April 25, 2017

Guggenheim, BNY Mellon Refinance Radio One with $350MM Facility


Radio One closed a new $350 million senior secured credit facility with Guggenheim Securities Credit Partners as administrative agent and BNY Mellon as collateral agent.

CapitalPlus Provides Factoring Facility to Interior Construction Firm


CapitalPlus Equity provided a $56,000 factoring facility to an interior construction company in the Southeast.

Monroe Capital Supports PE-Backed Priority Ambulance


Monroe Capital acted as sole lead arranger and administrative agent on the funding of a unitranche facility to support the future growth of private equity-backed Priority Ambulance.

Deutsche Hires Two Healthcare Investment Bankers from BMO


Deutsche Bank hired Philip Pucciarelli and Robert Verdier, two senior Healthcare Investment bankers, from BMO Capital Markets. Purcciarelli will co-head the Americas Healthcare Investment Banking business.

Sears Releases Restructuring Update, Pursues Transformation


Sears Holdings Chairman and CEO Edward Lampert said the struggling retailer has improved operating performance and financial flexibility and will continue to work towards a successful restructuring.

SunTrust Robinson Humphrey Names 19 New Managing Directors


SunTrust Robinson Humphrey promoted 18 men and one woman to managing director.

People’s United Adds Jamison as Managing Director of Loan Syndications


People’s United Bank added former First Niagara Bank loan syndication leader Ken Jamison as managing director of Loan Syndications, responsible for capital markets and loan syndication capabilities in the Northeast.

LBC Credit Partners Provides Term Loan to Support KL Outdoor Recap


LBC Credit Partners provided a senior secured term loan to support the recapitalization of KL Outdoor by New Water Capital.

Wells Fargo Securities Names Harvey Head of Equity Strategy


Christopher Harvey has been appointed the new head of Equity Strategy, for Wells Fargo Securities’ Global Research, Economics & Strategy division, reporting to Todd M. Wickwire and Sam Pearlstein, co-head of Equity Research.

CIT Q1 Earnings from Continuing Operations Up 28%


CIT reported Q1/17 net income from continuing operations was $78 million, up 28% from $61.0 million a year earlier. Provision for credit losses in Q1/17 was down 44.5% from $89.5 million a year earlier.

Wedoff, Gavin Elected as ABI President, President/Elect


Retired Bankruptcy Judge Eugene Wedoff was named ABI president at the organization’s annual spring meeting. Ted Gavin of Gavin/Solmonese was elected president-elect and will succeed Wedoff next year.

SunTrust, BofA, Wells Fargo Lead HEICO Facility Upsize


HEICO increased its revolving credit facility to $1 billion. The facility is lead-managed by SunTrust, Bank of America and Wells Fargo.

BYN Mellon Amends Emmis Communications Facility


Emmis Communications amended its credit facility with Bank of New York Mellon succeeding JPMorgan as administrative agent.

Wells, WFCF Upsize Upland Term Loan to Support RightAnswers Buy


Wells Fargo, as U.S. administrative agent, and Wells Fargo Capital Finance, as Canadian administrative agent, increased Upland Software’s term loan by $15 million to support the company’s acquisition of RightAnswers.

Crystal Financial Provides $14.5MM Facility to NELS


New England Linen Supply closed a $14.5 million senior credit facility with Crystal Financial.

Mackinac Commercial Credit Funds $3MM ABL Line of Credit


Mackinac Commercial Credit provided an Illinois-based distributor with a $3 million asset-based line of credit.

April 24, 2017

Presidential Financial Adds WFCF Vet Pearce as BDO


Presidential Financial added former Opus Bank, Western Alliance Bank and Wells Fargo Capital Finance veteran Kevin Pearce to its team as a business development officer.

PEAK6 Provides $20MM Term Loan to Intersections


Intersections, a provider of identity risk management and privacy protection services for consumers, completed a new $20 million term loan financing with PEAK6 Investments.

Sterling Adds Holt to Commercial Banking Team


Sterling National Bank added Thomas Holt to its Commercial Banking team as senior vice president and managing director.

Scotiabank Downsizes Capstone Mining Facility


Capstone Mining amended its credit facility, extending the maturity date and reduced funds available to $350 million, with a $25 million annual reduction. The Bank of Nova Scotia was administrative agent.

