Meredith Coffey of LSTA provides readers with an update on the LIBOR transition.

1. When is LIBOR ending?

   The UK’s Financial Conduct Authority (“FCA”) – the regulator of the ICE Benchmark Administration, the administrator of LIBOR – has said that all sterling, Swiss franc, euro and Japanese yen LIBOR settings will cease or no longer be representative after year-end 2021. The FCA also said that the settings for one-week and two-month USD LIBOR will also cease or will be non-representative after year-end 2021. The remaining USD LIBOR tenors will cease or be non-representative after June 30, 2023. Importantly, while USD LIBOR will continue to exist after the end of 2021, this is only for pre-existing “legacy” contracts. The U.S. banking regulators have said that banks should not originate new LIBOR contracts after the end of 2021.

In August, eCapital, a leading capital solutions provider for small and medium-sized businesses in North America and the UK, announced the launch of a new commercial credit card program with Visa, the world leader in digital payments. The eCapital connect platform is a hub where clients can access their money from their factoring account and line of credit utilizing a Visa Commercial Credit Card or by transferring funds to their external bank instantly 24 hours a via Visa Direct.  

TSL Express sat down with eCapital’s Charles Sheppard, chief operating officer, to discuss more on what he describes as a revolutionary partnership that allows customers more money, with faster access and less hassle, to be more control in how money is received and when it’s spent.

As we emerge from the social distancing constraints of the pandemic into the evolving definitions of a “workplace,” the term “hybrid workplace” has become a ubiquitous part of our “return to work” conversations. As I have been researching the different dynamics of “hybrid workplaces” and speaking with leaders of various types of organizations on what the term means to them, I have discovered a few insights that can help leaders navigate their new realities and guide their workforces in smoothly transitioning to new ways of thinking, connecting and working.

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $45 million senior secured credit facility for MVP Payroll Financing LLC.

Based in Chandler, Arizona, MVP Payroll Financing provides business clients with staffing and administrative solutions covering human resources, payroll, workers’ compensation and more.

The new facility was provided through a banking syndicate arranged by Bank of America, N.A., JPMorgan Chase Bank, N.A., and Citibank, N.A., with Bank of America acting as the sole administrative agent. Baker Botts LLP acted as transaction counsel and CDX Advisors acted as financial advisor to TransPerfect.

White Oak Global Advisors (“White Oak”) has completed the acquisition of Finacity Corporation (“Finacity”) a global leader in working capital and trade finance funding solutions to global businesses. 

Finacity originates, structures and places over USD$100 billion in trade finance receivables yearly with over 50 leading financial institutions in asset-backed security structures.  Finacity has facilitated transactions for receivables denominated in 58 currencies with obligors in more than 175 countries making it the largest non-bank trade finance platform globally.

SFNet's Cross-Border Lending Summit is back in a two-part virtual conference and will explore what the cross-border ABL world looks like now. The event will be live online over two days, Thursday, Sept. 23 and Thursday, Sept. 30 from 10:00 a.m.-12:00 p.m. EDT each day.

The Summit will discuss:

• the UK—First it was Brexit, then it was COVID, then it was sausages. Now what?
• A deep dive into the Luxembourg pool to consider Luxco lending structures for the first time
• A two-part exploration of cross-border ABL financing in 2021 and beyond. Are there now two universes?

Thank you to our conference sponsor, Winston & Strawn LLP.

FGI Worldwide LLC (www.FGIWW.com) has announced the hiring of David Ding as a Managing Director based out of the New York office. In this capacity, Ding will be leading the expansion of FGI’s asset-based lending capabilities in the North American marketplace.

Ding brings a decade of experience lending to middle market companies in the U.S. to complement FGI’s core specialty in multi-jurisdictional financings. In his new role, Ding will focus on executing senior secured asset-based financing transactions backed by accounts receivable, inventory, machinery & equipment, real estate, and enterprise value.