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Atlantic Union Bank Continues to Expand Its Commercial Product Line with Asset-Based Lending
Atlantic Union Bank is expanding its asset-based lending team to help working capital intensive companies meet their financing needs. The team will now operate as a new specialty finance division, branded Atlantic Union Business Credit, and offer a full range of asset-based lending solutions specializing in loan commitments from $5 million to $30 million.
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(Editor’s Note: SFNet invites feedback on this issue. Please send comments to mocejo@sfnet.com.)
Recently, lenders have confronted proposals for modifications to EBITDA allowing management to add back losses arising from the economic impact of COVID-19. This has become known as “EBITDAC” with the “C” representing the financial consequences of the coronavirus pandemic. The Credit Roundtable has said: “We believe EBITDA calculations include many hypothetical, highly subjective and potentially misleading adjustments.”
The Credit Roundtable and others have urged the market to resist such proposals so as to protect the position of lenders.
While the additional addbacks do not seem to have hit the asset-based lending market in the same way that it may have the worlds of leveraged loans and investment grade lending, it is a point for asset-based lenders to watch for, as sponsors draw on practices from other markets for application to asset-based facilities.
TSL Express Daily Headlines & News
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EisnerAmper Named a 2022 “Outstanding Turnaround Firm”
December 7, 2022EisnerAmper was named an “Outstanding Turnaround Firm” by Turnarounds & Workouts, a monthly newsletter that tracks distressed business news throughout the country and has been serving corporate restructuring professionals since 1987.
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400 Capital Management Closes Third Private Credit Fund “Asset Based Term Fund III” With $580 Million of Committed Capital
December 7, 2022400 Capital Management, an alternative credit asset manager specializing in structured credit with over $5.7 billion of capital under management, announced the final close of its Asset Based Term Fund III (“ABTF III”). The fund, launched in July 2021, drew $580 million of committed capital from institutional investors attracted to the firm’s demonstrated expertise in maximizing value through innovative asset-based private debt strategies, in particular as broad market volatility has upended more traditional strategies.
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Newtek Secures Approximately $300 Million in Debt Financing to Further its Growth and Objectives for 2023
December 7, 2022Newtek Business Services Corp. (NASDAQ: NEWT) today announced that its new joint venture, Newtek-TSO II Conventional Credit Partners, LP, has closed a $150 million leverage facility from a well-known investment bank to be used to fund the acquisition of non-conforming conventional loans made to middle-market companies as well as small businesses. In addition, Newtek’s portfolio company Newtek Business Lending, LLC, has entered into amendments and extensions of two credit lines with two financing providers for $110 million in total, to fund, among other things, SBA 504 loans.
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CIT Serves as Co-Lead on $85 Million in Financing for NineDot Energy
December 7, 2022CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as co-coordinating lead arranger on an $85 million construction-to-term debt financing for NineDot Energy LLC (“NineDot Energy”), a leading developer of distributed community energy projects in the New York City metro region.
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Tidal Financial Group Launches its First Credit ETF Focused on Senior Secured Corporate Credit Opportunities
December 7, 2022Tidal Financial Group (“Tidal”), a leading ETF investment and technology platform, announced the listing of the Senior Secured Credit Opportunities ETF (NYSE: SECD) an actively managed secured credit fund managed by Gateway Credit Partners (“Gateway”). The fund seeks to generate consistent income and preserve capital by investing primarily in a combination of first lien senior secured loans and secured bonds to businesses operating in North America.
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Stellus Capital Management, LLC Provides Senior Debt Financing in Support of MML Capital Partners’ Acquisition of OnPoint Industrial Services, LLC
December 7, 2022Stellus Capital Management, LLC (“Stellus”), a leader in middle market direct lending, announced today that its affiliates provided senior debt financing and an equity co-investment to support MML Capital Partners’ (“MML”) acquisition of OnPoint Industrial Services, LLC (“OnPoint” or the “Company”).
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Runway Growth Capital Announces a Senior Secured Term Loan of $80 Million to Extensiv
December 7, 2022Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, today announced the closing of a senior secured term loan of $80 million to Extensiv, a leader in omnichannel fulfillment solutions.
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Kroll Acquires Appraisal & Valuation Consultants LTD to Create Dedicated Energy Team within the Fixed Asset Advisory Services Practice
December 7, 2022Kroll, the leading independent provider of global risk and financial advisory solutions, today announced the acquisition of Appraisal & Valuation Consultants LTD (AVC), an independent firm that specializes in the valuation of oil, gas, petrochemical, chemical, power, mining, metals processing and offshore facilities for insurance and other purposes.
