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Cambridge Savings Bank Provides Strategic Capital to Help Allen & Gerritsen Reimagine its Future
Feb 21, 2023Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it is supporting Allen & Gerritsen (A&G) in its effort to reimagine its work environment with a $1 million equipment line of credit. Creative and entrepreneurial in nature, Allen & Gerritsen is an independent agency specializing in creative communications, customer experience (CX), public relations and media and analytics. The firm currently has locations in Boston and Philadelphia.
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Signature Bank Announces Leadership Transition Plans
Feb 16, 2023Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial Bank announced today Co-founder, President and Chief Executive Officer Joseph J. DePaolo plans to transition into a senior advisor role during 2023. Chief Operating Officer Eric R. Howell will succeed DePaolo as President, effective March 1, 2023. DePaolo retains the Chief Executive Officer role and also will remain on the Bank’s Board of Directors.
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Wolters Kluwer’s Regulatory & Risk Management Indicator Survey Outlook
Feb 16, 2023TSL Express’ senior editor sat down with Tim Burniston, senior advisor, Regulatory Strategy for Wolters Kluwer Compliance Solutions to discuss the results of Wolters Kluwer’s Regulatory & Risk Management Indicator Survey. Burniston advises the Wolters Kluwer Governance, Risk, and Compliance executive leadership team and clients on emerging issues, legislative and regulatory developments, and regulatory strategy.
Now in its tenth year, the Indicator “takes the pulse” of the U.S. banking industry and is based on 10 different factors: compliance, regulatory environmental and risk management factors. The Regulatory & Risk Management Indicator Survey was conducted between July 27-September 9, 2022, and received 328 responses. Survey respondents are primarily from smaller banks, savings and loan institutions and credit unions. Keeping pace with the volume, scope and breadth of regulatory changes topped the list of key concerns facing U.S. banks, credit unions, and other lenders. To learn more about the survey, click here.
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Ares Commercial Finance Provides $22.5 Million Senior Secured Credit Facility to Leading Offline Egg Processor and Wholesale Distributor
Feb 15, 2023Ares Commercial Finance announced today that it has provided a $22.5 million senior secured credit facility to a leading offline processor and wholesale distributor of branded and private-label commodity, specialty and hard-cooked eggs predominantly in the Northeast and Mid-Atlantic markets.
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Great Rock Capital Agents $90 Million Term Loan with Astronics Corporation
Feb 14, 2023Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the January 19, 2023, closing of a $90 million senior secured term loan facility with Astronics Corporation (“Astronics”), an aerospace electronics corporation that provides advanced technologies to the world’s aerospace, defense, and other mission critical industries. Astronics (Nasdaq: ATRO) is a publicly traded company on the Nasdaq stock exchange.
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Pemberton Announces it has Raised $1 Billion for its Working Capital Finance Strategy
Feb 13, 2023
Pemberton, a leading alternative credit specialist, has raised US$1bn for its Working Capital Finance (WCF) strategy.
The WCF strategy invests in receivables, payables, and inventory financings for large and mid-market companies in both the US and in Europe through an open-ended fund structure. The companies Pemberton invests in span a wide range of sectors, with a focus on IT and food businesses.
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Encina Lender Finance Provides $50MM Credit Facility for Mountain Ridge Capital
Feb 13, 2023Ed Chang, CEO of ELF, said, “We are proud to support Mountain Ridge Capital and its senior management team comprised of long-standing industry veterans, who have a demonstrated and impressive track record in asset-based lending. We look forward to working closely with Craig Winslow and his team as they continue to grow their business.”
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Brazos Midstream Completes Issuance of New $800 Million Senior Secured Term Loan B
Feb 9, 2023Brazos Midstream ("Brazos") (the "Company") today announced that its subsidiary, Brazos Delaware II LLC, has completed the issuance of a new $800 million senior secured Term Loan B due February 2030. The Company used the net proceeds from the Term Loan, along with excess balance sheet cash, to repay its existing $830 million Term Loan B due May 2025.
The transaction was underwritten and arranged by a Barclays-led bookrunner group including Jefferies Finance LLC, Bank of Oklahoma Securities and with Cadence Bank as structuring advisor. -
Encina Lender Finance Promotes Dan Avnir to Chief Commercial Officer
Feb 8, 2023
Encina Lender Finance, LLC (ELF) announced today the promotion of Dan Avnir to Chief Commercial Officer. Dan had previously served as Managing Director, Originations.
In Dan’s new role, he will continue to lead ELF’s origination strategy across its commercial and consumer verticals. Dan will also lead ELF’s syndications strategy by managing the capital markets initiatives for various portfolio companies.
