Articles

Garrington was established in January 2019 as part of a greater blueprint to develop a leading North American loan origination, underwriting and operations platform; handling asset-based lending, factoring, and specialty finance loans ranging from $1 million to $30 million. Garrington’s creation comes from its acquisition of Liquid Capital at the start of the year.

MidFirst Business Credit, Inc., is pleased to announce the addition of William “Bill” Bogatay as senior vice president, business development officer. Based out of Dallas, Texas, Bill will assist with originating senior secured debt facilities for companies throughout the Southwest, including, Texas, Oklahoma, Louisiana, Arkansas and Kansas.

Citizens announced today that it has provided a new $325 million senior credit facility to Orangeburg, NY-based Nice-Pak, the leading global producer of wet wipes. Citizens is the Lead Left Arranger.

Founded in 1957, the family-run company pioneered wet wipes with the founder’s invention of the first disposable wet napkin. The company’s Wet-Nap® became a foodservice staple, first at Kentucky Fried Chicken and later at establishments across the country.

With over $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization. Many companies are beginning to ask how this transition will impact their organization and what steps can be taken now. The following is a discussion of:

• why LIBOR is being phased out;
• the transition plan for the phase-out;
• items companies should consider; and the steps that can be taken now.  

Crystal Financial LLC announced the closing of a $60,000,000 Senior Credit Facility for True Religion Apparel, Inc. (“True Religion” or “the Company”).  Founded in 2002 and best known for its signature denim, the Company is a retailer and wholesaler of high-quality apparel and accessories for men, women and children.  True Religion’s products are available through www.truereligion.com, in its over 100 retail locations, and at select department stores and specialty retailers worldwide. 

J.P. Morgan, Bank of Montreal and Goldman Sachs acted as Joint Bookrunners and Joint Lead Arrangers on the Facility. J.P. Morgan is the Administrative Agent on the Facility with Bank of Montreal and Goldman Sachs as Co-Syndication Agents. Additional details on the credit agreement may be found in the Form 8-K to be filed with the Securities and Exchange Commission.

New York State Senator James Sanders, Jr. (D-Queens, New York) has introduced a bill (S 6688) in the New York State Senate, which is presently pending before the Senate Committee on Rules.  The bill would require the licensing by the Superintendent of Banking of the New York State Banking Department (“Superintendent”) of persons or entities engaged in the business of making or soliciting commercial financing products to businesses located in New York State.

Republic Business Credit works with the Azadian Group and Change Capital to provide flexible growth capital during the coronavirus pandemic. 

Enhances and diversifies CIT’s funding profile with Mutual of Omaha Bank’s market-leading homeowners association banking business, a source of scalable lower-cost deposits. Extends middle market commercial banking capabilities with expanded products, technology solutions and geographic footprint, Advances strategic plan and accelerates shareholder value creation.

Rising Together. This concept serves as both the theme for this month’s issue and SFNet’s upcoming online conference Women in Secured Finance: Where Women Rise. 

During this challenging time, it’s more important than ever to highlight and celebrate the contributions and accomplishments of women in our industry. Statistics show that the pandemic has had serious effects on women in the workplace, as we struggle with added pressures on the job, increased unemployment and increasingly challenging caregiving responsibilities. 

Greater focus placed on domestic deals, albeit majority of U.S. M&A leaders acknowledge that capturing full deal value is a growing sore spot.

The COVID-19 pandemic continues to wreak havoc across the country. Millions of small businesses are struggling, with many having closed and others on the verge of shuttering.

A recent Harvard Business School survey of 5,800 businesses reveals the median business with $10,000 or more in monthly expenses usually lacks sufficient ready cash to cover two weeks of spending.

Not surprisingly, small business defaults are up considerably. From roughly two percent of small business debt last year, they now consist of 2.7 percent of small business debt. The future does not look bright. By 2021, default rates may rise to as high as five to six percent, according to models.  

The new Company Stabilisation and Restructuring Act (StaRUG for short) entered into force on January 1, 2021. It is based on a European directive on the introduction of a pre-insolvency restructuring procedure, which was adopted in June 2019.

The intention is to facilitate early restructuring of companies and in any case before insolvency occurs. The idea is to avoid the disadvantages of insolvency - a possible loss of reputation and high costs for the affected company, disruption to trade and to safeguard employment.