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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.

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. 

Citizens Commercial Banking announced today that it is providing a $42 million asset-based credit facility to New York-based Stoli Group USA, an importer, marketer and distributor of Stolichnaya vodkas, along with other spirits and wines in the United States. Citizens is the sole lender.

Forever 21 said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

Axiom Bank, N.A., a Maitland-based, leading community bank, recently appointed Dan Karas as EVP of Allied Affiliated Funding, the Bank’s factoring and asset-based lending division.  In this role, Karas will be responsible for guiding the division and driving its initiatives toward continuing growth.

Karas’ commercial lending expertise spans nearly four decades with national and regional banks. In his most recent role at a Dallas-based community bank, Karas helped create its commercial finance businesses and expand its commercial lending platforms and grew profitability.

This year’s YoPro Leadership Summit, held virtually August 26-27, 2020 brought together the young professionals of the secured finance industry for opportunities to hear from industry leaders, connect with peers, and to discover together how to find success in the post-COVID environment. This year's theme was "Succeeding in the New Environment."

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.

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.

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”).  

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.