TD Bank, NBC Support Parkland Chevron Canada Downstream Buy


Parkland Fuel entered into an agreement with Chevron Canada to acquire all of the shares of Chevron Canada R&M, which operates its Canadian integrated downstream fuel business.

ING Leads New $1.09B Sustainable Revolver for Royal Philips


Royal Philips signed an agreement with a consortium of 16 banks for a new €1 billion ($1.09 billion) revolving credit facility with an interest rate that will be dependent on the company’s year-on-year sustainability performance improvement.

Golden Pacific Names SBA Vet McClure Chief Business Officer


SBA veteran Joseph McClure will be joining the Golden Pacific Bancorp and Golden Pacific Bank executive ranks as EVP/chief business officer.

NIL Upsizes Vicon Up to $6MM


Vicon Industries, entered into an amended and restated credit agreement with NIL Funding to increase its borrowing availability by up to $6 million.

Singtel Group Closes $2.94B Facilities With 12-Bank Group


Subsidiaries of Singapore Telecommunications Limited entered into agreements for total credit facilities of approximately S$4.1 billion ($2.94 billion) for general corporate purposes and refinancing of existing facilities. Bank of America, BNP Paribas and Citibank were part of 12-bank syndicate.

J D Factors Closes Six Transactions, Totaling $1.724MM


J D Factors completed six transactions in 2017 for a total of $1.725 million.

Utica Leaseco Funds $25MM in Transactions in 2017


Utica Leasco has funded a total of $25 million in transactions to 12 companies in 2017.

Versant Provides DIP Factoring Facility


Versant Funding recently opened a debtor-in-possession factoring facility for a client that was looking to restructure its business.

April 21, 2017

LBC Credit Partners Supports Monomoy Acquisition of Klaussner


LBC Credit Partners provided a $56 million senior secured term loan to support the acquisition of Klaussner Home Furnishings by Monomoy Capital Partners.

TD Securities Agents Financing for Syntax Acquisition


Syntax Systems acquired Core Services to create a North American technology services firm offering cloud managed services. TD Securities served as administrative agent and joint bookrunner and joint lead arranger with National Bank of Canada for the senior secured credit facilities.

Lawrence Financial Funds More than $30MM in Q1/17


During Q1/17, Lawrence Financial Group conducted financing transactions with a total value of more than $30 million.

Wells Amends Coast Crane Facility to Support Acquisition


Maxim Crane Works entered into a stock purchase agreement to acquire Coast Crane. To support the acquisition, Coast entered an amendment to its credit agreement with Wells Fargo as agent.

Former FirstMerit CEO Joins Opus Bank Board


The Opus Bank board of directors added Paul G. Greig, former chairman, president and CEO of FirstMerit, to its board.

Wells Fargo Agents $100MM Ubiquiti Upsize


Ubiquiti Networks amended its credit agreement with Wells Fargo Bank as administrative agent, to increase the revolving loan commitments from $200 million to $300 million.

JPMorgan Agents $80MM Upsize for Swift Energy


JPMorgan served as administrative agent for Swift Energy’s amended and restated credit facility, under which the borrowing base was increased to $330 million and the maturity was extended to April 2022.

Wells Fargo Expands Southwestern U.S. Middle Market Banking Biz


Wells Fargo has established a new Southwest Division of its Middle Market Banking business, to be led by Senior Vice President Neal Crapo.

Cantor Fitzgerald Adds Bandelier as Global Head of Equities


Cantor Fitzgerald added former head of Equities Trading at Barclays Pascal Bandelier as its global head of Equities, based in New York.

Sallyport Commercial Closes A/R Facility For Camera Lens Firm


Sallyport Commercial Finance recently provided a $300,000 accounts receivable facility, including both international and domestic sales, to a creative camera lens manufacturer.

TAB Bank Provides $8.5MM Facility to Therapy Company


TAB Bank provided an $8.5 million revolving credit facility for a therapy services company located in California.

Super G Provides Second Lien Facility to e-Commerce Brand


Super G provided a $2.5 million second lien working capital facility to a venture capital backed subscription e-commerce brand business.

April 20, 2017

GACP, KKR Arrange $222MM Term Loan for Sears Canada


Great American Capital Partners and KKR Capital Markets have entered into an agreement with Sears Canada to provide a $222 million senior secured term loan.

