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Thoughts on the First Quarter 2019 Asset-Based Lending Index
Jul 30, 2019
If we were to represent Q1 2019 as one of those office motivational posters, “Little by little, a little becomes a lot” would be appropriate.
-
People’s United Bank Leads Expansion of Credit Facility to $50 Million for MVC Capital, Inc.
Jul 30, 2019
People’s United’s Asset-Based Lending (ABL) and Capital Markets teams partnered on the facility that will provide MVC with working capital for future acquisitions and investments.
-
PNC Bank Provides Financing to Water & Wastewater Infrastructure Products Manufacturer
Jul 30, 2019
PNC Bank, National Association, announced today the closing of a $30 million senior secured credit facility for Sugar Land, TX-based Sigma Piping Products 2019, LLC (SPP).
-
Sierra, MCC and MDLY Amend Merger Agreements Which Would Create Leading Internally Managed BDC
Jul 29, 2019MCC will merge with and into Sierra and Sierra will simultaneously acquire MDLY and its existing asset management business, which will operate as a wholly owned subsidiary of the Company.
-
SFNet's International Lending Conference Examined Critical Issues, Explored Opportunities, Relating to Cross-border Lending
The Secured Finance Network (formerly Commercial Finance Association) held its 13th Annual International Lending Conference at DLA Piper in London, May 21-23. Attendees heard from a variety of leaders discussing the critical issues and opportunities relating to cross-border lending including looming economic upheaval, potential recession and geopolitical uncertainty.
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Fifth Third Business Capital Provides $10 Million for Kratos Building Products, Inc.
Jul 25, 2019Fifth Third Business Capital, a division of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of a $10,000,000 senior credit facility to Farmers Branch, Texas-based Kratos Building Products, Inc. (“Kratos”).
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Santander US Appoints Timothy Wennes as President and CEO of Santander Bank, N.A., and Juan Carlos Alvarez as Santander US and SBNA CFO
Jul 24, 2019
Timothy Wennes will become President and Chief Executive Officer of Santander Bank, N.A. ("SBNA"), effective Sept. 16, 2019. He joins SBNA from MUFG Union Bank in California. Wennes succeeds Duke Dayal, who was named Chief Financial Officer of Santander UK on July 10, 2019, effective Sept. 16, 2019. Dayal currently serves as CEO of SBNA and CFO of Santander US.
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The UK Government Moves Closer to Potentially Damaging Legislation Impacting the UK ABL Industry and Its Clients
The UK Government announced 11th July 2019, through the publication of the Draft Finance Bill, that it is going ahead with the reinstatement of Crown Preference in respect of VAT and PAYE.
-
Interview with David Koshenina, Head of WFCC’s Lender Finance Group
Jul 22, 2019Wells Fargo Commercial Capital (WFCC) recently announced that David Koshenina is head of its Lender Finance Group. In his new role, he will lead a team that provides asset-based lending for specialty finance companies, including other asset-based lenders, factors, equipment leasing, and other nonbank lenders.
-
Hercules Capital Appoints Scott Bluestein as Chief Executive Officer and President
Jul 19, 2019Mr. Bluestein, who has held several leadership roles in his nine years with the Company, has served as Hercules’ interim CEO since March 2019 and as Chief Investment Officer since 2014.
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Citizens CML Banking Leads New Financing for Aerospace Industry
Jul 9, 2019Citizens Commercial Banking led a new credit facility for United Kingdom-based Bromford Industries, a leading supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries, to acquire Accrofab Limited.
-
Wells Fargo Capital Finance Completes Financing for Brooks Brothers
Jul 9, 2019
Wells Fargo Capital Finance, part of Wells Fargo Commercial Capital, announced the completion of financing for Brooks Brothers, the storied U.S. apparel brand and one of its oldest clothing retailers.
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Lien Trouble Down on the Farm
Jul 2, 2019In a priority dispute between a bank and two nurseries, the bank prevailed. The dispute concerned who held the senior lien in over a million dollars’ worth of trees and shrubs in three states. By Samuel R. Henninger -
Siena Lending Group LLC Announces the Closing of a $10 Million Credit Facility for Southwest Spirits & Wine, LLC
Jul 2, 2019
Siena Lending Group LLC (“Siena”) announces the completion of a $10.0 million asset-based revolving line of credit and term loan for Southwest Spirits & Wine, LLC (“Southwest Spirits”).
