• SFNet Annual and Q4 2020 Survey Analysis

    The fourth quarter of 2020 showed a tale of two cities between the bank lenders and the nonbank lenders.  On a quarter-over-quarter basis, bank lenders in the fourth quarter showed flat total commitments with a drop in outstandings while the nonbanks showed double-digit percentage increases in both commitments and outstandings.  At the bank level, new commitments approximated commitment runoffs, perhaps showing signs of stabilization while nonbanks increased on their third-quarter momentum of closing more deals than runoff in both commitments and outstandings. For both banks and nonbanks, there was a common theme of low utilization with the fourth quarter of 2020 showing the lowest utilization levels in recent history.

    The quarterly report is segregated into a bank/non-bank classification while the annual report is combined, with specific bank/non-bank classifications in certain areas.  Both surveys had comparable number of respondents with prior quarters and years with 34 participants for the annual survey and 35 participants for the quarterly survey.

  • CIT Names Business Development Leaders for Northeast, West and Southwest Regions

    CIT Group Inc. (NYSE: CIT) today announced that its Equipment Finance business, part of the Business Capital division, has hired new business development leaders for the Northeast, West and Southwest regions.

    Wayne Wagner, Mark Johnson and JP DeStefano join CIT as vice presidents for business development on the Industrial team, where they will be responsible for developing dealer relationships throughout the Northeast, West and Southwest, respectively. All will report to Harold Ray, who directs industrial finance for the Equipment Finance business.

     

  • Wingspire Capital Provides $45 Million Senior Secured Credit to a Privately Owned Industrial Mining Company
    Wingspire Capital LLC (“Wingspire”) is pleased to provide a $45 million senior secured credit facility to a large private industrial mining company. The transaction included a $35 million revolving line of credit and a $10 million term loan. 
  • JimCretella_Otterbourg_Headshot_2021_150x150 Interview with Jim Cretella, Chair of Otterbourg’s Alternative and Specialty Finance Practice Group

    In March, Otterbourg P.C. announced that James M. Cretella was named Chair of the firm’s Alternative and Specialty Finance Practice Group. A member of the firm’s Finance Department, Cretella represents lenders, factoring companies and other finance companies, as well as borrowers, in a variety of transactions.

    Cretella has practiced at Otterbourg for his entire career and his experience encompasses financial transactions across a broad range of industries, including staffing, technology, transportation, oil and gas, and government contracting. His areas of focus include asset-based lending, supply chain finance, trade finance and specialty finance. He often acts as “outside in-house counsel” to finance companies and specialty lenders.

    Cretella is a 2016 winner of the Secured Finance Network’s 40 Under 40 Awards.

    Here he discusses his role and how the industry has evolved since he started.

  • Webster Bank Announces $10 Billion Merger Plan, to Open Stamford HQ

    The parent company of Webster Bank announced Monday it would merge with the parent company of Sterling National Bank in an all-stock deal worth about $10.3 billion.

    The new company will locate its headquarters in Stamford — an agreement that marks the second blockbuster transaction this year for Connecticut’s banking sector.

    Waterbury-based Webster Financial Corp.’s union with the Pearl River, N.Y.-based Sterling Bancorp would create a bank with about $63 billion in total assets, $52 billion in deposits and more than 200 branch locations in the northeast U.S. The merger is expected to close in the fourth quarter of 2021.

  • Siena Healthcare Finance Closes a $35MM Working Capital Facility to NY Home Health Company

    Siena Healthcare Finance recently led a $35.0MM asset-based line of credit for a home health company based in New York. The line will be used to support acquisitions and provide working capital for ongoing operations and growth initiatives.

    The Company serves over 7,000 clients and provides care to people in their homes or communities, including personal care and companionship, skilled nursing, post-op care, pediatric care, specialized care, and therapy care in the five boroughs of New York City.

