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  • Part III: Confronting the Banking Dilemma for State-Licensed Marijuana Businesses in the United States


    This article analyzes the conflict between federal and state marijuana laws, and its impact on the inability of state-legal marijuana businesses to obtain traditional and fundamental types of banking services from federally insured banks. The article is divided into three parts: (i) an explanation of the conflict of state and federal marijuana laws; (ii) the effect of the conflicting laws on the decision of banking institutions to provide services to state-licensed marijuana businesses; and (iii) congressional and judicial attempts to resolve the conflict between state and federal marijuana laws.

     

  • TSL June_OcejoRoundtableArt The “New Normal” Roundtable
    What challenges have industry executives been up against since the pandemic hit and what kind of future do they envision for the industry? TSL spoke with several SFNet members: Jason Hoefler, managing director/asset-based lending, BMO Harris Bank; Candice Hubert, senior vice president of business development, Republic Business Credit; Mark Polinsky, executive vice president and co-founder of Gateway Trade Funding; Georgia Quenby, partner, Morgan Lewis & Bockius; Stuart Rosenthal of Prestige Capital; and Dan Tortoriello, executive vice president/chief operating officer of North Mill Capital.
  • Wingspire Capital Provides $30 Million Senior Secured Loan to Arhaus

    Wingspire Capital Holdings is pleased to announce the completion of a $30 million senior secured loan to home furnishings retailer Arhaus, LLC to support the company’s daily operations and continued growth.

    Wingspire Capital leadership was already familiar with Arhaus and its executive team, and welcomed the opportunity to support a growing and innovative retailer that has been redefining the home furnishing space for more than three decades.

  • Travelers Financial Group Launches New Alternative Capital Lending Division

    Travelers Financial Group today announced the launch of Travelers Restructuring Capital ("TRC"), a transitional capital initiative designed to support small and mid-market businesses that operate in asset-intensive industries.

    TRC works closely with companies at each stage of the corporate life cycle, allowing them to better understand their clients' assets, business, and credit needs to provide them with custom capital solutions outside of those offered by traditional banks. 

     

  • CIT Northbridge Credit Serves as Sole Lead Arranger on $40 Million Credit Facility for Europa Sports Products

    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 $40 million senior secured credit facility for Europa Sports Products LLC.

    Europa Sports Products is an industry-leading distributor of nutritional and sports supplements, sports drinks and accessories to mass market retailers, gyms, health food stores, specialty supplement retailers, sporting goods stores and many other outlets. Proceeds from the credit facility will be used for general corporate purposes and business development.

  • Antares Supports GreyLion Capital’s Acquisition of Metal Era

    Antares announced today that it served as sole lead arranger and sole lender on $65 million in senior secured credit facilities to support the acquisition of Metal Era by GreyLion Capital.

    Founded in 1980 in Waukesha, WI, Metal Era is a manufacturer of high-performance roofing products focused on metal edge and ventilation solutions for commercial, institutional and industrial buildings.

  • Charlie Perer Innovation, Competition and Consolidation in the Non-Bank Small-Ticket ABL Space
    The sub-$10 million ABL facility space has long been a paradox.  Over the years, new capital providers havee entered only to chase too few loans, while incumbent asset-based lenders shift and migrate strategy.  This creates a shortfall of good assets, and the cycle continues.  But it’s not always that easy.  Right now, we sit in what should soon be the start of a brand new cycle thanks to Covid-19. The past few years have been brutally competitive for the sub-$10 million ABL industry given the new entrants, specialization and certain vintage firms migrating upmarket.  Top of the market, like the last few years, may seem like an auspicious time to raise capital to form a new ABL shop, but that is exactly what happened in expectation of a re-set. The difference now is that the bar is higher and the need for scale or a point of difference, whether it be industry focus, national scale or selling strategy, has never been greater. 
  • First Eagle Alternative Credit Expands into Asset-based Lending; Larry Klaff and Lisa Galeota Join to Lead Effort

    First Eagle Alternative Credit, LLC (“First Eagle” or the “firm” ) today announced that it has added asset-based lending solutions to its direct lending platform and appointed industry veterans Larry Klaff and Lisa Galeota to lead this initiative at the firm.

    Klaff and Galeota join First Eagle from Gordon Brothers Finance Company, a majority-owned portfolio company of BlackRock Capital Investment Corporation, where they worked together and at its predecessor firm for over 13 years. During that time they sourced, originated and structured asset-based facilities valued at over $1 billion across a wide variety of industries. They will be based at First Eagle’s Boston office and will report directly to Chris Flynn, President of First Eagle Alternative Credit.

  • CIT Names Managing Director to Lead Asset-Based Lending Unit

    CIT Group Inc. (NYSE: CIT) today announced that it has named Chris Esposito as managing director in charge of its newly expanded Asset-Based Lending business.

    In this role, Esposito is responsible for managing the Asset-Based Lending team, overseeing the national ABL business, building new client relationships, developing strategies to address new target markets and ensuring outstanding customer service and satisfaction.

