Harvest Capital Credit (HCAP) and Portman Ridge Finance (PTMN) entered into a definitive agreement under which HCAP will merge with and into PTMN, a business development company managed by Sierra Crest Investment Management.
Huntington Bancshares, the parent company of Huntington National Bank, and TCF Financial, the parent company of TCF National Bank, signed an agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion.
Alvarez & Marsal served as restructuring advisor to Superior Energy Services in the company’s financial restructuring and commencement of its Chapter 11 case. Superior serves drilling, completion and production-related needs of oil and gas companies.
TNT Crane & Rigging and certain of its affiliates emerged from Chapter 11 bankruptcy protection. The company emerged from its restructuring as a private company with a new ownership group, recapitalized with a new $225 million term loan.
Pyxus completed its financial restructuring, which includes a $213 million exit term loan and a $75 million exit asset based revolving facility. Glendon Capital Management and Monarch Alternative Capital are leading the investment in Pyxus’ exit term loan facility.
Noble Corporation entered into a restructuring support agreement with two ad hoc groups of the largest holders of the company’s outstanding bond debt. In addition, JPMorgan Chase will serve as administrative agent on a $675 million secured revolving credit facility for Noble Corporation.
Simpson Thacher & Bartlett added James Howe to its mergers and acquisitions practice as a partner in the London office. Howe has experience advising private equity firms and financial institutions on deals.
SCM Topco, parent of Salt Creek Midstream, closed on a recapitalization with additional investments from both its existing lender groups and funds managed by Ares Management.
Garrison Capital and Portman Ridge Finance entered into a definitive agreement under which Garrison Capital will merge with and into Portman Ridge Finance, which is a business development company managed by Sierra Crest Investment Management.
Lazard and RPA Advisors are serving as financial advisors to Pyxus International, which filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code and secured commitments for $206.7 million in debtor-in-possession financing.