Bloomberg reports that banks are capitalizing on lower interest rates to claw back corporate debt deals from private credit funds.According to the report, based on Bank of America Corp. research, almost $30 billion of private debt has been refinanced through broadly syndicated loans across more than 70 deals so far this year, as more borrowers look to slash interest costs.Read the full Bloomberg report.
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October 04, 2024 @ 08:18 AM
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The 6,067 total commercial chapter 11 bankruptcies filed during the first nine months of 2024 represented a 36 percent increase over the 4,561 filed during the same period in 2023, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. “As we close out the third quarter in 2024, we continue to see a steady increase in both individual and commercial filings this year to date. The recent Fed rate cut (and signal for further cuts) spurred by slowing job
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October 04, 2024 @ 08:10 AM
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Gordon Brothers has added Julie Dobler as Director, North America Real Estate Services. In this role, Dobler supports Real Estate Services’ daily operations and helps implement streamlined processes, procedures and methodologies to enhance the operational platform. The firm’s real estate services are offered in conjunction with inventory, machinery and equipment, receivables, brands and intellectual property expertise, providing retail, office, commercial and industrial clients full life cycle
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October 04, 2024 @ 08:05 AM
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eCapital reported strong progress in its Factoring division, surpassing $205 million in funding commitments year-to-date. This benchmark reflects eCapital’s ability to provide essential capital to clients across a wide range of industries to support their business needs.Notable transactions over the past few months include: $15MM Factoring Plus Inventory Facility for a U.S.-Based Beverage Company A private equity-backed bottled water company secured a confidential
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October 04, 2024 @ 08:04 AM
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Southland Holdings, a provider of specialized infrastructure construction services, closed a new $160.0 million senior secured term loan facility with Callodine Commercial Finance. The new facility consists of a $140.0 million initial draw term loan and a $20.0 million committed delayed draw term loan, which are due in 2028. The delayed draw is a committed facility in which Southland may request all or a portion of the delayed draw to be available to the company.From the initial total term loan
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October 04, 2024 @ 08:02 AM
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A new survey from Grant Thornton revealed that chief financial officers (CFOs) in the energy industry have a positive outlook on the state of the sector.More than half (56%) of the 161 energy finance leaders surveyed across various sectors, including power and utilities, renewable and alternative, services, natural resources, midstream transportation and storage, refining, and retail and marketing, said global and domestic economic conditions will have a positive or very positive effect on the
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October 04, 2024 @ 08:00 AM
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CIBC Innovation Banking provided growth capital to Booksy, a mobile-first booking platform that connects beauty, wellness and health professionals with local customers, powering hundreds of millions of appointments each year. The company will use the financing to accelerate new customer acquisition, marketplace expansion, and platform enhancements.Booksy’s suite of business solutions helps business owners manage their practice with products, such as Booksy Biz for small businesses, which
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October 04, 2024 @ 07:50 AM
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William Blair has expanded the firm’s Private Capital Advisory team in Europe with the addition of Connor O’Keeffe as managing director. Based in London, O’Keeffe will focus on fund placement and advisory services for general partners (GPs) throughout Europe.“Connor’s addition to our Private Capital Advisory team further demonstrates our commitment to providing dedicated advisory and fund placement capabilities in Europe and bolstering our investor coverage in the region,” said Jerome Wallace
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October 04, 2024 @ 07:00 AM
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Fifth Third Bank announced a new structure within its Commercial Bank that builds upon the organization’s successes and continues to position the firm for the future.Corporate & Investment Banking serves a variety of industries with a team of experienced bankers dedicated to providing solutions based on the Bank’s industry-specific knowledge sectors. The new Corporate & Investment Banking structure empowers the bank to serve clients with a broader array of services including more complex
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October 03, 2024 @ 08:15 AM
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Tiger Finance’s lending platform committed $125 million of capital in the third quarter to support clients’ strategic growth initiatives across various business sectors. Significant deals in Q3, which ended September 30, included providing capital to a growing Amazon aggregator, supporting the strategic recapitalization of a large department store chain, and providing acquisition financing to three apparel retailers in categories such as women’s specialty offerings and luxury fashions. Tiger
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October 03, 2024 @ 08:12 AM
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Portage Point Partners, a business advisory, interim management and investment banking firm serving middle market stakeholders, announced a strategic minority growth investment from New Mountain Capital, a growth-oriented investment firm with over $55 billion in assets under management. This partnership represents a significant milestone for Portage Point adding an experienced partner that will support continued growth, enhance talent acquisition and elevate institutional profile.Founded in 2016
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October 03, 2024 @ 08:10 AM
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Powin, a global leader in battery energy storage solutions, successfully secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by KKR. The facility will be instrumental in supporting Powin’s working capital needs, driving continued innovation, and further enhancing the company’s financial flexibility as it expands its leadership position in the storage industry.This strengthened capital position improves Powin’s ability to seize the immense market
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October 03, 2024 @ 07:57 AM
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Janus Henderson Group, a leading global active asset manager, announced that it has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors, LLC (“VPC”), a global private credit manager with a nearly two decade-long track record of providing customized private credit solutions to both established and emerging businesses. VPC complements Janus Henderson’s highly successful securitized credit franchise and expertise in public asset-backed securitized
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October 03, 2024 @ 07:54 AM
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Ansley Park Capital announced a major milestone in its first full quarter of operation. The company successfully funded $200 million across a wide range of industries, bringing its total originations to more than $250 million since its inception. The announcement comes as Ansley Park Capital continues to expand its reach across a diverse pool of customers, showcasing its commitment to growth and custom-tailored solutions that its customers need. “Despite a challenging period of economic
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October 03, 2024 @ 07:19 AM
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BriteCap Financial, a non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans, announced the appointment of James Noel as Vice President of Strategic Partnerships. Noel brings over 20 years of experience in the business lending industry to BriteCap, where he will play a pivotal role in expanding the company's network of strategic funding partners.“Jim and I have built a strong working relationship over the years, and I'm thrilled to
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October 03, 2024 @ 07:08 AM
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