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  • Monroe Capital Appoints Zia Uddin as President
    Oct 19, 2021
    Monroe Capital LLC (“Monroe” or the “Firm”) today named Zia Uddin as its President. Mr. Uddin who is a Partner and Portfolio Manager, Institutional Portfolios, will continue to report to Ted Koenig, who will remain the firm’s Chairman and CEO.

    As President of Monroe, Mr. Uddin will oversee and implement Monroe’s long-term growth strategies. He will remain an active participant on the Firm Investment Committee as well as Co-Portfolio Manager, Institutional Portfolios, alongside newly appointed Co-Portfolio Manager, Chris Lund. He will continue to be responsible for the Firm’s Technology and Software investments. 
  • Ares Management Corporation Closes Oversubscribed Second Junior Capital Direct Lending Fund
    Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today the final closing of Ares Private Credit Solutions II (“APCS II” or the “Fund”). APCS II was oversubscribed with $5.1 billion of commitments compared to its $4.0 billion target and is approximately 50% larger than its 2017 predecessor fund.
  • U.S. Bank Names Troy Remington as Chief Credit Officer
    U.S. Bank announced today that it has named Troy Remington as chief credit officer. Remington has been serving as interim chief credit officer since early August, when the former chief credit officer accepted a new leadership role within the company. Remington will report to Jodi Richard, U.S. Bank’s chief risk officer.
  • SFNet WISF Career Corner
    This feature provides advice from WISF members to young professionals on a specific topic. We need your input. If you have a question you would like to see answered in this column, please submit to Michele Ocejo at mocejo@sfnet.com.
  • sonnenberg_heather-150 Interview with Heather Sonnenberg, Partner, Blank Rome
    WISF Committee member Heather Sonnenberg concentrates her practice in commercial finance, with a particular focus on asset-based and cash-flow financing for various industry sectors, including manufacturing, healthcare, and other service industries. She serves a wide range of clients, including banks, commercial finance companies, mezzanine lenders, and other institutional lenders, along with private equity firms, hedge funds, and publicly and privately held corporations. 
  • Capital One to Acquire TripleTree, LLC, Growing Capital Markets Capabilities
    Oct 14, 2021
    Capital One announced today it entered into a definitive agreement to acquire TripleTree, LLC (TripleTree), a leading investment banking advisory platform serving market-leading healthcare companies, headquartered in Minneapolis, MN, with offices in New York. TripleTree will join Capital One Commercial Bank’s growing Capital Markets group, bringing deep focus and tailored expertise serving healthcare technology and services companies. Justin Roth, Head of Investment Banking, will continue to lead TripleTree.
  • NneomaMaduike_150 How Diverse Teams Make Successful Companies

    Nneoma Maduike of Otterbourg P.C. discusses the impact a diverse team can have on a company’s performance.

  • Tiger Finance Provides $8.2 Million Credit Facility to Outdoor Adventure Brands
    Oct 13, 2021

    Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.

    Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.

  • Eileen Wubbe 150x150 SFNet Education Offers On-Demand Classes
    SFNet has a robust education program, including virtual and in-person classes. For those whose schedules make it difficult to fit in a class, SFNet now offers On-Demand classes to help those starting out or continuing their professional development in the industry on their own terms. Content can be consumed on a laptop, phone or tablet, making it easy to gain the knowledge you need to further your career whenever and wherever it works for you.
  • Carnival Corporation & plc Announces Upsizing and Pricing of $2.3 Billion Term Loan Facility for Refinancing, Saving Interest and Extending Maturities
    Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) today announced that Carnival Corporation (the "Company") successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility ("Term Loan Facility"), which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023 (the "2023 Notes"). 

    JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the Term Loan Facility. PJT Partners is serving as independent financial advisor to the Company.

