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  • Heritage Global Announces New Upsized $17 Million Credit Facility with C3bank
    Jun 1, 2023
    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.
  • Hugh Larratt-Smith_150 The Use of Covenants in a Discretionary Factoring Facility
    May 30, 2023

    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.

  • MidCap Financial Closes $44mm Senior Secured Credit Facility to AleraCare
    May 30, 2023
    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”).
  • Sparks Announced the Closing of a One-Year Extension of its $43 Million Revolving Credit Facility with Renzo Capital Corp.
    May 30, 2023
    Renzo Capital Corp. Sparks announced the closing of a one-year extension of its $43 million revolving credit facility with Renzo Capital Corp. 
  • Lifecore Biomedical Enters into $150 Million New Financing Deal
    May 25, 2023
    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.
  • Siena Lending Group Closes A $25 Million Credit Facility To Finance Acquisition Of National Railway Equipment Co.
    May 23, 2023
    Siena Lending Group LLC ("Siena")is pleased to announce the closing of a $25 million asset-based credit facility for TRM NRE Acquisition LLC to finance the acquisition of certain assets of National Railway Equipment Co. (“NRE” or the “Company”). Siena’s revolving credit and delayed draw term loan facility was closed in only 19 days to finance TRM Equity’s (“TRM”) purchase of certain assets of NRE and their ongoing working capital needs. Armory Securities, LLC (“Armory”) acted as the Company’s advisor on their restructuring, sale and financing.

     
  • CIT Northbridge Credit Refinances and Upsizes $45 Million Credit Facility with Tubular Synergy
    May 22, 2023

    First Citizens Bank today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $45 million to refinance and upsize a secured credit facility for Tubular Synergy Group LP, a privately held sales, marketing and supply chain services distributor.

    Founded in 2008 and headquartered in Dallas, Texas, Tubular Synergy Group provides casing, tubing, and line pipe products for the energy industry.

  • KKR Taps Pietrzak as Sole Global Head of Private Credit
    May 22, 2023

    Daniel Pietrzak, a partner at KKR & Co., has been named the alternative money manager's sole global head of private credit, a spokeswoman said in an email Friday. Mr. Pietrzak was named the sole global head following the departure of fellow partner and co-head of private credit Matthieu Boulanger to pursue other opportunities, the spokeswoman said.

  • CIT Northbridge Credit Provides $40 Million Credit Facility for Tronair
    May 18, 2023
    First Citizens Bank today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $40 million in financing for Tronair, a leader in the manufacturing of ground support equipment, aftermarket replacement parts and services for the global aviation market.
  • MidCap Financial Closes $325mm Senior Revolving Credit Facility to Revlon
    May 16, 2023
    MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $325mm senior revolving credit facility to Revlon Intermediate Holdings IV LLC. (“Revlon” or “Company”) in connection with Revlon’s successful emergence from Chapter 11.  
  • TPG to Acquire Angelo Gordon
    May 15, 2023
    TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, and Angelo Gordon, a $73 billion1,2 alternative investment firm focused on credit and real estate investing, today announced that the companies have entered into a definitive agreement under which TPG will acquire Angelo Gordon in a cash and equity transaction valued at approximately $2.7 billion, based on TPG Inc.’s share price as of May 12, 2023, including an estimated $970 million in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG, in each case, subject to certain adjustments.
  • Vice Media Files for Bankruptcy
    May 15, 2023
    Vice will enter into a purchasing agreement with a number of its vendors to try and stay afloat, according to a filing in New York federal court. The group, led by Fortress Investment Group, Soros Fund Management, and Monroe Capital, will purchase Vice's assets for $225 million and take on liabilities as high as $1 billion, the filing said.
  • Daktronics, Inc. Strengthens Financial Position by Securing $100 Million In Capital Commitments
    May 11, 2023

    Closes $75 Million Senior Secured Credit Facility with JPMorgan Chase and $25 Million Convertible Note Investment with Major Shareholder Alta Fox Capital


  • Nathan Pettit-NYU-150 SFNet Partners with NYU Stern to Offer new Course - Impactful Leadership for High Potentials, Bringing a Multi-faceted Learning Experience
    May 11, 2023

    The Secured Finance Foundation has joined forces with NYU Stern Executive Education to bring a multi-faceted learning experience taught by NYU Professor, Nathan Pettit (pictured) coupled with real-world secured finance applications.

    This two-day course, held in person at NYU Stern June 20-21, will introduce attendees to a variety of analytical frameworks while simultaneously modelling tactical approaches – all with the focus on developing leadership skills.

  • EquipmentShare Closes $3 Billion Senior Secured Asset-Based Revolving Credit Facility With Capital One Bank and Announces the Successful Closing of Its Debut Bond Offering
    May 10, 2023
    Goldman Sachs & Co. LLC acted as the lead book running manager, Wells Fargo Securities, Capital One Securities, Citigroup, Fifth Third Securities, J.P. Morgan, Mizuho, MUFG, SMBC Nikko and Truist Securities acted as joint book-running managers and Regions Securities LLC and UBS Investment Bank acted as co-managers for the successful private offering of the Notes.
  • Legacy Corporate Lending, New Asset-based Lending Company, Launches With Investment From Bain Capital Credit
    May 10, 2023
    Legacy Corporate Lending (“Legacy”) a new asset-based lending (ABL) company, today announced its launch as an independent lender focused on serving the needs of middle market companies across North America. Legacy is launching with a significant equity investment from funds managed by a subsidiary of Bain Capital Credit, L.P., (“Bain Capital Credit”), a leading global credit specialist.
  • MentoringArt_150 SFFound and DEI Committee Launch Second Iteration of Spring Mentorship Program
    May 9, 2023
    The program is designed to encourage diversity and foster inclusivity by enabling established veterans in the secured finance industry and those new to their careers to build relationships and learn from one another through a virtual mentoring initiative.
  • SVB Financial Must Wait in Line for Its $2 Billion, FDIC Says
    May 8, 2023
    Before SVB Financial Group bondholders can collect the billions they are owed, the bankrupt company may have to file a claim with the Federal Deposit Insurance Corp. to recover $2 billion worth of deposits trapped by the receivership of Silicon Valley Bank.
  • SFNet Member Spotlight: Sound Point Capital Management, LP
    May 8, 2023
    Sound Point Capital Management, LP 
    375 Park Avenue, 33rd Floor 
    New York, NY 10152
    www.soundpointcap.com

    Sound Point Capital Management, LP is an asset management firm founded in 2008 with particular expertise in credit strategies. 
  • CIT Commercial Services Announces New Appointments
    May 8, 2023
    Tom Fingleton, who has served as Northeast regional manager since March 2019, has been named chief strategy officer. Moving into the role as Northeast regional manager is Amna Mahmood, a managing director who has served as Commercial Services’ national underwriting manager since 2019.  Succeeding Mahmood in the role of national underwriting manager is Daniel Goll.

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