At 33 years old, Shauna was diagnosed with breast cancer - a head-spinning diagnosis for anyone, but especially a new mother at 33 who considered herself fairly healthy. Then came the draining, life-sapping chemo that would save her life, but leave her feeling weak and malnourished

Huntington Business Credit announced it closed a new $20,000,000 credit facility with Vista Pipe and Supply, LLC on December 6, 2019. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital growth financing. 

As the Secured Finance Network celebrates its 75^th anniversary, its commitment to the education of its membership remains tantamount to the organization. Part of that commitment is making sure that secured lenders of all stripes are provided with the essential tools, training, and best practices to ensure their professional success. But that educational content must stay dynamic, updating foundational courses and offering new and compelling material to deal with current business challenges. SFNet’s new initiative, Education Focus 20/20, supported by the Secured Finance Foundation, brings that vision to life.

Siena Lending Group LLC (“Siena”) announces the closing of a three-year $9.0 million revolving credit facility for the subsidiaries of Interactive Health, Inc., Human Touch LLC and Relax the Back Corporation. The asset-based credit facility was used to refinance existing debt and provide additional working capital to support business growth.

Current headwinds affecting asset-based lending (ABL) portfolios and emerging opportunities and challenges in various industry sectors are on the agenda at the Secured Finance Network (SFNet)  Asset-Based Capital Conference 2020 Feb. 4-5 in Las Vegas.

Shared workplace operator WeWork said on Tuesday it has arranged a $1.75 billion letter of credit with Goldman Sachs (GS.N) that is in the process of being syndicated and whose funds are expected to be available in January.

The credit line is part of SoftBank Group Corp’s (9984.T) $9.5 billion bailout that was announced in October when money-losing WeWork was on the brink of running out of cash after its plans to go public were abruptly withdrawn a month earlier.

Citizens Commercial Banking announced today that it is providing a $42 million asset-based credit facility to New York-based Stoli Group USA, an importer, marketer and distributor of Stolichnaya vodkas, along with other spirits and wines in the United States. Citizens is the sole lender.

Recently, People's United Bank, N.A., a subsidiary of People's United Financial, Inc., announced it had expanded its Commercial Specialty Business with the formation of a dedicated Lender Finance team. The Team is led by Patrick Lee, managing director, head of Lender Finance, and is an extension of the Bank's existing Asset-Based Lending group. The Team will work with non-bank lender finance companies nationally to provide tailored solutions of $10MM or more to help them achieve their near and long-term growth objectives.

Here, Patrick Lee discusses his background and new role.

Five firms have contributed to the SFFound since its inception: Goldberg Kohn, Hahn & Hessen, Otterbourg, Skadden, and Winston & Strawn.  We would like to express our gratitude for their support. For information on becoming a supporter of SFFound, please click here. 

The $10 billion unsecured revolving credit facility consists of a five-year, $8 billion revolving credit facility, and a one-year, $2 billion facility. Each facility includes two one-year extension options at the discretion of each lender. Bank of America and Barclays Bank acted as joint coordinators for the facility.

As an SFNet Chapter leader, some of the most enjoyable times are spent working with the next generation.  Joe Accardi, Head of New Business Development at Peoples United Business Capital, and I did that earlier this fall at Temple University, where I have been an adjunct professor for the last 11 years.  During the last two semesters, Joe has led discussions on asset-based lending (ABL) with graduating seniors.  Jeff Walsh and the team at SFNet prepared a slide presentation on the particulars of ABL and Joe also prepared a separate supplement.

Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, announced the close of a $100 million leverage facility with KeyBank National Association, one of the nation’s largest bank-based financial services companies headquartered in Cleveland, Ohio.

The new facility will provide Great Rock Capital with further flexibility to offer creative financial solutions that maximize liquidity to middle market borrowers and will position the firm for continued growth.

Two North Texas-based banks, Texas Capital Bancshares Inc. and Independent Bank Group Inc., are merging in an all-stock deal valued at $5.5 billion.

Under the agreement announced early Monday, the resulting holding company will retain the Independent Bank Group name and its bank will operate as Texas Capital. The merged company will be based in McKinney, where Independent recently moved into a new $52 million headquarters.

Newbridge Global Sourcing (“Newbridge”), a leading capital provider to small and medium-sized businesses with supply chain and purchase order financing needs, announced a $50 million partnership with a Canadian-based originator of receivables. The technology-enabled specialty lender provides receivables financing to companies with strong end-debtors. The partnership expands Newbridge’s scale and diversifies its customer base and sector exposure.

Jason Frank, CEO of Hilco Corporate Finance (HCF) announced today that Stephen Wrobel has joined the HCF team as a Managing Director.

In this role, Mr. Wrobel will be responsible for business development, as the business continues to expand its advisory services and adds new investment banking clients who are seeking strategic solutions such as recapitalization, debt restructuring, business expansion, liquidity creation, sale of a business, ownership succession, and management transition.