Today’s News

    CIT Expands Sponsor Finance Division with Two Hires

    CIT Group appointed Kenneth Caffrey and Michael Cavounis as managing directors of the Sponsor Finance Group.

    Reuters: Companies Experimenting with LIBOR Alternatives

    Reuters reported that with the end of the LIBOR benchmark approaching at the end of 2021, companies are experimenting with alternative language, often without consulting lenders.

    Sterling Hires Winchester as VP, Managing Director

    Sean Winchester joined Sterling Bank as vice president and managing director of Commercial Banking. Winchester joins from Capital One where he was most recently VP, relationship manager and director.

    JPMorgan Chase Agents Navistar $1B Refi

    Navistar International launched the refinancing of its existing approximately $1 billion senior secured term loan.

    Signature Bank Back on Track after Taxi Medallion Episode

    New York-based Signature Bank reported Q3/17 net income was $124.5 million versus $76.1 million in the same 2016 quarter, which included $61.7 million of provision expense for the Chicago taxi medallion portfolio.

    Goldman Sachs Leads Atlantic Power Debt Repricing

    Atlantic Power repriced of $763 million of senior secured debt with a group of arranging banks led by Goldman Sachs Lending Partners.

    Raven Capital Provides $5MM DIP to Macaroni Grill

    The Wall Street Journal reported that Italian dining chain Macaroni’s Grill is exploring a sale following a Chapter 11 filing.

    Bibby Launches AI Platform to Improve Factoring Process

    Bibby Transportation Finance launched a new client portal to simplify the factoring process and provide proof of delivery invoicing for factoring clients.

    PNC Agents $150MM Revolver for Staffing Firm CDI

    PNC served as administrative agent on a $150 million revolver for staffing firm CDI, a portfolio company of AE Industrial Partners.

    Capital Foundry Funding Provides Revolver to Energy Services Company

    Capital Foundry Funding closed the financing of a $5 million revolver for a Pittsburgh-based energy services company.