SFNet’s Asset-Based Capital Conference (ABCC) is returning to Las Vegas, February 8 - 9, 2022 at the Encore at the Wynn in Las Vegas, NV, and will offer outstanding networking opportunities and insightful panels geared specifically for asset-based lenders in the capital markets. This conference brings together the decision makers who get deals done. A virtual attendance option supported by our online platform, SFNet Connect, will also be offered. ABCC will coincide with TMA's Distressed Investing Conference, allowing the ever-popular Joint SFNet/TMA Reception to be held again this year.

“We recognize the importance of fulfilling our purpose of bringing together the resources that put capital to work – especially in this environment,” said Richard Gumbrecht, CEO, SFNet. “We are encouraged by the positive response to holding the meeting in the safest way we can, including live streaming and outdoor networking under heat lamps. We are seeing a significant and growing number of in person registrants who are committed to a productive experience, including over 600 participants expected for the joint reception with TMA alone.”

Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending and purchase order financing firm in the U.S., today announced the completion of two recent financing commitments, a $3.5 million purchase order finance commitment to support the production financing requirements of a New York-based home furnishings importer and distributor as well as a separate $500,000 work in process production commitment for a government contractor specializing in personal protection wear.  

A list of the most viewed stories from 2021 published in TSL Express.

Mitsubishi UFJ Financial Group (MUFG) announced today the hiring of Kimberly Boulmetis as a Managing Director and Head of U.S. Financial Institutions for the Debt Capital Markets group.

Based in New York, Ms. Boulmetis will assume her new role in January and report to Richard Testa, Head of Investment Grade Finance. She will be responsible for leading coverage of MUFG's broad roster of financial institution clients—including banks, insurance companies, asset management firms, private equity sponsors and business development companies (BDCs)—and for delivering the group's full gamut of capital markets capabilities to issuers of investment-grade debt.

Greetings and Happy New Year! There is much to be excited about as our network of secured lenders and service providers presses forward, fulfilling our essential purpose of putting capital to work. After a record year of member engagement and innovation, and a successful Annual Convention that marked our return to live events, we are eager to build on those achievements.   

In 2022 we will carry over some of our most our most popular member-only benefits, such as company-wide registration for virtual and hybrid programs, free Crucial Conversation webinars and Member Forums, committee opportunities and editorial privileges, and differentiated event pricing. New this year will be FREE unlimited access to our popular on-demand education classes for all members. 

On December 29, 2021, SPH Group Holdings LLC, Steel Excel Inc. and IGo, Inc. (collectively, the "Borrowers"), each an indirect wholly-owned subsidiary of Steel Partners Holdings L.P. (the "Company"), amended and restated its Prior Credit Agreement (as defined below) with an amended and restated credit agreement (the "New Credit Agreement"), with PNC Bank, National Association, in its capacity as administrative agent, the Lenders party thereto, and certain of the Borrowers' affiliates in their capacities as guarantors (the "Guarantors" and, together with the Borrowers, the "Loan Parties"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the New Credit Agreement.

Terry M. Keating is managing partner of Donald J. Keating & Sons.

Donald J. Keating & Sons provides broad-based consulting and advisory services to middle market companies and private equity with orientation to the financial services industry. Terry has over 30 years of leadership and operational experience knowledge and expertise developing “best practices” necessary for success serving as the leader | advisor within the financial services sector. Terry is currently serving as an independent member of the Board of Directors of a private equity owned commercial finance company and serving as a special advisor to an independent private equity sponsor.

Citizens announced today that it has provided financing to San Francisco-based PRO Unlimited Global Solutions Inc.

Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.

The first financing was new $900 million asset-based senior credit facilities, comprised of an $825 million asset-based revolving credit facility and a $75 million First In, Last Out (“FILO”) tranche, to support EQT Private Equity’s acquisition of the company from Harvest Partners, LP and its affiliates and Investcorp.

Andrea Pipitone Beirne is a partner at KPMG in the Deal Advisory and Strategy in Chicago.  She specializes in due diligence for lenders related to asset-based and asset-backed transactions.   Prior to joining KPMG, Andrea was at Arthur Andersen where she was in the Audit and Advisory groups.    Andrea works on international and domestic deals in a number of industries, such as manufacturing, distribution, retail, services, technology and healthcare.  Her experience, background and team that has been built over her 28-year career in consulting has made her a trusted business advisor to many financial institutions.  Andrea graduated from DePaul University with a Bachelor of Science in Accountancy. 

Clarus Capital was founded by Steve O'Leary, Tim Conway, and Michael Eisenstein who will serve as Chief Executive Officer, Chairman and Chief Financial Officer, respectively.

As companies and lenders evaluate performance risk and expectations for 2022, the trends previously considered to be emerging need to be considered a permanent part of the 2022 business environment. At this point, it is unrealistic to consider inflation transitory, or to believe there is a magic switch that will eliminate labor and supply chain issues.