News

Digital Media Solutions, following a competitive auction process, received approval from the U.S. Bankruptcy Court for the Southern District of Texas for the sale of substantially all of the assets of the company’s core business to its existing lenders.

Citizens M&A Advisory served as the exclusive financial advisor to Hi-Tek Data, a managed service provider, on its recapitalization by Sea Pine Equity Partners, a lower middle-market private equity firm focused on the service sector.

Asset Based Lending (ABL), provider of private capital to real estate investors, closed its second unrated securitization, ABL 2024-RTL1, totaling $175 million. This marks the second entry in ABL’s securitization program and features a ground-up construction focus.

TGI Fridays, the owner and operator of 39 domestic restaurants in the TGI Friday’s casual dining chain, filed voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the Northern District of Texas.

PennantPark Investment Advisers closed PennantPark Credit Opportunities Fund IV (PCOF IV), a private closed-end fund with $610 million of investable capital. PCOF IV is the fourth vintage in its family.

Franchise Group entered into a restructuring support agreement (RSA) and, with its operating businesses and other affiliates, commenced voluntary chapter 11 proceedings. Its first lien lender group has committed $250 million in debtor-in-possession financing.

Tesla sold $499 million of bonds, according to Bloomberg. Deutsche Bank marketed the five-tranche deal between Monday, Oct. 28 and Friday, Nov. 1, the article says.

Carl Marks Securities advised Kewaunee Scientific, a global company in the design, manufacturing and installation of laboratory, healthcare and technical furniture products, on its acquisition of Nu Aire, a manufacturer of equipment for laboratory and pharmacy environments.

Global oilfield services provider Drilling Tools International signed a definitive agreement to acquire Titan Tools Services, a UK-based downhole tool rental company. Leading the legal representation for DTI is law firm Winston & Strawn.

GLM III and its affiliated investment manager GoldenTree Asset Management closed a $599 million collateralized loan obligation (CLO) to be managed by GLM III. The CLO was arranged by BNP Paribas Securities as sole lead.