Citizens Financial Group, Inc. [NYSE: CFG] today announced a definitive agreement to purchase the assets of Trinity Capital, a Los Angeles-based advisory firm that delivers a range of financial services to commercial clients. This transaction, which follows several other recent moves by Citizens to add key talent and solutions, further strengthens Citizens’ growing advisory capabilities.

Alleon Healthcare Capital ("Alleon"), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $750,000 medical accounts receivable financing facility with a pharmacy in Pennsylvania (“Company”).  

Crestmark secured a total of $12,000,000 in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $12,156,249 in 12 new lease transactions; Crestmark Vendor Finance provided $7,472,296 in 87 new lease transactions; the Joint Ventures Division provided $994,451 in financing for one client; and the Government Guaranteed Lending Division provided $9,747,000 in financing for seven new clients in the second half of January.

MidCap Business Credit announced today they have closed on a $14,000,000 asset-based revolving line of credit for Allied Dairy Products, Inc. and subsidiaries, headquartered in Chatham, New Jersey.  

SFNet is your advocate at the state and federal level. See below for current legislative issues SFNet is working on relevant to secured finance. If you have any questions or comments, please reach out to the Advocacy Committee Staff Liaison, Michele Ocejo.

Refinitiv’s director of analytics shares with readers the latest data surrounding the syndicated market.

Wingspire Capital Holdings (“Wingspire”) today announced that it has provided a $36.5 million senior secured loan to R.W. Sidley (“RWS”). Loan proceeds were used to refinance its existing bank facility, while providing a more patient and flexible capital structure to help management achieve its strategic growth initiatives.

D.A. Davidson & Co. acted as financial advisor to Pacific Premier in the transaction and delivered a fairness opinion to the Board of Directors of Pacific Premier. Holland & Knight LLP served as legal counsel to Pacific Premier. Piper Sandler & Co. acted as financial advisor to Opus and delivered a fairness opinion to the Board of Directors of Opus. Sullivan & Cromwell LLP served as legal counsel to Opus.

FTC Commercial Corporation was launched in 2002 with a strong focus on small and medium-size enterprise. Co-founder Ken Wengrod tapped into his experience, having worked in factoring and retail to create a company that understands the entire trade cycle of manufacturing and importing.

SC&H Capital announced it is expanding its capabilities to service distressed mergers and acquisitions (M&A) by adding seven members of the boutique investment banking firm, Equity Partners, to its investment banking advisory team.

Equity Partners is recognized nationally for its work in distressed M&A and has led and managed more than 600 transactions nationally since its founding in 1988. The Easton, Maryland -based firm will cease operations as members of its team take on key roles at SC&H Capital.

LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured credit facility to support the acquisition of EDSCO Fasteners LLC (“EDSCO” or the “Company”) by MiddleGround Capital. LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.

Huntington Business Credit announced it closed a new $13,400,000 credit facility with Dutchland Plastics, LLC on December 20, 2019.  Proceeds of the facility were used to refinance existing debt and provide ongoing working capital growth financing.        

SFNet President John DePledge, Head of ABL at Leumi Business Credit, and Riemer & Braunstein finance partner, Lon Singer, address the special business and legal considerations involved in lending to a company that operates as a licensee of a famous brand.

Aaron Hughes, Managing Director of Equiniti Riskfactor, a leading provider in the commercial finance industry, examines the SME lending market for the coming year and the importance of risk management to lenders.

Greater focus placed on domestic deals, albeit majority of U.S. M&A leaders acknowledge that capturing full deal value is a growing sore spot.

The whole financial world is working to move away from Libor and other interbank lending benchmarks, which for decades have been used to set borrowing costs on bonds and loans, as well as products ranging from derivatives to credit cards. Since 2018, more than $150 billion worth of bonds have been sold using rates set by a new generation of benchmarks. The syndicated loan market is lagging far behind, with at least $12 trillion of deals needing to be replaced or rewritten so they follow a Libor alternative. There are no easy fixes in sight despite potential deadlines as early as this year.