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  • Crédit Agricole CIB Acted as Sole Arranger and Bookrunner for Allegiant $100MM Revolving Credit Facility
    Mar 28, 2023

    Crédit Agricole CIB has closed a new $100MM 3-year Senior Secured Revolving Credit Facility with Allegiant Travel Company, acting as Sole Arranger and Bookrunner.

    Allegiant is a longstanding client of the Bank, with this Senior Secured Revolving Credit Facility being the foundation of its relationship with the Company since 2015. With this latest refinancing, the transaction will continue to further enhance Allegiant’s liquidity position and will support the Company’s order book and introduction of new technology assets.

  • First Citizens Bank Enters into Whole Bank Purchase of Silicon Valley Bridge Bank, N.A.
    Mar 27, 2023
    First-Citizens Bank & Trust Company ("First Citizens Bank"), a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. ("First Citizens") (Nasdaq: FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. 

    BofA Securities, Inc. is serving as exclusive financial advisor to First Citizens and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP acted as legal advisor.
  • Assembled Brands Announces the Hiring of Genevieve Forsman and Juliana Clark
    Mar 27, 2023
    Assembled Brands is pleased to announce that Genevieve Forsman and Juliana Clark have joined its team as Portfolio Analysts in Los Angeles, CA. In this role, Forsman and Clark are responsible for account management, operational and collateral compliance, and portfolio monitoring.
  • Beam Global Secures $100 Million Credit Facility
    Mar 23, 2023
    Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced the execution of a line of credit with supply chain solutions specialist, OCI Group, based in London, UK. OCI is highly experienced in accelerating business performance for high-growth-potential organizations. 
  • How the Banking Crisis Could Hurt Real Estate Lending
    Mar 22, 2023

    Banks may cut their exposure to real estate in the wake of the collapse of Silicon Valley Bank and Signature Bank, says Wharton’s Susan Wachter.


  • Steven Janson and Mark Buren Join Cadence Business Finance
    Mar 22, 2023
    Cadence Business Finance, a subsidiary of Cadence Bank (NYSE: CADE), today announced the addition of Steven Janson and Mark Buren as managing directors, expanding the company’s footprint for asset-based lending solutions to middle-market companies.
  • New California Disclosure Rules Reduce Capital Available to Small Businesses
    Mar 21, 2023

    In a poll conducted by the Secured Finance Network (SFNet), since new CA disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000. SFNet is an 80-year-old nonprofit with members representing the $4T U.S. secured finance industry.  The new law, requiring sweeping financial disclosures, introduced by CA State Senator Steven M. Glazer in 2018, faced four years of strong opposition before being rolled out in December of 2022.

     
  • ​Wolters Kluwer Compliance Solutions Shares Insights in Response to Silicon Valley Bank and Signature Bank Collapse ​
    Mar 21, 2023
     In the wake of the recent collapse of Silicon Valley Bank (SVB) and Signature Bank—and subsequent banking industry developments  in the U.S. and elsewhere—markets and the public should be reassured by the  response of federal regulators to cover depositors and to help maintain confidence and stability in the resilient U.S. banking system amid challenging economic times. That’s according to a senior regulatory compliance expert at Wolters Kluwer Compliance Solutions.
  • Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
    Mar 20, 2023
    Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
  • New York Community Bancorp Unit Buys Certain Assets Of Signature Bridge Bank From FDIC
    Mar 20, 2023
    New York Community Bancorp, Inc. (NYCB) announced Monday that its bank subsidiary, Flagstar Bank, N.A., has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from its receiver, the Federal Deposit Insurance Corp. or FDIC.
  • Norma Kuntz-Headshot-150 Interview with Gordon Brothers’ New CEO Norma Kuntz
    Mar 20, 2023

    In December, Gordon Brothers announced that Norma Kuntz would be appointed CEO of the company, effective February 13, 2023. Ken Frieze and Michael Frieze will continue to serve the company as chairman and chairman emeritus, respectively.

    Kuntz joined Gordon Brothers as its president and chief operating officer in June 2022 and quickly demonstrated her readiness to lead the firm. Prior to Gordon Brothers, she served as the chief operating officer and chief financial officer of global private equity at The Carlyle Group. Her nearly 25 years of financial services industry experience includes global roles within private equity, asset management, alternative investments and valuations, positioning her well to lead a multi-disciplinary global firm poised for growth.

  • UBS Agrees to Buy Credit Suisse for More Than $3 Billion
    Mar 20, 2023
    UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
  • Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to Make Uninsured Deposits Totaling $30 Billion Into First Republic Bank
    Mar 20, 2023

    Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.

     

    Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.  

  • Entravision Announces New Credit Facility
    Mar 20, 2023
    Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that on March 17, 2023 the Company entered into a new $275 million credit facility, consisting of a $200 million term loan A and a $75 million revolving credit facility. Led by Bank of America, Wells Fargo, and J.P. Morgan Chase, the new credit facility replaces the Company’s existing credit facility entered into on November 30, 2017.
  • SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value
    Mar 20, 2023
    SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value
  • “Know Your Borrower” Now Has a New Lens
    Mar 17, 2023
    Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.

    Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal.
  • SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
    Mar 17, 2023

    In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse.  The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.

  • U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors
    Mar 16, 2023
    While the recent and sudden deterioration of several U.S. banks has been most impactful to the depositors, shareholders and lenders to these institutions, non-bank financial institutions, insurance companies and funds have experienced a variety of knock-on effects that, although not yet material from a rating perspective, serve to underscore the risk of financial system interconnectedness, says Fitch Ratings.
  • Ares Commercial Finance Provides $31.2 Million Senior Secured Credit Facility to Leading Manufacturer and Distributor of Home and Garden Equipment
    Mar 15, 2023
    Ares Commercial Finance announced today that it has provided a $31.2 million senior secured credit facility for a family-owned and operated manufacturer and distributor of high-quality home and garden equipment for professional and consumer use. The credit facility consists of an asset based revolving line of credit and M&E term loan.
  • Moody’s Puts First Republic, Five US Banks on Downgrade Watch
    Mar 15, 2023
    Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review by Moody’s. The credit rating company cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios.

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