-
Solaris Water Midstream Announces $350 Million Revolving Credit Facility to Fund Growth Projects in the Permian Basin
Jul 2, 2019Solaris Water Midstream, LLC (“Solaris Water”), a leading provider of water-related infrastructure to the oil and gas industry, announced today it has increased the size of its revolving credit facility to $350 million from $250 million. Cadence Bank N.A. (“Cadence Bank”) acted as lead arranger and administrative agent with Wells Fargo Bank, National Association (“Wells Fargo”) serving as joint lead arranger.
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New Accounting Standards Can Significantly Impact Credit Agreements
May 1, 2019New accounting standards for leases can have unintended consequences on debt covenants and financial ratios in credit agreements. Under the new rules (Accounting Standards Codification Topic (“ASC”) 842 and International Financial Reporting Standard (“IFRS”) 16), nearly all operating leases, in addition to finance leases (formerly, capital leases), are required to be recognized as a liability on the balance sheet of a lessee if the lease term is greater than twelve months.
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Gordon Brothers’ Expansion in Australia
May 1, 2019Gordon Brothers, the global advisory, restructuring and investment firm, continued expanding its presence in Australia with the opening of a Perth office in January. The office is led by equipment valuation and auction industry veteran, Ben Gibson and will support the firm’s increasing activity across Western Australia. The Perth location is the third Australian office opening in two years for Gordon Brothers, which entered the market in 2017.
The Secured Lender caught up with three of Gordon Brothers’ Australian executives who discussed the potential for ABL in Australia and the firm’s plans moving forward. -
Surprise! Where Did My Collateral Go (Again)? The Chewy.com Story
Apr 1, 2019By now, many lenders have heard of the steps taken by J. Crew to remove its valuable intellectual property from the collateral securing its term loans and asset-based credit facilities through a clever (although disputed) use of the transactions permitted under the negative covenants included in the credit agreements governing such credit facilities (the “baskets”).
-
SFNet Women in Secured Finance Conference Explores How Women Can Step into Their Power
May 1, 2019
SFNet's Women in Secured Finance Conference provided networking and insight for career development and how to navigate issues faced in today’s work environment. By Eileen Wubbe
-
Finance Professionals Can Build on Blockchain for Success
May 1, 2019
Rick Burke of TD Bank discusses the results of TD’s recent blockchain survey. When it comes to the technology’s specific capabilities and implications, finance professionals are divided: blockchain will create stronger audit trails (29%), speed up payment processes (22%), improve efficiency of cross-border payments (21%) and reduce payments fraud (18%). TD’s survey also revealed a conundrum in the treasury world: Faster and real-time payments are coming soon, but organizations still have obstacles to implement them. By Rick Burke
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Thoughts on the First Quarter 2019 Asset-Based Lending Index
Jul 30, 2019
If we were to represent Q1 2019 as one of those office motivational posters, “Little by little, a little becomes a lot” would be appropriate.
-
People’s United Bank Leads Expansion of Credit Facility to $50 Million for MVC Capital, Inc.
Jul 30, 2019
People’s United’s Asset-Based Lending (ABL) and Capital Markets teams partnered on the facility that will provide MVC with working capital for future acquisitions and investments.
-
PNC Bank Provides Financing to Water & Wastewater Infrastructure Products Manufacturer
Jul 30, 2019
PNC Bank, National Association, announced today the closing of a $30 million senior secured credit facility for Sugar Land, TX-based Sigma Piping Products 2019, LLC (SPP).
-
Sierra, MCC and MDLY Amend Merger Agreements Which Would Create Leading Internally Managed BDC
Jul 29, 2019MCC will merge with and into Sierra and Sierra will simultaneously acquire MDLY and its existing asset management business, which will operate as a wholly owned subsidiary of the Company.
-
SFNet's International Lending Conference Examined Critical Issues, Explored Opportunities, Relating to Cross-border Lending
The Secured Finance Network (formerly Commercial Finance Association) held its 13th Annual International Lending Conference at DLA Piper in London, May 21-23. Attendees heard from a variety of leaders discussing the critical issues and opportunities relating to cross-border lending including looming economic upheaval, potential recession and geopolitical uncertainty.
