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  • CIT Serves as Joint Lead Arranger for $70 Million Financing for Personal Care Manufacturer
    November 12, 2020
    CIT Group Inc. (NYSE: CIT) today announced that its Sponsor Finance business, part of the Commercial Finance division, served as joint lead arranger and joint bookrunner for a $70 million financing on behalf of Estyle Holdings Inc., makers of Eco Style hair gel and a wide range of other beauty and personal care products. Based in Jacksonville, Florida, Estyle sells its products through distributors, beauty supply stores and leading national retail chains, targeting multicultural consumers.
  • Q3 Shows Highest Chapter 11 Filings Since Great Recession
    November 12, 2020
    The impact of COVID-19 is becoming evident in the accelerating Chapter 11 filings. The amount of Chapter 11 bankruptcy filings in the third quarter, which are tracked in the newest Polsinelli-TrBK Distress Indices Report, have hit the highest level since 2010. This trend is expected to continue into 2021. The third quarter shows clear signs of the pandemic’s impact on bankruptcy filings and is a continuation of the filing spike from the prior quarter. The filings occurring now are either defensive – to stop creditor enforcement actions – or offensive – to implement a restructuring agreement with creditors. This is the sixth consecutive quarter where Chapter 11 distress has measured over 50 points; the Index hasn’t seen that level of distress since 2011.
  • KeyBank Names John J. Manginelli as Market President
    November 12, 2020
    KeyBank announced that John J. Manginelli, Northeast regional executive for KeyBank Real Estate Capital, will assume an expanded role that includes market president for Key’s Hudson Valley/Metro New York market. As market president, Manginelli will drive collaboration and coordination of Key activities and resources in the market, as well as serve as the face and voice of Key in the community. He will also continue to lead Key’s real estate capital business throughout the northeast, with main offices in New York City, Boston, Washington DC, and Philadelphia.
  • HKW Hires Vice President as Focus in the Technology Sector Expands
    November 12, 2020
    HKW, an Indianapolis-based middle-market private equity firm, today announced Rick Ammar has joined the firm as vice president. Mr. Ammar will serve in a senior role as part of HKW’s expanding technology efforts.
  • Crystal Financial Provides $27,500,000 Emergence Facility for True Religion Apparel, Inc.
    November 12, 2020
    Crystal Financial LLC announced the closing of a $27,500,000 Senior Credit Facility for True Religion Apparel, Inc. (“True Religion” or “the Company”). Founded in 2002, True Religion is a lifestyle apparel brand which aims to deliver an exclusive assortment of unique designs to its customer base. Known for its signature styling, the Company focuses on producing high quality premium denim and sportswear for men, women, and children. True Religion’s products are sold at the Company’s retail stores, www.truereligion.com, department stores, and at specialty retailers globally.
  • Marco Capital Inc. Grows Its Operations Group
    November 12, 2020
    In order to further accommodate a growing portfolio of Factoring transactions, Marco Capital Inc (MCI) has hired Luminita Pauna (Lumi) as its Director of Operations. Lumi has over seven (7) years of experience at the Florida-based finance provider Trade Finance Solutions (later to become Global Merchant Fund then eCapital). As both an Account Manager and then advancing to a managing Account Executive position, she brings a wealth of experience to MCI in the fields of Factoring, Asset Based Lending, Purchase Order Finance, and Supply Chain Finance.
  • A&G Forms Financial Reporting and Property Analysis Group
    November 12, 2020
    Led by former Ashley Furniture VP, division uses analytics to bolster real estate strategies of healthy and distressed entities in retail, hospitality, office, education and other sectors.
  • Amerisource Closes $3,000,000 Credit Facility for Membrane Manufacturer
    November 12, 2020
    Amerisource Business Capital announced the closing and funding of a $3,000,000 credit facility for a Texas-based fabricator of membranes used in water treatment facilities. The Company, owned by a foreign parent, was seeking an asset-based facility to secure working capital.
  • PlainsCapital Bank Promotes Fort Worth Leadership
    November 12, 2020
    PlainsCapital Bank recently announced that Keeton Moore has been promoted to president of its downtown Fort Worth branch at 801 Houston Street. Moore will lead the branch’s commercial lending team, focusing on expanding PlainsCapital’s presence in the area and executing the Bank’s long-term growth strategies for North Texas.
  • Riveron Expands Restructuring Capabilities with Acquisition of Winter Harbor
    November 11, 2020
    Riveron, a national business advisory firm specializing in accounting, finance, and operations, announced today its acquisition of Winter Harbor, a Boston-based provider of restructuring and turnaround services. The acquisition reinforces Riveron’s commitment to strengthening and expanding its strategic, operational, and financial solutions for companies facing distressed and special situations in addition to serving healthy companies across the corporate and private equity landscape.
