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Robyn Barrett, founder and managing member, FSW Funding, Discusses “The Profitability of a Lender”.
Apr 19, 2013

In his book Good to Great Jim Collins states, “There aren’t actually all that many companies that make it to…
Mike Sweeney of EverBank Commercial Finance Inc. discusses the Affordable Healthcare Act.
Apr 11, 2013
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.
COVID-19 is popularizing asset-based lending. Here’s why.

Edward Gately of MUFG discusses the reasons for ABLs rise in popularity as a result of the pandemic.
What a Lender Needs to Know: Key Loan Document Terms in a Time of Crisis

As circumstances are moving rapidly, companies and their lenders are dealing with unprecedented times. While companies try to determine the full impact of the current economic tailspin on their businesses, lenders are looking to understand their risks and how they can respond to them.

The credit agreement sets out the rules of the road for the relationship between a company and its lenders. In the list of credit agreement provisions set out below we attempt to provide a map for the secured lender for navigating those rules, anticipating where there may be bumps or wrong turns and providing some guidance for where a lender may go in the credit agreement to determine its path when confronted with a borrower in distress.
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.
Gannett Refinances $1B in Debt From Merger in Cost-saving Move, Arranged by Citigroup Global Markets

Gannett, owner of USA TODAY and more than 260 other publications, said Monday that it has refinanced about $1 billion in debt in a move that will lower the company’s interest payments and save tens of millions of dollars a year.

The new $1 billion loan, arranged by Citigroup Global Markets, will mature in February 2026, the company said, replacing debt that was due in November 2024. The deal is scheduled to close early next week.

The move refinances more than half the loan that bankrolled the merger of GateHouse Media parent New Media Investment Group and the company previously known as Gannett in November 2019. The combined company took the name Gannett.
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.
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.
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.
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”).
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.
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.
Amerisource Closes $17,000,000 Credit Facility for Industrial Sand and Construction Aggregate Firm

Amerisource Business Capital announced the closing and funding of a $17,000,000 senior credit facility for an Iowa-based sand and construction aggregate firm. The proceeds were used to continue the expansion of their business lines and support their ongoing working capital needs.
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.
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.
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.
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.

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