Wingspire Capital LLC (“Wingspire”) announced that it has agented a $100 million credit facility consisting of an $80 million senior credit facility (co-led by Ares Commercial Finance) and a $20 million second lien credit facility (provided by Atalaya Capital Management) to Rubies II, LLC (“Rubies II”).

Proceeds from the financing were used to purchase substantially all of the assets of Rubie’s Costume Company, Inc. (“Rubie’s”) via a Chapter 11 363 sale process.  Proceeds will also be used to fund the on-going working capital needs of Rubies II. 

It brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending franchise and strong market positions.

White Oak ABL (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it funded and arranged a $99.5 million senior secured credit facility to an international infant and toddler toy and product manufacturer to finance the company’s growth and ongoing working capital.

The senior secured credit facility consists of an $80 million working capital facility secured by receivables and inventories in the US, UK, Netherlands, and Hong Kong and a $19.5 million IP term loan. White Oak is the agent for the working capital facility and Gordon Brothers is the agent for the IP term loan with White Oak as a co-lender.

This is a new feature providing advice from WISF members to young professionals on a specific topic.

Gen Merritt-Parikh is the president of Haversine Funding, a leading financing provider to specialty finance companies, including asset-based lenders, factors, purchase order, equipment and inventory lenders. With more than 25 years of experience in commercial finance, she joined Haversine Funding in August 2020, responsible for origination, underwriting, investment analysis and management and asset allocation strategy for Haversine Funding.

In 2018, as president of Allied Affiliated Funding, she led the company to a successful sale through a nationally chartered bank where she continued to manage that line of business for the bank. Merritt-Parikh holds a bachelor of arts degree in business and economics from the University of Texas at Dallas.

A global thought leader on monetary policy, economics and finance, Danielle DiMartino Booth founded Quill Intelligence LLC and is their CEO & Chief Strategist. This is a research and analytics firm which publishes The Daily Feather and the Weekly Quill.

To build Quill Intelligence, she brought together a core team of investing veterans to analyze trends and provide critical analysis on what is driving the markets – both in the United States and globally.

DiMartino Booth set out to launch a #ResearchRevolution, redefining how markets intelligence is conceived and delivered with the goal of not only guiding portfolio managers, but promoting financial literacy.

Since its inception, commentary and data from The Daily Feather have appeared in financial media such as Bloomberg, CNBC, Fox Business, Institutional Investor, Yahoo Finance, The Wall Street Journal, MarketWatch, Seeking Alpha, TD Ameritrade, TheStreet.com, and more.

She will be speaking during SFNet’s Live Online Annual Convention, November 17-19, 2020.

Mitsubishi UFJ Financial Group (MUFG), one of the world's leading financial groups, today announced that it has hired Rajesh "Raj" Kapadia as International Head of Capital Markets. Mr. Kapadia will be responsible for the oversight, operation, and growth of MUFG's Capital Markets business globally, including debt and equity capital markets and leveraged finance.

Axiom Bank, N.A., a Maitland-based, leading community bank, recently appointed Dan Karas as EVP of Allied Affiliated Funding, the Bank’s factoring and asset-based lending division.  In this role, Karas will be responsible for guiding the division and driving its initiatives toward continuing growth.

Karas’ commercial lending expertise spans nearly four decades with national and regional banks. In his most recent role at a Dallas-based community bank, Karas helped create its commercial finance businesses and expand its commercial lending platforms and grew profitability.

The onset of the pandemic has certainly changed the fundraising and investing landscape for private equity and other types of alternative financing. While most acknowledge that the lack of face-to-face meetings has made the fundraising process and due diligence on deals more difficult, the PE industry and related players remain a resilient lot. Even with the country’s shutdown and the resulting economic problems, private equity firms are prioritizing their existing portfolios, working to figure out ways to shore up these companies.

From the third quarter Phoenix Management “Lending Climate in America” survey results reveal COVID-19 will continue to have a major effect on U.S. performance throughout 2020.

While lenders seem to believe COVID-19 will have a major effect on the U.S. performance until a vaccine is widely available, the outlook for the U.S. economy in the near and long-term is more favorable in Q3 2020 than in the previous quarter predictions. The near-term grade point average (GPA) increased 54 percentage points to 1.72 from the Q2 2020 GPA of 1.18. The projected outlook for the U.S. economy in the long-term increased slightly (by 36 percentage points) to 2.60 from the previous quarter’s results of 2.24.

While the PPP loans have provided necessary working capital for many businesses to survive the economic impacts of Covid-19, as those funds have been used and payment deferrals have expired, companies are looking to enter into M&A transactions. When a company has a PPP loan the M&A process is further complicated for the company and its lender.

On October 2, 2020 the SBA issued a Procedural Notice to provide guidance on the notification and consent requirements for changes in ownership of companies with PPP loans. The usual SBA 7(a) loan requirements are to obtain consent of the SBA prior to a lender approving a change in ownership. This October 2 guidance was meant to clarify what the SBA would expect specifically related to PPP loans and change of ownership.

Encina Business Credit, LLC announced today that it has provided a $75 million senior secured revolving credit facility to a leading global provider of risk management and operational support services to government and commercial clients.

The senior secured revolving line of credit, which is collateralized by accounts receivable, was used to refinance existing debt and provide ongoing working capital financing.

The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced the completion of an $80 million secured term loan financing with Crystal Financial LLC. The net proceeds from the term loan will be used to repay borrowings under the Company’s secured revolving credit facility with certain banks.

A designer of high-end handbags and accessories lost coverage on some of their retail customer accounts due to COVID-related challenges. When their existing bank was unable to cover those customers and restricted their borrowing capacity, the client reached out to Rosenthal.

When one of the world’s largest manufacturers of premium textiles and bedding was looking to establish a U.S. entity to sell to retailers, the company sought out a factor to provide the necessary credit coverage it needed to move forward. Unfamiliar with factoring and given the current state of the retail environment, the company turned to Rosenthal because of the firm’s deep experience in the textile and retail space.

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as agent and sole lender on a $75 million revolving credit facility for Skillsoft, a global leader in learning and talent management solutions

Based in Boston, Massachusetts, Skillsoft enables organizations to unlock the potential in their employees by delivering a range of digital learning and talent management solutions. The financing will be used to support continuing business operations and growth objectives.

Citizens announced today that it is lead left arranger of a $125 million asset-based loan for Virginia Beach, VA-based Franchise Group, Inc. (Nasdaq: FRG).

Franchise Group is an operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders.  This transaction refinances an existing ABL for two of its businesses – American Freight and Buddy’s Home Furnishings.

TSL: Congrats on your 10-year anniversary! Scott, what would you say are the biggest changes Gibraltar Business Capital has undergone over these last 10 years?

Scott Winicour: Thanks! It’s been a wild ride these last ten years, but probably the biggest change is when I bought the company from my father ten years ago with the help of private equity. It was a very small, regional player in the factoring space that did average-sized deals of $50,000 to $250,000. One of the biggest changes today is we don’t really do any factoring anymore, and that’s because we’ve morphed into an asset-based lender as opposed to a more traditional factor.  Another big change is that we now have a nationwide presence.  So, we went from a small, localized factoring-only business to a national brand name that people know, with salespeople all across the country. That is, by far, the biggest change.