September 22, 2017

CFA Appoints Gumbrecht as CEO


The Commercial Finance Association appointed Richard D. Gumbrecht CEO. Gumbrecht had been serving as interim CEO of the CFA since January.

Former Chase Commercial Exec Joins PNC Business Credit as SVP


PNC Business Credit appointed Karl Brier as senior vice president and business development officer to its senior secured financing team in the western region. Brier was previously with Chase Commercial where he served as market executive.

Bank of America Agents Alexander & Baldwin Facility Upsize


Alexander & Baldwin amended its revolver principally to increase the commitment by $100 million to $450 million. Bank of America served as administrative agent on the deal.

CFO: Dodd-Frank Reform Likely to Follow Treasury Influence


In a recent report on Dodd-Frank reform, CFO provided commentary on the most likely outcome which is expected to be more moderate and along the lines of how the Treasury sees it.

JPMorgan-Led Group Arranges LPL Financial Repricing


LPL Holdings completed the repricing of its senior secured credit facilities managed by an arranger group of nine banks led by JPMorgan Chase.

Yutka Rejoins Great American as MD, Corporate Advisory & Valuation Services


Chad Yutka rejoined Great American Group as managing director, Strategy of its Corporate Advisory & Valuation Services subsidiary.

Middle Market Businesses Less Optimistic For First Time Since Election


The RSM U.S. Middle Market Business Index, presented in partnership with the U.S. Chamber of Commerce, announced the index declined in Q3/17, following a record-high reading in Q2/17.

Lighthouse Bank Adds Two to Management Team


Lighthouse Bank welcomed 30-year banking veteran, Joseph Wilson as executive vice president, Bay Area manager, and 17-year banking veteran Michael Khan as senior vice president, commercial lender.

City National Provides $30MM Revolver to Freshpet


Freshpet entered into a loan and security agreement with City National Bank as arranger and administrative agent that provided for a new $30 million revolving credit facility.

First Internet Bank Expands Team in Southwest Office


First Internet Bank added Tim Lamers to its Tempe, AZ loan production office as vice president of Commercial Banking.

Flynn Joins Carl Marks Advisors as Managing Director


Carl Marks Advisors added Patrick Flynn to the firm as managing director, responsible for business development and providing financial advisory services.

Scotiabank, BMO, TD Securities Lead $250MM Alamos Gold Upsize


Alamos Gold increased the size of its credit facility from $150 million to $400 million. Scotiabank, BMO Capital Markets and TD Securities led the transaction.

September 21, 2017

White Oak Adds SVP to Asset-Based Lending Team


White Oak Commercial Finance bolstered its asset-based lending team with the appointment of Mignon Winston as senior vice president.

Citizens Bank Names Two to Structured Finance Group


Citizens Bank added Wit Derby and Vincent Ng to the Structured Finance Group at Citizens Commercial Banking.

Live Oak Bank Adds New Leadership to M&A Lending Team


Live Oak Bancshares added Heather Endresen and Lisa Forrest as senior loan officers for the bank’s new mergers and acquisitions lending team.

Former Wells Wine Industry Specialist Joins Bank of Marin as EVP/COO


Bank of Marin Bancorp added James S. Kimball as an EVP and the newly created position of chief operating officer. Kimbal was previously a SVP with Wells Fargo and founded the wine industry specialty practice.

Pacific Mercantile Provides $4MM ABL Revolver to Kineticom


Pacific Mercantile extended a $4 million revolver to Kineticom, a telecommunications and IT staffing agency.

JPMorgan Chase Agents TriMas Downsize of Replacement Facility


TriMas entered into a replacement facility amendment on a $500 million revolver which was replaced with a new $300 million revolver. JPMorgan Chase was said to be the administrative agent and collateral agent for the lender group.

US Capital Advises on $25MM Financing for Renewable Energy Company


US Capital Partners advised on a $25 million financing program for a West Coast-based green energy company.

RHK Capital Adds Stearns as Senior Managing Director


RHK Capital named Jim Stearns to its investment banking and capital markets team as senior managing director.

Karen Hudson Joins Grant Thornton as Chief Sales Officer


Grant Thornton named Karen Hudson chief sales officer. Thornton was most recently at IBM where she served as a VP of sales for consumer products and retail clients.

