- i80 Group and Brim Partner to Offer Funding-as-a-Service With $300 Million Credit Facility
- Victory Park Capital Announces New Warehouse Facility with Zip, Expanding Long-Standing Partnership
- PNC Receives Regulatory Approvals for Acquisition of FirstBank
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- Errin Richardson Glasgow Named as new President of Nationwide Operations of Cascade Credit Services, LLC
TSL Express Daily Articles & News
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eCapital Expands Transportation Division with 4 Senior Hires
eCapital Corp. (“eCapital” or “the Company”), a leading finance provider across North America and the U.K., today announced the appointments of four Business Developments Officers (BDOs) to further expand the company’s Transportation Division in the U.S. and Canada.
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On November 5, Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced it had entered into a definitive agreement to acquire the loan portfolio and assume the employees and operating costs of Gordon Brothers Finance Company, LLC (GBFC). In connection with the closing of the transaction, GBFC has changed its name to Callodine Commercial Finance (CCF). Led by CEO Gene Martin, and the current investment team, CCF will be the successor firm to Gordon Brothers Finance Company, LLC. Callodine’s acquisition represents approximately $400 million in assets and is being funded in part by new strategic financing from KKR, East Asset Management and Axar Capital Management. BlackRock Capital Investment Corporation (“BCIC”), the most recent majority owner of the business, will also remain a financial partner to CCF. TSL Express' senior editor spoke with Gene Martin and Mark Forti at Callodine Commercial Finance about opportunities in the asset-based lending space and what lies ahead.
TSL Express Daily Headlines & News
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Pathward’s Sharmen Hall-Lengel and Stacy Sant Earn National Recognition as Leading Women in Secured Finance
March 21, 2023Pathward®, N.A., an industry leading financial empowerment company, today announced that two leaders from its Commercial Finance team, Sharmen Hall-Lengel and Stacy Sant, are profiled in the March 2023 issue of The Secured Lender, a magazine published by the Secured Finance Network (SFNet). The Women in Secured Finance feature article is published online at SFnet.com.
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Iron Horse Credit Provides a $2 Million Inventory Line of Credit to a Hydroponic Grow Systems and Nutrients Distributor
March 21, 2023Iron Horse Credit (“IHC”), a leading inventory lender, is pleased to announce the closing of a $2,000,000 stand-alone inventory revolving line of credit to a Hydroponic Grow Systems and Nutrients Distributor. Iron Horse was able to pay off the company’s high-interest notes and provide the California-based entity with the working capital needed to support its growth.
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MUFG Hires Robert Ellenbogen as Senior Credit Analyst to Enhance Leveraged Finance Platform
March 21, 2023Mitsubishi UFJ Financial Group (MUFG's) (NYSE: MUFG) announced today that it has hired Robert Ellenbogen to its Leveraged Finance team as a Managing Director and Senior Credit Analyst. Ellenbogen will be responsible for delivering industry and company-specific analysis to MUFG's Leveraged Finance Platform in support of deal origination, sales and trading, and investor connectivity, with a focus on the energy sector.
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WSFS Names 13 Associates to Senior Leadership Positions
March 21, 2023“Our Associates are the foundation of our culture and our business model, and we continue to make strategic and deliberate investments to attract, retain and develop talent,” said Michael L. Conklin, Executive Vice President and Chief Human Resources Officer.
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Aequum Capital Provides $9.0MM in Credit Facilities to a Leading Consumer Products Retailer
March 21, 2023Aequum Capital is pleased to announce it recently closed $9,000,000 in credit facilities to a fast growing consumer products retailer. The Company is backed by a well known sponsor which recently acquired the Company. The credit facilities include a working capital revolver and a cash flow-based term loan.
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SLR Healthcare ABL Provides $2 Million for Skilled Nursing Facility
March 21, 2023SLR Healthcare ABL is pleased to announce that it has provided a $2 million asset-based revolving line of credit to a skilled nursing facility in March 2023.
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Amerisource Closes $4,500,000 Bridge Term Loan for Recreational Property
March 21, 2023Amerisource Business Capital announced the closing and funding of a $4,500,000 bridge term loan for a Pennsylvania-based family-operated recreational property. The proceeds were used to support the company’s seasonal operations, ongoing growth, and working capital needs.
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Excelerate Energy Announces Amended and Restated $600 Million Senior Secured Credit Facility
March 20, 2023Wells Fargo Bank, N.A. is acting as administrative agent. Wells Fargo Securities, LLC, along with Sumitomo Mitsui Banking Corporation, DNB Markets Inc. and Credit Agricole Corporate and Investment Bank served as joint lead arrangers, with Barclays Bank PLC, Nordea Bank ABP, New York Branch, Morgan Stanley Bank, N.A., BNP Paribas and First Financial Bank as additional lenders.
