November 17, 2017

Sessions Named New President of BofA Business Capital


Karen Sessions has been named president of Bank of America Business Capital, succeeding Jeff McLane, who was named U.S. Regional Commercial Credit Executive at Bank of America Merrill Lynch.

Credit Suisse Provides New $200MM Asset-Backed Revolver to Kabbage


Kabbage closed a new $200 million asset-backed revolving credit facility with Credit Suisse. The revolver is supported entirely by fully-automated underwritten assets from Kabbage.

PNC Business Credit Appoints Two VP/BDOs to Secured Financing Team


PNC Business Credit appointed Patrick Mercieca and Felicia Leksono to its senior secured financing teams in Toronto and Pittsburgh, respectively.

Crestmark Closes 10 Transactions for Nearly $14.5MM in November


Crestmark secured nearly $14.5 million in financial solutions for 10 new clients in the first half of November.

ABN AMRO, ING, Others Lead Gunvor $1.39B Revolver


Gunvor has signed a $1.39 billion revolving credit facility with a group of lenders. ABN AMRO Bank, Credit Agricole, Credit Suisse DBS Bank, ING Bank, Natixis, Rabobank, Société Générale Corporate & Investment Banking, UBS Switzerland and UniCredit Bank were mandated to arrange the facility.

Alvarez & Marsal Taps Frigell to Lead Nordic Valuation Practice


Professional services firm Alvarez & Marsal appointed Daniel Frigell, the former head of valuation services for KPMG Sweden, to lead its expanding Nordic valuation practice.

ING Leads Capital Southwest Facility Upsize to $180 Million


Capital Southwest amended its senior secured credit facility, increasing total commitments to $180 million and expanding the accordion feature to $250 million to accommodate future growth of the company. ING Capital led the financing.

BNP Paribas Leads New Ferrexpo $195MM Revolver


BNP Paribas and a syndicate of six international lenders arranged a new $195 million secured three-year revolving credit facility for Ferrexpo.

InterNex Capital Launches ICloud Financial Tool


Digital asset-based lender InterNex Capital launched its Velocity platform for small and medium-sized businesses.

UBS Amends Ruby Tuesday $20MM Facility


Restaurant chain Ruby Tuesday amended its 364-day senior secured revolving credit agreement dated as of May 26, 2017 with, among other parties, UBS AG, Stamford Branch, as administrative agent and as issuing bank.

TAB Bank Provides $4MM Revolver for Staffing Company


TAB Bank provided a $4 million revolving credit facility for a California-based staffing and recruiting company.

Global M&A Activity Predicted to Increase in Q1/18


The Intralinks Deal Flow Predictor forecasts that the number of worldwide announced M&A deals in Q1/18 will increase by around 2% compared to Q1/17.

November 16, 2017

WSJ: Toys ‘R’ Us Petitions Court to Pay $16MM Executive Bonuses


The Wall Street Journal reported Toys ‘R’ Us is seeking approval from the bankruptcy court to pay $16 million in bonuses to its senior executives, including Chief Executive David Brandon, as it enters the critical holiday season.

Citizens Bank Leads $210MM Financing for Franchisee Palo Alto


Citizens Commercial Banking provided $210 million in financing to Denver-based Palo Alto, one of the largest franchisees in the country for Taco Bell, KFC and Pizza Hut. Citizens is the left lead arranger of a five-bank group.

JPMorgan Upsizes Vectrus Revolver to $120MM, Provides New $80MM Term Loan


Vectrus amended its credit facility with JPMorgan as administrative agent, increasing the revolver from $75 million to $120 million and adding a new $80 million term loan.

Victory Park Capital Taps Capital One Vet Jamison as First CRO


Victory Park Capital brought in 20-year industry veteran Troy Jamison as chief risk officer for the firm’s non-bank financial services portfolio.

Monroe Capital Supports Accel-KKR Acquisition of Reapit


Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support Accel-KKR’s acquisition of Reapit.

Credit Suisse Leads $2.59B Paysafe Buyout Financing


Reuters reported Credit Suisse led the financing of a $2.59 billion leveraged loan supporting Blackstone’s buyout of UK-based payment processing company Paysafe.

Wells Fargo Securities Adds Singer to Healthcare Investment Banking Group


Andrew Singer has joined Wells Fargo Securities as managing director focused on the biopharmaceutical industry. He will be based in San Francisco.

