Articles

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 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.

Bantry Bay Capital Limited (“Bantry Bay” or the “Company”), the specialist lender, has established a joint venture partnership with funds advised by Elliott Advisors (UK) Limited and its affiliates (together “Elliott”). Elliott Advisors (UK) Limited is an affiliate of Elliott investment Management, L.P., the global fund manager with approximately $41.8 billion in assets under management.

U.S. Bank announced that John Freeman has been added to the Asset-Based Finance (ABF) team to head the group’s Corporate Client West and Southwest Originations.  Based in Los Angeles, Freeman brings more than 25 years of Asset-Based Lending experience with an extensive background in Credit, Restructuring, and Originations.  John will be responsible for providing asset-based solutions to companies, intermediaries and financial sponsors.

Tim Knight is the vice president and senior managing partner with ThinkingAhead, where he is responsible for operations, training and recruiting for the firm. He also leads the partner group that heads up the firm’s Commercial Banking and Commercial Finance, Legal, Life Sciences and Security/Physical infrastructure search practices.

This is Tim’s 25^th year in executive search. Prior to joining ThinkingAhead, he was with Southwestern Advantage as a District Sales Manager recruiting and training salespeople. Including his college summers, Tim has been with Southwestern Family of Companies for 35 years. In his 24 years with ThinkingAhead, he has personally filled over 400 engagements for clients and his teams over 2300 professionals placed with client companies and is the all team leader in personal production for ThinkingAhead.

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”).  

The PNC Financial Services Group, Inc. (NYSE: PNC) and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE and MAD: BBVA) today announced that they have signed a definitive agreement for PNC to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion to be funded with cash on hand in a fixed price structure.

BBVA USA Bancshares, with $104 billion in assets and headquartered in Houston, Texas, provides commercial and retail banking services through its banking subsidiary BBVA USA and operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. When combined with PNC's existing footprint, the company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the U.S.

Citizens announced today that it served as Lead Left Arranger for Houston-based Moda Midstream’s $300 million senior credit facility in which seven financial institutions participated.

Moda is a Texas-based infrastructure company that stores and handles liquid products that are essential to our economy and our way of life. Moda is a trusted, innovative partner dedicated to safely, reliably and efficiently moving liquids from origin to destination.

Tiffany Dufu will be a Keynote Speaker at SFNet’s virtual Women in Secured Finance conference July 29-30. For more information or to register, please click here. 

Tiffany Dufu is founder and CEO of The Cru. Their algorithm matches circles of women who collaborate to meet their personal and professional goals. She’s also the author of the bestselling book Drop the Ball: Achieving More by Doing Less. According to the foreword contributor Gloria Steinem, Drop the Ball is “important, path-breaking, intimate and brave."

Named to Fast Company’s League of Extraordinary Women, Tiffany has raised nearly $20 million toward the cause of women and girls. She was a launch team member to Lean In and was Chief Leadership Officer to Levo, one of the fastest growing millennial professional networks. Prior to that, Tiffany served as President of The White House Project, as a Major Gifts Officer at Simmons University, and as Associate Director of Development at Seattle Girls’ School.

After careful review, the Advocacy Committee of SFNet  determined that we should provide additional comments to the Fed and Treasury in an effort to make the Main Street Loan Programs better suited to ABL lenders.   Among key issues raised were (i) making it available to nondepository lenders so that they may, in turn, serve their borrowers; (ii) reducing the minimum on the MSELF from $10 million to $1 million; (iii) eliminating the requirement that any Main Street loans be pari passu with the ABL facility and collateral; (iv) ensuring that participation in the loans is guaranteed to be in the program prior to lender funding and (v) eliminating EBITDA as a metric for both eligibility and loan sizing. Please click here to view the letter.