Wells Fargo & Company (NYSE: WFC) today announced that Ellen Patterson will join the company as its senior executive vice president and general counsel, effective March 23, 2020. Reporting to CEO Charlie Scharf, Patterson will be responsible for all legal affairs at the company and will serve on the company’s Operating Committee.

"For collateralized loan obligations, although lower short-term rates will decrease excess spread, a credit negative, lower rates will also cut leveraged loan borrowers’ payment obligations and revive dormant Libor floor benefits in CLO weighted average spread, both credit positives."

TAB Bank is pleased to announce the addition of Tony Salas (713-898-7933, tony.salas@tabbank.com) to their business development team as Vice President and Business Development Officer. Tony will be based in Houston and will be responsible for sourcing new business opportunities by providing asset-based and factoring working capital facilities to commercial entities in the Southwestern United States with annual revenues of $2 million to $150 million.

Aviation Capital Group LLC (ACG), a leading aircraft asset manager, announced today the closing of a $650 million secured funding facility in support of its growing Aircraft Financing Solutions (AFS) business. The facility was structured by Crédit Agricole and includes an accordion option which can be exercised to provide up to $1 billion in total commitments. The initial $650 million commitment was provided by a syndicate of the company’s relationship banks including Crédit Agricole, Société Générale, BNP Paribas, Commerzbank, Caixa Bank, and Crédit Industriel et Commercial Bank.

The target range for the federal funds rate was slashed to nearly zero and the Federal Reserve vowed to purchase $700 billion total in Treasury and mortgage-backed securities.

A&G Real Estate Partners (A&G) has begun marketing 137 Modell's Sporting Goods store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia in connection with the 111-year-old retailer's voluntary Chapter 11 bankruptcy filing and liquidation.

In addition to large law firms having more cash on hand, which often means freed-up lines of credit, firms also saw a strong financial close to 2019, with increases in inventory and demand, according to data provided by Citi Private Bank’s law firm group. Inventory consists of accounts receivable and unbilled time, which can be collected and converted to cash.

It’s been quite a week with developments unfolding at an accelerated pace and giving rise to much thought about the way forward. Rightly so, we are all taking steps to protect our loved ones, our colleagues, our clients, our businesses and our economies. The Secured Finance Network is a mission- driven, global trade association committed to putting capital to work.

Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced that it has arranged a $50 million leasehold construction facility for Adam America Real Estate (“AARE”). The construction loan was provided by BMO Harris Bank (“BMO”), a Chicago-based banking subsidiary of BMO Financial Group, to finance the development of a six-story, mixed-use multifamily building with 299 units, 206 ancillary parking spaces, and approximately 6,100 square feet of ground floor retail space located at 44 Olive Street in New Haven, CT.

United Airlines said on Thursday it had raised $2 billion in a term loan facility to pay certain transaction fees and expenses and for general corporate purposes.

The hotel company has drawn down a $1.75 billion loan to “to preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak,” according to a filing late Wednesday that confirmed an earlier report from Bloomberg News. The current interest rate on the credit facility is 2.18%.

Republic Business Credit partners with leading West Coast Private Equity group to aid in the leveraged buyout of a distressed food manufacturer with high growth potential.

U.S. companies rushed to bulk up their cash reserves amid market turmoil fueled by the global coronavirus outbreak and a plunge in oil prices.

FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that QuickFi®, a new mobile business lending platform from Innovation Finance USA LLC, has been selected as the winner of the “Business Lending Innovation Award” in the 2020 FinTech Breakthrough Awards program.

First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, Inc., announced the addition of Erika Perez as senior account manager. Perez has over 17 years of experience in factoring and banking. She holds a bachelor’s degree in Business Administration from Lewis University.

While the health and safety of our community remains our number one priority, the ability to communicate mission critical information and stay connected during this time of disruption is also paramount. After careful consideration, Secured Finance Network (SFNet) has made the decision to postpone or restructure all in-person events through June, 2020 in response to the Coronavirus pandemic.

Secured finance executives from Gerber Finance, North Mill Capital and FTC Commercial Corp. discusses the impact of Coronavirus.

People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced its Healthcare Finance Division provided a $61 million Credit Facility to Brightview Senior Living ("Brightview"), a privately held real estate development and property management company specializing in multifamily and senior living communities.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Foresight Energy; Jefferies Group is acting as investment banker; and FTI Consulting, Inc. is acting as financial advisor. Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Lazard Frères & Co. LLC is acting as investment banker to the Ad Hoc Lender Group representing lenders under the first lien credit agreement.

Boeing Co. is planning to draw down the full amount of a $13.8 billion loan as early as Friday as the planemaker grapples with worldwide travel disruptions from the coronavirus, people familiar with the matter said. Representatives for Citigroup Inc., which led the loan, and Boeing declined to comment.