JPMorgan, Capital One Support Diplomat LDI Integrated Pharmacy Buy


Diplomat Pharmacy has agreed to acquire Leehar Distributors, doing business as LDI Integrated Pharmacy Services, from investment firms Nautic Partners and Oak HC/FT Partners and management. The transaction is expected to close in 30 to 60 days.

Pacific Mercantile Provides $5MM Facility to ARGOS Material Distribution


Pacific Mercantile Bank extended a $5 million senior credit facility to ARGOS Material Distribution. This is the second time PMB has increased the amount of credit available to ARGOS since initiating the relationship in 2014.

KeyBank Provides Loan, Credit Facility for Recurrent Energy


Recurrent Energ, closed on a combined construction loan and construction letter of credit facility for the 20 MWac/28 MWp Gaskell West 1 solar power project.

Allied Affiliated Funding Closes Two Transactions Totaling $3.3MM


Allied Affiliated Funding closed a $1 million A/R facility for a woman-owned business and a $3.3 million facility for a cold storage warehouse.

Hajek Joins ACT Capital Advisors as Managing Director


Paul Hajek joined ACT Capital Advisors as a managing director. He will focus on helping business owners in Eastern Washington achieve the best possible outcome when they decide to sell their companies.

Lawrence Financial Group Closes $130MM in 25 Transactions in 2017


Lawrence Financial Group closes more than 25 transactions for a total of more than $130 million in the first nine months of 2017.

SunTrust Agents HealthStream Revolver Amendment


HealthStream and SunTrust Bank entered into a first amendment to a revolving credit agreement, dated November 24, 2014. SunTrust was administrative agent, issuing bank and swingline lender.

November 15, 2017

Wells Fargo Advisors to Pay $3.5MM to Settle SAR Violations


According to a SEC filing, Wells Fargo Advisors was censured and agreed to pay $3.5 million to settle allegations it failed to file suspicious activity reports for transactions suspected to be linked to money laundering.

PNC Capital Markets Leads New $600MM Revolver for Steel Partners


Steel Partners Holdings entered into a new five-year, $600 million revolving credit facility with a syndicate of banks led by PNC Capital Markets.

SunTrust Agents PennantPark Facility Increase to $380MM


PennantPark Floating Rate Capital amended its multi-currency, senior secured credit facility to increase the size from $375 million to $380 million and extend the reinvestment period to November 9, 2020. SunTrust served as administrative agent for the transaction.

Abacus Supports Southfield Capital Leveraged Buyout of ARC


Abacus Finance Group served as administrative agent and lead arranger for $20.5 million in senior secured credit facilities to support the leveraged buyout of American Refrigeration Company by Southfield Capital Advisors.

Favret to Lead Wells Fargo Middle Market Banking in NOLA


Wells Fargo Middle Market Banking promoted 28-year banking veteran John Favret to lead its New Orleans team as regional vice president.

DNB Agents $125MM Facilities to Support GulfMark Restructuring


GulfMark Offshore completed its financial restructuring plan and emerged from bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. DNB Capital served as administrative agent for a $25 million revolver and a $100 million term loan to support the restructuring.

Simpson Thacher Elects 11 New Partners for 2018


Simpson Thacher & Bartlett elected 11 attorneys as partners of the firm effective January 1, 2018.

CIBC Provides $35MM ABL Facility for WesternOne


WesternOne entered into an asset-based credit agreement with Canadian Imperial Bank of Commerce for a three-year $35 million secured revolving credit facility.

Grant Thornton Taps Eaton to Lead Supply Chain Management


Grant Thornton named Jonathan Eaton the firm’s national supply chain management practice leader.

Bridge Bank Closes $8MM Credit Facility with ANEXIO


Bridge Bank finalized an $8 million credit facility with ANEXIO, an IT services provider for mid-market businesses nationwide.

NBC Supports Whitecap Acquisition of World Class Enhanced Oil Recovery


Whitecap Resources entered into an agreement to purchase light oil assets in Southeast Saskatchewan for $940 million. National Bank of Canada served as administrative agent for an increase of the company’s facility to $1.7 billion to support the purchase.

National Bank of Canada Upsizes Osisko Credit Facility to $450MM


Osisko Gold Royalties amended its revolving credit facility, increasing the amount from $150 million to $350 million, with an additional uncommitted accordion of up to $100 million.

