February 17, 2017

OnDeck Reports Higher FY Loss as Provision Charges Double


OnDeck reported a net loss of $83.0 million for full-year 2016, up from a net loss of $1.3 million a year earlier. The company noted its provision for loan loss charges doubled from $74.9 million 2015 to $150 million in 2016.

Phillips Joins Celtic Bank as VP/BDO


Celtic Bank has hired Patrick Phillips as a vice president, business development in the bank’s SBA and Commercial Lending department.

Presidential Provides $10MM Facility to Prairie Dog Pet Products


Presidential Financial provided a $10 million working capital and term loan facility to Prairie Dog Pet Products.

Liquid Capital Names Mindreau Director, Credit Risk


Liquid Capital hired Sergio Mindreau as director, Credit Risk, working out of the Toronto headquarters.

Crestmark Funds More Than $15MM in First Half of February


Crestmark secured a total of $15.135 million in financial solutions for 26 new clients in the first half of February.

Huron to Acquire Growth Strategy Firm Innosight


Huron entered into an agreement to acquire Innosight Holdings, a growth strategy firm focused on helping companies navigate disruptive change, enable innovation and manage strategic transformation.

Bibby Taps Tobin to Head Trade & Export Divisions


Bibby Financial Services appointed Phil Tobin as managing director of Trade and International, as the business looks to expand its focus on export and trade finance in 2017.

Credit Suisse Leads $265MM Facility for Canacol Energy


Canacol Energy entered into a credit agreement for a $265 million senior secured term loan with a syndicate of banks led by Credit Suisse as sole lead arranger and sole bookrunner.

DS-Concept Provides Factoring Facility to Vietnamese Manufacturer


DS-Concept provided a Vietnam-based garment manufacturer with a $10 million export factoring facility.

Deloitte Advises Plastic Packaging in Sale to Sonoco


Deloitte Corporate Finance acted as exclusive financial advisor to Plastic Packaging in its sale to Sonoco Products.

SVB, Oxford Extend Nuvectra Facility Timeline


Nuvectra reached an agreement with the lenders of its $45 million credit facility, Silicon Valley Bank and Oxford Finance, to extend the availability of the final two tranches of the facility.

ABF Journal Office to Observe Presidents Day


The ABF Journal and abfjournal.com office will be closed on Monday, February 20 in observance of Presidents’ Day.

February 16, 2017

WhiteHorse Capital Adds Two to Direct Lending Team


WhiteHorse Capital hired former GE Chief Credit Officer for Telecom, Media and Technology Kimberly Massa as managing director and Peter McLaughlin as principal.

Antares Agents $115MM Facility to Support Kinderhook Acquisition


Antares Capital served as agent on a $115 million credit facility to support the formation of a new performance parts platform, Race Winning Brands, through the acquisition of Performance Motorsports International by Kinder Industries.

Scotti Joins Hilco Diligence in New Executive Director Role


Tom Scotti has joined Hilco Diligence Services in a newly created position as executive director with a mission to support the firm’s continued expansion. He reports to Hilco Diligence Services CEO Doug Jung.

Monroe Capital Supports High Road Capital Partners Buy


Monroe Capital agented a unitranche credit facility to support the acquisition of Midwest Wholesale Hardware by private equity sponsor High Road Capital Partners.

Gibraltar Business Capital Closes $1.8MM ABL for Moasis


Gibraltar Business Capital closed a new $1.8 million asset-based line of credit for Moasis, a location-marketing technology company based in Austin, TX.

US Capital Partners Hires Byrd as SVP


US Capital Partners added Richard Byrd as senior vice president.

Credit Suisse, Rabobank Agent $1.45B Facility for Herbalife


Herbalife closed a new $1.45 billion senior secured credit facility, consisting of a $150 million revolving credit facility maturing 2022 and a $1.3 billion term loan maturing 2023.

Jacobson Joins Plante Moran Restructuring & Transformation Team


Sandor Jacobson joined Plante Moran as a principal in its restructuring and transformation practice.