Teva Completes Amendment to $10.9B of Credit Facilities


Teva Pharmaceutical Industries amended its USD and JPY term loan and revolving credit facilities of $5.0 billion and $1.4 billion, respectively and a $4.5 billion revolver.

Republic Promotes Iacoviello to Retail Market Manager for Center City Philadelphia


Republic First promoted Gina Iacoviello to retail market manager for its four Center City Philadelphia locations.

LendingPoint Secures $500MM Facility Arranged by Guggenheim


LendingPoint closed an up to $500 million credit facility arranged by Guggenheim Securities. CBIZ MHM is the administrative agent. U.S. Bank is the note agent and paying agent.

September 20, 2017

White Oak Healthcare Supports LifeCare Home Health Acquisition


White Oak Healthcare Finance served as agent and lender for $41.5 million in financing in support of LifeCare Home Health’s acquisition of Beyond Faith Homecare & Rehab.

Ciulla Named CEO at Webster Financial as Smith Steps Down


James C. Smith, chairman and CEO of Webster Financial is retiring after 40 years with the bank. John R. Ciulla, president, will become the company’s CEO and a member of the holding company’s board of directors.

JPMorgan Agents $250MM Facility for CSW Industrials


CSW Industrials amended its credit agreement with JPMorgan Chase Bank as administrative agent. The agreement provided for a $250 million revolver and multi-currency borrowings with a $125 million sublimit.

Ares Commercial Provides $15.5MM Facility to Colorado Asphalt


Ares Commercial Finance provided a $15.5 million senior secured credit facility to Colorado Asphalt Services to support its acquisition by West Edge Energy.

Crestmark Closes $18.46MM in First Half of September


Crestmark secured a total of $18.46 million in financial solutions for 10 new clients in the first half of September.

Alleon Healthcare Provides $8MM Medical A/R Facility to Texas Pharmacy


Alleon Healthcare Capital closed an $8 million medical accounts receivable financing facility with a retail pharmacy in Texas.

BMO Provides $50MM Facility for Boston Pizza


As part of its internal reorganization plan, Canadian franchise Boston Pizza closed a $50 million credit facility with Bank of Montreal.

TAB Bank Adds Barnes as VP, Business Development Officer


TAB Bank added Scott F. Barnes to its business development team as vice president and business development officer.

Siena Provides Revolving Facility for Ambassador Education Solutions


Siena Lending Group completed a revolving credit facility for Ambassador Education Solutions to refinance the company’s existing senior debt and maintain its working capital needs.

Access Capital Provides $1.5MM Revolver to NY Software Firm


Access Capital provided a $1.5 million revolving credit facility to a software reseller based in New York.

U.S. Bank Provides $15MM Revolver to County Bancorp


U.S. Bank provided a $15 million revolving term loan to County Bancorp.

NexBank Provides $15MM Revolver to Entegra Financial


Entegra Financial Corp established a $15 million revolving credit loan facility with NexBank.

September 19, 2017

Antares Supports Oak Hill Acquisition of EPIC Insurance Brokers


Antares Capital served as administrative agent and lead left arranger on a $425 million senior secured credit facility to support the acquisition of EPIC Insurance Brokers & Consultants by Oak Hill Capital Partners.

Toys ‘R’ Us Files Bankruptcy, JPMorgan-Led Syndicate Provides DIP


Toys “R” Us and certain of its U.S. subsidiaries and its Canadian subsidiary have filed for bankruptcy. A JPMorgan-led bank syndicate has provided $3 billion in DIP financing to support ongoing operations.

Abacus Supports Frontenac Leveraged Buyout of Schlotterbeck


Abacus Finance provided $21.7 million in credit facilities to support the leveraged buyout of Schlotterbeck & Foss by private equity firm Frontenac.

Former CapitalSource AVP Joins Accord as Portfolio Manager


Accord Financial added Kyle Moore as portfolio manager, a newly created position. Moore was previously with CapitalSource as an AVP, managing a portfolio of up to 20 credit facilities.

