May 26, 2017

RBS-Led Syndicate Provides $200MM Receivables Facility to PPG


Peninsula Petroleum signed a new $200 million receivables finance facility with a syndicate led by RBS Invoice Finance. The facility also contains an option to increase overall funding by a further $50 million.

WFCF UK Leads New $45MM Facility for Arlington Industries


Wells Fargo Capital Finance UK acted as the agent and lead arranger for a $45 million asset-based credit facility for Arlington Industries, an automotive and aerospace manufacturing company.

Oak Valley Adds Stevens as VP, Loan Officer


Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp, added Michael Stevens as vice president, commercial loan officer.

Texas Capital Downsizes StoneCastle Financial Facility to $62MM


StoneCastle Financial, a closed-end investment company registered with the Securities and Exchange Commission, amended its credit facility with Texas Capital Bank to decrease the maximum borrowing amount to $62 million and to obtain more favorable terms.

SunTrust Extends OnDeck $100MM Revolver


Online lender OnDeck extended its current $100 million asset-backed revolving credit facility with SunTrust Bank to November 2018.

Wells Fargo Upsizes Asure Software Facility to Support Acquisitions


Asure Software acquired iSystems Intermediate Holdco and Compass HRM. In connection with the acquisitions, the company increased the total principal amount of commitments under its credit facility from approximately $32 million to $75 million.

BofA Agents Emerald Expositions Refi


Emerald Expositions closed a $565 million senior secured term loan and a $150 million senior secured revolver with Bank of America as administrative agent. The proceeds from the facility were used to refinance all existing loans.

Wells Fargo Agents $300MM Kforce Credit Facility


Kforce completed a new $300 million revolving credit facility with a syndicate led by Wells Fargo Bank as administrative agent.

BofA Agents $285MM Suncoke Energy Facility


Suncoke Energy Partners and certain subsidiaries entered into an amended credit facility with Bank of America as administrative agent, increasing available funds with a $285 million secured credit facility.

Getzler Henrich Advises Elm Ridge Exploration in Asset Sale


Getzler Henrich provided management and financial consulting assistance to the Elm Ridge Exploration debtholders that resulted in a full recovery of their investment.

Sallyport Provides a $625K Facility to Tactical Apparel Company


Sallyport Commercial Finance provided a $525,000 AR facility to an apparel company that produces ballistic and tactical gear for special forces and sheriff departments.

BofA Extends Maturity of Quaker Chemical Facility


Quaker Chemical amended its credit facility with Bank of America as administrative agent, extending the maturity date to June 14, 2019.

ABF Journal to Observe Memorial Day


The ABF Journal and abfjournal.com office will be closed on Monday, May 29 in observance of Memorial Day. We will return on Tuesday, May 30 to bring you our coverage of the commercial finance industry. We wish our readers a safe and happy holiday!

May 25, 2017

Dahms Joins Oxford Finance Healthcare Services Team


Peter Dahms, formerly of American Capital, joined Oxford Finance as a senior director of the firm’s healthcare services capital markets team.

Synovus Bank Adds Two to ABL Team


Synovus Bank added former Wells Fargo and GE Capital veteran Andrew Graziano to its ABL team as a relationship manager. Jeremy Griffin joined as an analyst.

LBC Credit Upsizes Facility to Support GSC Recap


LBC Credit Partners increased an existing credit facility to support the recapitalization of GSC Technologies by an affiliate of New Water Capital Partners.

LPC Reports Middle Market Lenders Holding Firm on Pricing


Reuters reported that credit investors are holding firm on the rates they are prepared to lend to U.S. middle market companies after received refinancings produced lower yields.

PNC Provides $37MM to Support Derby Fabricating Acquisition


PNC Bank closed a $37 million senior secured credit facility for Derby Fabricating Solutions, a portfolio company of Prophet Equity Management.

Super G Provides $1.5MM Bridge Facility to Healthcare Technology Firm


Super G Capital provided a $1.5 million bridge facility for a software as a service (SaaS) company that provides data management solutions to insurance agencies, government agencies, hospital and healthcare organizations.

ENGS Expands Factoring Team, Adds New Offices


ENGS Commercial Finance expanded its factoring subsidiary, ENGS Commercial Capital, and added two new offices.

