April 22, 2019

Sears Restructuring Team Sues Lampert

Reuters reported the restructuring team winding up the Sears bankruptcy estate filed suit against former chair Eddie Lampbert, claiming his hedge fund illegally drew billions of dollars from the company before it entered Chapter 11.

Barclays Agents Up to $155MM DIP for CTI Foods

The U.S. Bankruptcy Court for the District of Delaware has confirmed CTI Foods’ plan of reorganization. Barclays Bank and Wells Fargo are providing an $80 million ABL revolver and a $75 million term loan to support the restructuring.

Credibility Capital Surpasses $100MM in Funding, Expands Team

Fintech lender Credibility Capital has surpassed $100 million in lending to small businesses across the country. The company has also expanded its team, adding Dennis Carlson as CRO and Jordan Schiffer as head of Engineering.

Cerberus Closes $5.1B of Commitments for Global NPL Strategy

Cerberus Capital Management has closed approximately $5.1 billion of commitments for its global non-performing loan (NPL) strategy.

Proskauer Adds Hillman to Bolster Business Solutions Team

Restructuring expert David Hillman will be joining Proskauer’s Business Solutions, Governance, Restructuring & Bankruptcy Group.

Buran Venture Capital Rebrands, Launches $56MM Venture Debt Fund

Buran Venture Capital has rebranded as Flashpoint and launched a new €50 million ($56 million) venture debt fund. Michal Jozwiak will be the managing partner of Flashpoint Venture Debt.

BofAML Provides $10MM Revolver to CUI Global

CUI Global has closed on a two-year revolving line of credit facility of up to $10 million with Bank of America Merrill Lynch.

Investissement Québec Completes $221K Loan for First Equity

First Equity Strategy, a subsidiary of Mobi724, has concluded a $221,600 loan with Investissement Québec collaterized against FES’s development of e-business tax credits for 2018.

April 19, 2019

CIBC Adds Rosenstrauch to San Francisco ABL Team

CIBC named Derek Rosenstrauch managing director of Business Development, Northern California Region, for its Asset-based Lending Group.

Encina Provides $57MM Revolver to Concrete Manufacturer

Encina Business Credit provided a $57.5 million senior secured revolving credit facility to a manufacturer and supplier of concrete construction products.

Tanenbaum Rejoins GA Global Partners as President

Jeff Tanenbaum rejoined asset disposition solutions provider GA Global Partners as president. He will be based in the firm’s headquarters in Calabasas, CA.

Scotiabank Agents $1.05B Facility for Valvoline

Valvoline amended its credit agreement, closing a $1.05 billion facility with the Bank of Nova Scotia as administrative agent and Citibank as lead arranger.

Wurst Elected to American College of Commercial Finance Lawyers Board Of Regents

Jeffrey A. Wurst, a senior partner at Ruskin Moscou Faltischek and a regular contributor to ABF Journal, has been elected to the Board of Regents of the American College of Commercial Finance Lawyers.

J.P. Morgan Leading Cable ONE New $500MM Facility Syndicate

Cable One has launched the syndication of a new $350 million senior secured revolving credit facility, a new $250 million senior secured term loan A facility and a new $450 million senior secured delayed draw term loan A facility. J.P. Morgan is acting as lead arranger.

Brown Gibbons Lang Adds Two New Managing Directors

Investment bank Brown Gibbons Lang added Christoph Brandenberger and Manfred Steiner as managing directors in its Healthcare & Life Sciences practice.

SG Credit Supports Energy Firm Acquisition of Oilfield Service Provider

SG Credit Partners provided a $5 million acquisition financing to support an energy-focused holding company’s acquisition of an oilfield service provider.

Second Avenue, White Oak Co-Agent $35MM Facility for Charming Charlie

Second Avenue Capital Partners and White Oak Commercial Finance closed a $35 million asset-backed revolving credit facility for Charming Charlie, a Houston-based women’s specialty retailer.

