The Citizens Business Conditions Index fell to 48.2 in Q1/24 as business activity normalized from elevated levels in recent quarters. The reading below 50 indicates that economic momentum slowed during the first quarter against a backdrop of moderately restrictive monetary policy.
Emergent BioSolutions entered into an amendment to its existing credit facility, reducing the amount of its revolving credit facility to $200 million in stages between now and Oct. 31, according to an 8K filed with the SEC. Wells Fargo is the administrative agent for the facility.
Golub Capital completed the final close of its sixth credit opportunities fund, GEMS Fund 6, with $2 billion of investable capital. Fund 6 is the largest Golub Capital Credit Opportunities fund to date.
JOANN emerged from its court-supervised financial restructuring process and has substantially reduced its funded debt by half. The company further enhanced its liquidity through a $153 million exit financing facility that replaces the previously-announced debtor-in-possession financing.
Group 1 Automotive completed a $500 million upsize in its revolving syndicated credit facility to $2.5 billion with 20 financial institutions. The syndication was arranged through U.S. Bank, JPMorgan Chase Bank, BofA Securities, PNC Capital Markets and Wells Fargo Securities.
Triumph Financial appointed Jamie Paterson executive vice president and chief operating officer of banking operations of its TBK Bank subsidiary. Paterson joined TBK Bank with more than 20 years of financial services operations leadership experience. Prior to coming to TBK Bank, Paterson served for 16 years with Barclays.
Accord Financial closed a $25 million credit facility to help a plastics manufacturer support new business contracts as well as complete a business acquisition. The total facility included a revolving line of credit, equipment term loan and equipment lease.
LSQ originated a $20 million accounts receivable credit facility for an Ohio-based aerospace tooling and precision assemblies manufacturer.
First Business Bank hired Kristen Palmer as vice president and a business development officer for the accounts receivable financing group within the bank’s subsidiary, First Business Specialty Finance.
Aequum Capital completed a two-stage senior term loan facility to refinance venture debt of $6 million, including exit fees plus additional debt capital for acquisitions of up to $2.5 million, for BrightWorks IT, a portfolio company of Cloud Equity Group.