January 23, 2018

Economic Optimism Fuels 2018 Middle Market M&A Scene

Interest among middle market companies in both buying and selling has increased significantly in the past year, according to the seventh annual Citizens Commercial Banking Middle Market M&A Outlook.

Six CPAs Charged With Scheme to Improve KMPG Inspection Results

The SEC charged six CPAs with using leaked confidential Public Company Accounting Oversight Board data in a scheme to improve inspection results for KPMG.

CIT Healthcare Agents $136MM Facility for CommuniCare

CIT Healthcare closed on a $136.9 million senior secured credit facility for CommuniCare Health Services comprised of a $121.9 million real estate term loan and a $15 million revolving asset-based line of credit.

TradeCap Provides $1MM Facility for Toy Company

TradeCap Partners closed a $1 million supply chain finance facility for a New Jersey-based toy company. The company manufactures overseas and sells to wholesalers and retailers through both direct import and domestic sales programs.

Ziegler CEO Paprocki to Retire, Hermann to Suceed

Ziegler Investment Bank CEO Tom Paprocki will retire effective March 31, 2018. Dan Hermann, head of Ziegler’s Investment Banking division, will assume the position of president and CEO in addition to his current role. Kevin Strom and Angelique David will be promoted to executive managing directors.

Siena Closes $5.2MM Christensen ABL Facility

Siena Lending Group completed a three-year $5.2 million asset-based credit facility and capital expenditure line for TDJ d/b/a Christensen Arms, a manufacturer of lightweight firearms.

Abacus Agents $18MM Facilities for Altus MGC Buyout

Abacus Finance Group served as administrative agent and sole lender for $18 million in senior secured credit facilities. The facilities will be used to support Altus Capital Partners’ take-back private/leveraged buyout of MGC Diagnostics.

Monroe Capital Supports Arcapita MC Sign Acquisition

Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support Arcapita Investment Management’s acquisition of MC Sign Company.

BBVA Compass Hires Four for Atlanta Office

BBVA Compass named Zennie Lynch, Jr. city president of its corporate banking office in Atlanta. The bank also brought on board new relationship managers Adam Kessler, Ben Gibson and Benjamin James.

Deutsche Provides $425MM Facility for Atkore International

Atkore International Group is repurchasing approximately 17 million shares of the company’s common stock from CD&R Allied Holdings for a purchase price of approximately $375 million. Deutsche Bank is providing a debt commitment letter of $425 million to support the transaction.

ING Capital, Others Commit to $300MM Lundin Gold Facility

ING Capital, along with four other lenders, provided commitments for a $300 million senior secured project finance facility for Lundin Gold.

Huntington Business Closes Two Loans Totaling $13.5MM

Huntington Business Credit provided a new $7.5 million revolving credit facility to American Eagle Superstore and a $6 million revolver and term loan to Swiss-Tech.

January 22, 2018

Wells Fargo Expands Middle Market Banking to El Paso

Vanessa Barreda-Ramirez was tapped to launch Wells Fargo’s new El Paso office serving West Texas middle-market companies.

Gerber Launches San Diego Office

Gerber Finance expanded to the West Coast with the opening of its San Diego office. Industry veterans Rachel Donaghy and Lorraine Julius both joined the new office as vice president and senior relationship manager respectively.

AlixPartners Predict Retail Distress Will Continue in 2018

AlixPartners conducted its annual survey of restructuring professionals, with the results predicting continued distress in retail and more activity in the healthcare, restaurant and power industries. Tax reform, the survey said, is a wash.

Union Bank Names Rountree SVP/Head of Digital Strategy

Union Bank & Trust named former Wells Fargo VP Sara O. Rountree senior vice president and head of digital strategy. She will report directly to John G. Stallings, Union Bank & Trust president.

Regions Beats Estimate Despite Tax Act Charge

Regions Financial announced Q4 and full year 2017 earnings of $318 million and $1.193 million, respectively, were up from $278 million and $1.094 million in 2016, despite a tax reform charge of $29 million.

SunTrust Earnings Benefit from Tax Reform

SunTrust’s reported Q4/17 net income of $710 million was up from $448 million for the same quarter in 2016. The bank’s noted results included a $172 million after-tax net benefit from tax reform-related items.

