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  • Second Avenue Capital Partners Provides a $17 Million Senior Secured Credit Facility to Crown & Caliber

    Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $17,000,000 senior secured credit facility to Crown & Caliber, an online marketplace leader in authenticated pre-owned luxury watches. The credit facility will be used to support growth opportunities and provide additional working capital.

    Founded in 2013 in Atlanta, GA, Crown & Caliber has created an accessible, transparent, and trusted e-commerce platform to buy and sell pre-owned watches. 
  • The UK Government Moves Closer to Potentially Damaging Legislation Impacting the UK ABL Industry and Its Clients
    The UK Government announced 11th July 2019, through the publication of the Draft Finance Bill, that it is going ahead with the reinstatement of Crown Preference in respect of VAT and PAYE.
  • White Oak Commercial Finance Delivers $50 Million ABL to Athletic Footwear and Apparel Retailer

    White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $50 million asset-based revolving credit facility to a leading, athletic footwear and apparel retailer based in the U.S. 

    The retailer recently activated a roll-up of several brands led by a private equity firm, and the transaction was structured with advances against the company’s inventory, accounts receivable, and intellectual property. The proceeds will be used to refinance existing debt and provide for ongoing working capital needs.

  • Cowen Announces Closing of $300 Million Term Loan Due 2028 and $25 Million Revolving Credit Facility Due 2026
    Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company) today announced the closing of the Company’s $300 million first lien term loan credit facility due March 24, 2028 (the “Term Loan”) and a $25 million senior secured revolving credit facility due 2026 (the “Revolving Facility”). Pursuant to the Term Loan, the Company borrowed $300 million of first lien term loans. Pursuant to the Revolving Facility, the lenders have agreed to make available up to $25 million of revolving credit loans and letters of credit to the Company.
  • Hamid Namazie Interview with McGuire Woods’ Hamid Namazie

    Hamid Namazie is managing partner of McGuireWoods’ Los Angeles - Downtown office. He concentrates his practice on representing a wide range of clients, including banks, institutional lenders and commercial finance companies, providing asset-based loans.

  • RichardPaulOrmond Chronic Problems in Cannabis Lending Navigating the Patchwork of Laws, Rulings and Regulations
    The only constant in the cannabis industry is change. This article provides an overview of the latest developments and points out that lenders need a deep understanding of the inconsistent patchwork of laws and regulations and the continuing conflict of law between the states and the federal government before entering this space.
  • Digital Media Solutions Announces New $275 Million Senior Secured Credit Facility
    Digital Media Solutions, Inc. (NYSE: DMS), a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, today announced that its operating subsidiary, Digital Media Solutions, LLC, has entered into a new $275 million five-year senior secured credit facility, which consists of term loans in an aggregate principal amount of $225 million and a $50 million revolving credit facility.

    Truist Securities, Inc. and Fifth Third Bank, National Association, acted as Joint Lead Arrangers and Joint Bookrunners for the financing. Truist Bank also serves as the Administrative Agent, Collateral Agent, a Lender and an Issuing Bank.
  • SFNet Member Spotlight: Infinity ABL Services, LLC

    Infinity ABL Services, LLC
    1121 Mason Ave.
    Drexel Hill, PA 19026-2509
    https://www.infinityabl.com

    Infinity ABL provides field exam services for banks and other commercial finance institutions. Infinity ABL, created in February 2021, has three partners with extensive ABL knowledge.

  • Hercules Capital Strengthens Its Capital Resources with New $400.0 Million Credit Facility to Support Continued Investment Portfolio Growth

    Hercules Capital, Inc. announced it has replaced its existing $200.0 million credit facility with MUFG Union Bank N.A. with a new credit facility under which Royal Bank of Canada /City National Bank, a National Banking Association, Goldman Sachs Bank USA, Umpqua Bank, TIAA, FSB, Zions Bancorporation, N.A., dba California Bank & Trust, HSBC Bank USA, N.A., Hitachi Capital America Corporation and CIT Bank, N.A., together with MUFG, have committed a total of $400.0 million in credit capacity subject to borrowing base, leverage and other restrictions. 

  • MUFG Continues Expansion of Leveraged Finance Business with New Hires for U.S. Sales
    Mitsubishi UFJ Financial Group (MUFG) has hired Marc Lavine and Diane Wright as Directors in MUFG's Leveraged Finance Sales group. Both will be based in New York and report to Timothy Fischer, Head of Leveraged Finance Sales in the Americas, who joined the company in January.
  • LBC Credit Partners Supports the Acquisition of EDSCO Fasteners

    LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured credit facility to support the acquisition of EDSCO Fasteners LLC (“EDSCO” or the “Company”) by MiddleGround Capital. LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.

