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