Catalyst Paper announced that to facilitate an orderly restructuring of its business and operations, it will commence proceedings under CCAA. The company has secured up to $175 million in debtor-in-possession financing from J.P. Morgan Chase.
Wells Fargo & Company announced that Wells Fargo Bank has completed its acquisition of Burdale Financial Holdings Limited and the portfolio of Burdale Capital Finance from Bank of Ireland. The transaction, officially announced on December 19, 2011, closed on February 1.
First Capital has provided a $7.5 million asset-based senior credit facility to Gardner Glass Products, a producer of mirror and glass products in the U.S. The senior credit facility consists of a $6.5 million working capital revolver and a $1 million machinery and equipment term loan.
NewStar Business Credit has provided an $18 million revolving credit facility to True Science. The credit facility will be used to meet working capital requirements and provide expansion capital to support growth.
Gladstone Commercial amended its line of credit established in December 2010 and previously amended in 2011 to increase the current maximum availability of credit from $50 million to $75 million.
Forest Capital provided a $500,000 A/R credit line to a Florida-based manufacturer of highly engineered power systems, enclosures, trailers and tanks.
Lightyear Capital announced that an affiliated investment fund has acquired Paradigm Acquisition, a provider of outsourced catastrophic workers’ compensation case management services for insurance companies and self-insured employers. Harris Williams & Co. acted as an advisor to Paradigm.
GE Capital, Healthcare Financial Services said it provided more than $7 billion in financing to U.S. healthcare customers in over 200 transactions in 2011.
Reuters reported that CIT Group will again stop providing loans to suppliers of Sears after January 31, as the business lender awaits more information on the retailer’s financial health, citing two retail sources.
US Capital Partners has secured a $7.75 million credit facility for Butler-Johnson. US Capital Partners served as lead arranger in the financing.