CIT, a division of First Citizens Bank, today announced that the Specialty Finance unit of its Asset-Based Lending business provided $100 million in financing to Stonegate Capital, a middle-market asset-based lender primarily focused on the consumer vertical and opportunistic credits. Stonegate Capital, headquartered in Chicago, is a wholly owned division of SG Credit Partners. 

In the course of two weeks, SG Credit Partners (formerly Super G) went from first phone call to closing a complicated split-lien deal with a major bank ABL group. When you tell someone “we just closed another multi-lender transaction in less than two weeks,” the level of complexity, determination, and teamwork required to accomplish such a task, is rarely understood. This transaction provided a pay down to the senior lender, provided for critical payments to vendors and created liquidity for the company’s investment bank to run a refinancing process. Like most special-situation transactions, the initial loan was just the start, not the end. This Anatomy of a Deal will attempt to highlight the role of a non-bank credit fund, SG Credit Partners, partnering with conforming ABL.