As VC markets cool, more cash-starved companies are turning to venture lending to tide them over until a new equity round is possible. Lenders are taking note—but it may not be the lenders one would expect.  

In this Q&A with Jennifer Post, managing partner of Thompson Coburn LLP’s Los Angeles office, she discusses if recession fears are slowing down equity markets, if start-ups are depending more on risky “uncommon players” for venture capital and other critical challenges startups face. 

Each is responsible for developing partnerships across a broad range of industries providing creative equipment financing solutions to middle market businesses while expanding and deepening Accord’s relationships within the independent sponsor and intermediary communities.

Infinity ABL Services, LLC
1121 Mason Ave.
Drexel Hill, PA 19026-2509
https://www.infinityabl.com

Infinity ABL provides field exam services for banks and other commercial finance institutions. Infinity ABL, created in February 2021, has three partners with extensive ABL knowledge.

What is it about some women that makes them seem fearless and unflappable?  Here, we interview three women, Phyllis Young, partner, McGuireWoods LLP; Jan Bellah chief operating officer, Pay4Freight LLC; Jennifer Cann, senior vice president and head of the Retail Finance Group Portfolio, Bank of America, N.A. with very different careers in the financial industry who seem to have figured out the key to feeling and appearing confident and effective in the workplace.

The Women in Secured Finance e-newsletter's feature interview for this issue is with Melissa Mok, director of asset-based lending for Truist Securities. Mok joined Truist Securities in 2014.  Located in Texas, she is responsible for ABL originations of mid- and large-cap companies and is currently focused on the Financial Services, Energy and Industrial Services. TMT and TME industry verticals.

Wingspire Capital LLC (“Wingspire”) was pleased to provide a $30 million senior secured credit facility to GTT Communications (“GTT”), a global provider of managed secure networking services for large enterprise and carrier clients.

Citizens is leading a $750 million senior credit facility for Stamford, CT-based Hexcel Corporation.

Founded in 1948, Hexcel is a leading advanced composites company specializing in the development, manufacturing, and marketing of lightweight, high-performance materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives, and composite structures for use in commercial aerospace, space and defense, and industrial applications.

SFNet’s Emerging Leaders Summit (formerly YoPro Leadership Summit) will be held in Florida for the first time since its inception in 2018. This year, SFNet is adding Mid-Year Member Roundtables, a CEO Roundtable (invitation only), and a Chapter Presidents meeting held in conjunction with the Summit, May 22-23, 2023 at the Innisbrook Resort in Palm Harbor, FL.

“Our younger members have told us they want to build relationships with cohorts at all levels of experience and influence as well as with their peers,” said Rich Gumbrecht, CEO, SFNet. “So, we tried something new this year by coupling our Mid-Year Member Roundtables and Chapter Presidents meeting with the Emerging Leader Summit. We programmed lots of interconnectivity through social events and shared programming to create a contact-rich environment.”

JPMorgan Chase (NYSE: JPM) today announced it has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC). In carrying out this transaction, JPMorgan Chase is supporting the U.S. financial system through its significant strength and execution capabilities. As part of the purchase, JPMorgan Chase is assuming all deposits – insured and uninsured.

First Citizens Bank today announced that its Middle Market Banking business provided $16 million in financing to FitLife Brands, Inc., a provider of innovative and proprietary nutritional supplements headquartered in Omaha, Nebraska.

KCP Advisory Group is excited to announce the merger of the Remuda Advisors consulting group into KCP and the appointment of Steven Bellah as Senior Managing Director.  In this role, Mr. Bellah will head the Dallas office and will also serve as the practice leader for the Lender Services Group. He will be a key contributor to helping KCP maintain its accomplished Turnaround and Restructuring practice and will be a senior presence developing and supporting the business, working across the practice groups.

SFNet surveyed bank and non-bank lenders on 2022 performance and 2023 outlook

NEW YORK, NY,April 26, 2023 ─ There was solid growth in commitments and outstandings in the asset-based lending market last year and portfolio performance was strong, according to data released by the Secured Finance Network. The factoring industry proved similarly resilient in a challenging economy and began 2023 on a positive note.

Lender confidence held steady, as well, with banks and non-bank lenders maintaining a positive outlook despite inflation and higher interest rates. In the most recent Confidence Index, they pointed to the industry’s resiliency and had high expectations in the demand for new business, hiring and client utilization.

MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a senior revolving credit facility to SCCI National Holdings, Inc. (“Shimmick” or “Company”). Proceeds from the MidCap credit facility will provide for the business’ ongoing working capital needs.

This article discusses the bitcoin mining industry’s role in providing demand support to energy producers by monetizing otherwise stranded energy produced from oil drilling and solar and wind facilities. Consumption of stranded energy by bitcoin miners should help secured lenders underwrite loans, because it can reduce air pollution resulting from natural gas flaring and improve life cycle economics of renewable energy sources. 

Bed Bath & Beyond on Sunday filed for Chapter 11 bankruptcy protection after it failed in several last-ditch efforts to raise enough money to keep the company alive

Sixth Street has agreed to lend Bed Bath $240 million in debtor-in-possession financing so the company can have the cash flow necessary to support operations through the bankruptcy process. Bed Bath said it plans to continue to pay employees wages and benefits, maintain customer programs and honor obligations to vendors.

BMO today announced the appointment of Darrel Hackett as U.S. Chief Executive Officer of BMO Financial Group, President & CEO of BMO Harris Bank N.A., and CEO of BMO's U.S. holding company, BMO Financial Corp. (BFC). Mr. Hackett will report to Chief Executive Officer Darryl White, join the bank's Executive Committee, and will chair the U.S. Management Committee. His appointment is effective June 1, 2023.

Ian Fredericks joined Hilco Global in 2011 after working successfully as a distressed merger and acquisition and corporate restructuring attorney. Over the course of his career, Fredericks has negotiated and closed hundreds of transactions involving tens of billions of dollars. In 2017, he was a recipient of M&A Advisor’s Emerging Leaders award and in 2022 was named to the executive committee of the Secured Finance Network board of directors.

Rosenthal & Rosenthal Southeast, a wholly-owned subsidiary of Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced it has acquired Lyon Capital Corporation, the factoring division of Lyon Credit Services, the premier credit reporting agency in the home furnishings industry since 1876.

Wingspire Capital LLC is pleased to announce that it completed five transactions with cumulative commitments of more than $230 million in the first quarter of 2023.

The types and sizes of the transactions were diverse, as were the borrowers — ranging from a major cosmetics brand to a travel technology platform to a global cloud networking provider.  The senior secured credit facilities included revolvers, exit financing as part of a pre-packaged bankruptcy, an add-on financing term loan, and an agented $125 million facility.

Siena Healthcare Finance today announced the closing of a $15MM working capital facility for Michigan based Optalis Health & Rehabilitation. Siena provided the line of credit for Optalis’ acquisition of a new SNF group.