June 22, 2018

Fed: Largest Banks ‘Strongly Capitalized’, Pass Stress Tests

According to the Fed, the nation’s largest banks are strongly capitalized and would be able to lend to households and businesses during a severe global recession.

Crestline Investors Promotes Semple to Partner

Crestline Investors named Chris Semple a partner of the firm.

AloStar Agents $12MM Facility for Contec

AloStar Capital Finance agented a $12 million committed credit facility for Contec, a testing and repair company servicing the cable television industry.

Banks Offering Cash to Attract New Depositors

The Wall Street Journal reported that while the Fed has raised interest rates seven times, banks have not passed those increases on to their depositors, but are offering cash payment to new customers.

Santander Adds Two Industry Veterans to Corporate/Investment Team

Jim Volkwein and Eli Chamberlain joined Santander Bank’s Corporate and Investment Banking unit in the U.S.

Deutsche Bank, Others Provide $500MM Loan to Wings Capital

Wings Capital Partners closed a $500 million secured loan facility with a syndicate of six major international banks. Deutsche Bank acted as structuring agent on the transaction.

Pacific Mercantile Provides $4.75MM Facility to Fragrant Jewels

Pacific Mercantile Bank provided a $4.75 million commercial term loan credit facility to Fragrant Jewels.

Sprott Provides $14MM Facility to Alderon Iron Ore

Alderon Iron Ore and the Kami Mine Limited Partnership entered into an agreement with Sprott Resource Lending for a $14 million loan facility.

TCF Supports River Associates Acquisition of Quikserv

TCF Capital Funding provided senior secured financing to support River Associates Investments’ acquisition of Quikserv.

TAB Bank Provides $2.25MM ABL Facility to Chemicals Company

TAB Bank provided a $2.25 million asset-based revolving credit facility to a chemicals company located in Georgia.

Amerisource Provides $1MM Facility for Texas Company

Amerisource Business Capital provided a $1 million credit facility for a Texas-based oilfield tools and equipment company.

Tan Joins Lazard as Managing Director in Hong Kong

Shen Tan joined Lazard Asset Management as a managing director in Hong Kong. Tan will focus on distribution throughout Asia and help to develop the firms’ Asset Management business in the region.

June 21, 2018

BBVA Provides $375MM Revolver to Repsol Using Blockchain

Repsol and BBVA completed the first transaction involving a revolving credit facility using distributed ledger technology as part of a pioneering pilot project in corporate finance for the industrial sector.

Crestmark Promotes Five, Adds Three Execs in East Division

Crestmark promoted five executives and added three new executives in its East Division, which represents the eastern half of the U.S. and includes offices in Florida, Michigan and New York.

B. Riley, Guggenheim Support Vintage Rodeo Rent-A-Center Buy

Vintage Rodeo Parent agreed to acquire rent-to-own retailer Rent-A-Center. B. Riley Financial and Guggenheim will provide debt and equity commitments to support the merger.

Dow Drops GE, Adds Walgreens Boots

The Wall Street Journal reported that GE has dropped off the Dow Industrial Average list for the first time in 100 years and will be replaced by Walgreens Boots.

Donat to Head Strategy/BD for AlixPartners Turnaround Practice

Greg Donat, a 20-plus-year strategy and financial veteran, joined AlixPartners’ Turnaround and Restructuring Practice as global head of Strategy and Business Development.

SunTrust Agents $115MM Upsize for Ring Energy

Ring Energy increased the borrowing base on its $500 million senior secured credit facility from $60 million to $175 million in connection with its recent borrowing base redetermination.

SVB Provides Facility for Start Up Insurer Ethos

New life insurer Ethos started operating in the U.S. with $11.5 million in financing led by Sequoia Capital and a credit facility from Silicon Valley Bank.

Nilos, Foster Join Opus Bank as Managing Directors in LA

Opus Bank expanded its Commercial Banking team in Los Angeles with the hiring of Jennifer Foster and Nicole Nilos as managing directors, senior client mangers.

