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.
Werner Expands Borrowing Capacity with $1B Credit Facility as it Eyes Acquisitions
Jan 17, 2023
Werner Enterprises entered into a more than $1 billion credit facility on Dec. 20, with the proceeds to be used for working capital, acquisitions and other investments.
The new credit agreement replaces two $300 million credit facilities and a $100 million loan, according to a securities filing, collectively rolling over $585 million of the carrier’s outstanding debt.
Snowden Lane Partners Secures $100 Million Credit Facility
Jan 12, 2023
Snowden Lane Partners, an independent, advisor-owned, wealth advisory firm dedicated to providing client-focused advice in a values-driven culture, together with Snowden Lane’s private equity partner, Estancia Capital Partners (“Estancia”), today announced that Snowden Lane secured a new $100 million credit facility.
The new facility replaces a facility originally secured with ORIX Corporation in 2018 and subsequently expanded in early 2022. The $100 million of available credit will enable Snowden Lane to significantly bolster its recruiting momentum and position itself for sustained growth through 2023 and beyond.
First Citizens Middle Market Banking Provides Up to $65.8 Million for Morningstar Properties Affiliates
Jan 11, 2023
First Citizens Bank today announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets.
The financing was used for Morningstar’s acquisition of three new self-storage properties that will operate under the brand name Morningstar Storage.
Eclipse Business Capital, LLC Announces Kate Madine Joins as a Managing Director
Jan 10, 2023
Ms. Madine is an experienced finance professional with a strong capital markets and commercial loan workout background that will be a great asset to EBC. She started her banking career with PNC in their Structured Products Group, then matriculated to Marblegate Asset Management, and was most recently with Guggenheim Partners.
DHT Holdings, Inc. Announces $305 Million Financing
Jan 10, 2023
DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announces a new $305 million secured credit facility. It is in line with the “DHT-style financing” including a six-year tenor and a 20-year repayment profile.
ING and Nordea are acting as joint coordinators and bookrunners with ING, Nordea, Crédit Agricole, Danish Ship Finance and SEB as mandated lead arrangers. ING will act as agent for the credit facility, which was oversubscribed.
SFNet’s Asset-Based Capital Conference: Attendees Gear Up for “The Great Reboot”
Jan 9, 2023
Conference Aims to Set New Strategies for the New World
Now three years since the onset of the global pandemic, the asset-based capital market, like so many others, finds itself at a new beginning. While the economy and environment continue to shift, the asset-based capital community has taken uncertainty into account for its business plans as it marches into a new year. SFNet’s ABCC theme, “The Great Reboot,” is about setting new strategies for a new world.
“We’ve been able to bring together some of the best minds in the space to help us put these changes in context and offer practical implications for our business plans going forward,” Rich Gumbrecht, SFNet CEO, said. I don’t know if we’ve ever had a more august set of speakers. You’ll want to take good notes.”
Tiger Finance and Merchant Financial Group Provide $38 Million in Growth Capital to Apparel Brand Arctix
Jan 9, 2023
Tiger Finance and Merchant Financial Group are partnering to provide $38 million in growth capital to Alpha 6 Distributions, creator of the Arctix winter apparel brand.
As the primary lender to Alpha 6, Merchant Financial Group tapped Tiger Finance to provide an additional $15.2 million in growth capital for the manufacturer, based in Locust Valley, NY. Tiger's contribution brings the total credit facility to $38 million.
Jon Mooney Joins McGuireWoods in Pittsburgh
Jan 5, 2023
Jon R. Mooney has joined McGuireWoods’ debt finance practice as a partner in Pittsburgh after nearly a decade serving in senior legal roles at one of the nation’s largest financial institutions.
Mooney comes to the firm from the PNC Financial Services Group, Inc., where he served as managing chief counsel for corporate banking and capital markets. He was responsible for legal coverage in several diverse banking sectors, including large corporate finance, asset-backed finance, public finance and asset-based lending.
Holland & Knight Acquires Nashville’s 280-Lawyer Waller Lansden
Jan 4, 2023
Holland & Knight is merging with Nashville-headquartered Waller Lansden Dortch & Davis, the law firm said Wednesday, a move that further solidifies its stronghold in the South.
The tie-up, set to be completed in the first quarter, will give the combined firm 2,000 lawyers in 35 offices across the globe. Florida-based Holland & Knight, among the 30 largest law firms in the US, will add 280 Waller lawyers across Tennessee, Alabama, and Texas as part of the move, according to the firm.
Renasant Bank Acquires Republic Business Credit
Jan 3, 2023
Renasant Corporation (NASDAQ: RNST) (the “Company”) announced today that effective December 30, 2022, its wholly-owned subsidiary, Renasant Bank, has acquired Republic Business Credit (formally known as Continental Republic Capital, LLC) (“RBC”) in an all cash transaction. RBC is a market-leading commercial finance company with average earning assets in excess of $100 million. Founded in 2011, RBC has grown into a premier, tech-enabled independent commercial finance platform that provides factoring and asset-based lending solutions (“ABL”) to commercial borrowers nationwide with more than $8 billion in factoring originations alone since inception.
Brookline Bancorp, Inc. Announces Receipt of Regulatory Approvals for the Acquisition of PCSB Financial Corporation
Jan 3, 2023
Brookline Bancorp, Inc. (NASDAQ: BRKL) (“Brookline”) today announced that it has received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, New York State Department of Financial Services and Massachusetts Board of Bank Incorporation necessary to complete its acquisition of PCSB Financial Corporation (NASDAQ: PCSB) (“PCSB”). Brookline and PCSB anticipate closing the transaction on January 1, 2023, subject to the satisfaction of customary closing conditions.
Evans Expected to Increase Momentum with Expanded Credit Facility from PNC Bank
Dec 20, 2022
Evans Transportation Services Inc. announced it has closed a new credit facility with PNC Bank, N.A. The new larger credit facility will serve as a vehicle for supporting the company’s current growth trajectory, which includes a revenue increase from $80 million to $400 million since 2018. Officials said newly expanded resources add support for Evans’ scalable growth, while allowing the company to return meaningful value to its client-carriers.