Monroe Capital Provides $26.3MM Facility to American Optics


Monroe Capital provided a $26.3 million credit facility to refinance existing debt and to finance an add-on acquisition for American Optics, a DW Healthcare Partners portfolio company.

JPMorgan Supports Northrop Grumman Orbital ATK Buy


Global security company Northrop Grumman acquired Orbital ATK for approximately $7.8 billion in cash, plus the assumption of $1.4 billion in net debt. JPMorgan will provide an up to $8.5 billion bridge facility to support the purchase.

TD Bank Completes Scottrade Acquisition


TD Bank completed its acquisition of Scottrade Bank for cash consideration equal to approximately $1.4 billion.

Seltzer Joins Moritt Hock & Hamroff Garden City Office


Steven P. Seltzer joined Moritt Hock & Hamroff as counsel. He will concentrate his practice in all aspects of complex commercial litigation and cybersecurity matters.

MidCap Financial Provides $50MM Facility to Blackhawk Mining


MidCap Financial provided a $50 million senior credit facility to a coal mining and marketing company, Blackhawk Mining.

Barings Supports Lindsay Goldberg Acquisition of Golden West Packaging


Barings served as co-documentation agent and participated in providing a senior secured credit facility to support Lindsay Goldberg’s investment in Golden West Packaging Group, a holding company created earlier this year for investments in the packaging industry.

Crossroads Financial provides $1.8MM Inventory Revolving Line of Credit


Crossroads provided a $1.8 million inventory revolver an e-commerce subscription box clothing company.

Deloitte Advises Information Builders in Goldman Minority


Deloitte Corporate Finance served as exclusive financial advisor to business intelligence firm Information Builders for a minority investment from Goldman Sachs.

September 18, 2017

Encina Business Credit Provides $12MM to Steel Distributor


Encina Business Credit provided a $12 million senior secured credit facility to a distributor of specialty steel products based in the southern U.S.

Citi Names MacCanna, Demirel Co-Heads of EMEA Trade Business


Citi appointed Peadar MacCanna and Murat Demirel as Trade co-heads for its Treasury and Trade Solutions (TTS) business in EMEA. Based in London, Peadar and Murat will report to Ebru Pakcan, EMEA head of TTS, and John Ahearn, global trade head, TTS.

Aerosoles Files Chapter 11, Hilco Managing Closure of 74 Stores


Aerosoles and certain of its subsidiaries have voluntarily filed petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The company will close 74 stores as part of its restructuring.

Alpine Capital Closes Facility for Capitol Pain Institute


Alpine Capital, as servicer and sole agent, closed a senior debt financing facility for Capitol Pain Institute, a pain treatment practice, and the affiliated Center for Specialty Surgery of Austin, an ambulatory surgery center.

Reuters: Morgan Stanley, JP Morgan Provide $4.75B McAfee Financing


Reuters reported that Morgan Stanley and JPMorgan led $4.75 billion in leveraged loan financing for computer security software company McAfee ahead of its upcoming IPO.

BofA Agents $1.35B Facility for AK Steel


AK Steel Holding closed a credit facility with Bank of America as administrative agent, consisting of a $1.285 billion asset-based revolver and a $65 million “first-in, last-out” asset-based facility.

JPMorgan, Citibank Upsize Natus Facility by $75MM


Newborn care provider Natus Medical exercised the accordion feature on its September 2016 credit facility with JPMorgan Chase Bank and Citibank, increasing commitments by $75 million. Wells Fargo was added as a lender.

BofA Agents Up to $1B Revolver, $750MM Term Loan for LabCorp


LabCorp amended its senior revolving credit facility with Bank of America as administrative agent to provide up to $1 billion with the ability to increase the amount by $350 million.

Sallyport Provides $6MM to Educational Products Provider


Sallyport Commercial Finance provided a $6 million accounts receivable facility to a company that manufactures and provides interactive educational products.

Cibolo Provides Up to $35MM Facility for Hemisphere Energy


Hemisphere Energy entered into a new and significantly increased credit facility with Cibolo Energy Partners, a Houston-based firm focused on energy investment opportunities.

Jefferies Opens Investment Banking Business in Amsterdam


Jefferies opened an investment banking office in Amsterdam headed by Kasper van Griensven.

