August 17, 2018

Citigroup to Pay $10MM+ for Records Violations and Inadequate Controls

Citigroup agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls and trader supervision.

BofA Agents $411MM Exit Financing for Cenevo

The U.S. Bankruptcy Court for the Southern District of New York approved the exit plan of Stamford, CT-based print products company Cenevo. The company received exit financing commitments in the form of a $175 million ABL facility and a $236 million term loan.

Regions Bank Names Danella Strategic Planning/Corp Development Head

Regions Bank named Kate Danella head of Strategic Planning and Corporate Development. She will report directly to President and CEO John Turner.

AloStar Closes $11.8MM Facility for American-Marsh Pumps

AloStar Capital Finance closed an $11.8 million committed credit facility for American-Marsh Pumps, a supplier and manufacturer specializing in pumping applications.

De Lecce, Bryson Join Bank Leumi U.S. Tech Team

Bank Leumi hired Mario De Lecce as group head, U.S. Tech and John Bryson as a relationship manager.

Siena Provides ABL Facility to Texas Die Casting

Siena Lending Group completed a three-year asset-based revolving and term loan credit facility for Texas Die Casting, a high-pressure aluminum die casting company.

BofA Supports Williams Scotsman ModSpace Acquisition

Williams Scotsman completed its acquisition of Modular Space Holdings for a total purchase price of approximately $1.2 billion. Bank of America served as administrative agent for an increase in the company’s credit facility to support the transaction.

mBank Upsizes Finance Company L/C by $2.5MM

mBank Business Credit provided a $2.5 million increase to $10 million in a $90 million line of credit to an Illinois-based finance company.

Kauffman Joins PeoplesBank as President and CEO

Craig L. Kauffman joined PeoplesBank as president and CEO. Kauffman will also serve as executive vice president and CCO of the bank’s holding company, Codorus Valley Bancorp.

Crédit Agricole Agents $108MM Facility for Genco

Genco Shipping & Trading entered into a five-year senior secured credit facility in an aggregate principal amount of up to $108 million. Crédit Agricole served as administrative agent on the transaction.

mBank Funds $1.4MM ABL L/C for Ohio Company

mBank Business Credit provided a $1.4 million asset based line of credit on accounts receivable to an Ohio-based provider of inspection and quality services for the manufacturing sector.

O’Connell Joins Business Capital as Analyst

Sean O’Connell joined Business Capital as an analyst.

August 16, 2018

Lampert-run Hedge Funds Offers $400MM for Kenmore Brand

The Wall Street Journal reported Sears CEO Edward Lampert has offered to buy the company’s iconic Kenmore appliance brand for $400 million.

U.S. Bank Names Richard Chief Risk Officer

U.S. Bank named industry veteran Jodi Richard its new vice chairman and chief risk office. Richard will succeed P.W. Parker, who is retiring in the fall.

JPMorgan Chase Agents $1B ServiceMaster Term Loan

ServiceMaster entered into a credit agreement for a $1 billion short-term credit facility with JPMorgan Chase Bank as administrative agent.

WFCF Provides $20MM Facility to EVOTEK

Wells Fargo Capital Finance completed a $20 million credit facility for EVOTEK. The facility will be used to support the company’s growth.

Peckitt Joins Great Rock Capital in Toronto

Jeffrey Peckitt joined Great Rock Capital as managing director of Originations.

BBVA Agents New $130MM Facility for Akumin

Akumin closed two credit facilities for a principal amount of $130 million with a syndicate of lenders. The facilities consist of an $100 million term loan for and a $30 million revolving credit facility.

Hill to Head Banc of California Middle Market Banking

Banc of California promoted 15-year industry veteran Thomas Hill to senior vice president, head of Middle Market Banking.

Hitachi Capital America Trade Finance Expands to Mexico

Hitachi Capital America’s trade finance team will be expanding its capabilities to Mexico, as well as continuing its growth in its trade finance portfolio.

SunTrust Provides $55MM Facility to PACE Funding Group

PACE Funding Group closed a $55 million warehouse credit facility with SunTrust Bank. Rosemawr Management is also participating in the facility.