Deutsche Agents $1.76B Facility for NGL Energy Partners


NGL Energy Partners Partnership amended and extended its revolving credit facility October 2021. The amended facility has an initial borrowing capacity of $1.765 billion, and contains an accordion feature of up to an additional $300 million.

JPMorgan Agents $1.37B Mediacom Upsize


Mediacom Communications added $1.37 billion in new term loans and revolving credit commitments. JPMorgan Chase Bank served as administrative agent.

Ankura Adds San Miguel, Batlle/Opens Puerto Rico Office


Ankura Consulting Group opened its 11th business advisory and expert services consultancy office in San Juan, Puerto Rico. Jorge L. San Miguel and Juan Carlos Batlle joined the firm as senior managing directors.

JPMorgan Upsizes Facility to Support Cable One Acquisition


Cable One amended its credit agreement add up to $650 million in additional incremental term loans. JPMorgan Chase Bank served as administrative agent.

February 15, 2017

NewStar FY/16 Earnings Up on Sale of ABL, Equipment Finance Assets


NewStar reported 2016 net income of $28.2 million was up from $16.9 million a year earlier aided by $29.2 million in gains on the sale of its asset-based lending and equipment finance businesses.

Ares Agents ABL Revolver Upsize for OnDeck Asset Funding


OnDeck Funding, a subsidiary of OnDeck Capital, amended its existing ABL revolver to increase its lenders’ commitment from $100 million to $150 million. Ares Agent Services served as administrative agent.

NXT Capital Adds Chaffin to Asset Management Team


Linda Chaffin joined NXT Capital as head of Institutional Marketing. Chaffin’s responsibilities include expanding the firm’s fund raising and investor relations efforts.

ABN AMRO Commercial Provides $31MM Facility for TradeRiver


ABN AMRO Commercial Finance provided UK-based fintech alternative financier TradeRiver with a £25 million ($31 million) funding solution to support the company’s growth.

Baron, Bronfman Lead Pacific Western New Tax-Exempt Lending


Pacific Western Bank launched a Tax-Exempt Lending Group to be led by new hires Christopher Baron and Daniel Bronfman.

Matrix Capital Advises Bradley Petroleum, Sav-O-Mat Sale


Matrix Capital Markets, an independent middle-market investment bank, advised on the sale of Bradley Petroleum and Sav-O-Mat to Stinker Stores.

Avidbank Provides $8MM Line of Credit to Yes To


Avidbank Specialty Finance provided an $8 million asset-based line of credit to Yes To.

JPMorgan Extends Hemisphere Media $213MM Facility


Hemisphere Media Group successfully extended its existing $213 million senior secured term loan B to February 2024. JPMorgan Chase served as administrative agent for the transaction.

Extract Advisors Provides $20MM Financing for Energold


Energold Drilling entered into a binding term sheet with Extract Advisors, a New York and Toronto-based natural resources investment fund manager, for a $20 million secured convertible loan.

BofA Agents Scientific Games Refi


Scientific Games amended its credit agreement, extending the maturity of its term loans and revolving credit facility and reducing the applicable interest rate on the term loans.

ExWorks Provides $10MM PO Financing for Florida Firm


ExWorks Capital provided a Florida-based company that manufactures dietary supplements with $10 million of working capital and purchase order financing.

North Mill Provides $9.5MM Facility to PM Plastics


North Mill Capital provided a $9.5 million credit facility to PM Plastics Company.

February 14, 2017

Encina Business Credit Closes $15MM Revolver for Energy Firm


Encina Business Credit closed a $15 million asset-based revolving credit facility to a manufacturer and service provider for the oil and gas industry.

CFA Seeks New Executive Director


The Commercial Finance Association is soliciting applications for an executive director position based in New York City.

Monroe Provides $125MM Facility to Healthcare Company


Monroe Capital acted as sole lead arranger and administrative agent for a $125 million senior credit facility to support the recapitalization of a healthcare services company.

Northpoint Commercial Finance Hires Bouchard as Director


Natalie Bouchard has joined Northpoint Commercial Finance as a director of Business Development in Canada.

