TSL Express Daily Articles & News
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Citizens Leads $750 Million Credit Facility for Hexcel Corporation
Citizens is leading a $750 million senior credit facility for Stamford, CT-based Hexcel Corporation.
Founded in 1948, Hexcel is a leading advanced composites company specializing in the development, manufacturing, and marketing of lightweight, high-performance materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives, and composite structures for use in commercial aerospace, space and defense, and industrial applications.
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Lenders Beware: Lender Liability
The past few years have seen strong liquidity in the marketplace coupled with unprecedented government support of certain borrowers; increased competition for secured transactions among banks and non-banks; and surprisingly fewer distressed transactions during the pandemic than would have been anticipated. As a result, lenders have not had to focus as much on managing distressed credits and the potential pitfalls and risks that are associated with them. As a few recent cases discussed below show, assertions of lender liability may arise in various contexts to an unsuspecting lender.
TSL Express Daily Headlines & News
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SFNet Prepares to Respond to Interagency Notice of Proposed Rulemaking Modifying Bank Capital Requirements
October 23, 2023SFNet’s Advocacy Committee has assembled a task force including member banking institutions, legal resources and strategic advisors to address proposed new regulations incorporating Basel III risk weighted capital standards.
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Austin Financial Services Closes $8MM ABL Facility with an Equipment T/L to a PE owned Metal Door Manufacturer
October 23, 2023Austin Financial Services, Inc. (AFS) is pleased to announce the closing of an $8MM ABL facility, which includes an equipment term loan, to a manufacturer of metal door and hallway systems for the self-storage industry. Proceeds from AFS’ revolver and term loan will be used to purchase materials to support order demand and execute the Company’s long-term growth projections.
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Sallyport Commercial Finance Provides $350,000 in Financing for Oil and Gas Business
October 23, 2023Sallyport Commercial Finance announced it has provided a $350,000 accounts receivable facility for an oil and gas services business to step forward with their plans after the bank was unwilling to extend their facility. The facility will allow the company to reduce their accounts payable obligations and focus on growing sales in some of their target regions.
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Armory Advises Kent's Bromeliad Nursery on Sale to Elevate Living Design Inc.
October 23, 2023Kent’s Bromeliad Nursery (“KBN”) is one of the world’s leading suppliers of premium Bromeliad plants. Its expert team of horticulturists have extensive knowledge of bromeliad cultivation that has resulted in creation of over 47 unique bromeliad plant varieties and more than 19 patents for additional hybrids.
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Hilco Redevelopment Partners Breaks Ground on Vertical Construction at The Bellwether District
October 23, 2023Hilco Redevelopment Partners (HRP) broke ground today on the first phase of vertical construction on The Bellwether District’s 1,300-acre South Philadelphia site.
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Solifi wins Digital Innovation of the Year at the Motor Finance Europe Awards
October 23, 2023Solifi, a global fintech software partner for secured finance, received an accolade at the 9th annual Motor Finance Europe Awards in the Digital Innovation of the Year (Technology Company), Retail Solutions/Vehicle Management category. The Awards, which took place in Vienna on 19 October, celebrate organisations across the European automotive finance industry for their expertise in various categories.
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Credit Genie Secures $10 Million in Financing to Expand its Innovative Approach to Behavioral Finance and Personalized Budgeting
October 23, 2023Creditly Corp., dba Credit Genie, a leading digital personal finance platform that has served more than one million Americans, announced today the successful completion of an additional funding round, securing $10 million in capital, bringing its total financing to $21 million.
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UBS Hires Advisor Team of Four in Washington, D.C.
October 23, 2023UBS today announced that a four-person advisor team, The Charles Drew Group, has joined the firm in Washington, D.C. The team, which manages $460 million in client assets, is led by Managing Director and Financial Advisor Charles Drew, and also includes Financial Advisors Bennett Kavlick, Matthew Tomczuk and Client Service Associate Justin Hatch.
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Elavon Financial Services Receives UK Banking Authorisation
October 23, 2023Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, today announced it has joined a US Government initiative to improve energy efficiency, emissions and energy resilience across the healthcare sector, with a focus on safety-net providers in economically disadvantaged communities. Macquarie Capital has committed to support up to $US300 million in renewable energy project developments for hospitals and hospital systems designated as key priorities under the initiative.