  • White Oak Healthcare Finance Provides Financing to HighFive Healthcare to Support Growth Strategy
    Oct 11, 2021
    White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent of a senior credit facility to HighFive Healthcare (“HighFive”). HighFive is a specialty dental service organization (“DSO”) focused on acquiring high production endodontics and oral surgery dental practices in the southeastern U.S.
  • DunlopArt Ready, Set, Disclose? ESG Lending and The Middle Market

    The European Union’s recent passage of its Sustainability Financial Disclosure Regulation marks yet another milestone in the progression of environmental, social and governance matters. This article will review this regulation and related ESG disclosure requirements, together with other notable ESG developments, and discuss their impact on middle-market lenders.

  • SFNet Announces Important Convention Updates and Safety Protocols
    Oct 7, 2021
    As we surpass the 600 attendee threshold for SFNet's upcoming 77th Annual Convention, we’d like to share some important updates.
  • FrontWell Capital Partners Expands Deal Originations Team With Experienced Professionals
    FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that it has added to its team two experienced professionals with expertise in sourcing, structuring and executing creative financing solutions for middle-market companies. Lilies Lanway, an industry veteran with nearly 30 years of U.S. deal sourcing experience, will join FrontWell’s deal originations team as Senior Vice President, Head of U.S. Deal Originations, and Brandon Lalonde will join the team as an Associate, both effective on October 11, 2021. 
  • Saratoga Investment Corp. Closes New $50 Million Senior Secured Revolving Credit Facility with Encina Lender Finance
    Oct 6, 2021
    Saratoga Investment Corp. (Investment” or “the Company”), a business development company, today announced that its wholly-owned subsidiary, Saratoga Investment Funding II LLC (“SIF II”), an entity formed for purposes of entering into this financing arrangement, closed a new $50.0 million senior secured credit facility (the “Facility”) with Encina Lender Finance, LLC (“Encina”). The Facility will be supported by loans held by SIF II and pledged to Encina under the terms of the credit agreement.
  • Stealth BioTherapeutics Completes a $25 Million Debt Financing with Horizon Technology Finance
    Oct 5, 2021
    Stealth BioTherapeutics Corp (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced completion of a $25 million long-term debt facility led by Horizon Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"). Stealth has drawn down $15 million under the facility with an additional $10 million available upon achievement of a predetermined milestone.
  • Meredith Coffey Headshot 2021 LIBOR Transition: FAQs
    Oct 5, 2021

    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.


    1. Rosenthal Launches Pipeline™, A New Division Geared Exclusively Towards High-Growth Direct-To-Consumer and E-Commerce Businesses
      Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the launch of Pipeline, a new e-commerce growth capital resource tailor-made for savvy entrepreneurs and founders looking for an extra edge to keep their brands charging forward.

      Family-owned and independent, Rosenthal leverages its rich 83-year-old heritage and extensive expertise in financing businesses of all kinds with an eye toward the future and the changing e-commerce landscape. Pipeline adds a range of new customized capital offerings to Rosenthal’s arsenal designed specifically for direct-to-consumer brands to fill the gaps where venture capital and equity cannot.
    2. Eclipse Business Capital Provides $77.5 Million Revolving Credit Facility to Ranger Energy Services, Inc.
      Oct 4, 2021
      Eclipse Business Capital LLC (“EBC”), formerly known as Encina Business Credit, announced today that it has provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to a market leader in the oil and gas well services industry.
    3. Ericsson Signs $2 Billion Sustainability-linked Revolving Credit Facility
      Sep 30, 2021
      Ericsson (NASDAQ: ERIC) has signed a USD 2 billion sustainability-linked revolving credit facility, renewing an undrawn USD 2 billion credit facility signed in 2013. The successful transaction underlines the confidence in Ericsson’s financial and sustainable performance and the facility is backed by a group of leading global and regional banks.