  • Great Rock Capital Upsizes Leverage Facility
    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the upsize of its leverage facility with KeyBank National Association, one of the nation's largest bank-based financial services companies headquartered in Cleveland, Ohio.  The upsized facility includes the addition of new partners Huntington National Bank, First Foundation Bank, and Hitachi Capital America Corporation.
  • David Morse photo Revlon Decision Leads to New “Erroneous Payment” Provisions for Credit Agreements: The Backstory and the Consequences

    By now, most lenders and their counsel have heard about the February 16, 2021 decision of the U. S. District Court for the Southern District of New York in Citibank N.A. v. Brigade Capital Management, L.P, which held that certain lenders to Revlon who received payments by mistake from Citibank were in fact entitled to keep those payments. 

    The magnitude of the funds transferred is just one of the eye-catching elements of the case.  On August 11, 2020, Citibank, which had been the agent for a syndicate of term lenders to Revlon, mistakenly transferred approximately $900 million to a group of the lenders.  According to Citibank, it had intended to send a much smaller amount, around $7 million, solely to cover an interest payment then due on the loans, but a problem with its loan processing system resulted in the overpayment.  Typically, you would expect lenders receiving the money by mistake just to return it—after all, you never know when you might be the one mistakenly sending the money.  And, in fact, a number of the lenders did just that—but one group, did not. 

  • CIT Serves as Sole Lead Arranger on $15.9 Million Financing for Medical Office Buildings

    CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $15.9 million financing for two medical office buildings in Littleton, Colorado.

    The buildings, known as Arapahoe Medical Plaza I and II, are located on the campus of Littleton Adventist Hospital and comprise more than 98,700 square feet of space. The borrower is a venture led by an affiliate of Seavest Healthcare Properties.

  • KenPardue An Interview with Ken Pardue, Senior Vice President, National Head of ABL Originations at Triumph Commercial Financial

    (Editor’s Note: This is the beginning of a new interview series by Charlie Perer of SG Credit Partners.)

    In this installment of our series of executive interviews, Charlie Perer sits with Ken Pardue to understand his plans to grow Triumph, the pace of change in the ABL business and state of the market, among other things.

  • Fifth Third Bank Bolsters Asset-Based Lending Team
    Fifth Third Bank, N.A. recently announced that Wanda Alverio and Andre Lemons have joined the Fifth Third Business Capital team as vice president, ABL principal. In addition, John Littrell was promoted to group head portfolio management.
  • eCapital Corp. Announces 2020 Year-End Financial Results and Consolidated Corporate Structure

    eCapital Corp. (“eCapital” or “the Company”), a leading capital solutions provider for small and medium-sized businesses in North America and the UK, today announced it achieved substantial growth in 2020 and consolidated a total of eight acquired entities into a simplified corporate structure.    

    In its 2020 growth surge eCapital provided its clientele access to over $4 billion in financing across 80 industries in the US and Canada, and also achieved an ~66.5% YoY increase in gross revenues and an ~56% YoY increase in portfolio size. 

  • Henry Sosa, First Horizon Business Credit Interview with Henry Sosa, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
    Henry Sosa is a senior vice president, senior relationship manager with First Horizon Business Credit, the Asset-Based Lending unit for First Horizon Bank. He is responsible for providing asset-based lending solutions to commercial and middle market companies.  Here he discusses SFNet's Diversity, Equality and Inclusiveness (DEI) Committee.
  • SLRBC Funds Midwest Meat Producer

    SLR Business Credit announced it provided a $2,500,000 asset-based revolving line of credit to a producer of high-quality fresh and frozen meat.

    When a group of investors with industry experience found the opportunity to purchase a Midwest producer of high-quality fresh and frozen ground meat out of bankruptcy via a 363 sale, they turned to their community bank.

  • 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.
  • Schacter_Stacey_150x150 The Stoic Lender

    The thing I love most about stoicism is the ability to combine its philosophy at work and home.  Most people, myself included, do not truly look at themselves dispassionately in either setting.  We are great, we are smart, we are everything someone should be and capable of everything; until we are not.  I experience this recently when I had to look deep inside myself and acknowledge that like all people, I am flawed and have weaknesses.  Most people overestimate their skills while failing to give themselves credit for what they are really great at.  When you truly understand who you are, you will be better at every aspect of your job.  What does this have to do with lending, you might ask; patience is another stoic virtue.

  • Encina Business Credit, LLC Provides $10 Million Revolving Credit Facility to Cycling Company

    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.

