Winston & Strawn is pleased to announce that five partners have been elevated to leadership positions. Four partners have been promoted to serve as co-chairs of the Leveraged Finance and Asset-Based Lending practices, and one partner as chair of the Sponsor Finance practice. 

CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as agent on a $40 million revolving credit facility provided to Biery Cheese. The credit facility refinances Biery Cheese's existing senior debt and provides additional liquidity to support increased production. Croley, Martell & Associates, Ltd. served as advisor on the refinancing and referred the transaction to CIT Northbridge Credit.

We are pleased to announce that SFNet, with the assistance of various of its members, has successfully negotiated a consensual form of subordination agreement with the Small Business Administration (“SBA”) allowing asset-based lenders priority over certain of the same collateral granted to the SBA  under an SBA facility whether the ABL facility is put in place prior to or after the SBA facility goes into effect.

In July, Wells Fargo & Company announced Mary Katherine DuBose as the head of the bank’s secured lending division that includes asset-based lending, equipment finance, supply chain finance, and inventory finance. In this role, DuBose leads key lending divisions for Commercial Banking, delivering streamlined, efficient working capital solutions to serve the needs of clients globally. Through the broad portfolio of secured lending solutions, she works directly with clients, lending on a wide variety of collateral. DuBose reports to Kyle Hranicky, CEO of Wells Fargo Commercial Banking.

The SFNet Executive Committee and Member Directors of the Secured Finance Network have approved its FY23 SFNet Executive and Management Committee members.  In addition, the Secured Finance Foundation Board and its Member Donors have approved the FY23 SF Foundation Board and Officers.  These roles are essential to SFNet’s and SFFound’s governance process and to shaping the future of the organizations. SFNet encourages volunteers to join the committees listed below as the chairs develop their agendas in line with SFNet’s and SFFound’s mission and goals.

David Jeter has been named executive director for BOK Financial’s Commercial Banking line of business. The line of business, which generally serves owner-managed companies and nonprofits with $5 million to $50 million in revenue, is one of the company’s largest lines of business.

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.

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.