Siena Lending Group LLC (“Siena”) announces the completion of a $14.6 million asset-based revolving line of credit and term loan for Innovative Hearth Products (“IHP”). The facility was used to refinance certain debt and to provide additional working capital to support IHP’s long-term growth initiatives.  

Wells Fargo & Company (NYSE: WFC) today announced that Colleen Taylor will join Wells Fargo as head of Wells Fargo Merchant Services, responsible for the strategic direction and management of the merchant services business and a joint venture with Fiserv. She will report to Danny Peltz, head of Treasury, Merchant and Payment Solutions.

Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE:WFC), announced today that it acted as administrative agent, lead arranger and book runner for an $825 million asset-based credit facility in connection with the acquisition of Barnes & Noble, Inc. (NYSE:BKS) by Elliott Advisors (UK) Limited.

The Secured Finance Foundation, a 501c3 organization, has been busy this past year rolling out new programs that benefit our industry. Some of the important initiatives from 2019 include commissioning and delivering a groundbreaking Market Sizing & Impact Study, with assistance from Ernst and Young, LLP, which is free to our members and donors..

Strengthening Bank Relationships Is Crucial to Seize Business Opportunities in the Potential Economic Downturn

The funds were used to refinance a portfolio of 14 skilled nursing facilities concentrated in Ohio and Kentucky. As part of the transaction, White Oak also provided a $15.0 million line of credit to the operating company.

AloStar Capital Finance successfully agented and closed a $30 million credit facility to BlackRiver Business Capital (doing business as ACG Equipment Finance), an equipment finance company focused on the small-to-mid-ticket market from $10,000-$250,000.

In May, BMO Harris Bank announced that it had hired Michael Ganann as Managing Director, Retail Originations, Asset-Based Lending.  In this role, he will lead the coverage efforts in calling nationwide on BMO clients and prospects in the retail industry.

If we were to represent Q1 2019 as one of those office motivational posters, “Little by little, a little becomes a lot” would be appropriate.  

People’s United’s Asset-Based Lending (ABL) and Capital Markets teams partnered on the facility that will provide MVC with working capital for future acquisitions and investments.

PNC Bank, National Association, announced today the closing of a $30 million senior secured credit facility for Sugar Land, TX-based Sigma Piping Products 2019, LLC (SPP). 

The Secured Finance Network (formerly Commercial Finance Association) held its 13^th Annual International Lending Conference at DLA Piper in London, May 21-23. Attendees heard from a variety of leaders discussing the critical issues and opportunities relating to cross-border lending including looming economic upheaval, potential recession and geopolitical uncertainty.

Timothy Wennes will become President and Chief Executive Officer of Santander Bank, N.A. ("SBNA"), effective Sept. 16, 2019. He joins SBNA from MUFG Union Bank in California. Wennes succeeds Duke Dayal, who was named Chief Financial Officer of Santander UK on July 10, 2019, effective Sept. 16, 2019. Dayal currently serves as CEO of SBNA and CFO of Santander US.