Articles

MDC Partners Inc. (the "Company") (NASDAQ: MDCA) today announced that the Company has amended its existing senior secured revolving credit facility with Wells Fargo Capital Finance, LLC, as agent, extending the maturity date to February 3, 2022.

MGP Ingredients, Inc. (MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today announced it has entered into a five-year $300 million revolving credit facility with a syndicate of lenders led by Wells Fargo Bank, N.A. (“Wells Fargo”). The new facility replaces the Company's $150 million credit facility with Wells Fargo and increases its credit availability by $150 million.

On April 30, 2020, the Federal Reserve announced that it is expanding eligibility to participate in the Federal Reserve’s Paycheck Protection Program Liquidity Facility (the “PPPLF”) to all lenders eligible to originate Paycheck Protection Program loans.[1]  The PPPLF permits eligible PPP lenders to pledge PPP loan notes to the Federal Reserve in exchange for a low interest, non-recourse loan from the Federal Reserve in the amount of the pledged PPP loan note. 

Program Update

When originally announced, the PPPLF was only available to PPP lenders that are depository institutions.  Now, all PPP lenders approved by the SBA, including banks, credit unions, Community Development Financial Institutions, members of the Farm Credit System, small business lending companies licensed by the SBA, and some financial technology firms, are eligible to participate in the PPPLF. 

FTC Commercial Corporation was launched in 2002 with a strong focus on small and medium-size enterprise. Co-founder Ken Wengrod tapped into his experience, having worked in factoring and retail to create a company that understands the entire trade cycle of manufacturing and importing.

Wells Fargo Equipment Finance (WFEF), a division of Wells Fargo Commercial Capital (WFCC), announced the appointment of three key leaders in its Specialty Industries business unit, led by Executive Vice President Byron Payne.   

SFNet’s recent Virtual International Lending Conference offered insight on the effects of the COVID-19 crisis from geopolitical risk consultant, David Chmiel, co-founder/managing director, Global Torchlight; Marc Finer, director, Debt Advisory Group, KMPG LLP; Scott Fuller, director, Valuations, Gordon Brothers; Richard Hawkins, CEO, AtlanticRMS and Robert Horak, managing director, Lincoln International.  David Morse, partner, Otterbourg P.C. and Richard Kohn, principal, Goldberg Kohn Ltd. served as conference moderators.

This article analyzes the conflict between federal and state marijuana laws, and its impact on the inability of state-legal marijuana businesses to obtain traditional and fundamental types of banking services from federally insured banks. The article is divided into three parts: (i) an explanation of the conflict of state and federal marijuana laws; (ii) the effect of the conflicting laws on the decision of banking institutions to provide services to state-licensed marijuana businesses; and (iii) congressional and judicial attempts to resolve the conflict between state and federal marijuana laws.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $10 million factoring – inventory finance facility to a consumer electronics wholesaler and distributor serving public and private retailers in the US and international markets.

The funding was provided against the New Jersey-based company’s accounts receivable and inventory, which the firm will use to fund large-volume purchases to grow its business and provide competitive prices for top name-brand products.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Laurence Sax as Chief Operating Officer.

As COO, Sax will lead Gordon Brothers’ finance, accounting, treasury, financial planning, corporate development, and information technology functions.  He brings over 30 years of operating, finance, and turnaround and restructuring experience to the firm.

Tim Anderson of Hilco Valuation Services discusses Omnichannel appraisals, which are now more common than traditional brick-and-mortar appraisals.  

Crestmark, the Commercial Finance division of PathwardTM, N.A., formerly known as MetaBank®, N.A., is pleased to announce the addition of five new members to its sales team, and the promotion of Dean Allman.

Allman joined Crestmark in 2018 as a national account executive, and now represents Crestmark Equipment Finance as the western region sales manager.  Richard Bollinger and William Houng Jr. have joined Crestmark Equipment Finance as national account executives and are based in San Diego and Los Angeles, California, respectively.  Robert Abraham, Andrew Disch and Nicholas Wagner have joined Crestmark as business development officers in the working capital group.

As the Secured Finance Network and its members have examined the Main Street Lending Program, there have been two aspects of the program in particular that have been identified as impacting on the utility of the program for borrowers from asset-based lenders. 

Both points, along with some others, have been raised in letters from the Secured Finance Network to the Department of the Treasury and the Federal Reserve.  And the Secured Finance Network has followed up with specific questions to Treasury arising from the “Main Street Lending Program Frequently Asked Questions” published on July 31, 2020 by the Federal Reserve Bank of Boston (the “FAQs”) in understanding what is permitted under the Program that could significantly impact how it may be used with an asset-based facility.

As of March 31, 2021 the US Bureau of Labor Statistics reported 8.1 million job openings, with 3.1 million open jobs in the south, 1.8 million jobs in the west, 1.3 million jobs in the northeast and 1.8 million jobs in the Midwest. Private job openings are 7.3 million of the total job openings, with 0.8 million government jobs open. The private job openings are across all industries.

The unemployment rate by state varies dramatically from 2.9% in Nebraska, South Dakota, Utah and Vermont to 8.3% in California, Connecticut, and New Mexico, 8.5% in New York and 9.0% in Hawaii. The overall unemployment rate is 6.1%.

Refinitiv’s director of analytics shares with readers the latest data surrounding the syndicated market.

The whole financial world is working to move away from Libor and other interbank lending benchmarks, which for decades have been used to set borrowing costs on bonds and loans, as well as products ranging from derivatives to credit cards. Since 2018, more than $150 billion worth of bonds have been sold using rates set by a new generation of benchmarks. The syndicated loan market is lagging far behind, with at least $12 trillion of deals needing to be replaced or rewritten so they follow a Libor alternative. There are no easy fixes in sight despite potential deadlines as early as this year.

Vernon Francois grew up in a Rastafarian household where the weekly tradition was having his hair braided every Sunday. The experience was so painful that he decided to learn how to braid hair himself, using carpets and window shade edges as practice.

All that practice paid off. When he was just Vernon Francois grew up in a Rastafarian household where the weekly tradition was having his hair braided every Sunday. The experience was so painful that he decided to learn how to braid hair himself, using carpets and window shade edges as practice.