Meyers Joins Capital One TMT Investment Group

Stan Meyers joined Capital One as a director in its Technology, Media, and Telecommunications (TMT) Investment Research Group.

U.S. Bank Agents Hudson Technologies Term Loan

Hudson Technologies entered into an interim waiver and second amendment to its term loan credit and security agreement with U.S. Bank as both collateral and administrative agent and the various lenders thereunder.

Utica Provides $1.25MM in Financing for Two Clients

Utica Leaseco completed two transactions totaling $1.25 million during the first half of August 2018.

August 15, 2018

Deerfield Agents $15MM DIP for Aralez Pharmaceuticals

Aralex Pharmaceuticals’ U.S. and Ireland-based subsidiaries, as well as the company’s Canadian debtors, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

Wells Fargo Risk Exec Departs After Fed Slaps Bank Again

The Wall Street Journal reported Wells Fargo Chief Operational Risk Officer Mark D’Arcy is leaving after an 18-month tenure following a Federal enforcement action against the bank.

Capital One Upsizes 36th Street Capital Revolver to $75MM

Capital One renewed and upsized a three-year, expandable senior secured revolving credit facility for 36th Street Capital Partners. The revolver was increased by $25 million to $75 million.

M&A Expert Goglia Joins Condon Tobin Sladek Thornton

M&A and corporate finance lawyer Mark Goglia joined Condon Tobin Sladek Thornton as a partner.

SSG Advises A’GACI on Chapter 11 Reorganization

SSG Capital Advisors acted as the investment banker to A’GACI in the placement of exit financing and restructuring pursuant to a Chapter 11 plan of reorganization.

Breakout Capital, Bibby Provide $200K to Transport Company

Breakout Capital Finance partnered with Bibby Financial Services to complete its first $200,000 FactorAdvantage deal.

Meier Joins Blank Rome Government Contracts Group

Luke W. Meier joined Blank Rome as a partner in the Government Contracts group in the Washington, D.C. office.

Credit Suisse, RBC Support NCI, Ply Gem Merger

NCI Building Systems and Ply Gem Parent, manufacturers of exterior building products, have signed a definitive agreement under which the two companies will combine in a stock-for-stock merger. The combined company will have a pro forma enterprise value of $5.5 billion.

Seacoast Bank Hires Brinkman as Tampa Market President

Allen Brinkman joined Seacoast Bank as market president and head of commercial banking for the Tampa market.

JPMorgan Chase, Others Downsize Denbury Facility to $615MM

Denbury Resources amended its credit agreement with JPMorgan Chase Bank and other bank lenders.

Square 1 Bank Provides $2MM Facility to DirectScale

Square 1 Bank provided a $2 million credit facility to new client DirectScale. Proceeds from the facility will be used to support continued growth initiatives.

Goldman Sachs Leads $706.9MM Term Loans for Telenet

Telenet Group Holding successfully issued and priced an additional $475 million term loan, as wells as a €205 million term loan ($231.946 million).

August 14, 2018

Siena Provides $12MM ABL for New Age Beverages

Organic and natural beverage company New Age Beverages secured a new $12 million line of credit with Siena Lending Group.

PE Firms Competing with Traditional Lenders for Deals

The Wall Street Journal reported that private-equity firms, flush with investment cash, are financing deals that traditional lenders won’t touch.

Tiger Capital Provides $5MM Special Project Loan to Epoca

Tiger Capital Group provided $5 million in special project financing to Epoca International, the sole license holder of Walmart’s Tasty Housewares product lines.

Monroe Capital Agents $32.7MM Facility for S&S

Monroe Capital acted as sole lead arranger and administrative agent on the funding of a $32.7 million credit facility and equity co-investment to support the recapitalization of S&S HealthCare Strategies.

Peapack Promotes Magarro to SVP/Senior Underwriter

Peapack-Gladstone Bank promoted Dennis R. Magarro to senior vice president, senior underwriter at Peapack Capital.

Lloyds Agents $9.5MM Revolver for Inspired Entertainment

Inspired Entertainment completed a £7.5 million ($9.5 million) revolving credit facility with Lloyds Bank as administrative agent.

