Articles

What of back rooms?

One important thing that we have learned over the recent past, through our observations of societal upheaval and current events, is that words matter.  Reflecting on the often-misleading references that are used in our lives, and industry, is an opportunity to open our minds, deepen our sensitivities, and expand our learning opportunities to what exists in our current collective reality.

I've often heard the term, back office, used by some ABL and/or other leaders within bank organizations.  Users of this term surely do not intend to be offensive, however, it is an outdated reference that has no place in the more complex secured lending operations of today. 

Hovde Group executives, Tim Stute and T.J. Humes, pictured above, provide an overview of the effects of the pandemic on M&A market conditions.

Gail K. Bernstein was executive vice president, national investment manager for PNC Business Credit, located in Los Angeles, CA. Prior to September 2013, she was the marketing manager of PNC Business Credit-Western Region, a de novo office that she opened in 1998. Besides her extensive experience in ABL, her career encompasses a specialization in international lending and investment management. She has traveled extensively in Latin America and is bilingual in English and Spanish.

After 20 years with PNC, Bernstein retired on August 30, 2019. 

Santander Bank, N.A. today announced the appointments of Taryn Phelan as Commercial Banking Chief Experience Officer and Michael McDonough as Head of Trade & Working Capital Solutions. Phelan will report to Joe Abruzzo, Head of Commercial Banking, and McDonough will report to Ken Deveaux, Head of Transaction Banking.

“Taryn and Michael are great examples of our investment in top talent to drive, develop and execute our Commercial Banking growth strategy,” said Abruzzo. “They bring a wealth of leadership, experience and energy with them to Santander, and I’m excited to have them on our dynamic team.”

Citizens announced today that it has provided a new $325 million senior credit facility to Orangeburg, NY-based Nice-Pak, the leading global producer of wet wipes. Citizens is the Lead Left Arranger.

Founded in 1957, the family-run company pioneered wet wipes with the founder’s invention of the first disposable wet napkin. The company’s Wet-Nap® became a foodservice staple, first at Kentucky Fried Chicken and later at establishments across the country.

Lizzy (pronounced LEE-see) Diaz-Ortiz is a Chicago-based attorney with over 15 years of experience leading culture change for organizations. Most recently, her efforts have focused on driving diversity and inclusion programs in which she helps organizations create a culture of belonging to drive better business results.

She grew up as a military brat living and working all over the world and spent her formative years in Germany, quite different than the rest of her extended Puerto Rican family. Her diverse experiences as an Army dependent laid the groundwork for a three-year professional stint in Mexico City as an adult. More importantly, it provided the foundation for her desire to work in the diversity, equity, and inclusion realm and advocate for equitable outcomes.

Crystal Financial LLC announced the closing of a $60,000,000 Senior Credit Facility for True Religion Apparel, Inc. (“True Religion” or “the Company”).  Founded in 2002 and best known for its signature denim, the Company is a retailer and wholesaler of high-quality apparel and accessories for men, women and children.  True Religion’s products are available through www.truereligion.com, in its over 100 retail locations, and at select department stores and specialty retailers worldwide. 

J.P. Morgan, Bank of Montreal and Goldman Sachs acted as Joint Bookrunners and Joint Lead Arrangers on the Facility. J.P. Morgan is the Administrative Agent on the Facility with Bank of Montreal and Goldman Sachs as Co-Syndication Agents. Additional details on the credit agreement may be found in the Form 8-K to be filed with the Securities and Exchange Commission.