- KeyBank Expands Commercial Banking Teams in Chicago and Southern California to Serve the Middle Market
- Provident Expands Commercial Lending Team as Part of Regional Growth Strategy for Eastern Pennsylvania
- Appraisers See a Mixed Picture for Valuations
- SLR Business Credit Adds Mark J. Simshauser as Senior Vice President Supporting Growth in Northeast US
- Bob Seidenberger Joins Franklin Capital as VP of Sales
-
Interview with Dianne Wagman, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
Dianne Wagman is a senior vice president, senior director of Diversity, Equity & Inclusion and Executive Talent Acquisition for Santander US.
-
MidCap Financial Provides a $15 Million Senior Secured Credit Facility to ImageOne Industries, LLC
MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $15 million senior secured credit facility to ImageOne Industries, LLC (“ImageOne”), a provider of branding, signage, and maintenance services.
-
Monroe Capital Supports Formation of Magnolia Wash Holdings
Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the formation of Magnolia Wash Holdings (“Magnolia”) via the acquisitions of Oasis Express (“Oasis”) and Wash Factory by Express Car Wash, LLC (“Express”).
-
Webster Expands Focus on Healthcare Financing
Webster Bank is pleased to announce that it is increasing its commitment to its Healthcare industry vertical by naming Steve Dowe, senior vice president, to lead Webster’s Middle Market Healthcare vertical focused on privately owned health care providers and senior housing operators. Dowe, whose coverage area will encompass the eastern United States, will focus on providing comprehensive commercial banking services to non-private equity owned health care companies with sales between $25 to $500 million.
-
Interview with Bobbi Acord Noland, SFNet’s New Co-General Counsel
Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.
-
Interview with Valerie Mason and Nneoma Maduike, Co-Chairs of Otterbourg’s Lender Finance Practice Group
In February, Otterbourg P.C. announced that Valerie S. Mason and Nneoma A. Maduike had been named co-chairs of the firm’s Lender Finance Practice Group. Otterbourg’s experienced Lender Finance team advises and represents the largest U.S. and global institutional lenders and regional banks, as lenders and mature lenders, sponsors supported companies, and strategics, ranging from startups to mature traditional lenders and funds, merchant cash advance companies, asset-based lenders, factors and fintech lenders, as borrowers, in “lender to lender” secured revolving credit and term loan facilities.
-
SFNet Presents "The Data You Need to Plan Ahead" Webinar
SFNet will host a webinar this Friday, May 14, from 12:00 p.m. – 1:00 p.m., titled "The Data You Need to Plan Ahead." This webinar is open to employees of SFNet member organizations and SFNet Chapter members only and will provide analysis behind the numbers for the Secured Finance Foundation (SFFound) Market Pulse Report, the Foundation’s Annual ABL and Factoring Surveys as well as Refinitiv’s Capital Markets League Table for Q1.
Panelists will include Barry Bobrow, managing director, Wells Fargo Securities; Miin Chen, COO, Siena Lending Group; Lawrence Chua, managing director, Ares Management LLC; Maria Dikeos, global head of Loans Contributions, Refinitiv; Terry Keating, president of Accord Financial’s US Asset Based Finance unit and Robert Wescott, president, Keybridge Research.
-
SLR Business Credit Announces $20 Million for Copper River Seafoods
SLR Business Credit is pleased to announce funding a $20,000,000 asset-based revolving line of credit to Copper River Seafoods.
Headquartered in Anchorage, Alaska, Copper River Seafoods, Inc. is a leading value-added processor and distributor of premium quality salmon and seafood products.
-
CIT Serves as Sole Lead Arranger of $17.4 Million Financing for Medical Office Buildings in Bakersfield, California
CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $17.4 million loan to finance the acquisition of a portfolio of three medical office buildings in Bakersfield, California.
The medical office building portfolio includes more than 65,000 square feet, is fully leased and is located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital.
