SG Credit Partners provides situational capital ranging from $1-$10 million for the lower middle market with a focus on non-sponsored businesses. Headquartered in Southern California with offices in Atlanta, Boston, Chicago and Portland, the SG Credit Partners team has provided in excess of $250 million to 150-plus borrowers across a variety of industries and continues to expand its national footprint. Here, Marc discusses SG Credit’s efforts in going from a niche lender to a broader platform in order to better work with asset-based lenders and banks and why they are broadening their scope.

Two months ago we discussed the questions that lenders should be asking their borrowers as borrowers were beginning to finalize their June 30, 2020 results and report the initial impact of the Covid shutdown and the CARES Act program funds. With the end of August around the corner, the second quarter results and even July 2020 results are available.

It is time to consider updating and expanding discussions with borrowers looking toward the remainder of 2020.

The outline of questions is a guideline to facilitate a discussion focused on the thought processes the business is going through and the financial impact over the past few months and into the future. Open ended questions that encourage a discussion are the most important tools lenders can use to understand their borrowers and the impact of the Covid-19 situation.

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as sole lead arranger on a $162 million financing for the East Blackland Solar Project in Travis County, Texas.

The financing was arranged on behalf of Recurrent Energy LLC, a wholly owned subsidiary of Canadian Solar Inc. that functions as Canadian Solar’s U.S. project development arm. An active player in renewable energy development, Recurrent has already developed more than 2.4 gigawatts of solar projects and is planning another 5 gigawatts to come.

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business, working in conjunction with its Sponsor Finance group, served as lead arranger on senior secured credit facility for von Drehle Corporation, a leading maker of high quality paper towel, tissue and dispensing products.

von Drehle, headquartered in Hickory, North Carolina, used the proceeds to refinance debt and for general corporate purposes.

A New Jersey bankruptcy judge said Wednesday that he would approve the nearly $89 million Chapter 11 sale of Sur La Table's assets to a private equity venture that bested a stalking horse offer and one other bidder during an auction earlier this month.

U.S. Bankruptcy Judge Michael A. Kaplan hailed the "tremendous" result of the Aug. 6 auction leading to an asset purchase agreement with SLT Lending JV, a joint venture between CSC Generation Holdings Inc. and Marquee Brands LLC. The deal will have SLT Lending buy the Seattle-based retailer's assets for $88.9 million and assume 50 store leases, which will save almost half of Sur La Table's brick-and-mortar presence.

Gibraltar prides itself on its ability to provide companies and their private equity sponsors with flexible financing and maximum liquidity, based on our ability to understand each business’ special situation. This enabled us recently to provide Texas-based Easy Gardener Products, Inc, a $20 million credit facility to help with a restructuring.

Easy Gardener designs, manufactures, and sells a broad range of consumer lawn and garden products. It sells its products under several well-known patented and trademark brands such as WeedBlock, Jobe's, Emerald Edge, Landmaster, Ross, and Jobe’s Organics. Its customer base includes longstanding relationships over a 20- to 30-year period with a robust network of large national home improvement and mass merchant retailers as well as local hardware stores and independent garden centers and nurseries.

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger for approximately $185 million in financing for a 66-megawatt portfolio of community solar projects.

The financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the U.S.

The portfolio consists of 19 separate projects totaling 66 megawatts of solar generation capacity located in Massachusetts, Illinois and New York State.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC is pleased to acknowledge the success of its valued client, StoreBound, a developer and distributor of housewares designed for healthy living. The fast-growing company has been with White Oak since 2015 and recently signed an investment agreement with multinational domestic equipment conglomerate, Groupe SEB, which aims to reinforce its presence in the US housewares market.

Rosenthal & Rosenthal, Inc., the leading independent factoring, asset based lending and purchase order financing firm in the United States, today announced the completion of several non-recourse factoring deals with multiple furniture companies in Texas and North Carolina.

After a former Rosenthal client sold its furniture business to a well-known furniture brand in 2019, they reached out to Rosenthal to discuss funding for a new company. The client was seeking financing for several of its furniture businesses, both start-ups and established brands, all of which were experiencing cash flow issues as well as credit coverage concerns. Rosenthal was able to offer a non-recourse factoring solution to cover both.