February 15, 2019

Pacific Mercantile Provides $9.75MM Credit Facility to Cambelt


Pacific Mercantile Bank provided a $9.75 million credit facility to Cambelt International, along with a full suite of the bank’s depository products and treasury management services.

CrowdOut Capital Names Bell Managing Director, Opens Dallas Office


Middle-market non-bank lender CrowdOut Capital opened a new Dallas office and hired Stu Bell to lead the market. Bell has more than 20 years of experience in commercial banking and private equity.

Bridge Bank Makes Leadership Changes in Tech & EFR Groups


Bridge Bank made three leadership changes within its technology and equity fund resources banking groups.

SWK Funds $20MM Term Loan for Cheetah Medical


Cheetah Medical entered into a $20 million senior secured term loan agreement with SWK Funding, a subsidiary of SWK Holdings, a Dallas-based, healthcare-focused investment firm.

Hughes Joins First Federal Bank as President of SBA Lending


Rob Hughes joined First Federal Bank as president of its SBA lending division.

Citizens Financial Appoints Woods Vice Chairman


Citizens Financial named Chief Financial Officer John F. Woods a vice chairman of the bank. He joins Brad Conner, head of Consumer, and Don McCree, head of Commercial, as vice chairmen of Citizens.

LBC Supports Albireo Acquisition of EMS Technologies


LBC Credit Partners served as agent and sole lead arranger on an increase to the Albireo Energy senior secured credit facilities. The extra funding will be used to support the company’s acquisition of EMS Technologies.

Colorado Business Bank Provides $3MM Facilities to Assure


Colorado Business Bank provided a new $2 million term loan and a $1 million operating line of credit to Assure Holdings, a provider of intraoperative neuromonitoring services.

First Republic President Erkan Joins Board of Directors


First Republic Bank appointed its President, Hafize Gaye Erkan, to its board of directors.

ABF Journal Offices Closed Presidents’ Day


The ABF Journal offices will be closed Monday, February 18 in observance of Presidents’ Day.

February 14, 2019

Pearce Joins North Mill Capital as SVP


Kevin Pearce joined North Mill Capital as senior vice president. He will be responsible for business development.

CIT Northbridge Arranges $24MM Facility for Pocono ProFoods


CIT Northbridge Credit, through its investment advisor CIT Asset Management, served as sole lead arranger on a $24 million senior secured credit facility for Pocono ProFoods, a foodservice distributor in the Northeast and Middle Atlantic regions.

Tetra Capital Relocates Headquarters to Accommodate Growth


Factoring company Tetra Capital relocated their headquarters to a new office in Draper, UT to accommodate their continued growth.

Ares Management Ends 2018 with Strong Fourth Quarter


Ares Management reported its financial results for its fourth quarter and year ended December 31, 2018.

Hirmon Joins AllCap Participation Fund as Office Manager


Lisa Hirmon joined the AllCap Participation Fund as its office manager. She will be responsible for the entirety of AllCap’s back office.

FTI Consulting Adds Five to U.S. Business Transformation Practice


FTI Consulting added five new U.S.-based professionals to its Business Transformation practice and appointed Senior Managing Director Bill He as leader of said practice in Shanghai.

Austin Financial Funds $5MM ABL Facility for Midwest Manufacturer


Austin Financial Services closed a $5 million senior secured credit facility for a full-service custom automation and manufacturing company that services the medical and life sciences, consumer goods and aerospace markets.

Super G Provides $2MM Facility to Cloud-Based Platform


Super G Capital provided a $2 million bifurcated credit facility to a cloud-based media monitoring and intelligence platform with contracted, recurring revenue.

Berger Joins Portage Point as a Senior Director


Portage Point Partners, an interim management and business advisory firm, hired Mark Berger as a senior director.

AllCap Provides $150K Loan to Government Contractor


The AllCap Participation Fund provided a $150,000 direct loan to a communications company specializing in systems, alarms management and contract manufacturing selling primarily to municipal and federal government agencies.