UBS Agents $299.49MM SiteOne Upsize


Subsidiaries of SiteOne Landscape Supply added $299.49 million in new term loans to their credit agreement with UBS Stamford Branch as administrative agent.

Squiers Joins Ankura Consulting as Managing Director


Ankura Consulting appointed Jay D. Squiers as a managing director in its turnaround and restructuring group.

Mackinac Provides $3MM Financing to Safety Storage Manufacturer


Mackinac Commercial Credit provided $3.06 million in credit facilities to an Illinois-based manufacturer of safety storage facilities.

Davis Joins Chiron as Director, Healthcare Investment Banking


Chiron Financial added James P. Davis as director of the firm’s healthcare investment banking practice.

Weight Watchers to Repay Up to $75MM JPMorgan-Agented Loan


Weight Watchers International initiated an offer to prepay up to $75 million of initial tranche B-2 term loans outstanding under the company’s JPMorgan-agented credit agreement.

May 24, 2017

Umpqua Bank, Others Provide $70MM to HealthFirst Financial


HealthFirst Financial, a national patient financing provider, secured a $70 million line of credit from a lending syndicate that includes Umpqua Bank, Columbia Bank, Opus Bank and Pacific Continental Bank.

MidCap Provides $10MM ABL to Forged Components


MidCap Business Credit completed a $10 million asset-based credit facility to Forged Components.

Monroe Provides $28MM Facility to Consumer Products Research Company


Monroe Capital acted as sole lead arranger and administrative agent on the funding of a $28 million senior credit facility to support the merger of two consumer products research companies.

GE Energy Financial Surpasses $15B in Renewable Energy Investments


GE Energy Financial exceeded $15 billion in renewable energy investment commitments in wind, solar and other renewable energy projects globally.

Viveve Secures $30MM Debt Financing with CRG


Viveve Medical entered into a $30 million senior credit facility with affiliates of CRG to retire its existing credit facility and provide additional capital for the company.

Pacific Mercantile Bank Provides Financing to CASE Systems


Pacific Mercantile Bank provided a term loan and a commercial line of credit to CASE Systems to support the company’s growth.

Credit Suisse Agents $425MM Blucora Facility


Blucora closed a new $425 million credit facility with Credit Suisse as administrative agent and lead arranger.

Kaye Joins Barnes & Thornburg’s Atlanta Office


Law firm Barnes & Thornburg added Richard Kaye to its Atlanta office as a partner in the corporate department, where he works on domestic and international transactions.

ONB Promotes Clark to Chief Information, Strategic Innovation Officer


Old National Bank promoted Todd Clark, formerly Michigan region CEO, to chief information and strategic innovation officer. Alex Strati was promoted to Michigan region CEO.

SmartBank to Acquire Capstone Bank; Extends Footprint to Alabama


Knoxville, TN-based SmartBank signed an agreement to acquire Tuscaloosa, AL-based Capstone Bank.

DNB Provides $35MM Intercompany DIP to Gulfmark Offshore


GulfMark Offshore filed Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. GulfMark Rederi provided a $35 million DIP loan to the company with DNB as the issuing bank.

J D Factors Closes Four Factoring Deals Totaling $325K


J D Factors completed four factoring transactions for a total of $325,000.

May 23, 2017

AloStar Agents $36MM Facility for TruFood Manufacturing


AloStar agented a $36 million credit facility for TruFood Manufacturing, a leading snack food producer based in Pittsburgh.

Siena Lending Provides $7MM Facility to Raven Antenna Systems


Siena Lending Group completed a $7 million credit facility for Raven Antenna Systems to refinance its existing senior debt and to support working capital needs.

Great American Provides $25MM Term Loan to Legend Energy


Great American Capital Partners, a subsidiary of B. Riley Financial, closed an agreement with Legend Energy Services to provide a $25 million delayed draw senior secured term loan. Proceeds from the loan will be used to acquire machinery and equipment.

Former JPMorgan Senior Loan Officer Pleads Guilty to Mortgage Fraud


Former senior loan officer at JPMorgan Chase pleaded guilty to charges of conspiracy to commit fraud for his role in a massive mortgage scheme that cost the bank more than $33 million.

