Articles

Commercial lending transactions are memorialized with a comprehensive, and often voluminous, set of loan documentation. In an attempt to expedite closing, and reduce closing binder sizes, lenders (and their counsel) are always seeking ways to streamline the loan- documentation process. 

Antares announced today that it served as sole lead arranger and sole lender on $65 million in senior secured credit facilities to support the acquisition of Metal Era by GreyLion Capital.

Founded in 1980 in Waukesha, WI, Metal Era is a manufacturer of high-performance roofing products focused on metal edge and ventilation solutions for commercial, institutional and industrial buildings.

Two North Texas-based banks, Texas Capital Bancshares Inc. and Independent Bank Group Inc., are merging in an all-stock deal valued at $5.5 billion.

Under the agreement announced early Monday, the resulting holding company will retain the Independent Bank Group name and its bank will operate as Texas Capital. The merged company will be based in McKinney, where Independent recently moved into a new $52 million headquarters.

CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $56 million senior secured financing on behalf of Seamax Container Shipping II LLC.

The loan is secured by four containerships operated by Seamax Shipping, an existing CIT client. Seamax currently operates a fleet of 12 modern containerships in major trade lines worldwide.

While we are all continually reminded how important networking is to our careers and business development, the reality is that the Covid-19 pandemic simply does not allow us to use traditional methods to network because activities such as attending in-person networking events and meeting face-to-face for coffees and dinners are on hold for now. 

Does this mean that your networking efforts can be (or need to be) put “on hold”?  The answer is a resounding no. 

SFNet has been working with the CA Department of Business Oversight as well as with other associations to obtain the best outcome for our members. SFNet submitted a comment letter to the DBO concerning the first draft.

The recruiting and retention landscape in commercial finance is increasingly becoming a “War for Talent,” according to speakers who explored that topic and much more at SFNet’s 79^th Annual Convention in Orlando, FL. Finding and keeping a quality workforce is of utmost importance these days as companies navigate the post-pandemic economy.

Also on the agenda was “AI and the Future of Secured Finance,” which featured a panel of experts who discussed industry trends in artificial intelligence including its anticipated impact on employment.

eCapital Corp. ("eCapital" or "the Company), a leading alternative finance provider in North America, today announced it has acquired UK-based specialty lender and factoring company Advantedge Commercial Finance. The acquisition will allow eCapital to continue building out its full suite of specialty lending solutions and geographically diversify its book of business.

Advantedge is a leading privately-owned invoice financing company providing cash flow solutions to small and medium-sized businesses in the UK. Founded in 2001, the Company currently provides funding to UK businesses seeking alternative financing. Since November 2016, revenues for Advantedge have grown almost threefold and EBITDA has increased by 2.5 times over that period.

Last night the House and Senate approved a $900B next round of economic stimulus. The full text of the bill can be found here as well as a detailed summary. SFNet’s Advocacy Committee is reviewing the language and will hold an informative webinar as soon as practical in January. In the meantime, you may wish to consult your advisers. In addition to other broad reaching measures, the statute provides for:

• PPP extended through March 31, 2021
• CECL and TDR provisions potentially deferred until January 2022
• Additional allocations for EIDL Grants
• ERTC extended and expanded
• Rescission of emergency lending facilities, including MSLP, in their current form

J.P. Morgan Asset Management today announced the launch of J.P. Morgan Private Capital, which includes a new growth equity investment arm and an existing private debt business, committed to providing customized solutions for early and growth stage companies across the capital structure. The group will be focused on institutional and high-net-worth clients and will also have the ability to invest the firm's capital alongside investors.

J.P. Morgan Private Capital will be led by Brian Carlin, previously CEO of Wealth Management Solutions at J.P. Morgan, with Rick Smith, former Head of Private Investments at JPMorgan Chase, serving as Chairman of the group, and Meg McClellan, serving as the Head of Private Debt. 

Encina Business Credit, LLC announced today that it has provided a $40 million senior secured revolving credit facility to a food packaging company.

The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing bank facility.

Encina arranged to bring in another lender to provide an incremental $15 million term loan, which – when combined with Encina’s demonstrated ability to move quickly, provided the borrower and its private equity sponsors with the level of certainty they were seeking.

SLR Business Credit is pleased to announce funding a $20,000,000 asset-based revolving line of credit to Copper River Seafoods.

Headquartered in Anchorage, Alaska, Copper River Seafoods, Inc. is a leading value-added processor and distributor of premium quality salmon and seafood products.

Encina Business Credit, LLC announced today that is has provided a $10 million senior secured revolving credit facility to a designer, marketer, and distributor of mid-priced and premium bicycles.

The revolving line of credit, which is collateralized by accounts receivable and inventory, will provide financing of the company’s working capital and capex requirements.

To say a lot happened in 2020 doesn’t begin to capture what the year brought. In the economy, this included a significant increase in Chapter 11 filings for larger businesses from filings in 2019, particularly in retail. And for asset-based lenders it included a significant shift in their role in the larger bankruptcies. Asset-based lenders faced real challenges how to best protect their position and enhance the likelihood of a successful outcome. Confronted with a landscape that requires a new map to navigate, we look at what happened, how it happened and, most importantly, what should (or can) the asset-based lender do about it?

Encina Business Credit, LLC announced today that it is the Revolving Agent on a $115 million senior secured credit facility used to support the acquisition of a mid-sized discount retailer of home décor.

The revolving line of credit, which is collateralized by accounts receivable and inventory was used to support the purchase price and ongoing working capital needs of the borrower.