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Evans Expected to Increase Momentum with Expanded Credit Facility from PNC Bank
Dec 20, 2022
Evans Transportation Services Inc. announced it has closed a new credit facility with PNC Bank, N.A. The new larger credit facility will serve as a vehicle for supporting the company’s current growth trajectory, which includes a revenue increase from $80 million to $400 million since 2018. Officials said newly expanded resources add support for Evans’ scalable growth, while allowing the company to return meaningful value to its client-carriers.
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SFNet Reports Confidence in Asset-Based Lending Market
Dec 19, 2022
The third quarter saw continued confidence in the asset-based lending market, according to data released by the Secured Finance Network, and that was welcome news as the country wrestles with inflation, rising interest rates and a slowed economy.
SFNet surveyed bank and non-bank asset-based lenders (ABLs) on key indicators for its quarterly Asset-Based Lending Index and SFNet Confidence Index.
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White Oak and Tiger Finance Provide $90 Million Asset-Based Loan to Support TerraMar Capital’s Acquisition of US Metals Distributor
Dec 19, 2022White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today that it has provided a $80 million revolver to a Midwest-based distributor and value-added service provider of specialty metal products with operations throughout the United States (“Company”). Additionally, Tiger Finance, LLC, a subsidiary of Tiger Capital Group, LLC, provided a $10 million term loan to the Company.
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Travel + Leisure Co. Announces Closing of $300 Million Secured Term Loan B Financing
Dec 15, 2022
Travel + Leisure Co. (NYSE:TNL) announced today the closing of the third amendment (the “Third Amendment”) to its existing Credit Agreement. The Third Amendment provides for an incremental term loan B of $300 million, which will mature on December 14, 2029 (the "Term Loan B").
The Company expects to use the net proceeds from the Term Loan B, available cash on hand and revolving credit facility borrowings, to redeem, repurchase or repay its outstanding $400 million 3.90% secured notes due March 2023, and to pay related fees and expenses.
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Convention Panel on Cannabis Points to Growing Market with Many Red Flags
Dec 14, 2022Cannabis remains a controlled substance at the federal level, but a number of states have legalized it under state law. As a result, marijuana-related business (MRB) lending is ripe for growth. However, banks and non-bank lenders are entering this sector with caution. The presenters at SFNet’s 78th Annual Convention in November provided Canadian and U.S. perspectives on this dynamic market. -
Axiom Bank, N.A. Launches Division Focused On Asset Based Lending, Factoring, And Equipment Financing
Dec 13, 2022Axiom Bank, N.A. has launched a new Commercial Finance Division headquartered in Dallas, TX. The new division will service businesses seeking Asset Based Lending, Factoring, and Equipment Financing credit facilities ranging from $2 million and greater and with revenues from $25 million to $250 million nationwide.
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Sharon Haggard Joins Gordon Brothers as Senior Director Focused on Deals & Origination
Dec 12, 2022
Sharon Haggard has joined Gordon Brothers, the global advisory, restructuring and investment firm, as Senior Director focused on deals and origination to strengthen real estate and retail capabilities in North America and drive multi-disciplined growth.
Haggard is focused on originating, structuring and executing deals across the intersection of retail and real estate and leveraging existing relationships to deliver rapid, customized and integrated solutions for clients and partners.
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BNP Paribas Appoints Senior Executives to Global Markets Americas Platform
Dec 8, 2022
BNP Paribas, Europe’s leading financial institution, announces today the appointment of several senior executives to its Global Markets Americas division. The appointments demonstrate the bank’s commitment to the Americas region and ambition to grow its Global Equities, Global Credit and Global Macro franchises.
Kunal Maini is appointed Co-Head of Global Macro - Americas. He will support the bank’s effort to strengthen its client-centric Global Macro business featuring a state-of-the-art digital offering and expertise across Rates, FX and Commodities. In addition, he will be responsible for globalizing our US Rates franchise by developing stronger client connectivity and product innovation.
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Curve Defies the Market and Secures $1 Billion Deal from Credit Suisse
Dec 8, 2022
Curve, the fast-growing financial super app, today announced that the company has closed a deal to fund its first $1 billion in loans with a facility provided by Credit Suisse, enabling Curve to scale its lending business, Curve Flex, across the UK, the EU and the United States.
The Curve Flex product allows customers to split any transaction they've made with Curve – at any merchant, using any card, anywhere in the world – into monthly installments.
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SFNet Partners With NYU Stern Executive Education to Offer New Course, Impactful Leadership for High Potentials, in June 2023
Dec 8, 2022
SFNet has announced it is partnering with NYU Stern Executive Education to offer a course for SFNet members’ emerging leaders that will teach attendees how to recognize, develop, and master skills to become an effective and impactful leader.
