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  • Second Avenue Capital Partners Provides $35 Million Facility Supporting the New Sur La Table
    Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has provided a $35,000,000 senior secured credit facility to a joint venture of Marquee Brands and CSC Generation in support of their newly acquired luxury kitchenware retailer Sur La Table. Proceeds from the transaction are being used to provide additional working capital and support growth.
  • BDO USA Welcomes David Balderach and Robert Novak to its Business Restructuring Practice
    BDO USA, LLP is pleased to announce that David Balderach and Robert Novak recently joined the firm’s business restructuring and turnaround services practice. Balderach, an industry veteran serving the lending and restructuring needs of energy and oilfield services businesses for the past 30 years, has joined BDO’s Houston office. Balderach brings his deep industry experience to BDO to advise companies, lenders and other investors on complex restructuring matters. Novak brings more than 20 years of experience in crisis management, operations improvement and debt restructuring to the firm’s Chicago office. 
  • eCapital Structures $6M ABL Facility to Support Expansion and Product Innovation for U.S. Stone Distributor

    eCapital Corp. (“eCapital”), a leading tech-enabled specialty finance provider for small and medium-sized businesses across North America and the United Kingdom, has arranged a $6 million asset-based lending (ABL) facility to support the expansion and working capital needs of a growing distributor of stone and household fixtures in the southern United States.

  • Huntington Business Credit Closes Credit Facility With Dutchland Plastics, LLC

    Huntington Business Credit announced it closed a new $13,400,000 credit facility with Dutchland Plastics, LLC on December 20, 2019.  Proceeds of the facility were used to refinance existing debt and provide ongoing working capital growth financing.        

  • People's United Bank Provides $57.5 Million Credit Facility for ReNew REIT

    People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced its Healthcare Finance and Capital Markets Divisions provided a $57.5 million Credit Facility to ReNew REIT, a privately held healthcare real estate investment trust (REIT) formed in 2018 that focuses on independent living, assisted living and memory care communities.

    The facility provides ReNew and its joint venture partner, Heritage Senior Living, with capital to acquire a senior living campus in Douglassville, PA.  

  • Hard-hit Industries Vie for a Piece of Massive Fed Lending Program

    More than a week after Congress approved the largest fiscal stimulus in U.S. history, many companies still don't know if it will provide the financial lifeline they need to stay afloat.

    Since the legislation passed on March 27, industry groups have been pressing policymakers to ensure a large chunk of their firms can actually benefit from a major lending program at the heart of the new law. Under the CARES Act, the Treasury is getting $454 billion in funds to provide credit protection for the Fed's emergency lending operations, a backstop expected to lead to about $4.5 trillion in Fed lending.

  • LendingPoint Closes $250 Million Credit Facility Arranged by Guggenheim Securities

    The credit facility has an accordion feature, which allows the Company to increase the size of the credit facility to up to $500 million. On the closing date, the Company drew down $215 million of notes from the credit facility.

  • Wingspire Capital Provides $40 Million Senior Secured Financing to XL Funding

    XL Funding provides floorplan loans to auto dealers in more than a dozen markets, and will use the funding to refinance a previous bank loan and extend capital to more small and medium-sized dealers in populous states including California, Texas and Florida.

    Wingspire was attracted to XL Funding’s position of strength as consumers pursue affordable pre-owned automobiles amid the uncertain economy and a desire for “private” transportation during the coronavirus pandemic.

  • Anatomy of a Deal: Special Situations, Split-Lien Term Loan with a Bank ABL
    In the course of two weeks, SG Credit Partners (formerly Super G) went from first phone call to closing a complicated split-lien deal with a major bank ABL group. When you tell someone “we just closed another multi-lender transaction in less than two weeks,” the level of complexity, determination, and teamwork required to accomplish such a task, is rarely understood. This transaction provided a pay down to the senior lender, provided for critical payments to vendors and created liquidity for the company’s investment bank to run a refinancing process. Like most special-situation transactions, the initial loan was just the start, not the end. This Anatomy of a Deal will attempt to highlight the role of a non-bank credit fund, SG Credit Partners, partnering with conforming ABL.
  • White Oak Delivers $10MM ABL Facility to Veteran-Owned Engineering Firm
    White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced its Government Contracting Finance arm provided a $10 million asset-based lending facility to a veteran-owned engineering firm contracting with the New York City Housing Authority. The facility was secured by the firm’s billed accounts receivable and its earned-but-unbilled accounts receivable. The funds will be used for working capital.
  • PLAYSTUDIOS Announces New $75 Million Revolving Credit Facility

    PLAYSTUDIOS, Inc. (Nasdaq: MYPS) (“PLAYSTUDIOS” or the “Company”), an award-winning developer of free-to-play casual mobile and social games that offer real-world rewards to loyal players, announced today that it has entered into a new $75 million, five-year secured revolving credit facility (“New Credit Facility”) to support its future growth initiatives. The New Credit Facility also provides the Company with an option to increase the credit facility for up to an additional $75 million.

