Citibank N.A ("Citi") acted as sole structuring agent. The bank syndicate for the RCF and TLA is led by Citi; Export Development Canada; Bank of Montreal; and Toronto-Dominion Bank; and also includes Canadian Western Bank; HSBC Bank Canada; and Bank of America, N.A.

Pioneer has received a commitment for $75 million in debtor-in-possession ("DIP") financing from PNC Bank.  Upon Court approval, the new financing and cash generated from the Company's ongoing operations will be used to support the business during the reorganization process.  PNC has also committed to "roll" the DIP financing into an asset-based revolving credit facility at exit.

Lending to companies with just a few million dollars in earnings is gaining greater interest from investors seeking higher yields and better protections as the private credit market grows increasingly segmented and sophisticated.

Firms are looking to raise funds to target companies in the lower middle market, or companies with an Ebitda of less than US$15m, including Deerpath Capital Management, which wants to raise US$1bn for its lower middle market fund, and PineBridge Investments, which announced it has US$596m to invest. At the same time, Main Street Capital Corp said it is continuing to seek opportunities in this segment.

Fifth Third served as Administrative Agent and Lead Arranger for this financing with Silicon Valley Bank (SVB) as Joint Lead Arranger on the investment. Soltage, working in partnership with Basalt managed funds, are deploying this investment through their previously established Helios capital vehicle.

Global Merchant Fund Corp. (GMF), a leading North American provider of financial solutions for middle-market companies, is pleased to announce the acquisition of Bibby Financial Services (Holdings) Inc. (Bibby NAM). Bibby NAM is the North American operation of Bibby Financial Services (BFS), a U.K.-based independent SME funder with operations in 14 countries.

Vernon Francois grew up in a Rastafarian household where the weekly tradition was having his hair braided every Sunday. The experience was so painful that he decided to learn how to braid hair himself, using carpets and window shade edges as practice.

All that practice paid off. When he was just Vernon Francois grew up in a Rastafarian household where the weekly tradition was having his hair braided every Sunday. The experience was so painful that he decided to learn how to braid hair himself, using carpets and window shade edges as practice.

Backed by Silicon Valley Bank, Goldman Sachs and Comerica Bank, TripActions secures up to $500 million debt facility to launch first-of-its-kind, end-to-end global corporate travel management and payments solution.

esVolta, LP today announced that it has closed an approximately $140 million senior secured credit facility to finance a portfolio of its utility-scale battery energy storage projects. The credit facility was provided by CIT’s Power and Energy business as the Mandated Lead Arranger, and Siemens Financial Services (SFS), CoBank, ACB, and KeyBanc Capital Markets Inc. as Joint Lead Arrangers.

China has locked down entire cities and restricted travel to limit the spread of the epidemic, with serious implications for Chinese companies and global supply chains. US technology giant Apple warned that it would not meet its revenue guidance for the March quarter because of slower iPhone production and weaker demand in China.

The uncertain fallout from the coronavirus outbreak in China has paralysed syndications across Asia, as lenders struggle to assess the damage to Chinese businesses and borrowers that rely heavily on Chinese demand.

Hercules Capital, Inc. announced it has replaced its existing $200.0 million credit facility with MUFG Union Bank N.A. with a new credit facility under which Royal Bank of Canada /City National Bank, a National Banking Association, Goldman Sachs Bank USA, Umpqua Bank, TIAA, FSB, Zions Bancorporation, N.A., dba California Bank & Trust, HSBC Bank USA, N.A., Hitachi Capital America Corporation and CIT Bank, N.A., together with MUFG, have committed a total of $400.0 million in credit capacity subject to borrowing base, leverage and other restrictions. 

MGP Ingredients, Inc. (MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today announced it has entered into a five-year $300 million revolving credit facility with a syndicate of lenders led by Wells Fargo Bank, N.A. (“Wells Fargo”). The new facility replaces the Company's $150 million credit facility with Wells Fargo and increases its credit availability by $150 million.

Santander Bank today announced that its Commercial Banking division closed a $25 million term-loan facility on behalf of Horizon Group USA. Santander acted as sole lead arranger for the transaction. Horizon Group, headquartered in Warren, New Jersey, is a craft and toy supplier with a customer base that includes major retail chains such as Walmart, Target, Costco, Amazon and Michaels. The financing will help Horizon Group monetize the significant growth in its value over the past few years.

LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured credit facility to support the acquisition of My/Mo Mochi Ice Cream (“Company”) by an investment fund managed by Lakeview Capital, Inc. LBC served as agent and sole lead arranger for the senior secured credit facility.

Citizens Financial Group, Inc. [NYSE: CFG] today announced a definitive agreement to purchase the assets of Trinity Capital, a Los Angeles-based advisory firm that delivers a range of financial services to commercial clients. This transaction, which follows several other recent moves by Citizens to add key talent and solutions, further strengthens Citizens’ growing advisory capabilities.

Alleon Healthcare Capital ("Alleon"), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $750,000 medical accounts receivable financing facility with a pharmacy in Pennsylvania (“Company”).  

Crestmark secured a total of $12,000,000 in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $12,156,249 in 12 new lease transactions; Crestmark Vendor Finance provided $7,472,296 in 87 new lease transactions; the Joint Ventures Division provided $994,451 in financing for one client; and the Government Guaranteed Lending Division provided $9,747,000 in financing for seven new clients in the second half of January.

MidCap Business Credit announced today they have closed on a $14,000,000 asset-based revolving line of credit for Allied Dairy Products, Inc. and subsidiaries, headquartered in Chatham, New Jersey.  

SFNet is your advocate at the state and federal level. See below for current legislative issues SFNet is working on relevant to secured finance. If you have any questions or comments, please reach out to the Advocacy Committee Staff Liaison, Michele Ocejo.