- Asset-Based Lending & Factoring Surveys
- Neon Closes New $200 Million Credit Facility Led by Comerica Bank
- Cerebro Capital Facilitates Over $90MM in Financings for 10 Companies
- Preeminent Restructuring Partners to Join Latham & Watkins in New York
- nFusion Capital Provides $2.5 Million Line of Credit Kitu Life, Inc.
TSL Express Daily Articles & News
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Brazos Midstream Completes Issuance of New $800 Million Senior Secured Term Loan B
Brazos Midstream ("Brazos") (the "Company") today announced that its subsidiary, Brazos Delaware II LLC, has completed the issuance of a new $800 million senior secured Term Loan B due February 2030. The Company used the net proceeds from the Term Loan, along with excess balance sheet cash, to repay its existing $830 million Term Loan B due May 2025.
The transaction was underwritten and arranged by a Barclays-led bookrunner group including Jefferies Finance LLC, Bank of Oklahoma Securities and with Cadence Bank as structuring advisor.
The transaction was underwritten and arranged by a Barclays-led bookrunner group including Jefferies Finance LLC, Bank of Oklahoma Securities and with Cadence Bank as structuring advisor.
TSL Express Trending Story
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Ever since the early days of blockchain with the 2009 introduction of Bitcoin, cryptocurrencies have been prone to periods of high and low valuation. After going through another “crypto-winter,” or period of low prices, lasting three years, cryptocurrencies have once again caught the attention of a broader investor community.
Since the second half of 2020, the sheer number of new cryptocurrency offerings and the price volatility have been breathtaking. For example, Ethereum—the number two cryptocurrency and blockchain platform by market cap—grew by 800 percent from October 2020-October 2021. As new investment vehicles for Bitcoin are introduced in the United States, the hype is at an all-time high.
TSL Express Daily Headlines & News
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BMW Group Successfully Completes €8bn Revolving Credit Facility
June 8, 2023The BMW Group has signed a €8.0 billion syndicated revolving credit facility (RCF) with a tenor of five years and two one-year extension options. A total of 43 international and regional banks from Europe, America and Asia have taken part in the transaction. With BNP Paribas, Citi and Deutsche Bank as coordinating bookrunners, the BMW Group has replaced the existing RCF of €8.0 billion signed in 2017.
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Bread Financial Announces Refinancing Commitments
June 8, 2023Bread Financial Holdings, Inc. (NYSE: BFH) announced today that it has entered into a credit agreement with JPMorgan Chase Bank, N.A., and other financial institutions, pursuant to which the lenders have agreed to provide a $700 million senior unsecured revolving credit facility and a $575 million senior unsecured delayed draw term loan facility, subject to certain conditions.
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BlackRock, Inc. to Acquire Private Debt Manager Kreos Capital
June 8, 2023BlackRock Inc. (NYSE: BLK) and Kreos Capital (“Kreos”) today announced a definitive agreement under which BlackRock will acquire full control of Kreos, a leading provider of growth and venture debt financing to companies in the technology and healthcare industries.
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Flatbay Capital Announced the Funding of an Automotive Company
June 7, 2023Flatbay Capital announces the funding of a $2.2MM owner-occupied commercial real estate loan for a Central Texas-based automotive organization. The 15-year-old company provides repairs for domestic, Asian, and European vehicles.
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Alleon Healthcare Capital Provides a $500,000 Medical Accounts Receivable Factoring Facility to a California based Management Services Organization
June 7, 2023Alleon Healthcare Capital (“Alleon”), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $500,000 medical accounts receivable factoring facility with a management service organization in California (“Company”).
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BHI Provides $29.25 Million Construction Financing to ZDJ Jamaica LLC
June 7, 2023BHI, a full-service commercial bank, announced that it has provided a $29.25 million loan to ZDJ Jamaica LLC. Funds from this loan will finance the construction of 138-45 Jamaica Avenue, located in Jamaica, Queens.
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B. Riley Serves as Exclusive Financial Advisor to Gladstein, Neandross & Associates in Acquisition
June 7, 2023B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank, is pleased to have served as exclusive financial advisor to Gladstein, Neandross & Associates (“GNA” or "the Company"), in connection with its sale to TRC Companies, Inc. (“TRC”), a portfolio company of Warburg Pincus.
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First Citizens Bank Announces Promotions in CIT Commercial Services Top Leadership Roles
June 7, 2023First Citizens Bank today announced that Marc Heller has been promoted to the position of vice chairman of CIT Commercial Services[1], a subsidiary of First Citizens Bank, and that Michael Hudgens has been promoted to the role of CIT Commercial Services president with full responsibility for the day-to-day operation of the business. The new appointments are effective July 1.