-
Second Avenue Capital Partners, LLC Provides $30 Million Senior Secured Term Loan to UNTUCKit
Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $30,000,000 senior secured term loan to UNTUCKit, one of the fastest-growing retail apparel brands in North America. The term loan will be used to restructure existing debt and provide the Company with the financial latitude to continue their pre-pandemic growth trajectory.
-
Interview with Marius Silvasan, CEO of eCapital
Last month, eCapital Corp., a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced it achieved substantial growth in 2020 and consolidated a total of eight acquired entities into a simplified corporate structure.
Marius Silvasan, CEO of eCapital, is responsible for leading the company’s overall vision and direction, as well as developing the overarching strategies that support its corporate goals. In this role, Silvasan balances the interests of a diverse investment community with the operational model and resources required to become a global leader in alternative lending.
-
Verizon Media to be Acquired by Apollo Funds
Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by affiliates of Apollo (the “Apollo Funds”) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.
RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds. -
Amerisource Closes $17,000,000 Credit Facility for Industrial Sand and Construction Aggregate Firm
Amerisource Business Capital announced the closing and funding of a $17,000,000 senior credit facility for an Iowa-based sand and construction aggregate firm. The proceeds were used to continue the expansion of their business lines and support their ongoing working capital needs.
-
Welcome to The Secured Lender’s Sixth Women in Secured Finance issue.
Rising Together. This concept serves as both the theme for this month’s issue and SFNet’s upcoming online conference Women in Secured Finance: Where Women Rise.
During this challenging time, it’s more important than ever to highlight and celebrate the contributions and accomplishments of women in our industry. Statistics show that the pandemic has had serious effects on women in the workplace, as we struggle with added pressures on the job, increased unemployment and increasingly challenging caregiving responsibilities.
-
BHI Announces Changes to its Business Team Structure to Accommodate Bank Expansion
BHI, a full-service commercial bank led by CEO Gil Karni, announced a restructuring of the bank’s business team to accommodate its current growth, fulfill the execution of BHI’s strategic plan, position the bank for further expansion and reinforce its industry expertise in specific sectors.
John Yoler, Executive Vice President and Division Executive, has been appointed Head of BHI Commercial & Industrial, overseeing BHI’s C&I teams in New York, New Jersey, Florida and California.
-
Should Banks Combine Their ABL and Factoring Groups?
For most banks with specialty finance groups the answer is no for several clear-cut reason, but it is not that simple of an answer for all banks with specialty finance divisions. This question is being hotly debated at the lower end of the market as many non-banks have successfully utilized one business development (BDO) team to sell both products. Utilizing one BDO team to sell two products can work when there is a similar borrower profile that could dictate the credit going either way and a credit and portfolio team that is well trained in both products. Good BDOs, both bank and non-bank alike, can use product, pricing and market flexibility to their advantage while utilizing one central back office for underwriting and portfolio management. Why then do banks keep these groups separate? The reason most banks don’t and shouldn’t combine ABL and factoring groups is that for most groups the underlying businesses, facility sizes, sourcing channels and credit risk are significantly different enough to merit separate divisions.
-
Inscape Announces new and Increased $15,000,000 Credit Facility
Inscape Corporation ("Inscape" or the "Company") (TSX: INQ), is pleased to announce that the Company has today entered into a new $15,000,000 senior credit facility with FrontWell Capital Partners Inc. (“Frontwell”) to replace the company’s existing senior credit facility with CIBC. The new loan facility (the “Loan Facility”) is a secured revolving credit facility having a committed term of twelve months, with options to renew thereafter. The proceeds of the Loan Facility will be used to repay existing indebtedness of the Company, finance new capital equipment and for general working capital purposes.
-
Citizens Provides $300M Senior Credit Facility to Moda Midstream
Citizens announced today that it served as Lead Left Arranger for Houston-based Moda Midstream’s $300 million senior credit facility in which seven financial institutions participated.
Moda is a Texas-based infrastructure company that stores and handles liquid products that are essential to our economy and our way of life. Moda is a trusted, innovative partner dedicated to safely, reliably and efficiently moving liquids from origin to destination.
