July 21, 2017

OrbiMed Provides $100MM Facility to Pharming Group


Dutch pharmaceutical firm Pharming Group replaced its $100 million bridge finance with a $100 million permanent facility agreement. OrbiMed provided both financings.

Associated Banc-Corp to Acquire Bank Mutual


Associated Banc-Corp and Bank Mutual have entered into a definitive agreement under which Bank Mutual will merge with and into Associated.

Bloomberg: Despite the Rules, Top U.S. Banks Close to Profit Record


Bloomberg reported the nation’s top 10 banks collectively made $30 billion in quarterly earnings, only a few hundred million shy of the record that was set in Q2/07, despite stiff regulation.

Citi, Santander, RBC Provide Construction Loan Facility to Alterra


Alterra Power completed its $287 million financing for the Flat Top wind project in Texas with affiliates of Citi, Santander and Royal Bank of Canada.

Manion Rejoins Blank Rome Commercial Finance Team


Christopher A. Manion rejoined Blank Rome’s Philadelphia office as an associate in the Finance, Restructuring and Bankruptcy group.

Cantor Fitzgerald Agents New $85MM Facility for Pernix


Pernix Therapeutics closed a new $40MM ABL facility and a $45 million term loan with Cantor Fitzgerald Securities as administrative agent. The new debt financing replaces its credit facility with Wells Fargo.

CIT Names MD, Adds Sales VP For Franchise Finance Division


CIT Group named Michael Vallorosi as managing director of its franchise finance business and Christopher Wren as a sales vice president of its restaurant franchise finance practice.

Alvarez & Marsal Advises Vertex on $65.5MM Refinancing


Alvarez & Marsal completed a $65.5 million refinancing with three different lenders for the Vertex Resource Group.

Great Rock Capital Adds Senior Originator for the West Region


Great Rock Capital, an asset-focused commercial finance company specializing in middle-market lending, hired Steve Parker as managing director of originations.

SVB Provides $2.5MM Facility to NovoRoll


NovoRoll secured a $2.5 million financing facility from Silicon Valley Bank.

Aegis Business Credit Provides $3.75MM to Two Companies


Aegis Business Credit provided $3.75 million in financing to two companies in the Southeastern U.S.

SVB, Horizon Provide $27MM Facility to PebblePost


PebblePost secured a term loan facility with Horizon Technology Finance and a secured credit facility with Silicon Valley Bank that will provide access to $27 million in funds in addition to $20 million in equity capital from institutional investors and industry angels.

SWK Holdings Provides $16MM Facility to Imprimis Pharmaceuticals


SWK Holdings provided a five-year, $16 million debt facility to Imprimis Pharmaceuticals.

BofA, Credit Suisse Support McCormick Acquisition of RB Food Division


Food giant McCormick acquired Reckitt Benckiser’s Food for $4.2 billion, subject to certain customary purchase price adjustments, adding iconic products like Frank’s RedHot Hot Sauce and French’s Mustard to the company’s menu of products.

July 20, 2017

Wells Fargo Taps Gibson to Lead Iowa Middle Market Banking


Wells Fargo named 27-year banking veteran Becky Gibson to lead its Iowa Middle Market Banking team as regional vice president.

White Oak, Permira, H.I.G. WhiteHorse Support Bottega Gertronics Buy


White Oak Global Advisors provided a cornerstone commitment, alongside early commitments from funds advised by Permira Debt Managers and H.I.G. WhiteHorse, for a €164 million ($189 million) senior financing to support the acquisition of Getronics by strategic investor Bottega InvestCo.

WFCF Structures $100MM Credit Facility for FCN


The Wells Fargo Capital Finance Supply Chain Finance Group acted as agent and sole lender for a $100 million senior secured credit facility for FCN.

Fetterolf Named CEO of Tristate Capital Bank


Brian S. Fetterolf was appointed CEO of Tristate Capital Bank.

Solitude Strategies Provides $6MM DIP for Dynamic Intl Airways


Dynamic International Airways filed a voluntary Chapter 11 petition with the U.S. Bankruptcy Court in the Middle District of North Carolina, Greensboro Division. Solitude Strategies will provide $6 million debtor in possession financing.

