March 24, 2017
Great American Capital Partners and Wells Fargo Bank have entered into an agreement with electronics retailer hhgregg to provide a $80 million debtor-in possession financing facility.
Bill Bertha will retire from his role at U.S. Bank as Wisconsin market president in June. He will be succeeded by Tom Richtman.
Tiger Capital Group and Great American Group have been chosen to assist outdoor specialty retailer Gander Mountain in the closure of 32 under- performing locations across the U.S.
Yum! Brands subsidiaries refinanced an approximately $2 billion term loan b, reducing the interest rate by 0.75%. JPMorgan Chase served as administrative agent.
Daniel Rodrigue has returned to Bibby Financial Services in a new role as national head of sales for Factoring and Transportation Finance.
Western Digital has successfully repriced €881 million ($952 million) of new Euro-denominated term B-2 loans. JPMorgan served as administrative agent for the transaction.
Michael Nessim has agreed to join investment bank Greenhill as a managing director based in Toronto. He will focus primarily on the mining and power and utility industries.
Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo, Gordon & Co., added former Fifth Third Bank managing director Garrett Ryan to the firm as a partner and head of Capital Markets.
Maryann Lewis will serve as Berhshire Bank’s senior vice president, commercial region lead for the mid-Atlantic region covering both New Jersey and Pennsylvania.
Mackinac Commercial Credit provided a $1.5 million asset-based line of credit to a Michigan-based commodity re-seller.
Bio-Reference Laboratories amended its credit agreement with JPMorgan Chase Bank as administrative agent give the company access to dividend cash in the form of an up to $55 million intercompany loan.
Inseego amended its credit facility, decreasing the amount available under its revolver to $10 million from $48 million.
March 23, 2017
Reuters reported online lender Kabbage is in talks to raise equity funding that could be used for acquisitions. OnDeck was named as a possible target.
William H. Besgen, senior advisor/vice chairman emeritus and former vice chairman, president and board director of Hitachi Capital America, will retire on March 31, 2017.
Online lender OnDeck amended its asset-backed revolving credit facility with Deutsche Bank to extend the maturity date to March 2019 and to increase the facility’s borrowing capacity by approximately $52 million to a total of up to approximately $214 million.
Bibby Financial Services is restructuring its global executive team. The International Division of BFS will cease to operate, and its executive director, Steve Box, will leave the business.
According to the annual Business Pulse Survey by SunTrust Banks, nearly two-thirds of business leaders expect the global and U.S. economy to improve through 2017. Leaders have high expectations for healthcare and tax reform to spur growth.
Superior Industries, a manufacturer of aluminum wheels for light vehicles, will commence a tender offer for 100% of the outstanding shares of UNIWHEELS in a deal worth approximately $715 million. Citibank, JPMorgan, Deutsche Bank and the Royal Bank of Canada will provide debt financing.
Dresner Partners, a middle-market investment bank, promoted Brian Schofield to senior vice president.
Nexeo Solutions, a chemicals and plastics distribution firm, amended its credit agreement to reduce the interest rates by 50 basis points and remove the 1% LIBOR floor. Bank of America was administrative agent.
Fifth Street Management served as joint lead arranger for two credit facilities totaling $225 million, supporting mergers for two different portfolio companies of private equity firm GTCR.
Five Star Bank named William Kreienberg to EVP, chief corporate development executive and general counsel and Michael Burneal SVP, chief risk and enterprise administration officer.
Bare Metal Standard has entered a partnership with Equipment Leasing Services for a $5 million line of credit.
Houston-based software company CS Disco closed a new debt refinancing and expansion with Comerica Bank’s Technology and Life Sciences Division.
March 22, 2017
Reuters reported that retailer Sears Holdings expressed doubts that it can continue as a going concern in its annual report.
Thomas Pergola has joined the Sterling National Bank Commercial Banking team as senior vice president and managing director. He will report to Ray Guanlao, senior manager director and team leader.
Wells Fargo Capital Finance acted as agent and sole lender for a $60 million senior secured credit facility for Sharecare, a digital health and wellness platform founded by digital health pioneer Jeff Arnold and Dr. Mehmet Oz.
Fundation Group, a digitally-enabled lender and credit solutions provider, secured an asset-backed credit facility from MidCap Financial, a specialty finance firm focused on the middle market.
As Caesars Entertainment prepares to emerge from Chapter 11, it is launching the syndication of a credit facility of up to $1.434 billion. Credit Suisse and Deutsche Bank are joint lead arrangers and bookrunners.
Super G Capital provided a second lien growth capital facility for a Texas-based lease crew services company.
Square 1 Bank provided a $10.5 million credit facility to new client SparkPost, a cloud email infrastructure provider.
MidCap Business Credit completed a $3.25 million asset-based credit facility to Egide USA.
Pacific Mercantile Bank extended $3.2 million in financing to Documotion Research to support the company’s continued growth.
