Articles

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.

Nneoma Maduike, member of SFNet’s Diversity, Equity & Inclusiveness Committee interviews Anthony C. Hood, PhD, executive vice president and chief diversity, equity and inclusion officer of First Horizon National Corp. Dr. Hood is responsible for cultivating and expanding First Horizon’s strategic leadership in developing and implementing programs and initiatives that advance the Company’s Diversity, Equity and Inclusion (DEI) efforts.

Laura Kemper Glass, vice chair of SFNet’s WISF Committee, is senior vice president and senior portfolio manager for Bank of America Business Capital (BABC), part of the Wholesale Credit division at Bank of America.  

Based in Atlanta, Glass is responsible for the asset-based lending portfolio in the Eastern United States and Europe.  In this role, she leads a team of credit professionals responsible for managing a $20 billion portfolio of credit commitments in the asset-based lending plus related products and solutions.   The team serves clients in a wide range of industries primarily in the middle market and large corporate space.

Here she discusses her career trajectory and current position, leadership and what the finance industry can do to improve diversity.

CIT Group Inc. (NYSE: CIT) today announced that its Equipment Finance business, part of the Business Capital division, has hired new business development leaders for the Northeast, West and Southwest regions.

Wayne Wagner, Mark Johnson and JP DeStefano join CIT as vice presidents for business development on the Industrial team, where they will be responsible for developing dealer relationships throughout the Northeast, West and Southwest, respectively. All will report to Harold Ray, who directs industrial finance for the Equipment Finance business.

Bitcoin-mania appears to have no limit, including entering corporate balance sheets with Tesla’s move to buy $1.5 billion worth of the cryptocurrency. By doing so, Tesla joins Square and MicroStrategy as a public company with a large bitcoin exposure. The increased bitcoin presence, however, also creates some significant questions that requires answers from corporate financial advisers and the companies themselves.  

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today that it is expanding its retail offering with the formation of its new National Retail Finance Group to meet the growing demand for custom funding solutions by retail companies pivoting their business models to meet fast-changing market trends, including the industry’s increased investment in ecommerce.

The White Oak teams driving the effort span the U.S. and include this newly formed group led by Bill Kearney, as well as senior regional executives Martin Efron, Charles Sharf, and Gino Clark.

Siena Healthcare Finance recently led a $35.0MM asset-based line of credit for a home health company based in New York. The line will be used to support acquisitions and provide working capital for ongoing operations and growth initiatives.

The Company serves over 7,000 clients and provides care to people in their homes or communities, including personal care and companionship, skilled nursing, post-op care, pediatric care, specialized care, and therapy care in the five boroughs of New York City.

Citizens Bank announced today that it has provided a $290 million Revolving Line of Credit to Boca Raton, Fla.-based International Materials, Inc.

Founded in 1987, International Materials, Inc. (IMI) operates as a global broker/trader of bulk commodity materials, most notably cement/clinker, gypsum, bauxite, iron fines and coal/pet coke and will use the $290 million RLOC for working capital.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has provided a $20 million secured term loan facility to Brooks Brothers Group, Inc, the prototypical American apparel retailer headquartered in New York, New York.  A family business founded in 1818, the company has grown into a truly global brand with stores across the United States and Canada as well as a footprint that spans over 70 countries.  

The COVID-19 pandemic caused ecommerce to transition from “convenient” to “essential,” but what does the post-pandemic world hold for this sector?

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 $20 million senior secured credit facility for Laurel Grocery Company LLC.

Headquartered in London, Kentucky, Laurel Grocery is a wholesale distributor of grocery products to more than 160 independent grocers in Georgia, Indiana, Kentucky, Ohio, Tennessee and West Virginia. The company, founded in 1922, also provides a range of business services, including accounting, insurance, merchandising, advertising and third-party warehousing and logistics.

Proceeds will be used to repay debt, finance growth initiatives and support ongoing operations.

It is an unfortunate reality that, as the economic repercussions of the COVID-19 pandemic continue to be felt, an increasing number of businesses will face financial and operational distress. For many of these businesses, bankruptcy may be an appropriate or necessary path to restructure their balance sheets. However, it is not the only option and lenders must keep that in mind as companies increasingly default under their credit agreements.

Bankruptcy can be an extremely useful tool for restructuring a company, but can also be expensive, lengthy and frustrating. That’s why more lenders are considering a Strict Foreclosure process executed under Article 9 of the Uniform Commercial Code. This strategy can offer many of the same benefits as a bankruptcy filing while requiring less time and fewer financial resources. In order to properly assess the benefits and risks of this approach, lenders must have a firm grasp on what it entails, when best to use it, as well as how to manage people throughout the process.