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  • Michele Ocejo Results of SFNet’s Groundbreaking DEI Survey
    SFNet’s DEI Committee, in conjunction with Rutgers University and underwritten by the Secured Finance Foundation and Wells Fargo, released the results of the first-ever DEI Survey, which provides a comprehensive perspective on the current state of diversity, equity and inclusiveness among SFNet member companies.
  • Charlie Perer Don’t hate the player, hate the game! The ABL game has changed.
    There have been many changes to the middle-market ABL industry over the past decade, but none more seminal than the dramatic shift in underwriting methodology to include enterprise value. But what about the assets?  Liquidating middle-market businesses with at least ABL net funds employed of $10+ million, and majority much higher, can be a difficult task. Specifically, when dealing with heavy-inventory situations as well as loans against non-working capital assets, such as M&E, RE and IP.  It constrains internal resources, has serious risk of not returning capital and is not the preferred path to go vs. running a sale process.  ABLs understand the risks and have had to adjust underwriting to factor in enterprise value as part of determining whether to get aggressive or even propose. 
  • Newtek Business Services Corp. Signs Agreement to Acquire National Bank of New York City
    Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that it entered into an agreement to acquire National Bank of New York City (“NBNYC” or the “Bank”), a nationally chartered bank with approximately $204 million in total assets and $36.5 million in tier 1 capital (each as of June 30, 2021; does not reflect the impact of pre-closing dividends to selling NBNYC shareholders) for $20 million in cash (the “Acquisition”). 
  • Joseph Nemia, TD Bank Review and Forecast with Joseph Nemia, Executive Vice President - Head of Asset Based Lending at TD Bank

    Joseph Nemia looks back at 2019 and discusses what the secured finance industry can expect to see in 2020.

     

  • Tenable Announces Closing of New Senior Secured Credit Facility
    Tenable®, Inc. (“Tenable”), the Cyber Exposure company, today announced it has entered into a new credit agreement, which is comprised of a $375.0 million senior secured term loan facility (the “Term Loan”) and $50.0 million senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Loan, the “Credit Facility”).

    JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Bank of America, N.A., and Barclays Bank PLC acted as joint lead arrangers and joint bookrunners for the Credit Facility.
  • JenniferCann_Headshot_150 Jennifer Cann Joins Bank of America Business Capital as SVP

    Bank of America Business Capital announced that Jennifer Cann has joined as senior vice president and head of the Retail Finance Group Portfolio. Based in Boston, Jenn manages the ABL Retail Portfolio team responsible for credit, monitoring and strategic development. 

     
  • Rob Meyers photo Get to (Really) Know Rob Meyers

    The following interview is a transcript from SFNet YoPro Committee member Avi Levine interviewing Rob Meyers, president, CCO & managing member of Republic Business Credit, in April 2020. Rob previously served as chair of SFNet's National Young Professionals Committee and spearheaded the YoPro Annual Leadership Summit, now in its third year. We hope you enjoy getting to know the industry’s young professionals.


  • A New Multinational Financing Frontier? Recent US Tax Guidance Opens New Avenues of Foreign Credit Support for Certain US Borrowings at an Uncertain Cost
    As lenders, borrowers and their advisors are well aware, the enactment of what is informally referred to as the Tax Cuts and Jobs Act (the “TCJA”) introduced fundamental changes to U.S. tax law that immediately impacted the structuring, terms and implications of financing arrangements. Although the TCJA’s initial effects were significant, the prospect of future material changes also existed in the form of implementing guidance. True to that promise, recently finalized regulations (the “Regulations”) promulgated under Section 956 may have the most dramatic effect yet on financing arrangements involving multinational companies.
     
  • Inscape Announces new and Increased $15,000,000 Credit Facility
    Inscape Corporation ("Inscape" or the "Company") (TSX: INQ), is pleased to announce that the Company has today entered into a new $15,000,000 senior credit facility with FrontWell Capital Partners Inc. (“Frontwell”) to replace the company’s existing senior credit facility with CIBC. The new loan facility (the “Loan Facility”) is a secured revolving credit facility having a committed term of twelve months, with options to renew thereafter. The proceeds of the Loan Facility will be used to repay existing indebtedness of the Company, finance new capital equipment and for general working capital purposes.
  • Wingspire Capital Provides $46 Million Senior Secured Credit Facility to Worldwise, Inc.

    Wingspire Capital LLC (“Wingspire”) is pleased to provide a $46 million senior secured credit facility to Worldwise, Inc., a leading designer and supplier of pet products.

    The transaction includes a $30 million revolving line of credit and a $16 million term loan to replace the previous credit facilities and enable Worldwise to meet the growing demand for cat and dog toys, beds, carriers and other pet products as the pet category continues to grow both in the U.S. and worldwide.

