TSL EXPRESS TOP STORY
Citizens Bank Provides $20 Million Credit Facility to Luxury Jewelry Firm David Webb, LLC
Citizens Bank announced that Citizens Commercial Banking is providing a $20 million revolving credit facility to David Webb, LLC. Citizens is the sole lender and administrative agent.
Established in 1948, David Webb is a premier jewelry brand whose namesake founder / designer redefined luxury jewelry. The company has a highly selective distribution strategy that includes boutique locations in New York City and Beverly Hills, Calif., select luxury retailers and international trunk shows
A new Citizens client, David Webb will use the funds for new store growth, working capital and general corporate purposes.
“We have really benefited from our partnership with the team at Citizens,” said Mark Emanuel, co-owner and CEO of David Webb, LLC. “This is our first asset-based credit facility and they were able to bring great ideas to the table and execute the transaction quickly and seamlessly.”
“David Webb is a great new client and we’re very happy to help them achieve their strategic and financial goals,” said Chris Carmosino, president of Business Capital at Citizens Bank. “Providing asset-based lending revolving credit facilities is just one of the ways that Citizens delivers value for clients at every stage of their business life cycle.”
Citizens aims to be a go-to strategic and financial partner by offering unrivaled industry expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $149.5 billion in assets as of December 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One. www.citizensbank.com
TSL EXPRESS INDUSTRY HEADLINES
Optima Specialty Steel, Inc. Receives Court Approval to Access $40 Million Under New Credit Facility
Optima Specialty Steel, Inc. announced that it received approval from the United States Bankruptcy Court for the District of Delaware to enter into an immediate credit facility providing up to $40 million of new immediate borrowing capacity. READ MORE
iTeknik Holding Corporation Secures $15 million Institutional Credit Facility to be Utilized for Acquisitions
iTeknik Holding Corporation (OTC PINK: ITKH) announced that on December 30th, 2016 it had secured a $15 million dollar credit facility from institutional lender, TCA Global Master Credit Fund, LP to be used primarily for making acquisitions.
TCA Global Master Credit Fund, L.P. and iTeknik Holding Corporation agreed to terms and closed on the $15 million facility on the last business day of the year, December 30, 2016. The facility is for 20 months and will provide multiple advances as requested and approved for individual or multiple acquisitions. READ MORE
Empire Resorts, Inc. and Montreign Operating Company, LLC Announce the Closing of $500 Million First Lien Credit Facilities
Empire Resorts, Inc. (NYNY) (“Empire” and, together with its subsidiaries, the “Company”) (the “Closing Date”) announced the successful closing of its senior secured first lien term loan facility and senior secured revolving credit facility. The financing provides an aggregate of $485 million senior secured first lien term loans, consisting of $70 million of Term A loan commitments and $415 million of Term B loan commitments, and a $15 million senior secured revolving credit facility. The Term A term loan and the revolving credit facility have a maturity date of January 24, 2022 and the Term B term loan has a maturity date of January 24, 2023. READ MORE
Willdan Announces Expanded Credit Facility
Willdan Group, Inc. (NASDAQ: WLDN), a provider of professional technical and consulting services, announced that it has entered into an Amended and Restated Credit Agreement with BMO Harris Bank, N.A. that expands the Company’s available borrowing capacity. The new credit agreement consists of a $35.0 million, three-year revolving line of credit. READ MORE
Why Sports Authority’s Bankruptcy Isn’t Done Wreaking Havoc on the Industry Yet
It’s been nearly a year since former sporting goods heavy hitter Sports Authority filed for Chapter 11, but it’s impact on the industry remains palpable. Canaccord Genuity Inc. analyst Camilo Lyon said Monday that disruption stemming from the sporting goods bankruptcies — Sport Chalet, Bob’s Stores and Eastern Mountain Sports owner Vestis Retail Group LLC also filed for Chapter 11 last year — is dragging on much longer than anticipated. READ MORE
Directed Capital Closes Seventh Fund at $77 Million with Increased Goldman Sachs Revolving Credit Facility of $100 Million
Directed Capital, a national distressed asset workout specialist firm that opportunistically acquires, manages, and resolves distressed commercial mortgage loans in the $1 million to $10 million range, announced the closing of its seventh fund at $77 million, its highest-grossing fund to date. Additionally, the firm has announced a $40 million increase in the firm’s revolving credit facility from Goldman Sachs Bank USA from $60 million to $100 million. The fund already has acquired more than $180 million in assets, and quarterly distributions to investors began in the first quarter of 2016. READ MORE
Super G Funding Hires Senior Executive Eric Von Stafford to Expand Cash Flow Lending Group
Super G Funding, LLC, a leading national provider of residual and cash flow-based loans to lower middle market businesses, is pleased to announce the hiring of Eric Von Stafford. Based in San Francisco, Stafford is joining Super G to help scale the growing cash flow lending division with a specific focus on continuing to build strong partnerships with small-to-medium investment banks and business brokers nationally.
