TSL Express Daily Articles & News
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Secured Finance Foundation Releases Latest SFNet Market Pulse Report
“The secured finance industry is far-reaching with intertwined sectors and an abundance of opportunity," said Jennifer Palmer, SFNet President and CEO and founder of JPalmer Collective. "In the last year, we’ve focused on building alliances with industry organizations and educating them about the financing options available. As a result, we’re seeing an increase in awareness – which we expect to translate to utilization – of secured finance and opportunities for many of our members.”
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Conference Aims to Set New Strategies for the New World
Now three years since the onset of the global pandemic, the asset-based capital market, like so many others, finds itself at a new beginning. While the economy and environment continue to shift, the asset-based capital community has taken uncertainty into account for its business plans as it marches into a new year. SFNet’s ABCC theme, “The Great Reboot,” is about setting new strategies for a new world.
“We’ve been able to bring together some of the best minds in the space to help us put these changes in context and offer practical implications for our business plans going forward,” Rich Gumbrecht, SFNet CEO, said. I don’t know if we’ve ever had a more august set of speakers. You’ll want to take good notes.”
TSL Express Daily Headlines & News
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Gridiron Capital Portfolio Company Leaf Home™ Adds Finance Executive Tiffany Mason to Board
February 5, 2024Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is pleased to announce that Tiffany Mason has joined the board of Gridiron’s portfolio company, Leaf Home™, a leading technology-enabled provider of home improvement products and services.
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LSQ Creates $6MM AR Finance Facility for Pennsylvania IT Services Firm
February 5, 2024LSQ, a leading provider of working capital and payments management solutions, recently originated a $6 million accounts receivable credit facility for a Pennsylvania-based IT services provider.
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Culain Capital Funding Closes $3,500,000 for Texas-Based Mechanical Services Company
February 5, 2024More and more businesses in need of fast, flexible working capital solutions beyond typical bank lending are turning to Culain Capital Funding. The latest is a mechanical services company based in Houston, TX, which recently received a $3,500,000 accounts receivable factoring facility through Culain Capital.
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Cano Health Enters Restructuring Support Agreement with a Significant Majority of its Lenders to Strengthen Financial Position
February 5, 2024Cano Health, Inc. (NYSE: CANO) ("Cano Health" or the "Company"), a leading value-based primary care provider and population health company, today announced that it has entered into a Restructuring Support Agreement (the "RSA") with lenders (the "Ad Hoc Lender Group") holding approximately 86% of its secured revolving and term loan debt and 92% of its senior unsecured notes.
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NGL Closes $2.9 Billion Debt Refinancing Transactions and Amends and Extends Asset-Based Revolving Credit Facility
February 5, 2024NGL Energy Partners LP (NYSE: NGL) (“NGL”) through its wholly owned subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp., closed $2.9 billion of refinancing transactions, consisting of their previously announced $2.2 billion senior secured notes offering of $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 and $1.3 billion in aggregate principal amount of 8.375% senior secured notes due 2032, and a seven-year $700.0 million senior secured term loan facility.
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eCapital Appoints Rob Wright as Chief Product Officer to Drive Fintech Vision
February 5, 2024eCapital Corp, a leading finance provider across North America and the United Kingdom, today announced the appointment of Rob Wright as chief product officer. Wright will refine eCapital’s technology vision and product roadmap to strengthen customer experience and accelerate company growth.
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White Oak Deploys Over $1 Billion in 2023 Amidst Record ABL Volume
February 5, 2024White Oak Global Advisors, LLC (“WOGA”), a global alternative asset manager that provides senior bank lending products to middle market companies announced that, along with its Financing Affiliates (collectively “White Oak”), it deployed $1.1 billion in capital in 2023.
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Lafayette Square Provides Financing to Support Growth of Best Friends Pet Care
February 5, 2024Lafayette Square, a national investment platform, announced today that it has provided debt financing to support the acquisition-focused growth strategy of Best Friends Pet Care ("Best Friends"). Best Friends Pet Care is one of the largest pet service providers in the United States, offering boarding, grooming, training, and doggy day camp.
