JOANN has successfully emerged from its court-supervised financial restructuring process, and has substantially reduced its funded debt by half while further enhancing its liquidity through a $153 million exit financing facility that replaces the previously announced debtor-in-possession financing. The prepackaged Chapter 11 plan was supported by the Company’s lenders, creditors and industry partners, and became effective April 30, 2024, enabling JOANN to be in its best financial position in
Read Story
|
Golub Capital announced the final close of its sixth credit opportunities fund, GEMS Fund 6, L.P. (“the Fund” or “Fund 6”), with $2 billion of investable capital.Fund 6 is the largest Golub Capital Credit Opportunities fund to-date. Commitments were in excess of the target fundraise and came from a diverse range of global institutional and private wealth investors across North America, Europe, the Middle East and Asia.“We have a proven track record in Credit Opportunities with five successful
Read Story
|
Triumph Financial appointed Jamie Paterson as the Executive Vice President, Chief Operating Officer – Banking Operations of its TBK Bank, SSB subsidiary. In his role, Paterson will be responsible for overseeing operational excellence for the bank. Reporting to Todd Ritterbusch, president of TBK Bank, Paterson will provide direction and oversight of all operational functions within the retail bank, including digital banking, customer service, operational risk management, fraud mitigation, product
Read Story
|
Scotiabank announced that Travis Machen has been appointed CEO and Group Head of its Global Banking and Markets (GBM) business, effective May 6, 2024.In this role, Machen will be responsible for leading the execution of a global banking business strategy that builds on Scotiabank's unique North American reach and GBM's strategic presence in Latin America, Europe and Asia Pacific. He will focus on expanding product offerings and earning more primary clients to deliver sustainable and profitable
Read Story
|
KKR released “No Turning Back,” a new Insights piece by Henry McVey, CIO of KKR’s Balance Sheet and Head of Global Macro and Asset Allocation (GMAA).Based on a proprietary survey of nearly 50 Chief Investment Officers (CIOs) who collectively oversee over more than $8 trillion dollars in assets, the report examines how leading insurance companies are navigating and evolving their asset allocation priorities for today’s more volatile interest rate environment. Specifically, McVey notes that
Read Story
|
The national Citizens Business Conditions Index (CBCI) fell to 48.2 to start the year as business activity normalized from elevated levels in recent quarters. The reading below 50 indicates that economic momentum slowed during the first quarter against a backdrop of moderately restrictive monetary policy.Labor markets and consumer trends remained resilient in the first quarter. However, Citizens’ proprietary data showed softening revenue trends during the period after solid performance across
Read Story
|
Accord Financial Corp. closed a $25 million credit facility to help a plastics manufacturer support new business contracts as well as complete a strategic business acquisition.What started as an equipment finance opportunity quickly developed into a more substantial transaction with the need for a larger ABL facility and an opportunity for a strategic business acquisition. Accord engaged a key partner to help structure and fund the substantially increased commitment.“The rapidly evolving
Read Story
|
King Trade Capital announced the completion of a $3,000,000.00 purchase order finance facility for a growing home décor Company in Arizona.The home décor company became familiar with King Trade Capital after being introduced by another King Trade Capital client. The Arizona company was growing successfully but outgrew their previous credit facility and needed a finance solution allowing it to keep growing without having to tell customers no or slowing their deliveries. They needed a finance
Read Story
|
First Business Bank added Kristen Palmer to its subsidiary, First Business Specialty Finance, as Vice President and a Business Development Officer in its Accounts Receivable Financing group.“We are very excited to have Kristen on our team,” said Bill Elliott, President of First Business Bank’s Accounts Receivable Financing group. “We are impressed with the visibility that she has achieved in the market and believe that she will be a significant contributor for us, both with respect to new
Read Story
|
Aequum Capital completed a two-stage senior term loan facility to refinance venture debt of $6MM including exit fees plus additional debt capital for acquisitions of up to $2.5MM for BrightWorks IT, a portfolio company of Cloud Equity Group.BrightWorks IT is a leading provider of managed IT services, offering businesses a comprehensive suite of solutions to optimize their technology infrastructure. The Company offers state-of-the-art managed services, as well as cloud, hosting, security, and
Read Story
|
UMB Financial and Heartland Financial, USA Inc. entered into a definitive merger agreement under which UMB Financial Corporation (UMB) will acquire Heartland Financial USA, Inc. (HTLF), in an all-stock transaction valued at approximately $2.0 billion.Founded in 1981, HTLF is headquartered in Denver and has $19.4 billion in assets, $16.2 billion in total deposits and $12.1 billion in total loans, as of March 31, 2024. The combination of companies will create a leading, regional banking powerhouse
Read Story
April 30, 2024 @ 08:10 AM
|
The private equity industry is showing resilience and optimism for 2024 despite shifting market dynamics, according to the S&P Global Market Intelligence 2024 Private Equity and Venture Capital Outlook. According to the outlook, private equity executives are notably more optimistic about deal activity in 2024 with 60% expecting an improvement, compared to 34% last year. Survey respondents also showed increased interest in private credit and shared that artificial intelligence (AI) will play a
Read Story
April 30, 2024 @ 08:00 AM
|
Wintrust Business Credit (WBC) closed a new $25,000,000 ABL line of credit for a Midwest-based importer and distributer of frozen seafood. The company distributes a wide variety of both traditional and ethnic seafood to restaurants and wholesalers in the Midwest and southeastern United States. The company had experienced a significant amount of organic growth over the previous year and needed to increase the size of its line credit of credit to assist with its growing working capital financing
Read Story
April 30, 2024 @ 07:50 AM
|
LSQ originated a $20 million account receivable credit facility for an Ohio-based aerospace tooling and precision assemblies manufacturer. The company was referred to LSQ by a wealth management advisor. The additional working capital will be used to pay off an existing line of credit and support manufacturing growth after a change in ownership.As part of the partnership, LSQ will also provide the company with comprehensive accounts receivable and customer credit management.“The manufacturer is
Read Story
April 30, 2024 @ 07:47 AM
|
Rocky Brands, a leading designer, manufacturer and marketer of premium quality footwear and apparel, signed a definitive debt refinance agreement with Bank of America, as agent. The new agreement, which amends and restates the Company’s existing revolving credit facility, will serve to enhance the Company’s cash flow and liquidity profile while permitting a more simplified capital structure.Transaction Summary
The upsized, amended and extended ABL facility, agented by Bank of America, is
Read Story
April 30, 2024 @ 07:45 AM
|