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Eastern Bankshares, Inc. and Century Bancorp, Inc. Enter Into Definitive Agreement To Merge
Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Century Bancorp, Inc. (Nasdaq: CNBKA) (“Century”), the stock holding company for Century Bank and Trust Company (“Century Bank”), today jointly announced they have entered into a definitive all-cash merger agreement with an aggregate transaction value of $642 million. This in-market transaction comes less than six months after Eastern’s initial public offering that raised approximately $1.7 billion in equity capital.
J.P. Morgan Securities LLC served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern. Piper Sandler & Co. served as financial advisor and Goodwin Procter LLP provided legal counsel to Century.
J.P. Morgan Securities LLC served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern. Piper Sandler & Co. served as financial advisor and Goodwin Procter LLP provided legal counsel to Century.
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Fennec Pharmaceuticals Announces Amendment to Increase Existing Senior Debt Facility
June 29, 2020Fennec Pharmaceuticals Inc. (NASDAQ:FENC; TSX: FRX), a specialty pharmaceutical company focused on the development of PEDMARK™ (a unique formulation of sodium thiosulfate) for the prevention of platinum-induced ototoxicity in pediatric patients, today announced an amendment to its existing senior debt facility with the Life Sciences Group at Bridge Bank increasing the size of the facility from $12.5 million to $18 million.
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Hilco Redevelopment Partners Closes on $225.5 Million Acquisition of PES
June 29, 2020Hilco Redevelopment Partners (HRP) – the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial property – today announced that it completed a transaction to purchase the 1300-acre former Philadelphia Energy Solutions (PES) refinery in Southwest Philadelphia. The deal is a giant step toward building an environmentally responsible and economically robust commercial hub in Southwest Philadelphia.
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Amerisource Closes $3,000,000 Credit Facility for Health Services Company
June 29, 2020Amerisource Business Capital announced the closing and funding of a $3,000,000 credit facility for an international occupational health services company based in Texas. The proceeds were used to refinance existing bank debt and support additional working capital needs
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LOUD Capital Names Senior Partner and Chief Investment Officer, Expands Investment Offerings
June 25, 2020LOUD Capital, an alternative investment firm headquartered in Columbus, Ohio, is proud to name Nishad Parmar as senior partner and chief investment officer. Parmar, who is based out of LOUD's Chicago office, will be leading LOUD's diversified strategy into a new series of alternative investments. Foley & Lardner LLP will be legal partners to LOUD's Chicago office.
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Going-Out-of-Business Sales Resume at 107 Modell’s Sporting Goods
June 25, 2020With retailers resuming in-store operations following the months-long COVID-19 pause, shoppers from across the Northeast and Mid-Atlantic will find liquidation discounts on top-name sporting goods, footwear and apparel brands as Modell’s Sporting Goods resumes going-out-of-business sales at 107 of its remaining stores, beginning immediately. A joint venture of Tiger Capital Group, Great American Group (a B. Riley Financial company) and SB360 Capital Partners is conducting the sales on behalf of the New York-based retailer in accordance with state and local social distancing and sanitation guidelines.
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BBVA, Sustainability Coordinator of the new Revolving Credit Facility for EnBW in Germany
June 25, 2020The new revolving credit facility, which replaces the existing facility, is for a total of EUR 1.5Bn and signed for an initial term of five years with two possible one-year extensions that will allow to push back its maturity date. A total of 18 banks have participated in the transaction, following a successful syndication process that was widely oversubscribed. BBVA, due to its global vision and strategic approach to sustainability, has been chosen as the sole sustainability coordinator of this first sustainable facility that is being formalized after the COVID-19 crisis. BBVA also acted as global coordinator of the transaction together with BayernLB and Unicredit.
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Candelaria Mining Closed $9 Million Medium Term Loan Facility
June 25, 2020Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the “Company”) is pleased to announce that it has closed a US$9 million medium term loan facility (“Facility”) with Accendo Banco, S.A. (“Accendo”). Funds advanced under the facility will be used for financing construction of the Company’s Pinos project and working capital purposes.
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J. Crew Steps Along With Reorganizing Efforts
June 25, 2020On Thursday, a Virginia bankruptcy court approved the retailer’s disclosure statement, essentially one of the prerequisite steps before eventually having a Chapter 11 plan OK’d. The disclosure statement’s approval was expected, as the standard for doing so is a fairly straightforward question — whether the statement provides reasonable information for a hypothetical investor to make an informed decision. J. Crew Inc.’s contemplated Chapter 11 plan envisions converting $1.6 billion of secured debt to equity, and would include $400 million in “new money commitment backstopped by their plan sponsors,” according to the retailer’s court filings.
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Technicolor Files for Restructuring in Bankruptcy Court, Citing Coronavirus Impact
June 25, 2020The long-beleaguered company's post-production and VFX subsidiaries worked on 100 theatrical films and 300 series last year.
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Chuck E. Cheese Parent CEC Entertainment Files for Chapter 11 Bankruptcy
June 25, 2020The company said it will use the time to continue talks with its financial stakeholders, including landlords, to "achieve a comprehensive balance sheet restructuring that supports its re-opening and longer-term strategic plans."