Allison Shaw joined Lighthouse Financial as an associate account executive. Shaw was previously with BB&T as an analyst.
Crossroads Financial provided a $750,000 purchase order financing facility for a distributor of safety equipment for electric power transformers.
TAB Bank provided a $500,000 revolving credit facility for a Georgia-based trucking company.
March 21, 2017
SquareTwo filed a pre-packaged Chapter 11 restructuring plan. Cerberus has agreed to provide $58.5 million in debtor-in-possession financing. Resurgent Holdings will acquire substantially all the company’s portfolio of assets following the restructuring.
ENGS Commercial Finance added six new team members to the company’s factoring division, ENGS Commercial Capital.
FactSet has acquired BISAM Technologies for $205.2 million from Aquiline Capital Partners and company insiders. PNC agented a $575 million revolving credit facility to support the purchase.
Leumi hired Daniel Csillag as a new group head for Healthcare on the Northeast Middle Market team. Csillag is responsible for overseeing and growing the bank’s healthcare commercial banking business in the region.
Real Industry closed a $110 million revolving credit agreement with Bank of America as administrative agent, lender, l/c issuer and swingline lender.
Jim Rosenthal, the former chief operating officer of Morgan Stanley, is joining the OnDeck board of directors, effective April 3, 2017.
SunTrust Banks named Allison Dukes Commercial and Business Banking executive. Dukes was most recently chairman, president and CEO of the bank’s Atlanta division.
Integer Holdings, a medical device outsource manufacturer, completed an amendment to its senior secured credit facilities to lower the interest rate on its term B loan facility. M&T was administrative agent for the transaction.
Rosenthal & Rosenthal appointed former CIT VP Ying Yang as vice president responsible for business development with a focus on the firm’s West Coast client base.
Pacific Premier received the required regulatory approval for its acquisition of Heritage Oaks, which it expects to complete by Q2/17.
Amerisource Funding and Amerisource Business Capital funded several new clients in February 2017, including three firms that received deals between $350,000 and $500,000.
Energizer amended its credit agreement with JPMorgan Chase Bank as administrative agent to establish new interest rates for outstanding term loans.
HCA entered into a joinder agreement to refinance its existing term B-6 loan facility via a $1.489 billion term b-9 loan facility with Bank of America as administrative agent.
FS Investment amended its credit facility with ING Capital as administrative agent.
March 20, 2017
On February 16, Bank of America served as administrative agent for a $1.25 billion revolving credit facility for Conagra Brands. On March 16, Conagra acquired Thanasi Foods, Maker of Duke’s Meat Snacks And BIGS Seeds.
Green Bancorp appointed Terry Earley chief financial officer effective March 27, 2017. Earley joins Green Bancorp from Yadkin Financial where he was the EVP and CFO.
The Middle Market Growth Program, a joint venture between Antares and LStar Capital, closed a senior secured unitranche credit facility to support the acquisition of Tidel by Littlejohn.
Patrick Industries completed the acquisition of the business and certain assets of Medallion Plastic and expanded the size and extended the maturity date of its existing credit facility with Wells Fargo as administrative agent.
Sonoco Products entered into a three-year, $150 million term loan facility with Bank of America to support its acquisition of Packaging Holdings.
Shareholders of Bay Banks of Virginia and Virginia BanCorp voted to approve an agreement to merge and operate as a single entity under the Virginia Commonwealth Bank name.
Duke Energy amended its credit agreement to expand the maximum aggregate borrowing amount to $8 billion and to add Piedmont Natural Gas as a borrower.
Camping World Holdings amended its November 8, 2016 credit facility to increase the amount by $95 million to $740 million. Goldman Sachs was administrative agent.
Outfront Media amended its credit agreement to add $5 million to its revolving credit facility and $10 million to its term loan in a transaction with Morgan Stanley Senior Funding as administrative agent.
People’s United Financial received approval from the board of governors of the Federal Reserve for the merger of Suffolk Bancorp into People’s United Financial.
Gold Mineral Resources has closed a $2 million uncommitted, on-demand, revolving pre-export loan facility with Scipion Active Trading Fund arranged by Scipion Capital.
S&W Seed Company entered into a third amendment to its credit and security agreement with KeyBank, extending the temporary period during which the company may borrow up to $30 million until April 21, 2017.
March 17, 2017
Wilmington Trust hired Ali Naqvi as a director of business development in the Global Capital Markets division.
As part of its 2017 expansion plan, Gerber Finance created a partnership with Global Fund Holding, parent company of Miami-based Trade Finance Solutions. Gerber will raise its finance cap from $10 million to $15 million.
MidCap agreed to provide a first lien credit facility to Erickson of up to $150 million as the global aviation services company prepares to emerge from bankruptcy protection.
Rockland Trust named its former executive vice president of Commercial Lending Gerard Nadeau as president.