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Investor Group Led by Apollo, Together With J.F. Lehman & Company and Hill City Capital, Completes Acquisition of Atlas Air Worldwide
March 20, 2023Atlas Air Worldwide (“Atlas,” “AAWW” or the “Company”), a leading global provider of outsourced aircraft and aviation operating services, today announced that the investor group led by funds managed by affiliates of Apollo (NYSE: APO), together with investment affiliates of J.F. Lehman & Company (“J.F. Lehman”) and Hill City Capital (“Hill City”), has completed its previously announced acquisition of the Company.
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Local Bounti Amends Credit Agreement to Provide Additional Flexibility and Provides Select Preliminary and Unaudited Fiscal 2022 Performance
March 20, 2023Local Bounti Corporation (NYSE: LOCL, LOCL WS) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, today announced that it amended its existing credit facility with Cargill Financial Services, Inc. ("Cargill"). Additionally, the Company announced select preliminary financial results for the year ended December 31, 2022.
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Big Shoulders Capital and Iroquois Industrial Group Acquire Prestigious National Architectural Millwork and Design Company
March 20, 2023The joint venture of Big Shoulders Capital and Iroquois Industrial Group has completed the acquisition of MOD Interiors, one of the leading architectural millwork, design and engineering firms in the nation. Since 1982, MOD has created stunning interior spaces of all kinds, including corporate headquarters, high-end restaurants, hotels, stadiums, universities, and residential. Its work has received numerous national awards including the Architectural Woodwork Institute’s Standard of Excellence.
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Schulte Roth & Zabel Represents D.E. Shaw
March 20, 2023Schulte Roth & Zabel represented D.E. Shaw in their cooperation agreement with FLEETCOR, a leading global business payments company. As part of the agreement, FLEETCOR has appointed Rahul Gupta to the Company's Board of Directors (the "Board"), agreed to add another, mutually agreed-upon director to the Board and agreed to form an ad hoc Strategic Review Committee.
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Commercial Credit Group Inc. Closes $397,080,000 Term ABS (CCGR Trust 2023-1)
March 20, 2023Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced that it has finalized a $397,080,000 term asset-backed security (ABS) transaction. The securitization was placed with a diversified group of fixed income investors from 34 unique institutions.
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Pinnacle Capital Finance Provides $5 Million to a California-based Semiconductor Company
March 20, 2023Pinnacle Capital Finance is pleased to announce the issuance of a $5MM Accounts Receivable line of credit for a semiconductor design and manufacturing company that specializes in digital microwave technology. The Pinnacle Capital Finance loan is structured with the ability to deem eligible account debtor concentrations up to 75% as a result of large orders related to their military and aerospace customer base.
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Jeff Feit Joins Summit Investment Management LLC
March 20, 2023Jeff Feit joined Summit in February 2023 as a Managing Director. His primary responsibility will be business development and deal sourcing. Prior to Summit Jeff worked at Marblegate Asset Management from 2019-2022.
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SFNet to Present Benefits of Asset Based Finance at SBA Event
March 20, 2023The Small Business Administration will host a webinar entitled “Asset Based Finance – An All-Weather Solution for Small Business Borrowers” featuring a panel of members of the Secured Finance Network. The informative event, which is being presented by SBA’s Office of International Trade, will take place on April 5th and is directed toward community banks who may see complementary opportunities for this type of financing.
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C&N Promotes Kelley Cwiklinski to Executive Vice President & Chief Commercial Lending Officer
March 20, 2023C&N (Citizens & Northern Corporation, NASDAQ: CZNC), the leading financial services company in the region, announced that Kelley Cwiklinski has been promoted to Executive Vice President & Chief Commercial Lending Officer based in Doylestown, PA. As the Chief Commercial Lending Officer, Kelley will develop, drive and monitor the Commercial Lending function's annual and long-term business plans and budgets.
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BlackArch Partners is Pleased to Announce a Series of Promotions that Reflect the Firm’s Successful Professional Development Initiatives and Overall Growth
March 20, 2023BlackArch Partners, a leading middle-market investment bank, announced five promotions, including Ryan Jackson to Managing Director, Jonathan O’Connor to Director, and Nhan Nguyen, Zach Daniels and Chris Lyons to Vice President. These well-deserved promotions reflect BlackArch’s continued success and growth.
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Phoenix Services Announces Path to Exit from Chapter 11
March 20, 2023Phoenix Services LLC ("Phoenix Services" or the "Company") has received support from an Ad Hoc Group of lenders (defined below) for terms of a restructuring that (i) creates a path to emerge from chapter 11 mid-year, (ii) provides $45mm of new money to invest in the business, (iii) reduces over $500mm of funded indebtedness, (iv) positions the Company to be more profitable and competitive while continuing to provide best-in-class service.
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Peter Malmstrom Joins Associated Bank as Senior Regional Credit Officer
March 20, 2023Peter Malmstrom has joined Associated Bank as senior vice president & regional senior credit officer, corporate banking. He is responsible for approval and concurrence duties for the bank’s commercial lending groups.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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