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LBC Small Cap, an affiliate of LBC Credit Partners, provided a senior secured term loan and equity co-investment to support the acquisition of Auchinachie by Astar Heating & Air ("Astar"), a portfolio company of Dubin Clark & Company ("Dubin Clark").

Gerber Finance, the leading finance partner for companies experiencing accelerated growth, today announced the completion of their 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.

The Merchant Opportunities Fund, a Vancouver-based diversified credit opportunities fund focused on prudently compounding capital over the long-term, today announced that it has closed a revolving debt facility with the Bank of Montreal ("BMO"). The facility consists of a $15 million funding commitment with a two-year term along with a $12.5 million accordion.

The Merchant Opportunities Fund invests in well-selected proprietary specialty finance portfolios, that in many cases consist of loans or advances that are originated, underwritten, and serviced by their primary originator, Merchant Growth. The BMO debt facility specifically provides funding for the Merchant Growth portfolio.

Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $17,000,000 senior secured credit facility to Crown & Caliber, an online marketplace leader in authenticated pre-owned luxury watches. The credit facility will be used to support growth opportunities and provide additional working capital.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $50 million asset-based revolving credit facility to a leading, athletic footwear and apparel retailer based in the U.S. 

The retailer recently activated a roll-up of several brands led by a private equity firm, and the transaction was structured with advances against the company’s inventory, accounts receivable, and intellectual property. The proceeds will be used to refinance existing debt and provide for ongoing working capital needs.

Hamid Namazie is managing partner of McGuireWoods’ Los Angeles - Downtown office. He concentrates his practice on representing a wide range of clients, including banks, institutional lenders and commercial finance companies, providing asset-based loans.

When a creditor, whose debtor filed for bankruptcy relief, sought adequate protection payments as a secured creditor, his status as a secured creditor was challenged by an Official Committee of Unsecured Creditors. Based upon filing errors he had committed, he was declared an unsecured creditor of the estate.  Official Committee of Unsecured Creditors of Rancher’s Legacy Meat Co. v. Ratliff, 616 B.R. 532 (Bankr. D. Minn. March 23, 2020).

This case points out the critical importance of familiarity with subsequent events that can make a UCC filing seriously misleading, what to do to avoid its characterization as seriously misleading, and within what time period, so as to prevent later continuation statements to be ineffective and cause the supposed secured creditor to be deemed unsecured.

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Jeffery Wacker, head of U.S. Asset Based Lending Originations, TD Bank, with contributed insights from Elizabeth Rust, Senior Economist, Keybridge in Washington D.C. and David Chmiel, Managing Director, Global Torchlight Limited from London, U.K.

good natured Products Inc. (the "Company" or "good natured®") (TSXV: GDNP) (OTCQX: GDNPF), a North American leader in plant-based products, today announced it has completed a senior secured revolving credit facility (the "Senior Credit Facility") with Wells Fargo Bank, N.A. ("Wells Fargo"), through its wholly owned subsidiary Wells Fargo Capital Finance Corporation Canada, consisting of a USD $30 million asset-based revolving credit facility with a 4-year term and an uncommitted USD $25 million revolving facility, available at the discretion of Wells Fargo. In addition, the Company has closed a CAD $6.6 million financing (the "Mortgage Refinancing") with Business Development Bank of Canada ("BDC").

The rate of default and workouts for loans with IP assets as collateral has reached a crescendo. We examine the near-term implications for workouts and liquidations where IP assets are expected to provide a meaningful source of lender recovery, and the longer- term implications for commercial lending to retail and consumer brand companies.

New to working from home? Check out a few quick tips from ENGS Commercial Finance to help transition from working in-office to working at home.

Winston & Strawn LLP is pleased to announce the addition of Rachel Gray as a partner in the firm's New York office and a member of the Leveraged Finance team where she will play a key role in the expansion of the firm's lender designation practice in both the mid and large cap markets.

Rachel is an experienced attorney with insight into both the borrower and lender sides of complex leveraged finance transactions. Rachel represents top-tier private equity sponsors and their portfolio companies in connection with a wide range of transactions, including leveraged buyouts, take-private deals, dividend recapitalizations, out-of-court restructurings and refinancings. 

Wingspire Capital Holdings (“Wingspire”) today announced that it has provided a $36.5 million senior secured loan to R.W. Sidley (“RWS”). Loan proceeds were used to refinance its existing bank facility, while providing a more patient and flexible capital structure to help management achieve its strategic growth initiatives.