-
Fifth Third Business Capital Provides $10 Million for Kratos Building Products, Inc.
Jul 25, 2019Fifth Third Business Capital, a division of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of a $10,000,000 senior credit facility to Farmers Branch, Texas-based Kratos Building Products, Inc. (“Kratos”).
-
Santander US Appoints Timothy Wennes as President and CEO of Santander Bank, N.A., and Juan Carlos Alvarez as Santander US and SBNA CFO
Jul 24, 2019
Timothy Wennes will become President and Chief Executive Officer of Santander Bank, N.A. ("SBNA"), effective Sept. 16, 2019. He joins SBNA from MUFG Union Bank in California. Wennes succeeds Duke Dayal, who was named Chief Financial Officer of Santander UK on July 10, 2019, effective Sept. 16, 2019. Dayal currently serves as CEO of SBNA and CFO of Santander US.
-
The UK Government Moves Closer to Potentially Damaging Legislation Impacting the UK ABL Industry and Its Clients
The UK Government announced 11th July 2019, through the publication of the Draft Finance Bill, that it is going ahead with the reinstatement of Crown Preference in respect of VAT and PAYE.
-
Interview with David Koshenina, Head of WFCC’s Lender Finance Group
Jul 22, 2019Wells Fargo Commercial Capital (WFCC) recently announced that David Koshenina is head of its Lender Finance Group. In his new role, he will lead a team that provides asset-based lending for specialty finance companies, including other asset-based lenders, factors, equipment leasing, and other nonbank lenders.
-
Hercules Capital Appoints Scott Bluestein as Chief Executive Officer and President
Jul 19, 2019Mr. Bluestein, who has held several leadership roles in his nine years with the Company, has served as Hercules’ interim CEO since March 2019 and as Chief Investment Officer since 2014.
-
Citizens CML Banking Leads New Financing for Aerospace Industry
Jul 9, 2019Citizens Commercial Banking led a new credit facility for United Kingdom-based Bromford Industries, a leading supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries, to acquire Accrofab Limited.
-
Wells Fargo Capital Finance Completes Financing for Brooks Brothers
Jul 9, 2019
Wells Fargo Capital Finance, part of Wells Fargo Commercial Capital, announced the completion of financing for Brooks Brothers, the storied U.S. apparel brand and one of its oldest clothing retailers.
-
Lien Trouble Down on the Farm
Jul 2, 2019In a priority dispute between a bank and two nurseries, the bank prevailed. The dispute concerned who held the senior lien in over a million dollars’ worth of trees and shrubs in three states. By Samuel R. Henninger
-
Siena Lending Group LLC Announces the Closing of a $10 Million Credit Facility for Southwest Spirits & Wine, LLC
Jul 2, 2019
Siena Lending Group LLC (“Siena”) announces the completion of a $10.0 million asset-based revolving line of credit and term loan for Southwest Spirits & Wine, LLC (“Southwest Spirits”).
-
Solaris Water Midstream Announces $350 Million Revolving Credit Facility to Fund Growth Projects in the Permian Basin
Jul 2, 2019Solaris Water Midstream, LLC (“Solaris Water”), a leading provider of water-related infrastructure to the oil and gas industry, announced today it has increased the size of its revolving credit facility to $350 million from $250 million. Cadence Bank N.A. (“Cadence Bank”) acted as lead arranger and administrative agent with Wells Fargo Bank, National Association (“Wells Fargo”) serving as joint lead arranger.
-
New Accounting Standards Can Significantly Impact Credit Agreements
May 1, 2019New accounting standards for leases can have unintended consequences on debt covenants and financial ratios in credit agreements. Under the new rules (Accounting Standards Codification Topic (“ASC”) 842 and International Financial Reporting Standard (“IFRS”) 16), nearly all operating leases, in addition to finance leases (formerly, capital leases), are required to be recognized as a liability on the balance sheet of a lessee if the lease term is greater than twelve months.
-
Gordon Brothers’ Expansion in Australia
May 1, 2019Gordon Brothers, the global advisory, restructuring and investment firm, continued expanding its presence in Australia with the opening of a Perth office in January. The office is led by equipment valuation and auction industry veteran, Ben Gibson and will support the firm’s increasing activity across Western Australia. The Perth location is the third Australian office opening in two years for Gordon Brothers, which entered the market in 2017.
