Otterbourg P.C. announced today that Valerie S. Mason and Nneoma A. Maduike have been named Co-Chairs of the firm’s Lender Finance Practice Group.

Otterbourg’s experienced Lender Finance team advises and represents the largest US and global institutional lenders and regional banks, as lenders and mature lenders, sponsor supported companies, and strategics, ranging from start-ups to mature traditional lenders and funds, merchant cash advance companies, asset-based lenders, factors and fintech lenders, as borrowers, in “lender to lender” secured revolving credit and term loan facilities.

MUFG Union Bank today announced that Rob Swanson has joined as Managing Director, Northern California Market President. Based in the Bay Area, Swanson reports to Bita Ardalan, Head of Commercial Banking for Union Bank.

In his role, Swanson will lead the strategy and management of the bank's middle market activities in Northern California and the Central Valley. He will oversee a high-caliber team of professionals providing advisory services and solutions specifically tailored to the unique business objectives of corporate clients across industries, as well as spearhead the Technology and Venture Banking industry verticals within the Commercial Bank.

SFNet's Asset-Based Capital Conference offers you the opportunity to join your colleagues in asset-based lending, alternative asset management, private debt, private equity, distressed debt, and service providers such as attorneys and appraisers for panels and discussions on the rapidly changing economic environment and how it impacts your portfolios and business opportunities.

On March 9-11, we will bring ABCC to you live online, with the great content and opportunities for networking that you have come to expect from the conference. We caught up with ABCC Conference Chair, Barry Bobrow, managing director and head of Loan Sales & Syndications for Wells Fargo Capital Finance who discusses what will make this year’s Conference stand out. 

Citizens announced today that it has provided a new $325 million senior credit facility to Orangeburg, NY-based Nice-Pak, the leading global producer of wet wipes. Citizens is the Lead Left Arranger.

Founded in 1957, the family-run company pioneered wet wipes with the founder’s invention of the first disposable wet napkin. The company’s Wet-Nap® became a foodservice staple, first at Kentucky Fried Chicken and later at establishments across the country.

Encina Business Credit, LLC announced today that is has provided a $25 million senior revolving credit facility to an e-commerce retailer.

The senior secured revolving line of credit, which is collateralized by accounts receivable, and inventory, was used to provide working capital financing.  In addition, the facility offers a $10 million accordion feature that allows for future growth.

Otterbourg P.C. announced today that Thomas P. Duignan has been named co-chair of the firm’s Finance Department.

Mr. Duignan represents many prominent banks, commercial finance companies and other institutional lenders in connection with a wide range of transactions. He will join co-chair David Morse in guiding a financial group at Otterbourg that is firmly established as an industry leader.

Golub Capital BDC, Inc. (the “Company”, “we”, “us” or “our”) a business development company (Nasdaq: GBDC), today announced the closing of a new senior secured syndicated revolving credit facility (the “Facility”). The Facility is led by JPMorgan Chase Bank, N.A. and includes a total of six bank participants.

The Facility closed on February 11, 2021. Under the Facility, the lenders have agreed to extend credit to us in an initial aggregate amount of up to $475.0 million in U.S. dollars and certain agreed upon foreign currencies with an option to request, at one or more times, that existing and/or new lenders, at their election, provide up to $237.5 million of additional commitments.

Fifth Third Bank's Asset Based Lending Group, acting as sole lender, provided a $100MM asset based revolving credit facility for a West Coast based e-commerce retailer.

The company will use the facility to support growth and for ongoing working capital needs. 

Mitsubishi UFJ Financial Group ("MUFG"), a leading global financial group, today announced that Kevin P. Cronin has been appointed Regional Executive for the Americas for MUFG and MUFG Bank, Ltd., its primary banking subsidiary, and President and CEO of MUFG Americas Holdings Corporation and MUFG Union Bank, N.A., effective March 31, 2021. Mr. Cronin will succeed Stephen E. Cummings as the senior-most executive in the Americas for MUFG. Mr. Cummings previously announced in September 2020 that he will retire from his current position at the end of March. Mr. Cronin will become a member of the Board of Directors of MUFG Americas Holdings Corporation and MUFG Union Bank, and he will be based in New York.

The COVID-19 pandemic has weighed on the global economy, created volatile indexes, clogged supply chains, shuttered factories, disrupted shipping and limited the sale and movement of goods worldwide. Since supply chains are complex systems of manufacturing, transportation, equipment, personnel and processes to move products from one location to the next within a strict time frame, the past year has created major bottlenecks and bubbles.

The economic impacts of the pandemic became more severe and widespread with each new outbreak in 2020. With more shutdowns imminent in 2021 as new, more contagious strains of the coronavirus spread, supply chain and economic challenges will continue, hurting earnings and further destabilizing struggling retailers. At the same time, these challenges have created paths to profitability for those who have the capacity to operate. Retailers and consumers alike will likely continue to experience delays, an uneven supply of goods, elevated prices for certain items and discounts on others.

Santander Bank, N.A. today announced the appointments of Taryn Phelan as Commercial Banking Chief Experience Officer and Michael McDonough as Head of Trade & Working Capital Solutions. Phelan will report to Joe Abruzzo, Head of Commercial Banking, and McDonough will report to Ken Deveaux, Head of Transaction Banking.

“Taryn and Michael are great examples of our investment in top talent to drive, develop and execute our Commercial Banking growth strategy,” said Abruzzo. “They bring a wealth of leadership, experience and energy with them to Santander, and I’m excited to have them on our dynamic team.”