December 17, 2018

Wintrust Expands ABL Services with New A/R Finance Group


Wintrust expanded its asset-based lending group, Wintrust Business Credit, with the addition of a specialized team focused on accounts receivable financing. National Head of Originations Jason LeuVoy and Group Head John Marrinson will lead the new team.

D&D Leasing Rebrands as DND Finance


D&D Leasing announced its rebranding as DND Finance at its annual black tie charity fundraiser. Concurrently, Tara Skewes was appointed president of DND’s Canadian Operations, effective January 1st, 2019.

MSD Closes $80MM in Facilities for Luby’s Restaurant Franchise


MSD Partners closed an $80 million credit agreement for restaurant franchise Luby’s. The agreement includes a $60 million five-year term loan, a $10 million delayed draw term loan and a $10 million revolver.

Patel Joins Axiom Bank as EVP, Consumer Banking


Axiom Bank hired Urjit Patel as executive vice president, Consumer Banking. In this role, Patel will be responsible for developing and implementing growth and engagement strategies for the consumer lending, digital and retail divisions.

Deep Sea Mining Provides $455K Loan to Nautilus Minerals


Nautilus Minerals received a loan in the principal amount of $455,000 from Deep Sea Mining Finance under the company’s secured structured credit facility of up to $34 million.

Barclays International Promotes 85 Managing Directors


Barclays International promoted 85 international staff members to managing directors across multiple divisions, including Cards & Payments, the Corporate and Investment Bank and Private Banking & Overseas Services. The promotions will be effective January 1, 2019.

Rosenthal Provides $2MM P/O Facility to Accessories Company


Rosenthal & Rosenthal completed a $2 million purchase order finance facility to support the production financing requirements of a New York-based accessories company.

Austin Financial Funds $1.5MM ABL Facility for Oral Device Manufacturer


Austin Financial Services funded a $1.5 million ABL credit facility comprised of an accounts receivable revolver on behalf of an innovator and manufacturer of sleep disorder oral appliances.

Sallyport Customizes $14.5MM Facilities for Telecom Products Provider


Sallyport Commercial Finance arranged a $14.5 million package, including an accounts receivable facility, purchase order facility and inventory facility, for a manufacturer of broadband communication products.

US Capital Advises Ambisafe on Capital Formation


US Capital Global acted as exclusive financial advisor to B2B blockchain solutions company Ambisafe Group on the latter’s capital formation.

TradeCap Provides $625K P/O Facility to Cosmetics Company


TradeCap Partners secured a $625,000 purchase order finance facility to an early stage, New York-based cosmetic company.

Utica Provides $5MM Financing to California Company


Utica Leaseco completed a $5 million transaction during the second week of December 2018.

December 14, 2018

JPMorgan Chase Agents $12B Credit Facilities for DowDuPont


JPMorgan Chase Bank acted as administrative agent and lead arranger on $12 billion in credit facilities for DowDuPont and its soon-to-be-spun-off subsidiary Corteva.

BBVA Compass Names Goff Corpus Christi City President


BBVA Compass appointed banking veteran Che Goff Corpus Christi City president. He succeeds Dan Brown, who is retiring from the banking industry.

ACF Finco, Ares Agent $120MM ABL Financing for Teligent


Pharmaceutical company Teligent entered into a new senior-secured asset-based first lien revolver with ACF Finco I as administrative agent and a definitive second lien credit agreement with Ares Capital as administrative agent.

Fitch: Leveraged Loan Risks Appear Manageable for Now


According to Fitch Ratings, leveraged loan risks to the U.S. banking system are manageable in the near term. However, negative rating actions for banks would become more likely in the event of a significant market disruption.

Axos Bank to Acquire $225MM in Deposits from MWABank


Axos Bank signed a deposit assumption agreement to acquire approximately $225 million in deposits from MWABank.

First Financial Elects Ruzicka EVP/CIO


John Ruzicka was elected executive vice president and chief information officer of First Financial Bankshares and chairman, president and CEO of First Technology Services, First Financial’s tech subsidiary.

ABI: Healthcare Bankruptcies Provide Unique Challenges for Government


Due to risks surrounding the vulnerability of patients, healthcare bankruptcies present government agencies with a unique set of challenges and responsibilities, according to a December ABI Journal article.