The Secured Lender caught up with three of Gordon Brothers’ Australian executives who discussed the potential for ABL in Australia and the firm’s plans moving forward. -
Surprise! Where Did My Collateral Go (Again)? The Chewy.com Story
Apr 1, 2019By now, many lenders have heard of the steps taken by J. Crew to remove its valuable intellectual property from the collateral securing its term loans and asset-based credit facilities through a clever (although disputed) use of the transactions permitted under the negative covenants included in the credit agreements governing such credit facilities (the “baskets”).
-
SFNet Women in Secured Finance Conference Explores How Women Can Step into Their Power
May 1, 2019
SFNet's Women in Secured Finance Conference provided networking and insight for career development and how to navigate issues faced in today’s work environment. By Eileen Wubbe
-
Finance Professionals Can Build on Blockchain for Success
May 1, 2019
Rick Burke of TD Bank discusses the results of TD’s recent blockchain survey. When it comes to the technology’s specific capabilities and implications, finance professionals are divided: blockchain will create stronger audit trails (29%), speed up payment processes (22%), improve efficiency of cross-border payments (21%) and reduce payments fraud (18%). TD’s survey also revealed a conundrum in the treasury world: Faster and real-time payments are coming soon, but organizations still have obstacles to implement them. By Rick Burke
-
Thoughts on the First Quarter 2019 Asset-Based Lending Index
Jul 30, 2019
If we were to represent Q1 2019 as one of those office motivational posters, “Little by little, a little becomes a lot” would be appropriate.
-
People’s United Bank Leads Expansion of Credit Facility to $50 Million for MVC Capital, Inc.
Jul 30, 2019
People’s United’s Asset-Based Lending (ABL) and Capital Markets teams partnered on the facility that will provide MVC with working capital for future acquisitions and investments.
-
PNC Bank Provides Financing to Water & Wastewater Infrastructure Products Manufacturer
Jul 30, 2019
PNC Bank, National Association, announced today the closing of a $30 million senior secured credit facility for Sugar Land, TX-based Sigma Piping Products 2019, LLC (SPP).
-
Sierra, MCC and MDLY Amend Merger Agreements Which Would Create Leading Internally Managed BDC
Jul 29, 2019MCC will merge with and into Sierra and Sierra will simultaneously acquire MDLY and its existing asset management business, which will operate as a wholly owned subsidiary of the Company.
-
SFNet's International Lending Conference Examined Critical Issues, Explored Opportunities, Relating to Cross-border Lending
The Secured Finance Network (formerly Commercial Finance Association) held its 13th Annual International Lending Conference at DLA Piper in London, May 21-23. Attendees heard from a variety of leaders discussing the critical issues and opportunities relating to cross-border lending including looming economic upheaval, potential recession and geopolitical uncertainty.
-
Fifth Third Business Capital Provides $10 Million for Kratos Building Products, Inc.
Jul 25, 2019Fifth Third Business Capital, a division of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of a $10,000,000 senior credit facility to Farmers Branch, Texas-based Kratos Building Products, Inc. (“Kratos”).
-
Santander US Appoints Timothy Wennes as President and CEO of Santander Bank, N.A., and Juan Carlos Alvarez as Santander US and SBNA CFO
Jul 24, 2019
Timothy Wennes will become President and Chief Executive Officer of Santander Bank, N.A. ("SBNA"), effective Sept. 16, 2019. He joins SBNA from MUFG Union Bank in California. Wennes succeeds Duke Dayal, who was named Chief Financial Officer of Santander UK on July 10, 2019, effective Sept. 16, 2019. Dayal currently serves as CEO of SBNA and CFO of Santander US.
-
The UK Government Moves Closer to Potentially Damaging Legislation Impacting the UK ABL Industry and Its Clients
The UK Government announced 11th July 2019, through the publication of the Draft Finance Bill, that it is going ahead with the reinstatement of Crown Preference in respect of VAT and PAYE.
-
Interview with David Koshenina, Head of WFCC’s Lender Finance Group
Jul 22, 2019Wells Fargo Commercial Capital (WFCC) recently announced that David Koshenina is head of its Lender Finance Group. In his new role, he will lead a team that provides asset-based lending for specialty finance companies, including other asset-based lenders, factors, equipment leasing, and other nonbank lenders.
