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SFNet’s Annual Convention was held in Austin from November 9-11. This article provides an overview of the key topics addressed.
Listening to Convention keynoter Peter Zeihan’s geopolitical perspectives is a reminder of the many global and economic disruptors possible and all that one can’t control. However, in keeping with the event’s theme of "Mastering Disruption, Putting Capital to Work in the New Global Environment,” the breakout sessions triggered healthy discussion about what a new global environment for lending could look like, how data could be more strategically used to protect cross-border interests or prevent fraud, and how new supply chain models are forming. The factoring and asset-based lending sessions presented ways to master their markets while facing recessionary headwinds.
Besides the many opportunities to network with peers and clients, attendees in Austin, TX, could absorb others’ views on economic conditions affecting the industry and dive into niche topics of strategic importance.
TSL Express Daily Headlines & News
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As It Begins its Thirteenth Year, Abacus Finance Announces the Promotions of Joseph Lee to Senior Vice President and Austin Rendell to Vice President and the Hiring of Matthew Campanella as an Analyst
January 23, 2024Abacus Finance Group, LLC, a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of lower middle-market companies, today announced the promotions of Joseph Lee to Senior Vice President and Austin Rendell to Vice President and the hiring of Matthew Campanella as an Analyst.
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Goldman Sachs Boosts FundPark's Credit Facility Cumulatively to $500 Million
January 22, 2024Goldman Sachs has increased the credit facility of FundPark, a fintech firm that specializes in financing for small and medium-sized enterprises (SMEs) engaged in cross-border e-commerce, cumulatively to $500 million. This move significantly bolsters FundPark's ability to support the growth and operational needs of SMEs by leveraging their cash flows and inventories as collateral.
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GoodRx Announces Proposed Refinancing of First Lien Credit Facilities
January 22, 2024GoodRx Holdings, Inc. (Nasdaq: GDRX) (“GoodRx” or the “Company”), the leading destination for prescription savings, today announced its intention to refinance its first lien credit facilities.
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Rodwick Joins CohnReznick as Financial Services Tax Partner
January 22, 2024CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Peter Rodwick, CPA has joined the firm as a tax partner in its Financial Services practice. Based in Los Angeles, Rodwick has nearly two decades of experience providing tax services to large and mid-size alternative investment funds and their management companies.
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Alleon Healthcare Capital Provides a $5,000,000 Debtor in Possession Financing ABL to a Texas-based Specialty Pharmacy
January 22, 2024Alleon 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 $5,000,000 debtor in possession asset-based loan to a specialty pharmacy in Texas (“Company”).
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KCP Advisory Group Joins With Altman and Company
January 22, 2024KCP Advisory Group, the restructuring and financial consulting organization that offers creative solutions nationally, announces its merger with Altman and Company LLC. The merger of KCP Advisory Group and Altman and Company creates a national consulting firm providing a wide range of services including: crisis and turnaround management, financial advisory, performance improvement, interim management, lender portfolio management advisory, forensic accounting and litigation support.
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Andrew Pontano Named Leader of Dechert's Asset Finance & Securitization Group
January 22, 2024Dechert has named global finance partner Andrew Pontano as leader of the firm’s asset finance & securitization group. Mr. Pontano's appointment reinforces the team’s strategic aim of delivering comprehensive service to clients, encompassing innovative deal formation, creative funding approaches and streamlined execution.
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Accomplished Legal Executive Richard Maletsky Joins Hilco Global as Executive Vice President and General Counsel
January 22, 2024Hilco Global, a privately held diversified financial services firm, announced today the appointment of Richard "Rick" Maletsky as its new Executive Vice President and General Counsel. Mr. Maletsky succeeds Eric Kaup, who will be transitioning to the newly created role of Co-Chief Commercial Officer at the diversified financial services holding company.
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Lenders Not Ready to Signal “All-Clear” When It Comes to the Economy, According to New FTI Consulting Survey
January 22, 2024FTI Consulting, Inc. (NYSE: FCN) today announced the findings of its 2024 Leveraged Loan Market Survey, which offers insight into bank and non-bank lenders’ perspectives on the U.S. loan industry and highlights expectations for leveraged credit market conditions in the year ahead.