  • BMO Harris Launches $5 Billion Program to help Black and Latino Businesses and Communities, With ‘Significant’ Investment in Chicago
    November 11, 2020
    BMO Harris is launching a $5 billion initiative to support minority-owned businesses and communities, with a significant investment earmarked for Chicago. The five-year program, announced Tuesday, will increase commercial lending opportunities for Black and Latino businesses, which have been hard-hit during the pandemic. It also will include direct investment in underserved communities through affordable housing and neighborhood revitalization.
  • Cypress Creek Renewables Closes $200M Financing
    November 11, 2020
    Investec Power and Infrastructure Finance – North America (Investec) acted as sole bookrunner, coordinating lead arranger, and administrative agent on the transaction. In addition to Investec, other joint lead arrangers for the transaction included Credit Agricole, East West Bank, and Silicon Valley Bank. Cypress Creek was represented by Kirkland & Ellis LLP as its lead transaction counsel. The lenders were represented by Milbank as transaction counsel.
  • Vaquero Midstream LLC Announces Completion Of Credit Facility
    November 11, 2020
    Vaquero Midstream announced today the closing of a $200 Million revolving credit facility on October 29, 2020. Vaquero extended the commitment of the original facility for two years, to December 2023. The facility is available for general corporate purposes, including funding capital expenditures, working capital and operating expenses. The bank group is now led by BOK Financial.
  • Advanced Flower Capital Provides $22 Million Secured Credit Facility to Organic Remedies, Inc. and Toigo Organic Farms, LLC to Fund Expansion Within Pennsylvania
    November 11, 2020
    AFC Management, LLC ("AFC Management") announced today that an affiliate, AFC Gamma, Inc. ("AFC"), has funded a $22 million credit facility for Organic Remedies, Inc. ("Organic Remedies" or the "Company"). The credit facility is designed to provide capital to complete the build out of Organic Remedies' +/-240,000 square foot cultivation and processing facility, as well as build out three additional dispensaries, under its Clinical Registrant ("CR") medical marijuana license. AFC will hold $22 million of the credit facility, which consists of a first-lien term loan that can be drawn upon over the course of a one-year period.
  • Context Business Lending Continues Rapid Growth Amidst the Pandemic
    November 11, 2020
    Context Business Lending, LLC ("CBL") a family office-backed leading, national asset-based lender becoming increasingly well known for disrupting the Asset Based Lending market, announced today the closing of seven (7) new revolving lines of credit over the last five months. These recent closings included a recent $20MM line to Universal Metals ("Universal") and parent company, Northwestern Holding Company ("Northwestern").
  • Iron Horse Credit Hires Savi Hussain as SVP of Underwriting
    November 11, 2020
    Iron Horse Credit, a leading stand-alone inventory lender, is proud to announce that it has hired Savi Hussain as its Senior Vice President of Underwriting. Savi will be the senior officer responsible for the company’s credit and underwriting operations.
  • Entrepreneur Growth Capital Closes $5,000,000 PPE Deal
    November 11, 2020
    Entrepreneur Growth Capital (“EGC”) is pleased to announce that it has closed a $5MM working capital facility to a New York-based distributor of personal protective equipment (“the Company”). The Company started with a few orders for gloves and masks, and has now developed relationships with many suppliers (foreign and domestic) and customers ranging from large hospital groups, to Fortune 500 companies and the US Government.
  • Secured Finance Network Convention Amid Pandemic, Election Aftermath to Address Future of Finance
    November 11, 2020
  • Tilly’s, Inc. Announces New $65 Million Asset-Backed Credit Facility
    November 11, 2020
    Tilly’s, Inc. (NYSE: TLYS, the “Company”) today announced that it has established a new $65.0 million asset-backed credit facility (the “ABL Facility”) with Wells Fargo Bank, N.A. (“Wells Fargo”). The ABL Facility is a three-year, $65.0 million asset-backed credit facility which replaces the Company’s previous $25.0 million revolving credit facility, also with Wells Fargo.
  • JCPenney Receives Court Approval for Asset Purchase Agreement with Brookfield, Simon and First Lien Lenders
    November 11, 2020
    Pursuant to the APA, Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets (“OpCo”) through a combination of cash and new term loan debt. Kirkland & Ellis LLP is serving as legal adviser, Lazard is serving as financial adviser, and AlixPartners LLP is serving as restructuring adviser to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Brookfield and Simon