• SFNet Sends Letter to SBA and Treasury in Support of Non-bank Lenders Under CARES Act
    April 4, 2020
    SFNet’s CEO submitted a letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration
  • US Treasury Department Issues Application Form and Other Guidance in Connection with the Paycheck Protection Program
    April 4, 2020
    As of March 31, 2020, the US Treasury Department has issued the application form and other guidance in connection with the Paycheck Protection Program which can be found on its website: https://home.treasury.gov/cares
  • SFNet's Members Only COVID-19 Discussion Group
    April 2, 2020
    The SFNet's COVID-19 Discussion group is a open forum for members to partake and add posts about the effect that the Coronavirus pandemic is having on their business.
  • Legacy Housing Corporation Announces New Credit Facility
    April 2, 2020
    Legacy Housing Corporation (the “Company”) (NASDAQ: LEGH), a leader in the manufactured housing industry, today announced the closing of a new four-year credit agreement with Capital One, N.A. (“Capital One”) that replaces the current agreement with Capital One that was due to expire on May 11 of this year.
  • U.S. Well Services Finalizes Amendment to Senior Secured Term Loan and $21 Million Sale of Convertible Preferred Stock
    April 2, 2020
    U.S. Well Services, Inc. (USWS) today announced it has entered into an Amended and Restated Senior Secured Term Loan Credit Agreement (the “Amended Term Loan Facility”) with CLMG Corp. (the “Lenders”) that provides for a suspension of scheduled principal and interest payments for 24 months. Under the terms of the Amended Term Loan Facility, U.S. Well Services’ next scheduled principal and interest payment to the Lenders will be due June 30, 2022.
  • BMO Expert Podcast on COVID-19 and the Future of the Global Economy
    April 2, 2020
    Darryl White, Chief Executive Officer, BMO Financial Group leads the discussion. Following BMO Financial Group's 2020 Annual Meeting of Shareholders, BMO is providing access to a podcast featuring diverse perspectives on the economic and social impacts of the COVID-19 pandemic and how businesses must evolve and adapt to changing conditions.
  • Edgewell Personal Care Announces New $425 Million Revolving Credit Facility
    April 2, 2020
    BofA Securities, Inc and MUFG Bank, Ltd. acted as joint lead arrangers and joint bookrunners. Bank of America, N.A. acted as the administrative agent and MUFG Bank, Ltd. acted as the syndication agent. Also participating in the bank syndicate are TD Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Standard Chartered Bank, and The Northern Trust Company.
  • Marriott Vacations Expands Non-recourse Warehouse Credit Facility to $531 Million
    April 2, 2020
    Marriott Vacations Worldwide Corp. VAC, -0.12% said Thursday it has amended its non-recourse warehouse credit facility to expand its borrowing capacity to $531 million, up by $181 million. Under the terms of the agreement, the termination date for the existing $350 million warehouse facility remains Dec. 2021, with the additional capacity terminating on March 31, 2021.
  • CIT Financing Speeds Protective N95 Masks to Healthcare Workers
    April 2, 2020
    CIT Group Inc. (NYSE: CIT) has provided critical financing for its client Aria Designs to help it procure millions of advanced N95 surgical masks that will protect medical professionals battling the COVID-19 pandemic. Aria Designs, a North Carolina-based furniture manufacturer and importer, is using its global supply chain and manufacturers to supply the much-needed protective masks.
  • Nucleus Commercial Finance Appoints Regional Sales Director
    April 2, 2020
    Nucleus Commercial Finance has appointed Riana Azam as regional sales director to expand its asset-based lending team in Yorkshire. With 14 years of industry experience, Riana joins Nucleus from Metro Bank, where she was business development director, providing funding to SMEs in the north of England.
  • FTI Consulting Releases 2020 Survey of U.S. Loan Market
    April 2, 2020
    FTI Consulting, Inc. (NYSE: FCN) today released the findings of its 2020 U.S. Loan Market Survey, which provides a glimpse into bank and non-bank lenders’ views against the backdrop of the COVID-19 pandemic and oil market price disruptions.
  • JinkoSolar Australia Signs AUD37 Million Line of Credit Agreement with the National Australia Bank‎
    April 2, 2020
    JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that Jinko Solar Australia Holdings Co. Pty Ltd ("JinkoSolar Australia"), a subsidiary of the Company, has signed a one-year AUD37 million line of credit agreement with the National Australia Bank ("NAB").
  • Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring
    April 2, 2020
    Moelis & Company is acting as financial advisor for the Company, Kirkland & Ellis is acting as legal advisor, Alvarez & Marsal is acting as restructuring advisor and Jeffrey S. Stein of Stein Advisors LLC is the Company’s Chief Restructuring Officer. PJT Partners is acting as financial advisor for the Consenting Noteholders and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor.
