Spirit Airlines entered into a restructuring support agreement (the "RSA") supported by a supermajority of Spirit's loyalty and convertible bondholders on the terms of a comprehensive balance sheet restructuring. The restructuring is expected to reduce Spirit's debt, provide increased financial flexibility, position Spirit for long-term success and accelerate investments providing Guests with enhanced travel experiences and greater value.In connection with the RSA, Spirit has received
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November 18, 2024 @ 08:15 AM
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Flatbay Capital announced the addition of Stephanie Roehm, marketing representative and brand ambassador in the Dallas-Fort Worth area. Roehm has extensive experience in real estate, sales and recruitment. She will report directly to Dallas-Fort Worth Regions Manager, Adam Gwin, and spearhead the initiative to grow Flatbay’s influence in the region by increasing brand visibility and developing professional relationships within the CRE landscape. Her experience in team management and event
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November 18, 2024 @ 08:05 AM
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Pathlight Capital joined a $330,000,000 syndicated credit facility for Propel Holdings Inc in support of its CreditFresh line of business. Propel is a fintech company facilitating access to credit for underserved consumers. Proceeds from the facilities will be used to support continued growth in CreditFresh's loan portfolio. The credit facility continues to be led by Bastion Management and affiliates thereof (“Bastion”) and Hudson Cove Capital Management, LLC and affiliates thereof.“We are
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November 18, 2024 @ 08:00 AM
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Provident Bank announced the addition of Mohamed Najam as Vice President, Senior Relationship Manager with the bank’s mortgage warehouse lending team, as the bank continues to bolster its specialty lending business, specifically in the mortgage warehouse space.Najam is responsible for developing new and profitable warehouse lending relationships in the Northeast, Mid-Atlantic, and Southeast regions. This includes prospecting for new clients via direct solicitation, centers of influence, existing
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November 18, 2024 @ 07:55 AM
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On November 13, 2024, Wheels Up Experience Inc. closed its new $332 million revolving equipment notes facility with Bank of America, and completed the acquisition of GrandView Aviation's fleet of 17 Embraer Phenom 300 and Phenom 300E aircraft, and related maintenance assets and customer programs. The closings mark a major step forward for Wheels Up's strategic growth goals, aimed at delivering an elevated and reliable experience for its customers. Wheels Up first announced that it had entered
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November 18, 2024 @ 07:45 AM
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Lazydays Holdings announced a series of transformative transactions designed to provide the Company with a significantly strengthened financial foundation and a more focused dealership portfolio. These transactions, which include a comprehensive recapitalization and certain asset sales, will result in meaningful reductions in the Company's debt, interest and preferred stock dividend payments, substantial added cash to the balance sheet, and an improvement in the underlying earnings power of the
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November 18, 2024 @ 07:42 AM
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Hilton Grand Vacations closed on an upsized $850 million revolving warehouse facility. The facility will accommodate both deeded and trust inventory including loans from legacy Bluegreen Vacations, which HGV acquired in January 2024. The facility includes customary used and unused fees and the maximum advance rate remains at 90%. The facility’s revolving period will end in November 2026, with a final maturity in November 2027.
Bank of America remains administrative agent of the facility, and
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November 18, 2024 @ 07:38 AM
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Wyndham Hotels & Resorts has teamed up with investment firm Lafayette Square to provide diverse hoteliers with improved access to capital. Through an exclusive relationship, Wyndham will vet and directly connect qualified owners with Lafayette Square, which aims to help hoteliers with up to $100 million in combined financing from the firm over the coming years. While not all hoteliers will qualify, viable candidates can use the funds to move forward projects that would otherwise stall due to
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November 18, 2024 @ 07:00 AM
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Alector, a clinical-stage biotechnology company pioneering immuno-neurology, entered into a debt financing agreement with Hercules Capital for up to $50 million. Under the terms of the agreement, Alector drew an initial $10 million at closing. An additional $15 million is available at the Company’s request through June 30, 2026, with an additional $25 million available upon lender approval. The Company is under no obligation to draw funds in the future. The credit facility carries a low
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November 15, 2024 @ 08:00 AM
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SSG Capital Advisors served as the investment banker to Trugman-Nash, LLC, a subsidiary of Allied Dairy Products, Inc., in the sale of 100% of its equity ownership interests to Arthur Schuman, Inc. d/b/a Schuman Cheese. The transaction closed in October 2024.Trugman-Nash is a leading importer and distributor of specialty cheddar cheese products. The Company’s leading brand, Old Croc®, was created by Trugman-Nash in 2012, and became one of the country’s fastest-growing imported cheese brands.
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November 15, 2024 @ 07:58 AM
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Lighthouse Financial completed a $4,000,000 revolving line of credit to a South Carolina-based manufacturer and distributor of lighting fixtures. The company sells a wide range of interior and exterior lighting products, including pole and wall mounts, suspended lighting, illuminating bollards and columns, recessed wall, inground, and illuminating bench lighting. A leading force in the international lighting market, the company is respected for innovative, attractive indoor and outdoor
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November 15, 2024 @ 07:55 AM
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With the election now behind us, many business owners are planning for 2025. A recent KeyBank Small Business Flash Poll found 61% of respondents indicated they were likely to seek clarity and hold off on major business decisions until after the election, while only 12% said the election would have no impact on their 2025 planning. The poll also found business owners anticipate policy shifts will most affect areas such as:
Taxation (45%)
Regulations (34%)
Trade policies (31%)
Despite
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November 15, 2024 @ 07:45 AM
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Alvarez & Marsal (A&M) announced the addition of Elan Ben-Avi as a Managing Director in its North America Commercial Restructuring (NACR) practice. Ben-Avi’s arrival underscores the practice’s ongoing talent investments, and enhances the firm’s ability to help clients navigate restructuring challenges amid economic volatility and evolving market conditions. Ben-Avi’s advises clients on multinational restructurings, operational turnarounds, and distressed transactions across multiple industries
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November 15, 2024 @ 07:40 AM
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TPG Twin Brook recently served as administrative agent on debt financings to support:
Halifax Group’s recapitalization of ChanceLight Inc., a leading provider of behavioral health, therapy, and education solutions for children and young adults.
Blue Sage Capital’s refinancing of Baker Manufacturing Company, LLC, a vertically integrated manufacturer of water well equipment and accessories for residential, industrial, municipal, and environmental applications. Additional details regarding
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November 15, 2024 @ 07:15 AM
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PlainsCapital Bank announced that Travis Smart has joined its Fort Worth lending team as Senior Vice President, Senior Commercial Loan Officer. He will be based at the Bank’s Downtown Fort Worth location at 801 Houston Street. In his new role, Smart will focus on developing and managing client relationships, providing tailored commercial loan solutions, and offering PlainsCapital’s diverse range of products and services to support commercial customers. “Travis has built a solid career in
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November 15, 2024 @ 07:00 AM
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