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Quotient Completes $105 Million Non-Dilutive Debt Financing
December 6, 2022Quotient Technology Inc. (NYSE: QUOT) (“Quotient” or the “Company”), a leading digital promotions and media technology company, today announced today that it has completed its previously announced $105 million non-dilutive debt financing. On November 30, 2022, Quotient entered into a Financing Agreement with PNC Bank, N.A. (“PNC”), with a senior secured asset-based revolving credit facility in an aggregate principal amount of $50 million.
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USFN Names Armstrong Teasdale 2022 Award of Excellence Recipient
December 6, 2022Armstrong Teasdale announces that USFN, a national trade association representing America’s leading mortgage banking attorneys, has named the firm among its 2022 Award of Excellence recipients. Award of Excellence recipients are USFN members in good standing who have exhibited a high level of engagement and support of the Association’s events, publications, training and other resources built on the expertise of USFN members.
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Culain Capital Funding Closes $250,000 for Medical Staffing Company
December 6, 2022Culain Capital Funding LLC, a specialty finance firm focusing on responsive and efficient funding solutions for small- and medium-sized business in the United States announces the completion of a $250,000 accounts receivable factoring facility with a startup medical staffing company based in Texas.
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Winston & Strawn Advises Affiliates of ProFrac Holding Corp.
December 6, 2022Winston & Strawn advised affiliates of ProFrac Holding Corp. (NASDAQ: ACDC) (ProFrac) in its entry into a definitive agreement to acquire the Eagle Ford sand mining operations of Monarch Silica, LLC. The transaction is expected to close by the end of 2022.
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Gibraltar Supports Acquisition and Growth for Pharmaceutical Distributor with $25MM ABL
December 6, 2022Once again, Gibraltar's ability to move swiftly, structure creative financing terms and leverage long-standing relationships resulted in a successful financing partnership. When Prodigy Health, a national drug distributor, was in the process of acquiring Mockingbird Pharma and Cochran Pharmaceutical, Gibraltar was presented with the opportunity to provide a senior working capital facility to support the acquisition and future growth of the newly formed combined entity.
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Lazard Names Ronald Temple as Chief Market Strategist
December 6, 2022Lazard Ltd (NYSE: LAZ) today announced that Ronald Temple has been named Chief Market Strategist, effective immediately. In this newly created role, Mr. Temple will serve as a market strategist and thought leader to Lazard’s Asset Management and Financial Advisory businesses and will work closely with the firm’s new Geopolitical Advisory group. He will continue to provide macroeconomic and market perspectives t
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Lendscape Launches new Advisory Board
December 6, 2022Lendscape, the world’s leading technology provider for all forms of secured business finance, today announced the launch of a new Advisory Board. The formation of the Advisory Board will give Lendscape access to a team of highly respected business leaders, with deep financial sector knowledge and a track record of advising established and high-growth businesses.
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Porter Capital Corporation Continues Sales Team Growth
December 6, 2022Porter Capital Corporation, a leading provider of working capital solutions, is pleased to announce the addition of Karen Small to the Porter Capital sales team. Karen Small, Senior Vice President, Business Development Officer, Porter Capital Corporation: Small has over 30 years of experience in financial services, with 18 of those years exclusively focused on business funding.
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LBC Credit Partners Supports Comvest Partners’ Investment in GAI Consultants Inc.
December 6, 2022LBC Credit Partners (“LBC”), one of the leading providers of financing solutions to middle market companies, provided senior secured credit facilities to support Comvest Partners’ (“Comvest”) investment in GAI Consultants Inc., (“GAI”) in partnership with the leadership team and existing employee-owners. LBC served as Administrative Agent, Sole Lead Arranger and Lender for the senior secured credit facilities.
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Monroe Capital Supports Protos Security’s Add-on Acquisitions
December 6, 2022Monroe Capital LLC announced it acted as administrative agent and sole lead arranger on the funding of a senior credit facility to support the add-on acquisitions of Blue Star Security (“Blue Star”), ControlByNet, and MG Security Services, by Protos Security (“Protos”), an existing portfolio company of Southfield Capital.
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Endodontic Practice Partners Secures $100 Million Debt Facility From Twin Brook Capital Partners
December 5, 2022Endodontic Practice Partners (EPP), a Nashville-based specialty partnership organization, announces the securing of an additional debt facility to expand its growing partnership of endodontic practices. The transaction, which closed on November 2, with Twin Brook Capital Partners ("Twin Brook") and sponsored by RC Capital, raised an additional $100 million of committed debt financing to continue the growth of EPP.
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InterNex Capital Provides $500,000 Line of Credit to Professional Services Firm
December 5, 2022InterNex Capital provided a $500,000 line of credit to a management consulting and facility Support Services company specializing in nuclear science and disaster recovery. The 5-year-old company required a lending partner to capitalize on the surge of nuclear energy projects in the market.
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