Stafford has been a senior investment professional in the direct private debt market for over 10 years. Prior to joining Super G, he held the role of managing director at multi-billion lending funds including White Oak Global Advisors and Medley Capital where he originated and underwrote over $300 million in senior secured and subordinated loans. Prior to his direct lending experience, Stafford was a vice president at Montgomery Securities (convertible debt division) and Goldman Sachs (high yield bond division). Stafford earned a B.A. from Georgetown University and an MBA from the Booth School of Business at the University of Chicago.
“Eric will help us grow our core second lien stretch piece business as well as special situation business and bring new relationships given his ties to the investment banking and deal sourcing community throughout the country,” said Charlie Perer, head of originations for Super G’s Cash Flow Lending division. “I am very excited to join Super G with the goal of building out a national network of mid-market investment banks and creating awareness for sub $5 million, non-dilutive subordinated capital,” said Stafford.
Super G Funding is an alternative lender specializing in residual and cash flow loans. Super G’s mission is to fill the credit void in the lower middle market by providing non-dilutive, senior and subordinated debt solutions to businesses in need of financing for working capital, growth capital, acquisition capital, or special situation financing. Super G’s second lien product is complementary to senior lenders and is structured to fund the financing gap (airball/stretch piece)—the portion of a loan that exceeds the amount supported by the underlying collateral and is dependent on support from the company’s cash flow or enterprise value.
Super G lends up to $5 mm per transaction in the form of a fully-amortizing cash flow term loan with a 6-36 month term (pricing contingent on credit profile). Super G is a small, but nimble team, highly responsive, and can close deals rapidly. www.supergfunding.com
US Capital Partners Advises on $7 Million Project Financing for La Quinta Inns & Suites Development
US Capital Partners Inc.has advised on well-structured, custom project financing of $7 million for the construction of a La Quinta Inns & Suites hotel in Lodi, San Joaquin County, California. The 40,000 square foot, 76-room hotel will be located at 1136 S. Cherokee Lane in Lodi, a city well-known for being a center of wine grape production.
Headquartered in San Francisco, US Capital Partners is a full-service private investment bank that makes direct debt investments, participates in debt facilities, and has wide distribution for debt and equity private placements. The firm has a history of successful closings in the commercial and residential real estate sectors.
Yogesh Patel, principal at Lodi Vineyards Hospitality, LLC, the developer for the project, said: “We’ve appreciated the creative financing solutions and attention to detail US Capital Partners has delivered while advising us on the development of our project and providing financing options.”
“We are extremely pleased to have advised on this $7 million project financing for a landmark La Quinta Inns & Suites hotel development in Lodi,” said Jeffrey Sweeney, Chairman and CEO at US Capital Partners. “The developer approached our firm for help in securing suitable construction financing and to better understand the various options available to the firm. US Capital Partners provided intelligently structured financing, while successfully increasing the loan-to-value ratio for the project.”