  • Wingspire Capital Provides $46 Million Senior Secured Credit Facility to Worldwise, Inc.

    Wingspire Capital LLC (“Wingspire”) is pleased to provide a $46 million senior secured credit facility to Worldwise, Inc., a leading designer and supplier of pet products.

    The transaction includes a $30 million revolving line of credit and a $16 million term loan to replace the previous credit facilities and enable Worldwise to meet the growing demand for cat and dog toys, beds, carriers and other pet products as the pet category continues to grow both in the U.S. and worldwide.

  • MarkPodgainy_GetzlerHenrich_150x150 Higher Education Under Pressure – Options for Struggling Institutions
    Many higher education Trustees and executive leaders need to recognize that their communities must confront the early stages of a long-term restructuring.  The upcoming transition is similar to the long-term restructuring process now being addressed by the retail and healthcare industries.  The difficult landscape that colleges and universities must contend with didn’t just materialize – it has been a long time in the making.
  • LSQ Provides $7.5MM AR Facility to Marketing Services Firm

    LSQ, a leading provider of technology-driven working capital solutions, announced that the company originated a $7.5 million AR facility, including a $3.1 million payoff to the first position lender, for a resurging marketing services firm.

    Demand for the firm’s services is normalizing following a COVID-related revenue slump in 2020. It will now have sufficient capital to fulfill a growing number of orders and 2021 business development goals via this new, larger facility with LSQ.

  • SFNet Annual and Q4 2020 Survey Analysis

    The fourth quarter of 2020 showed a tale of two cities between the bank lenders and the nonbank lenders.  On a quarter-over-quarter basis, bank lenders in the fourth quarter showed flat total commitments with a drop in outstandings while the nonbanks showed double-digit percentage increases in both commitments and outstandings.  At the bank level, new commitments approximated commitment runoffs, perhaps showing signs of stabilization while nonbanks increased on their third-quarter momentum of closing more deals than runoff in both commitments and outstandings. For both banks and nonbanks, there was a common theme of low utilization with the fourth quarter of 2020 showing the lowest utilization levels in recent history.

    The quarterly report is segregated into a bank/non-bank classification while the annual report is combined, with specific bank/non-bank classifications in certain areas.  Both surveys had comparable number of respondents with prior quarters and years with 34 participants for the annual survey and 35 participants for the quarterly survey.

  • CIT Names Business Development Leaders for Northeast, West and Southwest Regions

    CIT Group Inc. (NYSE: CIT) today announced that its Equipment Finance business, part of the Business Capital division, has hired new business development leaders for the Northeast, West and Southwest regions.

    Wayne Wagner, Mark Johnson and JP DeStefano join CIT as vice presidents for business development on the Industrial team, where they will be responsible for developing dealer relationships throughout the Northeast, West and Southwest, respectively. All will report to Harold Ray, who directs industrial finance for the Equipment Finance business.

     

  • Wingspire Capital Provides $45 Million Senior Secured Credit to a Privately Owned Industrial Mining Company
    Wingspire Capital LLC (“Wingspire”) is pleased to provide a $45 million senior secured credit facility to a large private industrial mining company. The transaction included a $35 million revolving line of credit and a $10 million term loan. 
  • JimCretella_Otterbourg_Headshot_2021_150x150 Interview with Jim Cretella, Chair of Otterbourg’s Alternative and Specialty Finance Practice Group

    In March, Otterbourg P.C. announced that James M. Cretella was named Chair of the firm’s Alternative and Specialty Finance Practice Group. A member of the firm’s Finance Department, Cretella represents lenders, factoring companies and other finance companies, as well as borrowers, in a variety of transactions.

    Cretella has practiced at Otterbourg for his entire career and his experience encompasses financial transactions across a broad range of industries, including staffing, technology, transportation, oil and gas, and government contracting. His areas of focus include asset-based lending, supply chain finance, trade finance and specialty finance. He often acts as “outside in-house counsel” to finance companies and specialty lenders.

    Cretella is a 2016 winner of the Secured Finance Network’s 40 Under 40 Awards.

    Here he discusses his role and how the industry has evolved since he started.