SunTrust CIO Cheriyan Retires, Case to Succeed

Anil Cheriyan will retire as chief information officer of SunTrust Banks, effective March 31, 2018. Scott Case has been named his successor.

JPMorgan Upsizes NetScout Revolver to $1B

NetScout amended its credit agreement, with JPMorgan as administrative agent, to increase its senior secured revolver to $1 billion.

Investa Provides $15MM Facility for Core Gold

Core Gold closed a $15 million debt facility with Investa Bank and arranged a short term $1.6 million bridge loan with Credipresto.

Sallyport Provides $5MM Facilty for Fashion Accessories Firm

Sallyport Commercial Finance provided a $5 million combined credit facility that includes an AR line, purchase order financing and an inventory advance for a fashion accessories company.

Gibbons Joins McDonald Hopkins Cleveland Office

Colette Gibbons joined the Cleveland office of McDonald Hopkins as of counsel in the Business Restructuring Services Department.

Presidential Provides $4MM to Montville Plastics

Presidential Financial provided $4 million to Montville Plastics and Rubber.

January 19, 2018

CIT Supports White Oak in $550MM Transaction with GECAS

White Oak Global Advisors completed a $550 million transaction with GE Capital Aviation Services to buy and immediately lease back 20 wide body aircraft engines. CIT served as lead arranger in the transaction.

Encina Names Beriau MD/Originations in Chicago

Encina Business Credit appointed Stephen Beriau managing director of Originations, with responsibility for leading new business development activity for the Midwest Region.

Ares Provides $21MM Facility for Conner Industries

Conner Industries closed a $21 million senior secured credit facility with Ares Commercial Finance.

Kushman to Lead Victory Park Capital Markets

Todd Kushman joined Victory Park Capital as a principal and head of capital markets. Kushman is based in New York.

Veteran Litigator Fletcher Joins Blank Rome in Pittsburgh

Andrew K. Fletcher joined Blank Rome as a partner in the Commercial Litigation group in the Pittsburgh office.

Lawrence Financial Funds $150MM in 2017

Lawrence Financial Group funded more than 30 transactions for more than $150 million in 2017.

Lancaster Pollard Adds Zeiger to M&A Group

Lancaster Pollard hired Adam Zeiger as a managing director with the firm’s mergers and acquisitions group. He will be based in Chicago.

Capitala Group Participates in $29MM Credit Facility

Capitala Group participated in a $29 million senior secured credit facility, along with an equity co-investment.

Columbia Bank Promotes Dow to EVP/CRO

Columbia Bank promoted Lisa Dow to the newly created position of executive vice president, chief risk officer.

McDonald Hopkins Adds Ayar to Detroit Office

Alexander A. Ayar joined the Detroit office of McDonald Hopkins as a member of the Litigation Department.

Versant Provides $2.8MM Factoring Facility for Steel Firm

Versant funded a $2.8 million factoring facility for a steel fabricator.

BofA Agents WEX Term Loan Repricing

WEX repriced its secured term loans under its existing credit facility. Bank of America acted as administrative agent, joint lead arranger and joint bookrunner.

January 18, 2018

Oaktree, J.P. Morgan Others Take Over 21st Century Oncology

21st Century Oncology emerged from Chapter 11 with new owners, including funds and accounts managed by Beach Point Capital Management, Governors Lane, J.P. Morgan Investment Management, Oaktree Capital Management, Roystone Capital and HPS Investment Partners.

Wells Fargo Chief Risk Officer Loughlin to Retire

Senior Executive Vice President Mike Loughlin will retire as Wells Fargo’s chief risk officer.

Barclays, HSBC Launch Financing to Support Cineworld Regal Buy

Reuters reported that Barclays and HSBC will launch a $3.6 billion leveraged loan syndicate to back Cineworld Group’s acquisition of U.S. chain Regal Entertainment.

Citibank Upsizes Sempra Energy Facility to $1.25B

Sempra Energy increased the maximum borrowing capacity under its credit facility from $1 billion to $1.25 billion. Citibank served as administrative agent for the transaction.

