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TSL Express Daily Articles & News
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SFNet's Asset-Based Lending, Factoring Survey Reveals Year of Growth
Last year was a study in contrasts as many business sectors recovered from the pandemic recession only to face a new challenge: rising inflation. The financing market was no exception.
In its annual indicator of industry activity, the Secured Finance Network (SFNet) found cause for optimism but warned members to expect continued economic pressures in 2022.
The 2021 Annual Asset-Based Lending & Factoring Survey cited a year of rapid economic growth and increased demand for financing. Portfolios were strong, with SFNet reporting a significant decline in gross write-offs relative to volume and average earning assets.
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TSL Express Daily Headlines & News
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Univest Bank and Trust Co. Appoints Patrick McCormick as Chief Credit Officer
April 11, 2022Univest Bank and Trust Co., subsidiary of Univest Financial Corporation (NASDAQ: UVSP), announced the appointment of Patrick McCormick as Executive Vice President and Chief Credit Officer. McCormick brings nearly 20 years of credit experience in the financial services industry to his role. He will be responsible for overseeing credit policy and managing credit risk for the bank’s loan portfolio.
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SLR Equipment Finance, Formerly Known as Nations Equipment Finance, Expands its business Development Capabilities and Announces That Erik Harke has Joined the Company
April 11, 2022SLR Equipment Finance is pleased to announce Erik Harke has joined our company as a Vice President of Business Development. In his role, Harke will help grow SLR Equipment Finance’s leasing and lending activities in the West Coast region of the U.S. Harke began his career with Jules and Associates. He most recently was with Alliance Funding Group in Tustin, CA.
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Jeanne Lapak Joins BankNewport as Chief Commercial Banking and Lending Officer
April 11, 2022BankNewport is pleased to announce that Jeanne Lapak joined the Bank’s executive team in November 2021 as Executive Vice President, Chief Commercial Banking and Lending Officer, responsible for leading the Commercial and Business Banking Teams.
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Heritage Global’s National Loan Exchange Division Appoints Ashley Arens-Yager as Assistant Vice President – Sale Operations
April 11, 2022National Loan Exchange, Inc. (“NLEX”), a division of Heritage Global Inc. (Nasdaq: HGBL) and a leading loan sale advisor of charged off and nonperforming asset portfolios, announced today that Ashley Arens-Yager has joined its team as Assistant Vice President – Sale Operations, where she will interface with the buyer network and support the internal growth initiatives.
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Global Net Lease Completes $1.45 Billion Credit Facility Recast, Upsized From Previous $1.1 Billion Facility
April 11, 2022Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") announced today that the Company has replaced its existing credit facility with a new, $1.45 billion corporate revolving credit facility (the "Credit Facility") that has a 4.5-year term and improved pricing that is 15 basis points lower than the facility it replaced. The Credit Facility will be administered by Key Bank, N.A. and includes two six-month extension options.
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Atlantic Sapphire Secures $25 Million Credit Facility
April 11, 2022Atlantic Sapphire has secured an additional USD 25 million (EUR 22.9 million) credit facility, with DNB Capital LLC as the lender. The funds will be used to fully finance phase two of the company’s U.S. recirculating aquaculture system (RAS) project in Miami, Florida, U.S.A.
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E2open Upsizes Existing Credit Agreement by $190 Million
April 11, 2022E2open Parent Holdings, Inc. (NYSE: ETWO), a leading network-based provider of a cloud-based, mission-critical, end-to-end supply chain management platform, today announced it has amended and upsized its existing credit facility with an incremental term loan provided by Golub Capital.
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BankUnited Opens New Atlanta Corporate Banking Office In Renewed Push to Expand Outside of Florida, New York
April 11, 2022BankUnited, N.A., a wholly-owned subsidiary of BankUnited, Inc. (NYSE: BKU), has opened a new corporate banking office in Atlanta, representing a renewed effort to expand outside of its core markets of Florida and New York. Adam Gordon has been hired as market executive and corporate banking team leader; the team will be working from the newly opened Atlanta office, 3500 Lenox Road, Suite 720.
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Big Shoulders Capital and Iroquois Industrial Group Acquire Benda Manufacturing Assets
April 11, 2022Big Shoulders Capital and Iroquois Industrial Group have formed a partnership to acquire the assets of Benda Manufacturing, a leader in conveyor and product handling systems for the food industry and other industries requiring integrated production line conveyors.
