ORG GC Midco, the indirect owner of GC Services, commenced a fully consensual prepackaged case under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. GC Services is not included in the proceedings and its operations will not be impacted.
Nicholas Financial, a branch-based subprime automotive lender, entered into a senior secured credit facility with Wells Fargo Bank as agent. The facility provides for a line of credit of up to $175 million.
Ecobat entered a new five-year upsized global funding facility led by J.P. Morgan. The facility was established by a syndicate of lending institutions, for which J.P. Morgan acted as administrative agent.
Notable ABL Transactions Data gathered from direct sources, news releases and other public information — covers 10/01/21 through 12/31/21. [table file=”http://abfjournal.com/wp-content/uploads/dealcharts/deals2021q4.csv” tablesorter=”1″ colalign=’left|left|right|left’] [/table]
Star Mountain Capital closed a $225 million asset-based leverage facility led by ING Capital. The lending group consists of ING, CIT, TIAA Bank, Axos Bank, East West Bank, Georgia Banking Company and Customers Bank.
The strength of the economic recovery pushed this past quarter’s national Citizens Business Conditions Index (CBCI) to 57, its highest reading in three years and up five points compared to last year. A reading above 50 is considered expansionary.
MoneyGram International closed a new $400 million senior secured term loan and a new undrawn revolving facility of $32.5 million, both pursuant to a new credit agreement with Bank of America as administrative agent.
Emerald Energy Venture, a joint venture of National Grid, secured a $150 million portfolio revolving facility with an accordion feature up to $250 million. SMBC was lead arranger, bookrunner, green loan coordinator and collateral and administrative agent for the facility.
Fifth Third Bank joined as lender with Capital One as agent and lender, to provide Rimini Street with a $90 million five-year senior secured credit facility. Fifth Third provided $30 million and Capital One provided $60 million.
Marathon Gold entered into an exclusive non-binding indicative term sheet with Sprott Resource Lending for a senior secured project financing facility of $185 million. Marathon Gold will use proceeds from the credit facility to fund the construction of the Valentine Gold Project.