Avidbank Opens San Jose HQ & Palo Alto Retail Branch


Avidbank Holdings, a bank holding company and the parent company of Avidbank, opened its new San Jose, CA headquarters office and Palo Alto retail branch.

November 14, 2017

Wells Fargo Securities Names Hudson & Lesher Co-Heads Investment Banking Coverage


Wells Fargo Securities named John Hudson and Kristin Lesher the new co-heads of Investment Banking Coverage, effective immediately. Both will report to Walter Dolhare and Rob Engel, co-heads of Wells Fargo Securities.

Global M&A Network Names Monroe Small Middle Markets Lender of the Year


Global M&A Network recognized Monroe Capital as the Small Middle Markets Lender of the Year for the fifth consecutive year.

Llewellyn Joins Winter Harbor as Managing Director


John Llewellyn, a 20-year industry veteran, joined Winter Harbor as a managing director.

Jefferies Agents Repricing of Everi $820MM Term Loan


Everi, the casino gaming industry’s single source provider of gaming products and payments solutions, has successfully completed the repricing of its $820 million senior secured term loan.

Adkins Joins Sterling National Bank Commercial Services Team


C. Terry Adkins has joined Sterling Bank as vice president and managing director of commercial services. Adkins will report directly to Adam Dejak, SVP of Sales at Sterling.

BNY Mellon Launches New Leadership Structure


The Bank of New York Mellon revamped its organizational and leadership structure, effective January 1, 2018. As part of the organizational restructuring, Thomas Gibbons was appointed CEO of Clearing, Markets and Client Management.

Fitch: Large U.S. Banks Keeping a Lid on Retail Sector Exposure


Fitch Ratings reported the largest U.S. banks are keeping their exposure to the beleaguered retail sector in check.

Goldman Sachs Agents Post-Petition $2.95B Term Loan for Avaya


Avaya has successfully priced a $2.925 billion senior secured term loan, which was upsized from $2.425 billion, in response to strong market demand.

Cerberus Amends Cherokee Global Brands Facility


Cherokee Global Brands, a brand marketing platform that manages a portfolio of fashion and lifestyle brands, amended its senior secured credit facility with Cerberus.

Navitas Credit Reaches $1B in Total Originations


Navitas Credit reached a major milestone in its corporate history by exceeding total new business volume of more than $1 billion dollars.

Presidential Financial Provides $15MM to Southern Sales & Marketing


Presidential Financial provided a $15 million working capital facility to Southern Sales & Marketing Group, a wholesaler of outdoor lawn furniture.

Sprott, Barak, Tremont Provide $80MM Credit Facility to Alphamin


A syndicate of lenders, including Sprott Private Resource Lending, the Barak Fund and Tremont Master Holdings, provided $80 million for a senior secured credit facility to Alphamin Resources.

JD Factors Closes Four Transactions Totaling $1.295MM


J D Factors provided four factoring facilities for a total of $1.295 million.

Liquid Capital Provides P/O Financing for BioTools


Liquid Capital provided purchase order financing for BioTools, a producer of scientific instruments critical to both pharmaceutical and university bio-research.

November 13, 2017

General Electric to Cut Dividend 50%


General Electric’s board of directors has determined to set the company’s quarterly dividend to a projected payout of $.12 per outstanding share, representing a 50% reduction from the current quarterly dividend.

J.P. Morgan, Others Launch $315MM Loan to Support St. Hubert Buy


Reuters reported that a banking group led by J.P. Morgan, Societe General and Unicredit will aid Beijing Sanyuan Foods and Chinese conglomerate Fosun Group in their acquisition of St. Hubert, a French margarine maketer, by launching a €270 million ($315 million) leveraged loan financing.

Citibank Vet Capoor-Savage Joins Sterling Bank as Managing Director, SVP


Sterling National Bank hired Citibank veteran Priti Capoor-Savage as a managing director and senior vice president in its Iselin, NJ office.

Opus Bank Names Thompson New Chief Financial Officer


Kevin L. Thompson has joined Opus Bank as EVP/CFO, effective November 10, 2017 and has been appointed to Opus’ executive committee replaciing Nicole M. Carrillo, who resigned from her position and will continue as a consultant.

Kinderhook Bank, Patriot Federal Bank Complete Merger


Kinderhook Bank Corp, the parent bank holding company of The National Union Bank of Kinderhook, and Patriot Federal Bank completed their merger.