The course, Impactful Leadership for High Potentials, will be held June 12-14, 2023 and introduce analytical leadership frameworks by combining a variety of learning approaches to ensure that participants learn self-reflective and supportive mechanisms for continued success on their path as a leader. In addition to the core curriculum, which comes with a certificate of completion from NYU Stern Executive Education, SFNet will introduce several guest lectures from successful leaders in the secured finance industry to speak on topics such as leading in complex systems, leading through change, the role of leadership in company culture, leading with diversity and more.
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CIT Provides $35 Million Credit Facility to Utopia Deals
Dec 6, 2022
CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business has provided a $35 million revolving credit facility to Utopia Deals.
Based in Plainview, N.Y., Utopia Deals is a leading seller of linens, towels, bedding and other products to consumers and to business customers in the hospitality, healthcare, restaurant, fitness and spa sectors, among others. The company also has a strong presence on leading online retail platforms.
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Great Rock Capital Closes $34.2 Million Senior Secured Credit Facility with Blaschak Anthracite
Dec 5, 2022Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $34.2 million senior secured credit facility with Blaschak Anthracite Corporation (“Blaschak”), a portfolio company of Milestone Partners. Blaschak is a leading producer of ultra-high-grade anthracite, which is one of nature’s cleanest-burning solid fossil fuels and carbon sources.
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Dynatrace Announces New $400 Million Revolving Credit Facility And Repayment of Remaining Term Loan B Debt
Dec 5, 2022Software intelligence company Dynatrace (NYSE: DT) today announced the closing of a new $400 million, five-year senior secured revolving credit facility through a syndicate of banks led by BMO Harris Bank N.A., with Dynatrace LLC, a wholly-owned subsidiary of Dynatrace, Inc., as borrower. This new facility, entered into on December 2, 2022, replaces a $60 million revolving credit facility, which was set to mature on August 23, 2023.
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Trade Credit Insurance – More than Insurance
Dec 1, 2022The global trade credit market continues to grow with increased international business opportunities and carriers making trade credit more accessible to the market. You may be asking – what is trade credit insurance? Trade credit insurance (TCI) insures your accounts receivables against losses due to bankruptcy, unforeseen insolvency, or protracted default. But, trade credit insurance is more than just insurance. Once your A/R is insured, it is a secured asset, and can be used to leverage many ROIs.
Why do companies acquire a trade credit insurance policy? Trade credit can help build a healthy pipeline of new revenue, increase access to capital, prevent a catastrophic loss, and strengthen an organization’s balance sheet. Here are the top four motivating factors for trade credit Insurance.
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Mitsubishi HC Capital America Closes $20 Million Supply Chain Facility for IT Provider
Nov 30, 2022
Specialty finance provider Mitsubishi HC Capital America announced today that it has entered into a $20 million facility to provide supply chain financing for an IT value-added reseller (VAR) serving the life sciences sector. With the VAR’s end customer requiring a sales cycle that could extend as long as two years, the VAR needed a stable source of working capital to ensure that the highly specialized technology can be identified, purchased and delivered via a customer roll out schedule.
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Gordon Brothers Supports Everlane’s Continued Growth & Sustainability Initiatives with $25M Term Loan
Nov 29, 2022
Gordon Brothers, the global advisory, restructuring and investment firm, has provided Everlane Inc. a $25 million term loan that’s secured by the sustainable apparel, accessories and footwear retailer’s digitally native brand and working capital assets. Everlane will use the loan to support over a decade of continued growth.
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Main Street Announces New $240 Million Secured Credit Facility
Nov 28, 2022Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that its wholly owned subsidiary, MSCC Funding I, LLC (the "SPV"), entered into a senior secured revolving credit facility (the "Revolving Credit Facility") led by Truist Bank ("Truist"), with Truist serving as administrative agent and as one of three initial lenders under the facility. The Revolving Credit Facility provides for $240 million of aggregate initial commitments with an accordion feature that allows for increases up to $450 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments.
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Workout Workshop: A Guide to Navigating Problem Loans
Nov 28, 2022
Many ABL professionals have little to no workout or bankruptcy experience thanks to the past ten years of relative calm. This article details the anatomy of an ABL workout and serves as a primer for many readers and a refresher course for more experienced lenders.
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Robert Brownell Joins SLR Business Credit
Nov 28, 2022
Robert Brownell has joined SLR Business Credit (SLRBC) as vice president of business development.
Robert has 14 years of lending and business development experience. He began his career in the factoring sales division of a regional South Florida based bank and has been working in the commercial finance industry ever since.
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Axiom Bank, N.A. Expands ABL Team In New England
Nov 22, 2022
Axiom Bank, N.A., a Maitland-based bank, has expanded its team with the hiring of Todd A. Davock as Senior Vice President, Business Development Officer in its asset-based lending division headquartered in Dallas.
Davock brings nearly 25 years of experience in asset-based lending and commercial finance. In this new role with Axiom Bank’s Commercial Finance division, he will oversee development of the business in the New England area.
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