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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.

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. 

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 (“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.

In the beginning of the pandemic, we reported that courts viewed Article 9 sales with a more critical eye.  For example, we previously reported that Justice Masley of the New York Supreme Court, New York County Commercial Division, issued a  decision on June 23, 2020 in D2 Mark LLC v. OREI VI Investments, LLC, holding that a UCC Article 9 sale on thirty-six (36) days’ notice, which required the winning bidder to make a non-refundable deposit of 10% of the purchase price, pay the remaining balance within 24 hours, and precluded the borrower from submitting a bid, was commercially unreasonable because of the dire implications of COVID-19. Article: Lender Stayed From Proceeding With UCC Article 9 Sale

Vince Mancuso brings more than 30 years of experience in commercial finance, offering strategic leadership and deep industry insight to stakeholders and service partners.

House Democrats unveiled a massive $3-trillion virus-relief bill Tuesday, combining aid to state and local governments with direct cash payments, expanded unemployment insurance and food stamp spending as well as funds for voting by mail and the U.S. Postal Service.  A vote is likely on Friday.

While the bill is not supported by House Republicans (or expected to become law), it is the opening salvo for the next COVID-19 relief package, which will likely face protracted negotiations between the White House and Congress.

House Democrats prepared the below summaries, which make a number of changes to programs in the CARES Act, including  to the Payroll Protection Program (PPP).  

As with any industry, lending to the business aviation sector comes with its own set of risks. Shelley Svoren of First Republic Bank gives readers the insider’s tips on this industry.

We tend to believe that most people who go to an interview will automatically take the job if it is offered, but many times that is not the case. It is important to remember that while you are interviewing the candidate, the candidate is also interviewing both you and the company. Just as the company has a checklist of what it is looking for, so does the candidate. Here is a guide to some of the most tried and true ways for an interviewer to ensure a ‘Yes!’ from a candidate after only one interview.

Citizens Financial Group, Inc. [NYSE: CFG] today announced a definitive agreement to purchase the assets of Trinity Capital, a Los Angeles-based advisory firm that delivers a range of financial services to commercial clients. This transaction, which follows several other recent moves by Citizens to add key talent and solutions, further strengthens Citizens’ growing advisory capabilities.

Cadence Bank today announced the rebrand of AloStar Capital Finance, a division of the bank that provides asset-based lending (ABL) and specialty finance solutions, to Cadence Business Finance (CBF). Along with its new name, logo and website, the rebrand introduces new leadership and a realigned business focus to better serve the growth and operational needs of performing middle-market businesses.

Norbert “Norb” Schmidt has been appointed executive vice president and director of capital finance of Cadence Business Finance. 

In a letter to Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell, SFNet CEO Rich Gumbrecht provided recommendations to help facilitate the objectives of the newly introduced Main Street Expanded and New Loan Facilities as set out by the Federal Reserve. Given that many of the potentially eligible borrowers who would benefit from the Programs have existing collateralized debt, SFNet reasoned that it is critical that the Programs specifically address the relationship between existing secured loans and the additional loans provided for in the Programs. The inability to do so would “limit access to this critical source of capital, imperiling jobs and jeopardizing economic recovery”. The benefit of clarifying and amending these protections would “mitigate the current economic hardship being experienced by [Main Street companies] and bolster this critical part of the capital supply chain”. SFNet further positioned that non-depository lenders should be eligible lenders to maximize the benefit of the Programs.

Click here to view the letter.

S&T Bank has named Eric Huff as senior vice president, managing director of asset-based lending.

With over 25 years of experience in financial services, most recently as the senior regional director and business development officer at Huntington Bank, Huff brings a wealth of knowledge and experience. In his role at S&T Bank, he will be responsible for the ongoing sales and growth of the bank’s asset-based lending portfolio.