CapX Partners closed a $15 million lease line of credit to Gehl Foods, a contract manufacturer/packager.
Huron promoted 10 team members to managing director.
Crestmark secured a total of $7.680 million in financial solutions for 20 new clients in the first half of March.
Capital One’s survey revealed that 25% of ABS professionals anticipate ABL/factoring to be the second greatest area for growth in 2017. Overall growth is expected to continue despite economic insecurity.
Non-Standards Finance has used the accordion feature to expand its facility with the Royal Bank of Scotland from £85 million ($105 million) to £105 million ($129 million).
AlixPartners will be honored with six awards at the 11th Annual M&A Advisor Turnaround Awards ceremony on March 23 in Palm Beach, FL.
StoneMor Partners amended its credit agreement, extending deadlines to submit audited financial statements and increasing its maximum consolidated leverage. Capital One served as administrative agent.
Eugenio Garza y Garza has joined the Lazard as a managing director heading the firm’s Mexico Financial Advisory business, effective immediately.
HSBC and RBC co-led an amended to extend AutoCanada’s $250 million revolving credit facility by two years.
New Orleans-based Thermo Credit provided a $2 million asset based loan to Civil Solutions.
March 16, 2017
Siena Lending Group completed a three-year, $5 million asset-based revolving credit facility for RTA Furniture Distributors dba Just Cabinets Furniture & More.
Gordon Brothers Finance entered into a $31.2 million financing transaction with SkyWater Technology Foundry to support the purchase of Cypress Semiconductor’s Bloomington, MN, wafer fabrication facility.
MB Business Capital provided a new $9.522 million senior credit facility to Salem, OR-based Taylor Metal.
Ankura Consulting promoted Michael Baumkirchner, Mark King, Vincent Mekles and Chad Paulin to senior managing director.
Trinity Acquisition, a subsidiary of Willis Towers Watson, secured a $1.25 billion revolving credit facility from a syndicate of lenders led by Barclays Bank as administrative agent.
CapX Partners promoted three team members located at the firm’s Chicago offices. Peter Washington, promoted to director, will be managing transaction underwriting and portfolio management. Justin Wirt and Jim Fox were promoted to associate.
American Midstream and its partners increased its credit facility from $750 million to $900 million. Bank of America was administrative agent for the transaction.
Stephen Grossbauer was named senior vice president and senior credit officer of F.N.B.’s commercial credit function in its new markets in the Carolinas, following the recent acquisition of Yadkin Financial.
The Wall Street Journal reported that Barclays Bank has committed $2.4 billion of financing to support Ultra Petroleum’s exit from bankruptcy.
Edgewell Personal Care amended its credit facility to increase available funds by $75 million for a total of $725 million. JPMorgan Chase served as administrative agent for the transaction.
The Federal Reserve raised its benchmark rate for the second time in three months, this time to a range between 0.75% and 1%.
Scargo Hill Capital launched SLC Pay It Forward, a non-profit founded in memory of Stewart L. Cohen (1954-2016). Led by Andy Moser, Jacen Dinoff and the Cohen family, SLC Pay It Forward’s mission is focused on three core concepts: goodwill, mentorship, and education.
GulfMark Offshore entered into a $10 million multicurrency credit facility with a group of lenders led by The Royal Bank of Scotland as agent.
March 15, 2017
Wells Fargo promoted veteran commercial banker Grant Friesth to head the Central Division for Middle Market Banking.
Wells Fargo served as administrative agent for a syndicate of banks that refinanced and expanded two revolving credit facilities totaling $585 million for midstream provider Lucid Energy Group.
Gordmans Stores hired Tiger Capital Group and Great American Group to handle its inventory liquidation as part of its Chapter 11 filing.
Alaska Communications Systems Holdings entered into a new $195 million senior credit facility with ING Capital as administrative agent.
Macom Technology Solutions entered into three amendments to its credit agreement, including one to increase revolving credit commitments by $30 million. Goldman Sachs Bank and Barclays led the transaction.
Square 1 Bank provided a $15 million credit facility to new client Unum Therapeutics, a clinical stage biopharmaceutical company developing cellular immunotherapies for the treatment of cancer.
Capital Funding Bancorp, parent company of CFG Community Bank, completed a private placement of $35 million in subordinated debt.
Solar power engineering company SunLink has engaged Heritage Bank of Commerce to provide a $10 million expanded line of credit to support continued expansion.
Stout Risius Ross added former CRT Capital and CIBC World Markets veteran John Calcagnini as a managing director in the Investment Banking group’s healthcare industry practice.
DS-Concept USA was engaged by a private equity group to provide a $3.5 million non-recourse factoring facility to a niche manufacturer of officially licensed consumer products in the gaming industry.
North Mill Capital funded a $2 Million accounts receivable credit facility for Budd Lake, NJ-based Air Contact Transport.