February 17, 2017
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.
Celtic Bank has hired Patrick Phillips as a vice president, business development in the bank’s SBA and Commercial Lending department.
Presidential Financial provided a $10 million working capital and term loan facility to Prairie Dog Pet Products.
Liquid Capital hired Sergio Mindreau as director, Credit Risk, working out of the Toronto headquarters.
Crestmark secured a total of $15.135 million in financial solutions for 26 new clients in the first half of February.
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 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.
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 provided a Vietnam-based garment manufacturer with a $10 million export factoring facility.
Deloitte Corporate Finance acted as exclusive financial advisor to Plastic Packaging in its sale to Sonoco Products.
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.
The ABF Journal and abfjournal.com office will be closed on Monday, February 20 in observance of Presidents’ Day.
February 16, 2017
WhiteHorse Capital hired former GE Chief Credit Officer for Telecom, Media and Technology Kimberly Massa as managing director and Peter McLaughlin as principal.
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.
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 agented a unitranche credit facility to support the acquisition of Midwest Wholesale Hardware by private equity sponsor High Road Capital Partners.
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 added Richard Byrd as senior vice president.
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.
Sandor Jacobson joined Plante Moran as a principal in its restructuring and transformation practice.
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.
Mediacom Communications added $1.37 billion in new term loans and revolving credit commitments. JPMorgan Chase Bank served as administrative agent.
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.
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 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.
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.
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 Finance provided UK-based fintech alternative financier TradeRiver with a £25 million ($31 million) funding solution to support the company’s growth.
Pacific Western Bank launched a Tax-Exempt Lending Group to be led by new hires Christopher Baron and Daniel Bronfman.
Matrix Capital Markets, an independent middle-market investment bank, advised on the sale of Bradley Petroleum and Sav-O-Mat to Stinker Stores.
Avidbank Specialty Finance provided an $8 million asset-based line of credit to Yes To.
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.
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.
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 Capital provided a Florida-based company that manufactures dietary supplements with $10 million of working capital and purchase order financing.
North Mill Capital provided a $9.5 million credit facility to PM Plastics Company.
February 14, 2017
Encina Business Credit closed a $15 million asset-based revolving credit facility to a manufacturer and service provider for the oil and gas industry.
The Commercial Finance Association is soliciting applications for an executive director position based in New York City.
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.
Natalie Bouchard has joined Northpoint Commercial Finance as a director of Business Development in Canada.
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 Funding provided $22.5 million in secured financing to support Cottonwood Acquisitions in its recapitalization of PRCCW Holdings.
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.
SandRidge Energy entered into a new $600 million reserve based credit facility. Royal Bank of Canada served as administrative agent for the lenders.
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.
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 Bank and Investec Bank shared in providing a new $33.5 million revolving credit facility for Anglo Pacific Group.
TAB Bank provided a $4.5 million revolving credit facility to a waterworks distribution company located in California.
February 13, 2017
Reuters reported investor demand for leveraged loans is helping alternative lenders lead deals that traditional banks can’t provide.
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 added senior bankers David Keys, Dave Endom and Tim Lufkin to its investment banking team.
Boston Scientific amended its credit agreement, increasing aggregate commitments to $400 million and extending the agreement. Wells Fargo served as administrative agent.
Inland Bank and Trust hired Thomas Marvinac as executive vice president and chief credit officer. Marvinac was previously with Standard Bank as EVP/CCO.
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.
Global business advisory firm AlixPartners promoted 24 directors to managing director.
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 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 Holdings noted improvement in operating performance for Q4/16 and outlined important actions to drive profitability.
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 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
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.
PFO obtained up to $.4 million in post-petition debtor-in-possession financing from its senior secured lender, Hillair Capital Investments.
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.
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 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 Group completed 29 transactions in 2016 for a total of $120 million.
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 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.
Calico Industries completed a going concern sale transaction with Mill Street Ventures of Flowood, MS. Equity Partners HG served as intermediary for the seller.
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 Partners was engaged by Provia Laboratories as its strategic advisor for a $2 million convertible debt financing.
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
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.
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.
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 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 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 Corporation is mourning the loss of Executive Chairman and former CEO William A. Cooper, who passed away at age 73.
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 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 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 provided a $2 million revolving credit facility for a technology services company based in California.
Crestmark hired Jason Mazzola as assistant vice president, senior field examiner. Based in Troy, MI, he will handle exams across the country.
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 Bank extended $4 million in financing to Retail Design Collaborative to support the firm’s continued expansion.
Former Merrill Lynch Healthcare Finance Group officer Clayton Kloehr has joined Breslin, Young & Slaughter as a director.
February 8, 2017
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 Markets named Thomas E. Kelso president and made four other promotions.
Vertex Energy closed a facility with Encina Business Credit, providing for up to $30 million of senior secured debt.
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.
Planet Payment amended its credit agreement with Citizens Bank, increasing its line of credit from $20 million to $30 million.
Square 1 Bank provided a $4 million credit facility to new client Recursion Pharmaceuticals.
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.
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 Capital provided a $7.5 million asset-based lending accounts receivable and inventory credit facility to Hutton Communications in Carrollton, TX.
US Capital Partners provided a financing line of credit scalable to $15 million for an alternative lender headquartered in the Southeastern U.S.
Azuri Technologies has closed a $5 million financing facility with Standard Chartered Bank to support renewable energy in sub-Saharan Africa.
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 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.
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.