J D Factors Provides $425K to Five Transportation Companies


J D Factors recently provided $425,000 in factoring facilities to five transportation companies in the U.S. and Canada.

September 15, 2017

Bon-Ton Unlocks Additional Capital Via $18.9MM Sale-Leaseback


The Bon-Ton Stores entered into an agreement for a $18.9 million sale-leaseback transaction for its Herberger’s location at Rosedale Center in Roseville, MN.

Wells Fargo Promotes Valcq to Lead SE Wisconsin Operations


Wells Fargo Middle Market Banking has promoted 20-year banking veteran Robert Valcq to lead its Southeastern Wisconsin team as regional vice president, effective immediately.

Silicon Valley Bank Provides $10MM Sophiris Bio Facility


Silicon Valley Bank provided $10 million across two term loans to late-stage clinical biopharmaceutical company Sophiris Bio.

Union Bank & Trust Names Ring EVP, Commercial Banking Group Exec


Union Bank & Trust named 25-year industry veteran David V. Ring executive vice president and Commercial Banking Group executive.

Vantage Provides $10MM Credit Facility to GB Power


Vantage Commodities Financial Services provided a $10 million credit facility to GB Power, a retail energy company based in Texas.

iAnthus Provides $2MM Facility to GrowHealthy


iAnthus Capital Holdings provided a $2 million credit facility to medical marijuana dispensary company GrowHealthy Holdings.

Crescent Provides Unitranche for Rutland Armitage Pet Care Buy


Crescent Capital Group, an alternative credit investment firm provided a unitranche financing for the acquisition of Armitage Pet Care by Rutland Partners.

Opus Bank Names Redmond Chief Marketing Officer


Opus Bank added Amondo Redmond as senior vice president and chief marketing officer.

Pacific Mercantile Provides $5MM Health-Ade Revolver


Pacific Mercantile Bank’s Asset-Based Lending Group extended a $5 million revolving line of credit to Health-Ade, a brewer of organic kombucha beverages.

Nordes, SEB Lead Oriflame Cosmetics $131MM Refi


Oriflame Cosmetics has signed a new Revolving Credit Facility amounting to €110 million ($131 million) in total with its existing core relationship banks HSBC Bank, ING Bank, Nordea, Raiffeisen Bank International and SEB.

Hitachi Business Finance Closes Summer with $28.75MM in New Deals


Hitachi Business Finance said it recently provided $28.75 million to six growing U.S. companies seeking working capital solutions.

September 14, 2017

ING, Danske, Others Agree to Seadrill Restructuring Plan


Offshore oil rig driller Seadrill entered into a restructuring agreement with more than 97% of its secured bank lenders, approximately 40% of its bondholders and a consortium of investors led by its largest shareholder, Hemen Holding.

U.S. Bank Adds Kaspar as SVP in Charlotte


U.S. Bank expanded its Commercial Banking office in Charlotte, NC adding Jim Kaspar as senior vice president and relationship manager alongside Johnny Perry, who opened the office in 2016.

SunTrust Closes $600MM Financing for Texas Rangers Stadium


SunTrust Banks closed $600 million in financing for the Texas Rangers to fund the team’s share of construction costs for its new ballpark.

U.S. Bank Provides $125MM Facility to Utah Jazz


U.S. Bank provided a $125 million credit facility to the Utah Jazz to enable the NBA team to renovate Vivint Smart Home Arena.

Houlihan Lokey Adds Koester as Managing Director, Co-Head of FIG


Investment banking firm Houlihan Lokey named Reinhard Koester managing director and co-head of its Financial Institutions Group, where he will focus on the specialty finance practice.

Opus Bank Adds Klein as MD in Merchant Banking


Evan Klein joined Opus Bank as managing director, head of Media, Entertainment and Business Services Merchant Banking.

PNC Agents $150MM CDI Facility


CDI and certain of its subsidiaries entered into a five-year, $150 million credit agreement with PNC Bank as administrative agent.

Encina Business Credit Provides $23MM Facility to Tejas Tubular


Encina Business Credit provided a $23 million senior secured credit facility to Tejas Tubular Products.