    JPMorgan Chase Bank, N.A., Silicon Valley Bank and Wells Fargo Securities, LLC, served as joint bookrunners and joint lead arrangers. JPMorgan Chase Bank, N.A., serves as the administrative agent.
  • Encina Business Credit Provides $25 Million Revolving Credit Facility to E-Commerce Retailer

    Encina Business Credit, LLC announced today that is has provided a $25 million senior revolving credit facility to an e-commerce retailer.

    The senior secured revolving line of credit, which is collateralized by accounts receivable, and inventory, was used to provide working capital financing.  In addition, the facility offers a $10 million accordion feature that allows for future growth.

  • Ares Commercial Finance Adds Partner to its Investment and Executive Committees

    Ares Commercial Finance (“ACF”) announced that Mitch Drucker has joined as a Partner. Mr. Drucker will be a part of the ACF leadership team comprised of Mitch Goldstein, Ryan Cascade, John Nooney and Oleh Szczupak.  He will also sit on the Investment Committee for ACF and be involved in all aspects of the business from origination to portfolio management.

    Mr. Drucker joins ACF from Garrison Investment Group, where he was responsible for Corporate Finance investments in Garrison’s Opportunity and Direct Lending Funds and was a member of the Firm's Management and Investment Committees.
  • WeWork Announces Completion of New Letter of Credit Facility
    WeWork ("the Company"), the world’s leading co-working and space-as-a-service platform, today announced the closing of its new $1.75 billion senior secured letter of credit facility. Goldman Sachs is the administrative agent of the new facility. Goldman Sachs, Citibank, DBS Bank, Deutsche Bank, Mizuho, Natixis and Société Générale participated in the syndication as joint lead arrangers and joint bookrunners, and other banks continue to look into participation in the facility.
  • Tempur Sealy Closes Bank Financing with JPMorgan Chase Bank, N.A., as Administrative Agent

    The Company entered into an incremental 364-day $200 million term loan (the "364-Day Loan") among several banks and other financial institutions, including JPMorgan Chase Bank, N.A., as administrative agent. The additional financing provided under the 364-Day Loan enhances the Company's liquidity during the unprecedented global impact of COVID-19. 

  • Lender Stayed From Proceeding With UCC Article 9 Sale
    Moritt Hock & Hamroff recently reported on the impact of the COVID-19 pandemic on Uniform Commercial Code (“UCC”) Article 9 sales.  Now, a second significant decision on this issue has been published.  While our last alert concerned whether Article 9 sales may proceed in light of Governor Andrew Cuomo’s Executive Order precluding foreclosures (and reported a decision holding such Article 9 sales may proceed), this latest decision addresses the Article 9 “commercial reasonableness” standard in the present environment, holding that the sale terms  established by the lender in question were  not reasonable and staying the sale for at least thirty (30) days.
  • Federal Reserve Board Announces it Will Extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by Three Months to June 30, 2021
    The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP.
  • Paragon 28 Enters Into $70 Million Credit Facility With MidCap Financial

    Paragon 28, Inc. a market leading orthopedic medical device company focused exclusively on the foot and ankle, today announced that the Company has entered into a credit facility with MidCap Financial ("MidCap") providing Paragon 28 access up to $70 million in total credit.

  • Tom O jan 06_150x150 The Distressed Organization and its Viability
    Editor's Note: This article is intended for newer entrants into the industry. Look for more content like this throughout the year.

    Most organizations move along a continuum. Diametrical opposites, the end points of the continuum reflect a very different state of affairs. At one end of the continuum is the custodial environment, which is relatively stable and resource rich. The organization is profitable with growing revenues as reflected in both margins and market share. This provides access to additional capital if required. Information provided to management is timely, relevant and reliable. It is used by a competent and stable management team.  

     

  • Webster Bank Closes $34M Senior Financing for The Metro Group, Inc.
    Webster Bank is pleased to announce that it has increased its senior secured credit facilities to $34 million in support of The Metro Group Inc.’s (Metro Group) acquisition of Response Electric (Response). The acquisition of Response further cements Metro Group as the best-in-class provider of water treatment, HVAC mechanical contracting, and electrical services to more than 20,000 residential and commercial building owners throughout metropolitan New York and across New England and Mid-Atlantic markets.

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