SunTrust Provides $30MM Revolver to Health Plan Intermediaries


Health Plan Intermediaries, a subsidiary of Health Insurance Innovations, entered into an expanded revolving credit facility with SunTrust providing access to up to $30 million of capital.

1st Security Names Kim SVP, SBA Division Manager


C. Han Kim joined 1st Security Bank as senior vice president and SBA division manager.

MB Business Capital Provides $8MM Credit Facility for Whitworth Tool


MB Business Capital, provided a new $8 million senior credit facility to Hardinsburg, KY-based Whitworth Tool.

WFCF Agents $90MM Upsize to Huttig Building Products Facility


Huttig Building Products increased its $160 million senior secured credit facility to $250 million. Wells Fargo Capital Finance served as administrative agent and lender.

Invoice Lender LSQ Closes Record $455MM Quarter


Invoice finance company LSQ advanced $455 million in working capital in Q1/17, coming off a year where it provided $1.8 billion to businesses. The company attributed its growth to new bank partnerships and the automation of its underwriting process.

HSBC Upsizes B2Gold Facility to $500MM


B2Gold secured an increase to $500 million for its revolving credit facility led by HSBC as administrative agent, sole lead arranger and sole book runner.

CIT Names Former Pacific Life, Flying Tiger Exec to Board


Khanh T. Tran was appointed to the CIT board of directors. He will also serve on the board of CIT Bank. Tran’s background includes senior executive positions with Pacific Life, Aviation Capital and Flying Tiger Line.

July 19, 2017

ING Capital Arranges $70MM Corporate Capital Trust Facility


Corporate Capital Trust has closed on a new credit facility of $70 million, lead and arranged by ING Capital. Cadence Bank and Seaside National Bank will be lenders under the facility.

Signature Bank Q2 Earnings Suffer on Taxi Medallion Loan Losses


Signature Bank reported Q2/17 net income was $14.0 million compared to $102.2 million in Q2/16. The bank noted the decline resulted from an increase of $154.3 million in loan losses nearly all attributable to the NYC taxi medallion portfolio.

BofA Agents $70MM DIP to Support Beaulieu Group Restructuring


Beaulieu Group filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Georgia. Bank of America will agent a $70 million DIP facility to support the company’s restructuring.

Sears CEO Provides $200MM Credit Line to Support Operations


Business Insider reported that Sears CEO Eddie Lampert, through his hedge fund ESL Investments, agreed to provide Sears with a further $200 million credit line.

Wells Fargo Names New Head of Middle Market Banking in Nevada


Wells Fargo Middle Market Banking named Denette Suddeth to lead its continued growth in Nevada. Suddeth succeeds former Region Manager Phil Horrell who was promoted to market executive.

Medallion Financial Renews Facility Secured by Medallion Loans


Medallion Financial has renewed its credit facility agreement for eight months with DZ Bank AG as agent for the lender, Autobahn Funding Company.

MidCap Provides $100MM Sarepta Therapeutics Debt Financing


Sarepta Therapeutics entered into $100MM in credit and security agreements with MidCap Financial.

Scotiabank Agents $150MM Tahoe Resources Upsize


Tahoe Resources amended its credit agreement with a syndicate of lenders led by the Bank of Nova Scotia, increasing revolving funds to $300 million and adding a $50 million accordion feature.

ING Capital Arranges $70MM Corporate Capital Trust Facility


Corporate Capital Trust has closed on a new credit facility of $70 million, lead and arranged by ING Capital. Cadence Bank and Seaside National Bank will be lenders under the facility.

Accord Financial Acquires BondIT Media Capital


Commercial financier Accord Financial completed a strategic investment in the Santa Monica, CA-based film and television financier BondIt Media Capital.

Business Capital Secures $14MM for Imperial Frozen Foods


Business Capital has structured and secured a $14 million capital facility for Imperial Frozen Foods.

Lawrence Financial Closes $10MM Fundings in H1/17


Lawrence Financial Group has funded more 20 transactions totaling more than $100 million during the first six months of 2017.

Crestmark Funds More Than $8MM in H1/July


Crestmark secured a total of $8,241,431 in financial solutions for 12 new clients in the first half of July.

