A U.S.-based electronic cigarette company approached King Trade Capital seeking a solution to help ignite its sales. KTC devised a supply chain finance solution utilizing its letters of credit to purchase inventory and invited a national receivable finance company to provide financing on the A/R once the goods shipped to the end customers.
YRC Worldwide has reached an agreement with its lenders to reset certain financial covenants over the life of the loans and allow the company to retain all proceeds from the auction of certain surplus properties.
Ebix, Inc, a supplier of On-Demand software and E-commerce services to the insurance industry, entered into a credit agreement providing for a $100 million secured syndicated credit facility with Citibank as administrative agent.
First Capital provided a $9 million Asset-Based credit facility to Omni Valve Company, a provider of valve solutions to the global energy market. The senior credit facility consists of a $9 million working capital revolver secured by accounts receivable and inventory.
CapitalSource closed a $20 million increase to its revolving credit facility with ASG Security, which SDM Magazine ranked as the ninth largest U.S. security company.
According to a story that appeared on CFO.com, some treasurers are looking for the slightest pickup in returns on their short-term cash, provided the risk falls within corporate investment policies.
Paul McLean and Daryl MacLellan announced Maxium Financial Services has added an Accounts Receivable Financing and Asset-Based Lending Group to their organization. Martin Rees has been appointed director of the new group.
First Niagara Financial Group promoted Laurent (Larry) Favre to president of First Niagara Commercial Finance. Favre will lead the bank’s ABL business while focusing on growth strategy and providing a strong complement to the bank’s other commercial lending activities.
G.C. Andersen Partners announced the opening of a new office in Santa Monica and has hired new partners both in the new office as well as in its New York Office. Joe Bencivenga is located in New York and Kevin Schultz and Jay Sherwood will staff the Santa Monica office.
Deloitte has acquired substantially all of the assets of CRG Partners to grow its financial restructuring, turnaround management and bankruptcy reorganization capabilities. Terms of the deal were not disclosed.