Concord Financial Advisors served as exclusive financial advisor and arranged a $7 million senior secured revolving line of credit for BRM Holdings to refinance existing debt and provide additional working capital.
Asset-based lending is a versatile and attractive option for companies experiencing everything from rapid growth to inconsistent earnings, which has only been magnified by the COVID-19 pandemic. Brent Hazzard, head of asset-based lending and asset finance at Citizens Bank, outlines why ABL matters now more than ever.
Charlie Perer looks at how banks are propping themselves up and ignoring potentially problematic portfolios when it comes to special assets by avoiding kick-outs and write-offs in the face of mounting evidence that the “proverbial can has only so much kicking left in it.”
MidCap Financial provided a $50 million senior revolving credit facility to Transfix, a technology-driven digital freight marketplace.
Fifth Third Business Capital provided a new $19.3 million senior credit facility to Lewisville, TX-based VIRA Insight. The facility consists of a revolving credit facility, term loan and capital expenditure facility.
Orrick hired Mike Mitchell, Preetha Gist and Mitch Naumoff, a team in the structured finance market, as partners in Washington, D.C. They joined Orrick from Chapman and Cutler.
The American Bankruptcy Institute added Barbara Grant Bereskin and Katie Esser to the team supporting its partner program. Grant Bereskin joined the team as director of business development and partner programs and Esser joined as business development coordinator.
Stifel Financial hired Charlie Smith as managing director in the firm’s venture and fund banking group. Based in California, Smith will be responsible for West Coast fund banking to venture capital and private equity funds.
Sitel Group, a global provider of customer experience products and solutions, entered into an agreement to acquire Sykes Enterprises, a provider of global customer experience management services. BNP Paribas committed debt financing to Sitel Group to support the transaction.