  • Webster Bank Announces $10 Billion Merger Plan, to Open Stamford HQ

    The parent company of Webster Bank announced Monday it would merge with the parent company of Sterling National Bank in an all-stock deal worth about $10.3 billion.

    The new company will locate its headquarters in Stamford — an agreement that marks the second blockbuster transaction this year for Connecticut’s banking sector.

    Waterbury-based Webster Financial Corp.’s union with the Pearl River, N.Y.-based Sterling Bancorp would create a bank with about $63 billion in total assets, $52 billion in deposits and more than 200 branch locations in the northeast U.S. The merger is expected to close in the fourth quarter of 2021.

  • Siena Healthcare Finance Closes a $35MM Working Capital Facility to NY Home Health Company

    Siena Healthcare Finance recently led a $35.0MM asset-based line of credit for a home health company based in New York. The line will be used to support acquisitions and provide working capital for ongoing operations and growth initiatives.

    The Company serves over 7,000 clients and provides care to people in their homes or communities, including personal care and companionship, skilled nursing, post-op care, pediatric care, specialized care, and therapy care in the five boroughs of New York City.

  • Great Rock Capital Upsizes Leverage Facility
    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the upsize of its leverage facility with KeyBank National Association, one of the nation's largest bank-based financial services companies headquartered in Cleveland, Ohio.  The upsized facility includes the addition of new partners Huntington National Bank, First Foundation Bank, and Hitachi Capital America Corporation.
  • David Morse photo Revlon Decision Leads to New “Erroneous Payment” Provisions for Credit Agreements: The Backstory and the Consequences

    By now, most lenders and their counsel have heard about the February 16, 2021 decision of the U. S. District Court for the Southern District of New York in Citibank N.A. v. Brigade Capital Management, L.P, which held that certain lenders to Revlon who received payments by mistake from Citibank were in fact entitled to keep those payments. 

    The magnitude of the funds transferred is just one of the eye-catching elements of the case.  On August 11, 2020, Citibank, which had been the agent for a syndicate of term lenders to Revlon, mistakenly transferred approximately $900 million to a group of the lenders.  According to Citibank, it had intended to send a much smaller amount, around $7 million, solely to cover an interest payment then due on the loans, but a problem with its loan processing system resulted in the overpayment.  Typically, you would expect lenders receiving the money by mistake just to return it—after all, you never know when you might be the one mistakenly sending the money.  And, in fact, a number of the lenders did just that—but one group, did not. 

  • CIT Serves as Sole Lead Arranger on $15.9 Million Financing for Medical Office Buildings

    CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $15.9 million financing for two medical office buildings in Littleton, Colorado.

    The buildings, known as Arapahoe Medical Plaza I and II, are located on the campus of Littleton Adventist Hospital and comprise more than 98,700 square feet of space. The borrower is a venture led by an affiliate of Seavest Healthcare Properties.

  • KenPardue An Interview with Ken Pardue, Senior Vice President, National Head of ABL Originations at Triumph Commercial Financial

    (Editor’s Note: This is the beginning of a new interview series by Charlie Perer of SG Credit Partners.)

    In this installment of our series of executive interviews, Charlie Perer sits with Ken Pardue to understand his plans to grow Triumph, the pace of change in the ABL business and state of the market, among other things.

  • Fifth Third Bank Bolsters Asset-Based Lending Team
    Fifth Third Bank, N.A. recently announced that Wanda Alverio and Andre Lemons have joined the Fifth Third Business Capital team as vice president, ABL principal. In addition, John Littrell was promoted to group head portfolio management.
  • eCapital Corp. Announces 2020 Year-End Financial Results and Consolidated Corporate Structure

    eCapital Corp. (“eCapital” or “the Company”), a leading capital solutions provider for small and medium-sized businesses in North America and the UK, today announced it achieved substantial growth in 2020 and consolidated a total of eight acquired entities into a simplified corporate structure.    

    In its 2020 growth surge eCapital provided its clientele access to over $4 billion in financing across 80 industries in the US and Canada, and also achieved an ~66.5% YoY increase in gross revenues and an ~56% YoY increase in portfolio size. 