BB&T Cleared of Money Laundering Charges

The Board of Governors of the Federal Reserve System has terminated its Cease and Desist Order with BB&T related to BB&T’s anti-money laundering (AML) program. No money laundering activity was identified and no financial penalty was levied in relation to this order.

April 18, 2019

JPMorgan Appoints Piepszak CFO; Lake Named CEO/Consumer Lending

Jennifer Piepszak has been named CFO of JPMorgan Chase, succeeding Marianne Lake, who will become chief executive officer of Consumer Lending.

Wells Fargo Agents $1.3B Facility for Six Flags

Six Flags Entertainment entered into a new seven-year $800 million senior secured term loan facility and five-year $350 million senior secured revolving credit facility. Wells Fargo served as administrative agent for the transaction.

PNC Provides $45MM Revolver to AVENUE Stores

AVENUE Stores, the omni-channel retailer of the AVENUE brand of women’s plus-size fashion apparel, footwear and accessories, successfully refinanced its outstanding capital structure. PNC provided a $45 revolving credit facility to support the recap.

Crestmark Provides $43.9MM+ to 78 Businesses in H1/April

Crestmark provided more than $43.9 million in commercial financing to 78 businesses in the first half of April 2019.

Jefferies Supports Thoma Bravo Acquisition of Ellie Mae

Ellie Mae, a cloud-based platform provider for the mortgage finance industry, has been acquired by private equity investment firm Thoma Bravo. Jefferies provided financing to support the transaction.

Proterra, Mitsui Create $200MM Facility to Support Battery Leasing

Proterra, a provider of heavy-duty electric transportation, will partner with Mitsui to create a $200 million credit facility in support of a battery lease program. The facility will enable transport companies to purchase electric-powered buses and lease the batteries.

Report: Middle Market Earnings Grew By Nearly 10% In Q1/19

According to the Golub Capital Middle Market Report, middle market private companies in the Golub Capital Altman Index experienced approximate year-over-year earnings growth of 9.5% and revenue growth of 9.3% during the first two months of Q1/19.

JPMorgan Supports Catalent Acquisition of Paragon Bioservices

Catalent, a provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products, will acquire Paragon Bioservices for $1.2 billion.

April 17, 2019

Burnley Capital Launches as Middle Market Lending Platform

Finance industry veterans Daniel O’Rourke and James Cullen have partnered with Blackburn Investment Management to launch Burnley Capital.

Raisig Joins Capital One Long Island Commercial Lending Team

Gary Raisig has joined Capital One’s Middle Market Banking group on Long Island, NY as a senior vice president and relationship manager.

Miller Joins Tiger Group as Senior Director of Appraisals

Industry veteran Matthew Miller has joined the Tiger Group as senior director of Appraisals.

Reuters: Recession Fears Have Online Lenders Scaling Back

Reuters reported that U.S. online lenders such as LendingClub, Kabbage and Avant are scrutinizing loan quality as they prepare for an economic downturn.

TPG Sixth Street Provides $300MM Term Loan to TherapeuticsMD

TherapeuticsMD has signed a binding commitment letter for a fully-negotiated $300 million non-dilutive secured term loan financing facility with TPG Sixth Street Partners.

Rosenthal Closes $80MM Factoring Deal for Apparel Firm

Rosenthal & Rosenthal’s West Coast team completed a $80 million factoring deal that includes an $8 million financing facility to support a Los Angeles-based apparel company’s growing sales program with its retail customers.

Austin Financial Closes $5MM Revolver for Manufacturer

Austin Financial Services completed a $5 million senior secured credit facility, comprised of an A/R and inventory revolver, for a manufacturer of specialty trucking equipment and accessories located in the Midwest.

BTIG Adds Yatsui as Head of Cross-Border M&A

BTIG has hired Shingo Yatsui as a managing director and head of Cross-Border Mergers and Acquisitions within its Investment Banking division.

