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Viracta Therapeutics Secures $50 Million Credit Facility from Silicon Valley Bank and Oxford Finance
Nov 8, 2021Viracta Therapeutics, Inc. (Nasdaq: VIRX), a precision oncology company primarily focused on targeting virus-associated malignancies, today announced that the Company has entered into a loan and security agreement with Silicon Valley Bank (SVB) and Oxford Finance LLC (Oxford) for up to $50.0 million. In connection with the $50.0 million credit facility, the Company and SVB agreed to terminate the Company's prior $15.0 million loan and security agreement and the existing $5.0 million debt balance was refinanced.
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How Blockchain and “DeFi” May Impact Lending in the Future
Nov 8, 2021Ever since the early days of blockchain with the 2009 introduction of Bitcoin, cryptocurrencies have been prone to periods of high and low valuation. After going through another “crypto-winter,” or period of low prices, lasting three years, cryptocurrencies have once again caught the attention of a broader investor community.
Since the second half of 2020, the sheer number of new cryptocurrency offerings and the price volatility have been breathtaking. For example, Ethereum—the number two cryptocurrency and blockchain platform by market cap—grew by 800 percent from October 2020-October 2021. As new investment vehicles for Bitcoin are introduced in the United States, the hype is at an all-time high.
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White Oak Provides $51.5 Million Commitment to HRB Brands to Finance Acquisition of Personal Care Brands From Helen of Troy
Nov 4, 2021White Oak Global Advisors (“White Oak”) is pleased to announce that it has provided a $51.5 million commitment to provide senior secured term debt financing to HRB Brands LLC (“HRB”) to effectuate their acquisition of a portfolio of personal care brands from Helen of Troy Limited (Nasdaq: HELE). The acquired portfolio includes the North American operations of 12 iconic and well-known brands such as Brut, Pert, Sure, and Ammens.
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UPSTACK Secures $100M from MidCap Financial and Morgan Stanley Private Credit
Nov 3, 2021UPSTACK, a profitable, fast-growing platform that transforms the architecture and sourcing experience for businesses seeking cloud and internet infrastructure solutions, announced today it has secured $100 million in financing from MidCap Financial and Morgan Stanley Private Credit. MidCap Financial is the Administrative Agent, Sole Arranger and Sole Bookrunner.
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CIT Serves as Joint Lead Arranger on $1.16 Billion Financing for PRO Unlimited Inc.
Nov 2, 2021
CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as joint lead arranger on a $1.16 billion financing for PRO Unlimited Inc., a leading Integrated Workforce Management (IWM) platform provider.
Serving hundreds of the world’s most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence and services to meet organizations’ flexible workforce needs.
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SG Credit Partners Acquires Stonegate Capital Holdings
Nov 1, 2021SG Credit Partners today announced its acquisition of Stonegate Capital Holdings (“Stonegate”) and its entry into asset-based lending with a focus on high-growth consumer and recurring revenue verticals. Stonegate will operate independently as a new division of SG Credit and continue to build upon its position as a market leader in non-bank direct lending. The acquisition of Stonegate establishes SG Credit Partners as the leading lower middle market credit platform delivering a complete range of credit solutions.
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Pitfalls of Incorporating Term Loan Provisions into ABL Credit Agreements
Nov 1, 2021When documenting an ABL facility alongside a separate term loan, borrowers and financial sponsors increasingly request that the ABL credit agreement be drafted to essentially match material terms of the term loan agreement. This understandable desire for conformity often overshadows fundamental differences between ABL and term loan facilities and can create significant issues for ABL lenders. The goal from the ABL lender’s perspective should be to understand the tradeoffs involved and provide a level of functional conformity in principal terms, while maintaining customary availability-based metrics and liquidity protections of ABL loan documentation which are often absent or inadequately covered in term loan documentation.
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Bridge Bank Issues $10 Million Asset-based Line of Credit to Shippabo
Oct 28, 2021
SAN JOSE, Calif., Oct. 28, 2021 /PRNewswire/ -- Bridge Bank today announced that its Capital Finance Group has issued a $10 million asset-based line of credit to Shippabo, a cloud-based supply chain-management platform serving the shipping and logistics industries.
Shippabo, based in Los Angeles, will use the asset-based line of credit to support working capital needs and finance its growth. Shippabo is a logistics technology company that has developed an online freight management application that helps import and export companies control their shipping process. -
How to avoid another Greensill: Diligence, Diligence, Diligence
Oct 27, 2021Greensill seems to be the gift that keeps on giving. If, like me, you are fascinated by financial scandals, there is a continuing narrative regarding the conduct of this business, its impact on its clients and the wider implications for businesses that operate under the general heading of supply chain finance (SCF). That said, we have come to discover that classifying Greensill as a supply chain finance business is probably inappropriate -
SFNet's YoPro Leadership Summit Recap: August 3-4, 2021
Oct 27, 2021On August 3 and 4, YoPro members from across the country gathered to attend the SFNet's YoPro Leadership Summit 2021 in Chicago. The conference provided in-person networking opportunities and insightful panels featuring industry leaders.
