TSL Express Daily Articles & News
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Joel Moss Joins Cahill’s New York Office as a Bankruptcy and Restructuring Partner
Cahill Gordon & Reindel LLP announced today that Joel Moss has joined the firm as a partner in its Bankruptcy & Restructuring practice.
Mr. Moss’s practice focuses on representing a broad range of clients including financial institutions, hedge funds, direct lenders and ad hoc secured lender and noteholder groups in complex in-court and out-of-court restructurings, workouts, rescue financings, liability management transactions and DIP and exit financings. He also has substantial experience advising financial institutions and hedge funds in connection with the mitigation of risks associated with derivative, futures and securitization transactions.
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Jimmy Dixon, a principal with Oliver Wight Americas, has over 30 years of experience in the pharmaceutical, energy, and industrial sectors. He will be a panelist on the Supply Chain Moves Front and Center panel during SFNet’s Asset-Based Capital Conference in Las Vegas next week. His diverse background includes strategy development, execution, and measurement; business planning and analysis; supply chain management; as well as other corporate development activities. Jimmy’s experience includes diverse business situations such as mergers and acquisitions, turnarounds, and accelerated growth both in private and publicly traded companies.
TSL Express Daily Headlines & News
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Authentic Brands Group Is Acquiring Rockport, Inks Marc Fisher Licensing Deal
July 26, 2023Authentic Brands Group has scooped up Rockport, adding another heritage shoe brand to its growing portfolio. The company behind dozens of brand and retailer acquisitions announced on Wednesday that the U.S. Bankruptcy Court for the District of Delaware approved the sale transaction of Rockport, a Newton, Massachusetts-based footwear label.
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Gateway Trade Funding Provides a $600,000 Purchase Order Facility to a Canadian Portable Charger Company
July 26, 2023A Canadian company selling portable chargers was awarded a large retail opportunity with one of the largest US retailers. With this new opportunity, they needed cash flow assistance for inventory and operations. A bank referred them to Gateway Trade Funding.
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nFusion Capital Provides $4 Million ABL Facility to Energy Services Company
July 26, 2023Performance Energy Services, LLC is a Colorado-based energy service construction company contractor delivering safe, client-focused support to the onshore and offshore energy markets. As a trusted partner to oil and gas companies around the world, they provide fabrication, industrial construction, instrumentation & electrical, mechanical, and specialty services.
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Bastion Management Closes $100 Million Facility with Okinus Bastion
July 26, 2023Bastion Management ("Bastion"), a private investment firm focused on asset-based lending in the specialty finance sector, announced today that it agented a senior debt investment of $40 million with accordions up to $100 million in Okinus Inc. ("Okinus") to refinance the existing senior lender and fund future growth of their lease-to-own portfolio.
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Grant Thornton Survey: Finance Leaders Make a Push for Growth
July 26, 2023A new survey from Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, revealed that chief financial officers (CFOs) are heavily focused on two areas that could lead to revenue gains: building and preserving a workforce that can help drive them toward growth; and investing in technology that has the potential to deliver efficiency and revenue gains.
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Atlantic Union Bankshares Corporation Announces Agreement to Acquire American National Bankshares Inc.
July 26, 2023Atlantic Union Bankshares Corporation (“Atlantic Union”) (NYSE: AUB) and American National Bankshares Inc. (“American National”) (Nasdaq: AMNB) jointly announced today that they have entered into a definitive merger agreement for Atlantic Union to acquire American National in an all-stock transaction. Combining the two organizations will strengthen Atlantic Union, the largest regional bank headquartered in Virginia, by deepening its presence in Southwest and Southside Virginia.
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78% of Turnaround Executives Say Capital is The Biggest Challenge for Businesses Facing a Turnaround Today, According to AlixPartners Survey
July 26, 2023Survey respondents said the pain will be particularly acute in the commercial real estate, retail, and financial services industries, with availability and cost of capital being the top factors driving distress. Sufficient liquidity/capital (78%), management’s flexibility & agility (54%), and cost reductions (53%) are the most common restructuring challenges.
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Banc of California and PacWest Announce Transformational Merger and $400 Million Equity Raise from Warburg Pincus and Centerbridge
July 26, 2023Banc of California, Inc. (“Banc of California”) (NYSE: BANC) and PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced the signing of a definitive agreement pursuant to which the companies will combine in an all-stock merger transaction. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, PacWest will merge into Banc of California, and Banc of California, N.A. will merge into Pacific Western Bank. The combined holding company and bank will operate under the Banc of California name and brand following closing of the transaction.
