News

KBRA UK assigned preliminary ratings to seven classes of notes issued by RRE 20 Loan Management DAC, a cash flow collateralized loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate loans.

A Spherical Insights report forecasts that the global online banking market size will grow from $12.87 billion in 2023 to $44.89 billion by 2033 at a compound annual growth rate (CAGR) of 13.31% during the projected period.

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.