White Oak Real Estate Capital (“WOREC”), an affiliate of White Oak Global Advisors, and Thorofare Capital announced a $21.5 million two-year, floating rate senior loan for the acquisition and conversion of 78 Walker Street into a Class A, self-storage facility to-be operated by Public Storage. The loan was used to fund the acquisition of the eight-story property in the Tribeca neighborhood of Manhattan and includes future funding towards the construction and lease-up of the facility. CSP
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WeWork announced that its Plan of Reorganization has been confirmed by the United States Bankruptcy Court for the District of New Jersey, a final step in the Company’s operational and financial restructuring. The Company expects to emerge from Chapter 11 in mid-June, following the completion of routine administrative matters.Nine months ago, WeWork commenced its restructuring to address its high-cost, legacy lease portfolio and dramatically reduce its corporate debt. During this period, the
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Silicon Valley Bank (SVB), a division of First Citizens Bank, along with lending partner Trinity Capital, provided a $63 million warehouse facility to Denim, a technology-forward factoring partner for freight brokers. The financing, offered by SVB's national fintech practice, allows Denim to continue supporting the cash flow and operational needs of growing freight brokers. In a volatile market, this support is vital for helping brokerages and fleets maximize their finances and enhance
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First Citizens Bank announced that CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, provided a $75 million revolving credit facility to Cisco Equipment Rentals, a Texas-based provider of equipment rentals, new and used equipment sales, parts and service. The revolver was used to refinance and consolidate multiple existing lending facilities supporting a growth-oriented business plan and in conjunction with a complex restructuring and recapitalization of the
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Peloton Interactive has successfully completed a holistic refinancing that reduced overall debt, extended debt maturities and achieved more flexible loan terms.Summary of Transactions
The Company syndicated and closed a new $1 billion five-year term loan facility with a broad investor base (the "new TLB facility")
The Company raised $350 million from new and existing investors through an upsized private offering of convertible senior notes due in 2029 (the "notes")
The Company
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An Illinois based consumer products packager needed a new lender. Their previous lender was purchased by a large regional bank and the relationship had soured. To complicate matters there was a tight time frame to close the deal. The Bank of Ann Arbor was able to close the transaction within 35 days of a signed proposal letter. The collateral included A/R, Inventory, equipment, and real estate.The firm chose The Bank of Ann Arbor's Asset Based Lending group as it provided their answer both for
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EquipNet, a member of the 3S Circular Network, added Marc Swirsky as the Managing Director of the organization’s industrial business. Swirsky joins as a tenured and experienced professional, known in the manufacturing industry for his expertise in industrial capital equipment auctions and liquidations.With a distinguished career spanning multiple continents, Swirsky has sourced, secured, and managed over 1,000 auctions and capital equipment projects. In addition, he played a pivotal role in the
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LSQ originated a $3 million accounts receivable credit facility for an aerospace manufacturer based in New Jersey. The company was referred to LSQ by a former client. As part of the partnership, LSQ will also provide the company with comprehensive accounts receivable and customer credit management.“The company is set for remarkable growth, and the additional working capital and services from this facility provide the necessary tools to capitalize on available opportunities,” said DJ Krystopa
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Clarus Capital announced that veteran leverage finance executive Patrick McAuliffe has joined its Sponsor Coverage effort. McAuliffe brings decades of sponsor finance experience to Clarus, having led sponsor coverage efforts and as a member of the management committee and investment committee at NewStar Financial and successor First Eagle Alternative Credit. NewStar, a pioneer in private credit, was founded in 2004 by Clarus Chairman, Tim Conway, and acquired by First Eagle Investment Management
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Reuters reported that Goldman Sachs Asset Management's alternative investments platform said on Wednesday its latest fund had raised more than $20 billion for senior direct lending.According the Reuters report, the fund named West Street Loan Partners V, is targeting to back private equity-backed global businesses and has already invested or committed $4 billion across 37 portfolio companies to date.Read the full Reuters news story here.
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CIBC Innovation Banking provided extended financing to Boston-based Shorelight, an enrollment and performance management platform that drives international student success at top universities. Shorelight will use the extended financing to continue enhancing its product and service offering to international students and university partners.Shorelight, supported by its proprietary technology, provides international students access to top educational institutions in the US and abroad, and supports
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Gateway Fiber, a leading fiber-to-the-home internet provider, closed a senior secured debt facility, providing additional funding for the provider to continue expanding its growing network.Exceeding its initial fundraising target, Gateway raised $175.5 million of debt financing with Texas Capital Bank acting as the Administrative Agent and Texas Capital Securities as Lead Arranger alongside four joint lead arrangers: Hancock Whitney Bank, JPMorgan Chase Bank, Sunflower Bank, and Third Coast Bank
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Alvarez & Marsal (A&M) announced the appointment of Los Angeles-based John A. Taylor as a Managing Director in its Disputes and Investigations practice. Taylor’s joining expands A&M’s West Coast footprint and deepens its disputes capabilities in alignment with DI’s talent growth strategy to help clients address current needs and anticipated challenges. Leveraging more than 35 years of experience, Taylor specializes in business and litigation consulting, including damages analyses and appraisal
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Blank Rome announced the expansion of the firm’s newly opened Boston office with the addition of partners Stephen “Steve” D. Brook and Robert “Rob” Y. Chow, and senior counsel William “Bill” V. Sopp, who join the Corporate, M&A, and Securities group. The group reunites with the 25-attorney team from Burns & Levinson LLP that opened Blank Rome’s Boston office earlier this month with leading corporate, finance, mergers and acquisitions (“M&A”), tax, litigation, and cannabis practices. "We are
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First Citizens Bank's Middle Market Banking business provided $31.5 million in financing to national fashion retailer Jaclyn LLC for the purchase of a newly constructed industrial warehouse and distribution center in Southern California. The warehouse comprises more than 233,000 square feet and will serve as the new West Coast shipping and distribution center for Jaclyn and its affiliated companies of the Golden Touch Group, providers of merchandise and services to retailers and
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