Puri, Jellison Join A&M as Managing Directors

Kumu Puri and Tim Jellison joined Alvarez & Marsal as managing directors in the San Francisco office. Both will work in the firm’s Telecommunications, Media & Technology practice.

TrueNorth Advises SUMIDA on Pontiac Coil Acquisition

TrueNorth Capital Partners acted as the financial advisor to SUMIDA in its acquisition of 100% of the shares of Pontiac Coil.

Stanton Joins Mintz Levin Corporate & Securities Practice

Attorney Scott Stanton joined Mintz Levin in San Diego as a member of the firm’s Corporate & Securities practice from Morrison & Foerster, where he previously served as partner.

Wardrop Joins Sidley as Partner in Hong Kong

Sidley Austin hired Allan Wardrop as a partner in the Global Finance practice in the firm’s Hong Kong office.

June 20, 2018

WFCF Names Gillespie Head of Middle Market ABL

Wells Fargo Capital Finance launched a Middle Market Asset-Based Lending Group and tapped Kevin Gillespie to lead the new division.

People’s United to Acquire First Connecticut Bancorp

People’s United Financial wil acquire First Connecticut Bancorp and its subsidiary Farmington Bank in a 100% stock transaction valued at approximately $544 million.

Mastrianni Joins Capital One NE Middle Market Banking Group

Capital One named Lou Mastrianni northeast market manager in its Middle Market Banking group. He will lead the team focused on supporting clients in the northeast, including New York City.

Crestmark Closes 18 Transactions for $25MM+ in H1/June

Crestmark secured a total of $25.3 million in financial solutions for 18 new clients in the first half of June 2018.

CIBC Adds Williams to Chicago ABL Team

Mike Williams joined CIBC as managing director in Chicago. He will be responsible for business development in the Midwest for asset-based lending.

Antares Supports Novacap Acquisition of Horizon Telcom

Antares served as administrative agent and sole bookrunner on a $145 million senior secured credit facility to support the acquisition of Horizon Telcom by Novacap.

HSBC Provides $19.768MM Revolver to St Austell Brewery

HSBC provided a £15 million ($19.768 million) revolving credit facility to help support St Austell Brewery’s ambitious acquisition strategy and grow the company’s pub estate.

CIT Adds Kaploe to Rail Division Senior Leadership Team

CIT Group appointed Randy Kaploe to the senior leadership team of CIT’s Rail division.

Aegis Completes Three Revolvers for $8MM

Aegis Business Credit completed three revolving lines of credit totaling $8 million.

TradeCap Provides $1MM P/O Facility for Jewelry/Accessory Firm

TradeCap Partners closed a $1 million purchase order facility with a jewelry and accessory company based in New York.

Thermo Credit Provides $1.15MM Facility to Digerati Technologies

Thermo Credit extended a $1.15 million line of credit to Digerati Technologies. The facility included a $500,000 revolving line of credit as well as a $650,000 term note and supported a series of acquisitions by the company.

McKay Joins Hitachi Capital America as VP/Corporate Development

Chuck McKay joined Hitachi Capital America as vice president of corporate development, responsible for managing business planning, strategic marketing and acquisition targeting across HCA.

June 19, 2018

Authentic Brands Buys Nine West Assets at Auction for $340MM

The Wall Street Journal reported Authentic Brands Group won a bidding war with shoe retailer DSW for the intellectual property of Nine West, offering up a bid of $340 million.

Merille Joins White Oak as Director of Originations

John Merille joined White Oak Commercial Finance as senior vice president and director of Originations.

PNC Agents $315MM Facility for The Finish Line

PNC Bank served as administrative agent for a $315 million senior secured credit facility to support JD Sports Fashion’s acquisition of The Finish Line.

Siena Closes $10MM Revolver for Standardized Sanitation

Siena Lending Group completed a $10 million revolving credit facility for Standardized Sanitation Systems. The facility will be used to refinance the company’s existing debt, fund future acquisitions and support the company’s growth and working capital needs.