Report: Guggenheim Q2 Outlook Shows Elevated Refinancings 


Guggenheim Investments provides a Q2/17 outlook which shows adjusting yield expectations and managing risk among elevated loan refinancings. While good for borrowers, refinancing activity effectively lowers investors’ spread income.

BMO Harris Agents $75MM Facility for Titan International


BMO Harris Bank’s asset-based lending group was administrative agent, lead arranger and bookrunner for senior credit facilities to support 475 million for Titan International.

Engs Commercial Finance Closes $100MM ABS Warehouse Facility


Engs Commercial Finance has closed a $100 million securitization warehouse facility with the Bank of Montreal as lender and BMO Capital Markets as agent.

Longtime GE Capital Exec Feehan Joins Hilco Global as CFO


Former GE Capital chief credit officer Paul Feehan joined Hilco Global as chief financial officer.

Deerfield Provides $45MM DIP to Adeptus Health


As part of its voluntary Chapter 11 petitions, Adeptus Health will receive $45 million in debtor-in-possession financing from Deerfield Management Company, which will gain ownership of Adeptus.

Oxford Finance Provides $20MM Cerapedics Senior Debt Facility


Oxford Finance closed a $20 million senior secured term loan with Cerapedics, an orthobiologics company engaged in the development and commercialization of bone graft substitute products for the treatment of orthopedic injuries.

Bank of America Provides $15MM Xplore Technologies Facility


Xplore Technologies entered into a $15 million loan and security agreement with Bank of America consisting of revolver loans and a letter of credit facility.

Scotiabank Leads $120MM Phoenix Tower Facility


Phoenix Tower International closed a $120 million long term credit facility between its subsidiaries and a consortium of lenders led by Scotiabank.

J.P. Morgan, U.S. Bank Upsize Henry Schein Facility to $750MM


Henry Schein amended its revolving credit facility, increasing the maximum borrowing amount by $250 million. J.P. Morgan Securities and U.S. Bank served as joint lead arrangers.

Signature Reports Record Q1 Earnings; Notes Taxi Medallion Loans


Signature Bank reported Q1/17 earnings were a record $133.9 million up 28.7% from $104.0 in Q1/16. The bank noted a significant increase in non-accrual loans attributed primarily to taxi medallion loans.

ApplePie Acquires Funding Solutions, Appoints Chief Development Officer


ApplePie Capital appointed franchise industry veteran Ronald Feldman as chief development officer. In addition, ApplePie announced the acquisition of Funding Solutions.

April 19, 2017

Wells Fargo Provides $120MM Facility to Tempur Sealy


In connection with a securitization transaction, Tempur Sealy secured a credit agreement providing for $120 million in revolving loans with Wells Fargo Bank as lender.

JPMorgan Agents $500MM H.B. Fuller Facility


JPMorgan Chase served as administrative agent for a new credit agreement for H.B. Fuller Company, which consisted of a $400 million multi-currency revolver and a $100 million term credit facility.

Teneo Adds Two Restructuring Leaders from Carl Marks


Teneo Holdings expanded its Restructuring practice through the addition of Christopher K. Wu and Charles Boguslaski who join as president and senior managing director, respectively.

Engs Commercial Finance Closes $75MM Commitment from PNC


Engs Commercial Finance added PNC Bank and its $75 million commitment to its $455 million ABL credit facility. PNC will assume the roles of syndication agent and joint lead arranger.

Texas Capital Provides $20MM Revolver to Harte Hanks


Marketing services firm Harte Hanks secured a $20 million revolver from Texas Capital Bank.

Renasant Business Credit Closes $7.5MM ABL Revolver


Renasant Business Credit closed a $7.5 million asset-based revolver for a Southeastern-based company engaged in the recycling of used motor oil and its by-products.

Business Capital Secures $17MM for Auto Finance Company


Business Capital structured and secured a $17 million asset-based capital facility for Sol Acceptance, a finance company that purchases loans from auto dealers in California.

Bank of America Beats Estimates, Q1 Y/Y Earnings Increase 40%


Bank of America’s reported net income was up 40% to $4.9 billion before preferred stock dividends. EPS of $0.41 exceeds analysis estimates of $0.35%.

