Articles

Fifth Third Bank's Asset Based Lending Group, acting as sole lender, provided a $100MM asset based revolving credit facility for a West Coast based e-commerce retailer.

The company will use the facility to support growth and for ongoing working capital needs. 

LBC Credit Partners ("LBC") provided senior secured credit facilities to support the refinancing of Sciens Building Solutions and the add-on acquisition of SmartWatch Security & Sound ("SmartWatch"). Sciens Building Solutions, a portfolio company of Huron Capital, was formed in 2016 to pursue a buy-and-build investment strategy in the fire detection and integrated solutions sector.

SFNet will host a webinar this Friday, May 14, from 12:00 p.m. – 1:00 p.m., titled "The Data You Need to Plan Ahead." This webinar is open to employees of SFNet member organizations and SFNet Chapter members only and will provide analysis behind the numbers for the Secured Finance Foundation (SFFound) Market Pulse Report, the Foundation’s Annual ABL and Factoring Surveys as well as Refinitiv’s Capital Markets League Table for Q1.

Panelists will include Barry Bobrow, managing director, Wells Fargo Securities; Miin Chen, COO, Siena Lending Group; Lawrence Chua, managing director, Ares Management LLC; Maria Dikeos, global head of Loans Contributions, Refinitiv; Terry Keating, president of Accord Financial’s US Asset Based Finance unit and Robert Wescott, president, Keybridge Research.

Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.

Franklin Capital’s Sue Duckett has seen a lot in her 25-plus-year career in the commercial finance industry. Her career has spanned several positions and two countries, but she has never seen anything such as the current crisis. It has been overwhelming at times, with constant changes and an unprecedented number of new inquiries relating to personal protection equipment (PPE). She pushed aside the mounting emails in her new home office to reflect on what she has seen over these past several weeks and where she thinks this might be going.

MidCap Business Credit announced today they have closed on a $14,000,000 asset-based revolving line of credit for Allied Dairy Products, Inc. and subsidiaries, headquartered in Chatham, New Jersey.  

Global Merchant Fund Corp. (GMF), a leading North American provider of financial solutions for middle-market companies, is pleased to announce the acquisition of Bibby Financial Services (Holdings) Inc. (Bibby NAM). Bibby NAM is the North American operation of Bibby Financial Services (BFS), a U.K.-based independent SME funder with operations in 14 countries.

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 $40 million senior secured credit facility for Europa Sports Products LLC.

Europa Sports Products is an industry-leading distributor of nutritional and sports supplements, sports drinks and accessories to mass market retailers, gyms, health food stores, specialty supplement retailers, sporting goods stores and many other outlets. Proceeds from the credit facility will be used for general corporate purposes and business development.

The $10 billion unsecured revolving credit facility consists of a five-year, $8 billion revolving credit facility, and a one-year, $2 billion facility. Each facility includes two one-year extension options at the discretion of each lender. Bank of America and Barclays Bank acted as joint coordinators for the facility.

Monroe Capital LLC today announced it acted as sole lead arranger and administrative agent on the funding of a $120 million senior credit facility to support the recapitalization of an infusion therapy business by a private equity sponsor.

The company is a provider of home and alternate-site infusion therapy and complex specialty pharmacy solutions to patients. 

Dear SFNet Community:

As you may have heard, SFNet and our Management Committee have made the difficult decision to shift our Annual Convention this November 17^th-19^th from our planned venue in New Orleans to a live, online event.  While we are thankfully seeing parts of our economy begin to re-open, large gatherings in New Orleans are currently illegal and even if that should change, it is impossible to adequately ensure the well-being of our attendees, staff and volunteers.  Focus groups have reinforced that the majority of firms and individuals would not support an in-person Convention this year. 

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as sole lead arranger on a $162 million financing for the East Blackland Solar Project in Travis County, Texas.

The financing was arranged on behalf of Recurrent Energy LLC, a wholly owned subsidiary of Canadian Solar Inc. that functions as Canadian Solar’s U.S. project development arm. An active player in renewable energy development, Recurrent has already developed more than 2.4 gigawatts of solar projects and is planning another 5 gigawatts to come.

A Conway MacKenzie executive provides an overview of the construction industry, including its unique cycles. Lending into the construction sector can prove to be a lucrative decision if extensive due diligence is conducted deep into a company’s financials. There are a wide range of factors and potential pitfalls to consider, understand and navigate properly.

The new facility was provided through a banking syndicate arranged by Bank of America, N.A., JPMorgan Chase Bank, N.A., and Citibank, N.A., with Bank of America acting as the sole administrative agent. Baker Botts LLP acted as transaction counsel and CDX Advisors acted as financial advisor to TransPerfect.

Union Bank today announced that it has hired four technology industry specialists to join the Technology Banking Group, all based out of the San Jose office. The appointments reflect a continued focus on expanding Union Bank's technology vertical to meet the needs of both business banking and middle market clients.