Tribal Capital Markets Hires Senior Capital Markets/Sales Vets

Tribal Capital Markets, a Native American tribally-owned financial services firm, has hired three industry veterans to bolster its Capital Markets and Fixed Income Sales divisions.

TAB Bank Provides $1.7MM Revolver to Trucking Company

TAB Bank provided a $1.675 million revolving credit facility to a California-based trucking company.

April 16, 2019

WJS: Malls Still Struggle Despite Retail Upswing

The Wall Street Journal reported that despite positive retail sales, mall store are continuing to shutter.

Scotiabank, TD Support StorageVault Acquisition of Real Storage

Toronto-based StorageVault has completed the acquisition of the Real Storage portfolio. The Bank of Nova Scotia and TD Securities led a $320 million term loan to support the transaction.

Encina Provides $15MM Revolver to Oil Field Company

Encina Business Credit has provided a $15 million senior secured revolving credit facility to an oil field services company.

Climan Joins Lazard as a Senior Advisor

Sanford (Sandy) R. Climan has joined Lazard as a senior advisor in Financial Advisory, effective immediately.

NBFM, BMO Capital Markets Support Saputo Dairy Crest Buy

National Bank Financial Markets and BMO Capital Markets acted as co-lead arrangers and joint bookrunners for a new term loan supporting Toronto-based Saputo’s acquisition of Dairy Quest, a UK-based company.

White Joins US Bank as Chief Digital Officer

U.S. Bank has hired Derek White as chief digital officer responsible for leading the company’s newly combined digital team.

Bank of Southern California Promotes DiVita to COO

Bank of Southern California has named Tony DiVita executive vice president, chief operating officer.

Squadron Capital Upsizes Alphatic $30MM Facility

Alphatec Holdings closed its expanded $30 million secured financing facility with Squadron Medical Finance Solutions.

Mizuho Agents $125MM A/R Facility for Colliers International

Colliers International Group established a structured accounts receivable facility to further diversify its capital structure. Mizuho served as administrative agent for the transaction.

Li Joins AlixPartners Shanghai Office as Managing Director

Jian Li has joined AlixPartners as a managing director in the firm’s Shanghai office.

April 15, 2019

Signature Bank Forms National Venture Banking Group

Signature Bank has formed a national Venture Banking Group to focus on serving venture capital firms and the portfolio companies in which they invest.

SB360 Capital Partners Conducts Store Closing Sales for Fred’s

SB360 Capital Partners has been retained as the exclusive consultant to conduct “store closing” sales and other clearance events for Memphis-based Fred’s.

HSBC Arranges $145MM in Facilities for Macro Industries

HSBC has arranged for a syndicate of lenders to provide Macro Industries with $145 million in new senior secured credit facilities.

Peoples Bancorp Completes Acquisition of First Prestonburg

Peoples Bancorp, parent company of Peoples Bank, has completed its acquisition of First Prestonsburg Bancshares and First Commonwealth Bank of Prestonsburg.

Univest Expands Commercial Banking Team in Lancaster Region

Univest Bank and Trust has expanded its commercial banking team in the Lancaster region by adding a total of eight commercial lenders and support staff.

Bankruptcy Attorney Nelson Joins Holland & Knight in Chicago

Bankruptcy Attorney Phillip W. Nelson has joined Holland & Knight as a senior counsel in the firm’s Chicago office.

Barclays and TD Amend $146MM Credit Facility for GardaWorld

GardaWorld has entered into an amending agreement to its actual credit agreement. This incremental financing was provided by two of GardaWorld’s current lenders, Barclays Bank and TD Securities.

Brown Gibbons Lang Adds Managing Director of Business Services

Brown Gibbons Lang has added Peter Hill as a new managing director in its Business Services practice.

J D Factors Provides $1.145MM in Factoring Facilities to Seven Clients

J D Factors has provided $1.145 million in factoring facilities to seven clients during the week of April 8th.