Cardonick Joins Sidley in Chicago

Andrew Cardonick joined Sidley Austin’s Chicago office as a partner in the Global Finance practice.

North Mill Capital Provides $11.2MM ABL to LMC

North Mill Capital provided an $11.2 million asset-based credit facility to LMC Industries, a manufacturer of metal stamping and plastic injection molded parts.

Crown Provides $33MM Facility to Baylin Technologies

Crown Capital Partners closed a $33 million term loan to Baylin Technologies, a global provider of innovative wireless antenna solutions.

Jericho Joins McDonald Hopkins Detroit Office

Business restructuring attorney Ashley J. Jericho joined the Detroit office of McDonald Hopkins, a business advisory and advocacy law firm.

Crestmark Closes 19 Transactions Totaling $44.3MM

Crestmark secured a total of $44.3 million in financial solutions for 15 new clients in the first half of January.

Cahill Elects Creed, Clement to Partnership

Cahill Gordon & Reindel elected Ann K. Creed and Christopher W. Clement to the partnership.

Macquarie Capital Appoints Huerta Senior Advisor

Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group, named Michael Huerta a senior advisor.

International Factoring Association Launches New Website

The International Factoring Association launched its newly designed and mobile friendly website and revealed its new logo.

January 17, 2018

GE CEO Flannery Announces Possible Company Breakup

The Wall Street Journal reported that GE Capital CEO John Flannery said he is considering breaking company divisions off into separately traded units.

Capital One Closes $60MM Revolver for Harvest

Capital One closed a two-year, $60 million senior secured revolving credit facility for Harvest Small Business Finance, a licensed SBA lender.

MidCap Financial Names Marziani Managing Director

Specialty finance firm Midcap Financial named Michael Marziani managing director and team leader of the MidCap Technology Finance Group.

JPMorgan Agents New $1.5B Term Loan for CSC Holdings

CSC Holdings added a new $1.5 billion incremental term loan facility under its existing credit agreement originally dated October 9, 2015. The borrower is an indirect, wholly-owned subsidiary of Altice USA.

BlueVine Names Sirbu CFO

Fintech lendor BlueVine named Ana Sirbu chief financial officer.

Torres Joins Utica Leaseco in New York

Gil Torres joined Utica Leaseco as market manager for East Coast Business Development. He will be based in New York.

Bibby Provides $8MM ABL Facility to Steel Manufacturer

Bibby Financial Services provided an $8 million asset-based credit facility to a global manufacturer of large steel products used by the construction, mining and oil and gas industries.

Global Payout Launches Logistics Company SecurCapital

Global Payout launched its newly formed logistics subsidiary, SecurCapital. The new company will focus on supply chain finance logistics and will offer fintech services to the supply chain finance marketplace.

MidCap Provides $46MM Facility to Unique Group

MidCap Financial provided a $46 million senior credit facility to Unique Group, an importer and distributor of engineered metal products.

Comvest Credit Agents $83MM Facility for minuteKey

Comvest Credit Partners acted as administrative agent and lender in providing an $83 million senior credit facility to minuteKey, a portfolio company of Matrix Partners and Serent Capital.

ESW Capital Provides $10MM Term Loan to Qumu

Qumu Corporation closed a $10 million credit agreement with ESW Capital, replacing the company’s existing term loan with Hale Capital Partners.

Americorp Financial Adds National Accounts Development Director

Americorp Financial hired industry veteran Keith Hachey to serve as national accounts development director. Hachey previously worked for Sanwa Leasing, Banc of America Leasing and Lease Corporation of America.

January 16, 2018

Barclays, JPMorgan Support Energizer Spectrum Brands Buy

Energizer Holdings closed an agreement to acquire Spectrum Brands’ Global Battery and Portable Lighting Business for $2 billion in cash. Barclays and JPMorgan Chase committed to provide financing to support the transaction.

JPMorgan, Others Commit $250MM to EXCO DIP Financing

EXCO Resources filed Chapter 11 in the U.S. Bankruptcy Court in the Southern District of Texas. JPMorgan, Fairfax Financial Holdings, Bluescape Resources and Cove Key Management will provide $250 million of DIP financing to support the company’s restructuring.

