News

ING Capital increased Petros PACE Finance’s credit facility, which was joined by a three-bank syndicate consisting of Stifel Bank, Midwest BankCentre and Providence Bank.

TCI Business Capital hired Michael Holland as senior vice president of business development. Holland joined from Pivotal Advisors, a national sales improvement firm, where he had been a senior consultant since 2017.

According to data from SFNet, lenders reported asset-based lending to U.S. businesses increased steadily and credit quality remained strong in Q4/19, but the unfolding COVID-19 pandemic is having an unprecedented impact on financial markets.

Bank of America reported Q1/20 net income of $4.0 billion, down 45% from $7.3 billion in Q1/19. Nonperforming loans increased $504 million from Q4/19, primarily driven by a $353 million increase in commercial loans.

Wells Fargo reported Q1/20 net income of $653 million, down 88.9% from net income of $2.9 billion in Q1/19. Revenue of $17.7 billion was down 18% from $21.6 billion year over year.

Portage Point Partners is serving as restructuring advisor and Guggenheim Securities is serving as financial advisor to Hornbeck Offshore Services, which entered into a restructuring support agreement that will be implemented through a voluntary prepackaged Chapter 11 case.

Ebury, a European fintech company, is launching an initiative to offer financing to SMEs in the UK and Europe, beginning with an initial £40 million ($50.5 million) lending facility to help UK SMEs manage their working capital during the coronavirus...

Sky Bridge Business Funding made its 100% digital application available to help small business owners with the process of applying for Small Business Administration-backed Paycheck Protection Program loans.

Cerebro Capital, a digital commercial loan marketplace that allows middle-market borrowers to analyze, manage and source credit facilities, closed its second round of venture capital.

MelCap Partners was named a winner in the Consumer Discretionary Deal of the Year category at The M&A Advisor’s 14th Annual Turnaround Awards. MelCap won the award for its involvement in the sale of Sawmill Creek Resort to Cedar Fair...