  • Private Equity Liquidity Hit by 10% VaR Caused by Coronavirus Crisis
    April 2, 2020
    CEPRES, the leading provider of portfolio forecasting for Private Markets, announced today they are advising clients to use 10% VaR (Value at Risk) forecasts for 2020 and 2021 due to the COVID-19 outbreak. CEPRES projects outcomes for more than 100 Institutional investor portfolios around the world including pensions, insurers and endowments based on their "PE.Forecast" software.
  • Federal Reserve Temporarily Eases Some Bank Leverage Requirements
    April 2, 2020
    The U.S. Federal Reserve announced on Wednesday it was temporarily easing its leverage rules for large banks by exempting certain investments from a key leverage calculation, part of the effort to combat the economic slowdown inflicted by the coronavirus pandemic.
  • Retailers Extend COVID-19-triggered Temporary Closings Indefinitely
    April 1, 2020
    As efforts to curb the spread of COVID-19 expand, retailers are retooling their operations across the board.
  • Albert Delgado Joins Seacoast Business Funding
    April 1, 2020
    Seacoast Business Funding is pleased to announce the addition of Albert Delgado, as Vice President, Business Development Officer. Mr. Delgado is based on the West Coast and will focus on growing the portfolio in the region. Mr. Delgado has an extensive knowledge of the Invoice Factoring and Asset-Based Lending industry and brings a high level of expertise to solving complex financial challenges.
  • Will the $2.2 Trillion Coronavirus Aid Package Be Enough?
    April 1, 2020
    The CARES Act that President Trump signed into law last Friday marks the fourth big effort to support the U.S. economy as it continues to reel from the impact of the coronavirus pandemic. It includes some $2.2 trillion in cash, loans, tax breaks and other incentives for individuals and families, small and big businesses, state and local governments, and health and education services, among others. It builds on a series of actions by the Federal Reserve, and two other relief bills Trump signed in March – one for $8.3 billion in emergency funding for mostly health and human services, and another for paid sick and family leave for affected employees or those caring for a sick child.
  • Gibraltar Crafts $5MM Financing Solution for Sponsored Manufacturer
    April 1, 2020
    Headquartered in Kansas City, MO, Gibraltar's new client has been in business since 1952, manufacturing, supplying, designing, marketing, selling and servicing refueling and related equipment.
  • Context Business Lending Closed Three New Loans During the Height of the Pandemic, Supporting Companies Through This Uncertain Time
    April 1, 2020
    Over the last few weeks, amidst global chaos, Context provided revolving lines of credit to three new companies: a Mining Technology Company, an eCommerce distributor, and a designer and manufacturer of consumer products.
  • SFNet Sends Letter to SBA and Treasury in Support of Non-bank Lenders Under CARES Act
    April 4, 2020
    SFNet’s CEO submitted a letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration
  • US Treasury Department Issues Application Form and Other Guidance in Connection with the Paycheck Protection Program
    April 4, 2020
    As of March 31, 2020, the US Treasury Department has issued the application form and other guidance in connection with the Paycheck Protection Program which can be found on its website: https://home.treasury.gov/cares
  • SFNet's Members Only COVID-19 Discussion Group
    April 2, 2020
    The SFNet's COVID-19 Discussion group is a open forum for members to partake and add posts about the effect that the Coronavirus pandemic is having on their business.
  • Legacy Housing Corporation Announces New Credit Facility
    April 2, 2020
    Legacy Housing Corporation (the “Company”) (NASDAQ: LEGH), a leader in the manufactured housing industry, today announced the closing of a new four-year credit agreement with Capital One, N.A. (“Capital One”) that replaces the current agreement with Capital One that was due to expire on May 11 of this year.
  • U.S. Well Services Finalizes Amendment to Senior Secured Term Loan and $21 Million Sale of Convertible Preferred Stock
    April 2, 2020
    U.S. Well Services, Inc. (USWS) today announced it has entered into an Amended and Restated Senior Secured Term Loan Credit Agreement (the “Amended Term Loan Facility”) with CLMG Corp. (the “Lenders”) that provides for a suspension of scheduled principal and interest payments for 24 months. Under the terms of the Amended Term Loan Facility, U.S. Well Services’ next scheduled principal and interest payment to the Lenders will be due June 30, 2022.
  • BMO Expert Podcast on COVID-19 and the Future of the Global Economy
    April 2, 2020
    Darryl White, Chief Executive Officer, BMO Financial Group leads the discussion. Following BMO Financial Group's 2020 Annual Meeting of Shareholders, BMO is providing access to a podcast featuring diverse perspectives on the economic and social impacts of the COVID-19 pandemic and how businesses must evolve and adapt to changing conditions.
  • Edgewell Personal Care Announces New $425 Million Revolving Credit Facility
    April 2, 2020
    BofA Securities, Inc and MUFG Bank, Ltd. acted as joint lead arrangers and joint bookrunners. Bank of America, N.A. acted as the administrative agent and MUFG Bank, Ltd. acted as the syndication agent. Also participating in the bank syndicate are TD Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Standard Chartered Bank, and The Northern Trust Company.
