Articles
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Great Rock Capital Closes $28.8 Million Senior Secured Term Loan with PTC Alliance
Jan 25, 2022Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $28.8 million senior secured term loan facility with PTC Alliance (“PTC”), a leading global manufacturer and marketer of drawn over mandrel and electrical resistance welded steel tubing and precision components.
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Blackstone Launches Sustainable Resources Credit Platform
Jan 24, 2022Blackstone today announced the launch of Blackstone Credit’s Sustainable Resources Platform focused on investing in and lending to renewable energy companies and those supporting the energy transition. Blackstone Credit is one of the world’s largest providers of private credit in the energy transition marketplace. This initiative brings together Blackstone Credit’s scale and expertise in these areas with the firm’s ESG and Portfolio Operations capabilities to deliver value by providing new solutions and sources of capital to companies driving the broader energy transition. The Sustainable Resources Credit Platform complements the firm’s existing private equity, energy and infrastructure strategies that are investing in companies that support the energy transition and climate change solutions.
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Peter Rosenthal and Ken Kleiner Named Co-Presidents at Rosenthal
Jan 20, 2022
Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced that Peter Rosenthal and Ken Kleiner have been named Co-Presidents.
Since 2007, Kleiner has served as Chief Marketing Officer and Rosenthal as President. The two joined the firm in 1998. As Co-Presidents, Rosenthal and Kleiner will guide the organization together and collaborate to continue to grow the firm’s reach and capabilities.
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BHI Commercial and Industrial Group Announces $45 Million In New Financing Transactions
Jan 19, 2022BHI, a full-service commercial bank, announced that its Commercial and Industrial Group has closed $45 million in new financing transactions for two New York companies. BHI has provided a $40 million revolving line of credit for Veja Electronics, Inc., an electronics distributor specializing in semiconductors and electronic components based in Deer Park, New York. For Brooklyn-based Tanner Bolt & Nut, Inc., a supplier of fasteners and contractor supplies, BHI has provided a $5 million line of credit.
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Encina Lender Finance Provides $50 Million Senior Credit Facility To Crossroads Financial
Jan 18, 2022Encina Lender Finance, LLC (“ELF”) announced today that it has provided a $50 million senior credit facility with an accordion feature for an incremental $50 million in potential capacity to Crossroads Financial LLC (“Crossroads”), the industry-leading provider of inventory only revolving credit facilities in the below $10 million size range to companies nationwide and the preferred partner to factoring companies and accounts receivable lenders. ELF’s credit facility closed simultaneously with a mezzanine debt facility from a different lender.
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Northpoint Commercial Finance Asset Based Lending Hires Industry Veteran Robert Parks
Jan 18, 2022Northpoint Commercial Finance Asset-Based Lending announced that industry veteran Robert J. Parks has joined as a Business Development Officer. Based in Southern California, he will be responsible for new business origination throughout North America, deepening borrower and referral relationships.
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UPDATE: New York Court of Appeals Grants SFNet Opportunity to Weigh In on Important Article 9 Case
Jan 12, 2022
Of particular interest to SFNet Factoring Community
On August 30, 2021, SFNet reported that it had filed papers with New York’s highest state appellate court seeking to appear as amicus curiae and to file a brief supporting a secured lender’s request for review of a problematic set of rulings that threaten to impose unique and unfounded burdens with respect to loans secured by a borrower’s accounts.
On January 11, 2022, the Court granted SFNet’s motion to appear as amicus curiae and accepted SFNet’s brief into the record in the case in connection with granting the lender’s motion for leave to appeal.
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Rosenthal Provides $3.5 Million and $500,000 Production Finance Commitments For Home Furnishings Company And Government Contractor Based In New York
Jan 12, 2022
Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of two recent financing commitments, a $3.5 million purchase order finance commitment to support the production financing requirements of a New York-based home furnishings importer and distributor as well as a separate $500,000 work in process production commitment for a government contractor specializing in personal protection wear.
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TBS Has Acquired Financial Carrier Services (FCS)
Jan 10, 2022TBS Factoring Service (TBS) has recently acquired Financial Carrier Services (FCS) based in Charlotte, North Carolina. This acquisition is the first of many as TBS grows its physical presence in key transportation markets and expands its product offerings. TBS has benefitted from access to large-scale capital under its new ownership group, which will allow it to pursue acquisitions it believes will be additive to the TBS family of companies.
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Top 10 TSL Express Stories of the Year
Jan 10, 2022A list of the most viewed stories from 2021 published in TSL Express.
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HYPERAMS, LLC Announces Merger with Blackbird Asset Services, LLC
Jan 10, 2022HYPERAMS, LLC announces that Buffalo, NY based Blackbird Asset Services, LLC will be merging its operation with HYPERAMS effective immediately. Blackbird Managing Director David Fiegel will assume the role of Managing Director of Auction Services and manage all facets of HYPERAMS auction operations.