Berkshire Hills Bancorp to Move Corporate HQ to Boston


Berkshire Hills Bancorp, parent of Berkshire Bank, is relocating its corporate headquarters to Boston later this year to support the bank’s strategic growth throughout the Northeast.

Gibraltar Business Capital Closes ABL for Maple Island


Gibraltar Business Capital closed a new $6.75 million asset-based line of credit for Maple Island, a manufacturer, processor and packager of food powder products.

FTI Names Tobias CEO of FTI Capital Advisors, Adds Three MDs


Glenn Tobias has been named CEO of FTI Capital Advisors. Asher Cohen, Peter Gray and James McClain joined as managing directors.

JPMorgan Agents $400MM ABL Facility to Belden


JPMorgan Chase Bank served as administrative agent for a lender syndicate that provided Belden with an amended and restated credit agreement consisting of a $400 million asset-based revolving credit facility.

Austin Financial Funds $2.5MM ABL to Delivery Services Company


Austin Financial Services recently funded a $2.5 million ABL credit facility comprised of an A/R revolver and stretch piece to a regional delivery services company.

SSG Advises United Road Towing in Asset Sale


SSG Capital Advisors acted as the investment banker to United Road Towing in the sale of substantially all of its assets to an affiliate of Medley Capital.

Piper Jaffray Adds Two to Diversified Industrials & Services


Piper Jaffray hired Chris Geyer and Tim Shea to the firm’s diversified industrials and services investment banking group. They will be based in Minneapolis.

TAB Bank Provides Revolver for Manufacturer in California


TAB Bank closed a $1.5 million revolving credit agreement for a California-based manufacturer.

Breakout Capital Appoints Lanzo as EVP, General Counsel


Breakout Capital appointed Douglas J. Lanzo, formerly of Selzer Gurvitch Rabin Wertheimer & Polott, as its executive vice president and general counsel.

Rabobank Agents Spark Energy Credit Facility Upsize


Spark Energy closed a new $120 million senior secured borrowing base credit facility with a lender group led by Rabobank acting as joint lead arranger, sole bookrunner and administrative agent.

May 22, 2017

Virginia Commonwealth Hires Bien as SVP, Commercial Banking


Virginia Commonwealth Bank has hired Bill Bien as senior vice president, Commercial Banking. Bien will be developing commercial banking relationships in the Richmond region.

JPMorgan Chase Agents Web.com Facility Upsize


Web.com Group has increased its existing term loan by $50 million and added $110 million of additional capacity to its revolver. JPMorgan Chase served as administrative agent for the lenders.

Split Emerging in Liquid U.S. Leveraged Loan Market


Reuters reported that companies with strong earnings and good trading track records are successfully accessing the U.S. leveraged loan market at ever-tighter spreads. Weaker companies are not faring as well.

Credit Suisse to Support Post Weetabix Buy


Post Holdings plans to borrow approximately $2 billion under a new incremental term loan facility to support its purchase of Weetabix. Credit Suisse increased the size of the company’s current term loan from $2 billion to $2.2 billion to support the buy.

Bank of Nova Scotia Provides $500MM Facility to Telenet Financing


Telenet Financing entered into a $500 million financing agreement with The Bank of Nova Scotia as facility agent.

Gardere Adds Three to Restructuring Practice


Law firm Gardere Wynne Sewell added Frank J. Wright, C. Ashley Ellis and Erin C. McGee to its Financial Restructuring and Reorganization practice in Dallas.

Crown Capital Provides $12MM Bridge Loan to Support Petrowest Refi


Crown Capital has agreed to provide a $12 million bridge loan to Petrowest as part of the company’s restructuring effort. Crown will also refinance the company’s existing term loan, increasing the amount from $12 million to $15 million.

Antares Capital Closes $2.1B CLO Transaction


Antares Capital Advisers closed Antares CLO 2017-1, a $2.1 billion collateralized loan obligation.

Bankruptcy Law Firm Forshey Prostok Expands in Dallas/Fort Worth


The complex bankruptcy and restructuring law firm Forshey Prostok has promoted three attorneys and added two lawyers to its Dallas/Fort Worth offices.