  • Marriott Vacations Expands Non-recourse Warehouse Credit Facility to $531 Million
    April 2, 2020
    Marriott Vacations Worldwide Corp. VAC, -0.12% said Thursday it has amended its non-recourse warehouse credit facility to expand its borrowing capacity to $531 million, up by $181 million. Under the terms of the agreement, the termination date for the existing $350 million warehouse facility remains Dec. 2021, with the additional capacity terminating on March 31, 2021.
  • CIT Financing Speeds Protective N95 Masks to Healthcare Workers
    April 2, 2020
    CIT Group Inc. (NYSE: CIT) has provided critical financing for its client Aria Designs to help it procure millions of advanced N95 surgical masks that will protect medical professionals battling the COVID-19 pandemic. Aria Designs, a North Carolina-based furniture manufacturer and importer, is using its global supply chain and manufacturers to supply the much-needed protective masks.
  • Nucleus Commercial Finance Appoints Regional Sales Director
    April 2, 2020
    Nucleus Commercial Finance has appointed Riana Azam as regional sales director to expand its asset-based lending team in Yorkshire. With 14 years of industry experience, Riana joins Nucleus from Metro Bank, where she was business development director, providing funding to SMEs in the north of England.
  • FTI Consulting Releases 2020 Survey of U.S. Loan Market
    April 2, 2020
    FTI Consulting, Inc. (NYSE: FCN) today released the findings of its 2020 U.S. Loan Market Survey, which provides a glimpse into bank and non-bank lenders’ views against the backdrop of the COVID-19 pandemic and oil market price disruptions.
  • JinkoSolar Australia Signs AUD37 Million Line of Credit Agreement with the National Australia Bank‎
    April 2, 2020
    JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that Jinko Solar Australia Holdings Co. Pty Ltd ("JinkoSolar Australia"), a subsidiary of the Company, has signed a one-year AUD37 million line of credit agreement with the National Australia Bank ("NAB").
  • Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring
    April 2, 2020
    Moelis & Company is acting as financial advisor for the Company, Kirkland & Ellis is acting as legal advisor, Alvarez & Marsal is acting as restructuring advisor and Jeffrey S. Stein of Stein Advisors LLC is the Company’s Chief Restructuring Officer. PJT Partners is acting as financial advisor for the Consenting Noteholders and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor.
  • Private Equity Liquidity Hit by 10% VaR Caused by Coronavirus Crisis
    April 2, 2020
    CEPRES, the leading provider of portfolio forecasting for Private Markets, announced today they are advising clients to use 10% VaR (Value at Risk) forecasts for 2020 and 2021 due to the COVID-19 outbreak. CEPRES projects outcomes for more than 100 Institutional investor portfolios around the world including pensions, insurers and endowments based on their "PE.Forecast" software.
  • Federal Reserve Temporarily Eases Some Bank Leverage Requirements
    April 2, 2020
    The U.S. Federal Reserve announced on Wednesday it was temporarily easing its leverage rules for large banks by exempting certain investments from a key leverage calculation, part of the effort to combat the economic slowdown inflicted by the coronavirus pandemic.
  • Retailers Extend COVID-19-triggered Temporary Closings Indefinitely
    April 1, 2020
    As efforts to curb the spread of COVID-19 expand, retailers are retooling their operations across the board.
  • Albert Delgado Joins Seacoast Business Funding
    April 1, 2020
    Seacoast Business Funding is pleased to announce the addition of Albert Delgado, as Vice President, Business Development Officer. Mr. Delgado is based on the West Coast and will focus on growing the portfolio in the region. Mr. Delgado has an extensive knowledge of the Invoice Factoring and Asset-Based Lending industry and brings a high level of expertise to solving complex financial challenges.
  • Will the $2.2 Trillion Coronavirus Aid Package Be Enough?
    April 1, 2020
    The CARES Act that President Trump signed into law last Friday marks the fourth big effort to support the U.S. economy as it continues to reel from the impact of the coronavirus pandemic. It includes some $2.2 trillion in cash, loans, tax breaks and other incentives for individuals and families, small and big businesses, state and local governments, and health and education services, among others. It builds on a series of actions by the Federal Reserve, and two other relief bills Trump signed in March – one for $8.3 billion in emergency funding for mostly health and human services, and another for paid sick and family leave for affected employees or those caring for a sick child.
  • Gibraltar Crafts $5MM Financing Solution for Sponsored Manufacturer
    April 1, 2020
    Headquartered in Kansas City, MO, Gibraltar's new client has been in business since 1952, manufacturing, supplying, designing, marketing, selling and servicing refueling and related equipment.
  • Context Business Lending Closed Three New Loans During the Height of the Pandemic, Supporting Companies Through This Uncertain Time
    April 1, 2020
    Over the last few weeks, amidst global chaos, Context provided revolving lines of credit to three new companies: a Mining Technology Company, an eCommerce distributor, and a designer and manufacturer of consumer products.