HSBC Agents $20MM Downsize on Western Energy Revolver


HSBC Bank Canada served as administrative agent, lead arranger and sole bookrunner on amendments which reduced the commitment on Western Energy’s syndicated revolving first lien credit facility from $70 million to $50 million.

Rosenthal Provides $7.5MM in Facilities to Two Seafood Suppliers


Rosenthal & Rosenthal completed two deals totaling $7.5 million on behalf of two of the country’s highest quality and most trusted seafood suppliers.

Avidbank Supports Calyx Capital with Combined Credit Facilities


Avidbank Specialty Finance provided an accounts receivable line of credit and a senior term loan to Calyx Capital Partners.

B. Riley FBR Advises Industrea on Concrete Pumping Merger


Investment bank B. Riley FBR assisted Industrea Acquisition in its successfully completed business combination with Concrete Pumping Holdings.

Capital Now Provides $150K Facility to Construction Company


Capital Now provided a $150,000 credit facility to a construction company based in Alberta.

December 13, 2018

J.P. Morgan Chase Agents $125MM DIP Financing for Catalina


Marketing firm Catalina filed for Chapter 11 bankruptcy to implement a pre-packaged restructuring transaction. J.P. Morgan Chase is serving as administrative agent on a $125 million DIP facility to support the company’s operations.

Healy Joins Twin Brook Capital as Managing Director


Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo Gordon, hired Tim Healy as a managing director. Healy will focus on originations and developing and building client relationships.

BofA, Deutsche Bank Provide $50MM DIP Facility to Parker Drilling


Parker Drilling voluntarily filed for Chapter 11 in order to facilitate its restructuring support agreement. Bank of America and Deutsche Bank agreed to provide $50 million in DIP financing to facilitate the restructuring.

Capital One Agents $350MM Facility for Covis Pharma


Capital One served as administrative agent and lead arranger on a $350 million senior credit facility for Covis Pharma. The facility includes a $25 million revolver and a $325 million term loan.

Atalaya Provides $100MM Facility for Future Family Fertility Fund


Atalaya Capital Management provided a $100 million credit facility to Future Family to help finance fertility patients on the latter’s subscription platform.

WSFS Receives Stockholder Approval for Beneficial Bank Merger


WSFS Financial received approval from its stockholders for its previously announced merger with Beneficial Bancorp, wherein Beneficial would merge with and into WSFS.

Flat Rock Capital Expands Revolver with State Bank and Trust to $30MM


Flat Rock Capital increased the total borrowing capacity of its financing facility with State Bank and Trust to $30 million.

Luxor to Provide $42.1MM in Term Loans to Waitr


Luxor Capital Group entered into a debt commitment letter to provide $42.1 million in senior secured first priority term loans to Waitr, an online ordering and food delivery platform.

Great Rock Capital Closes $15MM Facility for Marketing Firm


Commercial finance company Great Rock Capital closed a $15 million senior secured credit facility for a marketing and administrative service firm.

Abacus Agents Debt Financing for Palisade Recap


Abacus Finance served as administrative agent and sole lender in support of Thompson Street Capital Partners’ recapitalization of Palisade.

Madison Street Arranges $3.2MM North Avenue Facility for MonDak


Madison Street Capital acted as the exclusive financial advisor in arranging a $3.2 million debt facility for MonDak Portables. North Avenue Capital provided the facility.

NXT Capital Supports Audax Acquisition of PHOENIX Rehabilitation


NXT Capital acted as administrative agent, sole lead arranger and sole bookrunner on a senior secured credit facility to support Audax Private Equity’s acquisition of PHOENIX Rehabilitation and Health Services.

December 12, 2018

Wells Fargo Names Grossman Head of Factoring and Specialty ABL


Wells Fargo Capital Finance named Marc Grossman executive vice president and division manager of factoring and specialty asset-based lending in its Commercial Services Group.

ABL Expert Mikalic Joins Flexible Funding as East Coast BDO


Robinn Mikalic, ABL expert and author of The Deciding Factor and Brokering Factoring Deals, joined Flexible Funding as a senior business development officer. She will be based in the Philadelphia-New York region.

Tree Line Capital Provides $26MM Facility to PumpMan


Tree Line Capital Partners provided a $26 million first lien credit facility to PumpMan Holdings. The facility consists of a funded term loan, a delayed draw term loan and a revolver.

Comvest Credit Partners Agents $60MM Speed Leasing Facility


Comvest Credit Partners acted as administrative agent and sole lender in providing a $60 million senior credit facility to Speed Leasing, a portfolio company of 777 Partners.

