TSL Express Daily Articles & News
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SFNet Asset-Based Lending and Factoring Annual Survey Results Show Strong Performance
SFNet surveyed bank and non-bank lenders on 2022 performance and 2023 outlook
NEW YORK, NY,April 26, 2023 ─ There was solid growth in commitments and outstandings in the asset-based lending market last year and portfolio performance was strong, according to data released by the Secured Finance Network. The factoring industry proved similarly resilient in a challenging economy and began 2023 on a positive note.
Lender confidence held steady, as well, with banks and non-bank lenders maintaining a positive outlook despite inflation and higher interest rates. In the most recent Confidence Index, they pointed to the industry’s resiliency and had high expectations in the demand for new business, hiring and client utilization.
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The Secured Finance Network is excited to launch a new video podcast today, in partnership with respected industry veteran Barry Bobrow, and sponsored by Hilco Global. “Our members continue to seek valued insights on issues critical to their businesses,” said SFNet CEO Rich Gumbrecht. “This new resource will complement existing sources of expert analysis and information SFNet provides to our community in an energizing new format.”
TSL Express Daily Headlines & News
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Online Auction Features More than 1,000 Lots of Pro-Grade Production Rental Gear from North American Leader PRG
October 12, 2023In an October 24 online auction, Tiger Group once again is offering professional audio-visual gear from the existing inventories of production rental leader PRG.
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Express Wash Concepts Secures Incremental $150M Credit Facility from MidCap Financial to Fuel Core Market Greenfield Expansion
October 11, 2023Express Wash Concepts (EWC) announced today that it has successfully secured a $150 million incremental credit facility led by MidCap Financial to further propel its core market greenfield development. This new facility empowers EWC to maintain its responsible, multi-brand expansion strategy, currently encompassing 91 operational sites, 10 sites under construction, and an additional 35 in various stages of development.
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SWK Holdings Corporation Increases Revolving Credit Facility to $60 Million
October 11, 2023SWK Holdings Corporation (Nasdaq: SWKH) ("SWK" or the "Company"), a life-science-focused, specialty finance company catering to small- and mid-sized commercial-stage companies, today announced an amendment to its revolving credit facility. The amended credit facility provides total commitments of $60 million, including a new $15 million commitment from Woodforest National Bank ("Woodforest") and an existing $45 million commitment from First Horizon Bank.
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Clifford Chance Hires Strategic Technology, Outsourcing and Commercial Transactions Counsel Kelley Bledsoe in Washington, DC
October 11, 2023Washington, DC: Global law firm Clifford Chance announced today the hire of counsel Kelley Bledsoe in Washington, DC. Bledsoe's practice focuses on strategic technology, outsourcing and commercial transactions that facilitate successful, long-term business relationships and drive significant cost savings for clients.
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Ares Management Corporation and Vinci Partners Announce Strategic Partnership and Investment
October 11, 2023Ares Management Corporation (“Ares”) (NYSE: ARES) and Vinci Partners Investments Ltd. (“Vinci Partners” or “Vinci”) (NASDAQ: VINP) announced today that they have reached an agreement to form a strategic partnership to accelerate the growth of Vinci's platform in Latin America and to collaborate on distribution, product development and other business opportunities (the “Strategic Partnership”).
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Horizon Technology Finance Fuels Mirantis with $35MM Venture Loan Facility
October 11, 2023Horizon Technology Finance, an affiliate of Monroe Capital, recently announced that it has provided a $35 million venture loan facility to Mirantis, Inc. This loan facility will support Mirantis’ general growth and working capital needs.
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BMO Announces Retirement of Dan Barclay, Names Alan Tannenbaum CEO, BMO Capital Markets
October 11, 2023BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced the upcoming retirement of its Chief Executive Officer & Group Head, Capital Markets, Dan Barclay, and the appointment of Alan Tannenbaum into the role. After a 32-year investment banking career, Mr. Barclay will transition to a role as Senior Advisor to the CEO. Mr. Tannenbaum will also join the bank's Executive Commi
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Anne Mask Joins Oxford Commercial Finance (OCF) as VP, Business Development Officer
October 11, 2023Anne Mask joins Oxford Commercial Finance (OCF) as Vice President, Business Development Officer. In this role she will oversee outbound sales, including helping entrepreneurs in alleviating cashflow challenges with financing facility to achieve short- and long-term goals. She will also assist in managing prospects from initial contact and need assessment through underwriting and sales completion.
