When it comes to preserving lending relationships or finding new ones, all lenders need and want every tool available. One lesser-known tool used in times if distress is the Article 9 reorganization or sale, which can save a struggling business and help lenders recoup value and access new financing opportunities.
John David Folds of Baker Donelson provides a host of important steps lenders need to take when working with struggling long-term healthcare facility borrowers as the COVID-19 pandemic continues to negatively impact the sector.
Charlie Perer of SG Credit Partners takes us on a trip back to the era of feudalism (sort of) by exploring the spread of regional small business investment companies (SBICs) and their impact on the lower middle market.
Huttig Building Products entered into a new $250 million senior credit facility. JPMorgan Chase is the administrative agent, joint bookrunner and joint lead arranger for the facility.
First Citizens BancShares, the parent company of First-Citizens Bank & Trust, and CIT Group, the parent company of CIT Bank, agreed to extend their merger agreement from Oct. 15, 2021, to March 1, 2022.
Helix Energy Solutions Group entered into a new $80 million asset-based revolving credit facility with a syndicated banking group. Bank of America and Wells Fargo acted as joint lead arrangers for the facility.
Centerspace amended its existing $250 million revolving credit facility. The new facility includes an accordion feature for up to $400 million and matures in September 2025 with two optional six-month extensions. Bank of Montreal served as administrative agent for the facility.
Sarah Lindstrom will become head of business banking for Citizens Financial Group on Oct. 4. Lindstrom joined Citizens in 2017 and was most recently head of retail network transformation and branch operations.
America’s Car-Mart extended the term of its revolving credit facilities to Sept. 29, 2024, and increased the total permitted borrowings to $600 million. In addition, CIBC Bank USA and Axos Bank joined the lending group.
UPshow, an in-venue entertainment and marketing platform that develops interactive digital TV networks, closed a $10 million venture debt facility led by Espresso Capital. UPshow will use the funds to make investments in its product development and go-to-market engine.