-
Winston & Strawn Expands Leveraged Finance Team with Addition of Rachel Gray in New York
Winston & Strawn LLP is pleased to announce the addition of Rachel Gray as a partner in the firm's New York office and a member of the Leveraged Finance team where she will play a key role in the expansion of the firm's lender designation practice in both the mid and large cap markets.
Rachel is an experienced attorney with insight into both the borrower and lender sides of complex leveraged finance transactions. Rachel represents top-tier private equity sponsors and their portfolio companies in connection with a wide range of transactions, including leveraged buyouts, take-private deals, dividend recapitalizations, out-of-court restructurings and refinancings.
-
Takeaways from SFNet's 2021 Asset-Based Capital Conference
SFNet's Asset-Based Capital Conference was held virtually March 9-11 and offered professionals in the asset-based lending, alternative asset management, private debt, private equity, distressed debt and service providers to discuss the rapidly changing economic environment and its impacts on portfolios and business opportunities. With nearly 1300 attendees, the virtual event offered more content to a broader audience than in years’ past.
Many panelists were optimistic that there would be a stronger and quicker than expected recovery in 2021. While the COVID-19 pandemic was unexpected, another playbook has been written and the industry once again showed how to be resilient and adjust to “the new normal.”
“The SFNet ABCC conference did a great job of balancing both education and networking,” said attendee Nancy Kalman, senior business development officer, United Capital Funding. “The distinguished panels were very informative with what our industry looks like today. I met several new people in the networking rooms, along with setting up many individual meetings. I even received a lead from this that looks like we will be able to fund.”
-
Interview with Dianne Wagman, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
Dianne Wagman is a senior vice president, senior director of Diversity, Equity & Inclusion and Executive Talent Acquisition for Santander US.
-
MidCap Financial Provides a $15 Million Senior Secured Credit Facility to ImageOne Industries, LLC
MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $15 million senior secured credit facility to ImageOne Industries, LLC (“ImageOne”), a provider of branding, signage, and maintenance services.
-
Monroe Capital Supports Formation of Magnolia Wash Holdings
Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the formation of Magnolia Wash Holdings (“Magnolia”) via the acquisitions of Oasis Express (“Oasis”) and Wash Factory by Express Car Wash, LLC (“Express”).
-
Webster Expands Focus on Healthcare Financing
Webster Bank is pleased to announce that it is increasing its commitment to its Healthcare industry vertical by naming Steve Dowe, senior vice president, to lead Webster’s Middle Market Healthcare vertical focused on privately owned health care providers and senior housing operators. Dowe, whose coverage area will encompass the eastern United States, will focus on providing comprehensive commercial banking services to non-private equity owned health care companies with sales between $25 to $500 million.
-
Interview with Bobbi Acord Noland, SFNet’s New Co-General Counsel
Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.
-
Interview with Valerie Mason and Nneoma Maduike, Co-Chairs of Otterbourg’s Lender Finance Practice Group
In February, Otterbourg P.C. announced that Valerie S. Mason and Nneoma A. Maduike had been named co-chairs of the firm’s Lender Finance Practice Group. Otterbourg’s experienced Lender Finance team advises and represents the largest U.S. and global institutional lenders and regional banks, as lenders and mature lenders, sponsors supported companies, and strategics, ranging from startups to mature traditional lenders and funds, merchant cash advance companies, asset-based lenders, factors and fintech lenders, as borrowers, in “lender to lender” secured revolving credit and term loan facilities.
-
SFNet Presents "The Data You Need to Plan Ahead" Webinar
SFNet will host a webinar this Friday, May 14, from 12:00 p.m. – 1:00 p.m., titled "The Data You Need to Plan Ahead." This webinar is open to employees of SFNet member organizations and SFNet Chapter members only and will provide analysis behind the numbers for the Secured Finance Foundation (SFFound) Market Pulse Report, the Foundation’s Annual ABL and Factoring Surveys as well as Refinitiv’s Capital Markets League Table for Q1.
