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  • CIT Northbridge Credit Arranges $75 Million Credit Facility for MVP Staffing Group
    CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, served as sole lead arranger on a $75 million senior secured credit facility for MVP Staffing.
  • Siena Lending Group LLC Closes a $3 Million Credit Facility for Datamation Systems, Inc.
    Siena Lending Group LLC (“Siena”) announces the completion of a $3.0 million asset-based revolving credit facility for Datamation Systems, Inc. (“DSI”). The facility will be used to recapitalize the company and finance SNK Capital LLC and its affiliate, Wessex Capital Partners LLC’s acquisition of a controlling interest in DSI and to provide additional working capital to support the company’s growth. 
  • Commercial Finance M&A in a Pandemic: What a Difference a Year Makes

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    Hovde Group executives, Tim Stute and T.J. Humes, pictured above, provide an overview of the effects of the pandemic on M&A market conditions.

  • Architect Capital Launches With $100 Million to Provide Asset-based Financing to Technology Companies in the U.S. and Latin America
    Architect Capital, an asset-based lender to early-stage technology businesses, announced that it has launched with over $100 million to provide non-dilutive or less-dilutive financing solutions to high-growth and technology-enabled businesses. With a focus on FinTech, E-Commerce, and SaaS companies in Latin America and the United States, Architect Capital's mission is to support innovative founders across the globe by structuring and delivering unique asset-based products complementary to traditional venture capital.
  • Audax Private Debt Provides Financing to Support Backstage’s Acquisitions of StarNow and The Mandy Network
    Audax Private Debt announced that, as Administrative Agent and Lead Arranger, it provided a senior secured credit facility to support add-on acquisitions for Backstage (the “Company”), a portfolio company of TA Associates and online career platform for creative talent. Backstage acquired The Mandy Network, a UK-based talent platform for cast, crew, production services and creative professionals, and StarNow, a New Zealand-based talent platform for actors, models, influencers, and musicians.
  • BrianResutek_Headshot_150x150 The Pandemic’s Mental Health Toll on Employees
    COVID-19 has placed an extreme emphasis on physical well-being, but the pandemic has also caused a mental health crisis. How can managers assist their team members during this unprecedented time?
  • Asset-Based Capital Conference Feb. 4-5 To Explore Lending Market Shifts, 2020 Economic Outlook

    Current headwinds affecting asset-based lending (ABL) portfolios and emerging opportunities and challenges in various industry sectors are on the agenda at the Secured Finance Network (SFNet)  Asset-Based Capital Conference 2020 Feb. 4-5 in Las Vegas.

  • Gail Bernstein Gail K. Bernstein Reflects on Her Successful Career in ABL

    Gail K. Bernstein was executive vice president, national investment manager for PNC Business Credit, located in Los Angeles, CA. Prior to September 2013, she was the marketing manager of PNC Business Credit-Western Region, a de novo office that she opened in 1998. Besides her extensive experience in ABL, her career encompasses a specialization in international lending and investment management. She has traveled extensively in Latin America and is bilingual in English and Spanish.

    After 20 years with PNC, Bernstein retired on August 30, 2019. 

  • Santander Strengthens Senior Leadership in Commercial Banking

    Santander Bank, N.A. today announced the appointments of Taryn Phelan as Commercial Banking Chief Experience Officer and Michael McDonough as Head of Trade & Working Capital Solutions. Phelan will report to Joe Abruzzo, Head of Commercial Banking, and McDonough will report to Ken Deveaux, Head of Transaction Banking.

    “Taryn and Michael are great examples of our investment in top talent to drive, develop and execute our Commercial Banking growth strategy,” said Abruzzo. “They bring a wealth of leadership, experience and energy with them to Santander, and I’m excited to have them on our dynamic team.”

  • Secured Finance Executives Discuss the Impact of Coronavirus

    Jennifer Palmer, CEO, Gerber Finance,  Paul Schuldiner, executive vice president and purchase order finance division manager, Rosenthal & Rosenthal and Ken Wengrod, co-founder/president, FTC Commercial Corp. discuss the impact of Coronavirus.

  • Blue Owl Capital Announces Agreement to Acquire Wellfleet Credit Partners from Littlejohn & Co.
    Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) announced today it has entered into a definitive purchase agreement to acquire Wellfleet Credit Partners LLC ("Wellfleet") from affiliates of Littlejohn & Co., LLC ("Littlejohn"). The transaction is expected to close in March 2022 and is subject to customary closing conditions. The purchase price consists of upfront and earnout payments, which will be primarily funded by cash. Upon closing, Wellfleet will become part of Blue Owl's Owl Rock division, reporting into Craig Packer, Co-Founder and a Senior Managing Director of Blue Owl.
  • CIT Northbridge Serves as Sole Lead Arranger on $20 Million Secured Credit Facility for Laurel Grocery

    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 $20 million senior secured credit facility for Laurel Grocery Company LLC.

