Article List

NGL Energy Partners LP Announces $250 Million Term Loan Facility with Certain Funds and Accounts Managed by Affiliates of Apollo Global Management, Inc. to Refinance Its Acquisition Bridge Facility

NGL Energy Partners LP announced that it has entered into a new $250 million term loan facility with certain funds and accounts managed by affiliates of Apollo Global Management, Inc. to refinance its existing $250 million bridge term loan facility that was established in July 2019 with TD Securities (USA) LLC as lead arranger and bookrunner and The Toronto-Dominion Bank, New York Branch as initial lender to finance a portion of the acquisition of Mesquite Disposals Unlimited LLC.

California Bank of Commerce Launches Sponsor Finance Division

California Bank of Commerce (CBC) announces the launch of its Sponsor Finance Lending Division, led by well-known dealmaker Larry LaCroix. The division works closely with private equity firms (including Search Funds) and direct lenders to provide cash flow-based senior debt financing.

Revolution Capital Acquires Grand Financial New York

Revolution Capital, the leading provider of factoring & cashflow financing in Canada and the United States, has acquired Grand Financial New York., a factoring company specializing in staffing and transportation.

The move expands Revolution Capital’s reach in the US market, solidifies its presence on the East Coast, and allows clients of Grand Financial New York to access faster funding, personalized service, and transparent online reporting.

Oxford Commercial Finance, a Subsidiary of Oxford Bank, Announces The Acquisition of The Assets of FSW Funding

Oxford Commercial Finance Corp.(“OCF”), a wholly owned subsidiary of Oxford Bank, is pleased to announce the acquisition of the assets of FSW Funding, and hiring their entire team today. Ms. Robyn Barrett, Owner and Managing Member of FSW Funding, will join the OCF team as SVP - Managing Director, Working Capital Division and lead that segment for OCF.

To Brexit or Not to Brexit

Is there a British coup occurring? Well, not really. As one demonstrator from the Shires pointed out on prime time TV, “I don’t see any tanks.” Of course there are no tanks; this is England and in times of crisis we are more likely to be found handing out tea and sympathy than storming the Bastille.

What has happened though, is that we have all learned some new phrases and words and even the historic context of them:

Travelers Financial Group Launches New Alternative Capital Lending Division

Travelers Financial Group today announced the launch of Travelers Restructuring Capital ("TRC"), a transitional capital initiative designed to support small and mid-market businesses that operate in asset-intensive industries.

TRC works closely with companies at each stage of the corporate life cycle, allowing them to better understand their clients' assets, business, and credit needs to provide them with custom capital solutions outside of those offered by traditional banks.

Encina Lender Finance and Sterling National Bank Provide new Credit Facility of up to $150 Million to iBorrow

iBorrow LP, a national private commercial real estate lender, today announced plans to expand its lending efforts through a senior credit facility provided by Encina Lender Finance and Sterling National Bank, and a direct investment provided by certain investment funds managed by Oaktree Capital Management, L.P. (“Oaktree”) through certain subsidiaries. iBorrow provides bridge loans to qualified real estate investors active in the commercial real estate marketplace.

UMB Capital Finance Strengthens Business Development Team with New Hire Doug Motl

Doug Motl joins UMB Capital Finance as Senior Vice President, Director of Originations to manage its rapidly expanding business development department initiatives. Doug will be responsible for leading the Asset Based Lending’s originations team as UMB continues to broaden its marketing efforts nationally across the Company’s platform.

Crestmark Provides More Than $42.3 Million in Commercial Financing to 112 Businesses in the Second Half of January

Crestmark secured a total of $12,000,000 in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $12,156,249 in 12 new lease transactions; Crestmark Vendor Finance provided $7,472,296 in 87 new lease transactions; the Joint Ventures Division provided $994,451 in financing for one client; and the Government Guaranteed Lending Division provided $9,747,000 in financing for seven new clients in the second half of January.

Huntington Bancshares Incorporated Announces Additions To The Executive Leadership Team Structure For Combined Company Following TCF Merger

Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) today announced that Tom Shafer, CEO of TCF National Bank, will join Huntington's Executive Leadership Team as co-President of Commercial Banking following the completion of Huntington's merger with TCF, which is expected to occur late in the second quarter, subject to the satisfaction of customary closing conditions.

Mike Jones, President & COO of TCF Bank, also will join Huntington's Executive Leadership Team as Senior Executive Vice President. Jones will be Huntington's senior executive and community leader in Minnesota and Colorado as Chair for Minnesota and Colorado. He will be responsible for the strategic growth and expansion of Huntington in these critical markets, as well as for deepening Huntington's commitment to invest in local communities.

White Oak Commercial Finance Expands Asset-Based Lending and Lender Finance Team with New Hires

White Oak Commercial Finance (“WOCF”), an affiliate of San Francisco-based alternative investment manager White Oak Global Advisors, LLC (“White Oak”), today announced Andy McGhee, Susan Hall and Neal Mulford have joined the firm to further expand its asset-based lending (ABL) and lender finance capabilities.

Cambridge Savings Bank’s Commercial Lending Team Enables Expansion of R.J. Forbes Painting Contractor, Inc.