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Survey: Factoring Sector of Finance Industry Shows Resilience Despite Decreased Volume
October 11, 2023The factoring sector began 2023 on a positive note and has continued to show resilience in an uncertain economy, according to the MidYear Factoring Industry Survey, released by the Secured Finance Network (SFNet). The survey included the Factoring Confidence Index, which found that despite a lingering threat of recession, member organizations are optimistic about the demand for new business and portfolio performance.
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Hilco Redevelopment Partners Announces Advisory Board
October 11, 2023Leading Transformational Redevelopment Company Names Former Penn President; Former U.S. Army Corps of Engineers Commanding General; National Energy Industry and Environmental Law Leaders to Corporate Advisory Board
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Goldman Sachs Announces Sale of GreenSky to Sixth Street-Led Consortium
October 11, 2023The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has entered into an agreement to sell the GreenSky platform and associated loan assets to a consortium of institutional investors led by Sixth Street (the “Consortium”). The transaction is expected to close in the first quarter of 2024, subject to standard closing conditions.
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CohnReznick Expands Government Advisory Capabilities with Exiger Public Sector Advisory Group Acquisition
October 11, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that it has acquired the Public Sector Advisory Group from Exiger, a technology-focused risk and compliance services firm. The staff and contracts are being absorbed into CohnReznick’s rapidly expanding Government Advisory practice.
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Garrington Capital Announces $21 Million Loan Facility to a Texas-based Industrial Contractor
October 11, 2023Garrington Capital (garringtoncapital.com), a leading provider of capital solutions to middle-market companies in the United States and Canada, is pleased to announce the closing of a $21 million senior credit facility to a best in class provider of integrated services and specialty fabrication solutions.
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Coast to Coast Carports, a Thriving Arkansas Business, Embarks on a Growth Journey with USDA-Backed Loan Facilitated by North Avenue Capital
October 11, 2023Nestled 92 miles northwest of Little Rock, Arkansas, in the charming town of Knoxville, Coast to Coast Carports stands as a testament to the spirit of rural entrepreneurship and growth. With its picturesque setting along the Arkansas River, surrounded by the majestic Ozark Mountains, Knoxville provides the ideal backdrop for this impressive operation.
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Infor Nexus and LSQ Partner to Expand Supply Chain Finance Programs Across the Globe
October 11, 2023LSQ, a leading provider of working capital finance and payments solutions, and Infor Nexus [infor.com]™, the leading global supply chain platform and a division of Infor®, the industry cloud company, today announced an agreement that provides their network of suppliers access early payments through an LSQ FastTrack® supply chain finance program.
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Volcon ePowersports Secures Financial Boost with Prestige Capital Finance Factoring Agreement
October 10, 2023Volcon Inc. (NASDAQ:VLCN) ("Volcon" or the "Company"), the first all-electric, off-road powersports company, is pleased to announce a financial milestone with the formalization of a factoring agreement with Prestige Capital Finance, LLC ("Prestige").
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Tecogen Announces Obtaining $1.5m Credit Facility
October 10, 2023Tecogen Inc. (OTCQX: TGEN) a leading provider of clean energy products and services, is pleased to announce the signing of a $1.5 million Credit Agreement provided by our directors John Hatsopoulos and Earl Lewis. The line of credit has no fees or interest unless drawn upon and matures 12 months from date of agreement.
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Tacora Resources Inc. Secures $75 Million of Debtor-In-Possession Financing and Files for Relief Under the CCAA to Complete Its Strategic Process
October 10, 2023Tacora Resources Inc. has obtained an order from the Ontario Superior Court of Justice (Commercial List) commencing proceedings under the Companies' Creditors Arrangement Act. The Initial Order includes, among other things: (a) a stay of proceedings in favour of Tacora; (b) approval of the DIP Facility; and (c) appointment of FTI Consulting Canada Inc. as monitor of Tacora.
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Showfields Files for Bankruptcy
October 10, 2023The multi-brand specialty retailer on Friday filed for Chapter 11 bankruptcy, following a continued decline in sales post-pandemic that left it unable to pay back mounting debt.
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Accord Financial Unleashes $40MM Financing to Growing Pet Supply Manufacturer
October 10, 2023Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies ("Accord") (TSX: ACD) announces the closing of a $40MM equipment lease line to a leading pet supply manufacturer and distributor.
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The Secured Lender
SFNet's 80th Annual Convention Issue