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Aftermath
Aftermath means the consequences or aftereffects of a significant unpleasant event, like Covid-19. The financial system is going to experience this first-hand. No firm, whether it be bank or non-bank, will be left unscathed. The author is purposely writing this article now in order to predict that one of the many untold stories will be that the nation’s biggest banks were expecting the unexpected as it pertains to their middle-market C&I and ABL portfolios. Clearly, no bank in the country could have imagined a complete shutdown based on a virus, but what they could and did imagine was a severe depression irrespective of the cause. Not only were they expecting, but they were prepared in unexpected ways. The same cannot be said for certain community and regional banks and BDCs, which might not have had the resources, scale or wherewithal to prepare. -
2024 Threats to Manufacturing and Industrial Businesses – Lenders Beware
How will reduced consumer spending and increased leverage cost stress manufacturing & industrial companies in the year ahead? -
Sterling Bancorp Launches New Innovation Finance Group; John Hoesley and Josh Roberts to Spearhead New Vertical
The Innovation Finance Group will focus on providing a full suite of lending and banking products to growing technology companies across all stages of development, including asset-based solutions, recurring revenue-based revolving lines of credit, treasury management, foreign exchange and other solutions.
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Fifth Third Bank Announces Leadership for San Francisco Expansion Strategy
Fifth Third Bancorp (Nasdaq: FITB) announced today that Peter Gruebele has joined Fifth Third as senior vice president and San Francisco market executive. In this role, he will report to Joseph Yurosek, California market president for Fifth Third Bank.
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Interview with Ryan Jaskiewicz of 12five Capital, LLC
Ryan Jaskiewicz is CEO of 12five Capital, LLC. He started 12five Capital in early 2006 at the age of 23. Jaskiewicz attended University of Illinois at Chicago where he received a bachelor of arts in political science.
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New Fortress Energy Announces $800 Million Term Loan Facility
New Fortress Energy LLC (NASDAQ: NFE) ("New Fortress" or the "Company") announced today that it has executed a fully committed $800 million term loan facility (the "Term Loan Facility") provided by certain funds and accounts managed by affiliates of Apollo Global Management, Inc. (together with its consolidated subsidiaries, "Apollo") (NYSE: APO).
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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.
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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.
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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.
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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.
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LBC Credit Partners Supports the Acquisition of My/Mo Mochi Ice Cream
LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured credit facility to support the acquisition of My/Mo Mochi Ice Cream (“Company”) by an investment fund managed by Lakeview Capital, Inc. LBC served as agent and sole lead arranger for the senior secured credit facility.
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Lenders Think About Recession Readiness
The head of Capital One’s Financial Institutions Group reviews the trends that lenders should be watching as we shift into 2020. -
Will the Coronavirus impact your borrowers?
Do not underestimate the impact of the Coronavirus on a company’s Q1 and Q2 2020 financial results. The supply chain issues are unknown, the potential economic slowdown is unknown, and the length of time the impact will be felt is unknown.
This will certainly be a standard excuse for performance weakness that will be heard over the next year. Be prepared!
As a lender, which borrowers do you consider for impact, and what do you do to stay ahead of the problem?
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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.
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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.
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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.
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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.
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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.
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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.
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Hilco Global Acquires Getzler Henrich, Adding the Nationally Recognized Corporate Turnaround and Restructuring Advisory Firm to its Diversified Financial Services Platform
Hilco Global (www.hilcoglobal.com), the privately held diversified financial services company delivering valuation, monetization, advisory and capital solutions to businesses around the world, announced today that it has entered into a definitive agreement to acquire the New York based firm - Getzler Henrich & Associates LLC ("Getzler Henrich”) (https://getzlerhenrich.com).
Getzler Henrich is a 53-year-old nationally recognized turnaround and restructuring advisory firm that focuses on providing operational and financial solutions to middle-market businesses and their stakeholders.
The Secured Lender
SFNet's 40 Under 40 Awards Issue