Founded in 1968, La Quinta Inns & Suites is a chain of hotels in the United States, Canada, Mexico, and Honduras. Shares in the company are listed on the New York Stock Exchange under the symbol LQ. Headquarters in Irving, Texas, the company owns and operates over 800 properties and franchises approximately 295 under various brand names. Most La Quinta Inns are built with Spanish or Southern architecture.
Since 1998, US Capital Partners (www.uscapitalpartners.net) has been providing well-structured, custom finance solutions to private and public companies with up to $250 million in top-line sales revenue or project size. Headquartered in San Francisco, US Capital Partners is a private investment bank that makes direct debt and equity investments between $500,000 and $100 million, participates in debt facilities, and has very wide distribution for debt and equity private placements. The firm also offers financial advisory services for buy-side and sell-side engagements and for capital formation, including early-stage financings requiring equity or debt.
Hilco Streambank Announces the Acquisition of Iconic Golf Brand PowerBilt® from Hillerich & Bradsby
Powerbilt Holdings, LLC, a joint venture between Hilco Streambank and CEO of One Step Up Apparel - Harry Adjmi, announced today that it has completed the acquisition of the PowerBilt golf and sporting goods product portfolio from Hillerich & Bradsby Co. (“H&B”) in a private sale.
PowerBilt is a 100-year-old brand with a history of accomplishment in both the PGA Tour and majors. PowerBilt equipment is available in major golf markets around the world, including North America, South America, Europe, Japan and Australia. The PowerBilt brand of products has been owned and operated by Hillerich & Bradsby which has manufactured and marketed a complete line of performance golf equipment and accessories for men, women and children at affordable prices.
Powerbilt Holdings plans to honor the brand’s history and legacy as a performance golf equipment company through the expansion of its core golf equipment lines into several other related categories, including apparel. Gabe Fried, CEO of Hilco Streambank said, “We are excited about the strength and historical equity of this brand and are already developing plans for expansion.”
The PowerBilt brand of products has been an integral part the golf equipment category for over a century building a strong following among both golf professionals and everyday golfers from around the world. Fried added “We’re confident that we can leverage the brand’s rich history of delivering the high quality products as we build on the existing legacy. Golf enthusiasts can expect to see the iconic orange Powerbilt golf bag on the professional greens again very soon.”
John Hillerich, CEO of Hillerich & Bradsby said, “We are proud to have owned and marketed this iconic brand for over 100 years and to have provided golfers at all levels of the sport with superior quality products at affordable prices. We are certain that Hilco Streambank and their JV partners will build upon this rich history and expand the brand with our current licensees and future best in class partnerships.”
Fried indicated that as partners, Hilco Streambank and One Step Up Apparel plan to reinvigorate the iconic label and build on its current global presence, adding new revenue streams through strategic initiatives including brand licensing deals, new products and designs, expanded distribution and increased brand marketing.
Hilco Streambank, a division of Hilco Global, is a market leading advisory firm specializing in intellectual property disposition and valuation representing brands across various industries. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through HilcoDomains.com and IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois-based Hilco Global (www.hilcoglobal.com
), a worldwide financial services company and a leader in helping companies maximize the value of their assets.
Hillerich & Bradsby Co. is a sporting goods manufacturer and operator of the Louisville Slugger Museum & Factory. The company also produces Bionic Gloves. H & B has manufactured Louisville Slugger® wood bats, the Official Bat of Major League Baseball®, since 1884. H&B has owned the Louisville Slugger brand from its inception in 1884 to 2015 when it was acquired by Wilson Sporting Goods. H&B now serves as Wilson’s manufacturing partner for wood bats. The Louisville Slugger Museum & Factory attracts more than 300,000 visitors per year and is ranked as a top national and international attraction. The museum features pieces of baseball history including a Babe Ruth game-used bat from the record breaking 1927 season and a Joe DiMaggio 56-game hit streak bat from the historic 1941 MLB season. H&B’s Bionic® gloves division designs and makes the most technologically and scientifically advanced gloves for golf, fitness, gardening and other sports.