022.
        6. Gannett Announces Opportunistic Debt Refinancing
          Sep 27, 2021
          The new senior secured term loan would be in a principal amount up to $550 million (the “Credit Agreement”). Gannett Holdings LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company, would be the borrower under the Credit Agreement (the “Borrower”), and lenders are anticipated to include funds managed by affiliates of Apollo Capital Management L.P. Upon closing, the net proceeds of the loans will be used to refinance a portion of the Company’s existing term loan.
        7. Valley National Bancorp to Acquire Bank Leumi USA Creating a Premier Commercial Bank With Unique, Sustainable and Diverse Growth Opportunities
          Sep 27, 2021
          Valley National Bancorp (“Valley”) (NASDAQ: VLY) and Bank Leumi Le-Israel Corporation (“Leumi”) announced today that they have entered into a definitive merger agreement whereby Valley will acquire Leumi, the US subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA (“Bank Leumi”). This strategic combination broadens Valley’s commercial product offerings and enhances Valley’s funding verticals. As a result of the mutually beneficial transaction, Valley will greatly expand its technology and venture capital banking business, and Bank Leumi Le-Israel B.M. will enhance its exposure to the U.S. banking market.
        8. Eileen Wubbe 150x150 Interview with eCapital’s Charles Sheppard, COO, on the ECapital Connect Platform
          Sep 27, 2021

          In August, eCapital, a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced the launch of a new commercial credit card program with Visa, the world leader in digital payments. The eCapital connect platform is a hub where clients can access their money from their factoring account and line of credit utilizing a Visa Commercial Credit Card or by transferring funds to their external bank instantly 24 hours a via Visa Direct.  

          TSL Express sat down with eCapital’s Charles Sheppard, chief operating officer, to discuss more on what he describes as a revolutionary partnership that allows customers more money, with faster access and less hassle, to be more control in how money is received and when it’s spent.

           

        9. White Oak Healthcare Finance Provides $185 Million Financing for a 14-Facility Skilled Nursing Portfolio
          Sep 23, 2021
          White Oak Healthcare Finance, LLC ("White Oak") today announced it acted as administrative agent on the funding of a $185 million senior credit facility secured by 14 skilled nursing facilities in the Southeast. The total portfolio comprised over 1,400 beds.
        10. Cambridge Savings Bank Fuels The Ockers Company’s Growth With $8 Million Credit Facility
          Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced that its Asset-Based Lending team has extended an $8 million credit facility to The Ockers Company, an information and communications technology reseller located in Brockton, Massachusetts.

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