FactoringClub Salutes Top Firms with 2019 Best Factoring Company Awards


FactoringClub recognized 16 factoring companies as winners of their 2019 Best Factoring Company Awards. Over 100 FactoringClub sponsors were evaluated on contract terms, customer service and company leadership.

PNC Adds Brady to Senior Secured Financing Team


PNC Bank appointed Eamonn Brady as a senior vice president and business development officer on its senior secured lending team in the Upper Midwest region.

Berkshire Hills to Acquire Savings Institute Bank and Trust


Berkshire Hills Bancorp signed a definitive merger agreement to acquire SI Financial Group and its subsidiary, Savings Institute Bank and Trust, in an all-stock transaction valued at $180 million.

BMO Financial to Build Flagship Headquarters in Chicago


BMO Financial announced plans for a new office tower in Chicago. The new BMO Tower will employ 3,600 staff members across 14 floors of a 50-floor, 700-foot building, which will open in 2022.

Austin Financial Provides $5MM Revolver to Energy Focus


Austin Financial Services provided a $5 million revolving credit facility to LED lighting company Energy Focus.

Biz2Credit: Small Biz Loan Approval, Optimism Remain High in November


Small business loan approval rates for big banks reached another record high in November 2018, according to the latest Biz2Credit Small Business Lending Index.

LBC Provides Senior Secured Facilities to Albireo Energy


LBC Credit Partners acted as agent and sole lead arranger on senior secured credit facilities for Albireo Energy, a Huron Capital-controlled company.

B. Riley FBR Advises AWSI on Sale to DISA Global Solutions


Investment bank B. Riley FBR served as the exclusive financial advisor to Advanced Workplace Strategies in its all cash sale to DISA Global Solutions.

December 11, 2018

Marble Ridge Sues Neiman Marcus Over Alleged Fraud Scheme to Benefit Ares Management


Marble Ridge Capital brought suit against Neiman Marcus Group, alleging the company had fraudulently transferred $1 billion in assets for no consideration in order to benefit Ares Management and the Canada Pension Plan Investment Board, the beneficial owners of the Group.

Smith to Become Chicago COO After Fifth Third, MB Financial Merger


Eric S. Smith, Chicago regional president of Fifth Third Bank, will transition to chief operating officer of the region once the bank’s pending merger with MB Financial closes.

BayCom to Acquire Uniti Financial in $63.9MM Merger


BayCom, holding company for United Business Bank, agreed to acquire Uniti Financial and its subsidiary, Uniti Bank, in a cash and stock transaction valued at approximately $63.9 million

J.P Morgan Agents $750MM Facility for Bonanza Creek Energy


J.P Morgan led and served as administrative agent on a new $750 million reserve-based credit facility for independent oil and gas company Bonanza Creek Energy.

Barclays Appoints Parrot Head of West Coast Biotech Banking


David Parrot joined Barclays as managing director and head of Barclays’ U.S. West Coast Biotech Banking franchise. He will report to Rick Landgarten, global head of Healthcare & Real Estate Groups at Barclays.

Monroe Capital Agents $80MM Facility for AN Global 4th Source Acquisition


Monroe Capital acted as sole lead arranger and administrative agent on the funding of an $80 million senior credit facility to support AN Global’s acquisition of 4th Source.

RBC Agents Chaparral Facility Upsize to $700MM


Chaparral Energy completed its regularly scheduled fall borrowing base redetermination with Royal Bank of Canada as administrative agent, increasing its credit facility from $400 million to $750 million.

BBVA Compass Taps Knudson as New Austin CEO


BBVA Compass appointed banking industry veteran Dillan Knudson as its new Austin, TX, CEO. He will succeed Joe Petet, who is retiring at the end of the year.

Antares Bain Supports Clearlake Capital’s symplr Acquisition


Antares Bain Capital, a joint venture between Antares and Bain Capital Credit, closed a senior secured unitranche credit facility to support Clearlake Capital Group’s acquisition of symplr.

Marble Joins Bank of Southern California as Managing Director


Bank of Southern California hired Pamela Marble as a managing director in Orange County, CA. In this role, she will be responsible for business development and client relationship management.

Chiron Supports Arrangement of $25MM Term Loan for Cannabis Company


Chiron Financial served as the exclusive investment banker for one of the largest U.S. cannabis businesses in the placement of a $25 million advancing term loan.