February 13, 2019

Ares Capital Reports $153MM in New Income for Q4/2018


Ares Capital reported GAAP new income of $153 million, net investment income of $203 million and net realized and unrealized losses of $50 million for the fourth quarter of 2018.

Great American Promotes Kim to Managing Director of Appraisals


Great American Group Advisory & Valuation Services promoted Jennie Kim to managing director of the firm’s appraisal business.

Crocs Receives $50MM Upsize from PNC, KeyBank


Shoe manufacturer and retailer Crocs amended its credit agreement with PNC Bank as administrative agent and KeyBank as syndication agent.

Houlihan Lokey Adds Mikullitz as Managing Director in M&A Group


Mark Mikullitz joined investment bank Houlihan Lokey as a managing director in the Mergers & Acquisitions Group. He will be based in New York and lead the firm’s shareholder activism defense practice and strengthen its public company M&A focus.

OnDeck Sees $27.7MM Net Income in 2018


OnDeck announced fourth quarter 2018 net income of $14 million, an increase from $9.8 million from the previous quarter. The company’s full year 2018 net income of $27.7 million was significantly improved from its net loss of $11.5 million in 2017.

Oxford Finance Closes $43.3MM Term Loan for CHS


Oxford Finance, a specialty finance firm that provides senior debt to life sciences and healthcare services companies, closed a $43.3 million term loan and line of credit for Continuing Healthcare Solutions.

Santander Promotes Cerminaro to Commercial Banking Director, New England


Santander Bank promoted Robert Cerminaro was promoted to commercial banking market director for New England. He will report to David Harnisch, head of Commercial Banking.

Breunig Joins IBERIABANK as Orlando President


IBERIABANK named Ross Breunig executive vice president and Central Florida market president.

Victory Park Amends $1B+ in Facilities for Elevate Credit


Elevate Credit, a tech-enabled provider of online credit solutions for non-prime consumers, amended the credit facilities for its four products with alternative investment firm Victory Park Capital.

JPMorgan Chase Amends InfuSystem Facility


InfuSystem Holdings, a national provider of infusion pumps and related services for the healthcare industry in the U.S. and Canada, amended its existing credit facility with JPMorgan Chase Bank.

February 12, 2019

JPMorgan Chase Agents $125MM Upsize to Fortress Revolvers


Fortress Transportation and Infrastructure Investors amended its existing credit agreement with JPMorgan Chase Bank as administrative agent, increasing the aggregate revolving commitments under the facility from $125 million to $250 million.

Commercial Credit Partners with BDT Capital to Support Growth


Merchant bank BDT Capital Partners has made a majority equity investment in equipment and accounts receivable finance company Commercial Credit.

Phoenix Advises New England Motor Freight on Chapter 11 Process


New England Motor Freight voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey in Newark. Phoenix Management Services will serve as the company’s restructuring advisor through the bankruptcy process.

People’s United Receives Greenwich Assoc Award for Middle Market Banking


Greenwich Associates presented People’s United Bank with seven awards, including a Greenwich Best Brand – Trust award.

Government Shutdown Slows SBA Loan Volume, Barely Affects Approval


Although the U.S. Small Business Administration was closed for most of January because of the government shutdown, the percentage of SBA loan approvals dropped by just one percent in January at regional and community banks, according to Biz2Credit Small Business Lending Index.

Monroe Supports Lovell Minnick’s Acquisition of ATTOM Data Solutions


Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support Lovell Minnick Partners’ acquisition of ATTOM Data Solutions.

Republic Provides $3MM Facility to Marketing Company


Republic Business Credit partnered with an award-winning millennial founder, whose creative marketing company has achieved tremendous success partnering with Fortune 500 companies.

Capital Southwest Supports Stone-Goff Investment in Danforth


Middle market lending firm Capital Southwest supported Stone-Goff Partners’ recent investment in Danforth Advisors.

Twin Brook Agents Funds for Highroad York Wallcoverings Recap


Twin Brook served as administrative agent on financing to support Highroad Capital Partners’ recapitalization of York Wallcoverings.