  • garrick_tan_web_150x150 White Oak Commercial Finance Welcomes Garrick Tan as Managing Director in Boston
    White Oak Commercial Finance ("White Oak") is pleased to announce that Garrick Tan has joined the firm as a Managing Director and Business Development Officer of its expanded ABL and Lender Finance platform. This is one of three new senior BDO positions filled to join the existing five-member Originations team, which focuses on sourcing transactions with committed capital needs ranging from $15 - $250 million. He will report to Vice Chairman, Andrew McGhee.
  • RobKatz SFNET, Peoples United Bank and EisnerAmper Partner with Temple University

    As an SFNet Chapter leader, some of the most enjoyable times are spent working with the next generation.  Joe Accardi, Head of New Business Development at Peoples United Business Capital, and I did that earlier this fall at Temple University, where I have been an adjunct professor for the last 11 years.  During the last two semesters, Joe has led discussions on asset-based lending (ABL) with graduating seniors.  Jeff Walsh and the team at SFNet prepared a slide presentation on the particulars of ABL and Joe also prepared a separate supplement.

  • Otterbourg Names Valerie Mason and Nneoma Maduike as Co-Chairs of Lender Finance Practice Group

    Otterbourg P.C. announced today that Valerie S. Mason and Nneoma A. Maduike have been named Co-Chairs of the firm’s Lender Finance Practice Group.

    Otterbourg’s experienced Lender Finance team advises and represents the largest US and global institutional lenders and regional banks, as lenders and mature lenders, sponsor supported companies, and strategics, ranging from start-ups to mature traditional lenders and funds, merchant cash advance companies, asset-based lenders, factors and fintech lenders, as borrowers, in “lender to lender” secured revolving credit and term loan facilities.

  • Charlie Perer Innovation, Competition and Consolidation in the Non-Bank Small-Ticket ABL Space
    The sub-$10 million ABL facility space has long been a paradox.  Over the years, new capital providers havee entered only to chase too few loans, while incumbent asset-based lenders shift and migrate strategy.  This creates a shortfall of good assets, and the cycle continues.  But it’s not always that easy.  Right now, we sit in what should soon be the start of a brand new cycle thanks to Covid-19. The past few years have been brutally competitive for the sub-$10 million ABL industry given the new entrants, specialization and certain vintage firms migrating upmarket.  Top of the market, like the last few years, may seem like an auspicious time to raise capital to form a new ABL shop, but that is exactly what happened in expectation of a re-set. The difference now is that the bar is higher and the need for scale or a point of difference, whether it be industry focus, national scale or selling strategy, has never been greater. 
  • Alleon Healthcare Capital Provides a $750,000 Medical Accounts Receivable Financing Facility to a Pennsylvania-Based Pharmacy

    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”).  

  • Eileen Wubbe 150x150 PPE Funding Roundtable
    Four executives from SFNet member companies discuss their experience in adapting to the surge of funding requests for personal protection equipment (PPE). TSL Express sat down with Jeff Goldrich, president and CEO, North Mill Capital; Edward King, founder and managing partner King Trade Capital; Paul Schuldiner, executive vice president and purchase order finance division manager, Rosenthal & Rosenthal; and Scott Winicour, CEO, Gibraltar Business Capital to learn more.
  • Nassau Financial Group Forms Nassau Global Credit
    Nassau Financial Group, L.P. (“Nassau”) today announced the formation of Nassau Global Credit (“NGC”), which combines Angel Island Capital Management (“AIC”) and Nassau Corporate Credit (“NCC”). NGC will be a subsidiary of Nassau’s asset management segment, Nassau Asset Management, and will be led by Alexander Dias as Chief Executive Officer and Jonathan Insull as Chief Investment Officer.
  • Mark Hafner, Celtic Capital You Can Bend Credit Criteria Only So Far Before Something Breaks

    The recession of 2008-2009 brought many lessons to the lending community; and the small independent finance companies were no exception. When looking back at that period, many of the lessons that we should all remember occurred in 2005-2007, during the lead up to the recession.

    If you’ll recall, the economy was strong and business was booming. For small independent finance companies (that typically run counter-cyclical), new business was harder to come by and highly competitive. As is often the case, this led to aggressive structures and lower pricing, a bad combination.

  • Huntington Business Credit Closes $250 Million Credit Facility with Concordance Healthcare Solutions, LLC
    Huntington Business Credit acting as administrative agent and joint lead arranger announced it closed a new $250,000,000 credit facility with Concordance Healthcare Solutions, LLC on December 28, 2020.  Proceeds of the facility were used to refinance existing indebtedness and to provide ongoing working capital growth financing.      
  • Great Rock Capital Expands Management Team, Adds Chief Risk Officer

    Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced Kathleen Auda has joined the firm as Chief Risk Officer. Auda will be responsible for overseeing both the underwriting and portfolio management teams and will report to Stuart Armstrong, CEO and CIO.

     

     

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