  • Henry Sosa, First Horizon Business Credit Interview with Henry Sosa, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
    Henry Sosa is a senior vice president, senior relationship manager with First Horizon Business Credit, the Asset-Based Lending unit for First Horizon Bank. He is responsible for providing asset-based lending solutions to commercial and middle market companies.  Here he discusses SFNet's Diversity, Equality and Inclusiveness (DEI) Committee.
  • SLRBC Funds Midwest Meat Producer

    SLR Business Credit announced it provided a $2,500,000 asset-based revolving line of credit to a producer of high-quality fresh and frozen meat.

    When a group of investors with industry experience found the opportunity to purchase a Midwest producer of high-quality fresh and frozen ground meat out of bankruptcy via a 363 sale, they turned to their community bank.

  • 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.
  • Schacter_Stacey_150x150 The Stoic Lender

    The thing I love most about stoicism is the ability to combine its philosophy at work and home.  Most people, myself included, do not truly look at themselves dispassionately in either setting.  We are great, we are smart, we are everything someone should be and capable of everything; until we are not.  I experience this recently when I had to look deep inside myself and acknowledge that like all people, I am flawed and have weaknesses.  Most people overestimate their skills while failing to give themselves credit for what they are really great at.  When you truly understand who you are, you will be better at every aspect of your job.  What does this have to do with lending, you might ask; patience is another stoic virtue.

  • Encina Business Credit, LLC Provides $10 Million Revolving Credit Facility to Cycling Company

    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.

  • Wingspire Capital Provides $46 Million Senior Secured Credit Facility to Worldwise, Inc.

    Wingspire Capital LLC (“Wingspire”) is pleased to provide a $46 million senior secured credit facility to Worldwise, Inc., a leading designer and supplier of pet products.

    The transaction includes a $30 million revolving line of credit and a $16 million term loan to replace the previous credit facilities and enable Worldwise to meet the growing demand for cat and dog toys, beds, carriers and other pet products as the pet category continues to grow both in the U.S. and worldwide.

  • MarkPodgainy_GetzlerHenrich_150x150 Higher Education Under Pressure – Options for Struggling Institutions
    Many higher education Trustees and executive leaders need to recognize that their communities must confront the early stages of a long-term restructuring.  The upcoming transition is similar to the long-term restructuring process now being addressed by the retail and healthcare industries.  The difficult landscape that colleges and universities must contend with didn’t just materialize – it has been a long time in the making.
  • LSQ Provides $7.5MM AR Facility to Marketing Services Firm

    LSQ, a leading provider of technology-driven working capital solutions, announced that the company originated a $7.5 million AR facility, including a $3.1 million payoff to the first position lender, for a resurging marketing services firm.

    Demand for the firm’s services is normalizing following a COVID-related revenue slump in 2020. It will now have sufficient capital to fulfill a growing number of orders and 2021 business development goals via this new, larger facility with LSQ.

  • SFNet Annual and Q4 2020 Survey Analysis

    The fourth quarter of 2020 showed a tale of two cities between the bank lenders and the nonbank lenders.  On a quarter-over-quarter basis, bank lenders in the fourth quarter showed flat total commitments with a drop in outstandings while the nonbanks showed double-digit percentage increases in both commitments and outstandings.  At the bank level, new commitments approximated commitment runoffs, perhaps showing signs of stabilization while nonbanks increased on their third-quarter momentum of closing more deals than runoff in both commitments and outstandings. For both banks and nonbanks, there was a common theme of low utilization with the fourth quarter of 2020 showing the lowest utilization levels in recent history.

    The quarterly report is segregated into a bank/non-bank classification while the annual report is combined, with specific bank/non-bank classifications in certain areas.  Both surveys had comparable number of respondents with prior quarters and years with 34 participants for the annual survey and 35 participants for the quarterly survey.

  • CIT Names Business Development Leaders for Northeast, West and Southwest Regions

    CIT Group Inc. (NYSE: CIT) today announced that its Equipment Finance business, part of the Business Capital division, has hired new business development leaders for the Northeast, West and Southwest regions.

    Wayne Wagner, Mark Johnson and JP DeStefano join CIT as vice presidents for business development on the Industrial team, where they will be responsible for developing dealer relationships throughout the Northeast, West and Southwest, respectively. All will report to Harold Ray, who directs industrial finance for the Equipment Finance business.

