Articles

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).

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.

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.  

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.

As head of acquisitions, Bruce Sim is responsible for sourcing commercial finance platform companies and portfolios across North America, and the UK.

Sim has more than three decades of experience in commercial finance, banking, and capital markets. Prior to joining eCapital, he served as senior director of business development at ExWorks Capital, and senior managing director for Glass Ratner Advisory & Capital Group. His banking experience includes executive roles as Head of Capital Markets and Wealth Management at RBC (Caribbean) Ltd, a subsidiary of Royal Bank of Canada; Head of Wells Fargo Global Banking in Miami; and Southeast Region Manager for asset-based lending at Wells Fargo. Sim earned his Bachelor of Science (Mathematics) from the University of Toronto and a Master of Business Administration from York University in Canada.

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.

The author discusses the potential perils of improper use of “incorporation by reference” in commercial lending transactions, as well as potential strategies for reducing potential incorporation by reference hazards.

Cambridge Savings Bank (CSB), one of the oldest and largest community banks in Massachusetts, announced the addition of John Bobbin, First Vice President, Senior Asset-Based Lending Officer, to join its Asset-Based Lending Team, which sits under CSB’s well-established Corporate Banking division.

Encina Business Credit, LLC announced today that it has provided an $80 million senior secured revolving credit facility to a national distributor of media and consumer goods.

The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing facility and provide ongoing working capital financing.

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.

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.