Siena Lending Group LLC ("Siena") and Great Rock Capital (“Great Rock”) jointly announce today the closing of a $100 million senior secured credit facility with SkyWater Technology (“SkyWater”), a publicly traded company with a majority ownership by Oxbow Industries.

SkyWater, headquartered in Bloomington, MN, is the most advanced domestically owned and based Trusted Foundry, serving the needs of the U.S. government as well as other commercial applications. 

Werner Enterprises entered into a more than $1 billion credit facility on Dec. 20, with the proceeds to be used for working capital, acquisitions and other investments.

The new credit agreement replaces two $300 million credit facilities and a $100 million loan, according to a securities filing, collectively rolling over $585 million of the carrier’s outstanding debt.

Snowden Lane Partners, an independent, advisor-owned, wealth advisory firm dedicated to providing client-focused advice in a values-driven culture, together with Snowden Lane’s private equity partner, Estancia Capital Partners (“Estancia”), today announced that Snowden Lane secured a new $100 million credit facility.

The new facility replaces a facility originally secured with ORIX Corporation in 2018 and subsequently expanded in early 2022. The $100 million of available credit will enable Snowden Lane to significantly bolster its recruiting momentum and position itself for sustained growth through 2023 and beyond.

First Citizens Bank today announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets.

The financing was used for Morningstar’s acquisition of three new self-storage properties that will operate under the brand name Morningstar Storage.

Ms. Madine is an experienced finance professional with a strong capital markets and commercial loan workout background that will be a great asset to EBC. She started her banking career with PNC in their Structured Products Group, then matriculated to Marblegate Asset Management, and was most recently with Guggenheim Partners.

Conference Aims to Set New Strategies for the New World

Now three years since the onset of the global pandemic, the asset-based capital market, like so many others, finds itself at a new beginning. While the economy and environment continue to shift, the asset-based capital community has taken uncertainty into account for its business plans as it marches into a new year. SFNet’s ABCC theme, “The Great Reboot,” is about setting new strategies for a new world.

“We’ve been able to bring together some of the best minds in the space to help us put these changes in context and offer practical implications for our business plans going forward,” Rich Gumbrecht, SFNet CEO, said.  I don’t know if we’ve ever had a more august set of speakers.  You’ll want to take good notes.”

Tiger Finance and Merchant Financial Group are partnering to provide $38 million in growth capital to Alpha 6 Distributions, creator of the Arctix winter apparel brand.

As the primary lender to Alpha 6, Merchant Financial Group tapped Tiger Finance to provide an additional $15.2 million in growth capital for the manufacturer, based in Locust Valley, NY. Tiger's contribution brings the total credit facility to $38 million.

Jon R. Mooney has joined McGuireWoods’ debt finance practice as a partner in Pittsburgh after nearly a decade serving in senior legal roles at one of the nation’s largest financial institutions.

Mooney comes to the firm from the PNC Financial Services Group, Inc., where he served as managing chief counsel for corporate banking and capital markets. He was responsible for legal coverage in several diverse banking sectors, including large corporate finance, asset-backed finance, public finance and asset-based lending.

Holland & Knight is merging with Nashville-headquartered Waller Lansden Dortch & Davis, the law firm said Wednesday, a move that further solidifies its stronghold in the South.

The tie-up, set to be completed in the first quarter, will give the combined firm 2,000 lawyers in 35 offices across the globe. Florida-based Holland & Knight, among the 30 largest law firms in the US, will add 280 Waller lawyers across Tennessee, Alabama, and Texas as part of the move, according to the firm.

Evans Transportation Services Inc. announced it has closed a new credit facility with PNC Bank, N.A. The new larger credit facility will serve as a vehicle for supporting the company’s current growth trajectory, which includes a revenue increase from $80 million to $400 million since 2018. Officials said newly expanded resources add support for Evans’ scalable growth, while allowing the company to return meaningful value to its client-carriers.

The third quarter saw continued confidence in the asset-based lending market, according to data released by the Secured Finance Network, and that was welcome news as the country wrestles with inflation, rising interest rates and a slowed economy.

SFNet surveyed bank and non-bank asset-based lenders (ABLs) on key indicators for its quarterly Asset-Based Lending Index and SFNet Confidence Index.  

The third quarter saw continued confidence in the asset-based lending market, according to data released by the Secured Finance Network, and that was welcome news as the country wrestles with inflation, rising interest rates and a slowed economy.

SFNet surveyed bank and non-bank asset-based lenders (ABLs) on key indicators for its quarterly Asset-Based Lending Index and SFNet Confidence Index.  

“Despite the challenges, the asset-based lending industry remains on solid footing,” said SFNet CEO Richard D. Gumbrecht. “Portfolio performance is strong by historical standards, commitments are up, and lenders anticipate strong demand. Overall, the industry is decently-positioned to weather worsening business conditions and a potential recession.”