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Flow Capital Announces a US$2.5M Investment in a CivTech Company
October 23, 2023Flow Capital Corp. (TSXV:FW) (“Flow Capital” or the “Company”), a leading provider of flexible growth capital and alternative debt solutions, announces that it has closed a US$2.5M investment in a women-led software and data company in the civic space.
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BB Energy Successfully Renews and Expands its Digital Borrowing Base Credit Facility to USD 600 Million
October 23, 2023BB Energy, a leading global independent energy trading company, has successfully renewed and expanded its senior secured borrowing base credit facility (the 'Facility') in the Americas. The Facility finances the company's working capital needs for inventory and receivables in the region.
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Federal Reserve Board Launches Data Collection to Gather More Information From Banks Affected by Large Bank Capital Proposal and Extends Comment Period
October 23, 2023The Federal Reserve Board on Friday launched a data collection to gather more information from the banks affected by the large bank capital proposal it announced earlier this year. When the proposal was announced, the Board indicated that it would undertake this supplemental data collection.
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Crescent Capital Group Announces Hiring of Felipe Esguerra as Managing Director, Head of Eastern U.S. Region in the Investor Solutions Group
October 23, 2023Crescent Capital Group LP, a leading alternative credit investment firm, announced today that it has hired Felipe Esguerra as Managing Director, Head of Eastern U.S. Region in the Investor Solutions Group. Based out of Crescent’s New York office, Mr. Esguerra is responsible for marketing Crescent Capital’s strategies to institutional investors including corporate and public pension plans, endowments, foundations, healthcare systems and family offices across the Eastern U.S.
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Santander Bank Unifies U.S. Commercial Businesses, Names Michael Lee Head of Commercial Banking
October 23, 2023Santander Bank, N.A. (“Santander” or “the Bank”) recently unified its commercial & industrial business and its commercial real estate & vehicle financing business into one Commercial Bank in the United States under the leadership of Michael Lee. Mike joined Santander in 2009, and most recently served as Managing Director and Head of Commercial Real Estate & Vehicle Finance. He will continue to report to Tim Wennes, Santander US CEO and Country Head, and Santander Bank President and CEO.
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PacWest Bancorp and Banc of California Receive Final Regulatory Approval for Merger
October 23, 2023PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California, Inc. (“Banc of California”) and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A.
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Spring Oaks Capital Successfully Completes New Credit Facility and Capital Raise
October 23, 2023Spring Oaks Capital, LLC is pleased to announce the closing of a new credit facility, as well as a large capital raise to support the growth of its technology-focused consumer debt investing and collections platform. The $150 million senior secured revolving credit facility is provided by funds managed by Värde Partners and UBS O’Connor.
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Meers Joins CohnReznick as Managing Director, Technology+
October 23, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Dan Meers has joined the firm as a Managing Director in its Technology+ practice. Meers will assume the role of data and analytics leader for the practice, initially focusing on delivering technology and data solutions to CohnReznick clients in the federal government/public sector and financial services industries.
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First Citizens Bank Closes More Than $66 Million in Financings with Consumer Products Companies
October 19, 2023First Citizens Bank today announced that its CIT Commercial Services subsidiary, a national leader in factoring, credit protection and accounts receivable management solutions, recently closed three major client financing transactions.
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Mammoth Energy Announces Revolving Credit Facility Refinancing
October 19, 2023The new five-year revolving credit facility with Fifth Third Bank, National Association ("Fifth Third"), provides for revolving commitments of up to $75 million, subject to a borrowing base calculation prepared monthly. The new five-year term loan agreement with Wexford Capital LP ("Wexford"), an affiliate of Mammoth, provides for term commitments of $45 million.
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AVITA Medical, Inc. Enters into a Credit Agreement for a Credit Facility Up to $90 Million
October 19, 2023AVITA Medical, Inc. entered into a Credit Agreement, by and between the Company, as borrower, and an affiliate of OrbiMed as the lender and administrative agent . The Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $90 million, of which (i) $40 million was made available on the Closing Date,
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The Secured Lender
SFNet's 80th Annual Convention Issue