Rosenthal Broadens Its Financing Offerings to Span Both Recourse and Non-Recourse Factoring
Feb 7, 2023
Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the launch of a new recourse factoring program designed to meet the unique financing needs of growing service businesses and light manufacturing or assembly businesses. An alternative to bank financing, Rosenthal’s recourse factoring offering is an excellent solution for start-ups, turnarounds and companies that are not yet profitable due to rapid growth.
Crypto-Based Lending and the 2022 UCC Amendments
Feb 6, 2023
In this article, the author revisits cryptocurrency-based lending and how the 2022 UCC amendments provide welcome clarity to lending transactions involving digital assets.
Eclipse Business Capital Provides $125MM Dip Revolving Credit Facility
Feb 6, 2023
Eclipse Business Capital LLC (“EBC”) announced that it has financed a $125 million senior secured debtor-in-possession (“DIP”) revolving credit facility to a mattress manufacturer.
The credit facility is secured by accounts receivable and inventory. The transaction facilitates a restructuring with existing lenders to de-lever and provide runway for a long-term business plan execution.
Access Capital, Inc., Announces Raphael Torres as Senior Vice President, Head of Business Development
Feb 2, 2023
Access Capital, Inc., the nation’s leading independent lender to the staffing industry, is thrilled to share that Raphael Torres of Fort Lauderdale has joined the team as Senior Vice President and Head of Business Development.
Named a Forty Under Forty designee by SFNet in 2018, Raphael’s experience in asset-based lending spans over two decades. During his career at Wells Fargo, he headed the team responsible for providing financial solutions to the Staffing, Government Contracting, and Transportation industries, growing the portfolio to over $1B in outstanding loans and $2.7B in commitments.
Michael Maiorino to Lead New Asset-Based Lending Group at First Bank
Feb 1, 2023
Hamilton, NJ-based First Bank has opened a new specialty financing group that will provide more options for business owners and entrepreneurs today. Michael Maiorino will head the asset-based lending unit as president.
Maiorino has worked in specialty financing since the 1980s, building out similar businesses for several banks. He has held positions as executive vice president and president of People’s United Business Capital, executive vice president and division president of Sovereign Business Capital, as well as division president at Fleet Capital, which is now Bank of America Business Capital, responsible for the business finance division.
Review and Forecast with Capital One's Dave Kucera
Feb 1, 2023
As a leading authority and 25-year veteran of the investment and commercial banking sectors, Dave Kucera, head of Capital One’s Financial Institutions Group, sat with TSL Express’ senior editor to discuss best practices for managing market cycles. Including the commercial banking trends to watch out for in 2023 and key steps financial institutions can take to better navigate the current economic landscape.
MidCap Financial Closes $15 Million Senior Revolving Credit Facility to Kewaunee
Jan 31, 2023
MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a $15mm senior revolving credit facility to Kewaunee Scientific Corporation (“Kewaunee,” “Kewaunee Scientific,” or “Company”). The MidCap Financial credit facility includes an uncommitted option to increase the total facility size up to $30mm. Proceeds from the MidCap Financial credit facility will be used to support working capital requirements.
Rosenthal Closes Two Seven-Figure International Factoring Deals
Jan 31, 2023
Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of a pair of factoring transactions, including a $1.75MM domestic and international non-recourse factoring deal for a leading manufacturer of antimicrobial products and a $1.5MM non-recourse factoring deal for a wholesale premium seafood distributor.
Factors: Prepared for Uncertainty Ahead
Jan 30, 2023
Factors discuss what surprised them in 2022, California’s disclosure laws, rising interest rates, the move from ABL to factoring and what they expect 2023 will bring.
Mountain Ridge Capital and Great Rock Capital Team Up to Provide $75 Million Revolving Credit Facility for HOP Energy
Mountain Ridge Capital (“Mountain Ridge”) and Great Rock Capital (“Great Rock”), today jointly announced the closing of a senior secured credit facility for HOP Energy, LLC (“HOP”). Founded in 1995 and headquartered in White Plains, NY, HOP Energy is a market-leading home services provider serving ~90,000 customers across two primary areas: distribution of home heating oil and the installation and servicing of HVAC systems, heat pumps, and other critical non-discretionary home services. HOP Energy is majority-owned by Delos Capital.
SLR Credit Solutions Provides $30 Million Term Loan to Nautilus, Inc.
