MMP Capital announced the renewal of its $125 million secured warehouse facility with Deutsche Bank, a move that positions the Long Island-based company for continued growth as it enters its third year as an on-balance sheet lender.John-Paul Smolenski, CEO of MMP Capital, views this renewal as a validation of the company’s approach to business. "This partnership with Deutsche Bank reflects our growth and our ability to deliver more value to our clients. As we continue to evolve, we’re proud to
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September 30, 2024 @ 08:18 AM
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The AZEK Company, a designer and manufacturer of sustainable outdoor living products, including TimberTech® decking and railing, Versatex® and AZEK Trim®, and StruXure® pergolas, entered into a new credit agreement with Wells Fargo Bank, as administrative agent and collateral agent, and the lenders and financial institutions party thereto, the arrangement of which was led by Wells Fargo Securities and JPMorgan Chase Bank as joint bookrunners. The new credit agreement provides the Company with a
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September 30, 2024 @ 08:00 AM
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KBRA released a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the September 2024 servicer reporting period. The delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) in September increased to 5.32%, up 34 basis points (bps) from August. The total delinquent plus current but specially serviced loan rate (collectively, the distress rate) showed a smaller increase of 16 bps to 8.52%, with office breaching
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September 30, 2024 @ 07:57 AM
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Welltory, an all-in-one personalized health and wellness app, closed a $3 million credit line with Braavo Capital. The funding will empower Welltory to invest deeper into its strategic product and market growth to become the leader in the preventative and people-centric care categories.Welltory already empowers people to understand their wellness data and make personalized, smarter choices for healthier living. With Braavo Capital's support, Welltory can push the boundaries of science and
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September 30, 2024 @ 07:49 AM
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SVB Financial Group completed the sale of its investment platform business, SVB Capital, to affiliates of Pinegrove Capital Partners, backed by evergreen capital from Brookfield Asset Management and Sequoia Heritage.Under the terms of the agreement, the consideration for the sale included a combination of cash and other economic interests.MoffettNathanson LLC, a sell-side research business owned by SVB Financial Group, was not included in the transaction and remains part of SVB Financial
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September 30, 2024 @ 07:38 AM
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Aethon United BR entered into an Amendment No. 18 to that certain Credit Agreement, dated as of July 1, 2016, with JPMorgan Chase Bank as administrative agent, and certain lenders and issuing banks party thereto.The Amendment, among other things, (i) reaffirmed the $1.15 billion borrowing base and aggregate elected commitments under the Credit Agreement at $1.0 billion and (ii) extended the Credit Agreement’s maturity date to September 27, 2029.The foregoing summaries and descriptions of the
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September 30, 2024 @ 07:35 AM
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Pathward Financial, through its subsidiary, Pathward, announced the Bank’s Partner Solutions line of business won the 2024 Finovate Award for Best Banking as a Service Provider. According to Finovate, its awards recognize the companies driving fintech innovation forward and the individuals bringing new ideas to life.“Pathward’s Partner Solutions team is honored to be recognized by Finovate. We have an incredible team, and it’s rewarding to earn national recognition as the Best Banking as a
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September 30, 2024 @ 07:29 AM
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Astara Capital Partners, an operationally-focused private equity firm that invests in middle market companies, announced that Sarah Robson has joined the firm as Head of Business Development. Based in New York, Sarah will be responsible for leading the firm's deal origination and marketing efforts and will work closely with the investment team to accelerate sourcing efforts."We are excited to welcome Sarah to the team to lead our business development effort. She has a long history in private
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September 30, 2024 @ 07:00 AM
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Citigroup and Apollo entered into an exclusive agreement for a subsidiary of Citi and certain affiliates of Apollo to form a landmark $25 billion private credit, direct lending program initially in North America, with the potential to expand to additional geographies. The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their
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September 27, 2024 @ 08:15 AM
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Gordon Brothers has forecasted U.S. retail sales for this upcoming holiday season predicting a modest increase of 1.2% to 3.5% relative to last year amid economic and political uncertainty. While certain economic indicators are looking up, including a 50-basis point rate cut, stronger than expected consumer confidence, and inflation falling to its lowest level in more than three years, there is increased uncertainty around the election, rising unemployment, stock market volatility and weak
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September 27, 2024 @ 08:10 AM
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BlackRock and Santander announced the signing of a memorandum of understanding (MoU) by which funds and accounts managed by BlackRock will invest up to US$1 billion per year in select project finance, energy finance, and infrastructure debt investment opportunities with Santander through structured transaction formats.The agreement follows an initial transaction whereby funds and accounts managed by BlackRock agreed to provide financing on a US$600 million diversified portfolio of infrastructure
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September 27, 2024 @ 08:05 AM
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TD Bank announced Andy Bregenzer and Jill Gateman as Co-Heads of U.S. Commercial Banking. The appointments follow the Spring 2024 announcement of Chris Giamo's retirement from TD Bank after 26 years of service to TD and more than 30 years in banking.In the newly established positions, Bregenzer and Gateman will jointly lead all areas of the Commercial Bank in the U.S. Bregenzer will focus primarily on leading all aspects of the Regional Commercial Bank, including Small Business. Gateman will
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September 27, 2024 @ 08:03 AM
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Huntington Business Credit closed a $50,000,000 new credit facility with Elements International Group, LLC on August 27, 2024. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital financing.Elements International Group, LLC, headquartered in Mesquite, Texas, is a distributor of whole-home furniture products to retail customers throughout the U.S. and Canada.
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September 27, 2024 @ 08:00 AM
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nFusion Capital provided a $3 million ABL Facility to a a long-established, family-owned cabinetry and millwork company based in New Jersey which serves a diverse commercial clientele. They provide custom buildouts for medical facilities, educational facilities, elder care and retirement communities, office buildings, retail and industrial centers, apartment complexes, and municipal projects. The Company had outgrown its bank line, and its lender was unwilling to increase the credit facility's
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September 27, 2024 @ 07:55 AM
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KeyBank released its semi-annual Middle Market Sentiment Report, which surveyed more than 700 business owners and executives of companies with $10 million to $1 billion in annual revenue, to gather their insights on the current economic and company outlook, challenges currently affecting their businesses, and their growth plans for the year ahead.What's At StakeMiddle market businesses represent a large portion of private sector GDP and make up a critical yet often overlooked segment of our
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September 27, 2024 @ 07:44 AM
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