Monfore Joins TimePayment as Director of Strategic Alliances


Fintech company TimePayment appointed Sue Monfore to the senior sales team, leading TimePayment’s vendor and manufacturer strategic alliances for the western half of the United States.

December 10, 2018

Connelly Joins BMO Financial Board of Directors


BMO Financial appointed Kevin Connelly to the BMO Financial board of directors. His appointment is effective January 1, 2019.

Cortland Agrees to $22MM DIP Increase for Troubled Retailer Nine West


According to Law360.com, Nine West is requesting bankruptcy court approval for an additional $22 million in debtor-in-possession financing as the company’s exit from Chapter 11 will take place at least month later than expected.

Wintrust Acquires American Enterprise Bank Assets and Liabilities


Wintrust Financial’s subsidiary, Northbrook Bank & Trust, completed its acquisition of certain assets and the assumption of certain liabilities of American Enterprise Bank.

Macquarie to Acquire Waypoint Leasing Assets for $650MM


Macquarie Group agreed to purchase troubled lessor Waypoint Leasing for approximately $650 million. Ankura Trust is acting as administrative agent on a $45 million DIP facility to support the transaction.

Ares Provides Senior Secured Credit Facility to Pegasus Foods


Ares Commercial Finance provided a senior secured credit facility to Pegasus Foods. The arrangements consisted of a revolving line of credit and a capital expenditure line of credit.

Isherwood Joins D.A. Davidson & Co. as Managing Director


Scott Isherwood joined D.A. Davidson & Co. as a managing director in the firm’s diversified industrials investment banking team in New York.

Cadence, State Bank Financial to Merge by Year’s End


Cadence Bancorporation received regulatory approval from the Federal Reserve to complete its pending stock-for-stock transaction with State Bank Financial.

Investors Bank Appoints Kalamaras Chief Risk Officer


Investors Bancorp appointed Paul Kalamaras executive vice president and chief risk officer of both the holding company and Investors Bank. Bill Brown will take over Kalamas’ former role of chief retail banking officer.

J D Factors Provides $450K in Factoring Facilities


J D Factors provided $450,000 in factoring facilities for five clients the week of December 3, 2018.

Deloitte: U.S. Dealmaker Optimism for 2019 Hits Three-Year High


According to a Deloitte survey of corporate dealmakers and private equity firms, dealmaker optimism is at a three-year high, with most respondents anticipating more and bigger merger and acquisition deals in 2019.

Crossroads Provides $600K Revolver to Bitters Wholesaler


Crossroads Financial provided a $600,000 inventory revolver for the benefit of a wholesale distributing company of flavored bitters.

Continental Provides $3MM Revolver to Clothing Retailer


Continental Business Credit completed a $3 million revolving credit facility for a retailer and wholesaler of brand name women’s wear and accessories.

December 7, 2018

Former CFA Director Leonard Machlis Passes Away


The Commercial Finance Association’s former executive director, Leonard Machlis, has passed away. He is survived by his wife, Harriet, sons, Steven, Brian and Roger, and his daughters-in-law and grandchildren.

Pacific Mercantile Provides $4MM Facility to SynergEyes


Pacific Mercantile Bank provided a $4 million credit facility, consisting of a revolving line of credit and commercial term loan, to SynergEyes.

Scotiabank Leads $47.7MM Upsize to Trican Revolver


The Bank of Nova Scotia acted as lead arranger, sole bookrunner and administrative agent on an amendment to Trican Well Service’s revolving credit facility, including an upsize from $227.3 million to $275 million.

Former Sears CEO Bids $4.6B in Attempt to Rescue Troubled Retailer


Reuters has reported that ESL Investments, the hedge fund run by Sears’ former CEO Eddie Lampert and the store’s largest creditor, has forwarded a $4.6 billion bid to rescue 500 Sears stores from liquidation.

M&T Bank Names Jackson Chief Diversity Officer


M&T Bank appointed Group Vice President Glenn Jackson chief diversity officer of the bank. He succeeds Carl Jordan, who announced his retirement after a 32-year career at M&T.

Morgan Stanley Provides $220MM Facility to Venture Global


Venture Global LNG entered into a $220 million bridge loan facility with Morgan Stanley Senior Funding and associated lenders.

