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FGI Worldwide LLC (“FGI”) is delighted to announce the completion of a $40MM ABL facility for ScanSource’s former business in Europe. The facility was used, in part, to fund a portion of the acquisition by a Charlotte-based family office and to support the company’s future working capital requirements. The new Company will be headquartered in Brussels, Belgium. They are a leading global provider of technology products and solutions. 

As pandemic impacts continue to mitigate, many financial institutions are now reducing their risk forecast for loan defaults. The upbeat sentiments are welcome but the times remain unprecedented, and uncertainty remains on what lies ahead.

Today, more than ever, lenders are focused on minimizing their risks when entering a financial transaction.

Two key components in the lenders’ due diligence process when entering a transaction are conducting consensual and non-consensual lien searches and filing a UCC1 against the borrower.

Monroe Credit Advisors (“Monroe Credit”) announced that Marc Pressler has joined the firm as a Managing Director in its Chicago office. Marc will be responsible for originating middle market debt and lease transactions for the firm.

Marc has over 30 years of experience in commercial banking and structured finance. Prior to Monroe Credit, Marc was the Commercial Banking Segment Leader at Associated Bank, where he was responsible for leading the origination, underwriting and portfolio management teams in the Southeast Wisconsin region. 

While the PPP loans have provided necessary working capital for many businesses to survive the economic impacts of Covid-19, as those funds have been used and payment deferrals have expired, companies are looking to enter into M&A transactions. When a company has a PPP loan the M&A process is further complicated for the company and its lender.

On October 2, 2020 the SBA issued a Procedural Notice to provide guidance on the notification and consent requirements for changes in ownership of companies with PPP loans. The usual SBA 7(a) loan requirements are to obtain consent of the SBA prior to a lender approving a change in ownership. This October 2 guidance was meant to clarify what the SBA would expect specifically related to PPP loans and change of ownership.

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business, working in conjunction with its Sponsor Finance group, served as lead arranger on senior secured credit facility for von Drehle Corporation, a leading maker of high quality paper towel, tissue and dispensing products.

von Drehle, headquartered in Hickory, North Carolina, used the proceeds to refinance debt and for general corporate purposes.

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $45 million senior secured credit facility for MVP Payroll Financing LLC.

Based in Chandler, Arizona, MVP Payroll Financing provides business clients with staffing and administrative solutions covering human resources, payroll, workers’ compensation and more.

SLR Digital Finance LLC (“SLR Digital Finance”) announces the funding of an asset-based revolving credit facility for DeepIntent. The facility consists of a $40MM revolver with a sublimit for unbilled receivables.

As one of the pioneers in advertising technology for healthcare marketers, DeepIntent and its 220+ dedicated employees across four different countries have built a robust healthcare advertising platform that empowers marketers to plan, activate, and optimize their digital ad campaigns on a single platform.

Middle-market private companies in the Golub Capital Altman Index experienced approximate year-over-year earnings growth of 13.2% and revenue growth of 9.6% during the first two months of the third quarter of 2019. This compares to approximate year-over-year earnings growth of 12.5% and revenue growth of 10.3% in the second quarter of 2019.

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $50 million credit facility for Intermetal Rebar LLC.

Headquartered in Miami, Florida, Intermetal Rebar is a leading importer and distributor of reinforcing bar ("rebar") and other structural products to distributors, fabricators, and contractors in the non-residential construction industry.

The COVID-19 crisis of 2020, like a stress test for businesses and funders, created a landscape of winners and losers. For those passing the test, there are more lending options and potential buyers as M&A activity begins to sprout.

Some had a good “runway” ahead of the regional lockdowns; they were already digital companies or were well capitalized. Others enjoyed being in high-demand sectors such as groceries, technology, home goods, outdoor products, and delivery transportation.

For those companies that were well positioned or adapted quickly, business growth continues, and for those more challenged due to business restrictions, secured finance has been invaluable, along with government rescue loans. This was a repeated theme throughout the annual SFNet Convention held virtually November 17-19. This article covers many of the 34 presentations on the theme: “This Way Forward.”

A Moritt Hock & Hamroff partner discusses the potential legal implications for companies that are not committed to diversity and inclusion as increasing shareholder pressures and legal complaints mount.

CELEBRATION, FL (December 14, 2022) – AmeriFactors Financial Group, LLC, provided $60,000,000 in accounts receivable financing to a communications contractor to assist their business through a heavy growth stage. The client will be building out the infrastructure for a large telecom company. Along with increasing their available capital, they will have the advantage of AmeriFactors accounts receivable management services.