Panelists will include Barry Bobrow, managing director, Wells Fargo Securities; Miin Chen, COO, Siena Lending Group; Lawrence Chua, managing director, Ares Management LLC; Maria Dikeos, global head of Loans Contributions, Refinitiv; Terry Keating, president of Accord Financial’s US Asset Based Finance unit and Robert Wescott, president, Keybridge Research.
-
SLR Business Credit Announces $20 Million for Copper River Seafoods
SLR Business Credit is pleased to announce funding a $20,000,000 asset-based revolving line of credit to Copper River Seafoods.
Headquartered in Anchorage, Alaska, Copper River Seafoods, Inc. is a leading value-added processor and distributor of premium quality salmon and seafood products.
-
CIT Serves as Sole Lead Arranger of $17.4 Million Financing for Medical Office Buildings in Bakersfield, California
CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $17.4 million loan to finance the acquisition of a portfolio of three medical office buildings in Bakersfield, California.
The medical office building portfolio includes more than 65,000 square feet, is fully leased and is located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital.
-
Second Avenue Capital Partners, LLC Provides $30 Million Senior Secured Term Loan to UNTUCKit
Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $30,000,000 senior secured term loan to UNTUCKit, one of the fastest-growing retail apparel brands in North America. The term loan will be used to restructure existing debt and provide the Company with the financial latitude to continue their pre-pandemic growth trajectory.
-
Interview with Marius Silvasan, CEO of eCapital
Last month, eCapital Corp., a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced it achieved substantial growth in 2020 and consolidated a total of eight acquired entities into a simplified corporate structure.
Marius Silvasan, CEO of eCapital, is responsible for leading the company’s overall vision and direction, as well as developing the overarching strategies that support its corporate goals. In this role, Silvasan balances the interests of a diverse investment community with the operational model and resources required to become a global leader in alternative lending.
-
Verizon Media to be Acquired by Apollo Funds
Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by affiliates of Apollo (the “Apollo Funds”) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.
RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds. -
Amerisource Closes $17,000,000 Credit Facility for Industrial Sand and Construction Aggregate Firm
Amerisource Business Capital announced the closing and funding of a $17,000,000 senior credit facility for an Iowa-based sand and construction aggregate firm. The proceeds were used to continue the expansion of their business lines and support their ongoing working capital needs.
-
Welcome to The Secured Lender’s Sixth Women in Secured Finance issue.
Rising Together. This concept serves as both the theme for this month’s issue and SFNet’s upcoming online conference Women in Secured Finance: Where Women Rise.
During this challenging time, it’s more important than ever to highlight and celebrate the contributions and accomplishments of women in our industry. Statistics show that the pandemic has had serious effects on women in the workplace, as we struggle with added pressures on the job, increased unemployment and increasingly challenging caregiving responsibilities.
-
BHI Announces Changes to its Business Team Structure to Accommodate Bank Expansion
BHI, a full-service commercial bank led by CEO Gil Karni, announced a restructuring of the bank’s business team to accommodate its current growth, fulfill the execution of BHI’s strategic plan, position the bank for further expansion and reinforce its industry expertise in specific sectors.
John Yoler, Executive Vice President and Division Executive, has been appointed Head of BHI Commercial & Industrial, overseeing BHI’s C&I teams in New York, New Jersey, Florida and California.
-
Should Banks Combine Their ABL and Factoring Groups?
For most banks with specialty finance groups the answer is no for several clear-cut reason, but it is not that simple of an answer for all banks with specialty finance divisions. This question is being hotly debated at the lower end of the market as many non-banks have successfully utilized one business development (BDO) team to sell both products. Utilizing one BDO team to sell two products can work when there is a similar borrower profile that could dictate the credit going either way and a credit and portfolio team that is well trained in both products. Good BDOs, both bank and non-bank alike, can use product, pricing and market flexibility to their advantage while utilizing one central back office for underwriting and portfolio management. Why then do banks keep these groups separate? The reason most banks don’t and shouldn’t combine ABL and factoring groups is that for most groups the underlying businesses, facility sizes, sourcing channels and credit risk are significantly different enough to merit separate divisions.