BOK Financial to Acquire CoBiz Financial in $1B Deal

BOK Financial and CoBiz Financial signed a merger agreement under which CoBiz will merge with BOK Financial in transaction valued at $1 billion.

Wells Fargo: ‘Economic Recovery Has More Room to Run’

In its 2018 midyear outlook, the Wells Fargo Investment Institute makes the case the economic recovery, which coincides with the equity bull market, has more room to run.

Goldman Sachs, Citi Upsize Harsco Revolver to $500MM

Harsco amended its existing senior secured credit facilities, increasing the amount of its revolving credit commitments by $100 million to $500 million.

Fortress Provides Up to $20MM Facility to iPass

iPass, a provider of global mobile connectivity, finalized a senior secured credit facility of up to $20 million from affiliates of funds managed by affiliates of Fortress Investment Group.

CrossFirst Bank Provides $30MM Revolving L/C to Viking Energy

Viking Energy Group entered into a revolver loan agreement with CrossFirst Bank. The agreement includes a revolving line of credit facility in the maximum principal amount of $30 million, with an initial revolver commitment amount of $12.4 million.

Williams Joins Gemino Healthcare Finance

Justin Williams joined Gemino Healthcare Finance and will be working with North Mill Capital. Williams will be focused on marketing and loan origination in the southwest.

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

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

Austin Financial Closes $1.25MM ABL Facility for Midwest Company

Austin Financial Services closed a $1.25 million ABL facility for a Midwest company which manufactures and assembles fuel injection systems to OEM’s and aftermarket dealers worldwide.

JPMorgan, Goldman Sachs Reprice Avaya $2.918B Term Loan

Avaya repriced its $2.918 billion senior secured term loan. The repricing was led by JPMorgan and Goldman Sachs as joint lead bookrunners and arrangers.

June 18, 2018

TD Bank Taps Van Vort as ABL Managing Director

TD Bank named Gene Van Vort managing director of New Business Development in Asset Based Lending.

Wells Fargo, Fortress Credit Support Perry Ellis Privatization

Perry Ellis International entered into a definitive merger agreement with a newly formed entity controlled by George Feldenkreis, Perry Ellis’ founder and member of the company’s board of directors. Wells Fargo and Fortress Credit Advisors are providing financing for the transaction.

Fed Approves Rule to Prevent Risk Concentration Between Large Banks

The Federal Reserve Board approved a rule to prevent concentrations of risk between large banking organizations and their counterparties from undermining financial stability.

AT&T, Comcast Mergers Create Unprecedented Debt Load

The Wall Street Journal reported that the mergers of AT&T and Comcast will put the companies at risk of becoming “the most indebted companies in the world.”

SunTrust Upsizes EVO Facility to $200MM

EVO Payments, a payment service provider operating throughout North America and Europe, amended its senior secured credit facility, increasing the revolver to $200 million.

SVB, Oxford Upsize Reata Pharmaceuticals Facility to $125MM

Reata Pharmaceuticals amended its loan and security agreement with Oxford Finance and Silicon Valley Bank, increasing the term loan facility from $45 million to $125 million.

Heritage, Horizon Provide $10MM Financing to Catasys

Catasys entered into a $10 million financing comprised of a $2.5 million receivable facility with Heritage Bank of Commerce and a four-year, $7.5 million term loan with Horizon Technology Finance.

Wells Fargo: Court Approves Class-Action Lawsuit Settlement

The class-action lawsuit settlement against Wells Fargo, concerning improper retail sales practices, received final approval in an order from the U.S. District Court for the Northern District of California.

JPMorgan, Scotiabank, Others Lead $400MM GCC Term Loan

Grupo Cementos de Chihuahua completed a new $400 million term loan agreement with a bank group that includes JPMorgan and The Bank of Nova Scotia.

A&M Taxand Adds de Jong, Mancini to Tax Advisory Team

Alvarez & Marsal Taxand added Jon de Jong and Louis Mancini as senior directors on its tax advisory team.

