April 25, 2018

ESL Proposes Buying Kenmore, Sears Home Improvement Biz

Sears Holdings’ board of directors received a letter from ESL Investments, the hedge fund led by the company’s Chairman and CEO Edward Lampert, proposing to buy the company’s Kenmore appliance division, Sears Home Services and PartsDirect.

Capital One, HPS Close $375MM Unitranche for AccentCare

Capital One served as administrative agent on a $375 million senior secured unitranche facility for AccentCare, a portfolio company of Oak Hill Capital Partners. The facility consists of a $250 million term loan, a $50 million delayed draw term loan and a $75 million revolving line of credit.

Gavin Elected President of ABI

Ted Gavin of Gavin/Solmonese was elected president of the American Bankruptcy Institute, succeeding retired Judge Eugene R. Wedofff, at the organization’s annual spring meeting.

Deutsche Provides $209MM Facility to Grasshopper Solar

Deutsche Bank provided a C$270 million ($209.98 million) senior debt facility to Grasshopper Solar, Canada’s largest fully-integrated solar company.

White Oak Agents $30MM Facility for UHS

White Oak Healthcare Finance acted as sole lead arranger and administrative agent on the funding of a $30 million senior credit facility to University Health System.

HSBC Arranges $79MM Facility for 5N Plus

5N Plus closed a $79 million senior secured multi-currency revolving syndicated credit facility to replace its existing $50 million revolver. HSBC Bank acted as lead arranger and book runner on the transaction.

Clukey Joins Sidley as Tax Controversy Partner

Nathan Clukey joined Sidley Austin as a partner in its Tax Controversy practice in Washington, D.C. He was formerly a partner with King & Spalding.

MidFirst Bank Provides $8MM Revolver to Global Water

Global Water Resources entered into an agreement with MidFirst Bank for a two-year revolving line of credit of up to $8 million.

Hitachi Completes Seven Transactions Totaling $74.2MM

Hitachi Business Finance, a division of Hitachi Capital America, completed five syndicated transactions and provided two A/R financing facilities for a total of $74.2 million.

Barings Supports Liberty Hall AIM Refi

Financial service firm Barings acted as the sole agent and lead arranger on first lien senior credit facilities to support Liberty Hall Capital Partners’ refinancing of the existing debt of its portfolio company, AIM Aerospace.

Abacus Finance Supports WILsquare Quest Buyout

Abacus Finance Group served as administrative agent and sole lender on senior secured credit facilities to support WILsquare Capital’s leveraged buyout of Quest Solutions.

Amerisource Provides $1MM Revolver to Concrete Company

Amerisource Business Capital closed and funded a $1 million revolving credit facility for a concrete wall manufacturing and installation company in upstate New York.

April 24, 2018

BofA Agents $750MM Facilitiy for Nu Skin

Nu Skin Enterprises closed a $400 million term loan facility and a $350 million revolving credit facility with Bank of America as administrative agent.

SunTrust Offers ID Protection After Suspected Info Theft

SunTrust Banks is offering identity protection for all current and new consumer clients at no cost following the suspected theft of 1.5 million customers’ personal information by a former employee.

Wells Fargo Expands MM Banking in New England

Wells Fargo’s Middle Market Banking opened a regional office in Worcester, MA, rounding out the bank’s New England expansion. Deborah Larsen was tapped to lead commercial lending in Central and Western Massachusetts.

Barclays Agents $75MM ABL for Bristow Group

Bristow Group subsidiaries Bristow Norway and Bristow Helicopters entered into a $75 million ABL agreement with Barclays Bank as administrative agent.

PNC Provides $33MM in Facilities to Motley

PNC Bank closed $33 million in senior secured credit facilities for Odessa, TX-based Motley Services, a portfolio company of District 5 Investments.

Retail Expert Hamory Joins AlixPartners from KPMG

Retail pricing and promotions expert Matthew Hamory joined AlixPartners’ growing retail practice as a managing director. He will work out of the Boston office.

Beck Joins Capital One as Treasury Management Head

Phil Beck joined Capital One as head of Treasury Management. Beck will oversee the strategy, sales and product development for the bank’s Solutions Group and report to Konrad Schwarz, executive vice president, head of Strategic Commercial Services.