Capital One Arranges $55MM Refi for Behavioral Healthcare Firm


Capital One Healthcare served as lead arranger for a $55 million credit facility for the Center for Discovery, a portfolio company of Webster Capital.

TCF Capital Supports PRCCW Holdings Recap


TCF Capital Funding provided $22.5 million in secured financing to support Cottonwood Acquisitions in its recapitalization of PRCCW Holdings.

WTI, East West Bank Provide Identiv $20MM Refi


Identiv entered into a $10 million term loan agreement with Western Technology Investment and an up to $10 million asset-backed line-of-credit agreement through East West Bank’s Technology Banking Division.

RBC Agents SandRidge Energy $600MM Facility


SandRidge Energy entered into a new $600 million reserve based credit facility. Royal Bank of Canada served as administrative agent for the lenders.

Scotiabank, CIBC Support Superior Plus Buy


Superior Plus will acquire Gibson Energy’s industrial propane business in a transaction valued at $412 million. Bank of Nova Scotia and Canadian Imperial Bank of Commerce were said to have provided financing to support the deal.

Deutsche Reprices PGT Innovations $264MM Facility


PGT Innovations secured commitments to reprice its existing $264 million senior secured tranche B term loan facility at LIBOR plus 475 basis points, a reduction of 100 basis points.

Barclays, Investec Provide Anglo Pacific Refi


Barclays Bank and Investec Bank shared in providing a new $33.5 million revolving credit facility for Anglo Pacific Group.

TAB Bank Provides $4.5MM Revolver to Waterworks Company


TAB Bank provided a $4.5 million revolving credit facility to a waterworks distribution company located in California.

February 13, 2017

Reuters: Alternative Lenders Gaining Ground


Reuters reported investor demand for leveraged loans is helping alternative lenders lead deals that traditional banks can’t provide.

Wells Fargo Agents $656MM Facility for Gray Television


Gray Television closed a credit agreement for a $565 million term loan and a $100 million revolving credit facility. Wells Fargo was administrative agent for the transaction.

BB&T Capital Markets Expands Investment Banking Team


BB&T Capital Markets added senior bankers David Keys, Dave Endom and Tim Lufkin to its investment banking team.

Wells Fargo Agents $400MM Boston Scientific Upsize


Boston Scientific amended its credit agreement, increasing aggregate commitments to $400 million and extending the agreement. Wells Fargo served as administrative agent.

Inland Bank Hires Marvinac as EVP, Chief Credit Officer


Inland Bank and Trust hired Thomas Marvinac as executive vice president and chief credit officer. Marvinac was previously with Standard Bank as EVP/CCO.

OnDeck, Wave Partner to Launch Small Business Financing


Under a new partnership with online small business lender OnDeck, Wave, a provider of financial services and software for small businesses, will offer OnDeck business loans and lines of credit to its customer base.

AlixPartners Promotes 24 Directors to Managing Director


Global business advisory firm AlixPartners promoted 24 directors to managing director.

Hilco Streambank to Sell Wet Seal IP


Hilco Streambank has been retained to market and sell the intellectual property assets of teen clothing retailer Wet Seal, in accordance with the company’s pending Chapter 11 case.

Avidbank Supports SF Equity Red Monkey Foods Buy


Avidbank Specialty Finance provided a $4 million line of credit and an acquisition term loan to support San Francisco Equity Partners’ acquisition of Red Monkey Foods.

Sears Outlines Next Phase of Its Strategic Transformation


Sears Holdings noted improvement in operating performance for Q4/16 and outlined important actions to drive profitability.

ING Reduces Medley Capital Facility to $200MM


Medley Capital reduced its revolving credit facility commitment amount to $200 million from $343.5 million. ING Capital served as administrative agent for the transaction.

Utica Agents $7MM Financing for Photovoltaic Cell Maker


Utica Leaseco, as agent, completed the funding of a $7.0 million capital lease on the equipment of a photovoltaic cell maker in California.