April 12, 2019

Well Fargo Q1/19 C&I Interest Income Up 23 Percent

Wells Fargo reported Q1/19 earnings of $5.9 billion was up from $5.1 billion a year earlier. C&I interest income was also up 23 percent compared to a year earlier while lease financing interest income and yields were down from Q1/18.

TD Bank Leads FirstService $100MM Revolver Upsize

FirstService has expanded its revolving credit facility by $100 million. The increased commitments under the facility were substantially oversubscribed by a syndicate of 10 banks, led by TD Bank.

Tiger Capital Promotes Eight Execs to Managing Director

Tiger Capital Group, a provider of asset valuation, advisory and disposition services, has promoted eight executives to the position of managing director.

Encina Provides $15MM Revolver to Metal Engineering Firm

Encina Business Credit has provided a $15 million senior secured revolving credit facility to a metal engineering and fabricating company.

First Financial Bank Promotes Morris to President and CEO

First Financial Bank has promoted Marcus Morris to president and chief executive officer of the Fort Worth region.

Bibby Provides $1.95MM in Funding for Four Clients

Bibby Financial Services has recently provided $1.95 million in funding for four clients.

Bank of Nova Scotia Leads $130MM Revolver for Equinox Gold

Equinox Gold has converted its $100 million Mesquite acquisition facility into a senior secured $130 million corporate revolving credit facility with the existing syndicate of lenders led by the Bank of Nova Scotia.

Bankruptcy Filings Down, Commercial Chapter 11 Filings Decrease

Total bankruptcy filings for the month of March 2019 decreased 3 percent from this time last year, according to data provided by Epiq Systems.

StreetShares to Offer Zero-Fee Financing and Rebates to Small Businesses

StreetShares is now offering a small business product where absolutely no fees will be charged on small business loans or lines of credit.

Transactional Attorney Khadavi Joins Troutman Sanders

Steven Khadavi, a transactional attorney and the former managing partner of Dorsey & Whitney’s New York office, has joined the corporate practice of Troutman Sanders in the New York office.

Simpson Thacher Appoints Head of Government /Internal Investigations

Simpson Thacher & Bartlett has named Stephen M. Cutler as head of the firm’s Government and Internal Investigations Practice.

April 11, 2019

The M&A Advisor Names Winners of 11th Annual International M&A Awards

The M&A Advisor has named the winners of the 11th Annual International M&A Awards in the categories of Cross Border Deals of the Year, Corporate/Strategic Deals of the Year, Restructuring of the Year, Deal Financing of the Year, Sector Deals of the Year, Private Equity Deals of the Year, Firms of the Year, M&A Product/Service of the Year, M&A Deals of the Year, and M&A Professionals of the Year.

Avidbank Expands Venture Lending Division with Four Hires

Avidbank has expanded its venture lending division with four hires. Teaming up with Executive Vice President and Division Manager, Sam Bhaumik, and Senior Vice President, Northeast Regional Manager, Bob Foley, are industry veterans Randy Churchill, Porter McKay, Mike Berrier and Holly Hayes.

Bankruptcy Judge Kevin Gross to Retire in March 2020

Law 360 reported that noted bankruptcy judge Kevin Gross will retire from the bench in March, 2020.

JPMorgan Chase Extends Line of Credit for WhistlePig Rye Whiskey

WhistlePig, a distiller of ultra-premium and luxury rye whiskey, has received a $55 million revolving line of credit from JPMorgan Chase, extending the existing $40 million line with JPMorgan Chase, which was received in April 2018. The credit facility will provide the company with incremental funding to accelerate the production and aging of premium rye whiskey.

Macquarie Appoints Co-Head of Aerospace, Defense and Government Services

Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group has appointed Timothy Alden as a managing director. Alden will co-head the firm’s aerospace, defense and government services coverage alongside co-head Jeremy Parker.