SVB Provides $21MM Term Loan Facility to Selecta Biosciences


Selecta Biosciences entered into a term loan facility for up to $21 million with Silicon Valley Bank, which will be used partly to repay its existing term loan facility with Oxford Finance as agent.

Gerber Provides $2.5MM L/C for Dancing Deer


Gerber Finance provided a $2.5 million letter of credit to Dancing Deer, a national manufacturer and distributor of kosher certified, all-natural baked goods headquartered in Boston.

CapitalPlus Provides $400K Factoring Facility to Concrete Contractor


CapitalPlus Equity provided a $400,000 factoring facility to a concrete contractor in the South.

Citizens Bank Agents FGI Worldwide Refi


FGI Worldwide has refinanced and expanded its credit facility agented by Citizens Bank.

ING Agents Medley Capital Facility Downsize


Medley Capital amended its senior secured credit facilities and completed a voluntary partial prepayment of the company’s term loan credit facility.

September 13, 2017

Great American Provides $25MM Facility to Greene’s Energy Group


Great American Capital Partners, a wholly owned subsidiary of B. Riley Financial, closed an agreement with Greene’s Energy Group to provide a $25 million senior secured credit facility.

Pacific Mercantile Bank Names Spencer SVP/Regional Manager


Pacific Mercantile Bank named Douglas Spencer senior vice president and regional manager of the Costa Mesa, CA office, the bank’s largest regional office.

White Oak Provides $20MM Factoring Facility to Luxury Distributor


White Oak Commercial Finance provided a $20 million factoring facility to a distributor of luxury and branded apparel, accessories, handbags and watches.

MB Business Capital Provides $9MM Facility to Triumph Manufacturing


MB Business Capital provided a new $9.05 million senior credit facility to automotive parts manufacturer Triumph Manufacturing.

Great Rock Adds Molenda as Senior Originator


Great Rock Capital hired Michael Molenda as a managing director of Originations as the firm seeks to expand its capabilities in the Midwest.

Wells Fargo, UBS Provide $4.1B Financing to Staples


Office supply retailer Staples entered into an ABL agreement with Wells Fargo and a term loan credit agreement with UBS which provide for $4.1 billion in financing.

Crestmark Closes 24 Transactions Totaling More Than $23MM


Crestmark secured a total of $23.008 million in financial solutions for 24 new clients in the second half of August.

Siena Provides $8MM Facility for Deco Enterprises


Siena Funding closed an $8 million financing for lighting manufacturer Deco Enterprises.

Barings, Ares Support Genstar Capital Investment in PDI


Barings was joint lead arranger and administrative agent on first lien senior secured credit facilities to support Genstar Capital’s investment in Professional Datasolutions. Ares Capital was joint lead arranger and administrative agent on the second lien credit facilities.

Cadence Upsizes Good Times Restaurants Facility to $12MM


Good Times Restaurants, operator of Good Times Burgers & Frozen Custard and Bad Daddy’s Burger Bar, has amended its credit agreement with Cadence Bank, expanding the senior credit facility from $9 million to $12 million.

TAB Provides $1MM Revolver to CA Bike Parts Manufacturer


TAB Bank provided a $1 million revolving credit facility to an aftermarket off-road bicycle and motorcycle parts manufacturer.

Prestige Provides $10MM Financing to IT Staffing Firms


Prestige Capital provided $10 million in bridge financing to support a leverage buyout deal on a tight deadline.

September 12, 2017

Gibraltar Launches Service Line Dedicated to Staffing Industry


Gibraltar Business Capital launched a new service line dedicated to the unique needs of the staffing industry. The firm is partnering with MVP Staffing to focus on factoring solutions geared specifically towards staffing agencies.

American State Bank Adds Two Commercial Lending Officers


American State Bank added former First Bank & Trust East Texas executives Todd Tutt and Richard Solomon as senior vice presidents, Commercial Lending.

Orchard Launches Online Platform to Support Loan Originators


Orchard Platform has launched Deals, an online platform to connect loan originators and institutional investors.

Golub Provides $146MM Facility to Support Freeman Spogli’s Café Rio Buy


Golub Capital provided a $146 million GOLD facility to support the acquisition of Mexican food restaurant chain Cafe Rio by private equity firm Freeman Spogli.