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SFNet Committee Spotlight: YoPro Committee 2020
This column highlights the hard work and dedication of SFNet committee volunteers. Here we speak with William Bence, the chair of SFNet’s Young Professionals (YoPro) Committee and principal, Wingspire Capital, who was profiled in the September 40 Under 40 theme issue of The Secured Lender magazine.
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IntelePeer Secures $55M Credit Facility From TPG Sixth Street Partners
IntelePeer, a leading Communications Platform as a Service (CPaaS) provider, today announced that it has closed a $55 million credit facility to further accelerate the growth and innovation of its enterprise-centric Atmosphere® CPaaS platform. TPG Sixth Street Partners, a global finance and investment business, structured and financed the transaction.
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Restaurant Rebound Tests the Limits of U.S. Food Distributors
Foodservice distributors generally adapted well to the massive disruptions triggered by the pandemic, but the sector is feeling the strain of the latest shift—the rapid return of tens of millions of Americans to in-person dining. -
Peapack-Gladstone Bank Hires New Senior Managing Director, Commercial Private Banker
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Michael E. DiNizo, Senior Managing Director, Commercial Private Banker. Mr. DiNizo is responsible for providing customized solutions through personal client service in the Bank’s Commercial and Industrial (C&I) business while servicing commercial businesses in the metropolitan area. Mr. DiNizo is a seasoned financial services professional with more than 27 years of experience in the industry.
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Boston Fed Announces Main Street Lending Program is Fully Operational
The Federal Reserve Bank of Boston on Monday announced that the Main Street Lending Program is now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders. The Federal Reserve encourages lenders to begin submitting qualifying loans.
“This is an important milestone for the Main Street program,” said Eric Rosengren, president of the Boston Federal Reserve Bank, which is administering the program for the Federal Reserve System. “Given the pandemic’s shock to the economy, and its uncertain duration, support for businesses and their employees through bank lending is critical.”
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Neiman Marcus Group Receives Court Approval to Access Debtor-In-Possession Financing Facility
Neiman Marcus Group LTD LLC today announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to access debtor-in-possession ("DIP") financing, including the immediate availability of $250 million and an additional $150 million as needed after September 4, 2020.
Kirkland & Ellis LLP is serving as legal counsel to the Company, Lazard Ltd. is serving as the Company's investment banker, and Berkeley Research Group is serving as the Company's financial advisor.The Extended Term Loan Lenders are represented by Wachtell, Lipton, Rosen & Katz as legal counsel and Ducera Partners LLC as investment banker.
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US Capital Global Launches Global M&A Division for the Emerging Growth and Middle Market Arena
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White Oak Commercial Finance Delivers $50 Million ABL to Digital Media & Advertising Company
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.
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It All Started With Key Lime Pie
Rob Meyers discusses the growth of Republic Business Credit. Republic is expanding its national platform through a dual strategy of organic growth and complementary acquisitions that add new products, talent and geographic expansion. Republic represents one of the largest entrepreneurial finance companies in the United States. -
CIT Serves as Coordinating Lead Arranger for $151 Million Solar Project Financing
CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as coordinating lead arranger on a $151 million financing for the 250-megawatt Galloway I solar farm planned for Concho County, Texas.
The financing was arranged on behalf of Skyline Renewables and 8minute Solar Energy (8minute), which will continue to jointly oversee development and construction of the project. Galloway I was acquired by Skyline Renewables, an experienced renewables company backed by the infrastructure team at Ardian, a world-leading private investment house.
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Part II: Supply Chain Congestion Critical as Shipping from Asia Compounds Issues
As the ongoing COVID-19 pandemic continues to disrupt global trade, port congestion has reached critical levels. With little to no excess shipping capacity and high demand, Gordon Brothers expects supply chain congestion through at least the first half of 2021.
A previous article in this two-part series reviewed current supply chain stresses, the manufacturing and shipping irregularities causing stress and the pandemic’s continued ramifications for U.S. consumers.
In this follow-up article, Gordon Brothers’ inventory and valuation expert Ulos Anderson takes a closer look at this tight capacity and how sharp increases in shipping costs are compounding current issues. Additionally, he reviews the effects trade with China and demand for consumer products, which have soared amid pandemic lockdowns, have on supply and demand across industries and asset types for those in the banking, lending and restructuring industries. -
Avenue Enters Voluntary Reorganization Proceeding to Facilitate Restructuring
Pursues going concern sale of its strong e-commerce business while conducting store closing sales at all ‘brick and mortar’ locations. Company obtains debtor-in-possession financing to support an orderly process.
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CIT Serves as Agent on $185 Million Credit Facility for Orscheln Farm and Home
CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending team served as administrative agent for a new $185 million senior secured, asset-based credit facility for Orscheln Farm and Home LLC, a leading retailer of farm supplies, home improvement essentials and general merchandise.
Headquartered in Moberly, Missouri, Orscheln Farm and Home LLC operates 167 stores selling livestock feed and equipment, pet food and pet supplies, apparel, automotive, livestock equipment and fencing, tools, lawn and garden supplies, as well as farm and general hardware in 11 Midwestern states. -
Fighting Misinformation: Don’t believe Everything You Read on the Internet
Borrowers face an uphill battle when conducting an internet search for capital. Lee Haskin of Crossroads Financial discusses the misinformation out there and offers clarifications concerning certain types of finance products.
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First Citizens BancShares, Inc. and CIT Group Inc. Announce Transformational Partnership to Create a Top-Performing Commercial Bank
First Citizens BancShares, Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., jointly announced today that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.
It brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending franchise and strong market positions.
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MUFG Continues Expansion of Leveraged Finance Business with New Hires for U.S. Sales
Mitsubishi UFJ Financial Group (MUFG) has hired Marc Lavine and Diane Wright as Directors in MUFG's Leveraged Finance Sales group. Both will be based in New York and report to Timothy Fischer, Head of Leveraged Finance Sales in the Americas, who joined the company in January.
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LBC Credit Partners Supports the Acquisition of EDSCO Fasteners
LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured credit facility to support the acquisition of EDSCO Fasteners LLC (“EDSCO” or the “Company”) by MiddleGround Capital. LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.
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(Almost) Painless Networking
Although experts generally agree that networking is important to career success, a surprisingly large number of professionals dread the process to the point that the mere mention of the word makes them anxious and irritated. Lynn Tanner of Winston and Strawn provides a detailed “cheat sheet” for taking the pain out of networking.
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White Oak Leads $99.5 Million Asset Based Credit Facility in Partnership with Gordon Brothers
White Oak ABL (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it funded and arranged a $99.5 million senior secured credit facility to an international infant and toddler toy and product manufacturer to finance the company’s growth and ongoing working capital.
The senior secured credit facility consists of an $80 million working capital facility secured by receivables and inventories in the US, UK, Netherlands, and Hong Kong and a $19.5 million IP term loan. White Oak is the agent for the working capital facility and Gordon Brothers is the agent for the IP term loan with White Oak as a co-lender.
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SFNet Launches Member Forums
Quarterly peer-to-peer interactive conversations will focus on relevant, high-impact issues among professionals in Credit, Operations & Technology, Business Development, Factoring, Legal, SFNet 40 Under 40 Alumni and Hall of Fame/Past Presidents Mentoring.
The Secured Lender
SFNet's The Women in Secured Finance Issue