Forbes Energy Completes Plan, Wilmington Trust Agents $50MM Term Loan


Forbes Energy Services’ plan of reorganization has been confirmed and became effective on April 13, 2017. Wilmington Trust was agent on a $50 million term loan to support the plan.

Credit Suisse, Others Arrange Platform Specialty’s Repricing


Platform Specialty Products successfully completed the repricing of its existing USD/B-4 and EUR/C-3 term loan tranches, totaling $1.93 billion. Credit Suisse, HSBC, Barclays and Goldman Sachs acted as joint lead arrangers.

Crestmark Closes 11 Transactions Totaling Almost $17MM in H1/April


Crestmark secured a total of $16.78 million in financial solutions for 11 new clients in the first half of April.

North Mill Provides $1MM Facility to NLR


North Mill Capital has provided a $1.0 million credit facility encompassing a $800,000 revolver and a $200,000 term loan to NLC.

April 18, 2017

WFCF Names Cosso Managing Director in Western Region


Wells Fargo Capital Finance named Jason Cosso as business development officer and managing director.

Sterling Names Topple, Karaman to Co-Lead Commercial Banking Team


Sterling National Bank added Daniel Topple and Oleg Karaman to its Commercial Banking team as senior managing directors and team leaders.

U.S. Bank Agents The Andersons $800MM Credit Facility


The Andersons entered into a sixth amended loan agreement for a $800 million credit facility with a lender group led by U.S. Bank serving as administrative agent.

Signature Bank Adds New Team from Sterling


Signature Bank appointed a four-person private client team in White Plains, NY. Each of the members joins from Sterling Bank, where they held roles relating to commercial banking, finance and private banking.

Dime Adds Reddy as SVP Corporate Development, Treasurer


Dime Community Bank added former Macquarie Capital senior vice president Avinash Reddy as a senior vice president of corporate development and treasurer.

JPMorgan Agents $1.75B Eldorado Facility


JPMorgan Chase Bank served as administrative agent for a credit agreement consisting of a $1.45 billion term loan facility and a $300 million revolving credit facility for a subsidiary of Eldorado Resorts.

BMO Agents $245MM HighTower Facility


Hightower secured a new credit facility that provided an increase over the company’s previous facility to support its acquisition of WealthTrust. BMO Capital Markets served as left joint lead arranger and admistrative agent for the lender group.

Wells Fargo Shares Advance on News of $5MM Stock Buy


Recent SEC filings revealed Wells Fargo’s chief executive, Timothy Sloan and chairman Stephen Sanger bought a combined 97,342 shares of stock at a per share price of $51.65. Following the news, shares were trading over 2% higher and closed at $52.65 on April 17, 2017.

JMP Group Appoints Gavin Slader Head of Mergers & Acquisitions


Gavin Slader has been named head of JMP Group’s mergers and acquisitions at JMP Securities.

JPMorgan Chase Agents Weatherford International Amendments


Weatherford International entered into amendments to its revolving credit and term loan agreements with a lender group led by JPMorgan Chase as administrative agent.

Citibank Agents Nielsen Finance’s $2.25B Term Loans


Nielsen Finance entered into an amendment to its existing credit agreement that provides for a new class of term loans in the aggregate amount of $2.25 billion. Citibank served as administrative agent for the lender group.

Jones Day Adds Capital Markets Partner to Houston Office


Global law firm Jones Day added Emily Leitch to its capital markets practice as a partner in its Houston office.

JD Factors Provides Facilities to Four Companies


JD Factors recently provided $1.3 million in factoring facilities to four companies.

Amerisource Funds Two New Start-Up Firms


Amerisource Funding closed two separate asset-based revolvers for a Virginia-based staffing firm and a freight brokerage firm operating out of Texas, Oklahoma and Mississippi.

April 17, 2017

U.S. Bank Collateral Agent on $40MM Term Loan to Emerge Energy


Emerge Energy Services closed a transaction to acquire Osburn Materials for $20 million. The transaction was funded with a new term loan provided by a bank group with U.S. Bank serving as disbursing agent and collateral agent.

CRG Expands Capacity of Viewray Term Loan Agreement by $15MM


Viewray Technologies entered into an amendment with CRG to expand the borrowing capacity available under its term loan agreement by $15 million to $65 million.

