- Mitsubishi HC Capital Canada Targets Further Expansion into Tech Sector
- Blackstone Selling Student Housing Portfolio to KKR for $1.6B
- Asda Begins Tackling Debt Pile With New €1.05 Billion Term Loan
- Danimer Scientific Announces $20 Million Asset-Based Revolving Credit Facility
- SLR Digital Finance Provides $500,000 Accounts Receivable Credit Facility to a Digital Media Startup
TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
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Factoring Sector Slightly More Optimistic as Industry Expects Better Business Conditions and Portfolio Performance
While lenders experienced subdued demand for factoring in 2023, reflecting soft consumer retail spending and a cautious retailer approach to inventory management, the Secured Finance Network (SFNet) Year-End Factoring Survey found that overall factoring sentiment improved somewhat last year, up 6.0, to 64.8 where 50 indicates a neutral outlook.
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Finding the right combination of capital resources and strategic knowledge in the sale and restructuring of a business is complicated; but when it works, this seemingly magical process of transformation creates incremental value for all constituents involved in the bankruptcy process. Take the case of Armstrong Flooring, and three affiliated companies, that each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 on May 8, 2022.
TSL Express Daily Headlines & News
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Methanex Renews and Adds New Tranche to Revolving Credit Facility
April 25, 2024Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that it has renewed its US$300 million revolving credit facility, which replaces the Company’s existing revolving facility, and added an additional US$200 million tranche. The facility has been arranged with a syndicate of banks and will expire April 24, 2028 with the US$200 million tranche expiring April 24, 2026. RBC Capital Markets was the Arranger for the facility.
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Blackstone Selling Student Housing Portfolio to KKR for $1.6B
April 25, 2024Blackstone Real Estate Income Trust (BREIT) is selling a portfolio of 19 student-housing properties to funds managed by KKR for $1.64B. The portfolio, which encompasses more than 10,000 beds, includes purpose-built student housing assets anchored to 14 four-year public universities across 10 states, the companies announced on Thursday.
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SLR Equipment Finance Expands its Business Development Capabilities and Announces That Douglas Slagle has Joined the Company
April 25, 2024SLR Equipment Finance is pleased to announce Douglas Slagle has joined our company as Senior Vice President, Direct Sales. In his role, Douglas will help grow SLR Equipment Finance’s leasing and lending activities in California, Oregon, Washington, Idaho, Nevada, Arizona, Utah, Wyoming, Montana, & Alaska. Douglas began his career with Matrix Funding Corporation.
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Brean Capital Serves as Co-Manager on $75.0 Million Securitization for Credibly
April 25, 2024Credibly, the fintech lending company that champions small and medium-sized businesses (SMBs), announced the successful close of its third securitization totaling $75 million in additional funding capacity. This milestone marks a significant achievement for the Company, with KBRA assigning a “AA” credit rating to the senior notes.
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Mitsubishi HC Capital America Reveals Key Factors Shaping Adoption of Robotics-as-a-Service in 2024
April 25, 2024As robotics and automation expand rapidly into industries from healthcare to warehousing to food service, recent research shows that the global robotics-as-a-service (RaaS) market is projected to grow at a CAGR of 17.4% through 2028 to more than $4 billion.
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US Capital Global Securities Announces $10MM Convertible Note Offering for Global Award-Winning Premium Tequila Brand
April 25, 2024US Capital Global Securities LLC, an SEC-registered affiliate of renowned global financial group US Capital Global, is pleased to announce an exclusive investment opportunity for eligible investors. A convertible note offering of up to $10 million is now available for participation in Etéreo Tequila Spirit Limited (“Etéreo”), an award-winning Tequila brand that aims to redefine luxury with its fusion of Mexican heritage, European sophistication, and Mediterranean lifestyle.
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Monroe Capital Supports Trivest Partners’ Epika Fleet Services
April 25, 2024Monroe Capital LLC today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support the future growth of Epika Fleet Services (“Epika”), an existing portfolio company of Trivest Partners.
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HREF Appoints new Vice President and Senior Business Development Consultant
April 25, 2024Hilco Real Estate Finance (HREF) has promoted Patrick Davenport-Jenkins (pictured above), to vice president and appointed Alexey Shokin as senior business development consultant. Patrick joined HREF as an associate in 2023 when the division was launched, after six years working in real-estate and financial services.
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Blackstone Credit and Insurance Appoints Dan Leiter as Head of International
April 25, 2024Blackstone (NYSE:BX) today announced the appointment of Dan Leiter as Head of International for Blackstone Credit and Insurance (BXCI). In this role, reporting to Gilles Dellaert, Global Head of BXCI, Mr. Leiter will lead the activity and expansion of BXCI in EMEA and APAC. Additionally, Michael Carruthers is appointed as European Head of Private Credit, reporting to Mr. Leiter.