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Chris Saldana Moves Into a Business Development Role for CIBC
June 7, 2023Chris Saldana moves into business development role for CIBCs US Asset-based Lending team. Prior to joining CIBC as a underwriter in 2022, he served as regional executive leading Southwest originations at First Business Capital Corp.
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HPS Investment Partners Closes $10 Billion in New Investable Capital for HPS Core Senior Lending Fund II and Parallel Funds
June 7, 2023HPS Investment Partners, LLC ("HPS"), a leading global credit investment firm with $101 billion in assets under management, today announced the closing of its second Core Senior Lending Fund ("CSL II") and parallel investment funds and accounts, with approximately $10 billion in investable capital. This includes $7.3 billion in equity commitments.
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RSM US Middle Market Business Index Eases, Business Conditions Remain Solid
June 7, 2023The RSM US Middle Market Business Index (MMBI), presented by RSM US LLP ("RSM") in partnership with the U.S. Chamber of Commerce, eased to 131.3 in the second quarter, down modestly from 134.0 in the first quarter on a seasonally adjusted basis.
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Eightco Holdings Inc. Secures Asset Based Lending Facility for Forever 8
June 7, 2023Eightco Holdings Inc. (NASDAQ: OCTO), a leader in the e-commerce inventory solutions space is pleased to announce a milestone in its growth journey. The company has successfully closed an asset-based lending facility (ABL) from several investors, including members of its management team and the visionary founders of Forever 8.
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TraQiQ Announces the Acquisition of Titan Trucking Facilitating Its Strategic Shift Towards Environmental Services
June 7, 2023TraQiQ, Inc. (OTC QB: TRIQ) (the "Company" or "TraQiQ"), a leading diversified waste and recycling services provider, today announced that it has closed the acquisition of Titan Trucking, LLC as it continues to execute the Company’s plan to shift its focus to providing traditional and alternative environmental services.
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Stellus Capital Management, LLC Provides Unitranche Financing to Support the Acquisition of Pink Buckle and Ruby Buckle by Equine Network, a Portfolio Company of Growth Catalyst Partners
June 7, 2023Stellus Capital Management, LLC (“Stellus”) announced today that its affiliates provided senior debt financing to support the acquisition of Pink Buckle and Ruby Buckle (“P&R”), a series of prestigious barrel racing competitions, by Equine Network, LLC (“Equine Network” or the “Company”), a portfolio company of Growth Catalyst Partners (“GCP”).
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Mountain Ridge Capital Announces New Executive Hire
June 7, 2023Mountain Ridge Capital (www.mountainridgecap.com), an asset-based commercial finance company, announced the hiring of Daniel Williams as a Managing Director of Business Development covering the Northeast region. Mountain Ridge seeks to provide creative asset-based financing solutions that commercial banks do not wish to provide or cannot provide.
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Gordon Brothers Offering for Sale by Online Auction Tall Ship Lord Nelson
June 7, 2023Gordon Brothers, the global advisory and investment firm, is offering for sale by online auction the tall ship Lord Nelson on behalf of Richard Lewis and Sarah O’Toole, the Joint Administrators of Jubilee Sailing Trust Limited. Lord Nelson was built in 1985 and is the first tall ship in the world designed to accommodate personnel of all physical abilities to sail alongside the ship’s crew. The tall ship includes accessible toilets, a speaking compass, braille and power-assisted bridge.
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Precision Optics Announces New Term Loan and Line of Credit Expansion Totaling $1.5 Million with Main Street Bank
June 7, 2023Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced that as of June 2, 2023, it entered into a new $750,000 term loan with Main Street Bank.
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Zedcor Inc. Announces Expansion of Credit Facility to Fund North American Growth Plans
June 7, 2023Zedcor Inc. (TSXV: ZDC) (the "Company" or "Zedcor") is pleased to announce that it has entered into an amended and restated Commitment Letter (the "Amended Commitment Letter") with its primary lender which increases its revolving evergreen equipment financing facility from $6.0 million to $15.0 million. This is an expansion of $9.0 million and, unless market conditions justify an increase to the Company's capital plans for 2023, provides the Company with sufficient access to capital to complete its 2023 capital asset program.
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KeyBank Provides $30 Million of Financing for the Cleveland Foundation Midtown
June 6, 2023KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) provided $30 million of financing to the Cleveland Foundation (TCF) for the construction of the 95,000-square-foot Midtown Collaboration Center (Center) located in Cleveland's MidTown and historic Hough neighborhoods. The Center will be adjacent to TCF headquarters and aims to be both regionally significant and locally transformative.
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The Children’s Place Announces the Expansion of Its Revolving Credit Facility From $350 Million to $445 Million
June 6, 2023The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced the expansion of its revolving credit facility from $350 million to $445 million. The fifth amendment to the Company’s credit agreement also replaces LIBOR as the interest rate benchmark with the SOFR interest rate benchmark, and updates the interest rates to reflect current market terms.
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The Secured Lender
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