-
Hercules Capital Appoints Scott Bluestein as Chief Executive Officer and President
Jul 19, 2019Mr. Bluestein, who has held several leadership roles in his nine years with the Company, has served as Hercules’ interim CEO since March 2019 and as Chief Investment Officer since 2014.
-
Citizens CML Banking Leads New Financing for Aerospace Industry
Jul 9, 2019Citizens Commercial Banking led a new credit facility for United Kingdom-based Bromford Industries, a leading supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries, to acquire Accrofab Limited.
-
Wells Fargo Capital Finance Completes Financing for Brooks Brothers
Jul 9, 2019
Wells Fargo Capital Finance, part of Wells Fargo Commercial Capital, announced the completion of financing for Brooks Brothers, the storied U.S. apparel brand and one of its oldest clothing retailers.
-
Lien Trouble Down on the Farm
Jul 2, 2019In a priority dispute between a bank and two nurseries, the bank prevailed. The dispute concerned who held the senior lien in over a million dollars’ worth of trees and shrubs in three states. By Samuel R. Henninger
-
Siena Lending Group LLC Announces the Closing of a $10 Million Credit Facility for Southwest Spirits & Wine, LLC
Jul 2, 2019
Siena Lending Group LLC (“Siena”) announces the completion of a $10.0 million asset-based revolving line of credit and term loan for Southwest Spirits & Wine, LLC (“Southwest Spirits”).
-
Solaris Water Midstream Announces $350 Million Revolving Credit Facility to Fund Growth Projects in the Permian Basin
Jul 2, 2019Solaris Water Midstream, LLC (“Solaris Water”), a leading provider of water-related infrastructure to the oil and gas industry, announced today it has increased the size of its revolving credit facility to $350 million from $250 million. Cadence Bank N.A. (“Cadence Bank”) acted as lead arranger and administrative agent with Wells Fargo Bank, National Association (“Wells Fargo”) serving as joint lead arranger.
-
New Accounting Standards Can Significantly Impact Credit Agreements
May 1, 2019New accounting standards for leases can have unintended consequences on debt covenants and financial ratios in credit agreements. Under the new rules (Accounting Standards Codification Topic (“ASC”) 842 and International Financial Reporting Standard (“IFRS”) 16), nearly all operating leases, in addition to finance leases (formerly, capital leases), are required to be recognized as a liability on the balance sheet of a lessee if the lease term is greater than twelve months.
-
Gordon Brothers’ Expansion in Australia
May 1, 2019Gordon Brothers, the global advisory, restructuring and investment firm, continued expanding its presence in Australia with the opening of a Perth office in January. The office is led by equipment valuation and auction industry veteran, Ben Gibson and will support the firm’s increasing activity across Western Australia. The Perth location is the third Australian office opening in two years for Gordon Brothers, which entered the market in 2017.
The Secured Lender caught up with three of Gordon Brothers’ Australian executives who discussed the potential for ABL in Australia and the firm’s plans moving forward. -
Surprise! Where Did My Collateral Go (Again)? The Chewy.com Story
Apr 1, 2019By now, many lenders have heard of the steps taken by J. Crew to remove its valuable intellectual property from the collateral securing its term loans and asset-based credit facilities through a clever (although disputed) use of the transactions permitted under the negative covenants included in the credit agreements governing such credit facilities (the “baskets”).
-
SFNet Women in Secured Finance Conference Explores How Women Can Step into Their Power
May 1, 2019
SFNet's Women in Secured Finance Conference provided networking and insight for career development and how to navigate issues faced in today’s work environment. By Eileen Wubbe
-
Finance Professionals Can Build on Blockchain for Success
May 1, 2019
Rick Burke of TD Bank discusses the results of TD’s recent blockchain survey. When it comes to the technology’s specific capabilities and implications, finance professionals are divided: blockchain will create stronger audit trails (29%), speed up payment processes (22%), improve efficiency of cross-border payments (21%) and reduce payments fraud (18%). TD’s survey also revealed a conundrum in the treasury world: Faster and real-time payments are coming soon, but organizations still have obstacles to implement them. By Rick Burke