Article List

Blue Owl Capital Announces Agreement to Acquire Wellfleet Credit Partners from Littlejohn & Co.

Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) announced today it has entered into a definitive purchase agreement to acquire Wellfleet Credit Partners LLC ("Wellfleet") from affiliates of Littlejohn & Co., LLC ("Littlejohn"). The transaction is expected to close in March 2022 and is subject to customary closing conditions. The purchase price consists of upfront and earnout payments, which will be primarily funded by cash. Upon closing, Wellfleet will become part of Blue Owl's Owl Rock division, reporting into Craig Packer, Co-Founder and a Senior Managing Director of Blue Owl.

CIT Serves as Co-Lead Arranger on $165 Million Financing for iEnergizer

CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business served as co-lead arranger and joint bookrunner for a $165 million financing on behalf of iEnergizer, a leading technology services and media solutions company.

The financing, which includes a $150 million term loan and a $15 million revolving credit facility, will be used to refinance existing debt and fund a dividend to shareholders.

Founded in 2000, iEnergizer provides technology-enabled services to clients across a wide range of industries, including gaming, healthcare, publishing, travel, and financial services.

White Oak Healthcare Finance Provides $75MM Credit Facility to Advanced Recovery Systems

White Oak Healthcare Finance, LLC (“White Oak”) announced today that it acted as sole lender and administrative agent of a senior credit facility to support Advanced Recovery Systems, LLC (“ARS” or the "Company"), a Goldman Sachs Asset Management portfolio company. ARS provides inpatient and outpatient treatment services for patients with addiction, substance abuse and behavioral health disorders.

Eastern Bankshares, Inc. and Century Bancorp, Inc. Enter Into Definitive Agreement To Merge

Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Century Bancorp, Inc. (Nasdaq: CNBKA) (“Century”), the stock holding company for Century Bank and Trust Company (“Century Bank”), today jointly announced they have entered into a definitive all-cash merger agreement with an aggregate transaction value of $642 million. This in-market transaction comes less than six months after Eastern’s initial public offering that raised approximately $1.7 billion in equity capital.

J.P. Morgan Securities LLC served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern. Piper Sandler & Co. served as financial advisor and Goodwin Procter LLP provided legal counsel to Century.

Interview with Incoming SFNet President John DePledge

John DePledge currently serves as the head of Asset Based Lending of Bank Leumi USA. With over 35 years of ABL experience, John has built portfolios in numerous new markets and has held senior leadership roles in originations, portfolio management, underwriting, asset recovery and field examination. Here, he outlines SFNet’s 2020 goals after its recent transformation.

Saks Mulls Bankruptcy After Raising Billions for Turnaround

Saks Global Enterprises, facing limited options ahead of a more than $100 million debt payment due at the end of this month, is considering Chapter 11 bankruptcy as a last resort, according to people with knowledge of the situation.

White Oak Commercial Finance Expands Retail Finance Offering to Meet Growing Demand

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today that it is expanding its retail offering with the formation of its new National Retail Finance Group to meet the growing demand for custom funding solutions by retail companies pivoting their business models to meet fast-changing market trends, including the industry’s increased investment in ecommerce.

The White Oak teams driving the effort span the U.S. and include this newly formed group led by Bill Kearney, as well as senior regional executives Martin Efron, Charles Sharf, and Gino Clark.

Siena Healthcare Finance Closes a $35MM Working Capital Facility to NY Home Health Company

Siena Healthcare Finance recently led a $35.0MM asset-based line of credit for a home health company based in New York. The line will be used to support acquisitions and provide working capital for ongoing operations and growth initiatives.

The Company serves over 7,000 clients and provides care to people in their homes or communities, including personal care and companionship, skilled nursing, post-op care, pediatric care, specialized care, and therapy care in the five boroughs of New York City.

CIT Names Business Development Officer in Commercial Services

CIT Group Inc. (NYSE: CIT) today announced that it has hired Calvin Navatto as a business development officer in its Commercial Services business.

Navatto will be based in New York City and focus on business development across a wide range of business verticals supported by Commercial Services, including apparel, footwear, housewares, consumer electronics, health and beauty aids and more.