July 18, 2017

ING Hires Mulkere to Lead Grain Lending Group


ING hired former BBVA Compass executive Eanna Mulkere as a director to focus on food and agriculture lending.

Citizens Bank Hires Giampetroni as Midwest Regional Executive


Citizens Bank hired Joseph C. Giampetroni as regional executive for the Midwest with responsibility for corporate banking in the greater Chicago area, Michigan and Ohio.

White Oak Healthcare Provides Debt Financing to CDx Diagnostics


CDx Diagnostics completed a majority recapitalization with Galen Partners, a healthcare-focused growth equity investment firm, and White Oak Healthcare Finance, who led the debt financing.

Wellington Financial Hires Gill as Partner


Wellington Financial added former City National Bank and Silicon Valley Bank veteran Robin Gill to lead the firm’s new New York office.

Siena Provides $10MM Facility to Specialty Steel Supply


Siena Lending Group completed a three-year $10 million asset-based revolving credit facility for Specialty Steel Supply.

Bank of America Names Market President for Indianapolis


Andy Crask esd appointed Bank of America market president, serving as the company’s enterprise leader in Indianapolis.

CRG Provides $53MM Financing for Strongbridge Biopharma


Strongbridge Biopharma entered into a $50 million senior credit facility with CRG. a healthcare-focused investment firm, to retire its existing debt facility and provide additional capital for the company.

Macquarie Adds Lipschitz as Metals & Mining Senior Analyst


Macquarie Group appointed David Lipschitz as a senior analyst in equities research within its Commodities and Global Markets group.

AEC Provides $575K Facility to Waste Management Company


Advanced Energy Capital provided a $575,000 factoring and cash flow advancement facility to a waste management company.

CIT Amends Independence Contract Drilling Facility


Independence Contract Drilling extended its existing credit facility with a syndicate of financial institutions led by CIT Finance by two years. A $65 million accordion feature was also added to the facility.

JPMorgan Agents $2.28B New Term Loans for WOW!


WideOpenWest amended its credit agreement to borrow new term B loans in an aggregate principal amount of $230.5 million for a total outstanding term B loan principal amount of $2.28 billion. JPMorgan Chase served as administrative agent.

Brookridge Provides $3MM PO Facility to LED Lighting Firm


Brookridge Funding completed a $3 million purchase order funding facility for a Florida-based client that sells high quality LED lighting products that was introduced by a factor.

JPMorgan Agents $1B Facility for Cimpress


Cimpress and four of its subsidiaries amended its credit agreement to include a $745 million revolving loan and $300 million term loan.

July 17, 2017

Oaktree to Assume Management of Fifth Street Finance and FSFR


Oaktree Capital Group signed an asset purchase agreement to become the new investment adviser to Fifth Street Finance and Fifth Street Senior Floating Rate.

NXT Capital Provides $42MM To Support Aakash Chemicals Refi


NXT Capital provided a $42 million senior secured credit facility to support the refinancing of Aakash Chemicals and Dye-Stuffs, a portfolio company of CenterOak Partners.

PNC Plans Middle Market Expansion


PNC formalized plans to expand its middle market business into the Denver, Houston and Nashville markets in 2018. PNC also released its Q2/17 results, which were up 11% from the same quarter a year ago.

Barings Supports Pamlico Capital Investment in Becker’s Healthcare


Barings served as administrative agent for a senior secured credit facility supporting Pamlico Capital’s investment in Becker’s Healthcare.

SunTrust Supports BioTelemetry Acquisition of LifeWatch


Wireless medical technology firm BioTelemetry completed its acquisition of Swiss-based LifeWatch. SunTrust Bank provided a $205 million term loan to support the acquisition.

Scotiabank Agents $120MM Facility for CES Energy Solutions


CES Energy Solutions amended its credit facility with the Bank of Nova Scotia as administrative agent.

Ares Management Prices $1.1B CLO


Ares Management completed the pricing of Ares XLIV CLO, a $1.1 billion CLO and the second largest in the firm’s history. Ares XLIV was sponsored by Ares’ Credit Group and is the second largest broadly syndicated CLO in 2017.