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Maxim Commercial Capital Reports Strong 2023 Results, Michael Kianmahd Promoted to Chief Executive Officer
January 22, 2024Maxim Commercial Capital (“Maxim”) announced strong results for the year 2023. The hard asset secured lender reported an 86% increase in funded deals during the year as compared to 2022. Maxim is a national provider of loans and leases from $10,000 to $3 million collateralized by class 6 and 8 trucks, trailers, heavy equipment, and real estate.
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Magnite Announces Intention to Refinance Existing Credit Facilities
January 22, 2024Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, today announced its intention to refinance its outstanding senior secured credit facilities.
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Principal® Direct Lending Business Reaches $2 Billion in Borrower Commitments
January 22, 2024Its direct lending investment team, known as Principal Alternative Credit, has now closed on over 115 transactions as of December 31, 2023, and has exceeded $2 billion in total borrower commitments since its inception in July 2020. This milestone represents an important step in the company’s long-term strategic plan of providing flexible financing solutions across the middle market direct lending industry.
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Dave & Buster’s Entertainment, Inc. Announces Opportunistic Term and Revolving Loan Repricing
January 22, 2024Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, BMO Capital Markets Corp., Truist Securities Inc., Capital One, N.A. and Fifth Third Bank, National Association acted as joint lead arrangers and joint bookrunners for the transaction.
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Loeb Announces Holly Pratti Joins as Vice President of Business Development
January 22, 2024Holly Pratti has joined the team at Loeb as Vice President of Business Development and brings along almost a decade of experience in delivering specialized alternative lending solutions.
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KKR Provides Global Accounts Receivable Financing to Weber
January 22, 2024The initial $200 million facility is collateralized by certain accounts receivables of Weber in the U.S. and international markets, with subsequent closes of up to $100 million across European markets expected in the first half of 2024. KKR Capital Markets acted as lead arranger and sole bookrunner.
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Farmers Edge Announces Increase to Secured Credit Facility
January 22, 2024Farmers Edge Inc. (“Farmers Edge” or the “Company”) (TSX: FDGE), a pure-play digital agriculture company, today announced that it has entered into an amendment to its secured credit facility (the “Facility”) with Fairfax Financial Holdings Limited and/or certain of its affiliates.
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Zions Bancorporation Completes Asset-Based Lending Deal With a Nationwide Co-Pack Manufacturing Company
January 22, 2024Zions Bancorporation, N.A., through its Colorado division, Vectra Bank, closed and funded two loan facilities totaling $7,068,600 for a vertically integrated co-pack manufacturer of fire-roasted green chilis, jarred salsa and other southwestern foods. The two separate credit facilities consisted of a $4,000,000 multi-year revolving line of credit and a $3,068,600 term loan.
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Citi and LuminArx Capital Announce the Launch of Strategic Private Lending Vehicle, Cinergy
January 22, 2024Launched by LuminArx Capital, Cinergy will offer a broad range of private credit solutions to companies, including Citi’s global client base. It will invest across multiple asset classes, including asset-backed credit (commercial, consumer and residential) and corporate debt across the capital structure.
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Skylight Lending Secures Large Credit Facility with M&T Bank to Fuel Expansion
January 22, 2024SKYLIGHT LENDING, a leading provider of financing solutions in the residential solar space, proudly announces the successful closure of a multi-million-dollar credit facility with M&T Bank. This strategic relationship marks a significant milestone for Skylight as it positions the company for rapid expansion into five new states, solidifying its commitment to making solar energy affordable for homeowners nationwide.
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Zions Bancorporation Completes Asset-Based Lending Deal With a Nationwide, Non-Depository Financial Institution
January 22, 2024Zions Bancorporation, N.A., through its Texas division, Amegy Bank closed {and funded} a $70,000,000 credit facility for an Owner-Occupied Real Estate Lender. The credit facility consisted of a multi-year revolving line of credit.
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The Secured Lender
SFNet's 80th Annual Convention Issue