February 10, 2017

BofA, Deutsche, HSBC Support Reckitt Mead Johnson Buy


Bank of America Merrill Lynch, Deutsche Bank and HSBC will underwrite debt financing to support Reckitt Benckiser’s acquisition of Mead Johnson in a transaction valued at $17.9 billion.

Hillair Capital Provides DIP Financing to PFO Global


PFO obtained up to $.4 million in post-petition debtor-in-possession financing from its senior secured lender, Hillair Capital Investments.

Enterprise Financial Names Lally CEO


Enterprise Financial Services named James B. Lally as its new CEO to succeed Peter F. Benoist. The transition will take place at the annual shareholders meeting on May 2, 2017.

ING Provides $50MM Term Facility to Support Lydian Gold Project


Lydian International entered into a $50 million secured credit facility with ING Bank to purchase equipment for Lydian’s Amulsar gold project in Armenia.

Gordon Brothers Enters Carolina Pride Partnership


Gordon Brothers entered into a strategic partnership with Carolina Pride, a family-owned packaged meat producer based in Greenwood, SC, through which it now holds a majority equity interest in the company.

Lawrence Financial Closes 29 Deals Totaling $120MM in 2016


Lawrence Financial Group completed 29 transactions in 2016 for a total of $120 million.

Barclays, RBS Support Adept Telecom Buy


Barclays and the Royal Bank of Scotland provided a £30 million ($37.4 million) five-year revolving credit facility to Adept Telecom to support its £4.75 million purchase of OurIT.

TrueNorth Advises Macton on Junior Debt Refinancing


TrueNorth Capital Partners acted as exclusive financial advisor and placement agent to Macton in connection with the consolidation of its junior debt and procurement of additional growth capital.

Equity Partners HG brokers Calico Industries Sale


Calico Industries completed a going concern sale transaction with Mill Street Ventures of Flowood, MS. Equity Partners HG served as intermediary for the seller.

NexBank Provides $25MM Facility to First Foundation


First Foundation entered into an agreement for a loan in an aggregate amount not to exceed $25 million with NexBank, a Texas savings bank.

US Capital Advises on $2MM Provia Debt Financing


US Capital Partners was engaged by Provia Laboratories as its strategic advisor for a $2 million convertible debt financing.

CRG Amends Valeritas Facility to Extend Payments


Valeritas Holdings reached an agreement with its largest lender, Capital Royalty Group, to amend its existing $50 million senior secured term loan agreement, extending the company’s payment obligations.

February 9, 2017

Goldman Sachs, Others Arrange Peabody Upsize to $950MM


Peabody Energy increased its term loan to $950 million from $500 million as part of its post-Chapter 11 restructuriing plan. Goldman Sachs, JPMorgan Chase and Credit Suisse Securities were joint lead arrangers.

Warder Joins KeyBank as Head of Business Banking


Jamie Warder has been named KeyBank’s head of Business Banking. Most recently serving as president of USAA Bank, Warder joins KeyBank to focus on business clients with up to $10 million in revenue.

JPMorgan Chase Agents Navistar $1B Term Loan Repricing


Navistar completed the repricing of an existing $1 billion senior secured term loan, which reduces the interest rate by 1.50%. JPMorgan Chase served as administrative agent for the lender group.

Hitachi Capital America Achieves 65% Funded Volume Growth in 2016


Hitachi Capital America reported $3.8 billion in funded volume in 2016, an increase of 65% from 2015. In addition, the company recorded $2.8 billion in total assets, up 44% from 2015

Wells Fargo Agents $100MM Ruth’s Hospitality Facility


Wells Fargo served as administrative agent for a $90 million revolving credit facility with $10 million in subfacilities for Ruth’s Hospitality Group, which can be increased up to a maximum of $150 million.

TCF Financial Mourns Passing of Former CEO Cooper


TCF Financial Corporation is mourning the loss of Executive Chairman and former CEO William A. Cooper, who passed away at age 73.

NBC, Deutsche Lead $250MM Facility for IAMGOLD


IAMGOLD secured additional commitments from a syndicate of lenders to increase its existing revolving credit facility to $250 million. The syndicate was led by National Bank of Canada and Deutsche Bank.

