Some turnaround and M&A leaders are predicting the second quarter of 2022 could be when the “default boom” hits. Asset-based lenders, factors, and other secured lenders will need to be at the ready to handle turnaround deals.

Citizens announced today that it has led $75 million in new credit facilities for Procentrix, a professional and technology services company serving U.S. federal government customers in civilian, homeland security and defense sectors. Citizens is the Left Lead Arranger and Administrative Agent.

The new credit facilities supported an investment in Procentrix by Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group. This investment will be used to bring more capacity and service offerings to address additional customer requests and to diversify Procentrix’s customer base.

Wingspire Capital LLC (“Wingspire”) is pleased to announce a $40 million senior secured credit facility provided to Theragenics Corporation, a developer and manufacturer of innovative medical devices.

The transaction included a $20 million revolving line of credit and a $20 million term loan, with the proceeds used to refinance existing debt and fund ongoing working capital and general corporate needs.

White Oak Healthcare Finance, LLC (“White Oak”) announced today that it acted as sole lender and administrative agent of a senior credit facility to support the acquisition of Port 45 Recovery LLC (“Port 45”) by Sunrise Treatment Center, LLC (“Sunrise” or the "Company"), a Bridges Fund Management L.P. (“Bridges”) portfolio company.

Founded in 2007, Cincinnati, OH-based Sunrise is a substance abuse treatment provider in Ohio and Kentucky. Port 45’s services include partial hospitalization, intensive outpatient, traditional outpatient, aftercare, recovery housing and group therapy offerings.

Ever since the early days of blockchain with the 2009 introduction of Bitcoin, cryptocurrencies have been prone to periods of high and low valuation. After going through another “crypto-winter,” or period of low prices, lasting three years, cryptocurrencies have once again caught the attention of a broader investor community.

Since the second half of 2020, the sheer number of new cryptocurrency offerings and the price volatility have been breathtaking. For example, Ethereum—the number two cryptocurrency and blockchain platform by market cap—grew by 800 percent from October 2020-October 2021. As new investment vehicles for Bitcoin are introduced in the United States, the hype is at an all-time high.

On August 3 and 4, YoPro members from across the country gathered to attend the SFNet's YoPro Leadership Summit 2021 in Chicago. The conference provided in-person networking opportunities and insightful panels featuring industry leaders.

The leadership summit would not have been possible without the support of our sponsors – Event Co-Sponsor Hilco Global and Winston & Strawn LLP, Reception Sponsor, Wells Fargo, and our Supporting Sponsors, Gerber Finance and Gordon Brothers.

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as joint lead arranger on a $1.16 billion financing for PRO Unlimited Inc., a leading Integrated Workforce Management (IWM) platform provider.

Serving hundreds of the world’s most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence and services to meet organizations’ flexible workforce needs. 

When documenting an ABL facility alongside a separate term loan, borrowers and financial sponsors increasingly request that the ABL credit agreement be drafted to essentially match material terms of the term loan agreement. This understandable desire for conformity often overshadows fundamental differences between ABL and term loan facilities and can create significant issues for ABL lenders. The goal from the ABL lender’s perspective should be to understand the tradeoffs involved and provide a level of functional conformity in principal terms, while maintaining customary availability-based metrics and liquidity protections of ABL loan documentation which are often absent or inadequately covered in term loan documentation.

SAN JOSE, Calif., Oct. 28, 2021 /PRNewswire/ -- Bridge Bank today announced that its Capital Finance Group has issued a $10 million asset-based line of credit to Shippabo, a cloud-based supply chain-management platform serving the shipping and logistics industries.

PNC Bank, N.A. announced the appointment of two new regional presidents in California, further expanding its local leadership and decision-making model in the state.

Jarrod Ingle joins PNC as the regional president and head of Corporate Banking for the Orange County-Inland Empire market and Todd Wilson assumes responsibilities as regional president for the Greater Los Angeles Metropolitan Area.