After gathering information from various PNC program managers, Eileen Kowalski discusses the DEI initiatives of PNC Bank N.A. and more specifically those of PNC Business Credit.

BMO’s Asset-Based Lending group serves as Administrative Agent and Sole Underwriter and Bookrunner on a $250 million Senior Secured ABL Revolver facility to support the Centre Lane Partners led merger of its portfolio company Hollander Sleep & Décor with Keeco, LLC.

CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger of $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals.

The buyer is a joint venture directed by an affiliate of Rethink Healthcare Real Estate, formerly Seavest Healthcare Properties. Each property within the portfolio is branded Baylor Scott & White Emergency Hospital.

CIBC today announced Ramsey Naber, managing director and business development officer, has joined its Asset-based Lending team in the Western Region.

In his role, Naber will be responsible for new deal originations and relationship development in the Western Region. Prior to joining the Bank, Naber served as Asset Based Finance Group Manager at East West Bank in Pasadena, California.

Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (“Spectrum” or the “Company”), a biopharmaceutical company focused on novel and targeted oncology therapies, today announced that it has entered into a five-year debt financing agreement with investment affiliates managed by SLR Capital Partners, LLC (SLR) for a term loan facility of up to $65 million. 

In November of 2021, SFNet announced its first Cross-Border Finance Essay Contest, sponsored by Goldberg Kohn Ltd. Members of SFNet’s International Finance and Development Committee judged the essay submissions on content, originality, clarity, structure and overall contribution to furthering and expanding understanding and discourse within the field of cross-border finance. This essay tied for third place.

The authors of the winning essays have been invited to participate on a panel at SFNet’s 78th Annual Convention in Austin, TX, Nov. 9-11. The second place and first place winners will be published in the October and November issues of The Secured Lender, respectively.

CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, provided financing to Mohawk Fine Papers, the largest privately held premium paper manufacturer in North America. The financing will be used to refinance existing debt and provide working capital to support strategic initiatives and future endeavors.

Gordon Brothers, the global advisory, restructuring and investment firm, has provided Academy Bus LLC a $72.5 million credit facility to support the bus company’s growing business.

The facility will support Academy Bus’ debt refinancing and continued growth to meet the increased transit, charter and commuter demand as transportation service returns to pre-pandemic levels.

CIBC Innovation Banking announced today that it has provided growth capital financing to Userlane, a software company based in Germany. Userlane will use the funds to expand its suite of products that help companies master enterprise software and associated processes more easily.

Wintrust Business Credit (WBC), the asset-based lending (ABL) unit of Wintrust Commercial Banking, today announced plans to expand its geographic reach from a regional provider to a national ABL platform.

Since its founding in 2008, WBC has provided best-in-class asset-based lending solutions with a focus on middle-market businesses in the Wintrust footprint. 

Citizens announced that it has provided a $50 million credit facility to Charlotte, N.C.-based Crosslake Technologies. Citizens is Left Lead Arranger and Administrative Agent.

Crosslake Technologies provides data-driven technology due diligence and value creation advisory services for private equity firms and their portfolio companies. The company’s capabilities include advisory support of software delivery processes, architecture, enterprise systems, and cybersecurity, all delivered by experienced technology practitioners

CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as agent on a $65 million revolving credit facility for Everlane, Inc., a leading retailer of sustainable apparel, accessories and footwear in the U.S. 

Founded in 2011 and based in San Francisco, Everlane aims to deliver high-quality and ethically sourced items at affordable price points. The company sells products primarily through its e-commerce website, as well as its 10 retail stores in New York, Massachusetts, Texas, Washington, California, District of Columbia and Pennsylvania.

Republic Business Credit is a nationally recognized commercial finance company supporting the working capital requirements of companies nationwide, including private equity and entrepreneurial businesses. Republic provides asset-based lending, ledgered lines of credit, traditional factoring, direct-to-consumer loans, and Fast AR Funding. Republic partners with its clients to provide up to $15 million in senior credit facilities to rapidly growing businesses, start-ups and companies experiencing recoverable distress. Republic was one of two companies that were highly aligned with their employees in the replies to SFNet’s DEI Survey.

WhiteHawk Capital Partners, LP ("WhiteHawk"), a private credit investment manager focused on asset-based financing solutions, announced it has entered into an agreement with CherCo, LLC (“CherCo") to provide a $55 million asset-based credit facility. CherCo will use the proceeds of the financing for acquisitions of assets and service contracts, and to provide ongoing liquidity to execute on growth plans.

SFNet's Cross-Border Lending Summit - “This Is Not a Drill” – is returning live online event on September 15 and September 22, 2022, from 10:00 a.m. - 12:00 p.m. ET each day. For the 9th year in a row, SFNet is bringing timely and provocative panels addressing issues that challenge asset-based lenders doing cross-border deals. So much has happened in just the last six months: Boris Johnson stepping down, Russia in Ukraine, potential food supply shortages, climate extremes. Companies now must reevaluate supply chains and vendors based in part of geopolitical risk. Not to mention an inflationary environment the likes of which we have not seen in years. In this time of rapid change, SFNet is gathering together industry experts to explore and illuminate the current landscape and what you should be thinking about in the months and years to come.

Ares Commercial Finance (“ACF”) announced that Kristen Holihan has joined its Origination Team as a Managing Director. Based in New York, Ms. Holihan is responsible for business development and origination, with a focus on restructuring, sponsor and direct lending relationships.

 eCapital Corp. (“eCapital” or “the Company”), a leading finance provider for businesses across North America and the U.K., today announced the creation of a new division, eCapital Healthcare, dedicated to serving clients within the healthcare industry with fast and flexible financial solutions designed for their unique needs.

The new division will be led by 20+ year industry veteran, Tim Peters, who will retain his leadership role as CEO, Healthcare Division, for eCapital. 

Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced it has closed an accounts receivable securitization facility of $37.5 million with PNC Bank, N.A. The new facility provides increased availability and reduced interest expense compared to Cyxtera’s former accounts receivable factoring facility. The facility has a committed term of three years.

In November of 2021, SFNet announced its first Cross-Border Finance Essay Contest, sponsored by Goldberg Kohn Ltd. Members of SFNet’s International Finance and Development Committee judged the essay submissions on content, originality, clarity, structure and overall contribution to furthering and expanding understanding and discourse within the field of cross-border finance. This essay tied for third place.

Pathway Homes ("Pathway"), a real estate platform with a mission to create more homeowners, announced today that it has entered into a secured credit facility in the aggregate amount of $225 million, with Bank of America, acting as Administrative Agent and Sole Lead Arranger. This is Pathway's inaugural credit facility and includes an accordion feature that permits an increase in total commitments up to $475 million under certain conditions.