    Headquartered in London, Kentucky, Laurel Grocery is a wholesale distributor of grocery products to more than 160 independent grocers in Georgia, Indiana, Kentucky, Ohio, Tennessee and West Virginia. The company, founded in 1922, also provides a range of business services, including accounting, insurance, merchandising, advertising and third-party warehousing and logistics.

    Proceeds will be used to repay debt, finance growth initiatives and support ongoing operations.

  • CIT Serves as Co-Lead Arranger on $165 Million Financing for iEnergizer

    CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business served as co-lead arranger and joint bookrunner for a $165 million financing on behalf of iEnergizer, a leading technology services and media solutions company.

    The financing, which includes a $150 million term loan and a $15 million revolving credit facility, will be used to refinance existing debt and fund a dividend to shareholders.

    Founded in 2000, iEnergizer provides technology-enabled services to clients across a wide range of industries, including gaming, healthcare, publishing, travel, and financial services.

  • White Oak Healthcare Finance Provides $75MM Credit Facility to Advanced Recovery Systems
    White Oak Healthcare Finance, LLC (“White Oak”) announced today that it acted as sole lender and administrative agent of a senior credit facility to support Advanced Recovery Systems, LLC (“ARS” or the "Company"), a Goldman Sachs Asset Management portfolio company. ARS provides inpatient and outpatient treatment services for patients with addiction, substance abuse and behavioral health disorders.
  • Eastern Bankshares, Inc. and Century Bancorp, Inc. Enter Into Definitive Agreement To Merge
    Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Century Bancorp, Inc. (Nasdaq: CNBKA) (“Century”), the stock holding company for Century Bank and Trust Company (“Century Bank”), today jointly announced they have entered into a definitive all-cash merger agreement with an aggregate transaction value of $642 million. This in-market transaction comes less than six months after Eastern’s initial public offering that raised approximately $1.7 billion in equity capital.

    J.P. Morgan Securities LLC served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern. Piper Sandler & Co. served as financial advisor and Goodwin Procter LLP provided legal counsel to Century.
  • Citizens Expands Capabilities by Adding Insurance Industry Banking Expertise
    Citizens Commercial Banking has hired two senior bankers as it increases its commitment to its financial institution and insurance industry clients. Peter Wesemeier, based in Atlanta, and Ben Los, based in Chicago, have joined Citizens as managing directors and will work with Boston-based David Bosselait as financial and strategic partners to Citizens’ existing and new financial institution and insurance industry clients. 
  • KKR Boosts Private Credit Team as Its Asset-Based Lending Grows

    KKR & Co. expanded its global private credit team with two hires to further its reach within asset-based financing and secured lending.

    The firm tapped Giacomo Picco and Stephanie Yeh as managing directors. Picco will lead a new effort focused on so-called receivables and inventory-backed debt, while Yeh will co-lead sourcing of ABF investment opportunities in the U.S., according to a statement viewed by Bloomberg. Both will be based in New York.

  • Mark Claster CarlMarks_150x150 A Viable Alternative to the Bankruptcy Process for Struggling Companies

    It is an unfortunate reality that, as the economic repercussions of the COVID-19 pandemic continue to be felt, an increasing number of businesses will face financial and operational distress. For many of these businesses, bankruptcy may be an appropriate or necessary path to restructure their balance sheets. However, it is not the only option and lenders must keep that in mind as companies increasingly default under their credit agreements.

    Bankruptcy can be an extremely useful tool for restructuring a company, but can also be expensive, lengthy and frustrating. That’s why more lenders are considering a Strict Foreclosure process executed under Article 9 of the Uniform Commercial Code. This strategy can offer many of the same benefits as a bankruptcy filing while requiring less time and fewer financial resources. In order to properly assess the benefits and risks of this approach, lenders must have a firm grasp on what it entails, when best to use it, as well as how to manage people throughout the process.

  • Knowledge at Wharton Podcast: Lessons from the Silicon Valley Bank Collapse
    Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.
  • Ikhwan Rafeek_Otterbourg Interview with Ikhwan A. Rafeek of Otterbourg P.C.
    In January, Otterbourg P.C. announced that Ikhwan A. Rafeek had been promoted to Member of the Firm in the Banking and Finance Group. Rafeek represents institutional lenders, banks, commercial finance companies, and factors in connection with the documentation of domestic and international secured lending arrangements, including asset-based, factoring, term loan, healthcare, real estate, middle market, leveraged, and first and second lien loan transactions. 

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