     

  • Wingspire Capital Provides $45 Million Senior Secured Credit to a Privately Owned Industrial Mining Company
    Wingspire Capital LLC (“Wingspire”) is pleased to provide a $45 million senior secured credit facility to a large private industrial mining company. The transaction included a $35 million revolving line of credit and a $10 million term loan. 
  • JimCretella_Otterbourg_Headshot_2021_150x150 Interview with Jim Cretella, Chair of Otterbourg’s Alternative and Specialty Finance Practice Group

    In March, Otterbourg P.C. announced that James M. Cretella was named Chair of the firm’s Alternative and Specialty Finance Practice Group. A member of the firm’s Finance Department, Cretella represents lenders, factoring companies and other finance companies, as well as borrowers, in a variety of transactions.

    Cretella has practiced at Otterbourg for his entire career and his experience encompasses financial transactions across a broad range of industries, including staffing, technology, transportation, oil and gas, and government contracting. His areas of focus include asset-based lending, supply chain finance, trade finance and specialty finance. He often acts as “outside in-house counsel” to finance companies and specialty lenders.

    Cretella is a 2016 winner of the Secured Finance Network’s 40 Under 40 Awards.

    Here he discusses his role and how the industry has evolved since he started.

  • Webster Bank Announces $10 Billion Merger Plan, to Open Stamford HQ

    The parent company of Webster Bank announced Monday it would merge with the parent company of Sterling National Bank in an all-stock deal worth about $10.3 billion.

    The new company will locate its headquarters in Stamford — an agreement that marks the second blockbuster transaction this year for Connecticut’s banking sector.

    Waterbury-based Webster Financial Corp.’s union with the Pearl River, N.Y.-based Sterling Bancorp would create a bank with about $63 billion in total assets, $52 billion in deposits and more than 200 branch locations in the northeast U.S. The merger is expected to close in the fourth quarter of 2021.

  • Siena Healthcare Finance Closes a $35MM Working Capital Facility to NY Home Health Company

    Siena Healthcare Finance recently led a $35.0MM asset-based line of credit for a home health company based in New York. The line will be used to support acquisitions and provide working capital for ongoing operations and growth initiatives.

    The Company serves over 7,000 clients and provides care to people in their homes or communities, including personal care and companionship, skilled nursing, post-op care, pediatric care, specialized care, and therapy care in the five boroughs of New York City.

  • Great Rock Capital Upsizes Leverage Facility
    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the upsize of its leverage facility with KeyBank National Association, one of the nation's largest bank-based financial services companies headquartered in Cleveland, Ohio.  The upsized facility includes the addition of new partners Huntington National Bank, First Foundation Bank, and Hitachi Capital America Corporation.
  • David Morse photo Revlon Decision Leads to New “Erroneous Payment” Provisions for Credit Agreements: The Backstory and the Consequences

    By now, most lenders and their counsel have heard about the February 16, 2021 decision of the U. S. District Court for the Southern District of New York in Citibank N.A. v. Brigade Capital Management, L.P, which held that certain lenders to Revlon who received payments by mistake from Citibank were in fact entitled to keep those payments. 

    The magnitude of the funds transferred is just one of the eye-catching elements of the case.  On August 11, 2020, Citibank, which had been the agent for a syndicate of term lenders to Revlon, mistakenly transferred approximately $900 million to a group of the lenders.  According to Citibank, it had intended to send a much smaller amount, around $7 million, solely to cover an interest payment then due on the loans, but a problem with its loan processing system resulted in the overpayment.  Typically, you would expect lenders receiving the money by mistake just to return it—after all, you never know when you might be the one mistakenly sending the money.  And, in fact, a number of the lenders did just that—but one group, did not. 

  • CIT Serves as Sole Lead Arranger on $15.9 Million Financing for Medical Office Buildings

    CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $15.9 million financing for two medical office buildings in Littleton, Colorado.

    The buildings, known as Arapahoe Medical Plaza I and II, are located on the campus of Littleton Adventist Hospital and comprise more than 98,700 square feet of space. The borrower is a venture led by an affiliate of Seavest Healthcare Properties.