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Return to Modest Growth Expected for Lumber Markets According to Hilco Forestry Report
June 25, 2020Pandemic Impacts Continue to Shape the Course of Forestry Markets, authored by Jesse Marzouk- Vice President and Forestry Products Specialist at Hilco Global, explores how the continuation of construction and remodeling throughout the current crisis has helped sustain U.S. lumber prices and how factors including significantly increased online ordering have served to bolster specific areas of the market such as containerboard. The report also addresses the potential for long-term lumber capacity oversupply, as well as near-term implications stemming from consumer toilet paper hoarding during the pandemic period.
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Garrison Capital Inc. to Merge with Portman Ridge Finance Corporation
June 25, 2020Garrison Capital Inc. (Nasdaq: GARS) (“GARS”) and Portman Ridge Finance Corporation (“PTMN”) (Nasdaq: PTMN) announced today that they have entered into a definitive agreement under which GARS will merge with and into PTMN, a business development company managed by Sierra Crest Investment Management LLC (“Sierra Crest”), an affiliate of BC Partners Advisors L.P. (“BC Partners”) and LibreMax Capital LLC. The transaction is the result of the previously announced review of strategic alternatives by GARS and has been approved by a unanimous vote of the Board of Directors of GARS (on the unanimous recommendation of the Special Committee of the Board of Directors of GARS) and the Board of Directors of PTMN.
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Susan George Joins White Oak Global Advisors as Head of Asset Management
June 25, 2020White Oak Global Advisors, LLC (“White Oak” or "the Firm"), today announced Susan George has joined the Firm as Head of Asset Management. Ms. George will be based in New York and will sit on the Investment Committee. Ms. George brings over 30 years of middle market private debt and distressed private equity experience to White Oak. Prior to joining the Firm, Ms. George served as Head of Corporate Asset Management and was a member of the Investment Committee at private credit firm Garrison Investment for 12 years. She previously worked for The CIT Group for over 20 years, where she held various leadership roles in credit restructuring, underwriting and business credit.
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CIT Northbridge Credit Serves as Sole Lender on $50 Million Credit Facility for CITIES Market Studios
June 25, 2020CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $50 million senior secured revolving credit facility for CITIES Market Studios. Based in Minneapolis, Minnesota, CITIES is a global consumer product and retail strategy company that collaborates with retailers, brands and inventors to develop and execute strategies, products and programs for the digital and physical markets.
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NexTech AR Secures $600,000 Credit Line With Royal Bank of Canada
June 24, 2020NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, and AR-enhanced virtual events is pleased to announce that it has secured a $600,000 lending facility with the Royal Bank of Canada (“RBC”).
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White Oak Global Advisors Expands Commitment to Impact Investing
June 24, 2020White Oak Global Advisors, LLC, (“White Oak”, or the “Firm”) today reiterated its commitment to responsible credit investing by dedicating additional resources to deploy capital in senior-secured, non-sponsored debt investments in companies that are focused on environmental and social outcomes, particularly in the areas of healthcare, environment and well-being. As a leader in the private debt asset class, White Oak is uniquely positioned to provide senior secured first lien loans that benefit small to middle market businesses that are mission driven to make a positive impact and reduce the footprint on our earth.
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Sunflower Bank Provides Senior Debt Financing to SSP Innovations, LLC
June 24, 2020Sunflower Bank, N.A. is pleased to announce it provided revolving and term debt commitments in connection with a refinancing of SSP Innovations, LLC (“the Company”) by Warren Equity Partners, LLC (“WEP”). The transaction closed in March 2020.
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Hunter Street Provides Capital to Support Growth and Acquisitions for Leading Telecommunication Services Company
June 24, 2020Hunter Street Partners ("Hunter Street"), a Minneapolis-based alternative investment management firm, has partnered with Five Crowns Credit Partners ("Five Crowns") to provide an $11 million senior secured term loan to finance TriStruX, the holding company resulting from a merger between Telcom Engineering Group and one of its regional competitors Leone Electric Company.
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GNC is the Latest Retailer to File for Bankruptcy, Closing up to 1,200 Stores
June 24, 2020GNC's parent company, GNC Holdings Inc., filed for Chapter 11 bankruptcy protection late Tuesday, and the health and wellness retailer said it plans to close "at least 800 to 1,200 stores," or approximately a quarter of its North American fleet. GNC was slammed by yearslong sales declines that made it impossible to meet enormous debt obligations coming due this year.
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WSFS Bank Promotes Jim Wechsler to Senior Vice President, Chief Retail Lending
June 24, 2020WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the promotion of Jim Wechsler to Senior Vice President, Chief Retail Lending Officer reporting to Executive Vice President and Chief Retail Banking Officer, Richard Wright. Wechsler will be responsible for Consumer Lending, Small Business, Government Guaranteed Lending, Community Reinvestment and NewLane Finance. He will also manage the bank’s fintech lending relationships. Wechsler is replacing Glenn Kocher, who is retiring.
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