IVP Supports DATA Communications’ Acquisition of BOLDER Graphics


DATA Communications closed its previously announced acquisition of BOLDER Graphics. Integrated Private Debt Fund provided a new $5 million senior credit facility to support the transaction.

First Federal Acquires Coastal Banking


First Federal Bancorp, the holding company of First Federal Bank of Florida, signed a merger agreement with Coastal Banking to acquire the Fernandina Beach, FL bank.

Wetmore Named Major, Lindsey & Africa Managing Director


Legal recruiting firm Major, Lindsey & Africa hired 30-year industry veteran Keith C. Wetmore as a managing director in its San Francisco, CA office.

GCG Appoints Jones Senior Director of Client Relations


GCG appointed Thomas M. Jones to the position of senior director of client relations and development.

BofA Extends U.S. Physical Therapy $125MM Credit Line


U.S. Physical Therapy has renewed the its $125 million bank credit facility, extending the maturity date from November 2018 to November 2021.

CIBC Provides $10MM Senior Financing to UMW Recycling


The Canadian Imperial Bank of Commerce provided a $10 million credit facility to Salt Lake City-based UMW Recycling.

Sallyport Provides $650K to Energy Development Firm


Sallyport Commercial Finance provided a $650,000 AR facility to a company that specializes in energy development.

November 10, 2017

Santander Names Harnisch Portfolio, Underwriting & Strategy Head


Santander Bank appointed David Harnisch head of portfolio management, underwriting and strategy in its commercial banking division. Harnisch joins from Citizens Financial where he held a similar position.

Gerber Finance Provides ABL to Support Powerful Capital Raise


Gerber Finance provided ABL financing support for River Hollow Partners’ funding effort to support Powerful, a food and beverage company. The company raised $4 million.

HPS Provides $65MM Revolver to Support Wentworth Restructuring


J.G. Wentworth reached an agreement with its lenders, led by Jefferies, to support its prepackaged restructuring plan. HPS Investment Partners provided a $65 million revolver to cover the company’s restructuring expenses.

Opus Bank Nabs Lopez from Wells to Expand Fiduciary Banking Team


Ray Lopez joined Opus Bank as director, Fiduciary Banking. Lopez will focus on expanding Opus’ West Coast client base of corporate financial services companies.

TCF Capital Supports Glencoe Capital Robert Rothschild Farm Buy


TCF Capital Funding provided senior secured financing to support Glencoe Capital in its acquisition of Robert Rothschild Farm.

Grant Thornton Taps Gazzaway to Lead Quality & Innovation/Audit Services


Grant Thornton named Trent Gazzaway as the national managing partner of quality and innovation for audit services. Bert Fox will succeed Gazzaway as the company’s national managing partner of Professional Standards.

Bank of Nova Scotia Leads Trican Credit Facility Revision


Trican Well Service amended and extended its revolving credit facility with a revised, six-bank lending syndicate led by The Bank of Nova Scotia.

BNY Mellon Wealth Management Names Welti as Senior Wealth Director


BNY Mellon Wealth Management named Claudine Welti senior wealth director in New York.

Hatter Joins Opus Bank as SVP, Senior Client Manager


James Hatter joined Opus Bank as senior vice president, senior client manager in commercial banking. Hatter, a 30-year banking veteran, will be responsible for expanding Opus’ commercial and corporate client base in the San Francisco Bay area.

ROTH Capital Adds Huneke as MD, Co-Head of Consumer Investment Banking


ROTH Capital Partners added Murray Huneke as managing director and co-head of consumer investment banking, based out of San Francisco.

Shields Joins Wells Fargo as Head of Public Finance


Wells Fargo Securities named Stratford Shields, a veteran public finance and capital markets leader, managing director and head of public finance.

TAB Bank Provides Petroleum Wholesaler with $4MM Revolver


TAB Bank provided a $4 million revolving credit facility for a New Mexico-based petroleum wholesale company.

November 9, 2017

MB Business Capital Provides Facility for Dalton


MB Business Capital provided a new senior credit facility to Warsaw, IN-based Dalton and affiliates.

LBC Credit Partners Supports Wynnchurch Acquisition of America II


LBC Credit Partners provided a $40 million senior secured term loan to Wynnchurch Capital, to support the acquisition of America II Group d/b/a America II Electronics.

