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SeptOct ABFJ Cover

September/October 2018

Borrower's Issue
Vol. 16 No. 6
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COVER STORY

Finding White Oak: A.E. Wease Completes its Search for a New Lender - A. E. Wease Distributors, a 90-year old family-run business, spent five years as the borrower of a large Midwest-based bank. But the bank got cold feet about lending to Wease after a major customer was acquired and no longer needed a distributor. ABF Journal editor Nadine Bonner spoke with Wease’s Charles Tandy and Pete McCaffrey, who explained the process that brought them into a successful relationship with their new lender, White Oak Commercial Finance.

FEATURES

Lending to Technology Companies: Collateral versus Cashflow? - As the U.S. changed from a manufacturing to a service-based economy, ABL lenders faced a growing array of challenges, including lending to software companies and coping with rapid hardware obsolescence. Hugh C. Larratt-Smith speaks with key lenders in this industry and learns how lending to technology has changed in the last 40 years.
The Cryptocurrency Conundrum — A Primer for Secured Lenders Entering the Cryptocurrency Space - Like personal computers, smartphones and the internet, cryptocurrencies are here to stay. For the secured lender, the blockchain technology that protects the privacy of the borrower can present an obstacle to securing collateral and receiving repayment. Alan Rosenberg provides a detailed explanation of the technology and a guide for lenders to protect themselves in cybercurrency transactions.
Benefits of Fund-Level Debt in Acquisition Finance - Fund financing is one of the fastest growing areas of the leveraged loan market. Frederick C. Fisher, Zachary K. Barnett, Christopher M. Chubb and Anastasia N. Kaup explain the advantages of using fund level debt financing over traditional financing when acquiring portfolio companies.
Out of Retirement, Into a New Challenge: Fagnani Leads New Bank Leumi ABL Division - With roots in Tel Aviv and branches the world over, Bank Leumi lacked only one thing — an ABL division. The bank corrected the situation this spring and hired Mark Fagnani, a veteran of many outstanding ABL institutions, to lead it. Fagnani shares his vision for Leumi and his mantra for success with ABF Journal editor Nadine Bonner.

TURNAROUND CORNER

Factors Driving Success in Middle-Market Restructuring - What goes up must come down, and David Johnson points out that the current strong economy will eventually turn downward. Urging lenders to be prepared for the next downturn, he offers practical ways to assess a restructuring plan.

LEGAL LINES

Pitfalls and Benefits of Offering ABL Loans to Large Public Companies - Lending to large, public companies can burnish an ABL lender’s reputation and offer a unique opportunity to expand its business model. Lon M. Singer explains how to navigate through these complex and ultimately rewarding deals.

FINAL CUT

Bank Leumi Hires Fagnani to Head New ABL Division - Mark Fagnani, head of Bank Leumi’s new ABL division, has spent his career at some of the nation’s top ABL lenders. Cartoonist Jerry Gonzalez illustrates the trajectory of Fagnani’s career.

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