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A 2% high yield default rate is projected for YE 2020 on a record low 12% 'CCC' share of issues and only 5% of outstandings due before 2021, according to a new Fitch Ratings report.The forecast assumes continued economic growth but caveats that recession risks are heightened."Fitch expects a 4% energy default rate for the end of 2020, with many of the default candidates having legacy issues from the 2014-2016 oil price collapse," said Eric Rosenthal, Senior Director of Leveraged Finance. Read Story

Field Under: Industry News
June 17, 2019 @ 09:15 AM

High Road Capital Partners’ portfolio company Banner Solutions has completed the acquisition of Berg Wholesale, marking the fourth acquisition for the company under High Road Capital’s ownership.Based in Tualatin, Oregon, Berg Wholesale is a wholesale distributor of door hardware, bath hardware, and security products for the residential and multi-family housing markets. In addition to its Portland-area headquarters, Berg has distribution centres near Anaheim, California, and Orlando Read Story

June 17, 2019 @ 09:07 AM

Ares Commercial Finance announced that it has provided a senior secured credit facility to Denver Hardwood Co. Incorporated and certain of its subsidiaries and affiliates.  The proceeds will be used to refinance the company’s existing credit facility and for ongoing working capital.Denver Hardwood Co. Incorporated, the main operating company, is a wholesale distributor of quality hardwood and hard surfaces flooring & installation products.  They have a coast-to coast footprint operating through Read Story

Field Under: Distribution
June 17, 2019 @ 09:05 AM

National Health Investors, Inc. announced it will fund a $10.8 million construction loan for a 66-bed assisted living and memory care community located in Oshkosh, Wisconsin. Construction on the facility is expected to begin immediately after closing and to be completed within 12 months. The five-year loan will have an annual interest rate of 8.5% and two one-year renewals. Funding of this construction will be provided from periodic draws on NHI’s revolving credit facility. The new community Read Story

Field Under: Healthcare
June 17, 2019 @ 08:55 AM

Brian Moynihan, Chief Executive Officer at Bank of America, was recognized as one of the most Influential thought leaders of 2019 by Barron,s Magazine, the Publication announced.Moynihan, 59, took over in 2010 when Bank of America, still mired in postcrisis legal and regulatory problems, was operating at a loss. In contrast, earnings last year hit a record $28 billion, and the company’s stock market value recently was $265 billion, second in the domestic banking industry to JPMorgan Chase and Read Story

Field Under: Industry News
June 17, 2019 @ 08:00 AM

Legacy Reserves Inc., and collectively with its subsidiaries, announced its board of directors has approved, and the company has executed, a restructuring support agreement with its lenders under its reserve based revolving credit facility (RBL Lenders) and its lenders under its second lien term loan (Second Lien Lenders). The proposed financial restructuring would significantly reduce the company's debt, provide access to additional capital, and establish a more sustainable capital.To Read Story

Field Under: Bankruptcy
June 14, 2019 @ 09:30 AM

The DAK Group, an investment bank specializing in mergers, acquisitions, business sales and other strategic advisory services for middle-market business owners, announced Jonathan Roth has joined as the Vice President of Investment Banking.“We are thrilled that Jon has joined The DAK team. He brings a wealth of knowledge along with tremendous deal experiences and expertise,” said Alan Scharfstein, President of The DAK Group. “Our expansion continues, as our clients take advantage of the strong Read Story

June 14, 2019 @ 09:00 AM

Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp, announced that it has provided a $6.4 million credit facility to Culinary International LLC consisting of a line of credit and a commercial term loan.  In addition to the financing, Culinary International utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.Based in Vernon, CA, Culinary International makes delicious and authentic Mexican foods for the Read Story

June 14, 2019 @ 08:50 AM

AlixPartners, a global consulting firm, announced that Stephen Dyer has joined as a Managing Director in the firm’s Shanghai office. He will focus on helping Chinese companies develop growth strategies and transformation programs across industries, including automotive, manufacturing, industrial goods and technology.Prior to joining AlixPartners, Dyer was with Ford Motor Company based in Shanghai, where he was Vice President for Business Strategy in Asia Pacific. Prior to that, he was a Partner Read Story

June 14, 2019 @ 08:40 AM

Peapack-Gladstone Bank announced the appointment of Jeffrey A. Glaush, Senior Managing Director, Commercial Private Banker.  Working out of the Bank’s Princeton location, Jeffrey is responsible for providing high-touch customized solutions through personal client service in the Bank’s Commercial and Industrial (C&I) business while servicing commercial businesses in the Tri-State and Delaware Valley Region.Glaush is a seasoned financial services professional with more than 25 years of experience Read Story

June 14, 2019 @ 08:30 AM

BB&T Corporation and SunTrust Banks, Inc., announced Truist as the name for the combined company to be created through their merger of equals. Truist will be the sixth-largest U.S. bank holding company serving more than 10 million households in the U.S., with a leading presence in many of the most attractive, high-growth markets in the country.The two companies also announced the proposed combined company will have its headquarters in Charlotte, NC. Over the next several years, the combined firm Read Story

June 13, 2019 @ 09:05 AM

A bankruptcy filing isn't often associated with something to celebrate - unless you're a law firm handling one of the biggest Chapter 11 filings of the year.According to data tally by New York Law Journal, and analyzed by Forbes, all told attorneys handling the bankruptcy case of the iconic toy retailer Toys ' R' US raked in tens of millions of dollars during the proceedings.One firm alone made $57 million in fees from the case, the report shows.According to a tally by the New York Law Journal Read Story

Field Under: Bankruptcy
June 13, 2019 @ 09:00 AM

Sallyport Commercial Finance provides a $250,000 Accounts Receivable facility to a company committed to providing equipment and process controls to the water treatment and manufacturing sectors.This Original Equipment Manufacturer is in the pursuit of becoming a leading provider of state-of-the-art water treatment solutions for the most demanding applications and water sources.  Their products include process pumps, chemical injection pumps, instrumentation and controls.“It was great being able Read Story

Field Under: Manufacturing
June 13, 2019 @ 08:55 AM

US Capital Global has provided financial advisory services to a US middle-market firm in the oilfield services sector for debt financing of $5.3 million. Headquartered in San Francisco, US Capital Global provides sophisticated debt, equity, and investment products to lower middle market companies and investors.Based in California, this oilfield services company provides a range of services from coiled well tubing to sandblasting and P&A services, and is a merited alternative to the major Read Story

Field Under: Oil & Gas
June 13, 2019 @ 08:50 AM

Boot Barn Holdings, Inc. announced that it amended both its revolving credit facility and term loan on June 6, 2019.The amendment to its revolving credit facility increased the capacity from $135.0 million to $165.0 million and extended the maturity by two years to the earlier of June 6, 2024 or 90 days prior to the maturity date of the term loan, which is now scheduled to mature on June 29, 2023.Wells Fargo Bank, National Association, served as Administrative Agent, Swingline Lender and Issuing Read Story

Field Under: Retail
June 13, 2019 @ 08:47 AM