Phore Appoints Former Deloitte Consulting Senior Manager Trisko as CEO

Phore, a blockchain platform, fintech ecosystem and B2B services organization, has appointed former Deloitte Consulting senior manager, Mike Trisko, as chief executive officer, effective immediately, along with other leadership changes.

Sidley Adds Global Finance Partner Plaskon in New York

Sidley Austin has added finance lawyer Leslie A. Plaskon to the firm as a partner in its Global Finance practice in New York. One of several recent additions to Sidley’s New York office, Plaskon joins from Paul Hastings, where she was a partner.

Sadis & Goldberg Represents Apex in Purchase of Broadscope

A team of Sadis attorneys led by Partner Paul J. Marino represented Apex Group in the acquisition of Broadscope Fund Administrators, a U.S.-based private equity fund administrator.

JLL Names Murray Global CEO, Corporate Solutions to Succeed Forrest

Jones Lang LaSalle (JLL) has named Neil Murray as Global CEO, Corporate Solutions, to succeed John Forrest, who is leaving JLL to return to Australia. Murray, who will be located in Chicago, will report to CEO Christian Ulbrich and join the company’s Global Executive Board. Mark Caskey will succeed Murray as EMEA CEO, Corporate Solutions. The changes are effective June 1.

TAB Bank Provides $500k Revolver for Medical Manufacturing Company

TAB Bank has provided a $500 thousand revolving credit facility for a medical manufacturing company based in New York. The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs.

April 10, 2019

Veteran Banking Exec Wilson Joins Avidbank as SVP, Corporate Banking

Veteran banking executive, Joe Wilson joins Avidbank as the bank’s senior vice president, corporate banking division.

Gibraltar Provides $10MM Facility to Help Bakery Expand

Gibraltar closed on another transaction with a food products company, establishing a $10 million credit facility for Dewey’s Bakery. The company was founded in Winston-Salem in 1930 as a retail bakery.

BMO Harris Makes Regional Hires

BMO Harris Bank has appointed Shaheena Khan as regional leader, retail banking, Minnesota and Western Wisconsin; Dalila Rouri as regional leader, retail banking, Florida; and Patrick Strieck, regional leader, retail banking, Arizona.

Mackinac Promotes Three Turnaround Pros to Senior Managing Director

Mackinac Partners, an operational turnaround, restructuring and financial advisory firm, has promoted Matthew Beresh, Craig Boucher and Matthew Pascucci to senior managing director.

Horizon Provides $20MM Venture Loan Facility to Encore Dermatology

Horizon Technology Finance, a specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries, has provided a $20 million venture loan facility to Encore Dermatology, of which $15 million has been initially funded.

Gordon Brothers Names Zmugg General Counsel

Leslie Zmugg has joined Gordon Brothers as the firm’s general counsel. In this role, she will lead the firm’s worldwide legal function.

California Bank of Commerce Moves into Sacramento; Scott Myers to Lead

California BanCorp, the holding company for California Bank of Commerce, is making a move into the Sacramento market, focusing on full-service commercial banking for mid-market businesses. Scott Myers is joining the CBC C-suite as senior executive vice president and chief lending officer to lead growth in the market.

Encore Capital Group Appoints Hektor Managing VP and Chief Risk Officer

Encore Capital Group, an international specialty finance company, has appointed Doris Hektor, Ph.D., as managing vice president and chief risk officer. In this role, she will continue to expand Encore’s global enterprise risk management framework. Hektor will report to the Risk Committee of the Encore Board of Directors.

D.A. Davidson Hires Bell as Managing Director in New York

D.A. Davidson has hired Derek Bell to join the firm’s technology investment banking team as managing director in New York.

Sadis & Goldberg Represents Bitfarms in $20MM Deal with Dominion

A team of Sadis attorneys led by partner Paul J. Marino represented Bitfarms in a $20 million strategic debt financing which was provided by New York-based Dominion Capital and will be made available in four $5 million tranches tied to the ongoing satisfaction of customary covenants and various milestones, including Bitfarms’ infrastructure build-out and associated mining hardware purchases.