      HSBC and SEB acted as Coordinators for the facility, whilst SEB also acted as Sustainability Coordinator. Swedbank is the Facility Agent.
    • Monroe Capital Appoints Zia Uddin as President
      Oct 19, 2021
      Monroe Capital LLC (“Monroe” or the “Firm”) today named Zia Uddin as its President. Mr. Uddin who is a Partner and Portfolio Manager, Institutional Portfolios, will continue to report to Ted Koenig, who will remain the firm’s Chairman and CEO.

      As President of Monroe, Mr. Uddin will oversee and implement Monroe’s long-term growth strategies. He will remain an active participant on the Firm Investment Committee as well as Co-Portfolio Manager, Institutional Portfolios, alongside newly appointed Co-Portfolio Manager, Chris Lund. He will continue to be responsible for the Firm’s Technology and Software investments. 
    • Ares Management Corporation Closes Oversubscribed Second Junior Capital Direct Lending Fund
      Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today the final closing of Ares Private Credit Solutions II (“APCS II” or the “Fund”). APCS II was oversubscribed with $5.1 billion of commitments compared to its $4.0 billion target and is approximately 50% larger than its 2017 predecessor fund.
    • U.S. Bank Names Troy Remington as Chief Credit Officer
      U.S. Bank announced today that it has named Troy Remington as chief credit officer. Remington has been serving as interim chief credit officer since early August, when the former chief credit officer accepted a new leadership role within the company. Remington will report to Jodi Richard, U.S. Bank’s chief risk officer.
    • SFNet WISF Career Corner
      This feature provides advice from WISF members to young professionals on a specific topic. We need your input. If you have a question you would like to see answered in this column, please submit to Michele Ocejo at mocejo@sfnet.com.
    • sonnenberg_heather-150 Interview with Heather Sonnenberg, Partner, Blank Rome
      WISF Committee member Heather Sonnenberg concentrates her practice in commercial finance, with a particular focus on asset-based and cash-flow financing for various industry sectors, including manufacturing, healthcare, and other service industries. She serves a wide range of clients, including banks, commercial finance companies, mezzanine lenders, and other institutional lenders, along with private equity firms, hedge funds, and publicly and privately held corporations. 
    • Capital One to Acquire TripleTree, LLC, Growing Capital Markets Capabilities
      Oct 14, 2021
      Capital One announced today it entered into a definitive agreement to acquire TripleTree, LLC (TripleTree), a leading investment banking advisory platform serving market-leading healthcare companies, headquartered in Minneapolis, MN, with offices in New York. TripleTree will join Capital One Commercial Bank’s growing Capital Markets group, bringing deep focus and tailored expertise serving healthcare technology and services companies. Justin Roth, Head of Investment Banking, will continue to lead TripleTree.
    • NneomaMaduike_150 How Diverse Teams Make Successful Companies

      Nneoma Maduike of Otterbourg P.C. discusses the impact a diverse team can have on a company’s performance.

    • Tiger Finance Provides $8.2 Million Credit Facility to Outdoor Adventure Brands
      Oct 13, 2021

      Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.

      Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.

    • Eileen Wubbe 150x150 SFNet Education Offers On-Demand Classes
      SFNet has a robust education program, including virtual and in-person classes. For those whose schedules make it difficult to fit in a class, SFNet now offers On-Demand classes to help those starting out or continuing their professional development in the industry on their own terms. Content can be consumed on a laptop, phone or tablet, making it easy to gain the knowledge you need to further your career whenever and wherever it works for you.
    • Carnival Corporation & plc Announces Upsizing and Pricing of $2.3 Billion Term Loan Facility for Refinancing, Saving Interest and Extending Maturities
      Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) today announced that Carnival Corporation (the "Company") successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility ("Term Loan Facility"), which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023 (the "2023 Notes"). 

      JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the Term Loan Facility. PJT Partners is serving as independent financial advisor to the Company.