JPMorgan Agents $500MM Revolver for First Solar


First Solar amended its credit agreement with JPMorgan Chase as administrative agent to include a $500 million revolving credit facility and $400 million available for letters of credit.

Sallyport Provides $3MM AR Facility to Body Warmer Company


Sallyport Commercial Finance recently provided a $3 million accounts receivable facility to a North American warmer brand in the outdoor industry.

Flock Specialty Finance Funds $13MM in June


Atlanta-based Flock Specialty Finance funded more than $13 million in deal volume for June, representing one of its largest months since inception.

J D Factors Provides Nearly $1MM in Factoring Facilities


J D Factors recently provided $970,000 in factoring facilities to five different companies in the U.S. and Canada.

Utica Leaseco Provides $500K to Auto Supplier


Utica Leaseco completed the funding of $500,000 of a loan on existing equipment for an auto supplier in Michigan.

July 14, 2017

HSBC, UBS Settle U.S. Rate Rigging Litigation


Reuters reported that HSBC Holdings and UBS Group have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark.

Macquarie Capital Expands U.S. Credit Sales Team


Macquarie Capital hired John Florio and Emma Yan as managing director and vice president, respectively.

Citibank Agents $1.5B Facility for Molson Coors Brewing


Molson Coors Brewing replaced its $750 million credit facility with a $1.5 billion facility with Citibank as administrative agent.

Webster Upsizes Manhattan Bridge Facility to $15MM


Manhattan Bridge Capital amended its credit agreement with Webster Business Credit, increasing available commitments to $15 million with an option to increase to $20 million.

JPMorgan Agents Marathon Oil Facility Upsize to $3.4B


Marathon Oil priced an offering of $1 billion of 4.400% senior notes that will mature on July 15, 2027. Concurrently, the company increased its credit facility from $3.3 billion to $3.4 billion.

BBVA Compass Promotes Parker to Lead San Antonio Market


BBVA Compass appointed banking industry veteran Ryan Parker as its new San Antonio CEO, where he will lead the market’s commercial banking and small business operations, the local Global Wealth team and manage the local advisory board.

TCF Provides $16MM to Support KCB, Hilltop Private Equity Buy


TCF Capital Funding provided $16 million in secured financing to support KCB Private Equity and Hilltop Private Equity in their acquisition of Spiral Binding.

Sprott Upsizes TMAC Resources to $160MM


Gold producer TMAC Resources entered into a term sheet with Sprott Private Resource Lending to increase total borrowings to $160 million.

Deutsche Bank Expands Americas Natural Resources Group


Deutsche Bank expanded its Americas Corporate Finance franchise with the appointment of Mark Sooby and Harris Ghozali as managing directors focused on Energy Acquisitions and Divestitures.

Alberta Treasury Branches Amends Ceiba Energy Facility


Ceiba Energy Services entered into an amendment with Alberta Treasury Branches to provide for $15 million of credit encompassing a $5 million revolver and a $10 million term credit facility.

Allied Provides $6.25MM to TX Oil & Gas Services Firm


Allied Affiliated Funding provided $6.25 million to a Texas-based oil and gas services company.

Versant Funding Closes $4.2MM Non-Recourse Factoring Facility


Versant Funding funded a $4.2 million factoring facility for a manufacturing company.

July 13, 2017

Industry Veterans Launch Caissa Capital Restructuring Firm


Grant Lyon, Craig Hansen and Peter Kaufman have partnered to form Caissa Capital, a venture aimed at providing, in one entity, senior-level workout, financial restructuring and legal services.

Tiger, Great American to Manage Gymboree Store Closings


In conjunctions with its recent Chapter 11 filing and court-ordered restructuring, Gymboree intends to close approximately 350 stores, mainly across the Gymboree and Crazy 8 brands. The company is partnering with Tiger Group and Great American Group to manage the closing sales.

Bloomberg: MUFG Looking to Boost ABL, Equipment Financing in U.S.


In a report based on an interview with Mitsubishi UFJ Financial Group’s deputy head of Investment Banking in the Americas, Bloomberg noted that the company is expanding its U.S banking unit to include asset-based finance and equipment finance.

