- eCapital Corp. Provides a $10 Million Factoring Facility for a Energy Sector Staffing Leader
- Apellis Pharmaceuticals Refinances Existing Debt with Up to $475 Million Non-Dilutive Credit Facility from Sixth Street
- Haventus Secures Credit Facility from Scottish National Investment Bank, UKIB
- Alliance Funding Group Strengthens Technology Finance Division with Key Leadership Appointments
- Creative Realities to Restructure Debt Through Revolving Credit Facility
TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
Today's Top Story
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Asset-based loan commitments grew in 2023, with fewer new clients, but larger deals
Economic twists and turns marked 2023 but the asset-based lending market still saw growth in commitments of working capital, according to data released by the Secured Finance Network (SFNet). And while there were fewer new client deals last year than in 2022, the deals were larger in size.
TSL Express Trending Story
Featured
FTC Ban on Noncompete Agreements: What Do Employers Need to Know?
On April 23, 2024, the Federal Trade Commission (“FTC”) voted 3-2 to finalize and issue a rule banning virtually all noncompete clauses in employment contracts with extremely limited exceptions. The rule is set to go into effect 120 days after its publication in the Federal Register, which is pending. However, as explained below, it is uncertain whether this rule will go into effect due to the ongoing legal challenges surrounding the rule.
TSL Express Daily Headlines & News
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Huntington Business Credit Closes $38 Million in new Credit Facilities with Royal Chemical Company, Ltd
May 13, 2024Proceeds of the facility were used to refinance existing debt and provide ongoing working capital financing. Royal Chemical Company, Ltd., headquartered in Macedonia, Ohio, is a manufacturer of custom mixed chemical products serving the industrial, commercial, and cleaning markets.
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eCapital Leverages Industry Knowledge to Secure $18 Million Asset-Based Facility for Commercial Linen Company
May 13, 2024eCapital Corp. ("eCapital"), a leading tech-enabled finance provider specializing in tailored solutions for businesses across North America and the United Kingdom, funded an $18 million asset-based lending facility for a leading commercial linen services company.
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Verona Pharma Announces $650 Million Strategic Financing with Oaktree and OMERS
May 13, 2024Verona Pharma plc announces it and its wholly-owned subsidiary, Verona Pharma, Inc., have entered into strategic financing agreements providing access to up to $650 million from funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and OMERS Life Sciences (“OMERS”).
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Electric Hydrogen secures $100M credit facility from HSBC, J.P. Morgan, Stifel Bank and Hercules Capital to decarbonize critical industries at scale
May 13, 2024Today, Electric Hydrogen announced $100M in corporate credit financing to support manufacturing and deployment of their innovative 100MW electrolyzer plants, which enable the lowest cost production of green hydrogen. The funding was led by HSBC, with participation from J.P. Morgan, Stifel Bank, and Hercules Capital.
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SLR Equipment Finance Adds to its Underwriting Team with Rashawn Parker Hire
May 13, 2024Rashawn Parker joined SLR Equipment Finance as Associate Vice President in the Risk Department. In his new role, Rashawn will utilize his prior experience in credit analysis and financial services to help grow SLR Equipment Finance’s evolving financial solutions platform.
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J D Factors Provides Factoring Facilities to 35 new Clients in the US and Canada During April
May 10, 2024
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J D Factors Provides Factoring Facilities to 35 new Clients in the US and Canada During April
May 10, 2024
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J D Factors Provides Factoring Facilities to 35 new Clients in the US and Canada During April
May 10, 2024
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J D Factors Provides Factoring Facilities to 35 new Clients in the US and Canada During April
May 10, 2024
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J D Factors Provides Factoring Facilities to 35 new Clients in the US and Canada During April
May 10, 2024
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J D Factors Provides Factoring Facilities to 35 new Clients in the US and Canada During April
May 10, 2024
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Associated Bank Adds Chun Schiros as Chief Analytics Officer to Help Lead Data and AI Innovation
May 9, 2024Associated Banc-Corp (NYSE: ASB) ("Associated") today announced the expansion of its product and marketing leadership team with the addition of Chun Schiros as senior vice president, chief analytics officer. Schiros will focus on enhancing the bank's ability to access and use data effectively and efficiently to attract, deepen and retain customer relationships across all lines of business, including consumer, small business, corporate banking and private wealth.
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Ramaco Resources, Inc. Announces Increase and Term Extension of Revolving Credit Facility
May 9, 2024The Company's principal lender, KeyBank, N.A. ("KeyBank"), has now led a bank syndicate that increased the Company's overall credit facility to $275 million (the "Facility"). This consists of an aggregate revolving commitment of $200 million with an accordion feature for an additional $75 million available upon mutual agreement. The term of the Facility has also been extended to five years expiring in 2029.
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Benefit Street Partners Closes Second Special Situations Fund
May 9, 2024Benefit Street Partners L.L.C (“BSP”) announced the final close of BSP Special Situations Fund II and its affiliated vehicles (“Fund II”) which were oversubscribed with approximately $850 million in capital commitments. Fund II will seek to continue the investment approach of its predecessor fund.
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The ODP Corporation Renews and Extends Existing Asset-Based Credit Facility
May 9, 2024The ODP Corporation (NASDAQ:ODP) (“ODP,” or the “Company”), a leading provider of business services, products and digital workplace technology solutions to businesses and consumers, today announced that it has amended and extended its existing asset-based credit facility.
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NXT Capital Closes Senior Credit Facility in Support of Shoreline Equity Partners’ Refinancing of Engelman’s Bakery
May 9, 2024NXT Capital announced today that it has provided a senior credit facility to support Shoreline Equity Partners’ refinancing of Engelman’s Bakery. NXT Capital acted as the Administrative Agent, Sole Bookrunner, and Sole Lead Arranger on this transaction.
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Sam Ash Files for Bankruptcy Protection, Moves to Reposition Company
May 9, 2024Sam Ash—the century-old American music retailer that became a beloved institution for generations of amateur and professional musicians alike—filed for Chapter 11 bankruptcy protection on May 8, 2024 in the U.S. Bankruptcy Court for the District of New Jersey.
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Encina Private Credit Serves as Club Lender For Senior Secured Credit Facility For John Staurulakis, LLC
May 9, 2024Encina Private Credit, LLC (“EPC”) is pleased to announce that it has served as club lender providing a First Out tranche in a senior secured credit facility supporting Stone Goff portfolio company John Staurulakis, LLC (“JSI”). JSI is a full-service consulting and broadband solutions leader, providing a complete range of operational, financial, management, engineering, regulatory, and strategic assistance to US communications providers.
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First Citizens Bank Arranges $260 Million in Financing for Skilled Nursing Facilities
May 9, 2024First Citizens Bank today announced that its Healthcare Finance business served as lead arranger for a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland.
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Cambridge Savings Bank's Supports Renovation of Chesterbrook Community Center with Donation
May 9, 2024Cambridge Savings Bank continues to provide support for important local organizations, and is pleased to announce a $25,000 donation to local Waltham, MA based Chesterbrook Community Foundation. Chesterbrook’s Community Center is a vibrant, nurturing place where the children not only benefit from academic tutoring, but also engage in mentoring relationships with college students.
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The Secured Lender
SFNet's The Women in Secured Finance Issue