Today’s News

Last Updated: Tuesday, August 4, 2015, 11:59 am

Citizens Commercial Provides $31.5MM ABL to Dover Saddlery

Citizens Commercial said it provided a $31.5 million asset-based lending facility to Dover Saddlery. Additionally, a $11 million term loan was provided by Garmark SBIC Advisors.

US Capital Partners Provides Follow-On Term Loan to Tora Ventures

US Capital Partners said it has put in place a second round of financing in the form of a follow-on term loan to support the expansion of Tora Ventures, a Canadian distributor of roofing materials.

Alpha Natural Resources Files Chapter 11, Owes Citi, GE $1B+

Coal producer Alpha Natural Resources filed for Chapter 11 in an effort to cut its debt load. Court documents show pre-petition loan balances owing of $611 million to Citibank and $445 million to GE Capital.

JPMorgan, Simpson Sued Over GM Loan Mistake

Bloomberg reported that one of the participants in a $1.5 billion term loan that JPMorgan Chase made to GM before its bankruptcy is now suing the bank and its lawyers at Simpson Thacher & Bartlett.

Former Citi Trader Gets 14 Years for Libor Rigging

The Irish Times reported that former Citi trader Tom Hayes was sentenced to 14 years in jail after he became the first person to be convicted by a jury of rigging Libor.

NACM: Index Shows Positive Recovery

The National Association of Credit Management’s July Credit Managers’ Index showed a positive recovery to a 56 rating, up from 53.4 in June. The reading was the highest since October of last year.

Macquarie Closes Acquisition of Advantage Funding

Macquarie Group officially closed its planned acquisition of Advantage Funding on July 31.

Bank SNB, Texas Capital Provide $20MM to Foundation HealthCare

Foundation HealthCare reached an agreement with Bank SNB and Texas Capital Bank on the terms of a $10 million acquisition line and an additional uncommitted $10 million incremental credit facility.

Midcap Expands Quotient Facility to $50 Million

Quotient Limited, a commercial-stage diagnostics company, entered into an amended agreement with MidCap Financial to increase its existing term credit facility up to $50 million.

GE Capital Provides $30.7MM to Serazen to Acquire 50 Hardee’s Units

GE Capital’s Franchise Finance business said it has provided a $30.7 million loan to Serazen to refinance debt and to acquire and re-image 50 Hardde’s units in NC and SC.