Jan 26, 2023
Nautilus, Inc., a fitness solutions company, designs, develops, sources, and markets cardio and strength fitness products, and related accessories for consumer and commercial use in the United States, Canada, Europe, the Middle East, Africa, and internationally.
SLR Credit Solutions provided a $30,000,000 split lien term loan secured by all non-working capital assets of Nautilus. The incremental liquidity was created by (i) lending deeper into the domestic working capital assets (2nd lien), (ii) leveraging certain foreign jurisdictions (1st lien) and (iii) leveraging the value of the Company’s intellectual property / brand value (1st lien).
Hilco Merchant Resources Announces Addition of Mike Dwyer as Executive Vice President – Head of Operations
Jan 25, 2023
Hilco Merchant Resources is excited to announce the addition of Mike Dwyer to the team. Mr. Dwyer will serve as Executive Vice President, Head of Operations with a focus on the implementation, management, and execution of all deal-related functions and operating goals for the group. Mr. Dwyer has 18 years of retail experience and over 21 years of experience leading operations teams.
Eclipse Business Capital Provides $28.5MM To Support the Acquisition of Flooring Products Distributor
Jan 24, 2023
Eclipse Business Capital LLC (“EBC”) announced today that it has provided a $28.5 million senior secured credit facility to support the acquisition of a flooring products distributor. The transaction included a $25mm revolving line of credit and a $3.5mm machinery & equipment term loan that are secured by accounts receivable, inventory, and machinery and equipment. The proceeds will be used to fund the acquisition and support working capital.
Three Keys to a Successful Workout
Given the relatively low levels of outstanding loan balances and the macro-economic environment over the past couple of years, the number of borrowers/loans that have ended up going into ‘workout’ have been few and far between. PKF Clear Thinking executives provide details on what is needed for a workout to succeed for both lender and borrower
Huntington Business Credit Closes $16 Million in New Credit Facilities With Polymerica Limited Company & Subsidiaries
Jan 23, 2023
Huntington Business Credit announced it closed $16,000,000 in new credit facilities with Polymerica Limited Company & Subsidiaries on December 8, 2022. Proceeds of the facility were used to refinance existing debt, support a partial recapitalization of the Company, and provide ongoing working capital financing.
U.S. Bank Adds Guillaume Mascotto as Head of Sustainable Finance
Jan 23, 2023
U.S. Bank announces the hire of Guillaume Mascotto as the company’s head of Sustainable Finance. In this new leadership role, Mascotto will build and lead a new team focused on identifying sustainable finance opportunities across the entire enterprise. Based in New York, Mascotto is part of the U.S. Bancorp Community Development Corporation (USBCDC) leadership team reporting to its CEO, Zack Boyers.
Otterbourg Promotes James Cretella to Chairman of The Finance Department
Jan 19, 2023
Otterbourg P.C. announced today that James Cretella has been named Chairman of the Firm’s Finance Department.
A career member of Otterbourg’s Finance Department, Mr. Cretella represents institutional lenders, factoring companies and specialty lenders, as well as borrowers, in a variety of asset-based lending, specialty finance and other corporate transactions. In 2021, he was named Chair of the Alternative and Specialty Finance practice group.
Cambridge Savings Bank Supports Cascade School Supplies with $8.8 Million Credit Facility to Support Growth and Infrastructure Improvements
Jan 19, 2023
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced that its Asset-Based Lending team provided an $8.8 million credit facility to Cascade School Supplies. Based in North Adams, MA, Cascade retails a wide range of educational materials to public schools in the Northeast, while also meeting the office supplies and furniture needs of various other organizations.
Siena Lending Group LLC and Great Rock Capital Arrange $100 Million Senior Secured Credit Facility with SkyWater Technology
Jan 17, 2023
Siena Lending Group LLC ("Siena") and Great Rock Capital (“Great Rock”) jointly announce today the closing of a $100 million senior secured credit facility with SkyWater Technology (“SkyWater”), a publicly traded company with a majority ownership by Oxbow Industries.
SkyWater, headquartered in Bloomington, MN, is the most advanced domestically owned and based Trusted Foundry, serving the needs of the U.S. government as well as other commercial applications.
Interview with Bank of America’s Seth Benefield
In this installment of our series of executive interviews, Charlie Perer sits with Seth Benefield, head of Bank of America Business Capital and Asset-Based Financing, to hear his perspective on the state of the ABL market, challenges of running one of the biggest ABL groups, ABL as a product or business, leadership and competition, among other things.