First Midwest to Acquire Bridgeview Bank


First Midwest Bancorp entered into a definitive agreement to acquire Bridgeview Bancorp and its subsidiary, Bridgeview Bank Group, in a transaction valued at approximately $145 million.

Embattled Athletic Org USA Gymnastics Files for Chapter 11


According to the Wall Street Journal, USA Gymnastics has filed for Chapter 11 bankruptcy in the wake of snowballing legal and financial woes.

Wells Fargo Survey: Small Business Optimism Soars to All-Time High


Optimism among small business owners jumped significantly in the latest quarterly Wells Fargo/Gallup Small Business Index, with an overall Index score of 129, the highest ever recorded in the survey’s 15-year history.

Sprott, Others Extend Uranium Energy Credit Facility


Uranium Energy extended its current $20 million senior secured credit facility to January 31, 2022. Sprott Resource Lending Partnership was a lender on the facility.

Financial Services Partner Joins Jones Walker in Florida


Thomas E. Walker, Jr., joined Jones Walker as a partner on the Banking & Financial Services Industry Team in the law firm’s Jackson, FL office.

Capital Now Provides $650K in Facilities to Three Clients


Capital Now provided $650,000 in facilities to three Canadian clients in November 2018.

December 6, 2018

PNC Agents $200MM Credit Facility for GP Strategies


PNC Bank acted as administrative on a new five-year $200 million credit facility for performance improvement solutions provider GP Strategies.

OnDeck Canadian Operations to Merge with Evolocity


Online lender OnDeck entered into a definitive agreement to combine its Canadian lending operations with Evolocity Financial Group, a private, Montréal-based online small business lender.

Burke Joins Victory Park as Partner in Chicago


Kevin Burke joined Victory Park Capital as a partner based in Chicago. Burke will be responsible for managing investment strategies in both existing and new asset classes.

MB Business Capital Provides $10MM Facility to Ross Technology


MB Business Capital acted as sole lender and administrative agent on the funding of a $10 million senior credit facility for Ross Technology.

November Commercial Chapter 11 Filings Increase 50% Y/Y


According to data provided by Epiq Systems, commercial chapter 11 filings increased 50% in November 2018 over November of last year, though total bankruptcy filings experienced a 2% decrease year over year.

CrowdOut Capital Provides $30MM Facility to Personiv


CrowdOut Capital completed a $30 million credit facility for Personiv, a business process outsourcer that employs over 2,500 employees in 3 different countries.

Crestmark Provides Over $37.4MM in Financing in H2/November


Crestmark secured over $37.4 million in commercial financing for 74 clients in the last half of November 2018.

Cambridge Bancorp, Optima Bank & Trust to Merge


Cambridge Bancorp, the holding company for Cambridge Trust, agreed to acquire Optima Bank & Trust, with Optima merging with and into Cambridge in a stock and cash transaction valued at approximately $67 million.

Balsiger Betts, Goarnisson Join Sidley Austin in Switzerland


Andreas Balsiger Betts and Olivier Goarnisson joined Sidley Austin as a senior advisor and a counsel in the life sciences practice, respectively, in the firm’s Swiss office.

Small Businesses End 2018 on High Note, Look to Expand in 2019


Most U.S. small business owners anticipated year-over-year revenue growth in 2018, with many indicating plans to expand in 2019, according to the Bank of America Business Advantage Small Business Owner Report.

Monroe Capital Supports TRP Acquisition of SSPM


Monroe Capital increased TRP Construction Group’s credit facility to support the latter’s acquisition of Southern States Pavement Markings.

Inspirus Credit Union Agrees to Merger with Gesa Credit Union


Inspirus Credit Union and Gesa Credit Union have agreed to merge, subject to regulatory approvals and member vote.

December 5, 2018

CIT Names Rubino President of CIT Bank, Head of Commercial Banking


CIT Group named Robert Rubino president of CIT Bank and head of Commercial Banking, effective February 25, 2019.

BofA, JPMorgan Chase Secure $150MM Revolver for Corcentric


Corcentric secured a $200 million senior credit facility, consisting of a $150 million revolver from Bank of America and JPMorgan Chase and a $50 million term loan from TCW Asset Management.

PNC, ING, MUFG Arrange $1B Triton Term Loan


Triton Container International entered into a $1 billion term loan facility led by PNC Capital Markets, ING Belgium and MUFG Bank as joint lead arrangers.

Marino Promoted to VP at North Mill Capital


North Mill Capital promoted Karen Marino to vice president.