-
Inscape Announces new and Increased $15,000,000 Credit Facility
Inscape Corporation ("Inscape" or the "Company") (TSX: INQ), is pleased to announce that the Company has today entered into a new $15,000,000 senior credit facility with FrontWell Capital Partners Inc. (“Frontwell”) to replace the company’s existing senior credit facility with CIBC. The new loan facility (the “Loan Facility”) is a secured revolving credit facility having a committed term of twelve months, with options to renew thereafter. The proceeds of the Loan Facility will be used to repay existing indebtedness of the Company, finance new capital equipment and for general working capital purposes.
-
Citizens Provides $300M Senior Credit Facility to Moda Midstream
Citizens announced today that it served as Lead Left Arranger for Houston-based Moda Midstream’s $300 million senior credit facility in which seven financial institutions participated.
Moda is a Texas-based infrastructure company that stores and handles liquid products that are essential to our economy and our way of life. Moda is a trusted, innovative partner dedicated to safely, reliably and efficiently moving liquids from origin to destination.
-
Winston & Strawn Expands Leveraged Finance Team with Addition of Rachel Gray in New York
Winston & Strawn LLP is pleased to announce the addition of Rachel Gray as a partner in the firm's New York office and a member of the Leveraged Finance team where she will play a key role in the expansion of the firm's lender designation practice in both the mid and large cap markets.
Rachel is an experienced attorney with insight into both the borrower and lender sides of complex leveraged finance transactions. Rachel represents top-tier private equity sponsors and their portfolio companies in connection with a wide range of transactions, including leveraged buyouts, take-private deals, dividend recapitalizations, out-of-court restructurings and refinancings.
-
Takeaways from SFNet's 2021 Asset-Based Capital Conference
SFNet's Asset-Based Capital Conference was held virtually March 9-11 and offered professionals in the asset-based lending, alternative asset management, private debt, private equity, distressed debt and service providers to discuss the rapidly changing economic environment and its impacts on portfolios and business opportunities. With nearly 1300 attendees, the virtual event offered more content to a broader audience than in years’ past.
Many panelists were optimistic that there would be a stronger and quicker than expected recovery in 2021. While the COVID-19 pandemic was unexpected, another playbook has been written and the industry once again showed how to be resilient and adjust to “the new normal.”
“The SFNet ABCC conference did a great job of balancing both education and networking,” said attendee Nancy Kalman, senior business development officer, United Capital Funding. “The distinguished panels were very informative with what our industry looks like today. I met several new people in the networking rooms, along with setting up many individual meetings. I even received a lead from this that looks like we will be able to fund.”
-
Interview with Dianne Wagman, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
Dianne Wagman is a senior vice president, senior director of Diversity, Equity & Inclusion and Executive Talent Acquisition for Santander US.
-
MidCap Financial Provides a $15 Million Senior Secured Credit Facility to ImageOne Industries, LLC
MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $15 million senior secured credit facility to ImageOne Industries, LLC (“ImageOne”), a provider of branding, signage, and maintenance services.
-
Monroe Capital Supports Formation of Magnolia Wash Holdings
Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the formation of Magnolia Wash Holdings (“Magnolia”) via the acquisitions of Oasis Express (“Oasis”) and Wash Factory by Express Car Wash, LLC (“Express”).
-
Webster Expands Focus on Healthcare Financing
Webster Bank is pleased to announce that it is increasing its commitment to its Healthcare industry vertical by naming Steve Dowe, senior vice president, to lead Webster’s Middle Market Healthcare vertical focused on privately owned health care providers and senior housing operators. Dowe, whose coverage area will encompass the eastern United States, will focus on providing comprehensive commercial banking services to non-private equity owned health care companies with sales between $25 to $500 million.