J.P. Morgan: Healthcare Industry Grapples with Change as Optimism Wanes


U.S. healthcare organizations stayed positive on the national economy, with 71% reporting optimism, yet industry performance optimism waned at 41% amid major industry changes, according to J.P. Morgan’s Healthcare Industry Outlook survey.

February 11, 2019

Barclays Agents $1.9B DIP Facility to Support Ditech Chapter 11 Process


Mortgage loan originator and servicer Ditech entered into a restructuring support agreement with certain lenders holding more than 75% of the company’s term loans. To facilitate the RSA, Ditech filed voluntary petitions for reorganization under Chapter 11.

Wells Fargo, Morgan Stanley Provide $200MM Facility to Golub Capital


Golub Capital entered into a loan and servicing agreement in the aggregate principal amount of up to $200 million. Morgan Stanley Senior Funding acted as administrative agent on the facility, while Wells Fargo served as collateral agent, account bank and collateral custodian.

Breslin, Young & Slaughter Promotes Schaller to Partner


Field exam and portfolio services firm Breslin, Young & Slaughter promoted Evan Schaller to partner and shareholder of the firm.

Citizens Provides $35MM New Financing for FULLBEAUTY Chapter 11 Exit


Plus-size beauty brand FULLBEAUTY Brands successfully emerged from its Chapter 11 restructuring with approximately $35 million in new financing after eliminating approximately $900 million of debt. The ABL loan was provided by Citizens Bank.

Crestmark Provides $36.4MM+ in Financing in H2/January 2019


Crestmark provided $36.4 million in financing in the second half of January 2019, including $6.25 million in ABL financial solutions for six new clients.

Orrick Adds Goldwasser, Vivekananda to Structured Finance Practice


Howard Goldwasser and Skanthan Vivekananda, leading authorities on collateralized loan obligations and other structured products, joined law firm Orrick as partners in the Structured Finance Group.

Bladex Agents $131.5MM Facility for Corporación Favorita


Banco Latinoamericano de Comercio Exterior (Bladex) acted as joint lead arranger and administrative agent on a $131.5 million senior acquisition finance bridge facility for Corporación Favorita.

Essex Closes $6.15MM Recap for North Florida Shipyards


Essex Capital recently acted as an exclusive advisor and arranged a $6.147 million recapitalization for North Florida Shipyards.

Byline Supports Kian Capital Recap of Charles Products


Byline Bank’s Sponsor Finance Group provided revolver and term credit facilities to finance investment firm Kian Capital’s recapitalization of Charles Products.

J D Factors Provides $1.5MM in Funding to Five Clients


J D Factors provided $1.5 million in factoring facilities to five clients the week of February 4, 2019.

February 8, 2019

Sears Stores Receive Last-Minute Save by Bankruptcy Court


According to the Associated Press, U.S. Bankruptcy Judge Robert Drain approved the $5.2 billion plan proposed by Sears chairman Eddie Lampert to save 425 stores and 45,000 jobs under the iconic brand.

MB Business Capital Agents $11.88MM Facility for Off-Spec Solutions


MB Business Capital acted as sole lender and administrative agent on the funding of an $11.88 million senior credit facility for Off-Spec Solutions, an over-the-road trucking company.

ABI: January Chapter 11 Filings Decline Slightly Y/Y


According to the American Bankruptcy Institute from data provided by Epiq Systems, commercial Chapter 11 filings declined slightly in January, with 365 total commercial Chapter 11 filings down from January 2018’s total of 366.

Hauck, Myers Join First Financial as Banking Executives


Andy Hauck and Cathy Myers joined First Financial Bank as commercial banking executive and consumer banking executive, respectively. They come on board concurrently with the announced retirement of Chief Banking Officer Tony Stollings.

Barclays Agents $450MM Term Loan for Allegiant Travel


Barclays Bank acted as administrative agent, syndication agent and lead arranger on a $450 million term loan for Allegiant Travel, an airline focused on linking travelers in small and mid-sized cities to world-class leisure destinations.

