Articles

White Oak Commercial Finance LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided an $8MM credit facility to a global automotive supplier specializing in design, engineering, and manufacturing of mechatronic systems and lightweight solutions.

The Women in Secured Finance e-newsletter's feature interview for this issue is with Melissa Mok, director of asset-based lending for Truist Securities. Mok joined Truist Securities in 2014.  Located in Texas, she is responsible for ABL originations of mid- and large-cap companies and is currently focused on the Financial Services, Energy and Industrial Services. TMT and TME industry verticals.

Sallyport is pleased to announce the provision of $7,000,000 in Accounts Receivable Finance to support a strategic acquisition in the entertainment services industry. Our new client, who successfully purchased the business - an existing Sallyport client, through an Article 9 Sale, chose us to ensure a seamless transition for existing debtors and customers. 

Twin River Worldwide Holdings, Inc. (NYSE: TRWH) announced today that it had successfully syndicated an expansion to the term loan facility in its existing bank credit agreement by $275 million.  Funding, which is expected to occur on May 11, 2020, is subject to final documentation and customary conditions.

Borrowings under the expanded term loan facility will bear interest at LIBOR + 8.00% per annum through the 2026 maturity date.  The loan will be issued with an original issue discount of 97 and will be non-callable for 18 months.  After 18 months the loan is callable at a price of 104.5% of par, and after 30 months the loan is callable at par.

(Editor’s Note: SFNet invites feedback on this issue. Please send comments to mocejo@sfnet.com.)

Recently, lenders have confronted proposals for modifications to EBITDA allowing management to add back losses arising from the economic impact of COVID-19.  This has become known as “EBITDAC” with the “C” representing the financial consequences of the coronavirus pandemic.  The Credit Roundtable has said:  “We believe EBITDA calculations include many hypothetical, highly subjective and potentially misleading adjustments.” 

The Credit Roundtable and others have urged the market to resist such proposals so as to protect the position of lenders. 

While the additional addbacks do not seem to have hit the asset-based lending market in the same way that it may have the worlds of leveraged loans and investment grade lending, it is a point for asset-based lenders to watch for, as sponsors draw on practices from other markets for application to asset-based facilities.

What does it take to break the proverbial glass ceiling in secured finance? What does the journey to the “top” look like for women in financial services? We interviewed four C-Suite women and here is what they had to say. The women we spoke with are Meredith Carter, president and CEO, Context Business Lending; Miin Chen, COO, Siena Lending Group; Deborah Monosson, president & CEO, Boston Financial & Equity Corporation; and Jennifer Yount, partner, Paul Hastings LLP.

TSL Express’ senior editor sat down with Capstone Business Credit’s managing member, Joseph Ingrassia, and Romulus Entertainment’s founder and CEO, Brad Feinstein, to discuss a unique partnership in film finance. 

Thompson Coburn LLP, a national law firm with six offices across the country, has announced its combination with New York-based Hahn & Hessen LLP, a 44-attorney firm with nearly a century of experience representing financial institutions and other financial market participants in commercial finance, bankruptcy, workouts, and complex litigation.

The combination, effective July 1, 2021, will create a combined firm with more than 400 attorneys across seven offices: Chicago, Dallas, Los Angeles, New York, St. Louis, Washington, D.C., and Southern Illinois.

From the second quarter Phoenix Management “Lending Climate in America” survey results reveals optimism in the U.S. economy with results for the near-term economy exceeding pre-pandemic predictions for the first time since the country shutdown due to COVID.

Since reaching an 11-year record low in Q2 2020, confidence in the near-term economy (next 6 months) has steadily climbed quarter over quarter to a 2.79 weighted average GPA in Q2 2021. Additionally, lender confidence in the U.S. economy in the long-term increased (by 7 percentage points) to 2.36 from the previous quarter’s results of 2.29.

Mountain Ridge Capital (“Mountain Ridge”) and Great Rock Capital (“Great Rock”), today jointly announced the closing of a senior secured credit facility for HOP Energy, LLC (“HOP”).  Founded in 1995 and headquartered in White Plains, NY, HOP Energy is a market-leading home services provider serving ~90,000 customers across two primary areas:  distribution of home heating oil and the installation and servicing of HVAC systems, heat pumps, and other critical non-discretionary home services.  HOP Energy is majority-owned by Delos Capital.

North Mill Capital LLC (d/b/a SLR Business Credit) (the “Company” or “SLR-BC”), today announced that it acquired Fast Pay Partners, LLC.    Based in Los Angeles, CA, Fast Pay Partners enables clients to accelerate receivables and access liquidity through its asset based lending and factoring platform which primarily services media firms in the United States.