    • White Oak Healthcare Finance Provides Financing to HighFive Healthcare to Support Growth Strategy
      Oct 11, 2021
      White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent of a senior credit facility to HighFive Healthcare (“HighFive”). HighFive is a specialty dental service organization (“DSO”) focused on acquiring high production endodontics and oral surgery dental practices in the southeastern U.S.
    • DunlopArt Ready, Set, Disclose? ESG Lending and The Middle Market

      The European Union’s recent passage of its Sustainability Financial Disclosure Regulation marks yet another milestone in the progression of environmental, social and governance matters. This article will review this regulation and related ESG disclosure requirements, together with other notable ESG developments, and discuss their impact on middle-market lenders.

    • SFNet Announces Important Convention Updates and Safety Protocols
      Oct 7, 2021
      As we surpass the 600 attendee threshold for SFNet's upcoming 77th Annual Convention, we’d like to share some important updates.
    • FrontWell Capital Partners Expands Deal Originations Team With Experienced Professionals
      FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that it has added to its team two experienced professionals with expertise in sourcing, structuring and executing creative financing solutions for middle-market companies. Lilies Lanway, an industry veteran with nearly 30 years of U.S. deal sourcing experience, will join FrontWell’s deal originations team as Senior Vice President, Head of U.S. Deal Originations, and Brandon Lalonde will join the team as an Associate, both effective on October 11, 2021. 
    • Saratoga Investment Corp. Closes New $50 Million Senior Secured Revolving Credit Facility with Encina Lender Finance
      Oct 6, 2021
      Saratoga Investment Corp. (Investment” or “the Company”), a business development company, today announced that its wholly-owned subsidiary, Saratoga Investment Funding II LLC (“SIF II”), an entity formed for purposes of entering into this financing arrangement, closed a new $50.0 million senior secured credit facility (the “Facility”) with Encina Lender Finance, LLC (“Encina”). The Facility will be supported by loans held by SIF II and pledged to Encina under the terms of the credit agreement.
    • Stealth BioTherapeutics Completes a $25 Million Debt Financing with Horizon Technology Finance
      Oct 5, 2021
      Stealth BioTherapeutics Corp (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced completion of a $25 million long-term debt facility led by Horizon Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"). Stealth has drawn down $15 million under the facility with an additional $10 million available upon achievement of a predetermined milestone.
    • Meredith Coffey Headshot 2021 LIBOR Transition: FAQs
      Oct 5, 2021

      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.


      1. Rosenthal Launches Pipeline™, A New Division Geared Exclusively Towards High-Growth Direct-To-Consumer and E-Commerce Businesses
        Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the launch of Pipeline, a new e-commerce growth capital resource tailor-made for savvy entrepreneurs and founders looking for an extra edge to keep their brands charging forward.

        Family-owned and independent, Rosenthal leverages its rich 83-year-old heritage and extensive expertise in financing businesses of all kinds with an eye toward the future and the changing e-commerce landscape. Pipeline adds a range of new customized capital offerings to Rosenthal’s arsenal designed specifically for direct-to-consumer brands to fill the gaps where venture capital and equity cannot.
      2. Eclipse Business Capital Provides $77.5 Million Revolving Credit Facility to Ranger Energy Services, Inc.
        Oct 4, 2021
        Eclipse Business Capital LLC (“EBC”), formerly known as Encina Business Credit, announced today that it has provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to a market leader in the oil and gas well services industry.
      3. Ericsson Signs $2 Billion Sustainability-linked Revolving Credit Facility
        Sep 30, 2021
        Ericsson (NASDAQ: ERIC) has signed a USD 2 billion sustainability-linked revolving credit facility, renewing an undrawn USD 2 billion credit facility signed in 2013. The successful transaction underlines the confidence in Ericsson’s financial and sustainable performance and the facility is backed by a group of leading global and regional banks.

        HSBC and SEB acted as Coordinators for the facility, whilst SEB also acted as Sustainability Coordinator. Swedbank is the Facility Agent.