  • CIT Serves as Agent on $185 Million Credit Facility for Orscheln Farm and Home

    CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending team served as administrative agent for a new $185 million senior secured, asset-based credit facility for Orscheln Farm and Home LLC, a leading retailer of farm supplies, home improvement essentials and general merchandise.

    Headquartered in Moberly, Missouri, Orscheln Farm and Home LLC operates 167 stores selling livestock feed and equipment, pet food and pet supplies, apparel, automotive, livestock equipment and fencing, tools, lawn and garden supplies, as well as farm and general hardware in 11 Midwestern states.  
  • LeeHaskin_Crossroads_Headshot_150 Fighting Misinformation: Don’t believe Everything You Read on the Internet

    Borrowers face an uphill battle when conducting an internet search for capital. Lee Haskin of Crossroads Financial discusses the misinformation out there and offers clarifications concerning certain types of finance products.


  • Should You Rethink Your Lien Filing Strategy?

    By Suzanne Konstance, Boaz Salik, and Archita Bhandari

    The effects of the ongoing COVID-19 crisis are being felt in almost every financial sector. While current CARES Act stimulus programs offer strong government support for lending through these programs, these are a short-term opportunity. Overall, institutions that lend money are incurring increasingly higher levels of risk. The most obvious concern surrounds borrower default and lenders are facing the challenge of maximizing recovery on their existing portfolio as default rates are increasing and will continue to increase significantly in the near future. The spike in unemployment recalls how the Great Recession of 2008-09 caused a wave of bankruptcy cases, and it’s nearly certain that we will see an uptick in business and consumer bankruptcy filings. As a result, we see several large lenders continue to increase their credit loss reserves. There are ways to increase recoveries, however, and one is to systematically file UCCs on a portfolio as early as possible.
  • In Refinitiv LPC Podcast, Lending Lowdown, Host Maria Dikeos and Guest Peter York Discuss the Silicon Valley Bank and Signature Bank Collapse
    In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired Managing Director and Head of large market asset-based loan originations at a major money center bank. 
  • First Citizens BancShares, Inc. and CIT Group Inc. Announce Transformational Partnership to Create a Top-Performing Commercial Bank
    First Citizens BancShares, Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., jointly announced today that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.

    It brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending franchise and strong market positions.

  • Myra Thomas Private Equity and Its Response to COVID-19

    The onset of the pandemic has certainly changed the fundraising and investing landscape for private equity and other types of alternative financing. While most acknowledge that the lack of face-to-face meetings has made the fundraising process and due diligence on deals more difficult, the PE industry and related players remain a resilient lot. Even with the country’s shutdown and the resulting economic problems, private equity firms are prioritizing their existing portfolios, working to figure out ways to shore up these companies.

  • MUFG Appoints Kevin Cronin Regional Executive for the Americas, President & CEO of MUFG Americas Holdings Corporation, and MUFG Union Bank, N.A.

    Mitsubishi UFJ Financial Group ("MUFG"), a leading global financial group, today announced that Kevin P. Cronin has been appointed Regional Executive for the Americas for MUFG and MUFG Bank, Ltd., its primary banking subsidiary, and President and CEO of MUFG Americas Holdings Corporation and MUFG Union Bank, N.A., effective March 31, 2021. Mr. Cronin will succeed Stephen E. Cummings as the senior-most executive in the Americas for MUFG. Mr. Cummings previously announced in September 2020 that he will retire from his current position at the end of March. Mr. Cronin will become a member of the Board of Directors of MUFG Americas Holdings Corporation and MUFG Union Bank, and he will be based in New York.

  • Flowserve Corporation Completes New Senior Credit Facility
    Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has amended and restated its $800 million Revolving Credit Facility and added a new $300 million Term Loan Facility (together the “Senior Credit Facility”) with Bank of America, N.A. and certain other lenders. 
  • U.S. Completes Ratification Process for U.N. Receivables Convention

    In a previous issue of TSL Express, we noted that, on January 2, 2019, the United States Senate gave its advice and consent to the United Nations Convention to the United Nations Assignment of Receivables in International Trade.  At the time, we noted that all that remained to complete the ratification process was for the White House to authorize the deposit of the Convention with the United Nations Treaty Office.  We are pleased to report that this step has finally occurred, 16 years after the Convention was signed by the United States. The SFNet is proud to have played a role in the drafting of the Convention and its adoption

     

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