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The risk of an imminent U.S. recession remains low despite the recent flattening of the U.S. yield curve, Fitch Ratings says. The underlying recession signals traditionally embodied by a yield curve inversion, namely high policy interest rates relative to long-term expectations of policy rates, and falling bank profitability and credit availability, are absent. Yield-curve flattening does nevertheless emphasize that the U.S. economic cycle is in a late stage of expansion.  The yield curve has Read Story

Field Under: Economy
December 14, 2018 @ 09:00 AM

CONMED Corporation, a medical technology company that provides surgical devices and equipment for minimally invasive procedures, announced a definitive agreement to acquire privately-held Buffalo Filter LLC for $365 million on a cash-free, debt-free basis. The transaction is expected to be financed through a combination of new convertible notes and an expanded and amended credit facility. The transaction is subject to customary closing conditions, including receipt of U.S. regulatory approval Read Story

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December 14, 2018 @ 08:32 AM

CIT Group Inc. announced that its Healthcare Finance business, part of CIT’s Commercial Finance division, served as sole lead arranger of $21.4 million in senior secured credit facilities for Virtus Real Estate Capital, a private equity real estate firm that focuses on cycle-resilient alternative property types.  The financing supported the acquisition of three medical office buildings located within the greater Nashville, Tennessee, metropolitan area. “Medical Office is one of our key Read Story

Field Under: Real Estate
December 14, 2018 @ 08:05 AM

Government Properties Income Trust announced that it has amended and restated the credit agreement for its existing $750 million unsecured revolving credit facility. Prior to the amendment, GOV’s revolving credit facility had a maturity date of January 31, 2019, and required interest on drawings at LIBOR plus 125 basis points, subject to adjustments based on changes to GOV’s credit ratings. The maturity date of the amended revolving credit facility has been extended to January 31, 2023, and Read Story

Field Under: Real Estate
December 14, 2018 @ 07:23 AM

Rosenthal & Rosenthal, Inc.,  a factoring, asset based lending and purchase order financing firm in the U.S., announced the completion of recent deals with two of the country’s highest quality and most trusted seafood suppliers.   A popular supplier of fresh fish to some of the world’s most prominent retailers and restaurants sought out a new financing partner when its existing bank unexpectedly tightened the reins on the company’s financing. The company’s attorneys recommended Rosenthal and Read Story

December 14, 2018 @ 07:09 AM

Parker Drilling Company announced that it and its material U.S. subsidiaries have entered into a restructuring support agreement ("RSA") with holders  of the Company's securities, including a significant amount of its 7.50% Senior Notes due 2020 and 6.75% Senior Notes due 2022 (collectively, the "Notes"), outstanding preferred stock and outstanding common stock. The transaction contemplated under the RSA is expected to strengthen the Company's financial foundation and position it to capitalize Read Story

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December 13, 2018 @ 08:25 AM

In terms of investor appetite, insurance technology has been one of the more popular corners of the U.S. financial technology world in 2018. Through the first nine months of the year, insurance technology companies secured more than a billion dollars in funding, based on S&P Global Market Intelligence data, edging out other fintech segments such as payments and digital lending. Classifying technology companies is not always an easy task, but we generally see two types of business models as Read Story

Field Under: Insurance
December 13, 2018 @ 08:23 AM

Catalina, a market leader in shopper intelligence and personalized digital media that converts shoppers into buyers, announced that it has reached an agreement with over 90% of the company's first lien lenders and over 75% of the company's second lien lenders on the terms of a restructuring support agreement to effectuate a balance sheet restructuring. The agreement will allow Catalina to significantly enhance its financial flexibility, reducing its debt by approximately $1.6 billion and Read Story

Field Under: e-Commerce
December 13, 2018 @ 08:13 AM

The EnLink Midstream companies (EnLink), EnLink Midstream, LLC  (ENLC), the General Partner, and EnLink Midstream Partners, LP  (ENLK), the Master Limited Partnership, announced that ENLK has entered into an $850 million, three-year unsecured term loan agreement and that ENLC has entered into a revolving credit agreement to refinance EnLink's two existing revolving credit facilities into one aggregate facility of $1.75 billion (Refinanced Credit Facility).   Proceeds from the term loan were Read Story

Field Under: Energy
December 13, 2018 @ 08:00 AM

NXT Capital announced today that it has provided a senior secured credit facility to support Audax Private Equity’s acquisition of PHOENIX Rehabilitation and Health Services. NXT Capital acted as the Sole Lead Arranger, Administrative Agent and Sole Bookrunner for this transaction. “We are pleased to work with the NXT Capital team again,” said Mark Cordes, Managing Director, Audax Private Equity. “NXT’s experience in the healthcare services sector allowed for a quick and efficient closing and Read Story

Field Under: Healthcare
December 13, 2018 @ 07:15 AM

Capital One announced  that it served as administrative agent and lead arranger for a $350 million senior credit facility for Covis Pharma B.V. (Covis). The facility consists of a $25 million revolver and a $325 million term loan that Covis used to acquire the worldwide rights for medicines Alvesco, Omnaris, and Zetonna. “This is an exciting milestone for Covis, as we continue to execute on our strategy of building a global respiratory and allergy franchise,” said Michael Porter, Covis Pharma’s Read Story

Field Under: Pharmaceuticals
December 13, 2018 @ 07:15 AM

Wells Fargo Capital Finance, part of Wells Fargo & Company, announced that Marc Grossman has been named executive vice president and division manager of factoring and specialty asset-based lending (ABL) in its Commercial Services Group.  The Commercial Services Group provides industry-specialized financing to businesses in apparel, government contracting, transportation, and staffing services. In Grossman’s new role, he is responsible for the group’s factoring and lending activities, including Read Story

December 12, 2018 @ 07:57 AM

PNC Bank, National Association, announced a strategic appointment to its senior secured lending team in the Upper Midwest region. Eamonn Brady has been appointed senior vice president and business development officer for PNC Business Credit. Based in Chicago, he is responsible for direct origination in the Illinois market. Brady joins the organization from Wells Fargo, where he spent the last 10 years, most recently serving as a director with responsibility for direct loan originations at Read Story

December 12, 2018 @ 07:32 AM

Fifth Third Bancorp announced that Eric S. Smith, currently the Chicago regional president of Fifth Third Bank, will transition to chief operating officer of the region once the pending merger with MB Financial, Inc. closes. He will report directly to Mitch Feiger, who currently serves as president and CEO of MB Financial. Feiger will become CEO of Fifth Third Bank in Chicago after the closing. The merger is expected to close in the first quarter of 2019, subject to regulatory approvals and Read Story

December 12, 2018 @ 07:09 AM

Health care IT remains a hot investment sector despite concerns about these companies being overvalued, according to KPMG-Leavitt Partners 2019 Investment Outlook, a survey of health care investment professionals. More than a third of respondents (34 percent) said they were most interested in investing in health care IT, followed by care management (31 percent), home health (23 percent), retail-centric medical groups (22 percent) and primary care practices (21 percent). We are not surprised by Read Story

Field Under: Healthcare
December 12, 2018 @ 07:07 AM