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CIBC Innovation Banking Announces Leadership Changes
Feb 7, 2023CIBC Innovation Banking today announced that Mark Usher has been appointed Senior Vice-President, Innovation Banking; President and Executive Managing Director, CIBC Innovation Banking, effective February 28, 2023, taking on the role currently held by Mark McQueen who is departing to start the next chapter in his career.
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Rosenthal Broadens Its Financing Offerings to Span Both Recourse and Non-Recourse Factoring
Feb 7, 2023Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the launch of a new recourse factoring program designed to meet the unique financing needs of growing service businesses and light manufacturing or assembly businesses. An alternative to bank financing, Rosenthal’s recourse factoring offering is an excellent solution for start-ups, turnarounds and companies that are not yet profitable due to rapid growth.
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Eclipse Business Capital Provides $125MM Dip Revolving Credit Facility
Feb 6, 2023
Eclipse Business Capital LLC (“EBC”) announced that it has financed a $125 million senior secured debtor-in-possession (“DIP”) revolving credit facility to a mattress manufacturer.
The credit facility is secured by accounts receivable and inventory. The transaction facilitates a restructuring with existing lenders to de-lever and provide runway for a long-term business plan execution.
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Crypto-Based Lending and the 2022 UCC Amendments
Feb 6, 2023In this article, the author revisits cryptocurrency-based lending and how the 2022 UCC amendments provide welcome clarity to lending transactions involving digital assets. -
Access Capital, Inc., Announces Raphael Torres as Senior Vice President, Head of Business Development
Feb 2, 2023Access Capital, Inc., the nation’s leading independent lender to the staffing industry, is thrilled to share that Raphael Torres of Fort Lauderdale has joined the team as Senior Vice President and Head of Business Development.
Named a Forty Under Forty designee by SFNet in 2018, Raphael’s experience in asset-based lending spans over two decades. During his career at Wells Fargo, he headed the team responsible for providing financial solutions to the Staffing, Government Contracting, and Transportation industries, growing the portfolio to over $1B in outstanding loans and $2.7B in commitments. -
Michael Maiorino to Lead New Asset-Based Lending Group at First Bank
Feb 1, 2023Hamilton, NJ-based First Bank has opened a new specialty financing group that will provide more options for business owners and entrepreneurs today. Michael Maiorino will head the asset-based lending unit as president.
Maiorino has worked in specialty financing since the 1980s, building out similar businesses for several banks. He has held positions as executive vice president and president of People’s United Business Capital, executive vice president and division president of Sovereign Business Capital, as well as division president at Fleet Capital, which is now Bank of America Business Capital, responsible for the business finance division.
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Review and Forecast with Capital One's Dave Kucera
Feb 1, 2023As a leading authority and 25-year veteran of the investment and commercial banking sectors, Dave Kucera, head of Capital One’s Financial Institutions Group, sat with TSL Express’ senior editor to discuss best practices for managing market cycles. Including the commercial banking trends to watch out for in 2023 and key steps financial institutions can take to better navigate the current economic landscape.
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Rosenthal Closes Two Seven-Figure International Factoring Deals
Jan 31, 2023Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of a pair of factoring transactions, including a $1.75MM domestic and international non-recourse factoring deal for a leading manufacturer of antimicrobial products and a $1.5MM non-recourse factoring deal for a wholesale premium seafood distributor.
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MidCap Financial Closes $15 Million Senior Revolving Credit Facility to Kewaunee
Jan 31, 2023MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $15mm senior revolving credit facility to Kewaunee Scientific Corporation (“Kewaunee,” “Kewaunee Scientific,” or “Company”). The MidCap Financial credit facility includes an uncommitted option to increase the total facility size up to $30mm. Proceeds from the MidCap Financial credit facility will be used to support working capital requirements.
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Factors: Prepared for Uncertainty Ahead
Jan 30, 2023Factors discuss what surprised them in 2022, California’s disclosure laws, rising interest rates, the move from ABL to factoring and what they expect 2023 will bring.
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SLR Credit Solutions Provides $30 Million Term Loan to Nautilus, Inc.
Jan 26, 2023Nautilus, Inc., a fitness solutions company, designs, develops, sources, and markets cardio and strength fitness products, and related accessories for consumer and commercial use in the United States, Canada, Europe, the Middle East, Africa, and internationally.
SLR Credit Solutions provided a $30,000,000 split lien term loan secured by all non-working capital assets of Nautilus. The incremental liquidity was created by (i) lending deeper into the domestic working capital assets (2nd lien), (ii) leveraging certain foreign jurisdictions (1st lien) and (iii) leveraging the value of the Company’s intellectual property / brand value (1st lien).
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