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Runway Growth Capital, a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, and BC Partners Credit, the $8 billion credit arm of BC Partners, an approximately $40 billion AUM alternative investment firm, announced a definitive agreement whereby BC Partners Credit will acquire Runway.Following the closing of the transaction, Runway will remain the investment adviser to investment funds, including Runway Growth Finance Corp. Read Story

Field Under: Industry News
November 01, 2024 @ 08:15 AM

Revlon Group Holdings provided additional details around the benefits of its recently upsized and enhanced credit facility.  As previously announced on September 30th, Revlon Intermediate Holdings III LLC  and certain of its subsidiaries entered into a five-year senior secured asset-based credit agreement with MUFG Bank, as administrative agent, and the lenders party thereto. The Credit Agreement provides Revlon with a credit facility in an aggregate principal amount of $350 million and replaces Read Story

November 01, 2024 @ 08:14 AM

Silicon Valley Bank (SVB), a division of First Citizens Bank, provided a $50 million growth capital facility to Bugcrowd, a leading provider of crowdsourced cybersecurity solutions. Bugcrowd brings the collective ingenuity of organizations and hackers to mitigate vulnerabilities across all applications, systems, and infrastructure.Provided by SVB’s Enterprise Software Group, the new financing will further scale Bugcrowd’s AI-powered platform globally, fund continued innovation into the Bugcrowd Read Story

Field Under: Cybersecurity
November 01, 2024 @ 08:13 AM

Gunvor USA, an indirect wholly-owned subsidiary of Gunvor Group Ltd, has successfully closed the syndication of its US $2.34 billion uncommitted borrowing base credit facility. The facility, which benefited from strong oversubscription, includes a US $1.75 billion one-year tranche and a US $584 million two-year tranche, as well as a US $500 million accordion feature to support future growth.The proceeds of the facility will refinance Gunvor USA’s existing US $1.94 billion borrowing base facility Read Story

Field Under: Commodities
November 01, 2024 @ 08:00 AM

Grant Thornton has appointed new leaders in two markets. Nathan Dreyfus, a principal in the firm’s Risk Advisory Services practice, has taken the helm of Grant Thornton’s Silicon Valley office. Dreyfus succeeds Amanda McCarty, who is now the firm’s West Region Audit & Assurance Practice leader. Meanwhile, Jeff Strassman, a partner in Grant Thornton’s Audit and Assurance practice, is the firm’s new leader in Boston. He succeeds Chris Martin, who has taken on a leadership role within the firm’s Read Story

November 01, 2024 @ 07:58 AM

Alvarez & Marsal (A&M) announced the appointment of John Fiorentino as a Managing Director within the firm’s Private Equity Performance Improvement (PEPI) group. Mr. Fiorentino’s expertise unlocking procurement and supply chain-driven value creation, in support of private equity (PE) firms and their portfolio companies, provides the perfect blend of experience to expand A&M’s Procurement and Sourcing group’s strategic capabilities. Fiorentino advises clients on supply chain solutions that Read Story

November 01, 2024 @ 07:52 AM

SLR Credit Solutions structured a unitranche asset-based credit facility to support Directional Capital’s acquisition of a collection of rent-to-own retail locations across the New York and New Jersey markets, via a new entity known as Purple Apple. In addition to acquisition financing, the SLR Credit Solutions facility provides additional liquidity for general corporate purposes.  Newly-formed by Directional Capital, Purple Apple purchased the stores from the rent-to-own retail franchisor Read Story

Field Under: Rental News
November 01, 2024 @ 07:35 AM

Monroe Capital has been selected by Inc. Magazine’s 2024 List of Founder-Friendly Investors. The list honors Lenders, Venture Capital and Private Equity firms with a track record of backing founder-led companies and helping them achieve success. As a founder-led business itself, Monroe understands that the key to success lies in supporting visionary leaders and their organization. The firm’s investment strategy includes providing a partnership for founders, enabling them to achieve their maximum Read Story

Field Under: Industry News
November 01, 2024 @ 07:20 AM

Ares Capital Corporation announced that James (“Jim”) R. Miller was appointed as Co-President to serve alongside current Co-President, Kort Schnabel. Concurrently, Ares Capital’s Board of Directors was expanded by one member. Mitchell (“Mitch”) Goldstein joined Ares Capital’s Board of Directors, and Mitch Goldstein and Michael L. Smith have been appointed to serve as Co-Chairmen of Ares Capital’s Board of Directors. Michael Arougheti will cease to serve as Chairman of Ares Capital’s Board of Read Story

October 31, 2024 @ 08:15 AM

TAB Bank closed $98.4 million in credit facilities across 385 deals during the third quarter of 2024. The financing includes a diverse range of loans such as working capital, equipment, commercial real estate, small business lines of credit and accounts receivable funding across numerous sectors, including homeware, restaurant, manufacturing, real estate, transportation and more. TAB Bank remains a solid financial partner for businesses nationwide, offering capital for growth and success to turn Read Story

October 31, 2024 @ 08:05 AM

CIBC Innovation Banking provided $20 million in growth capital to Procurify, a leader in proactive spend management solutions. This funding will support Procurify’s continued development of innovative procurement technologies and its mission to enhance organizational spend transparency and efficiency.Procurify’s suite of proactive spend management solutions includes the recent launch of an all-new accounts payable (AP) automation solution. Building on the success of its existing AP platform and Read Story

Field Under: Business Services
October 31, 2024 @ 08:03 AM

Associated Bank announced the appointment of Phillip Trier and Gregory Warsek to its Executive Leadership Team, effective November 1, 2024. Phillip Trier, 46, will serve as executive vice president, head of Corporate and Commercial Banking, reporting directly to President and CEO Andy Harmening. Trier joined the company in December 2023 to accelerate core Commercial Middle Market business development across the company's major metropolitan markets and lead its equipment finance and leasing Read Story

October 31, 2024 @ 08:01 AM

Oportun, a mission-driven financial services company, announced another important step in its plans to optimize the Company’s capital structure and drive improved profitability. Following an extensive review of a range of alternatives led by the Board of Directors, Oportun has entered into a Credit Agreement to refinance its existing corporate financing facility with a new $235 million Senior Secured Term Loan (“Term Loan”). The refinancing will improve Oportun’s operational and balance sheet Read Story

Field Under: Lender Finance
October 31, 2024 @ 08:00 AM

First Citizens Bank announced that its Energy Finance business introduced a new tax equity investment product to help finance renewable energy projects. Tax equity products enable qualified investors to reap the benefits of various tax incentives aimed at promoting the development of renewable energy. As an industry leader in renewable energy financing, First Citizens Energy Finance is positioned to expand its product capabilities, which will now include tax equity investments. "This new tax Read Story

Field Under: Banking News
October 31, 2024 @ 07:51 AM

eCapital closed a $100 million increase to its existing secured junior capital facility with Ares Management Credit funds, bringing the total facility size to more than $330 million. This latest increase supports eCapital’s continued growth and investment strategy, enabling the company to deepen its commitment to providing working capital solutions to a broad spectrum of SMBs. With a focus on leveraging technology to deliver timely and flexible financing solutions, eCapital is well-positioned Read Story

Field Under: Lender Finance
October 31, 2024 @ 07:47 AM