Greg Eck and Bill Stapel are the new leaders of the ABL Group at Fifth Third Bank, N.A., one of the nation’s largest asset-based lenders, with $8.1 MM in commitments and serving customers in 38 states, Canada and Europe. They step into their roles following the retirement of Fifth Third Business Capital President Mike Sharkey, who was also past president and chairman of Secured Finance Network.

Gannett, owner of USA TODAY and more than 260 other publications, said Monday that it has refinanced about $1 billion in debt in a move that will lower the company’s interest payments and save tens of millions of dollars a year.

The new $1 billion loan, arranged by Citigroup Global Markets, will mature in February 2026, the company said, replacing debt that was due in November 2024. The deal is scheduled to close early next week.

The move refinances more than half the loan that bankrolled the merger of GateHouse Media parent New Media Investment Group and the company previously known as Gannett in November 2019. The combined company took the name Gannett.

Private credit investment manager WhiteHawk Capital Partners, LP (“WhiteHawk”) launched in 2020 with a focus on providing asset-based financing solutions to primarily middle market companies in need of liquidity and growth capital.

WhiteHawk is led by Managing Partners John Ahn, Robert Louzan and Harry Chung, formerly of Great American Capital Partners, also known as GACP, a division of B. Riley Financial. The Managing Partners were joined by their 10-member investment team, ensuring continuity of the firm’s demonstrated investment process.

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger of senior debt financing aggregating $48 million for the acquisition of a portfolio of medical office buildings.

The borrower is a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties. The portfolio properties are located in four states and collectively total more than 189,000 square feet. 

The increase in loan and lease defaults in the wake of COVID-19 has brought to the forefront numerous legal defenses by borrowers and tenants, such as force majeure, impossibility, and frustration of purpose.  Force majeure allows a party to suspend or terminate their obligations when certain circumstances beyond their control arise.  Impossibility applies when the destruction of the subject matter of the contract or the means of performance makes contract compliance objectively impossible.  Frustration of purpose applies when a change in circumstances makes one party’s performance virtually worthless to the other.  The decision whether to permit these defenses boils down to allocation of risk, specifically (i) who should bear the risk of unforeseen circumstances, such as the pandemic; and (ii) does the governing contract address the allocation of risk?

Quarterly peer-to-peer interactive conversations will focus on relevant, high-impact issues among professionals in Credit, Operations & Technology, Business Development, Factoring, Legal, SFNet 40 Under 40 Alumni and Hall of Fame/Past Presidents Mentoring.

Gordon Brothers, the global advisory, restructuring and investment firm, has named Tobias Nanda as President of Brands.

Based in Boston, Nanda is responsible for developing and executing Gordon Brothers’ brand investment strategies through acquisition and lending in all global markets. He has nearly 20 years of experience leading deals, serving on boards of directors and actively working with management teams in private equity to develop and implement their corporate growth strategies.

Bank of America, Goldman Sachs and Credit Suisse acted as Joint Bookrunners and Joint Lead Arrangers on the New Term Loan. Bank of America is the Administrative Agent. Additional details on the New Term Loan may be found in the Form 8-K to be filed with the Securities and Exchange Commission.

Wingspire Capital LLC (“Wingspire”) announced today that it has provided a $50 million senior secured revolving credit facility to Vantage Mobility International (“VMI”), a leading manufacturer of wheelchair accessible vans with in-floor ramp systems.

VMI is using the proceeds to finance its inventory of vans purchased from original equipment manufacturers and fund its normal working capital cycle.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $50 million asset-based credit facility to a leading, U.S.-based digital media & advertising company to support its continuing growth.

The transaction was structured against the company’s accounts receivable, and the proceeds will be used to finance its growth and capex spending while improving its liquidity and working capital position.

CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $56 million senior secured financing on behalf of Seamax Container Shipping II LLC.

The loan is secured by four containerships operated by Seamax Shipping, an existing CIT client. Seamax currently operates a fleet of 12 modern containerships in major trade lines worldwide.

A new year brings with it many unknowns, and this year is no exception. It remains to be seen how the pandemic will impact the industry in the year ahead, and companies are still evolving strategies and plans to address the increased uncertainty.

Norman Knight, Deputy Director of Flight Operations at NASA, is no stranger to the unknown. He specializes in human space flight, and he has seen everything in orbit. He spoke at SFNet's first-ever online Annual Convention in November 2020 to share what he has learned from his decades at NASA.

Knight shared advice about building a culture of technical truth, openly discussing mistakes to improve systems, and planning for the unimaginable. Here are a few flight rules he suggested for companies looking to manage risk and uncertainty in the year ahead.

The Consolidated Appropriations Act, 2021, an omnibus stimulus and budget act that includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), was enacted on December 27, 2020.  The Economic Aid Act amends, extends and expands several key stimulus programs as summarized below.

Retail has taken a huge hit from COVID-19. What sectors are expected to survive, even thrive? What areas are likely to be hardest hit as the pandemic continues?

Much has been written about the significant impact of the COVID-19 pandemic on the retail sector, as policymakers encourage consumers to wear masks and remain vigilant when leaving home, e-commerce sales have soared, and supply chain concerns persist. Retailers have been challenged to maintain operations and attract current “homebody” consumers, more than 68 percent of whom planned to continue their at home habits after restrictions were lifted, according to a study by management consulting firm McKinsey & Company.¹

Encina Business Credit, LLC announced today that it has provided a $40 million senior secured revolving credit facility to a food packaging company.

The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing bank facility.

Encina arranged to bring in another lender to provide an incremental $15 million term loan, which – when combined with Encina’s demonstrated ability to move quickly, provided the borrower and its private equity sponsors with the level of certainty they were seeking.