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Charlotte Russe Holdings Corporation together with its subsidiaries announced that it is engaged in discussions with prospective bidders for a going-concern sale of the Company to continue its brick-and-mortar and online platforms.  The Company will simultaneously seek court approval of a "stalking horse" liquidation agreement with a contractual joint venture comprised of Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC on February 20, 2019 in compliance with its Read Story

Field Under: Retail
February 22, 2019 @ 09:00 AM

Great American Group, LLC, a leading provider of asset disposition solutions and wholly-owned subsidiary of B. Riley Financial, Inc. announced that in a joint venture with Tiger Capital Group, it is operating the store closing sales at all Payless ShoeSource locations in the United States and Puerto Rico. This is the largest liquidation by store count in retail history with sales being conducted at approximately 2,100 stores and associated inventory valued at over $1 billion. The sales event Read Story

Field Under: Retail
February 22, 2019 @ 08:02 AM

PNC Bank, National Association, has closed a $140 million senior secured credit facility to support Maryland-based Ames Watson’s acquisition of Lids Sports Group (LSG). PNC Bank served as administrative agent.Founded in 1992, Indianapolis-based LSG is the largest omni-channel licensed sports retailer in North America, selling fan and fashion-oriented licensed sports headwear and apparel across the US, Canada, and Puerto Rico through 1,159 retail locations.  Ames Watson is a privately held Read Story

Field Under: Retail
February 22, 2019 @ 08:00 AM

Hercules Capital, Inc., the largest and leading specialty finance provider to innovative, venture growth stage companies backed by some of the leading U.S. and top-tier venture capital and select private equity firms, today announced the appointment of Seth Meyer as Chief Financial Officer, effective March 4, 2019. Meyer will report directly to Manuel A. Henriquez, Hercules’ chairman and CEO. He replaces David Lund, who served as interim CFO for the prior 16 months and will continue to serve as Read Story

February 22, 2019 @ 08:00 AM

Four Springs Capital Trust announced that it has expanded its current three-year revolving credit facility from $75 million to $125 million, with the ability to increase the credit facility by an additional $75 million to $200 million through an accordion feature. Leading commercial banks M&T Bank and Provident Bank joined the company’s existing lending group of Citizens Bank, N.A., Huntington Bank, Peapack-Gladstone Bank and Two River Community Bank. “We are very pleased to have six commercial Read Story

Field Under: Real Estate
February 22, 2019 @ 07:14 AM

CIT Group Inc. announced that its Real Estate Finance division served as the sole lead arranger of a $48.7 million senior secured loan for the acquisition and lease-up of  the Ballantine Industrial Center in Newark, New Jersey. The property is being acquired through a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.The Ballantine Industrial Center is comprised of six industrial/warehouse buildings and is located in close proximity to Read Story

Field Under: Real Estate
February 22, 2019 @ 07:12 AM

Prudential Capital Group has appointed Debra Hemsey as managing director of Prudential Capital Energy Partners (PCEP), the middle-market energy mezzanine fund business sponsored by Prudential Capital Group. The appointment comes on the heels of the recently announced closing of Prudential Capital Energy Partners I, L.P., a $343 million energy mezzanine fund. Prudential Capital Group is a leading source of private capital for public and private companies and is the private capital arm of PGIM Read Story

February 21, 2019 @ 08:05 AM

Hercules Capital, Inc., a specialty finance provider, announced that effective February 20, 2019, it has replaced its existing $100.0 million credit facility with MUFG Union Bank with a new credit facility under which City National, Umpqua Bank, Hitachi Capital America Corporation and Mutual of Omaha Bank, together with MUFG Union Bank, have committed a total of $200.0 million in credit capacity subject to borrowing base, leverage and other restrictions. The new credit facility also includes an Read Story

Field Under: Lender Finance
February 21, 2019 @ 08:03 AM

Citizens Commercial Banking led a senior secured asset-based financing to Merfish Holdings, LLC for the acquisition of United Pipe & Steel by Houston-based Merfish Pipe Holdings, a portfolio company of One Equity Partners.  Citizens served as Lead Left Arranger and Administrative Agent.A longtime Citizens client, Ipswich, MA-based UPS is a master distributor of steel pipe, copper tube, plastic pipe and electrical conduit. The merger has been about six years in the making as One Equity had Read Story

Field Under: Distribution
February 21, 2019 @ 08:00 AM

Veritas Financial Partners (Veritas), a specialty finance company, recently announced the closing of a $9 million credit facility for Integrated Equipment, Inc. (Integrated). Integrated designs, manufactures, distributes and services equipment for oilfield services clients globally.Based in Houston, Texas, Integrated is one of only four vertically-integrated pressure control oilfield equipment manufacturers globally that offers both industry-required capital equipment and elastomeric products.  Read Story

Field Under: Energy
February 21, 2019 @ 07:11 AM

Encina Business Credit, LLC (EBC) announced that it has provided a $25 million asset-based revolving credit facility to an electronic device repair company. The credit facility consists of a working capital revolver secured primarily by accounts receivable and inventory, the proceeds of which are being used to fund working capital for growth. Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada. The firm provides Read Story

Field Under: Electronics
February 21, 2019 @ 07:08 AM

Payless ShoeSource (“Payless” or the "Company") today announced that the U.S. Bankruptcy Court for the Eastern District of Missouri (the “U.S. Bankruptcy Court”) has approved the Company’s first day motions related to its voluntary filing for relief under Chapter 11 of the Bankruptcy Code (“Chapter 11”). The approvals at a February 19, 2019 hearing in St. Louis, Missouri will support the Company’s efforts to wind-down its approximately 2,500 stores in the U.S., Puerto Rico and Canada, as well as Read Story

Field Under: Bankruptcy
February 20, 2019 @ 09:30 AM

Citizens Financial Group announced a definitive agreement to purchase certain assets of Bowstring Advisors (“Bowstring,” formerly CHILDS Advisory Partners), an Atlanta-based merger and acquisition advisory firm that delivers a range of financial services to commercial and industrial clients nationwide. This transaction, which follows several other recent additions of key industry talent, products and solutions, further strengthens Citizens’ advisory capabilities.“Clients view Citizens as a Read Story

February 20, 2019 @ 09:10 AM

Falfurrias Capital Partners announced it has closed its new middle-market private equity fund, Falfurrias Capital Partners IV, at its hard cap of $500 million in investor commitments.The Charlotte-based private equity firm, founded by former Bank of America CEO Hugh L. McColl Jr. and former Bank of America CFO Marc Oken, will invest the proceeds of the fund in growth-oriented, middle-market businesses, leveraging the firm's deep network of industry relationships, operational expertise and Read Story

Field Under: Private Equity
February 20, 2019 @ 09:09 AM

Bloomberg reported McKinsey & Co. agreed to pay $15 million to end a probe by the U.S. Trustee into whether the global consulting firm violated disclosure rules designed to prevent conflicts of interest in corporate bankruptcies, a federal judge said in a court filing.According to the Bloomberg report, under the terms, McKinsey did not admit wrongdoing and the U.S. Trustee agreed to drop its objections to fees charged by the company’s bankruptcy unit in three Chapter 11 cases. U.S. Bankruptcy Read Story

Field Under: Bankruptcy
February 20, 2019 @ 09:06 AM