  • Brooks Brothers: Let the Bidding Begin

    On Wednesday morning, Brooks Brothers, which Claudio Del Vecchio purchased in 2001, succumbed to its debts amid the coronavirus crisis and filed for bankruptcy in Delaware.

    The company listed both its assets and liabilities as ranging between $500 million and $1 billion.

    The filing was not a surprise — WWD reported Tuesday that it was imminent. Brooks Brothers entered the process with $75 million in debtor-in-possession financing obtained from WHP Global, the newly formed brand management firm headed by Yehuda Shmidman that is among the parties interested in acquiring the business.

    In addition to WHP Global, sources have said that Authentic Brands Group in partnership with Simon Property Group and Brookfield Property Partners is also interested in buying the iconic brand.

  • Apollo Forms “Apollo Strategic Origination Partners” Focused on Large-Scale Direct Lending
    Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced the formation of Apollo Strategic Origination Partners (or the “Partnership”). The new origination platform is expected to provide approximately $12 billion in financings over the next three years, targeting transactions of approximately $1 billion to help meet growing corporate demand for scaled direct origination solutions. The Partnership is anchored by Mubadala Investment Company (“Mubadala”) and certain permanent capital vehicles managed by Apollo.
  • White Oak Commercial Finance Delivers $8MM Credit Facility to Global Automotive Supplier

    White Oak Commercial Finance LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided an $8MM credit facility to a global automotive supplier specializing in design, engineering, and manufacturing of mechatronic systems and lightweight solutions.

  • Boston Fed Announces Main Street Lending Program is Fully Operational

    The Federal Reserve Bank of Boston on Monday announced that the Main Street Lending Program is now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.  The Federal Reserve encourages lenders to begin submitting qualifying loans.

    “This is an important milestone for the Main Street program,” said Eric Rosengren, president of the Boston Federal Reserve Bank, which is administering the program for the Federal Reserve System. “Given the pandemic’s shock to the economy, and its uncertain duration, support for businesses and their employees through bank lending is critical.”

  • cronin, paul Interview with Paul Cronin of Santander Bank
    Coming up on almost one year as head of ABL at Santander Bank, Paul Cronin reflects back on his proudest accomplishments, goals and new challenges with COVID-19.
  • Part II: Confronting the Banking Dilemma for State-Licensed Marijuana Businesses in the United States

    This article analyzes the conflict between federal and state marijuana laws, and its impact on the inability of state-legal marijuana businesses to obtain traditional and fundamental types of banking services from federally insured banks. This article is divided into three parts: (i) an explanation of the conflict of state and federal marijuana laws; (ii) the effect of the conflicting laws on the decision of banking institutions to provide services to state-licensed marijuana businesses; and (iii) congressional and judicial attempts to resolve the conflict between state and federal marijuana laws.

    This is the second article in a three-part installment about the banking dilemma for state-licensed marijuana businesses in the United States.

  • Neenah Completes Successful Debt Refinancing

    J.P. Morgan, Bank of Montreal and Goldman Sachs acted as Joint Bookrunners and Joint Lead Arrangers on the Facility. J.P. Morgan is the Administrative Agent on the Facility with Bank of Montreal and Goldman Sachs as Co-Syndication Agents. Additional details on the credit agreement may be found in the Form 8-K to be filed with the Securities and Exchange Commission.

  • Bank of America Business Capital Announces New Business Development Officers
    Bank of America Business Capital is pleased to announce three new senior vice presidents/business development officers: Brad Kuhn in the Midwest region; Sabrina Singh in the Midwest region; and Michael Pisani in Central and Eastern Canada. They will provide asset-based lending solutions and banking products to large and middle market companies, intermediaries and financial sponsors in the United States, Canada and across Europe.
  • White Oak Commercial Finance Provides $81MM Asset-based Credit Facility to Sydney-based Family Office
    White Oak Commercial Finance LLC, an affiliate of White Oak Global Advisors LLC announced it provided an $81MM asset-based credit facility to the Aspire 42 group of companies; majority owned by Moss Ridge, a Sydney-based family office that manages a diverse portfolio of holdings across public and private markets.
  • Eileen Wubbe 150x150 Global Economic Disruption—Impact on International Secured Lending

    SFNet’s recent Virtual International Lending Conference offered insight on the effects of the COVID-19 crisis from geopolitical risk consultant, David Chmiel, co-founder/managing director, Global Torchlight; Marc Finer, director, Debt Advisory Group, KMPG LLP; Scott Fuller, director, Valuations, Gordon Brothers; Richard Hawkins, CEO, AtlanticRMS and Robert Horak, managing director, Lincoln International.  David Morse, partner, Otterbourg P.C. and Richard Kohn, principal, Goldberg Kohn Ltd. served as conference moderators.

  • CIT Leads $85 Million Financing for 80-Megawatt Pioneer Solar Project in Colorado

    The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.