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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.

Fortegra Financial Corporation Announces $200 Million Senior Secured Credit Facility with Fifth Third Bank, N.A.

Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (“Tiptree”), announced today that it closed on a $200 million Senior Secured Credit Facility from a syndicate of banks led by Fifth Third Bank, N.A. The entire amount is immediately available for letters of credit, with any remaining portion of the facility available for working capital.

White Oak Commercial Finance’s Healthy Housewares Client Continues to Cook

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.

Headquartered in New York, StoreBound was recognized on INC’s List of Fastest Growing Businesses for four consecutive years and made Entrepreneur’s 360 List in 2019.

Trade Finance Insights: Financing Trade Receivables Beyond ABL or Factoring

A Demica senior director explains how trade receivable securitization programs can be used as a valuable alternative to other funding solutions, especially in cross-border or challenging credit environments.

SG Credit Partners Extends Credit Platform and Launches New Website

SG Credit Partners today announced the extension of its comprehensive credit platform exclusively serving lower middle market entrepreneurs and new website illustrating its expanded capabilities. The broad platform was developed to provide tailored lending solutions ranging from $1 to $10+ million for entrepreneurs seeking a customized structure spanning both business and personal assets. The platform delivers a complete range of credit solutions including: cash flow, collateral-based, hybrid structures, high net worth, technology & recurring revenue and special situations lending.

Women Leaders Talk About Advancing in the Ranks

Secured Finance executives and an executive recruiter discuss how the industry can attract and retain more women.

UK Law: What should Secured Lenders be Doing now to Prepare for the New Moratorium?

Richard Hawkins, Georgia Quenby and John Alderton provide an overview of the potential impacts of the New Moratorium and consider actions that Secured Lenders may wish to consider in preparation.

(Editor’s Note: SFNet will be hosting a Webinar on UK Insolvency Reform: What Secured Lenders Need to Know, which will include the authors and other experts on June 10 at 11 AM ET.)

Software as a Service (“SaaS”) Lending is Going to Become Mainstream

It’s only a matter of time before SaaS lending enters mainstream ABL. Lending to SaaS, which stands for Software as a Service, differs from traditional software in that it is deployed and made accessible to users over the internet (or in the “Cloud”), and is going to be the next ABL battleground. Today it remains a niche lending vertical conducted mostly by tech-focused banks and nonbank credit funds. However, this is going to change meaningfully as the SaaS industry continues to mature. There are an estimated 10,000 private SaaS companies, the vast majority of which are early stage, generating less than $3 million in annual revenue. To put this in perspective, companies such as the wildly popular Zoom and workforce tool Slack utilize SaaS models. The U.S. economy is well into a transformational period where many business tools are moving to the cloud.

Castlelake Partners with Aequum Capital to Establish Specialty Lending Platform

Castlelake, L.P. ("Castlelake"), a global alternative investment manager with approximately 17 years of experience investing in asset-rich opportunities, and Aequum Capital Founder, LLC ("Aequum"), a tech-enabled specialty finance lender, today announced a partnership establishing a new commercial lending platform for the origination and servicing of efficient senior asset-backed loans to small and medium-sized businesses in the U.S.

Canada’s Anthem Entertainment Ups Spending Power by $550 Million with New Credit Facility

The acquisitive Canadian music rights and services company – formerly known as Olé Entertainment – has announced that it has secured a new revolving credit facility of USD $400 million, plus a USD $150 million accordion.

Truist Securities served as Left Lead Arranger of Anthem Entertainment’s new $400 million credit facility. Fifth Third Bank acted as Joint Lead Arranger, Union Bank acted as Syndication Agent and Regions Bank acted as Documentation Agent.

Other banks in the facility include Bank of America, Bank Hapoalim, CIT Bank, First Horizon Bank, HSBC Bank, Pacific Premier Bank, Pinnacle Bank and Scotiabank.

Gordon Brothers Provides Moda Operandi with $13M Term Loan to Support Company Sale

Gordon Brothers, the global advisory, restructuring and investment firm, has partnered with the investment banking firm Consensus to provide a $13 million term loan to Moda Operandi to support the sale of its business.

“The Gordon Brothers team was remarkable to work with,” said Stephanie Roberts, Interim Chief Financial Officer at Moda Operandi. “This was one of the best executed financings I’ve been through as they kept the process simple, straightforward and executed exactly what they said they would from the beginning.”

Scott_Baldinelli_-_Santander_Bank_Commercial_Banking_Division

Santander Names Scott Baldinelli as Head of New England Middle Market Banking

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.

FGI Appoints Ronnie Bloom to Expand its Canadian Presence

FGI Worldwide LLC (www.FGIWW.com) has announced the hiring of Ronnie Bloom as the newest Managing Director. Based in Toronto, Mr. Bloom will be responsible for growing and nurturing FGI’s strategic partnerships within numerus Canadian markets by embracing a committed, boots to the ground approach.

Secured Finance Foundation – Where We Were and Where We’re Going

The Secured Finance Foundation, a 501c3 organization, has been busy this past year rolling out new programs that benefit our industry. Some of the important initiatives from 2019 include commissioning and delivering a groundbreaking Market Sizing & Impact Study, with assistance from Ernst and Young, LLP, which is free to our members and donors..

Heritage Bank of Commerce Builds Out National Specialty Finance Group

Heritage Bank of Commerce (the “Bank”), a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), today announced that the Bank continues to expand its Specialty Finance Group. The Specialty Finance Group consists of Bay View Funding’s national factoring business and the Bank’s national Asset-Based Lending (“ABL”)/Corporate Finance team and regional Small Business Administration (“SBA”) lending team in the San Francisco Bay Area.

Interview with Heather Sonnenberg, Partner, Blank Rome

WISF Committee member Heather Sonnenberg concentrates her practice in commercial finance, with a particular focus on asset-based and cash-flow financing for various industry sectors, including manufacturing, healthcare, and other service industries. She serves a wide range of clients, including banks, commercial finance companies, mezzanine lenders, and other institutional lenders, along with private equity firms, hedge funds, and publicly and privately held corporations.

Ares Commercial Finance Provides an $11 Million Credit Facility to NHI Mechanical Motion, LLC

Ares Commercial Finance announced that it has provided an $11.2 million senior secured credit facility to NHI Mechanical Motion, LLC comprised of a revolving line of credit, a real estate term loan and a term loan secured by machinery and equipment. Proceeds from the financing were used to support the acquisition of the business and for ongoing working capital support.

Twin River Secures $275 Million Of Additional Financing

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.

eCapital Corp. Names Charles Sheppard as Chief Operating Officer

eCapital Corp. (“eCapital”), a leading alternative finance provider in North America, today announced that Charles Sheppard, formerly president of the eCapital Freight Factoring Division, has been named Chief Operating Officer (COO) of eCapital Corp. In this new role, Charles will oversee both the eCapital Freight Factoring and eCapital Commercial Finance divisions, ensuring the company has unified leadership and is well-equipped to continue to scale and further establish itself as a leader in alternative finance.

Rimini Street Announces $90 Million Commercial Bank Financing to Fully Redeem Remaining Series A Preferred Stock

Capital One, National Association acted as sole lead arranger and bookrunner and Cowen served as exclusive financial advisor. Baker McKenzie LLP acted as legal counsel to Rimini Street, and Paul Hastings LLP acted as legal counsel to Capital One, National Association.

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