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Auxly Completes Amendment and Extension of Auxly Leamington Credit Facility
February 5, 2024Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) ("Auxly" or the "Company"), a leading consumer packaged goods company in the cannabis products market, today announced that it has signed a definitive agreement (the "Amendment Agreement") to amend and restate the credit facility (the "Credit Facility") between its wholly-owned subsidiary Auxly Leamington Inc. and a syndicate of lenders, led by the Bank of Montreal as administrative agent.
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U.S. Bank Index: Truck Freight Market Ends 2023 With Double-Digit Drops in Volume, Spending
February 5, 2024Fourth quarter shipments down 15.7% compared to same period a year earlier, while spending by shippers dropped 13.5%
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Celsius Emerges From Chapter 11 Bankruptcy, Launches Bitcoin Mining Firm
February 5, 2024Celsius has emerged from Chapter 11 Bankruptcy in the United States and is poised to distribute $3 billion worth of crypto and cash to creditors. According to an announcement on January 31, Celsius' bankruptcy exit involves the creation of Ionic Digital, a Bitcoin mining company managed by crypto mining firm Hut 8. The new company will be headed by Hut 8 Chief Commercial Officer Matt Prusak.
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Comvest Partners Expands Direct Lending Platform Senior Team with Hire of David Gibson as Managing Director
February 5, 2024Comvest Partners (“Comvest”), an operationally focused middle-market private investment firm, is pleased to announce that David Gibson has joined the firm as a Managing Director. Mr. Gibson is responsible for originating, structuring and managing debt investments for Comvest Credit Partners, Comvest’s direct lending investment platform. He is based in the firm’s Chicago office.
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Huntington Business Credit Provides $200 Million in New Credit Facilities for Daedong-USA, Inc.
February 1, 2024Huntington Business Credit, acting as lead arranger and administrative agent, announced it closed $200,000,000 new credit facilities with Daedong-USA, Inc., on December 20, 2023. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital financing.
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Clarivate Completes Refinancing of Term Loan and Revolver Extension
February 1, 2024Clarivate Plc (NYSE: CLVT) (the "Company" or "Clarivate"), a global leader in connecting people and organizations to intelligence they can trust to transform their world, announced today that it has successfully completed the refinancing of its term loan B credit facility and the extension of the maturity date of its revolving credit facility.
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Tradecycle Capital Delivers a New Accounts Payable Finance Facility For a Top Automotive Industry Supplier
February 1, 2024Tradecycle Capital, an Indianapolis-based trade finance provider, announced it funded a new $2,500,000 revolving accounts payable funding facility for a tier one automotive industry supplier with a focus on exterior features whose clients include Ford, Toyota and GM.
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A&G Accepting Offers for Below-Market Industrial Lease in Sacramento
February 1, 2024A&G Real Estate Partners, in its capacity as real estate advisor to Rite Aid Corporation (“Rite Aid” or the “Company”), today announced that it is now accepting offers for the sale and assignment of a flexible, below-market lease for a large warehouse and distribution center in Sacramento, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.
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LSQ Creates $3MM AR Finance Facility for Auto Parts Manufacturer
February 1, 2024LSQ, a leading provider of working capital and payments management solutions, recently originated a $3 million account receivable credit facility for a Georgia-based auto parts manufacturer.
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CohnReznick Elects 24 Professionals to Partner/Principal
February 1, 2024CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that it has elected 24 professionals to its partnership, effective February 1, 2024. The newly elected partners bring expertise across advisory, assurance, and tax and play integral roles in our industry groups, driving the firm’s world-class client service.
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Gordon Brothers Supports Kirkland’s Strategic Repositioning with $12M Term Loan
February 1, 2024Gordon Brothers, the global asset experts, is supporting Kirkland’s Inc.’s strategic repositioning efforts with a $12 million first-in last-out delayed draw term loan. When drawn, the U.S. home décor and furnishings retailer operating under the Kirkland’s Home brand will use the loan to provide additional liquidity for ongoing working capital needs.
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Trinity Capital Inc. Provides $15 Million Venture Debt Facility to Kafene
February 1, 2024Trinity Capital Inc. (NASDAQ: TRIN) ("Trinity"), a leading provider of diversified financial solutions to growth-stage companies, today announced the commitment of $15 million in growth capital to Kafene, a point-of-sale platform that helps retailers offer underserved consumers more flexible purchase options through transparent lease-to-own (LTO) agreements.
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The Secured Lender
SFNet's 80th Annual Convention Issue