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CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as joint lead arranger on a $1.16 billion financing for PRO Unlimited Inc., a leading Integrated Workforce Management (IWM) platform provider.

Serving hundreds of the world’s most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence and services to meet organizations’ flexible workforce needs. 

When documenting an ABL facility alongside a separate term loan, borrowers and financial sponsors increasingly request that the ABL credit agreement be drafted to essentially match material terms of the term loan agreement. This understandable desire for conformity often overshadows fundamental differences between ABL and term loan facilities and can create significant issues for ABL lenders. The goal from the ABL lender’s perspective should be to understand the tradeoffs involved and provide a level of functional conformity in principal terms, while maintaining customary availability-based metrics and liquidity protections of ABL loan documentation which are often absent or inadequately covered in term loan documentation.

SAN JOSE, Calif., Oct. 28, 2021 /PRNewswire/ -- Bridge Bank today announced that its Capital Finance Group has issued a $10 million asset-based line of credit to Shippabo, a cloud-based supply chain-management platform serving the shipping and logistics industries.

On August 3 and 4, YoPro members from across the country gathered to attend the SFNet's YoPro Leadership Summit 2021 in Chicago. The conference provided in-person networking opportunities and insightful panels featuring industry leaders.

The leadership summit would not have been possible without the support of our sponsors – Event Co-Sponsor Hilco Global and Winston & Strawn LLP, Reception Sponsor, Wells Fargo, and our Supporting Sponsors, Gerber Finance and Gordon Brothers.

Wells Fargo & Company (NYSE: WFC) today announced that 21-year company veteran Kristin Lesher will lead Middle Market Banking, effective immediately. She reports to Kyle Hranicky, CEO of Wells Fargo Commercial Banking.

An industry leader in serving middle market companies, Wells Fargo provides financial solutions and specialized expertise across industries including agribusiness, food and hospitality, healthcare, investor real estate, government banking and technology. 

CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business served as sole lead arranger and administrative agent on up to $95 million in financing toward the relaunch of noted Hollywood film production company Castle Rock Entertainment.

Castle Rock was founded in 1987 by Academy Award nominated director Rob Reiner, who will remain as CEO of the relaunched firm, along with Martin Shafer, Andrew Scheinman, Glenn Padnick and Alan Horn. Reiner will be joined by Michele Reiner and Matthew George as co-presidents. The transaction includes a senior secured credit facility for $65 million with an accordion feature for up to $30 million more.

Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.

Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.

Meredith Coffey of LSTA provides readers with an update on the LIBOR transition.

1. When is LIBOR ending?

   The UK’s Financial Conduct Authority (“FCA”) – the regulator of the ICE Benchmark Administration, the administrator of LIBOR – has said that all sterling, Swiss franc, euro and Japanese yen LIBOR settings will cease or no longer be representative after year-end 2021. The FCA also said that the settings for one-week and two-month USD LIBOR will also cease or will be non-representative after year-end 2021. The remaining USD LIBOR tenors will cease or be non-representative after June 30, 2023. Importantly, while USD LIBOR will continue to exist after the end of 2021, this is only for pre-existing “legacy” contracts. The U.S. banking regulators have said that banks should not originate new LIBOR contracts after the end of 2021.