Citizens, Opportunity Network Partner For Networking Platform


Citizens Bank partnered with Opportunity Network to offer Citizens’ clients access to a business-to-business platform connecting businesses owners to a network of CEOs and $35 billion of deal flow.

Mackinac Funds ABL Line of Credit for Printing Firm


Mackinac Commercial credit provided a Michigan-based printing and content management firm with a $750,000 asset-based line of credit on its accounts receivable.

TAB Bank Provides $2MM Revolver to Technology Services Company


TAB Bank provided a $2 million revolving credit facility for a technology services company based in California.

Mazzola Joins Crestmark’s Field Exam Team


Crestmark hired Jason Mazzola as assistant vice president, senior field examiner. Based in Troy, MI, he will handle exams across the country.

Associated Bank Names Simons Names EVP, CCO


James Simons, currently Associated Bank’s executive vice president and deputy chief credit officer, has been promoted to executive vice president and chief credit officer effective February 7, 2017, succeeding Scott S. Hickey.

Pacific Mercantile Provides $4MM Facility to Retail Design


Pacific Mercantile Bank extended $4 million in financing to Retail Design Collaborative to support the firm’s continued expansion.

Breslin Appoints Kloehr Director


Former Merrill Lynch Healthcare Finance Group officer Clayton Kloehr has joined Breslin, Young & Slaughter as a director.

February 8, 2017

Webster Arranges $70MM Refi for Apple Health Care


Webster Bank and three other lenders closed on a $70 million portfolio refinancing for Apple Health Care, an operator of skilled nursing facilities based in Connecticut.

Matrix Capital Names Kelso President, Promotes Four


Matrix Capital Markets named Thomas E. Kelso president and made four other promotions.

Encina Provides $30MM Vertex Energy Facility


Vertex Energy closed a facility with Encina Business Credit, providing for up to $30 million of senior secured debt.

Sawyer Joins Ankura as Senior MD/Turnaround Group


David Sawyer joined Ankura Consulting as senior managing director with the firm’s Turnaround and Restructuring group. He was formerly global head of Workout and Restructuring at Barclays.

Citizens Upsizes Planet Payment L/C to $30MM


Planet Payment amended its credit agreement with Citizens Bank, increasing its line of credit from $20 million to $30 million.

Square 1 Bank Provides $4MM to Recursion Pharma


Square 1 Bank provided a $4 million credit facility to new client Recursion Pharmaceuticals.

Drift Capital Provides Revolver for Breakout Capital


Breakout Capital, a technology-enabled small business lender, obtained a new revolving credit facility from Drift Capital Partners, an alternative asset management company based in Charleston, SC.

Barings Arranges Credit Facility for Battery Ventures


Asset management firm Barings acted as mandated lead arranger of a senior secured credit facility to support the refinancing of Battery Ventures’ portfolio company Forterro.

North Mill Provides $7.5MM A/R Facility to Hutton Communications


North Mill Capital provided a $7.5 million asset-based lending accounts receivable and inventory credit facility to Hutton Communications in Carrollton, TX.

US Capital Partners Provides $15MM Facility to Alternative Lender


US Capital Partners provided a financing line of credit scalable to $15 million for an alternative lender headquartered in the Southeastern U.S.

Standard Chartered Bank Provides $5 MM L/C to Azuri


Azuri Technologies has closed a $5 million financing facility with Standard Chartered Bank to support renewable energy in sub-Saharan Africa.

WIB Launches App Store to Assist Small Lenders


Western Independent Bankers and Linqto are launching a platform offering a wide variety of high-demand lifestyle fintech apps for member banks to re-brand and distribute to customers.

February 7, 2017

Industry Veterans Launch National Turnaround Firm


Industry expert William Snyder and 16 partners from Deloitte CRG, Chrysalis, Winter Harbor and BDO have launched CR3 Partners, a national turnaround and performance improvement firm.

Barclays Agents Hertz Credit Agreement Amendments


Hertz Global amended several of its U.S., European and Canadian credit facilities, including extending maturities of $3.165 billion available under variable funding notes to January 2019.