Articles

The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced the completion of an $80 million secured term loan financing with Crystal Financial LLC. The net proceeds from the term loan will be used to repay borrowings under the Company’s secured revolving credit facility with certain banks.

Ares Commercial Finance announced that it has provided a senior secured revolving line of credit to Stevens Aerospace and Defense Systems LLC.  The company is owned by principals of the NTC Group, Inc.  Proceeds of the financing will be used to refinance the company’s existing credit facility and to provide ongoing working capital support.

SFNet’s Asset-Based Capital Conference (ABCC) is returning to Las Vegas, February 8 - 9, 2022 at the Encore at the Wynn in Las Vegas, NV, and will offer outstanding networking opportunities and insightful panels geared specifically for asset-based lenders in the capital markets. This conference brings together the decision makers who get deals done. A virtual attendance option supported by our online platform, SFNet Connect, will also be offered. ABCC will coincide with TMA's Distressed Investing Conference, allowing the ever-popular Joint SFNet/TMA Reception to be held again this year.

“We recognize the importance of fulfilling our purpose of bringing together the resources that put capital to work – especially in this environment,” said Richard Gumbrecht, CEO, SFNet. “We are encouraged by the positive response to holding the meeting in the safest way we can, including live streaming and outdoor networking under heat lamps. We are seeing a significant and growing number of in person registrants who are committed to a productive experience, including over 600 participants expected for the joint reception with TMA alone.”

The pressures brought on by the Covid-19 pandemic have increased the likelihood of borrowers breaching their financial covenants. Secured lenders should be aware that force majeure clauses in contracts might be invoked by companies. Here, industry executives provide their views on this concern. 

On Sunday night, March 22, 2020, the federal banking agencies (OCC, FDIC, NCUA, Federal Reserve), the Consumer Financial Protection Bureau and the State Conference of Bank Supervisors issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus.

Fifth Third Bank, National Association, announced today that Mitchell Feiger, the chairman and CEO of Fifth Third Bank (Chicago), will retire on May 29, 2020. Succeeding him as the leader of the Chicago region will be Mark Hoppe, who had been named to the post of regional president in July 2019. Feiger had served in his current role since the merger of Fifth Third Bank and MB Financial in March 2019. He previously had served as president and CEO of MB Financial. 

Aaron Hughes, Managing Director of Equiniti Riskfactor, a leading provider in the commercial finance industry, examines the SME lending market for the coming year and the importance of risk management to lenders.

Gerber Finance found the ideal candidate in Andrew Hollingsworth to develop its Natural Products Group and set up a west coast operation to serve its clients' growing portfolio. Andrew possesses a keen understanding of the mindset and needs of natural product companies, having served as CFO for Numi Organic Tea, and brings a deep background in banking, accounting, and finance. Andrew manages Gerber Finance's growing portfolio of natural products clients who value the consultative, relationship that is the hallmark of the Gerber formula. Natural Products Group clients include baby food and products, mushroom mycelium powders, protein powders, sustainable and reusable food storage bags, organic tea, and Asian bone broths and noodles.

As the former CFO of Numi Organic Tea, Andrew was first a client of Gerber Finance, supporting the growth of the business and the brand's expansion. In his role, Andrew garnered an in-depth knowledge of supply chains, business seasonality, and cycles, supporting the need for investment in innovation and the expansion into new markets, leading strategic planning and analysis, debt financing, and investment rounds.

Citibank N.A ("Citi") acted as sole structuring agent. The bank syndicate for the RCF and TLA is led by Citi; Export Development Canada; Bank of Montreal; and Toronto-Dominion Bank; and also includes Canadian Western Bank; HSBC Bank Canada; and Bank of America, N.A.

CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger of $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals.

The buyer is a joint venture directed by an affiliate of Rethink Healthcare Real Estate, formerly Seavest Healthcare Properties. Each property within the portfolio is branded Baylor Scott & White Emergency Hospital.

If passed, proposed New York State Senate Bill S5470 (“the Bill”) would impose a disclosure requirement upon certain New York commercial lenders. This proposal follows a trend exemplified most notably in California, which amended the California Financing Law to require licensed commercial lenders and brokers to issue new disclosures to commercial borrowers in that state, including loans made via an internet platform.

The required disclosures of the Bill approximate those in the loan estimate form issued to home buyers by residential mortgage lenders under the federal Truth in Lending Act. The Bill has several exceptions, leaving much of the commercial lending community unaffected and placing substantial regulatory burdens on a narrow remaining segment

FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, has announced that it has added to its roster three professionals who bring extensive expertise in sourcing, underwriting and portfolio management across many industries and multiple market cycles. Aubrie De Sylva has joined the firm’s deal originations team as Vice President and Kevin Freer and Andrew Isaac have joined the underwriting team as Vice President and Assistant Vice President, respectively. They will be based in FrontWell’s Toronto headquarters.

CIT Group Inc. (NYSE: CIT) today announced that its Capital Equipment Finance business has named Rob Bolo as director for the Southeast region. Bolo will be is based in Charlotte, North Carolina, and will cover North Carolina, South Carolina, Tennessee, Alabama, Georgia, Florida, Virginia, and West Virginia. His focus will be on business development across a wide range of capital equipment loans and lease products touching on a variety of industries.