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Encina Business Credit, LLC announced today that it has provided a $75 million senior secured revolving credit facility to a leading global provider of risk management and operational support services to government and commercial clients.

The senior secured revolving line of credit, which is collateralized by accounts receivable, was used to refinance existing debt and provide ongoing working capital financing.

Nneoma Maduike, member of SFNet’s Diversity, Equity & Inclusiveness Committee interviews Anthony C. Hood, PhD, executive vice president and chief diversity, equity and inclusion officer of First Horizon National Corp. Dr. Hood is responsible for cultivating and expanding First Horizon’s strategic leadership in developing and implementing programs and initiatives that advance the Company’s Diversity, Equity and Inclusion (DEI) efforts.

Richard Hawkins, CEO of Atlantic RMS, considers the implications of the UK government's latest announcement and its impact on asset-based lending to UK business.

Screen shots of the various First Place Teams from the Go Game festivities held on October 27. Attendees had a great time competing in trivia and lip syncing competitions.

Gibraltar prides itself on its ability to provide companies and their private equity sponsors with flexible financing and maximum liquidity, based on our ability to understand each business’ special situation. This enabled us recently to provide Texas-based Easy Gardener Products, Inc, a $20 million credit facility to help with a restructuring.

Easy Gardener designs, manufactures, and sells a broad range of consumer lawn and garden products. It sells its products under several well-known patented and trademark brands such as WeedBlock, Jobe's, Emerald Edge, Landmaster, Ross, and Jobe’s Organics. Its customer base includes longstanding relationships over a 20- to 30-year period with a robust network of large national home improvement and mass merchant retailers as well as local hardware stores and independent garden centers and nurseries.

Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), announced today it has provided a $12,500,000 senior secured credit facility to Carlisle Etcetera, LLC (the “Company”), a direct-to-consumer women’s luxury apparel brand. 

MIDCAP FINANCIAL today announced that it has successfully closed the acquisition of substantially all of PNC Bank's Franchise Finance loan portfolio. In conjunction with the acquisition, six members of the Franchise Finance business have joined MidCap Financial including Bernard Lajeunesse, former Senior Vice President and General Manager of PNC Franchise Finance, who will be leading the new initiative.

At a meeting of its Executive Committee in June, SFNet put forward a plan to establish two new standing committees. The first would seek to understand and address issues of diversity, equality and inclusion as they affect the SFNet Community. The second would focus on the proliferation of international secured finance. The formation of the new committees, which would hold seats on SFNet’s Executive Committee, will be presented for approval to SFNet Member Directors along with the overall recommended slate of 2021 Fiscal Year Executive and Management Committee candidates later this month.

On Wednesday morning, Brooks Brothers, which Claudio Del Vecchio purchased in 2001, succumbed to its debts amid the coronavirus crisis and filed for bankruptcy in Delaware.

The company listed both its assets and liabilities as ranging between $500 million and $1 billion.

The filing was not a surprise — WWD reported Tuesday that it was imminent. Brooks Brothers entered the process with $75 million in debtor-in-possession financing obtained from WHP Global, the newly formed brand management firm headed by Yehuda Shmidman that is among the parties interested in acquiring the business.

In addition to WHP Global, sources have said that Authentic Brands Group in partnership with Simon Property Group and Brookfield Property Partners is also interested in buying the iconic brand.

SFNet's 75th Annual Convention featured a fantastic lineup of thought leaders whose insights helped attendees see around corners and make the best decisions for their  business. From leading private debt and equity players and supply chain experts to M&A advisors, ground-breaking economists and the best minds in the legal community, industry authorities shed light on the issues affecting attendees' business now and in the future. The latest data and forecasts including all new studies dimensioning the secured finance market and examining its inter-relationships was also presented. Whether an ABL lender, factor, advisor, intermediary or other, there was something for everyone in our Network.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced that Wes Reagan has joined the Lender Finance Team as Managing Director of Underwriting. He will be responsible for underwriting, sourcing, structuring, and managing lender finance and ABL transactions as part of White Oak’s expanded lender finance and asset-based lending platform. Wes is based in Atlanta and will report to Neal Mulford, the Head of Underwriting and Portfolio Management.

The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.

Wells Fargo Strategic Capital, a division of Wells Fargo & Company (NYSE: WFC), announced Dr. Rodney Altman as the newest managing director in its Healthcare Group, effective immediately. Altman, also a part-time physician at Stanford University Medical Center, is based in San Francisco and will work alongside the other members of the Healthcare Group, including John Ryan, Christine Guo, and Robert Rein.

Piper Sandler & Co. acted as financial advisor to Banc of California in the transaction and delivered a fairness opinion to the Board of Directors of Banc of California. Sullivan & Cromwell LLP served as legal counsel to Banc of California. Keefe, Bruyette & Woods, Inc., a Stifel Company, acted as financial advisor to Pacific Mercantile and delivered a fairness opinion to the Board of Directors of Pacific Mercantile. Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to Pacific Mercantile.