Fifth Third Business Capital announced it has provided a new $15 million senior credit facility, consisting of a capital expenditure facility and revolving line of credit to support the refinancing of Puraglobe Syntainics, LLC. Puraglobe Syntainics, LLC blends, packages, and distributes sustainable, full synthetic motor oils for passenger cars and motorcycles.

Mark Cuccinello is a senior ABL originator for J.P. Morgan Commercial Banking, where he is responsible for providing asset-based loans to middle market companies. Mark has been with the bank for 17 years and has more than 25 years of asset-based lending experience. Mark resides in New Jersey with his family.

LSQ, a leading provider of working capital finance andpayments solutions, recently originated an $18 million credit facility for a distributor of lighting and ceiling fans serving big-box retailers nationwide. The facility includes both accounts receivable and inventory financing.

The company will use the additional capital to fund growth, innovation, new designs and improve existing products and services.

Gordon Brothers, the global advisory, restructuring and investment firm, has provided Plainville Farms a $12 million term loan to support the organic and antibiotic-free turkey processor and distributor’s operations.

Plainville Farms will use the committed facility for working capital purposes and to support increased demand from customers.

Fifth Third Business Capital announced it has provided a $43 million capital expenditure facility, revolving credit facility and term loan for Kinetic in Greendale, WI. Kinetic was founded in 1948 and is recognized as one of the world's premiere manufacturers of industrial knives for the tissue, metals, plastic, wood and recycling industries and was recently acquired by Precision Marshall.

Crown Partners LP announced that Inseego Corp. (“Inseego”), has closed on a $50 million senior debt facility with Siena Lending Group LLC.  Crown Partners served as exclusive financial advisor to Inseego in connection with this transaction. 

Headquartered in San Diego, CA Inseego (Nasdaq: INSG) is an industry leader in intelligent device-to-cloud solutions that extend the 5G network edge, enabling broader 5G coverage, multi-gigabit data speeds, low latency, and strong security to deliver highly reliable internet access.

In June, Access Capital, a leading independent lender to the staffing industry, announced it named Terry Keating chief executive officer. Recently TSL Express’ senior editor met with Keating to discuss how his career trajectory helped prepare him for this role, his goals and responding to some of the challenges the industry is experiencing.

Huntington Business Credit announced it closed a $20,000,000 new credit facility with Spirit Pharmaceuticals, LLC on July 6, 2022.  Spirit Pharmaceuticals, LLC, headquartered in Ronkonkoma, New York, is a packager and wholesaler of private label over the counter (“OTC”) pharmaceutical products.       

Ali Holding S.r.l., one of the largest and most diversified global leaders in the foodservice equipment industry, has announced that it has completed its previously announced acquisition of Welbilt, Inc.

A cross-border Latham team represented the lead arrangers in a financing to support the transaction comprising a US$2.25 billion term loan B, a US$1.25 billion Euro-equivalent term Loan A and a US$250 million revolving credit facility, which included a banking/finance team led by New York partner Alfred Xue, London partner Hendrik Smit, Milan partners Marcello Bragliani, and Jeff Lawlis, and New York counsel Seung-Ju Paik, with associates Erika Brini Raimondi, Michela Mancini, Tulika Sinha, Simona Di Marcantonio, Deena Smith, and Ian Luby.

CIT Commercial Services , a subsidiary of First Citizens Bank, today announced that it increased a New York-based fashion company’s discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children’s apparel. 

Siena Healthcare Finance is pleased to announce the addition of Ashley Nelson as VP, Western Region Business Development Officer. In her new role, Ashley will be responsible for leading new healthcare originations in the Western United States.

(Editor’s Note: SFNet held a webinar on the California Financial Disclosure regulations on July 7. SFNet members can watch this webinar here. SFNet’s Advocacy Committee, under the guidance of Hamid Namazie of McGuireWoods, has engaged Hudson Cook, LLP to create a compliance guide for SFNet members. If you have questions, please contact Michele Ocejo at mocejo@sfnet.com.)

Commercial financing providers in California will soon need to comply with detailed disclosure requirements when making an offer of commercial financing to potential borrowers. The California Department of Financial Protection and Innovation’s final implementing regulations for the state’s commercial finance disclosure law (CFDL) become effective on December 9, 2022. Other states that have been considering or already passed a CFDL—including New York—have been awaiting release of California’s regulations and are anticipated to soon release similar regulations.