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.

Tiger Finance has closed on $17 million in growth financing for an East Coast industrial real estate investment and development firm.

Over the past five years, the company has acquired more than $400 million in Class A to C industrial assets—with an emphasis on distribution and fulfillment centers--boosting its portfolio of owned and managed space to nearly 5 million square feet. The new loan from Tiger Finance will be used for the acquisition and redevelopment of a 560,000-square-foot, Class B, two-building industrial property in the Mid-Atlantic region.

TSL Express’ senior editor sat down with Tim Burniston, senior advisor, Regulatory Strategy for Wolters Kluwer Compliance Solutions to discuss Wolters Kluwer’s Regulatory & Risk Management Indicator survey.  Burniston joined Wolters Kluwer in December 2011 to lead Compliance Solutions’ Risk and Compliance consulting practice. Under his leadership, the practice grew significantly in scope and has built on an international reputation for excellence. In July 2017 he was named senior advisor for regulatory strategy. 

This year’s Regulatory & Risk Management Indicator Survey was conducted between August 4 and September 6, 2021, with 391 responses received. Respondents are primarily from bank management/executive and compliance roles with strong representation from those in lending functions.

From the fourth quarter Phoenix Management “Lending Climate in America” survey results reveals supply chain constraints are the biggest concern for the U.S economy as we enter 2022.

Peter York is managing director and head of the Asset Based Lending (ABL) practice for the Corporate & Investment Bank of J.P. Morgan. He has been with J.P. Morgan for over 17 years and has more than 27 years of secured ABL experience. York’s strengths include large multibank syndicated financing, cross-border structuring, leveraged buyout finance, and bankruptcy and debtor-in-possession (DIP) financing.