      Visit SFNet's Deal Table

       
      • Monroe Capital Appoints Zia Uddin as President
        Oct 19, 2021
        Monroe Capital LLC (“Monroe” or the “Firm”) today named Zia Uddin as its President. Mr. Uddin who is a Partner and Portfolio Manager, Institutional Portfolios, will continue to report to Ted Koenig, who will remain the firm’s Chairman and CEO.

        As President of Monroe, Mr. Uddin will oversee and implement Monroe’s long-term growth strategies. He will remain an active participant on the Firm Investment Committee as well as Co-Portfolio Manager, Institutional Portfolios, alongside newly appointed Co-Portfolio Manager, Chris Lund. He will continue to be responsible for the Firm’s Technology and Software investments. 
      • Ares Management Corporation Closes Oversubscribed Second Junior Capital Direct Lending Fund
        Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today the final closing of Ares Private Credit Solutions II (“APCS II” or the “Fund”). APCS II was oversubscribed with $5.1 billion of commitments compared to its $4.0 billion target and is approximately 50% larger than its 2017 predecessor fund.
      • U.S. Bank Names Troy Remington as Chief Credit Officer
        U.S. Bank announced today that it has named Troy Remington as chief credit officer. Remington has been serving as interim chief credit officer since early August, when the former chief credit officer accepted a new leadership role within the company. Remington will report to Jodi Richard, U.S. Bank’s chief risk officer.
      • SFNet WISF Career Corner
        This feature provides advice from WISF members to young professionals on a specific topic. We need your input. If you have a question you would like to see answered in this column, please submit to Michele Ocejo at mocejo@sfnet.com.
      • sonnenberg_heather-150 Interview with Heather Sonnenberg, Partner, Blank Rome
        WISF Committee member Heather Sonnenberg concentrates her practice in commercial finance, with a particular focus on asset-based and cash-flow financing for various industry sectors, including manufacturing, healthcare, and other service industries. She serves a wide range of clients, including banks, commercial finance companies, mezzanine lenders, and other institutional lenders, along with private equity firms, hedge funds, and publicly and privately held corporations. 
      • Capital One to Acquire TripleTree, LLC, Growing Capital Markets Capabilities
        Oct 14, 2021
        Capital One announced today it entered into a definitive agreement to acquire TripleTree, LLC (TripleTree), a leading investment banking advisory platform serving market-leading healthcare companies, headquartered in Minneapolis, MN, with offices in New York. TripleTree will join Capital One Commercial Bank’s growing Capital Markets group, bringing deep focus and tailored expertise serving healthcare technology and services companies. Justin Roth, Head of Investment Banking, will continue to lead TripleTree.
      • NneomaMaduike_150 How Diverse Teams Make Successful Companies

        Nneoma Maduike of Otterbourg P.C. discusses the impact a diverse team can have on a company’s performance.

      • Tiger Finance Provides $8.2 Million Credit Facility to Outdoor Adventure Brands
        Oct 13, 2021

        Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.

        Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.

      • Eileen Wubbe 150x150 SFNet Education Offers On-Demand Classes
        SFNet has a robust education program, including virtual and in-person classes. For those whose schedules make it difficult to fit in a class, SFNet now offers On-Demand classes to help those starting out or continuing their professional development in the industry on their own terms. Content can be consumed on a laptop, phone or tablet, making it easy to gain the knowledge you need to further your career whenever and wherever it works for you.
      • Carnival Corporation & plc Announces Upsizing and Pricing of $2.3 Billion Term Loan Facility for Refinancing, Saving Interest and Extending Maturities
        Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) today announced that Carnival Corporation (the "Company") successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility ("Term Loan Facility"), which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023 (the "2023 Notes"). 

        JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the Term Loan Facility. PJT Partners is serving as independent financial advisor to the Company.

