Republic Business Credit provided a $6.75 million asset-based loan to a temporary staffing company that outgrew its current bank lender.
Renasant Corporation and its wholly-owned subsidiary, Renasant Bank, acquired Republic Business Credit in an all-cash transaction. RBC is a commercial finance company with average earning assets in excess of $100 million.
KeyBank served as administrative agent and KeyBanc Capital Markets and BMO Capital Markets acted as joint lead arrangers and syndication agents for an amended and restated senior secured revolving credit facility of up to $375 million for Jernigan Capital.
Renasant Business Credit closed a $15 million asset-based revolving line of credit for a privately-owned B2B service company headquartered in the Southeast.
Jernigan Capital entered into a $100 million secured revolving credit facility with a syndicate of banks led by KeyBank as administrative agent and Raymond James Bank as syndication agent.
Renasant Corporation, the parent company of Renasant Bank, and Metropolitan BancGroup, the parent company of Metropolitan Bank, have signed a definitive merger agreement.
Renasant Bank said it expanded its Asset-Based Lending division with the addition of Dennis Phelps who has been appointed as SVP/relationship manager.
Renasant Bank expanded its ABL division with the addition of two new team members and the promotion of a third. John Willis and Brian Gagel have joined the business credit team.
Renasant Bank announced that Rechelle Bates joined its Business Credit Team — the bank’s ABL Division.
Renasant Business Credit, the ABL division of Renasant Bank, and Bayside Business Solutions announced Renasant implemented Bayside’s CADENCE | Live platform to administer its ABL.