Horizon Bank Supports Tillerman Legacy Seeds Acquisition

Horizon Bank provided senior debt financing and a revolving credit facility to support Tillerman Seeds’ acquisition of the assets and real estate of Legacy Seeds.

Capital Southwest Agents $8.5MM Term Loan for Blaschak Refi

Capital Southwest supported Milestone Partners III’s recent financing of Blaschak Coal, a domestic miner, preparer and marketer of Pennsylvania anthracite coal, with an $8.5 million split lien term loan.

Deutsche Bank Closes $150MM Facility for Global Container

Global Container International successfully closed a $150 million secured credit facility with Deutsche Bank, New York Branch.

Brookridge Provides $12MM P/O Facility to Equipment Importer

Brookridge Funding completed a $12 million purchase order funding facility for a New Jersey-based importer and seller of recreational equipment.

Presidential Financial Provides $4MM Facilities to OakCraft

Presidential Financial provided $4 million in working capital facilities to OakCraft.

August 13, 2018

JPMorgan Agents $500MM Revolver for Twitter

Twitter closed a $500 million revolving credit facility with JPMorgan as administrative agent.

U.S. Investors Increasing Support of Middle Market Lenders

Reuters reported investors continue to inject capital into U.S. middle market direct lending strategies at a record pace.

JPMorgan, Orion Energy Provide $160MM Facilities to Tiger Rental

Tiger Rentals refinanced its $160 million credit facilities, including a $100 million term loan from Orion Energy Partners and a $60 million revolving credit facility with JPMorgan Chase.

Kelly, Sheehan Join Rush Street Capital in Chicago

Rush Street Capital hired two new associates, Patrick Kelly and James Sheehan, who will work out of the firm’s Chicago headquarters location.

Bloomquist, Lucas Join J.P. Morgan Corp. Client Banking Group

JPMorgan hired Jeffrey Bloomquist as a managing director and Michael Lucas as an executive director in its Corporate Client Banking & Specialized Industries (CCBSI) West regional team in Denver.

IFA Releases Factoring Guide to Account Management

The International Factoring Association has released its new digital publication, The Factoring Guide to Account Management.

Hilco Merchant Resources to Manage National Stores Liquidation

Hilco Merchant Resources will manage the store closing process and run retail sales at 74 of 344 National Stores. The specific stores that will close currently operate under the brand name Fallas.

Royal Capital Agents $50MM Term Loan for McEwen Mining

McEwen Mining closed a $50 million senior secured 3-year term loan facility with Royal Capital Management serving as agent for the lenders.

Dendinger Joins GCBC Dallas Office

Gulf Coast Business Credit appointed Business Development Officer Ryan Dendinger to the Dallas team at its DFW Metroplex.

BofA Supports Synnex Acquisition of Convergys

SYNNEX renewed its existing credit agreement and secured $1.8 billion in incremental financing. Bank of America served as administrative agent on the transaction.

J D Factors Provides $870K in Factoring Facilities

J D Factors provided $870,000 in factoring facilities to five clients the week of August 6, 2018.

Deloitte Advises FDI, TPI on Sale to Kordsa

Deloitte Corporate Finance acted as exclusive financial advisor to Fabric Development and Textile Products on their sale to Kordsa Global.

August 10, 2018

Wells Fargo, GBFC Agent DIP for Samuels Jewelers

Samuels Jewelers filed for Chapter 11 protection for the fourth time. The Austin, TX-based retailer was controlled by Mehul Chinubhai Choksi, the uncle of fugitive jewelry designer Nirav Modi, both of whom are wanted by Indian authorities in connection to an alleged multibillion-dollar bank fraud.

FS/KKR Advisor Closes New $3.435B Revolver With JPMorgan

FS/KKR Advisor, a partnership between FS Investments and KKR Credit, closed a new $3.435 billion, five-year senior secured omnibus revolving credit facility that matures in August 2023. JPMorgan served as administrative agent for the facility.

