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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 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.

Laura Kemper Glass, vice chair of SFNet’s WISF Committee, is senior vice president and senior portfolio manager for Bank of America Business Capital (BABC), part of the Wholesale Credit division at Bank of America.  

Based in Atlanta, Glass is responsible for the asset-based lending portfolio in the Eastern United States and Europe.  In this role, she leads a team of credit professionals responsible for managing a $20 billion portfolio of credit commitments in the asset-based lending plus related products and solutions.   The team serves clients in a wide range of industries primarily in the middle market and large corporate space.

Here she discusses her career trajectory and current position, leadership and what the finance industry can do to improve diversity.

Nneoma Maduike, member of SFNet’s Diversity, Equity & Inclusiveness Committee interviews Anthony C. Hood, PhD, executive vice president and chief diversity, equity and inclusion officer of First Horizon National Corp. Dr. Hood is responsible for cultivating and expanding First Horizon’s strategic leadership in developing and implementing programs and initiatives that advance the Company’s Diversity, Equity and Inclusion (DEI) efforts.

Bitcoin-mania appears to have no limit, including entering corporate balance sheets with Tesla’s move to buy $1.5 billion worth of the cryptocurrency. By doing so, Tesla joins Square and MicroStrategy as a public company with a large bitcoin exposure. The increased bitcoin presence, however, also creates some significant questions that requires answers from corporate financial advisers and the companies themselves.  

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, 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.  

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.

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

Moritt Hock & Hamroff (MH&H) announced that two new attorneys joined the firm’s Creditors’ Rights, Restructuring & Bankruptcy practice group: Allison Arotsky and Michael C. Troiano. Each focusing in restructuring matters, Arotsky and Troiano will be adding to MH&H’s more than 40-year-long leadership role in the creditors’ rights sector.

Marc L. Hamroff, managing partner of MH&H, said, “We are delighted to build on our longstanding reputation and excellence in servicing the creditors’ rights, restructuring, and bankruptcy industry by adding two outstanding attorneys to our practice. Both Allison and Michael are expected to make an immediate positive impact on our services to our clients in these areas through their proven expertise, skills, and knowledge of bankruptcy law.”

Commercial lending transactions are memorialized with a comprehensive, and often voluminous, set of loan documentation. In an attempt to expedite closing, and reduce closing binder sizes, lenders (and their counsel) are always seeking ways to streamline the loan- documentation process. 

eCapital Corp. ("eCapital" or "the Company), a leading alternative finance provider in North America, today announced it has acquired UK-based specialty lender and factoring company Advantedge Commercial Finance. The acquisition will allow eCapital to continue building out its full suite of specialty lending solutions and geographically diversify its book of business.

Advantedge is a leading privately-owned invoice financing company providing cash flow solutions to small and medium-sized businesses in the UK. Founded in 2001, the Company currently provides funding to UK businesses seeking alternative financing. Since November 2016, revenues for Advantedge have grown almost threefold and EBITDA has increased by 2.5 times over that period.

SFNet has been working with the CA Department of Business Oversight as well as with other associations to obtain the best outcome for our members. SFNet submitted a comment letter to the DBO concerning the first draft.