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PCF Insurance Services Secures $400 Million in Incremental Financing as Part of New Delayed Draw Term Loan
April 25, 2024PCF Insurance Services, a top 20 U.S. insurance brokerage, has closed $400 million in incremental debt financing led by Blue Owl, a global alternative asset manager that acted as lead arranger and administrative agent. The financing was materially oversubscribed and was upsized from $300 million to $400 million in response to strong demand from new and existing lenders.
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Apollo’s ATLAS SP Announces Investment from MassMutual
April 25, 2024Apollo (NYSE: APO) and MassMutual today announced that MassMutual has become a minority equity owner in ATLAS SP Partners (ATLAS) and a capital partner to the ATLAS platform. ATLAS is the warehouse finance and securitized products business majority owned by Apollo funds. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s Asset-Backed Finance (ABF) franchise.
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SFNet Member Spotlight: Cost Reduction Solutions
April 24, 2024CRS offers due diligence and agreed upon procedures services, such as collateral field examinations, to all financial lenders as well as offering separate accounting & forensic services.
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Weatherford Announces $130 Million Credit Facility Increase to $680 Million and Notice to Redeem All of Its 6.50% Senior Notes Due 2028
April 24, 2024Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and together with its subsidiaries, the “Company,” “we,” “us” and “our”) today announced it has increased its Credit Facility by $130 million to $680 million in aggregate commitments by adding additional lenders to its facility. The facility is now comprised of a $309 million tranche available for performance letters of credit and a $371 million tranche available for revolving loans.
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Sycamore Tree Capital Partners Closes Fifth CLO at $504 Million; Resets, Extends and Upsizes STCP CLO 3 to $525 Million
April 24, 2024Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, today announced the closing of STCP CLO 2024-5, Ltd. (“STCP CLO 5” or “the Fund”), the Firm’s fifth and largest new issue collateralized loan obligation since launching its CLO platform in July of 2021.
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B. Riley Serves as Exclusive Financial Advisor to GCT Semiconductor, Inc. in ~$667 Million Business Combination with Concord Acquisition Corp III
April 24, 2024B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank, is pleased to have served as exclusive financial advisor to GCT Semiconductor, Inc. (NYSE: GCTS) (“GCT” or the "Company”) in connection with its ~$667 million business combination with Concord Acquisition Corp III. Upon the closing of the previously announced business combination, the Company began trading on NYSE under the ticker symbol “GCTS.”
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Gordon Brothers Agents $200M Term Loan for Big Lots
April 24, 2024Gordon Brothers, the global asset experts, has agented a $200 million delayed draw term loan for Big Lots Inc. The U.S. home discount retailer of general merchandise will use the loan’s delayed draw feature to execute on strategic initiatives with the remaining amount to draw upon for available working capital and flexibility as needed.
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SLR Digital Finance Provides $500,000 Accounts Receivable Credit Facility to a Digital Media Startup
April 24, 2024SLR Digital Finance (SLRDF) is pleased to announce the funding of a $500,000 accounts receivable credit facility for a digital media startup. The company provides programmatic advertising services, helping brands and agencies optimize ad spend across online video, connected TV, audio streaming, and social media.
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Bolstering National Presence, Stradley Ronon Launches California Office with 10-Lawyer Team
April 24, 2024The office — the firm’s ninth and the first on the West Coast — will be led by partner-in-charge Esther E. Cho and includes partners David D. Piper, Neal S. Robb, Melanie L. Ronen and Bentley P. Stansbury III. A team of five associates is also expected to join the firm. The group — which arrives from Keesal, Young & Logan — focuses on financial services, securities litigation, employment and commercial litigation.
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RelPro Adds Census Tract Data to Sales Intelligence Solution
April 24, 2024RelPro the fast-growing business development and relationship management solution for Financial & Professional Services, announced today its latest innovation, integrating Census Tract data into its platform. This new data intelligence enables bankers to focus their local prospecting efforts with enhanced location filtering to identify businesses within designated Census Tracts.
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Securities Regulation Partner Emily Gordy Joins King & Spalding in Washington, D.C.
April 24, 2024King & Spalding announced today that securities regulation lawyer Emily Gordy has joined the firm as a partner in its Special Matters and Government Investigations practice group. Gordy is based in the firm’s Washington, D.C. office.
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The Secured Lender
SFNet's The Women in Secured Finance Issue