-
Interview with Bobbi Acord Noland, SFNet’s New Co-General Counsel
Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.
-
Interview with Valerie Mason and Nneoma Maduike, Co-Chairs of Otterbourg’s Lender Finance Practice Group
In February, Otterbourg P.C. announced that Valerie S. Mason and Nneoma A. Maduike had been named co-chairs of the firm’s Lender Finance Practice Group. Otterbourg’s experienced Lender Finance team advises and represents the largest U.S. and global institutional lenders and regional banks, as lenders and mature lenders, sponsors supported companies, and strategics, ranging from startups to mature traditional lenders and funds, merchant cash advance companies, asset-based lenders, factors and fintech lenders, as borrowers, in “lender to lender” secured revolving credit and term loan facilities.
-
SFNet Presents "The Data You Need to Plan Ahead" Webinar
SFNet will host a webinar this Friday, May 14, from 12:00 p.m. – 1:00 p.m., titled "The Data You Need to Plan Ahead." This webinar is open to employees of SFNet member organizations and SFNet Chapter members only and will provide analysis behind the numbers for the Secured Finance Foundation (SFFound) Market Pulse Report, the Foundation’s Annual ABL and Factoring Surveys as well as Refinitiv’s Capital Markets League Table for Q1.
Panelists will include Barry Bobrow, managing director, Wells Fargo Securities; Miin Chen, COO, Siena Lending Group; Lawrence Chua, managing director, Ares Management LLC; Maria Dikeos, global head of Loans Contributions, Refinitiv; Terry Keating, president of Accord Financial’s US Asset Based Finance unit and Robert Wescott, president, Keybridge Research.
-
SLR Business Credit Announces $20 Million for Copper River Seafoods
SLR Business Credit is pleased to announce funding a $20,000,000 asset-based revolving line of credit to Copper River Seafoods.
Headquartered in Anchorage, Alaska, Copper River Seafoods, Inc. is a leading value-added processor and distributor of premium quality salmon and seafood products.
-
CIT Serves as Sole Lead Arranger of $17.4 Million Financing for Medical Office Buildings in Bakersfield, California
CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $17.4 million loan to finance the acquisition of a portfolio of three medical office buildings in Bakersfield, California.
The medical office building portfolio includes more than 65,000 square feet, is fully leased and is located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital.
-
Second Avenue Capital Partners, LLC Provides $30 Million Senior Secured Term Loan to UNTUCKit
Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $30,000,000 senior secured term loan to UNTUCKit, one of the fastest-growing retail apparel brands in North America. The term loan will be used to restructure existing debt and provide the Company with the financial latitude to continue their pre-pandemic growth trajectory.
-
Interview with Marius Silvasan, CEO of eCapital
Last month, eCapital Corp., a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced it achieved substantial growth in 2020 and consolidated a total of eight acquired entities into a simplified corporate structure.
Marius Silvasan, CEO of eCapital, is responsible for leading the company’s overall vision and direction, as well as developing the overarching strategies that support its corporate goals. In this role, Silvasan balances the interests of a diverse investment community with the operational model and resources required to become a global leader in alternative lending.
-
Verizon Media to be Acquired by Apollo Funds
Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by affiliates of Apollo (the “Apollo Funds”) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.
RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds. -
Amerisource Closes $17,000,000 Credit Facility for Industrial Sand and Construction Aggregate Firm
Amerisource Business Capital announced the closing and funding of a $17,000,000 senior credit facility for an Iowa-based sand and construction aggregate firm. The proceeds were used to continue the expansion of their business lines and support their ongoing working capital needs.
-
Welcome to The Secured Lender’s Sixth Women in Secured Finance issue.
Rising Together. This concept serves as both the theme for this month’s issue and SFNet’s upcoming online conference Women in Secured Finance: Where Women Rise.
During this challenging time, it’s more important than ever to highlight and celebrate the contributions and accomplishments of women in our industry. Statistics show that the pandemic has had serious effects on women in the workplace, as we struggle with added pressures on the job, increased unemployment and increasingly challenging caregiving responsibilities.