      • White Oak Healthcare Finance Provides Financing to HighFive Healthcare to Support Growth Strategy
        Oct 11, 2021
        White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent of a senior credit facility to HighFive Healthcare (“HighFive”). HighFive is a specialty dental service organization (“DSO”) focused on acquiring high production endodontics and oral surgery dental practices in the southeastern U.S.
      • DunlopArt Ready, Set, Disclose? ESG Lending and The Middle Market

        The European Union’s recent passage of its Sustainability Financial Disclosure Regulation marks yet another milestone in the progression of environmental, social and governance matters. This article will review this regulation and related ESG disclosure requirements, together with other notable ESG developments, and discuss their impact on middle-market lenders.

      • SFNet Announces Important Convention Updates and Safety Protocols
        Oct 7, 2021
        As we surpass the 600 attendee threshold for SFNet's upcoming 77th Annual Convention, we’d like to share some important updates.
      • FrontWell Capital Partners Expands Deal Originations Team With Experienced Professionals
        FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that it has added to its team two experienced professionals with expertise in sourcing, structuring and executing creative financing solutions for middle-market companies. Lilies Lanway, an industry veteran with nearly 30 years of U.S. deal sourcing experience, will join FrontWell’s deal originations team as Senior Vice President, Head of U.S. Deal Originations, and Brandon Lalonde will join the team as an Associate, both effective on October 11, 2021. 
      • Saratoga Investment Corp. Closes New $50 Million Senior Secured Revolving Credit Facility with Encina Lender Finance
        Oct 6, 2021
        Saratoga Investment Corp. (Investment” or “the Company”), a business development company, today announced that its wholly-owned subsidiary, Saratoga Investment Funding II LLC (“SIF II”), an entity formed for purposes of entering into this financing arrangement, closed a new $50.0 million senior secured credit facility (the “Facility”) with Encina Lender Finance, LLC (“Encina”). The Facility will be supported by loans held by SIF II and pledged to Encina under the terms of the credit agreement.
      • Stealth BioTherapeutics Completes a $25 Million Debt Financing with Horizon Technology Finance
        Oct 5, 2021
        Stealth BioTherapeutics Corp (Nasdaq: MITO), a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced completion of a $25 million long-term debt facility led by Horizon Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"). Stealth has drawn down $15 million under the facility with an additional $10 million available upon achievement of a predetermined milestone.
      • Meredith Coffey Headshot 2021 LIBOR Transition: FAQs
        Oct 5, 2021

        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.


        1. Rosenthal Launches Pipeline™, A New Division Geared Exclusively Towards High-Growth Direct-To-Consumer and E-Commerce Businesses
          Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the launch of Pipeline, a new e-commerce growth capital resource tailor-made for savvy entrepreneurs and founders looking for an extra edge to keep their brands charging forward.

          Family-owned and independent, Rosenthal leverages its rich 83-year-old heritage and extensive expertise in financing businesses of all kinds with an eye toward the future and the changing e-commerce landscape. Pipeline adds a range of new customized capital offerings to Rosenthal’s arsenal designed specifically for direct-to-consumer brands to fill the gaps where venture capital and equity cannot.
        2. Eclipse Business Capital Provides $77.5 Million Revolving Credit Facility to Ranger Energy Services, Inc.
          Oct 4, 2021
          Eclipse Business Capital LLC (“EBC”), formerly known as Encina Business Credit, announced today that it has provided a $77.5 million senior secured credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility to a market leader in the oil and gas well services industry.
        3. Ericsson Signs $2 Billion Sustainability-linked Revolving Credit Facility
          Sep 30, 2021
          Ericsson (NASDAQ: ERIC) has signed a USD 2 billion sustainability-linked revolving credit facility, renewing an undrawn USD 2 billion credit facility signed in 2013. The successful transaction underlines the confidence in Ericsson’s financial and sustainable performance and the facility is backed by a group of leading global and regional banks.

          HSBC and SEB acted as Coordinators for the facility, whilst SEB also acted as Sustainability Coordinator. Swedbank is the Facility Agent.

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