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Commercial Banking

• BNY Mellon launches 24x5 ETF dealing

  
  Aug 12 -
  BNY Mellon introduced extended dealing hours for Irish Undertakings for Collective Investment in Transferable Securities ETFs to support the distribution of these products globally. Known as 24x5 ETF Dealing, hours are extended to ETF issuers by leveraging BNY Mellon's established Transfer Agency hubs in Singapore and Syracuse, N.Y. This means issuers can now deal Irish UCITS ETFs from Monday morning in Singapore through to Friday afternoon in New York. The introduction of 24x5 ETF Dealing supports the distribution of Irish UCITS ETFs in APAC and Latin America, two key markets in the expansion of the UCITS global brand.
  

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• Colleen Taylor to lead Wells Fargo Merchant Services

  
  Aug 12 -
  Colleen Taylor will join Wells Fargo as head of Wells Fargo Merchant Services, responsible for the strategic direction and management of the merchant services business and a JV with Fiserv. Taylor brings nearly 30 years of financial services experience, most recently as EVP at Mastercard, where she was responsible for strategic initiatives including driving growth from B2B, government, and new economy payments segments.
  

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• Wells Fargo leads $825M financing for Elliott Advisors' acquisition of Barnes & Noble

  
  Aug 9 -
  Wells Fargo Capital Finance acted as administrative agent, lead arranger and book runner for an $825 million asset-based credit facility in connection with the acquisition of Barnes & Noble by Elliott Advisors. Elliott's acquisition of Barnes & Noble, the largest retail bookseller in the U.S., follows its June 2018 acquisition of Waterstones, the largest retail bookseller in the U.K.
  

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Real Estate Finance

• David Associates sells Palm Beach Gardens shopping center for $9M

  
  Aug 12 -
  David Associates sold the 32,985-square-foot property known as the Shoppes in the Gardens for $263 per square foot, records show. A company tied to New York-based Blake Road Realty bought the shopping center.
  

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• Sam Chang lands $83M MRC mortgage at rebranded Midtown Hotel

  
  Aug 12 -
  Sam Chang's hotel firm has pinned down a $83 million from Madison Realty Capital to refinance a hotel it owns near Rockefeller Center. The debt refreshes the capital stack at the McSam Hotels property at 25 West 51st Street, and partially replaces a $100.5 million loan from Aareal Capital in 2016.
  

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• JV lands $43M refinance for Jersey City project

  
  Aug 12 -
  The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments received $42.5 million in financing for RIVET, a development that features 163 housing units and approximately 10,000 square feet of retail space in the center of the University Place portion of New Jersey City University in Jersey City. Located at 23 University Place Blvd., RIVET features a 177-space parking garage along with apartments and first-floor retail. The retail portion is leased by such commercial tenants as Five Guys, Carvel, Cuteticles Nail & Spa and University Place Pharmacy. RIVET’s occupancy stands at 75.5%.  
  

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Commercial Bankruptcy

• Sanchez Energy files for Chapter 11 bankruptcy

  
  Aug 12 -
  Sanchez Energy, a Houston oil company that was once one of the most active drillers in the Eagle Ford Shale of South Texas, filed for Chapter 11 bankruptcy. Company officials listed $2.1 billion in assets and $2.8 billion in debt. Sanchez Energy CEO Tony Sanchez III said the company received commitments from some of its senior lenders for $175 million in fresh financing, of which $25 million will be used to repay debt and replace an old letter of credit.
  

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• Landownwers object to Blackhawk DIP financing

  
  Aug 9 -
  A group of the owners of properties leased by bankrupt coal miner Blackhawk Mining are asking the court to reject the company's proposed post-petition financing, saying it depends in part on liens improperly attached to their leases. In a filing in Delaware bankruptcy court, the dozen landholders said the "overbroad and unnecessary" liens violate the terms of Blackhawk's leases and would grant debtor-in-possession lenders unlimited rights to occupy and use the properties if Blackhawk defaults without their consent. Blackhawk filed for Chapter 11 protection in June with $1.1 billion in debt and a plan to slash more than $650 million from its balance sheet through a prepackaged debt-for-equity swap.
  

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• Kentucky's Cambrian Coal files for bankruptcy

  
  Aug 10 -
  Cambrian Coal plans to auction off most of its assets next month, if it gains court approval. Nearly 700 people are employed by Cambrian at three major mining operations in eastern Kentucky and Virginia. Company president Mark Campbell attributes the bankruptcy to Cambrian buying assets from other coal companies and an overall decline in the coal industry. Cambrian CEO Jim Booth resigned about two weeks before the bankruptcy filing.
  

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