CIT Arranges $185 Million Financing for Community Solar Portfolio

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger for approximately $185 million in financing for a 66-megawatt portfolio of community solar projects.

The financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the U.S.

The portfolio consists of 19 separate projects totaling 66 megawatts of solar generation capacity located in Massachusetts, Illinois and New York State.

SFNet Provides Summary of Economic Aid Act

The Consolidated Appropriations Act, 2021, an omnibus stimulus and budget act that includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), was enacted on December 27, 2020. The Economic Aid Act amends, extends and expands several key stimulus programs as summarized below.

CIBC Innovation Banking Provides Debt Financing to Yello, Inc.

CIBC Innovation Banking today announced it has extended a $15 million credit facility to Yello, a provider of early talent acquisition and recruiting scheduling software. The credit facility will be used to support Yello's continued growth as it further establishes itself with organizations seeking to hire the best and most diverse talent.

Yello is a Chicago-based portfolio company of JMI Equity and First Analysis. Financing was provided by CIBC Bank USA, CIBC's US banking subsidiary.

Interview with Ikhwan A. Rafeek of Otterbourg P.C.

In January, Otterbourg P.C. announced that Ikhwan A. Rafeek had been promoted to Member of the Firm in the Banking and Finance Group. Rafeek represents institutional lenders, banks, commercial finance companies, and factors in connection with the documentation of domestic and international secured lending arrangements, including asset-based, factoring, term loan, healthcare, real estate, middle market, leveraged, and first and second lien loan transactions.

Garrington Group of Companies Announces its Formation and Launch

Garrington was established in January 2019 as part of a greater blueprint to develop a leading North American loan origination, underwriting and operations platform; handling asset-based lending, factoring, and specialty finance loans ranging from $1 million to $30 million. Garrington’s creation comes from its acquisition of Liquid Capital at the start of the year.

Citizens Bank Provides $290 M Credit for International Materials, Inc.

Citizens Bank announced today that it has provided a $290 million Revolving Line of Credit to Boca Raton, Fla.-based International Materials, Inc.

Founded in 1987, International Materials, Inc. (IMI) operates as a global broker/trader of bulk commodity materials, most notably cement/clinker, gypsum, bauxite, iron fines and coal/pet coke and will use the $290 million RLOC for working capital.

Gordon Brothers Announces Term Loan to Brooks Brothers Group, Inc.

Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has provided a $20 million secured term loan facility to Brooks Brothers Group, Inc, the prototypical American apparel retailer headquartered in New York, New York. A family business founded in 1818, the company has grown into a truly global brand with stores across the United States and Canada as well as a footprint that spans over 70 countries.

Context Business Lending Announces New Co-Chief Credit Officers and Risk Management Executive Talent to Support Their Exponential Growth and New Approach to Specialty Finance Asset-Based Lending (ABL)

Context Business Lending (“CBL”), a leading family office-backed specialty finance company focused on asset-based lending (“ABL”), announced today new executive talent hires to support its rapid growth during this unprecedented time for the lending market and for small businesses. CBL has developed rapidly the past 24 months into an emerging market leader by investing in technology; data analytics; and human capital. The addition of these four senior executives was needed to support CBL’s exponential portfolio growth over the past two years, nearly quadrupling the size of its portfolio as more middle-market businesses look to asset-based lending as an alternative financing solution.

Trends in E-commerce During and Post-Pandemic

The COVID-19 pandemic caused ecommerce to transition from “convenient” to “essential,” but what does the post-pandemic world hold for this sector?

CVC Credit Partners Becomes Sole Lender to Horizon Capital's Sabio

CVC Credit Partners is pleased to announce that it has provided a unitranche loan and a dedicated acquisition facility to Sabio, a leading customer experience solutions provider and managed services business, backed by Horizon Capital.

Alterna Capital Solutions Adds $30 Million to LOC, Bringing Total Credit Facility to $110 Million

Alterna Capital Solutions, a specialty and alternative financing lender to small businesses experiencing growth, today announced a $30-million increase to its asset-based credit facility with Wells Fargo Capital Finance. The line increase brings the firm’s total credit facility to $110 million, positioning Alterna Capital Solutions to meet growing demand in the small-business sector for customized options, with a financing partner capable of long-term guidance and flexible funding complementary to established bank relationships.

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