Encina Business Credit completed a $75.0 million revolving credit facility for Horizon Global. The facility will be used to replace an existing facility and will provide for ongoing working capital.
Total commercial chapter 11 filings in February 2020 decreased 20% over the same period last year, according to Epiq Systems, but Amy Quackenboss, executive director of the American Bankruptcy Institute, projects a future increase in filings due to the COVID-19 pandemic.
Scott A. Kingsley, executive vice president and chief operating officer of Community Bank System, will retire and be replaced by Joseph F. Serbun, current executive vice president and chief credit officer, who previously served as senior vice president of commercial banking.
BNP Paribas, Handelsbanken and Nordea acted as coordinating mandated lead arrangers and bookrunners for a €750 million revolving credit facility for UPM.
Huntington Business Credit closed new $24 million credit facilities with Chicago American Manufacturing in February. Proceeds of the facilities were used to refinance existing debt and provide ongoing working capital growth financing.
Citizens M&A Advisory served as the exclusive financial advisor to TopBloc, a services, deployment and support provider for Workday, in its recapitalization by BV Investment Partners.
The Antares Bain Capital Complete Financing Solution, a joint venture between Antares and Bain Capital Credit, closed a senior secured unitranche credit facility to support the acquisition of G.S. Precision by AE Industrial Partners.
The Federal Reserve lowered the target range of the federal funds rate to zero percent to 0.25% over the weekend in response to the potential economic impact of the coronavirus (COVID-19).
A syndicate of banks including Crédit Agricole, Société Générale, BNP Paribas, Commerzbank, Caixa Bank and Crédit Industriel et Commercial Bank provided a $650 million secured funding facility for Aviation Capital Group’s Aircraft Financing Solutions business.
TAB Bank added Tony Salas to its business development team as vice president and business development officer.