Crown Capital Receives $25MM Revolver from Alberta Treasury Branches


Crown Capital Partners alternative investment fund Crown Capital Partners Fund entered into an agreement for a $25 million senior secured revolving credit facility with Alberta Treasury Branches.

Solar Capital Funds $65MM in Term Loans for GenMark


Solar Capital provided $65 million in term loans for GenMark Diagnostics, a provider of multiplex molecular diagnostic solutions designed to enhance patient care, improve key quality metrics and reduce the total cost-of-care.

Société Générale Leads $2.8B+ Vessel Financing for MSC Cruises


Société Générale acted as lead mandated lead arranger on a €2.524 billion ($2.862 billion) financing package for MSC Cruises. The funds will be used to finance construction of three new vessels.

Wells Fargo Advises Sempra Energy on Natural Gas Storage Sale


Wells Fargo Securities served as financial advisor to Sempra Energy on the sale of its non-utility U.S. natural gas storage facilities to an affiliate of ArcLight Capital Partners for $328 million in cash.

Capital Now Provides $100K Funding to Long-Term Care Facility


Capital Now provided a $100,000 credit facility to a long-term care facility for adults located in Ontario, Canada.

February 7, 2019

Wells Fargo Hires Scammahorn as Chief Auditor


Wells Fargo named Julie Scammahorn as its new chief auditor. Scammahorn will be based in San Francisco and report to CEO and President Tim Sloan and to the Audit and Examination Committee of the board of directors.

BB&T, SunTrust to Merge in $66B Deal


SunTrust Bank and BB&T signed a definitive agreement to combine in an all-stock merger of equals valued at approximately $66 billion. The combined company will be the sixth-largest U.S. bank based on assets and deposits.

OnDeck Receives $85MM Revolver Arranged by SunTrust, SVB


Small business online lender OnDeck closed an $85 million corporate revolving credit facility. SunTrust Bank and Silicon Valley Bank served as arrangers on the facility, while MB Financial Bank and Congressional Bank joined them as lenders.

Ares Provides $50MM Facility to EasyPay Finance


An affiliate of Ares Management provided a $50 million credit facility to EasyPay Finance, a national provider of consumer installment financing for automotive services and repairs.

JLL, Gordon Brothers Launch New Alliance to Support Retailer Operations


Real estate services firm JLL and restructuring advisors Gordon Brothers formed a strategic alliance to elevate both firm’s services for retailers and their investors.

BBVA Compass Named Best Regional Middle Market Provider by Global Finance


Global Finance named BBVA Compass the Top Treasury and Cash Management Provider in the Southwest for 2019 and the Best US Regional Middle Market Provider in the Southwest.

PNC Agents $28.89MM Facility for Antifreeze Manufacturer KOST USA


PNC Bank served as administrative agent on a $28.89 million senior secured credit facility for KOST USA.

MidCap Financial Closes $100MM Facility for BioCryst Pharmaceuticals


MidCap Financial Trust served as administrative agent and lender on a $100 million secured loan facility for BioCryst Pharmaceuticals.

Mining Company Orvana Closes $6.84MM Facility with BBVA, Others


Orvana Minerals closed a €6 million (approximately $6.84 million) credit facility through its wholly-owned subsidiary, OroValle Minerals. The facility was provided by BBVA, BANKIA and SABADELL.

KBRA: PG&E Likely to Request PPA Rejection from Bankruptcy Court


Credit rating agency KBRA released a project finance report exploring how the bankruptcy of Pacific Gas & Electric will affect project financings and power purchase agreements.

February 6, 2019

BofA to Agent $50MM DIP Funding for Fashion Brand Charlotte Russe


Women’s fashion brand Charlotte Russe voluntarily filed for relief under Chapter 11 of the Bankruptcy Code. Bank of America will serve as agent on $50 million in DIP financing for the company.

Hercules Capital Appoints Crowell to Board of Directors


Specialty finance company Hercules Capital appointed Gayle Crowell to serve as a member of its board of directors, effective February 4, 2019.