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Dime Names Robert Maichin Head of Middle Market Lending
April 11, 2022Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced today that Robert “Bob” Maichin will join the Company as Head of Middle Market Lending. In this role, Maichin will lead Dime’s middle market commercial lending operations and also build out specialized lending niches.
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J D Factors Hires Jonathan Gay as Business Development Officer
April 7, 2022J D Factors is proud to announce the hiring of Jonathan Gay as Business Development Officer in Sacramento, California. Jon has extensive experience and knowledge in the factoring industry and will be responsible for generating new business in Northern California along with the Northwestern United States.
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SLR Credit Solutions Agents $20,500,000 Term Loan for Oscar De La Renta
April 7, 2022SLR Credit Solutions (“SLR CS”) announced the closing of a $20,500,000 senior secured term loan in concert with a $20,000,000, revolving line of credit for Oscar de la Renta, LLC (“ODLR or the “Company”). Founded in 1965, ODLR is a designer and retailer of luxury women’s apparel sold through upscale wholesale accounts and direct-to-consumer (“DTC”) both in stores and at www.oscardelarenta.com.
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NowVertical Group Closes Acquisition of Allegient Defense and Closes US$5.8M Credit Facility
April 7, 2022Concurrent with the closing of the Acquisition, NOW secured a $5,800,000 credit facility with US-based MVB Bank, comprising a $3,800,000 term loan that will bear interest at the 5-Year Treasury Rate + 3.25% (with a floor of 4.5%) and a $2,000,000 revolving line of credit that will bear interest at the WSJ Prime Rate plus 0.25% (with a floor of 3.5%) (the “Facility”). The Facility provides increased flexibility for meeting working capital requirements.
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Pacific Western Bank Releases 2021 Environmental Social Governance Report
April 7, 2022Some of the key developments that are highlighted in the 2021 Report include: • $1 billion in lending benefiting low- or moderate-income individuals and small businesses • $3.5 million in charitable contributions to benefit local communities • Outstanding CRA rating from the FDIC • 2,896 Employee volunteer hours
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AlixPartners Forms Alliance with Washington, D.C.-based Consultancy Cypress International
April 7, 2022-AlixPartners, the global consulting firm, today announced a strategic alliance with Cypress International, a Washington, D.C.-based consultancy specializing in helping industry support the U.S. Department of Defense (DoD) and other federal-government departments and agencies.
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Victory Park Capital Announces $100 Million Credit Facility for Leading E-Commerce Third-Party Seller Juvo+
April 7, 2022Victory Park Capital (“VPC”), a leading global alternative investment firm, today announced it has provided a $100 million credit facility to Juvo+, one of the top private label product developers in e-commerce. The funding will primarily be used to launch innovative new products and fund strategic expansion as Juvo+ continues to scale its footprint across multiple e-commerce channels.
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Dave & Buster’s Announces Acquisition of Main Event for $835 Million; Chris Morris to become CEO of Combined Entity Upon Closing
April 7, 2022Deutsche Bank is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Dave & Buster's. Goldman Sachs and J.P. Morgan are serving as financial advisors to Main Event. Weil, Gotshal & Manges LLP is serving as legal advisor to Main Event, and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal advisor to RedBird. Gilbert + Tobin is serving as legal advisor to Ardent Leisure.
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Triumph Bancorp Launches TriumphX
April 7, 2022Triumph Bancorp, Inc. (Nasdaq: TBK) announced today the establishment of TriumphX, a business unit charged with supporting the execution of Triumph's plan and evolution as a transportation fintech company. TriumphX is a division of TBK Bank, SSB, the primary operating subsidiary of Triumph Bancorp.
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Citizens Names Ben Vinzant as Chief Data and Analytics Officer
April 7, 2022Citizens Financial Group, Inc. (NYSE: CFG) has named Ben Vinzant as Chief Data and Analytics Officer, effective June 27, 2022. Vinzant will join Citizens from JPMorgan Chase, where he most recently served as Managing Director, Head of Sales Science.
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PNC Bank Introduces Minority Business Development Group
April 7, 2022PNC Bank has launched a new Minority Business Development Group, intended to deliver products, solutions and resources focused on advancing the financial wellness of emerging minority businesses. Comprised of bankers and advocacy partners, the Minority Business Development Group will help prepare minority-owned businesses for effective growth, development and sustainability.
The Secured Lender
SFNet's The 81st Annual Convention Issue
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