Articles

A recent Supreme Court case and related law changes in many states have resulted in significant new state sales tax obligations on many SaaS providers. It’s important to understand that these changes could result in new tax collection responsibilities on your business even in states where you have operated without them in the past.

Executives need to act quickly to make sure that their existing operations are in compliance with the new rules and that their systems can adapt as sales growth and law changes trigger additional obligations.  

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC is pleased to acknowledge the success of its valued client, StoreBound, a developer and distributor of housewares designed for healthy living. The fast-growing company has been with White Oak since 2015 and recently signed an investment agreement with multinational domestic equipment conglomerate, Groupe SEB, which aims to reinforce its presence in the US housewares market.

In January, Gerber Finance announced the completion of its CEO succession strategy, naming longtime president Jennifer Palmer as CEO with Founder Gerald Joseph transitioning to his new role as strategic advisor and chairman of the board.

SFNet President John DePledge, Head of ABL at Leumi Business Credit, and Riemer & Braunstein finance partner, Lon Singer, address the special business and legal considerations involved in lending to a company that operates as a licensee of a famous brand.

A trend towards superpriority debt exchanges that has begun appearing in out-of-court restructurings will continue to cause worry amongst minority debt holders and will likely result in continued litigation regarding the propriety of such exchanges. Examples of such troublesome exchanges began with an exchange conducted by Serta Simmons Bedding, LLC (“Serta”) and has continued with structurally similar transactions conducted by other companies, including Boardriders, Inc. (“Boardriders”) and TMK Hawk Parent, Corp. (“TriMark”).  

Tyler Layne and Lee Sands, attorneys at Waller Law cover three recent out-of-court debt transactions that have introduced a novel way for majority lenders and borrowers to improve their position at the detriment of the non-participating/minority lenders.

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.

Santander Bank, N.A. (“Santander Bank” or “Santander”) today announced the appointment of Scott Baldinelli as Head of New England Middle Market Banking. Baldinelli will report to Joe Abruzzo, Head of Commercial Banking for Santander Bank.

Baldinelli will lead business development, market growth and relationship management for Commercial Banking’s middle market segment in New England, encompassing the company’s Boston-based location. The industry veteran will assume the role from Robert Cerminaro, who was recently promoted to Head of Mid-Corporate Banking in Santander’s Commercial Banking division.

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.

The events of 2020 have given commercial lenders the enormous opportunity of being the catalyst for helping to create greater economic stability. With the release of urgent stimulus programs, lenders must be nimble enough to make financing available to businesses that need it to keep their heads above water while they handle the COVID-19 effect on our economy. But at the same time, it is crucial for lenders to carefully mitigate risks and maintain strong lending practices to protect their organization so that they can continue to lend in a more uncertain world.

For astute lenders, it is possible to take steps to protect their business now and be poised for a bright future. To do this, what should lenders focus on to help them exceed expectations and achieve growth in a difficult time?

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.