Sallyport Provides $5MM A/R Facility to Staffing Firm

Sallyport Commercial Finance provided a $5 million accounts receivable facility to a newly formed staffing company that offers expertise to onshore land-based and marine applications.

J D Factors Provides $620K in Five Transactions

J D Factors provided $620,000 in factoring facilities to five clients the week of June 11, 2018.

June 15, 2018

Riley Joins Citi Private Bank Capital Markets Team

Ed Riley joined Citi Private Bank as head of Equities for the Americas. Riley was previously a managing director with Bank of America Merrill Lynch.

BofA Agents New $600MM Facility for Intertape Polymer

Intertape Polymer closed a new five-year, $600 million credit facility with a syndicated lending group led by Bank of America as administrative agent, sole lead arranger and sole bookrunner.

Barrett Joins White Oak as Managing Director

Gregory Barrett joined White Oak Global Advisors as managing director in marketing, based in New York.

Deutsche Bank to Sell Non-Performing Ship Loans

Citing people close to the matter, Reuters reported that in an attempt to grow its transport lending activities, Deutsche Bank found a buyer for its risky ship loans.

Veritas Agents $35MM ABL for Direct Source Seafood

Veritas Financial Partners agented a $35 million asset-based revolving credit facility, syndicated with IDB Bank, for Direct Source Seafood.

TCF Capital Supports Corridor SPM Investment

TCF Capital Funding provided secured financing to support Corridor Capital’s investment in SPM Marketing & Communications.

SunTrust Leads $200MM Revolver for WaterBridge

WaterBridge Operating, a subsidiary of WaterBridge Resources, entered into a $200 million revolving credit facility led by SunTrust Bank with a syndicate of nine financial institutions.

AloStar Provides $20MM to McGinty Road Partners

AloStar Capital Finance provided a $20 million committed credit facility to McGinty Road Partners.

Credit Suisse Provides $100MM ABL Revolver to Atlanticus Holdings

Atlanticus Holdings closed a $100 million asset-backed, revolving credit facility with Credit Suisse, Cayman Islands Branch.

BofA Amends $3.6125B Alexion Credit Agreement

Alexion Pharmaceuticals amended and restated its credit agreement with Bank of America as administrative agent. The agreement includes a $2.6125 billion term loan and a $1 billion revolving credit facility.

Amerisource Completes $1MM Facility for Texas Company

Amerisource Business Capital closed and funded a $1 million credit facility for a pipe cutting and onsite assembly company in Texas.

Utica Funds Six Transactions Totaling $6.8MM

Utica Leaseco completed six transactions totaling $6.8 million during the week of June 11, 2018.

June 14, 2018

BofAML, Wells Fargo Support Comcast Bid to Acquire 21st Century Fox

Comcast launched its bid to snatch 21st Century Fox from Walt Disney with a letter sent to the Fox board of directors outlining an all-cash offer to acquire the businesses for a total cost of $4.02 billion.

Norman to Lead Wells Fargo Georgia Middle Market Banking

Baimba Norman returned to Atlanta to lead Wells Fargo’s commercial lending operations in the Greater Georgia region, which includes all of the state outside the seven metro Atlanta counties.

Sterling Commercial Credit Provides Facility to Napoleon Machine

Sterling Commercial Credit provided a credit facility to Napoleon Machine. Madison Street Capital acted as the exclusive financial advisor in the arrangement of the facility.

Grabow Joins Great Rock Capital as Managing Director

Jared Grabow joined Great Rock Capital as managing director of Originations in Dallas.

Stonegate Promotes Woody to MD

Stonegate Capital promoted Ryan Woody to managing director of credit and operations. Karen Szafraniec and Dan McCallum joined the company.

Fed Raises Interest Rate; More Increases to Come

Bloomberg reported that the Federal Reserve increased the benchmark interest rate by a quarter percentage point; a move designed to slow inflation.

Karaivanov Joins Lazard Middle Market Financial Institutions Group

Dimitar Karaivanov joined Lazard’s Middle Market Advisory practice as a managing director in the Financial Institutions Group. He will be based in New York.