BABC, WFCF Support Celadon Refi

Troubled trucking group Celadon will refinance its existing credit agreement, including a new $100 million revolving credit facility provided by Bank of America Business Capital and Wells Fargo Capital Finance.

Isatis Capital Provides $10MM Facility to FMG

Mining company First Mexican Gold entered into an arrangement with Isatis Capital Group of Montreal to secure a credit facility loan for up to $10 million.

Hogan Lovells Hires Three Bankruptcy Attorneys

Hogan Lovells hired bankruptcy lawyers Richard Wynne, Bennett Spiegel and Erin Brady as partners in the firm’s Business Restructuring and Insolvency practice in Los Angeles.

WesBanco to Acquire Farmers Capital Bank

WesBanco agreed to acquire Farmers Capital Bank, with both boards of directors unanimously approving the transaction. The merger is expected to qualify as a tax-free reorganization.

Alleon Provides $1MM A/R Financing Facility to Texas Lab

Alleon Healthcare Capital closed a $1 million medical accounts receivable financing facility with a diagnostic laboratory in Austin, TX.

Goldman Sachs Reprices Atlantic Power Term Loan, Revolver

Atlantic Power repriced its $510 million senior secured term loan and $200 million senior secured revolving credit facility via a group of arranging banks led by Goldman Sachs Lending Partners.

April 23, 2018

JPMorgan Agents $2B Facility for Dollar Tree

Dollar Tree completed a new senior credit facility for $2.03 billion with JP Morgan as administrative agent.

Wells Fargo Upsizes Comfort Systems Facility to $400MM

Comfort Systems USA increased its credit facility from $325 million to $400 million and extended the term to April 18, 2023. Wells Fargo served as administrative agent on the transaction.

Bibby Provides Nearly $23MM in Funding in Q1/18

Bibby Financial Services provided funding to 91 new clients in the U.S. and Canada during Q1/18. It saw a 30% growth in the number of clients funded in Q1/18 compared to Q1/17, with nearly $23 million in total funding facilities providing business growth over the previous year.

Wells Fargo Fails to Meet OCC Anti-Money-Laundering Deadline

The Wall Street Journal reported that Wells Fargo plans to appeal to the OCC for an extension of a deadline required to meet an enforcement action related to the lender’s anti-money-laundering controls.

First National Bank of Omaha Provides $70MM to NRC

National Research Corporation closed a credit agreement with First National Bank of Omaha for a revolving credit facility in an aggregate amount of $15 million, a term loan facility of up to $40 million and a delayed draw-down term facility of $15 million.

BofAML Leads $250MM Supermicro Facility

Bank of America Merrill Lynch led a new expanded credit facility for Supermicro Computer, a provider of high-performance, high-efficiency server, storage technology and green computing.

Revere Closes $20MM Facility for BondIt Media

Revere Capital closed a $20 million institutional credit facility for BondIt Media Capital. The funding will be used to support BondIt’s financing solutions for films, TV series and media companies.

Deloitte Advises AGI Global on Mayr-Melnhof Sale

Deloitte Corporate Finance, together with the UK division of Deloitte, acted as exclusive financial advisors to AGI Global Holdings and its subsidiary AGI-Shorewood Group in their facility sale to Mayr-Melnhof Packaging, a manufacturer of folding cartons.

Wells Fargo Supports Foley Giles & Ransome Acquisition

Wells Fargo’s Middle Market Banking division led a syndicated credit facility to support Caterpillar dealer Foley’s acquisition of Giles & Ransome.

J D Factors Closes Six Transactions Totaling $3.545MM

J D Factors closed six factoring facilities totaling $3.545 million during the week of April 16, 2018.

Utica Completes Three Leases Totaling $1.4MM

Utica Leaseco completed three transactions totaling $1.4 million during the week of April 16th, 2018.

April 20, 2018

Citi Agents New $42.5MM FILO Tranche for Revlon

Revlon Consumer Products amended its credit facility to include a new $41.5 million senior securities first in, last out tranche under its ABL agreement.

Omni Launches Restructuring Consult Group

Marc Beilinson and affiliates of the Beilinson Advisory Group have purchased Omni Management from Rust Consulting and will relaunch the company as Omni Management Group to provide consulting services to restructuring professionals.

