News

The International Factoring Association officially formed its southeast chapter this month. The new chapter will serve Florida, Georgia, South Carolina, North Carolina and Southern Virginia.

The small business loan application approval rate at big banks rebounded from just 8.9% in April to 11.5% in May, according to Biz2Credit. Small business loan approval rates also improved for smaller banks, institutional lenders, alternative lenders and credit unions.

The shareholders of Owl Rock Capital approved the reduction of the company’s minimum asset coverage ratio to 150% from 200%. The company plans to target a debt to equity range of 0.90x to 1.25x.

Balbec Capital closed on its InSolve Global Credit Fund IV, with total commitments of approximately $1.2 billion, exceeding the fund’s $1 billion target and making it Balbec Capital’s largest fund to date.

According to a new survey from State Street, institutional investors still retain high levels of confidence in their asset managers amid the COVID-19 crisis. Specifically, 76% of institutional investors stated that they have faith in their asset managers’ ability to...

A growing number of suppliers are using their receivables as a source of liquidity to alleviate financial strains in the wake of the coronavirus pandemic, according to Maureen Sullivan, head of supply chain finance at Mitsubishi UFJ Financial Group.

A majority (90%) of U.S. private equity fund managers expect to see a rise in the volume of distressed fund transaction activity over the next 12 months, according to the results of a survey from Intertrust.

The U.S. Small Business Administration issued a “green light” or “go forth” letter inviting Hercules Capital to finalize its application process to obtain a license to form and operate a third small business investment company subsidiary.

TPG Specialty Lending will change its name to Sixth Street Specialty Lending, effective June 15. The new name reflects the previously announced completion of an agreement between Sixth Street Partners and TPG to become independent, unaffiliated businesses.

AlixPartners is acting as restructuring advisor to Jason Industries, which entered into a restructuring support agreement with certain of its senior secured lenders. Jason Industries also will pursue protection under Chapter 11 of the U.S. Bankruptcy Code.