News

Modivcare refinanced all outstanding $500 million aggregate principal amount of its 5.875% senior notes due 2025 with a new $525 million term loan B, which closed on July 1, 2024. The refinancing was led by JPMorgan Chase Bank.

Sallyport Commercial Finance is celebrating its 10-year anniversary, according to a LinkedIn post from the company’s profile.

The 987 total commercial chapter 11 bankruptcies filed during the first six months of 2024 represented a 70% increase over the 582 filed during the same period in 2023, according to Epiq AACER, a provider of U.S. bankruptcy filing data.

Marathon Asset Management, a global credit manager, and Webster Financial, the holding company for Webster Bank, are forming a private credit joint venture, which will deliver direct lending solutions to sponsor-backed middle market companies.

B. Riley Securities advised on the sale of The Santa Barbara Smokehouse (SBS), a producer of smoked salmon, to HKW’s portfolio company, PANOS Brands, (PANOS), a provider of branded consumer foods. Financial terms of the transaction were not disclosed.

Cedar Croft Consulting has recently been engaged as interim CEO of a quick service restaurant chain with operations in the U.S. Northeast and Southwest. Cedar Croft will be repositioning the company to achieve the growth goals of the fourth-generation owner.

ICE Benchmark Administration (IBA), the authorized and regulated administrator of LIBOR, has provided an update regarding the cessation of U.S. dollar LIBOR.

Banks and other lenders shared a mostly positive outlook for the asset-based lending market in the first quarter, fueled by predictions of a soft landing for the U.S. economy, according to data released by the Secured Finance Network.

GLM III and its affiliated investment manager GoldenTree Asset Management closed a $501 million collateralized loan obligation (CLO) to be managed by GLM III. The CLO was arranged by Wells Fargo Securities as sole lead.

First Business Bank’s accounts receivable financing group funded $10 million factoring facility for a collection of companies that provide various services, such as staffing, linen and laundry, to the hospitality industry.