Monroe Capital Provides $80MM Facility to National Credit Center

Monroe Capital and SNH Capital Partners funded an $80 million senior credit facility to National Credit Center. Monroe acted as sole lead arranger and administrative agent on the funding of the transaction.

Houlihan Lokey Acquires London-Based Quayle Munro

Houlihan Lokey acquired Quayle Munro, a London-based advisory firm that provides corporate finance advisory services.

Nine Banks Accused of Rigging Canadian Rate Benchmark

Reuters reported that nine banks, including Royal Bank of Canada, Bank of Montreal and the National Bank of Canada, are being sued in the U.S. for conspiring to rig a Canadian rate benchmark.

Ares Commercial Finance Provides $21MM Facility to Conner Industries

Ares Commercial Finance provided a $21 million senior secured credit facility to Conner Industries.

TD Franchise Finance Supports Acquisition of 15 Wendy’s

TD Bank’s Restaurant Franchise Finance Group closed $26.5 million in financing for Gold Coast Holdings Restaurants to support its acquisition of 15 Wendy’s locations in Florida.

Business Capital Provides ABL for Rancho Harvest

Business Capital structured and secured an asset-based credit facility for Rancho Harvest, a labor contracting provider for farmers, food shippers and processors.

Tree Line Supports FlexPrint Buy

Tree Line Capital Partners provided a unitranche credit facility and equity co-investment to support the acquisition of Caltronics and Flo-Tech by FlexPrint, a portfolio company of Oval Partners.

AIMCo Upsizes Razor Term Loan by $15MM

Razor Energy secured an increase of $15 million in its existing non-revolving term loan facility from Alberta Investment Management for an amended principal amount of $45 million.

TCF Capital Supports P4G Capital UEI Investment

TCF Capital Funding provided secured financing to support P4G Capital Management’s investment in Unique Elevator Interiors.

13 Banks to Lose Millions After Carillion Collapse

Reuters reported that British lenders, including Barclays, the Royal Bank of Scotland and Lloyds Banking Group, may lose hundreds of millions of pounds in outstanding loans following the collapse of UK-based Carillion, a facilities management and construction company.

January 15, 2018

JPMorgan Beats Estimates Despite Tax Act Charge

JPMorgan Chase reported Q4/17 earnings of $4.23 billion were down 37% from $6.73 billion a year earlier. The bank noted the decrease included $2.4 billion of estimated net impact of the Tax Cuts and Jobs Act.

CG Commercial Finance Adds Petrucci as SVP, Credit Manager

Richard Petrucci joined CG Commercial Finance in the role of senior vice president, credit manager. Prior to joining CG, Petrucci was a senior manager at NXT Capital Equipment Finance.

Wells Fargo Agents $1.15B Facility for Itron

Itron amended its multi-currency credit agreement with Wells Fargo to provide for a $1.15 billion facility to be used, in part, to finance the acquisition of Silver Springs Network.

Dime Hires Green as SVP/Business Banking

Dime Community Bank hired Alan Green as senior vice president of business banking. Green will report to Conrad Gunther, EVP, business banking.

New Tax Legislation Accounts for 65% of PNC Y/Y Earnings Increase

PNC reported full year 2017 net income of $5.4 billion was up from $4.0 billion a year earlier. The bank noted 65%, or $911 million, of the increase resulted from the impact of new federal tax legislation.

Wells Fargo Q4 Results Reflect $3.35B Tax Act Benefit

Wells Fargo reported 2017 net income of $22.2 billion was up from $21.6 billion a year earlier. The bank noted Q4/17 results included a $3.35 billion after tax benefit from the tax act.

BancFirst Acquires First Wagoner, First Chandler

Oklahoma-based BancFirst acquired First Wagoner and First Chandler, along with their associated subsidiary banks.

Umpqua Bank Provides $47.6MM Facilities to Bay Ship & Yacht

Umpqua Bank provided $47.6 million in senior secured credit facilities to Bay Ship & Yacht, a vessel maintenance and repair company in Northern California.

