Factors discuss what surprised them in 2022, California’s disclosure laws, rising interest rates, the move from ABL to factoring and what they expect 2023 will bring.

Mountain Ridge Capital (“Mountain Ridge”) and Great Rock Capital (“Great Rock”), today jointly announced the closing of a senior secured credit facility for HOP Energy, LLC (“HOP”).  Founded in 1995 and headquartered in White Plains, NY, HOP Energy is a market-leading home services provider serving ~90,000 customers across two primary areas:  distribution of home heating oil and the installation and servicing of HVAC systems, heat pumps, and other critical non-discretionary home services.  HOP Energy is majority-owned by Delos Capital.

Otterbourg P.C. announced today that James Cretella has been named Chairman of the Firm’s Finance Department.

A career member of Otterbourg’s Finance Department, Mr. Cretella represents institutional lenders, factoring companies and specialty lenders, as well as borrowers, in a variety of asset-based lending, specialty finance and other corporate transactions. In 2021, he was named Chair of the Alternative and Specialty Finance practice group.

Siena Lending Group LLC ("Siena") and Great Rock Capital (“Great Rock”) jointly announce today the closing of a $100 million senior secured credit facility with SkyWater Technology (“SkyWater”), a publicly traded company with a majority ownership by Oxbow Industries.

SkyWater, headquartered in Bloomington, MN, is the most advanced domestically owned and based Trusted Foundry, serving the needs of the U.S. government as well as other commercial applications. 

Werner Enterprises entered into a more than $1 billion credit facility on Dec. 20, with the proceeds to be used for working capital, acquisitions and other investments.

The new credit agreement replaces two $300 million credit facilities and a $100 million loan, according to a securities filing, collectively rolling over $585 million of the carrier’s outstanding debt.

Snowden Lane Partners, an independent, advisor-owned, wealth advisory firm dedicated to providing client-focused advice in a values-driven culture, together with Snowden Lane’s private equity partner, Estancia Capital Partners (“Estancia”), today announced that Snowden Lane secured a new $100 million credit facility.

The new facility replaces a facility originally secured with ORIX Corporation in 2018 and subsequently expanded in early 2022. The $100 million of available credit will enable Snowden Lane to significantly bolster its recruiting momentum and position itself for sustained growth through 2023 and beyond.

First Citizens Bank today announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets.

The financing was used for Morningstar’s acquisition of three new self-storage properties that will operate under the brand name Morningstar Storage.

Ms. Madine is an experienced finance professional with a strong capital markets and commercial loan workout background that will be a great asset to EBC. She started her banking career with PNC in their Structured Products Group, then matriculated to Marblegate Asset Management, and was most recently with Guggenheim Partners.

Conference Aims to Set New Strategies for the New World

Now three years since the onset of the global pandemic, the asset-based capital market, like so many others, finds itself at a new beginning. While the economy and environment continue to shift, the asset-based capital community has taken uncertainty into account for its business plans as it marches into a new year. SFNet’s ABCC theme, “The Great Reboot,” is about setting new strategies for a new world.

“We’ve been able to bring together some of the best minds in the space to help us put these changes in context and offer practical implications for our business plans going forward,” Rich Gumbrecht, SFNet CEO, said.  I don’t know if we’ve ever had a more august set of speakers.  You’ll want to take good notes.”

Tiger Finance and Merchant Financial Group are partnering to provide $38 million in growth capital to Alpha 6 Distributions, creator of the Arctix winter apparel brand.

As the primary lender to Alpha 6, Merchant Financial Group tapped Tiger Finance to provide an additional $15.2 million in growth capital for the manufacturer, based in Locust Valley, NY. Tiger's contribution brings the total credit facility to $38 million.

Jon R. Mooney has joined McGuireWoods’ debt finance practice as a partner in Pittsburgh after nearly a decade serving in senior legal roles at one of the nation’s largest financial institutions.

Mooney comes to the firm from the PNC Financial Services Group, Inc., where he served as managing chief counsel for corporate banking and capital markets. He was responsible for legal coverage in several diverse banking sectors, including large corporate finance, asset-backed finance, public finance and asset-based lending.