JPMorgan Vet Kuhn Joins Getzler Henrich

Robert A. Kuhn joined Getzler Henrich & Associates as managing director in the firm’s New York headquarter office.

Sunflower Bank Launches Structured Finance Group

Sunflower Bank created a Structured Finance Group to provide relationship-focused asset-based lending and leveraged finance services to lower middle market companies and private equity investors.

Monroe Capital BDC Q2 Investment Income, Portfolio Values Higher

Monroe Capital Corporation’s Q2/18 net investment income of $7.9 million was up from $6.1 million in Q2/17. Debt and equity investments, valued at $498.2 million, were up from $445.5 million a year earlier.

HSBC Provides $17MM Acquisition Credit to Covalon Technologies

HSBC Bank provided an up to $17 million acquisition and operating banking credit facility to Covalon Technologies.

BB&T Names Brame President of Central PA Region

BB&T named Alex Brame president of its Central Pennsylvania region. Brame succeeds Craig Kauffman, who left BB&T to pursue other career opportunities.

BofAML, Citigroup, RBC Support Dun & Bradstreet Acquisition

An investor group led by CC Capital, Cannae Holdings and funds affiliated with Thomas H. Lee Partners agreed to acquire Dun & Bradstreet, a provider of commercial data, analytics and insight services for businesses.

Gibraltar Closes $1.5MM L/C for Lehr Holdings

Gibraltar closed a $1.5 million line of credit facility for Lehr Holdings. Gibraltar closed a $1.5 million line of credit facility for Lehr Holdings.

Huntington Bancshares Acquires HSE

Huntington Bancshares signed an agreement to purchase Chicago-based public finance bank Hutchinson, Shockey, Erley & Co.

Skelly Joins Lazard as Senior Financial Advisor

Lazard appointed Michael Skelly senior advisor in Financial Advisory, with a focus on energy, sustainability and infrastructure. He will be based in Houston and New York.

Bankruptcy Expert Silver Joins Kelley Kronenberg as Partner

James D. Silver joined law firm Kelley Kronenberg as a partner in the firm’s Fort Lauderdale office.

Pickett Joins PeoplesBank as EVP/CFO

Larry D. Pickett joined PeoplesBank as executive vice president and chief financial officer. Pickett will also serve as treasurer of the bank’s holding company, Codorus Valley Bancorp.

August 9, 2018

OnDeck Adds New $175MM ABL Revolver from Liberty Mutual, Ares

OnDeck closed a $175 million asset-based revolving credit facility consisting of funds provided by Liberty Mutual Insurance and its affiliates and funds managed by affiliates of Ares Management.

WSFS Financial Merges with Beneficial Bancorp

WSFS Financial will combine with Beneficial Bancorp in a transaction valued at approximately $1.5 billion.

Sterling Provides $737K DIP to Gump’s

Sterling Business Finance agreed to provide $737,000 in DIP financing to Gump’s, according to motions filed in the U.S. Bankruptcy Court for the District of Nevada.

WFCF Agents $185MM Facility for APPVION

Wells Fargo Capital Finance served as sole lender and administrative agent on an $80 million revolving credit facility and administrative agent on a $105 million term loan for APPVION.

PitchBook Reports Global M&A Market Booming

PitchBook released its 2Q 2018 Global M&A Report, which found an uptick in average deal size that drove M&A investment activity in H1/18.

Rite Aid, Albertsons Terminate Merger Agreement

Drugstore chain Rite Aid and food and drug retailer Albertsons have mutually agreed to terminate their previously announced merger.

Magnolia Financial Adds ABL Vet McArthur to Expand Florida Team

Magnolia Financial added industry veteran James McArthur to its senior management team while expanding its presence across the state of Florida.

BMO Harris Names Geist Commercial Banking Market Exec

BMO Harris Bank named Greg Geist Commercial Banking Market executive in Arizona.

Moore Joins Gerber Finance as Marketing Division VP

Howard Moore, III joined Gerber Finance as vice president in the Marketing Division.

Solar Capital Approves Reduced Asset Coverage Requirement

Solar Capital’s board of directors approved the reduction in the asset coverage requirement under of the Investment Company Act of 1940 as allowed under the Small Business Credit Availability Act.

