Articles

A new year brings with it many unknowns, and this year is no exception. It remains to be seen how the pandemic will impact the industry in the year ahead, and companies are still evolving strategies and plans to address the increased uncertainty.

Norman Knight, Deputy Director of Flight Operations at NASA, is no stranger to the unknown. He specializes in human space flight, and he has seen everything in orbit. He spoke at SFNet's first-ever online Annual Convention in November 2020 to share what he has learned from his decades at NASA.

Knight shared advice about building a culture of technical truth, openly discussing mistakes to improve systems, and planning for the unimaginable. Here are a few flight rules he suggested for companies looking to manage risk and uncertainty in the year ahead.

The new facility was provided through a banking syndicate arranged by Bank of America, N.A., JPMorgan Chase Bank, N.A., and Citibank, N.A., with Bank of America acting as the sole administrative agent. Baker Botts LLP acted as transaction counsel and CDX Advisors acted as financial advisor to TransPerfect.

Union Bank today announced that it has hired four technology industry specialists to join the Technology Banking Group, all based out of the San Jose office. The appointments reflect a continued focus on expanding Union Bank's technology vertical to meet the needs of both business banking and middle market clients.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Steven Holstein as Head of Business Development.

As Head of Business Development, Holstein will be responsible for building, driving, and leading global business development, including research, sales, and marketing strategies.

Citizens announced today that it served as Lead Left Arranger for Stoughton, Mass.-based Liquid Tech Solutions’ new $350 million senior credit facility.

Liquid Tech provides route-based, on-site mobile refueling solutions across the United States. The company’s 24/7 “truck-to-truck” service delivers primarily diesel fuel to client job sites or their place of business and directly into truck fleets, boats, locomotives, equipment, generators and fuel storage tanks.

In September, experts from across the industry gathered at the Secured Finance Network’s Annual Cross-Border Lending Summit to discuss Cross-Border ABL.  As we know, common-law jurisdictions such as the UK, Canada, and Australia are a well-trodden path for ABL lenders.  However, other jurisdictions in Europe and wider can be more problematic, and clients of asset-based lenders are looking for liquidity outside of traditional ABL markets.  Some ABL lenders are able to get comfortable with this, but, even then, advance rates are less than optimal and structuring is difficult.  An alternative solution exists:  Trade Receivables Securitization.

Jude Baldo is an associate in the Global Finance group of Sidley Austin LLP, a global law corporate law firm. He is responsible for counseling clients in complex financings across a broad spectrum of platforms, industries, and asset types, including lending and securitization transactions, both domestically and internationally.  Prior to embarking on his legal career, Jude was an associate vice president for a software as a service company, where his experiences with cross-border technology regulations led him to law school. Jude graduated a Regents Scholar from the University of California, Los Angeles and from Northwestern Pritzker School of Law with a JD.

Jude resides in Illinois with his wife, their newborn, and their French bulldog, Celine.

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SFNet’s CEO submitted a  letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration, seeking affirmation of eligibility of non-bank lenders under the CARES Act. The letter seeks to further ensure that non-bank lenders are afforded all available protections under the Act as regulations are now established and implemented.  

(Editor’s note: Subsequent to this letter, the SBA has issued its ‘Interim Final Rule’ that makes businesses identified in 13 CFR 120.110, which includes financial services companies, ineligible for the Paycheck Protection Program.   SFNet will be seeking any recourse available to press the SBA to amend this position)

Some of the companies hit hardest by the Covid-19 coronavirus are starting to talk to banks about short-term loans that would provide a safety net during the outbreak, according to people familiar with the matter. Discussions are preliminary and have occurred mostly with airlines, said the people, who asked not to be named discussing private information. Companies in industries such as energy and travel and leisure with investment-grade or high-yield ratings could also consider backup financings, they added.

SFNet’s fourth annual Women in Secured Finance Conference attracted over 300 attendees for two days of inspiring (virtual) sessions featuring senior executives who shared their perspectives on leadership and communications while heading teams virtually and managing changes wrought by the COVID-19 Pandemic.

The consensus: Workers will not be returning to how it was even after a viable vaccine for the COVID-19 virus becomes available. Many of the speakers – women in top management, who are accustomed to being in the office, travelling, and meeting face-to-face with teams and clients—spoke about remote work challenges. They also offered creative ideas to ensure employees feel embraced during this challenging time.

MDC Partners Inc. (the "Company") (NASDAQ: MDCA) today announced that the Company has amended its existing senior secured revolving credit facility with Wells Fargo Capital Finance, LLC, as agent, extending the maturity date to February 3, 2022.

As the Secured Finance Network celebrates its 75^th anniversary, its commitment to the education of its membership remains tantamount to the organization. Part of that commitment is making sure that secured lenders of all stripes are provided with the essential tools, training, and best practices to ensure their professional success. But that educational content must stay dynamic, updating foundational courses and offering new and compelling material to deal with current business challenges. SFNet’s new initiative, Education Focus 20/20, supported by the Secured Finance Foundation, brings that vision to life.