Norton Rose Expands M&A Team

Norton Rose Fulbright expanded its corporate mergers and acquisitions and securities team with the addition of two partners: S. Ward Atterbury in New York and Mark S. Greenfield in Los Angeles.

Keystone Provides $50MM Facility to Braviant

Investment firm Keystone National Group provided a $50 million senior secured credit facility to Braviant Holdings, a provider of tech-enabled credit solutions for underserved Americans.

Business Capital Supports ECS Acquisition of PREPWORKS

Business Capital provided management buyout financing to support ECS Learning Systems’s acquisition of PREPWORKS.

Super G Provides $2.1MM Term Loan to Greek Yogurt Brand

Super G provided a second lien non-dilutive $2.1 million term loan to an artisanal Greek yogurt manufacturer.

MidCap Business Credit Upsizes ISA L/C by $2MM

MidCap Business Credit completed a $2 million increase to a revolving line of credit for Industrial Services of America, a metals recycler headquartered in Louisville, KY.

June 13, 2018

Wells Fargo Names Three Senior Bankers to Leadership Team

Wells Fargo Business Banking added Doug Banzuly, Brett Beugen and Gary Dyshaw to the Midwest region’s leadership team.

AloStar Agents $20MM Facility for Kimco

AloStar Capital Finance agented a $20 million committed credit facility for Kimco Facility Services, a national provider of cleaning services for the commercial, retail, industrial, municipal and hospitality industries.

Hines Joins Seacoast Business Funding as VP/BDO

Ray Hines joined the Seacoast Business Funding team as vice president, business development officer.

Alvarez & Marsal Expands Healthcare Industry Group

Alvarez & Marsal appointed three new managing directors in its Healthcare Industry Group. Kristina Park and Doris Stein will be based in Washington, D.C., while Ken Barrette will be based in Boston.

Crestmark Promotes, Expands Corporate Staff

Crestmark made a series of staff promotions and appointments at its corporate offices in Troy, MI.

JPMorgan Agents $550MM Facility for Kemper

Kemper completed a new $550 million credit agreement consisting of both revolving credit and term loan facilities. JPMorgan Chase served as administrative agent on the transaction.

Bridge Bank Upsizes Capstone Turbine Facility to $15MM

Capstone Turbine amended its credit facility with Bridge Bank, increasing the line of credit from $12 million to $15 million and reducing the letter of credit interest rate from prime 1.5% to 1%.

King Trade Provides $5MM PO Facility for Textile Firm

King Trade Capital provided a $5 million purchase order facility for an Arizona-based textile products company featured on “Shark Tank.”

KKR Supports SMART Global Holdings Acquisition of Penguin

SMART Global Holdings acquired Penguin Computing, a privately held company specializing in compute and storage solutions targeting applications in artificial intelligence, machine learning and high-performance computing.

Milik Joins Opus Bank as Los Angeles Market Leader

Michael Milik joined Opus Bank as senior managing director, Los Angeles market leader, where he will be responsible for expanding Opus’ commercial and corporate client base.

Huntington Closes $20MM Revolver for Roltz Advizex

Huntington Business Credit closed a new $20 million revolving credit facility for Rolta Advizex Technologies.

Lighthouse Financial Provides $1.55MM in Line Increases

Lighthouse Financial provided $1.55 million in credit line increases for four different clients.

BofA Agents $1.65B Facility for IQVIA

IQVIA closed a $950 million term B loan and a $700 million European term B loan with Bank of America as administrative agent. The loans were used to repay the company’s revolving credit facility.

June 12, 2018

Wells Fargo Upsizes Patrick Industries Facility to $900MM

Patrick Industries completed the acquisition of Marine Accessories and expanded the size of its credit facility to $900 million. Wells Fargo served as administrative agent for the credit facility, consisting of a $800 million revolver and a $100 million term loan.

Dibos Joins Crestmark as RVP/BDO

Crestmark appointed Simon Dibos regional vice president, business development officer for the Western division.