Signature Bank Q1/18 Earnings Hurt by Taxi Medallion Losses

Signature Bank ‘s Q1/18 net income of $34.5 million was down from $133.9 million for the same quarter a year earlier. The bank reported the decrease was due to write-downs for the tax medallion portfolio.

Pioneers Gate Provides $100MM Revolver to OnDeck

Online small business lender OnDeck closed a $100 million asset-backed revolving credit facility with Pioneers Gate, the lending vehicle of a life insurance company managed by 20 Gates Management.

Great Rock Receives $200MM Equity Commitment

Great Rock Capital received two commitments of $100 million in equity from a large institutional investor and from Sightway Capital, Great Rock’s original investor since its formation in 2015.

BofA Agents $120MM Facility for FilmNation

Independent movie producer FilmNation Entertainment completed a $120 million revolving credit facility led by Union Bank with Bank of America as administrative agent.

Huddleston Joins A&M as Managing Director

Jeffrey Huddleston joined Alvarez & Marsal as a managing director in the firm’s Houston office.

JPMorgan Agents $300MM Revolver for Minerals Technologies

Mineral Technologies amended its credit agreement to include a new senior secured revolving facility in the aggregate amount of $300 million.

BancorpSouth to Acquire Icon Capital

BancorpSouth Bank agreed to acquire Houston-based Icon Capital and its wholly owned subsidiary, Icon Bank of Texas.

ScotiaBank Provides $15MM Revolver for Titan Mining

Titan Mining closed a senior secured credit facility with the Bank of Nova Scotia. Concurrently, the company appointed Naomi Johnson as vice president, Community Relations.

Access Capital Provides $2.5MM to Seafood Importer

Access Capital closed a $2.5 million transaction with a New York-based importer of frozen seafood.

Amerisource Provides $1MM Facility to Defense Consultants

Amerisource Business Capital funded a $1 million credit facility for a defense consultancy firm in Florida.

April 19, 2018

Great American, Tiger to Acquire Bon-Ton Stores Assets

Great American Group and Tiger Capital Group will acquire the Bon Ton Stores’ assets. The U.S. Bankruptcy Court approved the asset purchase agreement for the holders of the company’s 8.0% second lien secured notes.

JPMorgan COO Zames Tapped as Cerberus President

Cerberus Capital Management appointed Matt Zames president of Cerberus and promoted Frank Bruno and Lee Millstein to co-CEO of Cerberus and president of the firm’s international business, respectively.

BofA Agents $1.1B Facility for Compass Diversified

Compass Diversified Holdings signed a credit agreement for a revolving credit facility totaling $600 million and a term loan facility in the amount of $500 million. Bank of America served as administrative agent on the transaction.

Birnbaum to Leave Liquid Capital

Brian Birnbaum, co-founder and president of Liquid Capital’s two franchise companies, Liquid Capital of Canada and Liquid Capital of America, will leave the company to pursue new opportunities.

ABL Vet Banning Joins Encina as Senior MD

Encina Business Credit appointed Brian Banning senior managing director of Originations. Based out of Troy, MI, Banning will be responsible for leading new business development activity in Michigan and Ohio.

Crestmark Closes 27 Transactions Totaling $32MM+ in H1/Apr

Crestmark secured a total of $32.071 million in financial solutions for 27 new clients in the first half of April 2018.

BofA Agents $1B Facility for CoreCivic

CoreCivic closed a new credit agreement for an aggregate principal amount of up to $1 billion, replacing the company’s existing $900 million revolving credit facility and term loan, which had an outstanding balance of $82.5 million as of March 31, 2018.

CIBC, NBC Lead Just Energy Refi

Just Energy Group renegotiated an agreement with a syndicate of lenders to increase its credit facility to $352.5 million. Canadian Imperial Bank of Commerce and National Bank of Canada were joint lead arrangers.

Barnes & Thornburg Add Three to California Offices

Barnes & Thornburg added partners Ali Mojdehi and Janet Gertz and associate Allison Rego to the firm’s San Diego and Los Angeles offices. All three will be part of the Finance, Insolvency and Restructuring Department.

JPMorgan Upsizes WelBilt Revolver to $275MM

Welbilt increased the aggregate revolving commitments on its credit facility by $50 million to $275 million. JPMorgan served as administrative agent for the transaction.

