Articles

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.

Hamilton, 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.

As 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. 

Factors 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.

Otterbourg P.C. announced today that James Cretella has been named Chairman of the Firm’s Finance Department.

A career member of Otterbourg’s Finance Department, Mr. Cretella represents institutional lenders, factoring companies and specialty lenders, as well as borrowers, in a variety of asset-based lending, specialty finance and other corporate transactions. In 2021, he was named Chair of the Alternative and Specialty Finance practice group.

Werner Enterprises entered into a more than $1 billion credit facility on Dec. 20, with the proceeds to be used for working capital, acquisitions and other investments.

The new credit agreement replaces two $300 million credit facilities and a $100 million loan, according to a securities filing, collectively rolling over $585 million of the carrier’s outstanding debt.

Siena Lending Group LLC ("Siena") and Great Rock Capital (“Great Rock”) jointly announce today the closing of a $100 million senior secured credit facility with SkyWater Technology (“SkyWater”), a publicly traded company with a majority ownership by Oxbow Industries.

SkyWater, headquartered in Bloomington, MN, is the most advanced domestically owned and based Trusted Foundry, serving the needs of the U.S. government as well as other commercial applications. 

Snowden Lane Partners, an independent, advisor-owned, wealth advisory firm dedicated to providing client-focused advice in a values-driven culture, together with Snowden Lane’s private equity partner, Estancia Capital Partners (“Estancia”), today announced that Snowden Lane secured a new $100 million credit facility.

The new facility replaces a facility originally secured with ORIX Corporation in 2018 and subsequently expanded in early 2022. The $100 million of available credit will enable Snowden Lane to significantly bolster its recruiting momentum and position itself for sustained growth through 2023 and beyond.

First Citizens Bank today announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets.

The financing was used for Morningstar’s acquisition of three new self-storage properties that will operate under the brand name Morningstar Storage.