The leadership summit would not have been possible without the support of our sponsors – Event Co-Sponsor Hilco Global and Winston & Strawn LLP, Reception Sponsor, Wells Fargo, and our Supporting Sponsors, Gerber Finance and Gordon Brothers.
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Siena Announces $122M in New Facilities During Q3 2021
Oct 27, 2021Siena Lending Group announced it closed two deals in Q3 2021 for $110 million for companies in media services and mobile accessories. Siena Healthcare Finance announced it closed a $12 million deal for a company in the pharmaceuticals industry during Q3.
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Siena Healthcare Finance Hires Managing Director, Chief Risk Officer
Oct 25, 2021Siena Healthcare Finance is pleased to announce the addition of Dan Whitwer as managing director and chief risk officer.
Located in Los Angeles, Dan brings over 20 years of experience in asset-based lending to Siena. Prior to joining the Healthcare team, he served in senior executive positions at both Wells Fargo Capital Finance and Wells Fargo Healthcare Finance. Most recently, he led a team at Wells Fargo managing a $1 billion portfolio of asset-backed loans to healthcare companies. -
Kristin Lesher Named Head of Middle Market Banking for Wells Fargo
Oct 25, 2021
Wells Fargo & Company (NYSE: WFC) today announced that 21-year company veteran Kristin Lesher will lead Middle Market Banking, effective immediately. She reports to Kyle Hranicky, CEO of Wells Fargo Commercial Banking.
An industry leader in serving middle market companies, Wells Fargo provides financial solutions and specialized expertise across industries including agribusiness, food and hospitality, healthcare, investor real estate, government banking and technology.
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CIT Serves as Sole Lead Arranger for Up to $95 Million in Financing for Relaunch of Castle Rock Entertainment
Oct 21, 2021
CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business served as sole lead arranger and administrative agent on up to $95 million in financing toward the relaunch of noted Hollywood film production company Castle Rock Entertainment.
Castle Rock was founded in 1987 by Academy Award nominated director Rob Reiner, who will remain as CEO of the relaunched firm, along with Martin Shafer, Andrew Scheinman, Glenn Padnick and Alan Horn. Reiner will be joined by Michele Reiner and Matthew George as co-presidents. The transaction includes a senior secured credit facility for $65 million with an accordion feature for up to $30 million more.
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ePlus Announces New Credit Facility
Oct 20, 2021ePlus inc. (NASDAQ: PLUS), a leading provider of technology and financing solutions, today announced that its subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC (collectively, the "Borrowers") recently amended, restated and replaced in their entirety their existing credit agreements with Wells Fargo Commercial Distribution Finance Corporation ("CDF").
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Monroe Capital Appoints Zia Uddin as President
Oct 19, 2021Monroe Capital LLC (“Monroe” or the “Firm”) today named Zia Uddin as its President. Mr. Uddin who is a Partner and Portfolio Manager, Institutional Portfolios, will continue to report to Ted Koenig, who will remain the firm’s Chairman and CEO.
As President of Monroe, Mr. Uddin will oversee and implement Monroe’s long-term growth strategies. He will remain an active participant on the Firm Investment Committee as well as Co-Portfolio Manager, Institutional Portfolios, alongside newly appointed Co-Portfolio Manager, Chris Lund. He will continue to be responsible for the Firm’s Technology and Software investments. -
Young Professionals Need to Fail Better
Oct 18, 2021Young professionals. We need to fail better. We need to become comfortable with the idea of stumbling over obstacles. We need to stop feeling paralyzed by the anticipation of failure. Failure is not a source of shame. It is a badge of honor. It is progression. Let me explain. -
Capital One to Acquire TripleTree, LLC, Growing Capital Markets Capabilities
Oct 14, 2021Capital One announced today it entered into a definitive agreement to acquire TripleTree, LLC (TripleTree), a leading investment banking advisory platform serving market-leading healthcare companies, headquartered in Minneapolis, MN, with offices in New York. TripleTree will join Capital One Commercial Bank’s growing Capital Markets group, bringing deep focus and tailored expertise serving healthcare technology and services companies. Justin Roth, Head of Investment Banking, will continue to lead TripleTree.
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Tiger Finance Provides $8.2 Million Credit Facility to Outdoor Adventure Brands
Oct 13, 2021
Tiger Finance has closed on $8.2 million in growth financing for Outdoor Adventure Brands (OAB)—an ecommerce and retail company known for its Austin Canoe & Kayak stores in Texas and Summit Sports locations in Michigan.
Private-equity sponsor Digital Fuel Capital, an ecommerce-focused investment firm, is an investor in the specialty sporting goods retail company.
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White Oak Healthcare Finance Provides Financing to HighFive Healthcare to Support Growth Strategy
Oct 11, 2021White Oak Healthcare Finance, LLC (“White Oak”) today announced it acted as sole lender and administrative agent of a senior credit facility to HighFive Healthcare (“HighFive”). HighFive is a specialty dental service organization (“DSO”) focused on acquiring high production endodontics and oral surgery dental practices in the southeastern U.S.
The Secured Lender
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