Fifth Third Agents New $10MM Term Loan for Limbach

Limbach Holdings entered into a credit agreement with Fifth Third Bank as administrative agent providing a new $10 million term loan.

Leckert Joins Houlihan Lokey Frankfurt Office

Steffen Leckert joined global investment bank Houlihan Lokey as a managing director in Corporate Finance. He will be based in Frankfurt and focus on the industrials sector.

Super G Provides $2MM 2nd Lien Loan for Healthcare Firm

Super G Capital provided a $2 million second lien working capital loan for a sponsor-backed provider of employee healthcare management services.

Deutsche Supports Mallinckrodt/Sun Acquisition Merger

Mallinckrodt entered into an agreement to merge Sun Acquisition and Sucampo Pharmaceuticals. Deutsche Bank agented a $900 million revolving credit facility to support the transaction.

Sallyport Supports Hurricane Harvey Relief Efforts

Specialty finance company Sallyport Commercial Finance and its employees supported the local Houston community by delivering gift cards to an elementary school that was severely impacted by Hurricane Harvey.

January 12, 2018

LBC Credit Partners Promotes Seven

LBC Credit Partners, a provider of financing solutions to middle market companies, promoted seven of its team members.

Monroe Agents $43.5MM Facility for Wentworth Management

Monroe Capital acted as sole lead arranger and administrative agent on a $43.5 million senior credit facility to support Wentworth Management Services’ acquisition of Purshe Kaplan Sterling Investments.

Antares Agents Clearlake Credit Facility

Antares Capital served as administrative agent and lead left arranger on a senior secured credit facility to support Clearlake Capital Group’s acquisition of Perforce Software.

Lindstrom Joins MidWestOne as SVP/Retail Banking

MidWestOne Financial Group, parent company of MidWestOne Bank, appointed David Lindstrom as senior vice president, retail banking.

Heritage Commerce to Merge with United American

Heritage Commerce, the parent company of Heritage Bank of Commerce, agreed to merge with United American Bank in a transaction valued at approximately $44.2 million.

Madison Capital Provides Financing to Support High Road Acquisition

High Road Capital Partners completed the acquisition of U-C Coatings, with Madison Capital providing financing to support the deal.

Clear Thinking Promotes Diercks to Partner

Business advisory firm Clear Thinking Group promoted Patrick Diercks to partner effective immediately.

Capital Southwest Provides Term Loan to Capital Pawn

Capital Southwest acted as sole administrative agent and lender for a first lien term loan for Capital Pawn Holdings, a portfolio company of The Capital Corporation.

Wynnchurch Capital Promotes Four, Hires Two

Wynnchurch Capital promoted Carl Howe and Brian Riordan to vice president; promoted JD Frank and Kevin Hanley to senior associate; and hired two Chris Waldock and Ben Cherry as associates.

Middlefield Hires Two Lenders Within Northeast Ohio Market

The Middlefield Banking Company, a wholly owned subsidiary of Middlefield Banc, added two commercial lenders – Jack Gregorin and Robert Naegele – within its Northeast Ohio market.

First Business Capital Closes $3.3MM Pel-Freeze Refinancing

First Business Capital closed and funded $3.3 million for refinancing for Pel-Freez Arkansas, a foods and biologicals intermediates company.

Community Bank Hires Tsoflias as VP/Foreign Exchange Sales

Community Bank named Cecilia Tsoflias vice president of foreign exchange sales and marketing.

January 11, 2018

JPP Agents $100MM Term Loan for Sears

Sears Holdings has raised $100 million in new financing and is pursuing an additional $200 million. JPP, an affiliate of Sears Chairman Edward Lampert’s hedge fund, ESL Investments,, has agented a $100 million term loan for the ailing retailer.

Crystal Financial Completes $45MM CARite Facility

Crystal Financial completed a $45 million senior credit facility for CARite Holdings. Proceeds will be used to refinance existing debt and to fund lease portfolio growth.

Texas Capital Upsizes Harte Hanks Facility to $22MM

Harte Hanks amended its credit facility with Texas Capital Bank, increasing the borrowing base to $22 million and extending the maturity date to April 17, 2020.