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November/December 2014

ABL Outlook
Vol. 12 No. 8
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New Money Issuance Higher Market Poised to Top 2013 - ABL volume is up from last year, with Q1/14-Q3/14 new-money deals substantially higher, six percentage points, than the same time last year. Refinancings continue to dominate, and demand still outpaces supply — pushing pricing downward. But there has been a return to more traditional ABL refinancings, with fewer opportunistic refinancings in Q3/14.
No ‘Cookie Cutter Deals’ — Why Creativity is Key to Winning Business in 2015 - Though similar themes of high liquidity, increased competition and decreased spreads continue to echo in the market, five industry luminaries share their thoughts with longtime ABF Journal contributor Lisa Miller on new money opportunities, what it takes to win a deal today, when interest rates will rise — and more.
Independence Revisited: Why One ABL Chose to Go Private…Twice - Mark Hafner, president & CEO, Celtic Capital Corporation, provides a personal look into the history of the company founded by his father, the reasons he sold the company to larger banks in 2008 and 2012, and why he followed his dream of returning to Celtic’s roots as a privately held company — a decision lauded by industry insiders.
Transatlantic Innovation: ABL’s Evolving Legacy - From the days of The House of Morgan’s global dominance in the early 1900s to current times, transatlantic transactions featuring new products such as ABLs are becoming more mainstream. European asset-based financing is gathering momentum as CFOs discover the multitude of benefits.
Commercial Finance M&A Market: More Sellers Come Out of the Woodwork, But Who Are the Right Buyers? - Houlihan Lokey’s Tim Stute discusses the increasing M&A activity in the financial services sector and the emergence of non-bank buyers in the space. Stute notes there is an abundance of potential buyers in the market, but the reality is it’s not quite as easy as simply calling a group of bank buyers and selling to the highest bidder.
CECL Angst — Discussing the Proposed Standard: Challenges and Solutions - Lauren Smith, senior manager, and John Lankenau head of valuation and accounting product solutions, both at Primatics Financial, discuss the FASB’s proposed CECL standard, why it’s causing concern for financial institutions, and how using technology can assist with impending changes.
Industry Trend Watch: Monitoring Developments in Key Sectors - Competition for new deals remains high despite a shift of excess capacity to the commercial finance sector. Donald Barrick, president of RMP Capital Corp. stresses that the same cornerstones of winning a customer remain true from pre-recession times, including keeping abreast of industry developments. Barrick outlines key trends to watch in various sectors.
M&A Growth Strategy: A New Approach for Transforming Businesses - KPMG’s Phil Isom and Dan Tiemann explain why businesses should consider M&A as an effective growth component to transform their organizations. The company leaders outline acquisitions KPMG has pursued over the last 12 months, showing how the deals enhance revenue and deepen client services in various market sectors.


New Asset Management Vehicle… Harnessing a Market Opportunity - Walter Owens, CEO of Varagon Capital Partners, talks about co-founding the one-stop asset manager, providing transparency to build confidence in sponsors and investors, and solidifying the reputation of his new team by financing solutions up and down the capital structure.



Debt Purchase Boosts a Turnaround: Saving Indiana Limestone and a Local Economy - Wynnchurch Managing Directors Erin Murphy and Duncan Bourne revisit a unique transaction involving a DIP loan and purchase of struggling Indiana Limestone Company’s assets to preserve an industrial giant and critical economic driver.


International Factoring Association: Committed to Global Education, Support & Collaboration - In a Q&A with ABF Journal, IFA Executive Director Bert Goldberg and IFA Northeast Chapter Executive Director Harvey Gross discuss the IFA’s recent chapter launch, as well as its global initiatives.


Syndicated Loan Considerations Pending Litigation As a Cautionary Tale - In re Oak Rock Financial, LLC, a pending bankruptcy case, addresses pitfalls associated with the structure and terms of participation agreements. Ruskin Moscou Faltischek Senior Partner Jeffrey A. Wurst and Associate Jon H. Ruiss, Jr. dissect the case, stressing the importance of clarifying interests in advance.


FinalCut: Non-Bank ABLs Boosted by Tougher Regulations - ABF Journal illustrator Jerry Gonzalez provides his take on stricter banking regulations, which are creating new opportunities for non-bank providers of asset-based lending services to small and mid-sized businesses.

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