Turnaround Expert Golbahar Joins Brandlin

David K. Golbahar joined Brandlin & Associates as a director. Golbahar will be based in Los Angeles but serve clients and conduct business development nationwide.

BofA, FS/KKR Support Sequential Brands Debt Refi

Sequential Brands Group entered into an amended credit agreement with its existing lenders, led by Bank of America and certain funds managed by FS/KKR Advisor.

August 8, 2018

Gump’s Files Chapter 11; Hilco, Gordon Bros to Liquidate

Gump’s, the San Francisco-based, 157-year-old department store and retailer, filed voluntary petitions for relief under Chapter 11 in the U.S. Bankruptcy Court for the District of Nevada.

GE Capital Sells Energy Project Finance Business to Starwood

Starwood Property Trust entered into an agreement to acquire GE Capital’s Energy Financial Services’ Project Finance Debt Business and loan portfolio for $2.56 billion.

White Oak Provides $34.8MM Facility to Vita Healthcare

White Oak Healthcare Finance acted as sole lender and administrative agent on a $34.8 million senior credit facility to Vita Healthcare Group.

Grant Thornton Expands Technology Practice with Four New Hires

Grant Thornton hired Ravi Bansal, Shyam Bhaskar, Rick Garcia and Alan White to serve in its growing Enterprise Technology Strategy and Innovation Advisory Services business line.

Rosenthal Provides $4MM PO Facility to Toy Company

Rosenthal & Rosenthal completed a $4 million purchase order finance facility to support a California-based toy company that operates under its own brand as well as with several licenses.

OnDeck Q2 Originations Up 26% Y/Y, Assets Exceed $1B

OnDeck reported Q2/18 originations of $587 million, an increase of 26% from a year ago, with growth in both term loans and lines of credit. Total assets increased from $996 million at year end in 2017 to $1,072 million as of June 30, 2018.

Antares/Bain Arranges $794MM in Unitranche Facilities in July

In July, Antares Bain Capital Complete Financing Solution closed four unitranche transactions totaling $794 million in credit facilities for both new and existing borrowers.

Fed Survey: Loan Officers Easing Standards on C&I Loans

Respondents to the Federal Reserve’s July 2018 Senior Loan Officer Opinion Survey on Bank Lending Practices indicated officers eased their standards and terms on C&I loans to firms of all sizes.

MidCap Financial Extends $20MM Aptevo Term Loan

Aptevo Therapeutics extended its original $20 million term loan agreement with MidCap Financial Trust to February 1, 2020.

Reliant Bank Names JPMorgan Vet Stone as Market President

Richard Stone joined Reliant Bank as senior vice president, Rutherford County market president. Stone will guide Reliant’s expansion into the Rutherford County, TN market and serve as the executive face of the brand.

Amerisource Closes $1MM Facility for Staffing Company

Amerisource Business Capital closed and funded a $1 million credit facility for an IT staffing company in California.

Access Capital Closes $850K Facility for Staffing Firm

Access Capital closed an $850,000 facility for a California staffing firm that provides physical therapists, occupational therapists and speech therapists to schools, hospitals and other healthcare facilities across the U.S.

August 7, 2018

Encina Provides Up to $108MM DIP for National Stores

National Stores initiated a court-supervised restructuring with the support of its lenders and suppliers integral to the business. As part of the restructuring, the company will be closing 74 of its 344 stores.

Gordon Bros Finance, GB Provide $40MM Facility to Cherokee Global

Cherokee Global Brands replaced its former credit facility with a new $40 million three-year financing agreement with Gordon Brothers Finance and Gordon Brothers.

J.P. Morgan Leads Goosehead $53MM Refi

Goosehead Insurance Holdings entered into a new $40 million term note payable and $13 million revolving credit facility agreement. J.P. Morgan served as sole bookrunner for the transaction.

Rise Line Adds ABL Vet Molenda

Michael Molenda joined Rise Line Business Credit as managing director of originations. He will be responsible for growing the platform through sourcing and arranging new opportunities.