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The Federal Reserve Bank of Boston on Monday announced that the Main Street Lending Program is now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.  The Federal Reserve encourages lenders to begin submitting qualifying loans.

“This is an important milestone for the Main Street program,” said Eric Rosengren, president of the Boston Federal Reserve Bank, which is administering the program for the Federal Reserve System. “Given the pandemic’s shock to the economy, and its uncertain duration, support for businesses and their employees through bank lending is critical.”

Kirkland & Ellis LLP is serving as legal counsel to the Company, Lazard Ltd. is serving as the Company's investment banker, and Berkeley Research Group is serving as the Company's financial advisor.

The Extended Term Loan Lenders are represented by Wachtell, Lipton, Rosen & Katz as legal counsel and Ducera Partners LLC as investment banker.

- Debt covenant amended

- Raised $120 million in additional revolver capacity

- Total liquidity position of $3.8 billion

- Cost reduction program launched with target 2020 savings of $500 million

Geopolitical Strategist Peter Zeihan is a global energy, demographic and security expert. Zeihan’s worldview marries the realities of geography and populations to a deep understanding of how global politics impact markets and economic trends, helping industry leaders navigate today’s complex mix of geopolitical risks and opportunities.  Zeihan will be the keynote speaker at SFNet’s Annual Convention in New York City, November 13-15.

This column highlights the hard work and dedication of SFNet committee volunteers. Here we speak with William Bence, the chair of SFNet’s Young Professionals (YoPro) Committee and principal, Wingspire Capital, who was profiled in the September 40 Under 40 theme issue of The Secured Lender magazine.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $50 million asset-based credit facility to a leading, U.S.-based digital media & advertising company to support its continuing growth.

The transaction was structured against the company’s accounts receivable, and the proceeds will be used to finance its growth and capex spending while improving its liquidity and working capital position.

Monroe Capital LLC announced that it has expanded its opportunistic private credit team with the addition of four experienced professionals: Jason Starr, Darrick Ginkel, Joseph Valickus in the New York office; and Chris Spanel in the Chicago office.

SFNet's Asset-Based Capital Conference offers you the opportunity to join your colleagues in asset-based lending, alternative asset management, private debt, private equity, distressed debt, and service providers such as attorneys and appraisers for panels and discussions on the rapidly changing economic environment and how it impacts your portfolios and business opportunities.

On March 9-11, we will bring ABCC to you live online, with the great content and opportunities for networking that you have come to expect from the conference. We caught up with ABCC Conference Chair, Barry Bobrow, managing director and head of Loan Sales & Syndications for Wells Fargo Capital Finance who discusses what will make this year’s Conference stand out. 

The lightning-fast spread of COVID-19 around the world has quickly transformed our commercial and financial outlook, ending one of the longest economic expansions in U.S. history and throwing future prosperity into doubt. As conditions deteriorate from here, the likelihood that lenders will need to consider a forbearance is high, and as such, now is a good time to identify at-risk credit facilities and perform any necessary due diligence.

Aaron Hughes looks at some of the ways directors might misuse their invoice finance facilities and how lenders can stem any potential losses. 

The transformation of retail is creating new and significant challenges for traditional retailers. Antony Karabus, CEO of HRC Advisory, explores those obstacles and offers solutions to help retailers survive – and even thrive — during these tumultuous times.

Northpoint will offer senior secured revolving credit lines and term loans ranging in size from $2 million to $20 million to borrowers across a wide range of industries. Industry veteran Robert Wagner, Northpoint General Manager and Head of Asset-Based Lending, will lead a team of seasoned ABL professionals.

Monroe Capital LLC (“Monroe”) today announced the closing of a $454.35 million term debt securitization known as Monroe Capital MML CLO IX, LTD. The term financing was Monroe’s fourth CLO completed since March 2018 and is secured by a portfolio of middle market senior secured loans.

Capital One executives discuss how innovation in the food & beverage sector are making it an industry lenders don’t want to ignore.