U.S. Bank Names Cadwallader Seattle Market President


U.S. Bank named veteran banker Betsy Cadwallader as its Seattle market president.

Tech Capital Provides $2MM ABL to Gemini Duplication


Tech Capital, the asset-based finance company and wholly-owned subsidiary of Tech Credit Union, originated a $2 million asset-based loan for Gemini Duplication.

Imperial Capital Hires Energy Team in Houston


Imperial Capital Group expanded its Institutional Research and Investment Banking presence across the energy sector, with the addition of seven seasoned professionals, all formerly of Wunderlich Securities.

Deutsche, JPMorgan, Others Lead Techem $1.99B Portable Loan Refi


Reuters reported German metering group Techem has launched a €1.75 billion ($1.99 billion) refinancing that will be offered with portability, enabling the new loans to stay in place if a sale goes ahead.

Sidley Adds M&A Partner Serota in New York


Daniel Serota joined Sidley Austin as a partner in its New York office. He will be a member of Sidley’s M&A practice.

U.S. Bank Agents $50MM ArcBest Upsize


ArcBest entered into a credit agreement with U.S. Bank as administrative agent, which increased commitments from $150 million to $200 million and included a $100 million accordion feature.

Gibraltar Closes ABL Transactions Totaling Almost $50MM in Q2/17


Gibraltar Business Capital closed transactions valued cumulatively at nearly $50 million in Q217.

Maxim Commercial Capital Funds 200 Deals in Q2/17


Maxim Commercial Capital said it funded over 200 deals for small business owners in Q2/17.

i2B Capital Provides $8MM Funding to National Surety Underwriters


i2B Capital closed an $8 million structured term loan to National Surety Underwriters, previously known as Agency Bonding Captives.

July 12, 2017

Monroe Capital Provides Financing to APCO Worldwide


Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior term loan to support APCO Worldwide’s buyout of minority shareholders.

White Oak Leads American Medical Depot $85MM Refi


American Medical Depot raised $85 million to refinance existing debt, fund market expansion and further growth in sales, marketing and technology. White Oak Healthcare Finance led the financing as sole lender and agent.

Presidential Financial Names Lovett as BDO


Presidential Financial added former Wells Fargo Capital Finance veteran Suzanne Lovett to its team as a business development officer in Dallas.

JPM, BofA Merrill Lynch Support ABM Industries Buy


ABM Industries will acquire GCA Services Group from affiliates of Thomas H. Lee Partners and Goldman Sachs Merchant Banking Division. JPMorgan Chase and Bank of America Merrill Lynch provided financing to support the transaction.

Hilco Industrial Hires Smith as Managing Director


Hilco Industrial added Mark A. Smith as a managing director focused on the metals, mining and adjacent sectors.

Bain, HSBC Provide Unitranche to Adler & Allan


Bain Capital Credit and HSBC have partnered to refinance the existing debt of Adler & Allan with a unitranche loan.

Credit Suisse, Goldman Lead Bain Buyout of Sealed Air


Reuters reported that Credit Suisse and Goldman Sachs are leading the financing for a $2 billion leveraged financing backing Bain Capital’s buyout of Sealed Air’s cleaning and chemicals systems and its food care divisions.

Former GE Capital Exec Joins Sterling as COO


Sterling Bancorp named Christina M. Favilla chief operating officer. Favilla was previously with GE Capital Americas, where she served as COO.

First Business Capital Provides $9MM Facility to Packaging Firm


First Business Capital closed and funded a $9 million turnaround financing for a specialty packaging company in California.

MidCap Provides $7.5MM Facility to IncrediTek


MidCap Business Credit completed a $7.5 million asset-based credit facility to IncrediTek.

Kennedy Funding Closes $1MM Loan to Herb Kinman Chevrolet


Kennedy Funding Financial, an Englewood Cliffs, NJ-based direct private lender, closed a $1 million loan to Herb Kinman Chevrolet, a new car dealership in Carrollton, KY.

KeyBank, Zions Downsize Kona Grill Facility


Kona Grill amended its credit agreement with KeyBank and Zions First National Bank, which decreased overall commitments by $15 million.