TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, and Angelo Gordon, a $73 billion1,2 alternative investment firm focused on credit and real estate investing, today announced that the companies have entered into a definitive agreement under which TPG will acquire Angelo Gordon in a cash and equity transaction valued at approximately $2.7 billion, based on TPG Inc.’s share price as of May 12, 2023, including an estimated $970 million in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG, in each case, subject to certain adjustments.

The Secured Finance Foundation has joined forces with NYU Stern Executive Education to bring a multi-faceted learning experience taught by NYU Professor, Nathan Pettit (pictured) coupled with real-world secured finance applications.

This two-day course, held in person at NYU Stern June 20-21, will introduce attendees to a variety of analytical frameworks while simultaneously modelling tactical approaches – all with the focus on developing leadership skills.

Closes $75 Million Senior Secured Credit Facility with JPMorgan Chase and $25 Million Convertible Note Investment with Major Shareholder Alta Fox Capital

Goldman Sachs & Co. LLC acted as the lead book running manager, Wells Fargo Securities, Capital One Securities, Citigroup, Fifth Third Securities, J.P. Morgan, Mizuho, MUFG, SMBC Nikko and Truist Securities acted as joint book-running managers and Regions Securities LLC and UBS Investment Bank acted as co-managers for the successful private offering of the Notes.

Legacy Corporate Lending (“Legacy”) a new asset-based lending (ABL) company, today announced its launch as an independent lender focused on serving the needs of middle market companies across North America. Legacy is launching with a significant equity investment from funds managed by a subsidiary of Bain Capital Credit, L.P., (“Bain Capital Credit”), a leading global credit specialist.

The program is designed to encourage diversity and foster inclusivity by enabling established veterans in the secured finance industry and those new to their careers to build relationships and learn from one another through a virtual mentoring initiative.

Tom Fingleton, who has served as Northeast regional manager since March 2019, has been named chief strategy officer. Moving into the role as Northeast regional manager is Amna Mahmood, a managing director who has served as Commercial Services’ national underwriting manager since 2019.  Succeeding Mahmood in the role of national underwriting manager is Daniel Goll.

The facility includes a $4 million revolver and a $4 million term loan that will repay existing debt, support current operations and permit management to pursue several growth strategies.

As VC markets cool, more cash-starved companies are turning to venture lending to tide them over until a new equity round is possible. Lenders are taking note—but it may not be the lenders one would expect.  

In this Q&A with Jennifer Post, managing partner of Thompson Coburn LLP’s Los Angeles office, she discusses if recession fears are slowing down equity markets, if start-ups are depending more on risky “uncommon players” for venture capital and other critical challenges startups face. 

Each is responsible for developing partnerships across a broad range of industries providing creative equipment financing solutions to middle market businesses while expanding and deepening Accord’s relationships within the independent sponsor and intermediary communities.

Wingspire Capital LLC (“Wingspire”) was pleased to provide a $30 million senior secured credit facility to GTT Communications (“GTT”), a global provider of managed secure networking services for large enterprise and carrier clients.

Citizens is leading a $750 million senior credit facility for Stamford, CT-based Hexcel Corporation.

Founded in 1948, Hexcel is a leading advanced composites company specializing in the development, manufacturing, and marketing of lightweight, high-performance materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives, and composite structures for use in commercial aerospace, space and defense, and industrial applications.

SFNet’s Emerging Leaders Summit (formerly YoPro Leadership Summit) will be held in Florida for the first time since its inception in 2018. This year, SFNet is adding Mid-Year Member Roundtables, a CEO Roundtable (invitation only), and a Chapter Presidents meeting held in conjunction with the Summit, May 22-23, 2023 at the Innisbrook Resort in Palm Harbor, FL.

“Our younger members have told us they want to build relationships with cohorts at all levels of experience and influence as well as with their peers,” said Rich Gumbrecht, CEO, SFNet. “So, we tried something new this year by coupling our Mid-Year Member Roundtables and Chapter Presidents meeting with the Emerging Leader Summit. We programmed lots of interconnectivity through social events and shared programming to create a contact-rich environment.”

JPMorgan Chase (NYSE: JPM) today announced it has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC). In carrying out this transaction, JPMorgan Chase is supporting the U.S. financial system through its significant strength and execution capabilities. As part of the purchase, JPMorgan Chase is assuming all deposits – insured and uninsured.

First Citizens Bank today announced that its Middle Market Banking business provided $16 million in financing to FitLife Brands, Inc., a provider of innovative and proprietary nutritional supplements headquartered in Omaha, Nebraska.

KCP Advisory Group is excited to announce the merger of the Remuda Advisors consulting group into KCP and the appointment of Steven Bellah as Senior Managing Director.  In this role, Mr. Bellah will head the Dallas office and will also serve as the practice leader for the Lender Services Group. He will be a key contributor to helping KCP maintain its accomplished Turnaround and Restructuring practice and will be a senior presence developing and supporting the business, working across the practice groups.

SFNet surveyed bank and non-bank lenders on 2022 performance and 2023 outlook

NEW YORK, NY,April 26, 2023 ─ There was solid growth in commitments and outstandings in the asset-based lending market last year and portfolio performance was strong, according to data released by the Secured Finance Network. The factoring industry proved similarly resilient in a challenging economy and began 2023 on a positive note.

Lender confidence held steady, as well, with banks and non-bank lenders maintaining a positive outlook despite inflation and higher interest rates. In the most recent Confidence Index, they pointed to the industry’s resiliency and had high expectations in the demand for new business, hiring and client utilization.

MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a senior revolving credit facility to SCCI National Holdings, Inc. (“Shimmick” or “Company”). Proceeds from the MidCap credit facility will provide for the business’ ongoing working capital needs.

This article discusses the bitcoin mining industry’s role in providing demand support to energy producers by monetizing otherwise stranded energy produced from oil drilling and solar and wind facilities. Consumption of stranded energy by bitcoin miners should help secured lenders underwrite loans, because it can reduce air pollution resulting from natural gas flaring and improve life cycle economics of renewable energy sources.