SVB Provides $8MM Growth Capital to Perfect Sense

Silicon Valley Bank provided a new credit facility and term loan agreement to Perfect Sense. The financing will provide up to $8 million in growth capital to accommodate projected growth and product innovation.

Antares Appoints Lyne, Mathew Heads of Sponsor Coverage, Asset Management

Antares Capital appointed Timothy Lyne as senior managing director and co-head of Sponsor Coverage and Vivek Mathew as head of Asset Management and Funding.

April 18, 2018

MB Business Provides $24.5MM Facility to Lamination Specialties

MB Business Capital provided a $24.5 million senior credit facility to Chicago-based Lamination Specialties, a manufacturer of electrical steel laminations, including transformer, motor and custom-designed laminations.

Crestmark Promotes Hansen to Senior Vice President

Crestmark promoted Steve Hansen to senior vice president, Western division sales manager from first vice president.

Liebman to Co-Head A&M West Region Restructuring Practice

Alvarez & Marsal tapped managing director Marc Liebman to co-head its North American Restructuring practice’s Western region.

Getzler Henrich Promotes Andrews, Pandey

Getzler Henrich promoted Luke Andrews and Jubin Pandey to associate directors.

Encina Closes $45MM Facility for TCP

Encina Business Credit closed a $45 million credit facility for Technical Consumer Products, a manufacturer and distributor of energy efficient lighting technologies.

UBS Upsizes Basic Energy Services ABL Facility to $150MM

Basic Energy Services increased its asset-based lending credit facility from $120 million to $150 million. UBS served as administrative agent for the transaction.

Monroe Supports MFG Acquisition of Gulf Bayport Chemicals

Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support MFG Chemical’s acquisition of Gulf Bayport Chemicals.

Csizmas Joins North Mill as MD/BDO

Lucy Csizmas joined North Mill Capital as a managing director of business development in Southern California. She will focus on providing value-added financing solutions to lower/middle market companies that are in the manufacturing, distribution and service industries.

Laslavic to Head ACT Capital’s New Pittsburgh Office

John D. Laslavic joined ACT Capital Advisors as a managing director in the firm’s new Pittsburgh office.

Davidson Joins CAN Capital as CFO

Tom Davidson joined fintech lender CAN Capital as chief financial officer. Davidson brings 25 years of financial services experience to the company, including expertise in capital markets, securitization, treasury, investor relations and risk management.

Devenish to Head Santander Foreign Direct Investment Biz

Wendy Devenish joined Santander Bank to head the foreign direct investment business in its commercial banking division. Devenish will be responsible for working with U.S. subsidiaries of foreign-owned companies that plan to expand their business operations in the U.S.

TAB Bank Provides $1MM Revolver to Software Support Firm

TAB Bank provided a $1 million revolving credit facility to a software support company based in California.

April 17, 2018

Second Avenue Launches Lending Platform for Middle Market

SB360 launched Second Avenue Capital Partners as a lending platform specializing in asset-based loans for the broader retail and consumer product industry.

Carmosino Joins Gordon Bros. as President of Valuations

Chris Carmosino joined Gordon Brothers as president of Valuations. He succeeded Rick Schmitt, who is retiring.

Flaherty, Whitaker Join Capital One in Chicago

Patrick Flaherty and Doug Whitaker joined Capital One’s U.S. Corporate Banking team in Chicago as relationship managers.

JPMorgan Extends Range Resources $4B Facility

Range Resources extended its $4 billion revolving credit facility for five years with a syndicate of 27 banks led by JPMorgan as administrative agent.

Petitti & Knight to Launch Signature West Coast Office

Signature Bank appointed veteran California-based banking executives Joe Petitti and John Knight to lead its new West Coast operations.

Seacoast Provides $8MM ABL Facility to IT Provider

Seacoast Business Funding closed an $8 million asset-based lending facility for a Southeastern based IT services provider.

Bankruptcy Attorney Jarvinen Joins Richards Kibbe

Christopher Andrew Jarvinen, a bankruptcy attorney possessing nearly two decades of experience, joined Richards Kibbe & Orbe in its New York office.

Byline Supports Salt Creek Acquisition of SBS

Byline Bank’s Sponsor Finance Group provided revolver and term credit facilities to finance Salt Creek Capital’s investment in Sound Building Supply. Spell Capital Mezzanine Partners provided subordinated debt and equity.

