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White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $50 million asset-based credit facility to a leading, U.S.-based digital media & advertising company to support its continuing growth.

The transaction was structured against the company’s accounts receivable, and the proceeds will be used to finance its growth and capex spending while improving its liquidity and working capital position.

SFNet's Asset-Based Capital Conference offers you the opportunity to join your colleagues in asset-based lending, alternative asset management, private debt, private equity, distressed debt, and service providers such as attorneys and appraisers for panels and discussions on the rapidly changing economic environment and how it impacts your portfolios and business opportunities.

On March 9-11, we will bring ABCC to you live online, with the great content and opportunities for networking that you have come to expect from the conference. We caught up with ABCC Conference Chair, Barry Bobrow, managing director and head of Loan Sales & Syndications for Wells Fargo Capital Finance who discusses what will make this year’s Conference stand out. 

CIT Group Inc. (NYSE: CIT) today announced that David Harnisch will join the company as president of Commercial Finance, effective Sept. 23, 2019. Harnisch will succeed the current president of Commercial Finance Jim Hudak who has elected to retire following a 20-year career at CIT, effective Sept. 3, 2019.

The lightning-fast spread of COVID-19 around the world has quickly transformed our commercial and financial outlook, ending one of the longest economic expansions in U.S. history and throwing future prosperity into doubt. As conditions deteriorate from here, the likelihood that lenders will need to consider a forbearance is high, and as such, now is a good time to identify at-risk credit facilities and perform any necessary due diligence.

Monroe Capital LLC announced that it has expanded its opportunistic private credit team with the addition of four experienced professionals: Jason Starr, Darrick Ginkel, Joseph Valickus in the New York office; and Chris Spanel in the Chicago office.

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:

Q3 2019 results generally demonstrate the continuation of trends observed throughout 2019.  Year to date, we continue to have growth in the industry as a whole and credit quality remains solid.  There are a few notable deviations from trends observed throughout the year as we will see.

General economic conditions continue to be top of mind for the secured finance community, but it is interesting to note that we continue to see a divergence between Bank and Non-Bank Lenders with respect to the SFNet Confidence Index. As a reminder, starting in 2019, we have chosen to divide the ABL lender universe along Bank and Non-Bank lines, as opposed to our previous methodology of splitting up the ABL lender universe by portfolio size.

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 (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.

John DePledge, head of Asset Based Lending at Bank Leumi USA, discusses his tenure as SFNet president and COVID’s impact on plans.

Citizens announced today that it has provided a new $30 million asset-based revolving line of credit to Cranston, R.I. based Ross-Simons, a leader in direct-to-consumer sales, specializing in offering unique and proprietary fine jewelry designs alongside a deep selection of classics such as diamond tennis bracelets and gold necklaces. Citizens is the Administrative Agent, Sole Lead Arranger and Sole Bookrunner.

Ross-Simons reaches consumers through a company-operated website, catalog, and its flagship retail store in Warwick, R.I.  The company offers a wide selection of fine jewelry across a range of price points and is known for mixing materials and colors in unexpected combinations. The company was acquired earlier this month by Nonantum Capital Partners.

Succession planning is not a contingency plan. It is a core human resources function that builds and sustains shareholder value.

From the third quarter Phoenix Management “Lending Climate in America” survey results reveal COVID-19 will continue to have a major effect on U.S. performance throughout 2020.

While lenders seem to believe COVID-19 will have a major effect on the U.S. performance until a vaccine is widely available, the outlook for the U.S. economy in the near and long-term is more favorable in Q3 2020 than in the previous quarter predictions. The near-term grade point average (GPA) increased 54 percentage points to 1.72 from the Q2 2020 GPA of 1.18. The projected outlook for the U.S. economy in the long-term increased slightly (by 36 percentage points) to 2.60 from the previous quarter’s results of 2.24.

The Post-COVID New Normal For Store Closing and Strategic Sale Events. Reflections by SB360’s Scott Bernstein.

“Why aren’t you in the water?  Nobody’s going in.  Please… get in the water.”  Those pleading words uttered in the 1975 blockbuster movie “Jaws” were part of an ill-fated effort by Mayor Larry Vaughn to save his fictional sleepy beach town from financial ruin.  Those of us who saw the movie or have binged watched Shark Week re-runs know how that worked out for the reluctant residents of Amity.