Eckstein Joins MH&H Creditors’ Rights & Bankruptcy Group


Andrew B. Eckstein has joined Mirott Hock & Hamroff as counsel in its Creditors’ Rights and Bankruptcy practice group in the firm’s New York City office. He joins the firm from Blank Rome.

Morgan Stanley Agents $50MM Microsemi Upsize


Morgan Stanley Senior Funding acted as administrative agent for an increase revolving joinder to Microsemi’s credit agreement, which increased the company’s revolving credit facility to $375 million.

DS-Concept Opens Two New Branches in India


DS-Concept opened new offices in New Delhi and Chennai to better accommodate its large client base in India.

May 19, 2017

PNC, Citizens & Wells Arrange ICF Upsize Amendment


Global consulting and technology services provider ICF amended its credit facility to allow for borrowings of up to $900 million. PNC Capital Markets, Citizens Bank and Wells Fargo Securities acted as joint lead arrangers.

LPC: U.S. Merger Lending on Rise, Waiting for Trump Reforms


Reuters reported that mergers and takeovers are increasing in the U.S. after a sparse first quarter as corporations, unwilling to wait for the Trump administration’s delayed tax, trade or healthcare reforms rush to close new deals.

Hitachi Enters Syndication Market; Provides $65MM in Financing


Hitachi Business Finance, a division of Hitachi Capital America, expanded its financing solutions to include syndicated lending and, in the past quarter, provided $65 million to three U.S. companies.

Wiltshire to Head Bibby Financial UK Commercial Division


Bibby Financial Services appointed Sharon Wiltshire as UK commercial director, as it looks to grow its commercial finance capability throughout the UK. Mary Sharp and Deborah Johnson will fill new roles as the division expands.

Redpoint Capital Group Adds Dunev as Managing Partner


Redpoint Capital Group, which finances specialty finance and fintech companies, added former UBS, Morgan Stanley and Credit Suisse veteran Alex Dunev as a managing partner.

Bank of Nova Scotia-Led Group Supports Ashland Global Buy


Ashland Global acquired Pharmachem Laboratories for $660 million. The acquisition was funded by new credit facilities totaling $1.18 billion. The Bank of Nova Scotia was administrative agent for the bank syndicate.

AloStar Commits $20MM to Atlanticus Funding IV


AloStar recently provided a $20 million revolving commitment to Atlanticus Funding IV, a subsidiary of Atlanticus Holdings, which invests in companies in the financial services sector.

Euroloan Appoints Ex-Morgan Stanley Fintech Leader New Group CEO


Euroloan Group appointed James Hickson, former Wall Street fintech leader, as group chief executive officer. Hickson most recently led a fintech technology business development practice at Morgan Stanley.

JPMorgan Agents $175MM Essent Group Upsize


Essent Group amended its credit facility to increase the total facility from $200 million to $375 million. JPMorgan Chase Bank served as administrative agent.

Bibby Transportation Finance Supports 3A Express’ Expansion


Bibby Transportation Finance provided a $500,000 factoring facility for 3A Express, a Michigan-based over-the-road and refrigerated trucking company.

Paul, Weiss Adds Prominent M&A Lawyer in London


Alvaro Gomez de Membrillera Galiana has joined Paul, Weiss, Rifkind, Wharton & Garrison as a partner in its M&A group, resident in the London office.

Dime Community Bank Names New Head of SBA Lending


Robert “Rob” Dwyer has joined Dime Community Bank as senior vice president and head of SBA Lending.

May 18, 2017

Capital One Adds Rizzo to Philly Corporate Banking Team


Richard Rizzo has joined the Capital One Corporate Banking team as a senior relationship manager in Philadelphia. Rizzo joins from MUFG/Union Bank where he served as a managing director.

Hancock Capital Expands Leveraged Senior Credit Team


Hancock Capital Management has expanded its leveraged senior loan platform with the addition of six investment professionals to its team in Chicago.

Siena Lending Provides $5MM ABL Revolver to Halo


Siena Lending Group closed a three-year $5 million asset-based revolving credit facility for Halo, Purely for Pets. The facility will be used to support the company’s working capital and expansion of their distribution model.

