Articles

TAB Bank is pleased to announce it has finalized the acquisition of BAMFi’s $46 million BAM Capital Division.  This is TAB Bank’s fourth successful completed acquisition of a working capital loan portfolio.  As part of the acquisition TAB will retain the operations and staff at BAM’s office in Dallas, TX. BAMFi, a leading provider of software for the secured lending industry, will continue to own FactorCloud™, its proprietary, all-in-one, cloud-based secured lending software solution.

Fifth Third Bank's Asset Based Lending Group, acting as sole lender, provided a $100MM asset based revolving credit facility for a West Coast based e-commerce retailer.

The company will use the facility to support growth and for ongoing working capital needs. 

Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.

Franklin Capital’s Sue Duckett has seen a lot in her 25-plus-year career in the commercial finance industry. Her career has spanned several positions and two countries, but she has never seen anything such as the current crisis. It has been overwhelming at times, with constant changes and an unprecedented number of new inquiries relating to personal protection equipment (PPE). She pushed aside the mounting emails in her new home office to reflect on what she has seen over these past several weeks and where she thinks this might be going.

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $40 million senior secured credit facility for Europa Sports Products LLC.

Europa Sports Products is an industry-leading distributor of nutritional and sports supplements, sports drinks and accessories to mass market retailers, gyms, health food stores, specialty supplement retailers, sporting goods stores and many other outlets. Proceeds from the credit facility will be used for general corporate purposes and business development.

MidCap Business Credit announced today they have closed on a $14,000,000 asset-based revolving line of credit for Allied Dairy Products, Inc. and subsidiaries, headquartered in Chatham, New Jersey.  

Global Merchant Fund Corp. (GMF), a leading North American provider of financial solutions for middle-market companies, is pleased to announce the acquisition of Bibby Financial Services (Holdings) Inc. (Bibby NAM). Bibby NAM is the North American operation of Bibby Financial Services (BFS), a U.K.-based independent SME funder with operations in 14 countries.

The $10 billion unsecured revolving credit facility consists of a five-year, $8 billion revolving credit facility, and a one-year, $2 billion facility. Each facility includes two one-year extension options at the discretion of each lender. Bank of America and Barclays Bank acted as joint coordinators for the facility.

SFNet will host a webinar this Friday, May 14, from 12:00 p.m. – 1:00 p.m., titled "The Data You Need to Plan Ahead." This webinar is open to employees of SFNet member organizations and SFNet Chapter members only and will provide analysis behind the numbers for the Secured Finance Foundation (SFFound) Market Pulse Report, the Foundation’s Annual ABL and Factoring Surveys as well as Refinitiv’s Capital Markets League Table for Q1.

Panelists will include Barry Bobrow, managing director, Wells Fargo Securities; Miin Chen, COO, Siena Lending Group; Lawrence Chua, managing director, Ares Management LLC; Maria Dikeos, global head of Loans Contributions, Refinitiv; Terry Keating, president of Accord Financial’s US Asset Based Finance unit and Robert Wescott, president, Keybridge Research.

LBC Credit Partners ("LBC") provided senior secured credit facilities to support the refinancing of Sciens Building Solutions and the add-on acquisition of SmartWatch Security & Sound ("SmartWatch"). Sciens Building Solutions, a portfolio company of Huron Capital, was formed in 2016 to pursue a buy-and-build investment strategy in the fire detection and integrated solutions sector.

The COVID-19 pandemic has had a devastating effect on the global economy and led to paralyzed supply chains, export restrictions and closed borders. This shock brought about several significant changes to a number of industries and accelerated existing trends such as automation, digitalization, supplier base diversification and supply chain operational efficiencies. Cross-border trade is at the center of everyone’s attention.

In August, Bank of America announced that Seth Benefield had been named head of Bank of America Business Capital (BABC) and Asset-Based Financing.

He is responsible for managing an international team of asset-based lenders that deliver secured credit facilities and other complementary banking products and services to mid-size and large corporate companies. With nine primary offices serving the United States, Canada and Europe, BABC provides corporate borrowers with senior secured loans of $5 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

Based in Atlanta, Benefield has been with the bank for 20 years, previously serving as National Marketing Manager, where he managed a team of business development officers who provide asset-based solutions and banking products to large and middle market companies, intermediates and financial sponsors across the U.S. and Europe. Prior to joining the bank, he served as a special agent in the Federal Bureau of Investigation.

Benefield earned a Bachelor of Arts degree in Accounting from University of Georgia. He is a Certified Public Accountant and holds Series 7, 24, 63 and 79 FINRA registrations.

White Oak executives detail a complex deal that unlocked substantial liquidity for an asset-heavy borrower in a non-traditional ABL industry.