Huron Consulting Group is serving as financial advisor for Northwest Hardwoods, which filed for relief under Chapter 11 of the Bankruptcy Code. Bank of America and Wells Fargo will refinance an existing ABL facility as part of the company’s financial restructuring.
The PNC Financial Services Group and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, signed a definitive agreement for PNC to acquire BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion.
SUMR Brands entered into a third amended and restated loan and security agreement with Bank of America. The new credit facility consists of a $40 million ABL, a $7.5 million term loan and a $2.5 million FILO loan for aggregate availability of $50 million.
Baldwin Risk Partners, a subsidiary of BRP Group, priced a loan syndication for a new $400 million senior secured first lien term loan facility maturing in 2027 and a new $400 million senior secured first lien revolving credit facility maturing in 2025.
According to an 8K filed with the SEC, Bank of America is serving as administrative and collateral agent on a $400 million senior secured term loan B credit facility for Spirit AeroSystems Holdings.
Clarivate completed its acquisition of CPA Global. According to an 8K, Bank of America provided $1.6 billion of term loan financing that Clarivate will use to fund the repayment of CPA Global’s $2 billion of outstanding debt.
Neiman Marcus emerged from voluntary Chapter 11 protection. The company’s new owners, including PIMCO, Davidson Kempner Capital Management and Sixth Street, are funding a $750 million exit financing package.
Bank of America is serving as administrative agent for a amended and restated $1.5 billion five-year unsecured revolving credit facility for Reliance Steel & Aluminum. The amended and restated facility will replace Reliance’s existing agreement.
Whiting Petroleum completed its financial restructuring and emerged from Chapter 11 protection. According to an 8K, JPMorgan Chase is serving as administrative agent for a $750 million reserve-based revolving credit facility as part of Whiting’s new capital structure.
Bank of America named Seth Benefield head of Bank of America Business Capital and asset-based financing, succeeding Karen Sessions, who was named head for the Pacific Southwest region of global commercial banking at Bank of America.