United Community Banks Appoints Harralson New EVP, CFO


United Community Banks appointed Jefferson L. Harralson as EVP and CFO of both the parent company and its banking subsidiary. Harralson was most recently management director at KBW.

Northern Trust Extends Maturity of First Mid-Illinois Facility


First Mid-Illinois Bancshares amended its credit agreement with Northern Trust to extend the maturity date of its $15 million revolving loan agreement by one year.

Deutsche Bank Agents $2.4B Crown Holdings Facilities


Crown Holdings and its international subsidiaries entered into a $2.4 billion amended and restated credit agreement with Deutsche Bank as administrative agent.

Citizens Agents Mohegan Tribal Gaming Authority Repricing


The Mohegan Tribal Gaming Authority entered an amendment with Citizens Bank to reduce the interest rate on its existing credit facility by .50%.

Bingham, Mills to Lead New Adams and Reese Offices


Law firm Adams and Reese opened offices in Atlanta, GA and Fort Lauderdale, FL. Ron Bingham II is partner in charge of the Atlanta office and Christopher Mills will lead the Fort Lauderdale office.

Chesswood Exercises Accordion Feature with RBC-Led Bank Group


Chesswood Group exercised $30 million of the $80 million accordion feature in its existing revolver with a group of banks led by Royal Bank of Canada.

RBC, SunTrust Agent $400MM Installed Building Products Refi


Installed Building Products entered into a $300 million term loan B facility and a $100 million ABL facility. Royal Bank of Canada and SunTrust Bank served as administrative agent for the facilities.

Alvarez & Marsal MD Jones Joins Star Mountain as Senior Advisor


Tom Jones, a managing director at Alvarez & Marsal, joined lower middle market-focused asset manager Star Mountain Capital’s advisory board as a strategic personal investor and senior advisor.

Wells, Wilmington Enter Nuverra Restructuring Agreement


Nuverra Environmental Solutions entered into a restructuring support agreement with Wilmington Savings Fund and Wells Fargo to complete a comprehensive recapitalization.

Sallyport Provides $1.5MM to Transportation Company


Sallypoint Commercial Finance provided a $1.5 million accounts receivable facility to a distribution and transportation company.

April 14, 2017

Wells Fargo Q1 Global C&I Portfolio Reflects Growth, Higher Returns


Wells Fargo reported Q1/17 global C&I average loan balances were up 7.44% from a year earlier as both domestic and non-U.S. portfolios showed growth. Interest income was also up as higher yields boosted performance.

CIT Names Fawcett Executive Vice President, CFO


CIT Group named John Fawcett executive vice president and chief financial officer, succeeding CFO Carol Hayles who has decided to pursue other opportunities.

JPMorgan Q1 Earnings Increase on Higher Revenue, Lower Provisioning


JPMorgan Chase reported Q1/17 net income of $6.45 billion, up 17% from $5.52 billion a year earlier. The bank noted revenue was up $1.5 billion and provision charges were down 28% helped by oil & gas releases.

BofA Agents $175MM Commercial Vehicle Group Facility


Commercial Vehicle Group entered into a $175 million secured credit facility with Bank of America as administrative agent.

Comerica Names Bodisco Regional Market President


Comerica Bank named Andrew M. Bodisco regional market president for the East Bay region.

PNC Financial Beats the Street on Higher Revenues, Earnings


PNC Financial reported Q1/17 revenue and net income was up 6.0% and 13.9%, respectively. Earnings per share of $1.96 exceeded analysis’ polled by Thomson Reuters of $1.83.

J.P. Morgan Leads $1.072B Bright Horizons Facility


Bright Horizons Family Solutions amended its credit agreement led by J.P. Morgan and entered into a $1.072 billion term loan facility.

Unicredit Completes $74.4MM Mercer International Facility


Mercer International acquired one of Germany’s largest sawmills for $55.1 million plus defined working capital of $6.5 million. It also replaced an existing working capital facility with a $74.4 million joint revolving credit facility from Unicredit Bank.

Fifth Third Adds Three to Expand Investment Banking Team


Fifth Third Securities added Joseph Carson as a managing director in the Diversified Industrials group. It also added Michael Ho and Jim Parrino to co-head the Investment Banking group’s buy-side M&A advisory practice.

DS-Concept Names StillWaggon USA CEO


DS-Concept promoted John Stillwaggon to the position of CEO, USA.