Rosenthal Provides $2MM P/O Facility to HVAC Importer

Rosenthal & Rosenthal completed a $2 million purchase order finance facility for a Florida-based manufacturer and importer of cooling equipment serving the industrial and government sectors.

Maleson Joins Longford Capital as Director

Justin A. Maleson joined Longford Capital as a director. Maleson will assist with investment sourcing, due diligence and monitoring of portfolio investments.

Blue Ridge Hires Shook as President/CBO

Blue Ridge Bank hired Gary R. Shook as president and chief banking officer. He will be based in Charlottesville, VA and join the board of directors as a member.

J D Factors Provides $775K in Factoring Facilities

J D Factors provided $775,000 in seven new factoring facilities the week of April 9, 2018.

April 16, 2018

Toy Mogul Larian Bids $900MM for Toys ‘R’ Us

Isaac Larian, CEO of MGA Entertainment, put in a formal bid of $675 million to buy the Toys”R”Us U.S stores and $215 million to buy the stores in Canada. The funds will come from Larian’s own coffers, additional investors and bank financing.

Sterling Adds 11 Members to Commercial Banking Teams

Sterling National Bank added 11 new hires to its Commercial Banking and Commercial Finance teams. The team members will be located in Long Island, Westchester County, NY, the New York Metro area and the West Coast.

Goldman Sachs, Barclays, Others Support Veritas GE Healthcare Buy

Reuters reported Veritas Capital has lined up $850 million in leveraged loans to support its purchase of GE Healthcare’s value-based care business.

SB Capital, 360 Merchants Solutions Launch SB360 Capital Partners

SB Capital Group, an affiliate of the Schottenstein Family of Companies, and 360 Merchants Solutions formed a new entity, SB360 Capital Partners, to jointly operate their businesses.

Wells Fargo, HPS Support BlueLinx Acquisition of Cedar Creek

BlueLinx completed its acquisition of Cedar Creek, a building products wholesale distributor. Wells Fargo amended the company’s credit agreement to include a revolving credit facility of up to $750 million and HPS Investment Partners agented a $180 million term loan to support the transaction.

Accel-KKR Supports Green Mountain Technology Recap

Accel-KKR, a technology-focused investment firm, provided a senior secured credit facility to support the Green Mountain Technology management team in its recapitalization of the company.

Peoples Acquires ASB Financial

Peoples Bancorp, parent company of Peoples Bank, completed its previously announced acquisition of ASB Financial and its subsidiary, American Savings Bank.

NXT Capital Supports May River Dickson Company Acquisition

NXT Capital provided a senior secured credit facility to support May River Capital’s acquisition of The Dickson Company.

TCF Capital Provides Financing to Support Power Grid Acquisition

TCF Capital Funding provided senior financing to support Power Grid Components’ acquisition of Instrument Transformer Equipment.

Utica Provides $600K Capital Lease to Michigan Farm

Utica Leaseco completed a $600,000 capital lease for a Michigan-based farm during the week of April 9, 2018.

Wells Fargo Acknowledges CFPB/OCC Probe, Reports Preliminary Q1

Wells Fargo reported preliminary Q1/18 earnings of $5.9 billion were up from $5.6 billion a year earlier. In a supplement, Wells Fargo said Q1 results could change to reflect accruals to cover CFPB/OCC matters.

Jefferies Upsizes SmartSand Facility to $60MM

SmartSand amended its credit agreement with Jefferies Finance as administrative agent, increasing the amount available under the facility from $45 million to $60 million.

April 13, 2018

White Oak Partners with C2FO on New Venture

White Oak Global Advisors partnered with C2FO, a market for working capital, to offer receivable financing options to C2FO’s network of businesses throughout the U.S.

PayPal Vet Koohestani Joins LendingClub as CTO

LendingClub hired technology veteran Bahman Koohestani as the company’s chief technology officer. Koohestani will report directly to CEO Scott Sanborn.

SunTrust Agents $185MM Rotech Credit Agreement

Rotech Healthcare entered into a new $185 million credit agreement with SunTrust Bank as administrative agent and issuing lender on the transaction.

KeyBank Provides $85MM Revolver to ZAGG

ZAGG closed an $85 million revolving credit facility with KeyBank as administrative agent, swing line lender and issuing lender on the transaction.