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- Westwood Financial Expands Corporate Credit Facility By $145 Million To $470 Million Total
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CIBC Innovation Banking Announces Leadership Changes
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.
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The recession of 2008-2009 brought many lessons to the lending community; and the small independent finance companies were no exception. When looking back at that period, many of the lessons that we should all remember occurred in 2005-2007, during the lead up to the recession.
If you’ll recall, the economy was strong and business was booming. For small independent finance companies (that typically run counter-cyclical), new business was harder to come by and highly competitive. As is often the case, this led to aggressive structures and lower pricing, a bad combination.
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Alvarez & Marsal's Global Transaction Advisory Group Names Lawrence Ferrara Global Chief Learning Officer
October 4, 2023Leading global professional services firm Alvarez & Marsal (A&M) announced the appointment of Lawrence Ferrara as a Senior Director and Global Chief Learning Officer in its Global Transaction Advisory Group (TAG).
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Year-to-Date Commercial Chapter 11 Filings Increased 61 Percent Compared To Same Period Last Year
October 4, 2023The 4,553 total commercial chapter 11 bankruptcies filed during the first nine months of 2023 represented a 61 percent increase over the 2,837 filed during the same period in 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data.
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PNC Bank Buys $16.6B Capital Commitment Portfolio From Signature Bridge Bank
October 4, 2023PNC Bank purchased a $16.6 billion portfolio of capital commitments facilities from Signature Bridge Bank, N.A., the Pittsburgh-based financial institution said Tuesday in a statement.
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FrontWell Capital Partners Provides USD$25 Million Senior Secured Credit Facility to Borealis Foods Inc.
October 3, 2023FrontWell Capital Partners Inc. (“FrontWell”) today announced the closing of a USD$25 million secured credit facility with Borealis Foods Inc. (“Borealis”), a fast-growing food tech company with a mission to serve growing consumer needs and global food challenges through its development of nutritious, healthy, and affordable ready-to-eat meals.
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Fora Financial Closes New Debt Financings, Further Diversifying Capital Structure
October 3, 2023Fora Financial, a leading provider of flexible financing to small- and medium-sized businesses nationwide, today announced the closings of a $130 million revolving credit facility and $10 million investment-grade rated corporate note. Truist Bank will serve as senior lender for the credit facility, joined by Castlelake as participating lender.
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Ebix Signs Agreement with Lenders Regarding Credit Facility
October 3, 2023Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare, and e-learning industries, announced that it has signed an agreement with its Lenders, providing for a further period until November 15, 2023 for repayment of certain obligations under its Credit Facility, subject to certain conditions, while the Company pursues strategic alternatives.
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BXP Exercises $315.0 Million Accordion Feature Increasing Its Revolving Credit Facility Capacity to More Than $1.8 Billion
October 3, 2023BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that its operating partnership, Boston Properties Limited Partnership (“BPLP”), has exercised a portion of the accordion feature under its existing revolving credit facility to increase the available borrowing capacity by an aggregate amount of $315.0 million, increasing the facility’s maximum borrowing capacity to $1.815 billion.
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Hogan Lovells Expands Private Equity Practice with Addition of Partner Todd Schwartz in Silicon Valley
October 3, 2023Global law firm Hogan Lovells announced today that Todd M. Schwartz has joined the firm as a partner in the Corporate & Finance practice group and Private Equity practice area, in the Silicon Valley office. Schwartz joined from Paul Hastings, where he was also a partner.
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Horizon Technology Finance Provides $40 Million Venture Loan Facility to Elligo Health Research
October 3, 2023Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today announced it has provided a $40 million venture loan facility to Elligo Health Research®, Inc. ("Elligo"), of which $25 million has been initially funded.
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Clifford Chance Hires Partner Jason C. Ewart, Growing US Leveraged Finance and Capital Markets Capabilities
October 3, 2023International law firm Clifford Chance appointed Jason C. Ewart as a partner in its Global Financial Markets team as the firm expands its US Leveraged Finance group.
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Wingspire Capital Agents $50 Million Senior Secured Credit Facility to Conserv Capital
October 3, 2023Wingspire Capital LLC (“Wingspire”) agented a $50 million senior secured credit facility to Conserv Capital, LLC, (“Conserv”) which provides equipment financing for small to mid-sized businesses in the construction industry and for independent owner-operators in the long-haul trucking industry.
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Wintrust Receivables Finance Announces the Closing of a New $15 Million Line of Credit for a Fast-Growing Third-Party Logistics Firm
October 3, 2023Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $15 million account receivable line of credit for a Southeast-based, third-party logistics firm. The company focuses on full truckload freight for enterprise shippers from across the country.
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California Enacts Bill Prohibiting Certain Fees for Loans Under $500,000
October 2, 2023Title 1.90 has been signed into law by Governor Newsom and becomes effective January 1, 2024 prohibiting commercial non-regulated entities from charging fees “without clear corresponding services” as well as “collateral monitoring fees” for non-delinquent accounts. SFNet will be providing additional information to members.
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Solifi Wholesale Finance Further Enhances Dealer and Lender Experience
October 2, 2023Solifi™, a global fintech software partner for secured finance, announced the latest product enhancements for its wholesale finance solution. The 2023 releases include several new features designed to provide North American customers with an enhanced lender and dealer experience, such as expanding functionality for captive lenders and syndication support, and maximized business process efficiency.
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HireRight Completes Refinancing of First Lien Senior Secured Term Loan
October 2, 2023HireRight Holdings Corporation (NYSE: HRT) ("HireRight" or the "Company"), a leading provider of background screening services, today announced the closing of the refinancing and upsizing of its first lien senior secured term loan facility as well as an upsizing of its revolving credit facility.
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Morgan Lewis Expands Finance Team in New York with Partner Penelope Christophorou
October 2, 2023Penelope Christophorou, a finance lawyer with more than 25 years’ experience, joins Morgan Lewis as a partner in New York. Arriving from Cleary, Gottlieb, Steen & Hamilton, Penelope will advise on commercial finance transactions, particularly those related to bankruptcy.
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nFusion Capital Provides $2 Million Factoring Line of Credit for Sullivan Commercial Painting, Inc.
October 2, 2023Based in Florida, Sullivan Commercial Painting, Inc. offers a full range of commercial painting services, from a small renovation to a warehouse or an entire roll-out. They have highly trained crews placed strategically across the country to respond to client needs.
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Moritt Hock & Hamroff Recognized As One Of Long Island Business News' Inaugural 2023 Empowering Women Honorees
October 2, 2023The law firm of Moritt Hock & Hamroff has been recognized as one of Long Island Business News' Inaugural 2023 Empowering Women Honorees for its commitment to the growth and advancement of women, cultivation of diverse and inclusive communities and fostering of social responsibility.
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Rosenthal Closes Three Asset Based Lending Transactions
October 2, 2023Rosenthal & 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 three asset-based lending transactions across multiple industries.
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Rosenthal Closes Three Asset Based Lending Transactions
October 2, 2023Rosenthal & 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 three asset-based lending transactions across multiple industries.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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