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Siena Healthcare Finance today announced the closing of a $15MM working capital facility for Michigan based Optalis Health & Rehabilitation. Siena provided the line of credit for Optalis’ acquisition of a new SNF group.

After more than ten years and extended litigation to compel rulemaking, on March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the final rule which implements the small business lending data collection requirements set forth in section 1071 of the Dodd-Frank Act (Section 1071).  The final rule, together with the comments, is just under nine hundred pages.[1]  Broadly presented, the final rule can be broken down into a series of questions to be answered.  First, are the lender, the borrower and the transaction covered by the rule?  Second, what information must be collected and reported?  Third, how is the information reported?  Fourth, when does the rule take effect?

Gordon Brothers, the global advisory and investment firm, has named Samantha Schackman Director, Business Development.

Schackman works with asset-based lending, investment banking and private equity professionals in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont to identify valuation, disposition and lending opportunities for Gordon Brothers and will expand the firm’s presence in the Northeast.

US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy.

Commercial bank lending dropped nearly $105 billion in the two weeks ended March 29, the most in Federal Reserve data back to 1973. The more than $45 billion decrease in the latest week was primarily due to a a drop in loans by small banks.

Last year was not the type of “cascade” we thought it would be – at all – as 2022 turned out to be more characterized by a surge of rising rate hikes and new concerns, versus a wave of new deals. Undeterred, we’re back this year to so see what could be infashion for factoring in 2023.

First on our list, the hot new color for this year – Viva Magenta!

DataBank, a leading provider of enterprise-class edge colocation, interconnection, and managed cloud services, announced today that it has secured another $350M in financing to fund the ongoing expansion of its edge data center footprint. Led by TD Securities, the $350 million credit facility includes a $175 million, 5-year Term Loan, a $125 million Delayed Draw Term Loan ("DDTL") which is undrawn at close, and a $50 million revolving credit line. 

RelPro, the fast-growing business development and relationship management solution for Financial & Professional Services, today announced that Raaj Rajmangal has been appointed as President of RelPro. Rajmangal, who previously served as the company’s Chief Technology Officer, will now be responsible for RelPro’s strategic development and execution. RelPro CEO and Founder Martin Wise will continue as CEO to drive the corporate vision, working closely with RelPro’s clients and partners.

Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.

40-year ABL executive Mike Knuckles to lead metro Atlanta office serving U.S. South

GULFPORT, Miss. (April 3, 2023)—Hancock Whitney has established a new companywide asset based lending (ABL) division primarily serving 12 states across the southern United States. Mike Knuckles, an asset based lending executive with decades of industry experience, will lead the line of business based in suburban Atlanta, Georgia, and direct all recruiting and hiring.

It’s no secret that, despite great progress in the last couple of decades, secured finance remains a male-dominated field. Here, we shine the spotlight on three unique SFNet members whose teams are made up of more women than men.

SFNet's Independent Finance Roundtable (IFR) will be held April 18-20, 2023, at The Gwen in Chicago, IL. SFNet’s in-person Independent Finance Roundtable brings together senior-level executives from non-bank, independent SFNet member companies in a small setting. Attendees gather to discuss key industry topics that affect their business while enjoying time to network.

Encina Private Credit, LLC (“EPC”) is pleased to announce that it has served as joint lead arranger and joint bookrunner for a $155 million senior secured credit facility supporting a global technology focused private equity firm for the acquisition of a leading provider of cloud-based enterprise software solutions.

First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, has provided $44.2 million to affiliates of Kayne Anderson Real Estate and Remedy Medical Properties to finance a portfolio of medical office building properties.

Zions Bancorporation, N.A., through its Texas Division, Amegy Bank, closed and funded a $45,000,000 credit facility for an importer and distributor of iron castings for the water and waste water industries.

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 & 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 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, (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.