Business disaster is only a click away. Cyberattacks are becoming an epidemic affecting all businesses. A single mishap can critically impair business operations or even shut down operations entirely resulting in catastrophic financial and reputational damage. 

Hamid Namazie, Yoojin Lee and Mark Spitzer, three highly regarded finance attorneys in Los Angeles, have joined Holland & Knight's Financial Services Team as partners. They will also be members of the firm's Asset-Based Lending Team. Mr. Namazie, Ms. Lee and Mr. Spitzer join the firm from McGuireWoods LLP, where Mr. Namazie served as managing partner of the firm's downtown Los Angeles office.

The Rockport Company, LLC (“Rockport” or “the Company”), a leading global footwear brand known for its superior comfort, announced that it, CB Marathon Midco, LLC, Rockport IP Holdings, LLC, Rockport UK Holdings Ltd. and CB Footwear Services, LLC have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware in order to review and restructure its assets for the benefit of all stakeholders and to better position the brand for future growth opportunities.

From promotions to new jobs, award winners share their career advice for the class of 2023 winners and what they have learned.

Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced today it secured a new $315 million senior credit facility. The capital raise consists of a $250 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase & Co. and a $65 million term loan from TCW Private Credit Group.

Legacy Corporate Lending, LLC (“Legacy”), an independent asset-based lending (ABL) company focused on serving the needs of middle market companies across North America, today announced Neil Mulford has joined the firm as Executive Vice President, Portfolio & Underwriting. Mr. Mulford will work closely with Legacy’s originations team and will be responsible for conducting the underwriting process and structuring and closing new transactions.

“We have a great agenda planned for this year,” said WISF Committee Chair Laura Kemper Glass, and SVP, East Region Senior Portfolio Manager, Bank of America, N.A. “We’re bringing back, by popular demand, the small group Roundtable discussions on personal and professional change, which provide a great opportunity for intimate networking with others in the industry.”

The credit agreement includes a revolving credit facility in an aggregate principal amount of up to $700 million and a term loan facility in an aggregate principal amount of up to $150 million. Wells Fargo Bank, National Association is acting as administrative agent for a group of financial institutions providing the new credit facilities.

The Secured Finance Network’s (SFNet) new Secured Finance Market Sizing and Impact Study reports that the total secured financing volume of transaction flows to U.S. commercial businesses in 2022 was nearly $4.9 trillion. In other words, the scope of this market, which comprises seven major financing categories, “underpins, either directly or indirectly, over one-fifth of…the transaction volumes that make up the $23 trillion in U.S. Gross Domestic Product (GDP),” according to the study.

Legacy Corporate Lending is an independent asset-based lending company within the middle market. Legacy provides revolving lines of credit and term loan commitments from $10 to $40 million in transaction size.

Gordon Brothers, the global advisory and investment firm, has appointed Peter B. York as Senior Advisor to support the executive team with the firm’s growth and expansion plans.

York will leverage his experience in asset-based lending (ABL), capital markets and secured lending to provide advice and counsel to the business, assist with evaluating capital deployment for Gordon Brothers’ global lending practice, and give strategic and tactical advice on the structuring of loan products.

Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today announced an upsized $17 million credit facility with C3bank which includes the renewal of its existing $10 million line of credit as well as a new $7 million term loan.

Massachusetts – SLR Credit Solutions (“SLR CS”) announced the closing of a secured first lien term loan in concert with a new revolving line of credit from Wells Fargo for Skullcandy, Inc.® (“Skullcandy”) or the (“Company”).

Proceeds from the financing were used to refinance existing debt and provide enhanced flexibility.

Sarah House is a managing director and senior economist for Wells Fargo’s Corporate and Investment Bank. Based in Charlotte, NC, she covers the U.S. macro economy, including the labor market, inflation trends, and monetary policy. Sarah frequently speaks about the economy to the national media, including The Wall Street Journal, Bloomberg News, CNBC and National Public Radio. She will be speaking at the SFNet’s Women in Secured Finance Conference on June 15. 

MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $44mm senior secured credit facility to AleraCare Intermediate, LLC (“AleraCare” or “Company”).

Renzo Capital Corp. Sparks announced the closing of a one-year extension of its $43 million revolving credit facility with Renzo Capital Corp. 

SFNet’s Crucial Conversations webinar, “The Value and Effective Use of Covenants in a Factoring Transaction,”

focused on why covenants are needed in a discretionary factoring facility; covenant types and reporting frequency; the art of picking the right covenant(s) and more. Here, panelist Hugh Larratt-Smith provides a recap of the webinar.

Lifecore Biomedical, Inc., a fully integrated contract development and manufacturing organization (CDMO), has entered into a broad set of agreements with its long-term customer, Alcon, which provides for the repayment of the company’s existing credit agreement with its current lenders and substantially increases the amount of hyaluronic acid (HA) that Lifecore is expected to supply for use in Alcon’s commercial products.

Valley Bank, a regional bank with operations along key East Coast markets and California, is expanding its Chicago office with the hiring of Matthew Weidle as First Senior Vice President and Midwest Regional President.

In this new role, Weidle will focus on expanding Valley’s Commercial Banking presence in the Chicago market and Midwest region. Valley inherited the talented and well-established Commercial Banking team through Valley’s merger with Bank Leumi USA in April 2022.