Tempur Sealy International has successfully closed on a senior secured Term Loan B facility in an aggregate principal amount of $1.6 billion (the "Term Loan B"). The Term Loan B will mature seven years after the date of closing. The Company also amended its 2023 Credit Agreement to reflect this new Term Loan B and extend the availability period of $605 million of the Company's Delayed Draw Term A commitments that closed earlier this year. Bank of America served as administrative agent on the
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October 28, 2024 @ 08:15 AM
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nFusion Capital and Iron Horse Credit announced the funding of a $5.5 million line of credit to a wholesaler of kitchenware, chinaware, and kitchen accessories. The financing will support the Company’s working capital needs and provide a steady flow of capital during seasonal fluctuations in demand for its products. With over 70 years in the market, the wholesaler was founded to bring exclusive European kitchenware to the United States. The Company has expanded its product line to include a wide
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October 28, 2024 @ 08:12 AM
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Evercore announced that Katrina Niehaus has joined the firm as a senior managing director to lead the firm’s structured finance effort, based in New York.Daniel Mendelow, co-head of U.S. Investment Banking, said, “Katrina is a trusted expert in the structured finance industry and has cultivated strong relationships over the course of her career. We are looking forward to welcoming her to the team to provide creative capital solutions to Evercore’s clients. With her hiring, Evercore continues to
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October 28, 2024 @ 08:10 AM
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PrivateCap announced its launch to unlock new sources of capital for the equipment finance industry by connecting institutional investors to originators in the small and mid-market leases and business lease and loan market. PrivateCap’s founders, Bill Phelan and Barry Ripes, bring extensive expertise in the equipment finance market and a successful track record in building businesses in the private and public sectors. “Capital markets are shifting across the world, making this the opportune
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October 28, 2024 @ 08:00 AM
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Stonebriar Commercial Finance closed a seven-year $88 million (CAD) equipment financing facility to Heavy Metal Equipment & Rentals, facilitating the acquisition of 10 CAT 797 ultra-class haul trucks. This is the third transaction closed with the company in the last 2 months, totaling $122 million (CAD).“I’ve had the pleasure of knowing the HME management team for over a decade and have enjoyed watching the company grow into the largest heavy equipment rental and service business in Canada,"
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October 28, 2024 @ 07:55 AM
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Sallyport Commercial Finance announced the successful funding of $500,000 in accounts receivable finance for a staffing firm whose parent company is an existing client. The client, referred by Sallyport's Account Executive Olivia Hudson, is expanding into a new division focused on renewable energy and this funding will enable them to meet their payroll obligations and drive business growth as they break into a new sector. The company's parent company is based in the UK, so Sallyport’s
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October 28, 2024 @ 07:45 AM
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B&D Capital Partners announced the successful placement of an $89.5 million debt financing led by Huntington Bank and up to $200 million of capital commitments in a special purpose financing vehicle led by Stonehenge Structured Finance Partners and Blystone & Donaldson for MedShift, LLC. The initial transaction closed on October 18, 2024 and the combined $289.5m of total potential funding provides MedShift with access to sufficient capital to support its long term future growth.This transaction
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October 28, 2024 @ 07:10 AM
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Mirate Equity announced its latest investment initiative in the Los Angeles market with the financing of a premier multifamily apartment complex. This development is set to offer luxury and affordable housing options to support the city's growing need for quality, well-designed residential spaces while contributing positively to the local economy.Strategically located within Los Angeles, the project will feature a mix of modern studios, one, two-, and three-bedroom apartments, with amenities
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October 28, 2024 @ 07:00 AM
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Kapitus, a leading provider of financing for small and medium sized businesses, announced the acquisition of Ten Oaks Commercial Capital, a finance company specializing in equipment finance and working capital loans.With this acquisition, Kapitus is launching its equipment finance arm, in addition to its small business loan and revenue-based financing products, to accelerate support for small- and medium-sized businesses that drive the country forward in critical industries, including
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October 25, 2024 @ 08:15 AM
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Proskauer revealed the results of its Q3 2024 Private Credit Default Index (“Default Index” or the “Index”), with an overall default rate of 1.95%. The Q3 default rate is a decrease from 2.71% in the prior quarter. However, the overall default rate is still higher than the default rate for Q1, which was 1.84%.“We continue to see a relatively stable default rate across our portfolio, in contrast to the rising default rates we see in the syndicated markets,” said Stephen A. Boyko, partner in
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October 25, 2024 @ 08:11 AM
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LICT Corporation closed on a 5 year, $100 million, revolving credit facility with CoBank, ACB. In addition to extending the term of the revolving credit facility through 2029 and enlarging the facility from $50 million to $100 million, the new loan facility provides an improved covenant structure and greater flexibility to meet capital expenditures to better serve our communities and for greater inorganic growth.Stephen J. Moore, Vice President - Finance of LICT, said, “CoBank has been a
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October 25, 2024 @ 08:05 AM
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TAB Bank closed a $4 million working capital facility with a rapidly growing, full-service metal manufacturer serving the aerospace, defense, medical, marine and renewable energy industries. The partnership will help the manufacturer consolidate two newly acquired machine shops and expand its operations to meet increased demand.The manufacturer has built a reputation for exceeding customer expectations with high-precision CNC milling and contract manufacturing services. The company serves major
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October 25, 2024 @ 08:03 AM
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Gridiron Capital announced the following Investment and Accounting & Finance team additions: Caroline Sizer as Vice President of Portfolio Analytics, Paul Addeo as Accounting Manager, Elisa Gashaj as Tax Manager, and Will Atkins and Jemarc Walters as Investment Associates. These new hires reaffirm Gridiron’s commitment to expanding investment team resources and driving value creation across its portfolio.Sizer, Addeo, and Gashaj will join the Gridiron Accounting & Finance team, where they will
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October 25, 2024 @ 08:00 AM
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Morgan Stanley Investment Management has closed North Haven Tactical Value II Fund LP (“NHTV II” or the “Fund”) and affiliated funds at approximately $2 billion of committed capital, representing a nearly 50 percent increase over the predecessor fund NHTV I. The Fund seeks to provide credit, hybrid and non-control equity investments in high-quality companies across sectors and geographies. Investors in the Fund include some of the world’s largest and most sophisticated institutional investors as
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October 25, 2024 @ 07:58 AM
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DailyPay, a worktech company and provider of earned wage access, has secured an additional $100 million commitment to its secured credit facility capacity from Citi. The additional commitment doubles Citi's commitment from $100 million to $200 million. DailyPay's total revolving secured debt facility commitment now stands at $760 million which includes $500 million from Barclays, $200 million from Citi, and $60 million from TPG Angelo Gordon.The secured credit facility will provide DailyPay
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October 25, 2024 @ 07:39 AM
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