April 9, 2019

AloStar Agents $60MM Revolver for Forward Financing

Forward Financing, a provider of technology-enabled alternative financing solutions for under-served small businesses, has closed on a $90 million credit facility, consisting of a $60 million senior revolving credit facility and a $30 million junior term loan. AloStar Capital Finance served as the agent on the senior facility.

OnDeck Survey: Small Business Owners Mixed On Tax Cut Benefits

A new survey of more than 1,200 small business owners by OnDeck finds 37 percent of those surveyed expect the tax changes in the Federal Tax Cuts and Job Act to have a positive impact on their businesses.

Tiger Capital Expert Says Heavy Debt Drives Retail Failures

Excessive debt continues to be an underappreciated factor in the demise of many retail chains, writes Bradley W. Snyder, a Tiger Capital Group executive managing director, in the weekly newsletter of Mann Publications’ Fashion Mannuscript magazine.

BlueVine To Offer Term Loans

BlueVine is making term loan financing available for business owners through its suite of online financing solutions. The BlueVine Term Loan provides small- and medium-sized business owners with fast and simple access to financing to grow their businesses through BlueVine’s advanced online platform.

Deloitte Appoints New Chairs and CEOS

Deloitte has appointed Lara Abrash as chair and CEO of Deloitte & Touche, leading Deloitte’s U.S. Audit & Assurance practice; Dan Helfrich as chairman and CEO of Deloitte Consulting; and John Peirson as CEO of Deloitte Risk and Financial Advisory, in each case effective June 2, 2019.

MidCap Business Credit Agents $25MM Facility for Alfred Nickles Bakery

MidCap Business Credit, serving as administrative agent in conjunction with CNH Finance, has completed a $25 million asset-based credit facility for Alfred Nickles Bakery.

InterNex Capital Provides $3.5MM in Revolvers to Four Clients

InterNex Capital recently completed several transactions comprised of revolving lines of credit powered by their underwriting technology and analytics:

J D Factors Provides $895k in Facilities to Six Clients

J D Factors provided $895,000 in factoring facilities to six clients during the first week of April.

Bank of Southern California Appoints Anderson to Chief Banking Officer

Bank of Southern California has appointed Gaylin Anderson executive vice president, chief banking officer.

Twin Brook Hires Managing Director for Healthcare Lending Business

Twin Brook Capital Partners has hired Timothy Wentink as a managing director for its healthcare lending business. Wentink joins the Twin Brook team from Madison Capital, where he was a managing director on the Healthcare Leveraged Finance team.

April 8, 2019

Triumph Bancorp Names Brenner New CEO of Triumph Business Capital

Triumph Bancorp has named Geoffrey P. Brenner chief executive officer of Triumph Business Capital. Brenner joins Triumph Business Capital after serving 10 years as president and chief executive officer of TPC, a nationally recognized healthcare services company based in Plano, Texas.

Citizens Bank Leads New $750MM Revolver for CrossAmerica Partners

CrossAmerica Partners has entered into a new five-year, $750 million revolving credit facility with a syndicate of lenders led by Citizens Bank. The new facility replaces the partnership’s previous $650 million revolving credit facility that was scheduled to expire April 25, 2020.

Monroe Agents Facility for MediaAlpha

Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility in conjunction with Insignia Capital Group’s investment, which together will help to accelerate MediaAlpha’s growth plans.

B. Riley FBR Serves as Lead Arranger on $150MM Babcock & Wilcox Loan

B. Riley FBR, a full service investment bank and wholly-owned subsidiary of B. Riley Financial, has entered into a credit agreement with Babcock & Wilcox Enterprises, a global supplier of energy and environmental technologies and services which has been in operation for more than 150 years. B. Riley FBR served as lead arranger for a $150 million secured financing via a last out term loan for B&W.