MB Business Capital Provides $5MM Facility to J & E Manufacturing


MB Business Capital provided a new $5 million senior credit facility to Lakeville, MN-based J & E Manufacturing to support its acquisition of Leaf Industries and for working capital.

Rosenthal Provides PO Finance Facilities for Third-Party Lenders


Rosenthal Trade Capital completed two purchase order finance facilities to support the financing requirements of clients of a third-party factoring company and a national bank-owned asset-based lender.

Crestmark Closes 10 Deals Totaling $9.7 million in the First Half of May


Crestmark closed 10 transactions totaling $9.7 million with 10 new clients in the first half of May.

Bank Leumi Names Droney Chief Operations & Technology Officer


Bank Leumi appointed Martin Droney executive vice president, chief operations and technology officer.

Post Road Group Provides $16MM Credit Line to Green House Data


Green House Data received a new $16 million credit facility from Post Road Group, a privately held investment firm based in Stamford, CT.

Wolters Kluwer Adds Head of Strategy, Product and Platform Management


Wolters Kluwer’s Finance, Risk & Reporting business hired former Citigroup leader Rajat Somany as global head of Strategy, Product and Platform Management, a newly created role.

Access Capital Provides Acquisition Financing for Staffing Firm


Access Capital provided a credit facility to Employee Relations Associates in the amount of $7.5 million encompassing a $5 million revolver and a $2.5 million term loan.

Gordon Brothers Acquires Central Queensland Quarries Assets


Gordon Brothers has acquired the majority of Central Queensland Quarries’ plant and equipment as part of a liquidation managed by FTI Consulting.

JPMorgan Extends Maturity Date of L Brands Revolver


L Brands amended its credit agreement, agented by JPMorgan. The maturity date was extended to May 11, 2022 and the amount of the commitment remains $1 billion.

May 17, 2017

Regions Securities Expands Corporate Finance Group


Regions Securities has expanded its Corporate Finance group by hiring two managing directors, Gene Bowles and Daniel Hoverman.

BlackRiver Business Capital Closes Credit Facility with SunTrust


BlackRiver Business Capital, an Austin, TX–based direct lender in the commercial equipment finance industry, closed a new credit facility of up to $20 million with SunTrust Bank.

BofA Provides $50MM Amended Facility to Argan


Argan entered into an amended and restated replacement credit agreement providing for a $50 million credit commitment with Bank of America as the lender.

Thapar Joins Kramer Levin’s Leveraged Finance Group


Sanjay Thapar has joined Kramer Levin Naftalis & Frankel as a partner in the Leveraged Finance group.

Austin Financial Services Updates Brand, Moves Offices


Asset-based lender Austin Financial Services has refreshed its brand and upgraded its offices.

Deutsche Bank Agents $250MM Spectrum Upsize


Deutsche Bank acted as administrative agent for an amendment to Spectrum Brands’ credit agreement, under which U.S. dollar term loan commitments were increased from $1 billion to $1.250 billion.

SunTrust Provides $20MM Facility to Lakeland Industries


Lakeland Industries entered into a $20 million loan agreement with SunTrust Bank, replacing its prior facility with AloStar Bank of Commerce.

Orbimed Advisors Supports $100MM Pharming Group Refi


Pharming Group completed a new $100 million finance agreement with Orbimed Advisors.

Cory Hill Joins Perella Weinberg Partners as Managing Director


Perella Weinberg Partners added Cory Hill to the firm as a managing director in the Advisory business, based in Los Angeles.

Sandy Spring, WashingtonFirst, Create Region’s Largest Community Bank


Sandy Spring Bancorp and WashingtonFirst Bankshares have entered into an agreement for Sandy Spring to acquire Virginia-based WashingtonFirst.

J D Factors Closes Five Factoring Facilities Totaling $2.2MM


J D Factors recently closed five transactions totaling $2.2 million.

ATB Provides $22MM Facility to TransGlobe Energy


TransGlobe Energy entered into a C$30 million ($22 million) credit agreement for a revolving reserve-based lending facility with Alberta Treasury Branches.

May 16, 2017

BofA Agents Up to $125MM ABL DIP for rue21


Retailer rue21 filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Pennsylvania. The company has secured up to $125 million DIP financing from its existing ABL lenders with Bank of America as administrative agent.