PennantPark Floating Rate Capital Ltd. (“PFLT”) upsized its credit facility, led by Truist Bank to $736 million from $636 million. Pricing on this facility remained unchanged at SOFR plus 225 basis points. The Credit Facility is secured by all of the assets held by PennantPark Floating Rate Funding I, LLC, a wholly-owned subsidiary of the Company, and includes customary covenants, including minimum asset coverage and minimum equity requirements.“We are appreciative of the support from all of our
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December 27, 2024 @ 08:10 AM
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TPG Twin Brook announced the following recently closed transactions:
Dunes Point Capital’s leveraged buyout of Star Dental Partners, the industry leader in to-the-trade home furnishings, distributing fabric, furniture, wall coverings, trimmings, and carpet under the Kravet, Lee Jofa, GP & J Baker, Brunschwig & Fils and Donghia brands.
Heritage Group’s leveraged buyout of Nationwide Medical, a national provider of home medical equipment and clinical services for patients with chronic
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December 27, 2024 @ 08:05 AM
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Biz2Credit unveiled its Small Business Earnings Report, a new monthly report examining the financial health of small businesses in America. The study looks at the performance of small to midsized firms in the U.S. – from early stage to established companies — that applied for financing via Biz2Credit’s online funding platform during the past month.The report provides one of the most precise and timely sources of small business financial health currently available. It tracks earnings, revenues
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December 27, 2024 @ 08:00 AM
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Growth in new business volume suggests a 0.12% increase in new durable goods orders in November. Based on the latest data from the Equipment Leasing and Finance Association’s (ELFA) CapEx Finance Index (CFI), durable goods orders are expected to grow by 0.12% in the upcoming November advanced report on durable goods. That would be the fastest growth rate since July and a sign that demand for manufacturing goods has momentum heading into 2025.“The November CapEx Finance Index shows that the
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December 27, 2024 @ 07:56 AM
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United Community Banks and ANB Holdings announced the execution of a definitive merger agreement in which United will acquire ANB, and its wholly-owned subsidiary, American National Bank (“ANB Bank”), in an all-stock transaction with an aggregate value of roughly $80 million.ANB Bank is headquartered in Oakland Park, Florida, a northern and fast-growing part of the Miami metropolitan area. Founded in 1985, ANB Bank primarily services Miami Dade, Broward and Palm Beach Counties. It is a premier
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December 27, 2024 @ 07:55 AM
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The Hedaya Capital Group provided a $2.5 Million factoring facility to a New Jersey-based high-end golf apparel brand that prioritizes the consumers’ athletic nature but can be worn for many engagements: athletic, personal, and professional. Launched by a trio of brothers and cousins, the founders crisscrossed the country, visiting country clubs to bootstrap a fashion-forward brand that would nurture consumers’ athletic nature, honor their core commitment to sports and high-level performance
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December 27, 2024 @ 06:00 AM
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S&W Seed Company closed a new $25 million revolving credit agreement with ABL OPCO LLC ("Mountain Ridge") which replaces an existing facility with CIBC Bank USA.In connection with the Company's entry into the Mountain Ridge credit agreement, MFP Partners L.P. ("MFP"), S&W Seed Company's largest shareholder, provided a letter of credit with a face amount equal to $13 million. The MFP letter of credit is being used as collateral to support S&W's obligations under the Mountain Ridge credit
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December 24, 2024 @ 08:15 AM
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Gordon Brothers in a joint venture with Hilco Consumer - Retail and Tiger Capital Group, began store closing sales at all 869 Big Lots locations.The U.S. closeout retailer is offering up to 25% off original prices on all merchandise and 50% off a great selection of Christmas and harvest offerings. Stores are fully stocked with an outstanding variety of toys, home décor, furniture, apparel and more.“New arrivals in seasonal merchandise are on sale just in time for customers to buy gifts that are
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December 24, 2024 @ 08:10 AM
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Lafayette Square was named by the U.S. Small Business Administration ("SBA") as one of four new Small Business Lending Company (SBLC) licensees. SBLCs are granted to SBA 7(a) lenders focused on historically underserved markets to support SBA's ongoing efforts to increase access to affordable capital for business owners in underserved markets across America.The SBLC designation will allow Lafayette Square to expand into 7(a) lending and increase its support for entrepreneurs in working-class
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December 24, 2024 @ 08:04 AM
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TScan Therapeutics, a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, announced that it has entered into a term loan facility with Silicon Valley Bank (SVB), a division of First Citizens Bank, for up to $52.5 million. The first tranche of $32.5 million, advanced at loan closing, will be used to retire the existing convertible debt with K2 Health Ventures and the remainder for
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December 24, 2024 @ 07:50 AM
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Cadre Holdings, a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, closed a new credit agreement that provides senior secured credit facilities of up to $590 million and matures in five years. PNC Bank is the administrative agent and left-lead arranger. Bank of America, Regions Bank, US Bank and Bank of Montreal acted as Joint Lead Arrangers on the Credit Facilities.
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December 24, 2024 @ 07:48 AM
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Data from the Secured Finance Network revealed generally mixed results in the asset-based lending market for the third quarter, with deal activity receding in response to fewer new client commitments, and the portfolio performance index improving for both non-banks and banks against already historically strong levels.Banks and non-banks alike had neutral expectations for industry conditions, with about two-thirds of each group anticipating conditions to stay unchanged. (That cautious assessment
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December 24, 2024 @ 07:40 AM
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ABL Advisor's offices will be closed Wednesday, December 25th and Thursday, December 26th for the Christmas holiday. We will return with our Daily eNews on Friday, December 27th.We wish all of our readers, advertisers, contributors and colleagues a very happy and safe holiday!
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December 24, 2024 @ 06:00 AM
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The Container Store Group, the nation’s leading retailer of organizing solutions, custom spaces, and in-home services, announced it will implement a recapitalization transaction to bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability. To effectuate the transaction, The Container Store and certain of its subsidiaries filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern
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December 23, 2024 @ 09:00 AM
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Great Plains Communications (GPC), a leading Midwestern telecommunications provider, announced the successful closing of $500 million in financing to refinance debt and fund future capital expenditures and expansion. Fifth Third Bank acted as the Lead Arranger and Administrative Agent for this transaction, demonstrating strong confidence in GPC’s strategic vision and operational excellence."This financing highlights the strength of our business model and our steadfast focus on delivering fast
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December 23, 2024 @ 08:45 AM
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