News & Events
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May 9, 2021
Commercial Banking
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May 6 -
Citizens Bank served as financial advisor to Bally’s on its acquisitions of Eldorado Resort Casino Shreveport in Shreveport, La., and MontBleu Resort Casino & Spa in Lake Tahoe, Nev., from Eldorado Resorts for an aggregate price of $155 million. The bank also advised Bally’s on its acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment Corporation and Vici Properties for $25 million. Both transactions were announced in April 2020 and will expand Bally’s footprint into three additional U.S. states.
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May 6 -
Cynthia Caine was named as head of Wells Fargo’s Commercial Auto group. Caine is a 30-year veteran in the financial services industry and was previously head of the bank’s Diversified Industries Group. She has been with Wells Fargo since 2016, when she joined the bank as part of the G.E. Capital acquisition. Throughout her career, she held numerous sales and leadership roles in both vendor and customer-direct business models. She also served as co-head of Wells Fargo Commercial Capital’s Diversity, Equity, and Inclusion Council.
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May 5 -
The Honest Company reached $413 million in an IPO before its shares debuted on the Nasdaq and if the underwriters opt to purchase additional shares, proceeds could increase to almost $475 million. JPMorgan, Morgan Stanley, Jefferies, BofA, Citigroup, William Blair & Company and Guggenheim are lead underwriters for The Honest Co.
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Real Estate Finance
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May 6 -
Elion Partners acquired a quartet of last-mile logistics assets in the Seattle, San Francisco, Southern California and New York markets for $216 million. The assets total 864,000 square feet and were purchased from various sellers. The New York property, located at 182-20 Liberty Ave. in Jamaica, Queens, is 180,000 square feet. The acquisitions are part of Elion’s strategy to focus on last-mile logistics real estate within core, urban logistics hubs in infill coastal markets.
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May 5 -
Equity Commonwealth and Monmouth Real Estate Investment agreed to merge with plans to build a leading industrial real estate business and participate in the long-term growth of the sector. As part of the deal, Commonwealth would acquire Monmouth in an all-stock transaction valued at around $3.4 billion, which would include the assumption of debt. Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Monmouth’s portfolio comprises of 120 industrial properties totaling 24.5 million square feet and is currently under contract to purchase six more properties totalling 1.8 million square feet, all of which are expected to close later this year or early next.
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May 4 -
Piedmont Healthcare agreed to purchase four Ga. hospitals and one clinic from HCA Healthcare for $950 million. As part of the deal, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, both of which are located in metro Atlanta. The firm will also acquire a trio of facilities in Macon, including the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health.
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Commercial Bankruptcy
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May 6 -
A Del. bankruptcy court granted approval to global auto parts supplier Shiloh Industries’ Chapter 11 plan. Shiloh filed for Chapter 11 on Aug. 31, 2020 with $563.4 million in debt, reporting the business was undermined by a combination of factors, including international trade friction and downturns in production associated with the COVID-19 pandemic. The plan will provide $3 million to unsecured creditors from the proceeds of a $218 million asset sale to Grouper Holdings, with $14.1 million allocated to the estate’s wind down costs and $350,000 to pay costs of the trusts handling the unsecured claims.
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May 5 -
Bankrupt car rental giant Hertz Global announced that a competing bid from a prospective sponsor for its Chapter 11 plan beat the existing deal the company has with a group of sponsors led by Centerbridge Partners, triggering a potential auction if Centerbridge decides to counter the offer. Hertz said it designated a plan sponsorship bid from a group led by Certares Opportunities and Knighthead Capital Management as an offer that's superior to the existing bid from Centerbridge that underpins the debtor's currently filed Chapter 11 plan. Further details on the Certares/Knighthead offer weren't made available.
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May 5 -
A Delaware bankruptcy judge approved a Chapter 11 plan for yoga instruction company YogaWorks that includes $340,000 for unsecured creditors thanks to good results from the company's asset auction in December. Counsel for YogaWorks told a U.S. Bankruptcy Judge that the holders of more than 90% of the $5.4 million in unsecured debt in the case had voted for the plan. YogaWorks hit Chapter 11 in October after the COVID-19 pandemic shuttered all of its more than 60 U.S. studios, leaving only its operations over its livestream and digital platforms. It reported $10 million in secured debt held by Serene Investment Management and about $5.4 million in unsecured debt, including a $1 million settlement of a labor dispute.
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