-
BHI Announces Changes to its Business Team Structure to Accommodate Bank Expansion
BHI, a full-service commercial bank led by CEO Gil Karni, announced a restructuring of the bank’s business team to accommodate its current growth, fulfill the execution of BHI’s strategic plan, position the bank for further expansion and reinforce its industry expertise in specific sectors.
John Yoler, Executive Vice President and Division Executive, has been appointed Head of BHI Commercial & Industrial, overseeing BHI’s C&I teams in New York, New Jersey, Florida and California.
-
Should Banks Combine Their ABL and Factoring Groups?
For most banks with specialty finance groups the answer is no for several clear-cut reason, but it is not that simple of an answer for all banks with specialty finance divisions. This question is being hotly debated at the lower end of the market as many non-banks have successfully utilized one business development (BDO) team to sell both products. Utilizing one BDO team to sell two products can work when there is a similar borrower profile that could dictate the credit going either way and a credit and portfolio team that is well trained in both products. Good BDOs, both bank and non-bank alike, can use product, pricing and market flexibility to their advantage while utilizing one central back office for underwriting and portfolio management. Why then do banks keep these groups separate? The reason most banks don’t and shouldn’t combine ABL and factoring groups is that for most groups the underlying businesses, facility sizes, sourcing channels and credit risk are significantly different enough to merit separate divisions.
-
Inscape Announces new and Increased $15,000,000 Credit Facility
Inscape Corporation ("Inscape" or the "Company") (TSX: INQ), is pleased to announce that the Company has today entered into a new $15,000,000 senior credit facility with FrontWell Capital Partners Inc. (“Frontwell”) to replace the company’s existing senior credit facility with CIBC. The new loan facility (the “Loan Facility”) is a secured revolving credit facility having a committed term of twelve months, with options to renew thereafter. The proceeds of the Loan Facility will be used to repay existing indebtedness of the Company, finance new capital equipment and for general working capital purposes.
-
Citizens Provides $300M Senior Credit Facility to Moda Midstream
Citizens announced today that it served as Lead Left Arranger for Houston-based Moda Midstream’s $300 million senior credit facility in which seven financial institutions participated.
Moda is a Texas-based infrastructure company that stores and handles liquid products that are essential to our economy and our way of life. Moda is a trusted, innovative partner dedicated to safely, reliably and efficiently moving liquids from origin to destination.
-
Winston & Strawn Expands Leveraged Finance Team with Addition of Rachel Gray in New York
Winston & Strawn LLP is pleased to announce the addition of Rachel Gray as a partner in the firm's New York office and a member of the Leveraged Finance team where she will play a key role in the expansion of the firm's lender designation practice in both the mid and large cap markets.
Rachel is an experienced attorney with insight into both the borrower and lender sides of complex leveraged finance transactions. Rachel represents top-tier private equity sponsors and their portfolio companies in connection with a wide range of transactions, including leveraged buyouts, take-private deals, dividend recapitalizations, out-of-court restructurings and refinancings.
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Takeaways from SFNet's 2021 Asset-Based Capital Conference
SFNet's Asset-Based Capital Conference was held virtually March 9-11 and offered professionals in the asset-based lending, alternative asset management, private debt, private equity, distressed debt and service providers to discuss the rapidly changing economic environment and its impacts on portfolios and business opportunities. With nearly 1300 attendees, the virtual event offered more content to a broader audience than in years’ past.
Many panelists were optimistic that there would be a stronger and quicker than expected recovery in 2021. While the COVID-19 pandemic was unexpected, another playbook has been written and the industry once again showed how to be resilient and adjust to “the new normal.”
“The SFNet ABCC conference did a great job of balancing both education and networking,” said attendee Nancy Kalman, senior business development officer, United Capital Funding. “The distinguished panels were very informative with what our industry looks like today. I met several new people in the networking rooms, along with setting up many individual meetings. I even received a lead from this that looks like we will be able to fund.”