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announces that its Commercial Lending team has extended financing to R.J. Forbes Painting Contractor, Inc. (R.J. Forbes) by securing a SBA 504 Loan through Bay Colony Development Corporation, a certified development company whose mission is to provide companies with fixed asset financing at affordable rates and reasonable terms.

Interview with Women in Secured Finance Conference Keynote Speaker Libby Gill

Libby Gill is a leadership speaker, executive coach and author. She is also is the CEO of Libby Gill & Company, an executive coaching and leadership consulting firm, guiding clients and their teams through change, challenge and chaos. Previously, Gill was senior vice president at Universal Studios Television, and vice president at Sony Pictures Television and Turner Broadcasting.

Libby is the author of five books, including the award-winning “You Unstuck, Capture the Mindshare and the Market Share Will Follow, and Traveling Hopefully. Her latest book is “The Hope-Driven Leader: Harness the Power of Positivity at Work.” She is a former columnist for The Dallas Morning News.

Great Rock Capital Closes $100 Million Leverage Facility with KeyBank National Association New Capital to Drive Great Rock’s Continued Growth

Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, announced the close of a $100 million leverage facility with KeyBank National Association, one of the nation’s largest bank-based financial services companies headquartered in Cleveland, Ohio.

The new facility will provide Great Rock Capital with further flexibility to offer creative financial solutions that maximize liquidity to middle market borrowers and will position the firm for continued growth.

Advocacy Alert: "Stop Wall Street Looting Act of 2021"

Certainly, many people have heard about the “Stop Wall Street Looting Act of 2021”, the dramatically titled shot at the private equity business publicized by Massachusetts Senator Elizabeth Warren, introduced in the House and the Senate on October 20, 2021. Given so many other major (and controversial) legislative initiatives, the bill does not seem to be gaining much traction—for now. At the same time, while the secured lending industry makes a lot of loans to businesses owned by private equity firms, the headlines around the proposed legislation do not suggest any direct impact on secured lenders. The bill certainly addresses matters relating to the private equity industry, with sections titled “Closing the Carried Interest Loophole”, “Restrictions on Securitizing Risky Corporate Debt” and other provocative terms, like “Anti-Looting” and includes sections providing for limitations on post-acquisition dividends and distributions as part of a reworking of basic principles of corporate law.

Despite Continued Difficulties, Small Business Owner Optimism Continues to Grow in Latest Wells Fargo Survey

Q3 study highlights improved future outlook tempered by significant near term headwinds

Small business owners have faced unprecedented challenges due to the pandemic and are in the midst of great uncertainty with the upcoming presidential election. However, the Q3 Wells Fargo/Gallup Small Business Index indicates there is a continued spirit of forward-facing optimism among small business owners despite the persistent trials. The overall score rose 12 points from last quarter’s historic low-water mark, driven by a sharp rise in sentiment about future expectations. The overall positive movement in sentiment was contrasted by the third successive quarterly decline in optimism about current business conditions.

Blank Rome Welcomes Leading Finance Partners in Houston

Blank Rome LLP is pleased to announce that Cassandra G. Mott and Sarah H. Frazier have joined the firm’s Houston office as partners in its Finance, Restructuring, and Bankruptcy practice group. Cassandra and Sarah represent financial institutions, including commercial banks and non-bank lenders, as well as borrowers, in a variety of commercial transactions. They join Blank Rome from Holland & Knight LLP and were partners at Thompson & Knight before the two firms recently combined. At Thompson & Knight, Cassandra served as the firm’s Houston office leader and finance practice leader.

Interview with Patrick Lee, Managing Director, Head of Lender Finance, Asset-Based Lending, People’s United Bank

Recently, People's United Bank, N.A., a subsidiary of People's United Financial, Inc., announced it had expanded its Commercial Specialty Business with the formation of a dedicated Lender Finance team. The Team is led by Patrick Lee, managing director, head of Lender Finance, and is an extension of the Bank's existing Asset-Based Lending group. The Team will work with non-bank lender finance companies nationally to provide tailored solutions of $10MM or more to help them achieve their near and long-term growth objectives.

Here, Patrick Lee discusses his background and new role.

SFNet Annual and Q4 2020 ABL Survey Analysis

The fourth quarter of 2020 showed a tale of two cities between the bank lenders and the nonbank lenders. On a quarter-over-quarter basis, bank lenders in the fourth quarter showed flat total commitments with a drop in outstandings while the nonbanks showed double-digit percentage increases in both commitments and outstandings. At the bank level, new commitments approximated commitment runoffs, perhaps showing signs of stabilization while nonbanks increased on their third-quarter momentum of closing more deals than runoff in both commitments and outstandings. For both banks and nonbanks, there was a common theme of low utilization with the fourth quarter of 2020 showing the lowest utilization levels in recent history.

The quarterly report is segregated into a bank/non-bank classification while the annual report is combined, with specific bank/non-bank classifications in certain areas. Both surveys had comparable number of respondents with prior quarters and years with 34 participants for the annual survey and 35 participants for the quarterly survey.

Cars Aren’t Dead: They’re Just Morphing into What Comes Next

If, indeed, the traditional car as we have known it is “dead”, and its current successors are likely to be short-lived placeholders for what is to come… to understand what’s next and how it will impact the asset-based valuations we perform in the automotive industry, it is necessary to first understand how we got here.

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