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CIBC Adds Expertise to Asset-based Lending Team With new Hire
July 25, 2023CIBC today announced that Cindy Jamroziak, managing director and senior underwriter, has joined its Asset-based Lending (ABL) team. Jamroziak brings more than 30 years of industry experience to CIBC’s ABL underwriting team. She will support the ABL group’s business development team by reviewing and proposing asset-based lending solutions to prospective new clients.
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B. Riley Serves as Sole Bookrunner to Harrow Health in $69 Million Follow-On Offering
July 25, 2023B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have served as sole bookrunner to Harrow Health, Inc. (“Harrow”) in its $69 million offering of common stock, upsized from a base of $35 million, following two days of confidential marketing.
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OppFi Upsizes Revolving Credit Facility with Affiliates of Atalaya Capital Management to $250 Million
July 25, 2023OppFi Inc. (NYSE:OPFI) (“OppFi” or the “Company”), a mission-driven fintech platform that helps everyday Americans gain access to credit with digital specialty finance products, today announced the Company has increased its existing revolving credit facility with affiliates of Atalaya Capital Management (“Atalaya”) to $250 million.
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CIBC Innovation Banking Provides $18 Million Growth Financing to Bidgely
July 25, 2023CIBC Innovation Banking announced today that it has increased its growth financing commitment to Bidgely, a leading provider of artificial intelligence (AI) powered energy intelligence solutions for energy providers worldwide. The additional financing commitment will strengthen Bidgely’s ability to support critical utility initiatives, particularly as the proliferation of electric vehicles (EV) and global decarbonization goals redefine the energy market.
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Holland & Knight Advises IDB Invest on $100 Million Credit Facility
July 25, 2023Holland & Knight represented the Inter-American Investment Corporation (IDB Invest) as lender of a loan for up to $100 million to ENSA Grupo EPM (Elektra Noreste S.A.), an energy distribution company in the northeast of Panama. Scotiabank Panama also acted as a lender on the transaction, with the total financial package including $50 million from IDB Invest and $50 million from Scotiabank Panama. The deal was signed on July 14.
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Settle Raises $145M Credit Facility with Silicon Valley Bank
July 25, 2023Settle, the leading cash-flow management platform, announced today it has secured up to $145 million credit facility with Silicon Valley Bank, a division of First Citizens Bank, increasing their capacity to support high-growth e-commerce and consumer brands and small businesses.
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BizCap Secures $35MM Revolving Credit Facility for Threshold Enterprises Ltd.
July 25, 2023BizCap®, a leading national commercial finance and advisory firm, announces it has structured and secured financing for Threshold Enterprises Ltd., a manufacturer and distributor of dietary supplements and health care products including the Source Naturals® and Planetary Herbals® brand supplements to the natural foods industry and health care professionals.
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Scott Blaeser Joins SLR Business Credit
July 25, 2023SLR Business Credit announced today that Scott Blaeser has joined the company as Senior Vice President of Business Development. Scott is the newest addition to the SLR Business Credit team. Based in Colorado, he will assist in expanding the Company’s presence by providing asset-based lending to small to middle-market businesses.
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Great Rock Capital Closes $31.7 Million Term Loan Facility with SMG Industries, Inc.
July 25, 2023Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, announced today the closing of a $31.7 million senior secured term loan facility with SMG Industries, Inc. ("SMGI"), a publicly traded company (OTCQB: SMGI). SMGI is a growth-oriented transportation services company focused on the domestic infrastructure logistics market.
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David's Bridal and CION Investment Corporation Complete Successful Transaction and Announce Plans for Go-Forward Industry Leading Bridal Company
July 24, 2023David's Bridal, LLC ("the Company"), the nation's leading bridal and special occasion authority, today announced that it has successfully closed its transaction with CION Investment Corporation (NYSE: CION) (“CION”), a leading publicly listed business development company, for the sale of substantially all of the Company’s assets (the “CION Transaction”).
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Cambridge Savings Bank Extends $10 Million Revolving Line of Credit to Leadpoint Business Services
July 24, 2023Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that its Asset-Based Lending (ABL) team provided a $10M revolving line of credit to Leadpoint Business Services (“Leadpoint”). Headquartered in Phoenix, Arizona, Leadpoint is a full-service workforce solutions company offering contingent workforce optimization, embedded supervisory and operating support, and direct hire solutions.
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Gordon Brothers Funds Management Buyout of OnDemand Division Business & Assets from THG plc
July 24, 2023Gordon Brothers, the global advisory and investment firm, has funded the management buyout of the OnDemand division's business and assets from the global e-commerce technology group and brand owner THG plc through a £5 million facility secured by multiple collateral classes, including inventory and plant and machinery.
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The Secured Lender
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