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- SFNet New Member Spotlight: Cascade Credit Services, LLC
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FrontWell Capital Partners Expands Deal Originations Team With Experienced Professionals
FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that it has added to its team two experienced professionals with expertise in sourcing, structuring and executing creative financing solutions for middle-market companies. Lilies Lanway, an industry veteran with nearly 30 years of U.S. deal sourcing experience, will join FrontWell’s deal originations team as Senior Vice President, Head of U.S. Deal Originations, and Brandon Lalonde will join the team as an Associate, both effective on October 11, 2021.
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GemCap Announces Promotion
June 2, 2021Annie O’Connor has been named portfolio manager at GemCap. “We recognize that Annie’s strong financial background and in depth knowledge of all facets of asset-based lending makes her the perfect candidate to manage our growing portfolio. We are incredibly excited to have Annie accept this role,” says Richard Ellis, co-president.
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Sallyport Provides $500,000 for Tech-Services Company
June 2, 2021Sallyport are pleased to announce $500,000 in funding to a US based tech-services company. The business will use these vital funds to enable their expansion into new regions.
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Hilco Redevelopment Partners Completes the Purchase of an 8.5-Acre Property in the Booming South Florida Industrial Development Market
June 2, 2021Hilco Redevelopment Partners (HRP), a unit of Hilco Global, announced today the purchase of an industrial development site located at 11002 Northwest S. River Drive in Medley, FL. The 8.5-acre property is part of a larger 25-acre Superfund site which has previously undergone corrective action. HRP has current plans to develop the site into a state-of-the-art warehouse/logistics facility to support the growing tenant demand across South Florida. The sale was brokered by Newmark executives Steve Medwin and Nick Wigoda, who will also handle leasing of the project.
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Fifth Third Business Capital Provides $16.5 Million Asset-Based Lending Solution to Tricon Precast, Ltd.
June 2, 2021Tricon Precast manufactures concrete structures, such as retaining walls, traffic barriers, bridge systems and sound barrier walls. The company sells its products to major highway and bridge construction contractors who are building infrastructure projects for governmental agencies like, DOT, TXDOT and FLDOT.
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Rosenthal Provides $1.25 Million Production Finance Facility for Iowa-Based Housewares Company
June 2, 2021Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $1.25 million purchase order finance facility to support the production financing requirements of an Iowa-based importer and distributor of housewares.
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TriumphPay Announces Closing of HubTran Acquisition
June 2, 2021TriumphPay, a division of TBK Bank, SSB, announced today that it has closed the previously announced acquisition of HubTran, a cloud-based provider of automation software for the transportation industry's back-office.
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BHI Arranges $102.7 Million Construction Financing For 1165 Madison Avenue, Naftali Group’s New Upper East Side Luxury Condo
June 1, 2021BHI, a full-service commercial bank, announced that it has arranged $102.7 million in construction financing for Naftali Group’s latest development at 1165 Madison Avenue, a new 13-story luxury condominium on Manhattan’s Upper East Side.
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Allen & Overy Strengthens U.S. Leveraged Finance Practice with Two New Partners in New York
June 1, 2021Allen & Overy today announced that Gordon Mak and Stanimir (Stan) Kostov have joined as partners in A&O’s U.S. Leveraged Finance practice, based in New York.
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Golden Star Completes Upsizing and Restructuring of Senior Secured Credit Facility into a Revolving Credit Facility
June 1, 2021Golden Star Resources Ltd. (NYSE American: GSS) (TSX: GSC) (GSE: GSR) ("Golden Star" or the "Company") is pleased to announce the restructuring and upsizing of the senior secured credit facility (the "Credit Facility" or "Facility") with Macquarie Bank Limited ("Macquarie").
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CSW Industrials Holdings’ $400 Million Revolving Credit Facility
June 1, 2021Shearman & Sterling advised CSW Industrials Holdings, LLC, as Borrower, and the other loan parties on the deal. CSW Industrials Holdings, LLC closed a $400 million senior secured revolving credit facility, agented by JPMorgan Chase Bank, N.A., the proceeds of which are to be used for working capital and general corporate purposes (including permitted acquisitions).
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Crestmark, the Commercial Finance Division of MetaBank, Provides More Than $34.1 Million in Commercial Financing to 47 Businesses in the First Half of May
June 1, 2021Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $15,790,000 in ABL/factoring financial solutions for 12 new clients; Crestmark Equipment Finance provided $15,547,956 in seven new transactions; Crestmark Vendor Finance provided $2,791,048 in 28 new transactions in the first half of May.
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J D Factors Recent Fundings
May 28, 2021J D Factors provided a $125,000 factoring facility to a transportation company in California.
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Huntington Business Credit Announces New Credit Facilities for Golding Farms Foods, Inc.
May 27, 2021Huntington Business Credit announced it closed new $34,000,000 in credit facilities with Golding Farms Foods, Inc. on April 14, 2021. Proceeds of the facilities were used in conjunction with investments provided by Centre Partners and Yukon Partners to refinance existing indebtedness and to provide ongoing working capital growth financing.
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Blueknight Announces Closing of New $300 Million Revolving Credit Facility
May 27, 2021Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has closed a new four-year, $300.0 million senior secured revolving credit facility (the “New Credit Facility”). The New Credit Facility will replace the previous credit facility which was set to mature in May 2022.
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Jim Perrotta Joins Business Finance Network Inc.
May 27, 2021Mr. Perrotta brings with him 40+ years of experience providing various types of financing solutions to a wide range of businesses including manufacturers, wholesalers, distributors, service companies and select retailers.
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Citizens Financial Group, Inc. to Acquire HSBC East Coast Branches and National Online Deposit Business
May 27, 2021Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today announced that Citizens Bank, N.A. has entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A.. Under the agreement, Citizens will acquire approximately $9.0 billion in deposits and approximately $2.2 billion in loans for a 2.0 percent premium paid on deposits at closing.
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CVC Credit Supports Sole Source Capital’s Acquisition of Peak-Ryzex and Optical Phusion Inc.
May 27, 2021CVC Credit (“CVC Credit”) is pleased to have provided the debt facility to support Sole Source Capital’s acquisition of Peak-Ryzex (“Peak” or the “Company”) and subsequent add-on acquisition of Optical Phusion, Inc. (“OPI”). The companies will be merged to create an enhanced market leader in automatic identification data capture (“AIDC”) and factory automation solutions. CVC Credit will support the growth strategy for the combined business going forward through the provision of a delayed draw term loan facility.
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Varagon Capital Partners Supports Tenex Capital Management Acquisition of JTM Food Group
May 27, 2021Varagon Capital Partners (Varagon) is serving as Administrative Agent, Joint Lead Arranger, Joint Bookrunner and Syndication Agent on a senior secured credit facility to support the acquisition of JTM Foods, LLC (JTM) by Tenex Capital Management (Tenex).
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M&T Bank Corporation, People's United Receive Shareholder Approval for Merger
May 27, 2021M&T Bank Corporation (NYSE: MTB) ("M&T") and People's United Financial, Inc. (NASDAQ: PBCT) ("People's United") jointly announced that, at their respective special meetings of shareholders yesterday, they each received the necessary shareholder approvals for the consummation of the merger of People's United into M&T.
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Dry Creek Capital Partners Announces Launch and First Investment Closings
May 27, 2021Steve Emerson has announced the formation of Dry Creek Capital Partners LP (“Dry Creek”), a special situations investing group formed to provide a platform for investments in debt obligations of distressed commercial real estate and small business debt.
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