Articles

SFNet's International Finance and Development Committee has recently announced the launch of its ABL Cross-Border Database.  The database is a comprehensive compilation of information from publicly available credit agreements in large cross-border asset-based loans. The database currently includes 61 transactions, representing all ABL cross-border transactions closed and filed with the SEC from 2011 to present (excluding those transactions involving only the United States and Canada), and will be updated regularly to cover new transactions. 

In connection with the significant expansion of its capital base, EPC also announced it has hired Michael Hensinger as its President & Chief Commercial Officer.

CIT, a division of First Citizens Bank, has named Randy Lederman as a managing director for business development activities across the Northeast for CIT Northbridge Credit LLC, a joint venture advised by CIT Asset Management LLC.

Based in New York, Lederman will be responsible for sourcing new asset-based loan opportunities from $15 million to $150 million with business borrowers across a range of credit profiles. His appointment represents CIT Northbridge’s continued dedication to serving client and referral sources in the northeast.

CIT, a division of First Citizens Bank, today announced that its Power and Energy business arranged $88 million in financing for a 173-megawatt stand-alone merchant battery storage facility in Texas.

The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone Inc.

Mark Forrest has joined Gordon Brothers, the global advisory, restructuring and investment firm, as Director, Business Development.

Forrest will expand Gordon Brothers’ integrated service offerings and presence in the Midwest. With over 25 years of experience in corporate finance, capital markets and lending, he will work with private equity, investment banking and asset-based lending professionals in Illinois, Indiana, Iowa, Minnesota, Michigan, Wisconsin and Northern Ohio to identify valuation, disposition and lending opportunities for the firm.

With the second half of 2022 underway, it is a good time to evaluate cybersecurity issues and concerns. The cybersecurity front continues to be an area of significant risk for businesses. In this article we will explore recent trends, and specific industries at more risk of attack. For a perspective on the dollar impact, the largest payment in 2021 was a $40 million payment made by an insurance company. For a perspective on number of attacks, there is a cyber-attack every 11 seconds.

The National Cyber Security Alliance estimated that 60% of small businesses fail within six months of an attack. 

The new hires are: Edward Chang - chief executive officer; Mark Kassis - head of Risk Management, Commercial Vertical; Bill Laird – head of Risk Management, Consumer Vertical and David Mattei – managing director, Funding Strategy.  Additionally, John Thomas was promoted to president and chief operating officer.