Little Dippers: The Rise in Debtor-in-Possession Facilities in the Lower Middle Market

As an increase in bankruptcy activity looms on the horizon, the debtor-in-possession market is becoming more competitive, especially as non-bank lenders are increasingly prepared to offer capital and go to the mat against larger bank lenders.

May 10, 2021 Charlie Perer | Debtor-in-Possession Facilities | SG Credit Partners Phil Neuffer

Chapter 11 Debtors with Confirmed Plans Now Eligible for PPP Loans

Thanks to new guidance from the Small Business Administration, some Chapter 11 debtors may be able to obtain Paycheck Protection Program funding after being locked out for the majority of the program’s run. However, there is a catch. To qualify, debtors must have a confirmed plan and get applications in before May 31.

May 7, 2021 Phil Neuffer

TAB Bank Adds Gabriel as VP, Business Development Officer

TAB Bank added Ryan D. Gabriel to its business development team as vice president and business development officer for the Pacific Northwest and western Canada.

May 4, 2021 Curtis Sutherland | Ryan D. Gabriel | TAB Bank Phil Neuffer

Ares Management’s Credit Group Delivers $3.6B in Commitments in Q1/21

Funds managed by Ares Management’s credit group closed approximately $3.6 billion in commitments across 45 transactions during Q1/21.

April 30, 2021 AI Fire | Ares Management | CC Capital | Commercial Trailer Leasing | Continental Batteries | Greater Sum Ventures | H.I.G. Capital | Leonard Green & Partners | Lightyear Capital | Motive Partners | Pamlico Capital | ProfitSolv | Snow Phipps Group | Stealth Monitoring | TPG Capital | Twin Point Capital | Veterinary Practice Partners | WellSky | Wilshire Associates Phil Neuffer

Ares Management Completes $13.34B European Direct Lending Fund

Ares Management, a global alternative investment manager, closed its fifth commingled European direct lending fund, Ares Capital Europe V (ACE V), at €11 billion ($13.34 billion). According to Ares, this represents the largest European direct lending fund raised to date.

April 29, 2021 Ares Management | Blair Jacobson | Kipp deVeer | Michael Dennis Phil Neuffer

BMO Transitions Gibson Energy’s Credit Facility to Diversity- and ESG-Linked Loan

BMO Financial Group amended an existing credit facility for Gibson Energy that introduces a margin adjustment incentive mechanism tied to Gibson’s commitment to reduce carbon emissions and increase the representation of women as well as racial and ethnic minority representation in its workforce and on its board.

April 29, 2021 BMO Capital Markets | BMO Financial Group | Gibson Energy | Jonathan Hackett | Sean Brown Phil Neuffer

Accel-KKR, Centre Lane and Wells Fargo Supply $67MM in Financing to Salary.com

Accel-KKR Credit Partners, Centre Lane Partners and Wells Fargo Capital Finance led a $67 million financing round for Salary.com, a compensation solutions provider. Prior investors H.I.G. Capital and Salary.com’s management also participated.

April 29, 2021 Accel-KKR Credit Partners | Andrew Phillips | Centre Lane Partners | Ken Lau | Salary.com | Samantha Shows | Todd Ofenloch | Wells Fargo Capital Finance Phil Neuffer

Monroe Capital Provides $50.75MM in Financing for Tricera Capital Project

Monroe Capital’s opportunistic private credit group closed on a $50.75 million mortgage loan to Tricera Capital for the construction and redevelopment of The Press, a mixed-use project in West Palm Beach, FL.

April 29, 2021 Kyle Asher | Monroe Capital | Scott Sherman | Tricera Capital Phil Neuffer

Citizens Delivers $300MM Senior Credit Facility to Moda Midstream

Citizens served as lead left arranger for a $300 million senior credit facility for Houston-based Moda Midstream. A total of seven financial institutions participated in the facility.

April 29, 2021 Brian Peters | Citizens | Jonathan Z. Ackerman | Moda Midstream Phil Neuffer

White Oak Provides $4.5MM ABL Facility to Mechanical Products Distributor

White Oak Commercial Finance’s government contracting finance arm provided a $4.5 million asset-based lending facility to a mechanical products distributor that sells to Fortune 500 companies.

April 29, 2021 Kysha Pierre-Louis | White Oak Commercial Finance | White Oak Global Advisors Phil Neuffer