Wells Fargo, Goldman Sachs Completed Pioneer Energy $250MM Refi


Pioneer Energy Services closed a new $175 million senior secured term loan and a new $75 million senior secured revolving ABL facility. Wells Fargo was administrative agent for the ABL, and Goldman Sachs agented the term loan.

Rosenthal Provides PO Facilities to Two International Apparel Firms


Rosenthal & Rosenthal completed two purchase order finance facilities to support the financing requirements of two international apparel companies.

B. Riley FBR Brings in Rashid and Balsamo, Expands Natural Resources Team


B. Riley FBR hired Rehan Rashid and Robert Balsamo as senior vice president analysts.

Golub Capital Provides Facility to Support CenterOak Partners Buy


Golub Capital served as administrative agent, sole bookrunner and sole lead arranger for a senior credit facility to support the acquisition of FullSpeed Automotive by CenterOak Partners.

Royal Bank of Canada, Wilmington Trust Amend 99 Cents Only Facilities


99 Cents Only Stores amended the company’s existing term loan facility with Royal Bank of Canada, along with adjustments to its ABL facility and an entry into a second lien facility.

BofA Renews Chicago Merchandise Xchange $7B Multi-Currency Facility


Chicago Mercantile Exchange renewed its 364-day multi-currency credit facility with Bank of America as administrative agent.

GemCap Adds Factoring Portfolio, Opens Atlanta Office


GemCap acquired the portfolio of factor FTrans and hired the company’s team, enabling the company to expand into the factoring vertical and the Atlanta region.

BofA: Small Businesses Optimistic as Confidence Surges


According to a Bank of America survey, small business owners are optimistic their year-end revenue will surpass 2016 as confidence in the economy has surged on expectation that economy will improve in the year ahead.

The Bancorp Adds Isley and Carlson to Small Business Team


The Bancorp added Kelly Isley and Teresa Carlson to its small business lending team.

WhiteHorse Capital Promotes Provenzale, Wells and Yeager


WhiteHorse Capital promoted Gina Provenzale, Jeff Wells and John Yeager to managing directors.

SVBusiness Capital Provides $400K ABL to Snow Removal Business


Scott Valley Bank’s ABL division, SVBusiness Capital, provided a $400,000 term loan to a Calaveras County, CA-based company for acquisition of a snow removal business.

Czech Asset Management Raises $4.8B for Revolving Credit Facility Fund


Czech Asset Management formed SJC Direct Lending Revolver Fund III, a direct lending fund focused primarily on revolving credit facilities, which Czech expects will serve as a complement to its existing flagship direct lending funds.

November 8, 2017

MB Business Capital Provides Facility for Dalton


MB Business Capital provided a new senior credit facility to Warsaw, IN-based Dalton and affiliates.

RBC, Wilmington Trust Amend Facilities for 99 Cents Only


The 99 Cents Only Stores amended its existing term loan and ABL facilities with Royal Bank of Canada, and entered into a second lien facility.

WFCF Names Giles Head of Lender Finance; Petro to Retire


Wells Fargo Capital Finance named Cyndi Giles head of its Lender Finance Group, replacing Andrea Petro who retired after a 30-year career in the ABL industry that included launching and leading Lender Finance for 17 years.

Citizens Bank Provides Revolver for Stonegate Capital


Citizens Commercial Banking provided a revolving line of credit for Stonegate Capital, a Chicago-based commercial finance company serving lower middle market companies.

Monroe Capital BDC Posts Strong Q3 Financial Results


Monroe Capital posted investment income of $6.9 million in Q3/17, up from $6.1 million for the previous quarter. Debt and equity investments of $431.1 million at quarter end were down from $445.5 million sequentially.

Vitamin World to Liquidate, SSG to Advise


Retailer Vitamin World filed Chapter 11 with Wells Fargo providing DIP financing. Due to lackluster sales, the company agreed to liquidate the retail stores with SSG Advisors acting as investment bank.

Leumi Names Watts New SE Market President for Commercial Banking


Jeff Watts joined Bank Leumi as its new Southeast Market president.

Citi, Goldman, Others Renew $1.27B Air France/KLM Facility


Air France and KLM Airlines renewed their joint €1.1 billion ($1.27 billion) revolving credit facility with a syndicate of 18 banks.

Rabobank Agents $875MM Facility for Gunvor USA


Gunvor USA, a subsidiary of Gunvor Group, successfully closed the syndication of its $875 million borrowing base credit facility. Rabobank served as administrative agent and active bookrunner.