Encina Lender Finance Provides $50MM Credit Facility for Mountain Ridge Capital
Feb 13, 2023
Ed Chang, CEO of ELF, said, “We are proud to support Mountain Ridge Capital and its senior management team comprised of long-standing industry veterans, who have a demonstrated and impressive track record in asset-based lending. We look forward to working closely with Craig Winslow and his team as they continue to grow their business.”
Pemberton Announces it has Raised $1 Billion for its Working Capital Finance Strategy
Feb 13, 2023
Pemberton, a leading alternative credit specialist, has raised US$1bn for its Working Capital Finance (WCF) strategy.
The WCF strategy invests in receivables, payables, and inventory financings for large and mid-market companies in both the US and in Europe through an open-ended fund structure. The companies Pemberton invests in span a wide range of sectors, with a focus on IT and food businesses.
Brazos Midstream Completes Issuance of New $800 Million Senior Secured Term Loan B
Feb 9, 2023
Brazos Midstream ("Brazos") (the "Company") today announced that its subsidiary, Brazos Delaware II LLC, has completed the issuance of a new $800 million senior secured Term Loan B due February 2030. The Company used the net proceeds from the Term Loan, along with excess balance sheet cash, to repay its existing $830 million Term Loan B due May 2025.
The transaction was underwritten and arranged by a Barclays-led bookrunner group including Jefferies Finance LLC, Bank of Oklahoma Securities and with Cadence Bank as structuring advisor.
Encina Lender Finance Promotes Dan Avnir to Chief Commercial Officer
Feb 8, 2023
Encina Lender Finance, LLC (ELF) announced today the promotion of Dan Avnir to Chief Commercial Officer. Dan had previously served as Managing Director, Originations.
In Dan’s new role, he will continue to lead ELF’s origination strategy across its commercial and consumer verticals. Dan will also lead ELF’s syndications strategy by managing the capital markets initiatives for various portfolio companies.
CIBC Innovation Banking Announces Leadership Changes
Feb 7, 2023
CIBC Innovation Banking today announced that Mark Usher has been appointed Senior Vice-President, Innovation Banking; President and Executive Managing Director, CIBC Innovation Banking, effective February 28, 2023, taking on the role currently held by Mark McQueen who is departing to start the next chapter in his career.
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.