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Jim Hogan Announced as President, U.S. Asset Based Lending, Accord Financial
Jan 6, 2022Accord Financial Corp., one of the U.S. and Canada’s leading independent finance companies ("Accord") (TSX: ACD) announced the appointment of Jim Hogan as President, U.S. Asset Based Lending (ABL) as of January 1, 2022. As a member of the Executive Leadership team, he will be responsible for leading and growing the business throughout the U.S., delivering asset based lending and factoring solutions to small businesses and medium-sized enterprises. -
MUFG Hires Kimberly Boulmetis to Lead U.S. Financial Institution Coverage for Debt Capital Markets Group
Jan 5, 2022
Mitsubishi UFJ Financial Group (MUFG) announced today the hiring of Kimberly Boulmetis as a Managing Director and Head of U.S. Financial Institutions for the Debt Capital Markets group.
Based in New York, Ms. Boulmetis will assume her new role in January and report to Richard Testa, Head of Investment Grade Finance. She will be responsible for leading coverage of MUFG's broad roster of financial institution clients—including banks, insurance companies, asset management firms, private equity sponsors and business development companies (BDCs)—and for delivering the group's full gamut of capital markets capabilities to issuers of investment-grade debt.
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Ares Commercial Finance Served as Lead and Agent for the Financing of a $210 Million Senior Secured Cross-Border Revolving Line of Credit to MicroStar Logistics
Jan 4, 2022Ares Commercial Finance (“ACF”) announced that it has led the financing of a $210 million senior secured cross-border revolving line of credit to MicroStar Logistics (“MicroStar”), a portfolio company of Freeman Spogli. The credit facility provides significant availability and the ability to support growth in the US, Europe, Australia and New Zealand. Syndicate partners included Wingspire Capital LLC, MidCap Financial Trust and Siena Lending Group LLC.
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New Year’s Message from SFNet CEO
Jan 4, 2022
Greetings and Happy New Year! There is much to be excited about as our network of secured lenders and service providers presses forward, fulfilling our essential purpose of putting capital to work. After a record year of member engagement and innovation, and a successful Annual Convention that marked our return to live events, we are eager to build on those achievements.
In 2022 we will carry over some of our most our most popular member-only benefits, such as company-wide registration for virtual and hybrid programs, free Crucial Conversation webinars and Member Forums, committee opportunities and editorial privileges, and differentiated event pricing. New this year will be FREE unlimited access to our popular on-demand education classes for all members.
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Interview with Terry Keating, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
Jan 3, 2022Terry M. Keating is managing partner of Donald J. Keating & Sons.
Donald J. Keating & Sons provides broad-based consulting and advisory services to middle market companies and private equity with orientation to the financial services industry. Terry has over 30 years of leadership and operational experience knowledge and expertise developing “best practices” necessary for success serving as the leader | advisor within the financial services sector. Terry is currently serving as an independent member of the Board of Directors of a private equity owned commercial finance company and serving as a special advisor to an independent private equity sponsor.
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SPH Group Holdings LLC, Steel Excel Inc. and IGo, Inc. Announce Amended and Restated Credit Agreement with PNC Bank, National Association
Jan 3, 2022
On December 29, 2021, SPH Group Holdings LLC, Steel Excel Inc. and IGo, Inc. (collectively, the "Borrowers"), each an indirect wholly-owned subsidiary of Steel Partners Holdings L.P. (the "Company"), amended and restated its Prior Credit Agreement (as defined below) with an amended and restated credit agreement (the "New Credit Agreement"), with PNC Bank, National Association, in its capacity as administrative agent, the Lenders party thereto, and certain of the Borrowers' affiliates in their capacities as guarantors (the "Guarantors" and, together with the Borrowers, the "Loan Parties"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the New Credit Agreement.
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Aleafia Health Announces Closing of a New $19 Million Credit Facility and Extension of Existing Credit Facility
Jan 3, 2022Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) (“Aleafia Health” or the “Company”) is pleased to announce the closing of a credit facility of up to $19 million (the “Credit Facility”). The Credit Facility is financed by the Garrington Group of Companies, a Toronto-based private lender providing working capital financing to the underserved, small to mid-sized middle market sector across North America, providing credit facilities that generally range from $1 million to over $30 million. It consists of a revolving receivables facility of up to $7 million and a term loan of $12 million.
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Cambridge Trust Welcomes New Commercial Bankers
Dec 22, 2021Cambridge Bancorp, (NASDAQ: CATC), parent of Cambridge Trust Company, announced the expansion of the bank's lending team in support of the growing needs for commercial and non-profit lending in Massachusetts and New Hampshire.
Cambridge Trust's commercial lending team is building momentum with the addition of two seasoned commercial lending leaders. Bradford J. Buckley and David Semenza bring a combined fifty years of experience to Cambridge Trust's commercial and non-profit lending expertise in New England. -
SFNet Announces New Safety Protocols for In-Person Events
Dec 21, 2021SFNet is monitoring the rapidly changing public health situation and is committed to working toward providing a safe and productive environment as we continue our return to in-person events. In line with many of our members’ policies, we will be taking additional measures at the upcoming Asset-Based Capital Conference in February.
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