Paul Hastings Represents KeyBank in Rex Energy Transaction

Paul Hastings represented KeyBank as administrative agent and a joint lead arranger and joint bookrunner in connection with a financing agreement for Rex Energy Corporation.

MidCap Business Credit Provides $1.5MM ABL to Valve Distributor

MidCap Business Credit completed a $1.5 million asset-based line of credit to a Texas-based valve distributor, which sells into the oil field service industry. The credit facility is supported by advances on receivables and inventory.

BofA, Others Arrange Conn’s ABL Facility Expansion

Conn’s Inc. announced it increased its asset-based loan facility from $40 million to $585 million with a syndicate of banks by Bank of America as administrative agent and collateral agent.

Hercules Tech Closed a $15MM Term Loan for Cell Therapeutics

Cell Therapeutics announced it entered into a loan agreement with Hercules Technology Growth Capital providing for a senior secured term loan of up to $15 million.

Fitch: U.S. High Yield Default Slips in February

Fitch reported that the U.S. high yield par default rate at the end of February slipped modestly to 1.8%, mostly due to the market’s larger size.

UK Banks Need to Step Up Pace of Asset Sales

The Wall Street Journal reported the Bank of England warned UK banks they must come up with $38 billion fresh capital, putting pressure on RBS and Lloyds to step up the pace of asset sales.

JPMorgan to Face Lawsuit Over Lehman Investments

JD Journal reported that a U.S. district judge refused JPMorgan’s motion to dismiss a lawsuit by the Operating Engineers Pension Trust of Pasadena accusing JPMorgan of mismanaging the trust’s money by investing in Lehman notes.

S&P Revises JPMorgan Outlook, Affirms Credit Rating

S&P said it revised the ratings outlook on JPMorgan Chase and its banking subsidiaries to stable from negative. The rating agency also said it affirmed JPM’s issuer credit ratings.

WSJ: S&P Seeks to Merge AG Suits Into One

The Wall Street Journal reported Standard & Poor’s wants to pull 17 lawsuits against the ratings service by state attorneys general into a single lawsuit in federal court.

Bridge Bank Provides Fiksu $5MM Credit Facility

Bridge Capital Holdings provided Fiksu with an initial $5 million line of credit to support its rapid growth. Fiksu developed the Fiksu Mobile App Marketing Program, which combines advanced media optimization technology with app media inventory.