  • KenPardue An Interview with Ken Pardue, Senior Vice President, National Head of ABL Originations at Triumph Commercial Financial

    (Editor’s Note: This is the beginning of a new interview series by Charlie Perer of SG Credit Partners.)

    In this installment of our series of executive interviews, Charlie Perer sits with Ken Pardue to understand his plans to grow Triumph, the pace of change in the ABL business and state of the market, among other things.

  • Fifth Third Bank Bolsters Asset-Based Lending Team
    Fifth Third Bank, N.A. recently announced that Wanda Alverio and Andre Lemons have joined the Fifth Third Business Capital team as vice president, ABL principal. In addition, John Littrell was promoted to group head portfolio management.
  • eCapital Corp. Announces 2020 Year-End Financial Results and Consolidated Corporate Structure

    eCapital Corp. (“eCapital” or “the Company”), a leading capital solutions provider for small and medium-sized businesses in North America and the UK, today announced it achieved substantial growth in 2020 and consolidated a total of eight acquired entities into a simplified corporate structure.    

    In its 2020 growth surge eCapital provided its clientele access to over $4 billion in financing across 80 industries in the US and Canada, and also achieved an ~66.5% YoY increase in gross revenues and an ~56% YoY increase in portfolio size. 

  • Henry Sosa, First Horizon Business Credit Interview with Henry Sosa, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
    Henry Sosa is a senior vice president, senior relationship manager with First Horizon Business Credit, the Asset-Based Lending unit for First Horizon Bank. He is responsible for providing asset-based lending solutions to commercial and middle market companies.  Here he discusses SFNet's Diversity, Equality and Inclusiveness (DEI) Committee.
  • SLRBC Funds Midwest Meat Producer

    SLR Business Credit announced it provided a $2,500,000 asset-based revolving line of credit to a producer of high-quality fresh and frozen meat.

    When a group of investors with industry experience found the opportunity to purchase a Midwest producer of high-quality fresh and frozen ground meat out of bankruptcy via a 363 sale, they turned to their community bank.

  • 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.
  • Schacter_Stacey_150x150 The Stoic Lender

    The thing I love most about stoicism is the ability to combine its philosophy at work and home.  Most people, myself included, do not truly look at themselves dispassionately in either setting.  We are great, we are smart, we are everything someone should be and capable of everything; until we are not.  I experience this recently when I had to look deep inside myself and acknowledge that like all people, I am flawed and have weaknesses.  Most people overestimate their skills while failing to give themselves credit for what they are really great at.  When you truly understand who you are, you will be better at every aspect of your job.  What does this have to do with lending, you might ask; patience is another stoic virtue.

  • Encina Business Credit, LLC Provides $10 Million Revolving Credit Facility to Cycling Company

    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.

  • Wingspire Capital Provides $46 Million Senior Secured Credit Facility to Worldwise, Inc.

    Wingspire Capital LLC (“Wingspire”) is pleased to provide a $46 million senior secured credit facility to Worldwise, Inc., a leading designer and supplier of pet products.

    The transaction includes a $30 million revolving line of credit and a $16 million term loan to replace the previous credit facilities and enable Worldwise to meet the growing demand for cat and dog toys, beds, carriers and other pet products as the pet category continues to grow both in the U.S. and worldwide.

  • MarkPodgainy_GetzlerHenrich_150x150 Higher Education Under Pressure – Options for Struggling Institutions
    Many higher education Trustees and executive leaders need to recognize that their communities must confront the early stages of a long-term restructuring.  The upcoming transition is similar to the long-term restructuring process now being addressed by the retail and healthcare industries.  The difficult landscape that colleges and universities must contend with didn’t just materialize – it has been a long time in the making.
  • LSQ Provides $7.5MM AR Facility to Marketing Services Firm

    LSQ, a leading provider of technology-driven working capital solutions, announced that the company originated a $7.5 million AR facility, including a $3.1 million payoff to the first position lender, for a resurging marketing services firm.

    Demand for the firm’s services is normalizing following a COVID-related revenue slump in 2020. It will now have sufficient capital to fulfill a growing number of orders and 2021 business development goals via this new, larger facility with LSQ.