Former SEC Senior Counsel Moustakis Joins Seward & Kissel


SEC veteran Philip Moustakis joined law firm Seward & Kissel. He will work closely in several practice areas in both New York and Washington, D.C., including the Government Enforcement and the Blockchain and Cryptocurrency Groups.

United Community Banks to Acquire First Madison Bank & Trust


United Community Banks agreed to acquire First Madison Bank & Trust in a $52 million all-cash transaction. First Madison will subsequently merge with and into United.

RSM, DSI Enter Cross-Border Insolvency Strategic Alliance


Restructuring firms RSM Restructuring Advisory and Development Specialists formed a strategic alliance and international collaboration to further support their respective clients in cross-border insolvency and international restructuring projects.

Bank of Princeton to Acquire Five Beneficial Bank Branches


The Bank of Princeton entered into a purchase and assumption agreement to acquire five Beneficial Bank branches in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville, NJ.

ABCS Facility Supports Bertram Capital Flow Control Acquisition


The Antares Bain Capital Complete Financing Solution closed a senior secured unitranche credit facility to support Bertram Capital’s acquisition of Flow Control Group.

Carl Marks Securities Advises PowerTown on Sale to Entregado Group


Carl Marks Securities served as the financial advisor to PowerTown Line Construction in its sale to Entregado Group, a portfolio company of AEA Investors.

Republic Provides $3MM Facility to Manufacturing Company


Republic Business Credit provided a $3 million ledgered line of credit to a second generation family manufacturing business.

Harris Williams Advises Subscription Box graze on Sale to Unilever


Investment bank and M&A advisory specialist Harris Williams advised Nature Delivered (d/b/a graze), a portfolio company of Carlyle Europe Technology Partners, on its sale to Unilever.

February 5, 2019

Capital One Provides $250MM Facility to Brookdale Senior Living


Capital One served as lead arranger and sole bookrunner on an amended and restated agreement that provided Brookdale Senior Living with a $250 million senior secured revolving credit facility.

Meyers Named President of TMA Chicago/Midwest Chapter


Robert Meyers of Republic Business Credit will act as the 2019 President of the Chicago/Midwest Chapter of the Turnaround Management Association as it enters its 28th year.

Orange Commercial Credit Celebrates 40th Anniversary


Direct lender Orange Commercial Credit will spend 2019 celebrating its 40th anniversary in the factoring industry.

Fintech Platform LendingPoint Upsizes Mezzanine Financing to $67.5MM


Fintech platform LendingPoint closed an increase of its mezzanine financing, bringing the total of the facility to $67.5 million. A Paragon co-investor joined the facility as a lender. Paragon Outcomes Management led the deal and participated in the upsizing.

Monroe Capital Supports Acquisition of M&D Injector Service


Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support Warren Equity Partners’ acquisition of Magneto & Diesel Injector Service.

Maudlin Joins Wintrust Specialty Finance as Chief Credit Officer


Wintrust Specialty Finance hired Chris Maudlin as senior vice president and chief credit officer and Nick Gibbens as vice president of business development. Both join a national team led by David Normandin, president and CEO.

BofA Agents $40.5MM Reduction to MoneyGram Revolver


Bank of America acted as the administrative agent on an amendment to money transfer and payment services provider MoneyGram International’s revolving credit facility, reduced the total commitments to $45 million from $85.5 million.

BMO Amends ArgroFresh Revolver


Bank of Montreal agreed to extend AgroFresh Solutions’ $12.5 million revolving credit facility from July 31, 2019 to Dec 31, 2020. The extension will enhance the company’s liquidity and financial flexibility.

Law Firm Morrison & Foerster Opens Boston Office


Law firm Morrison & Foerster opened an office in Boston to further extend its technology and life sciences capabilities. The move also expanded the firm’s Finance and Emerging Companies and Venture Capital practices.

Former BNY Mellon Legal Exec Goldenberg Joins Reed Smith


Robert Goldenberg joined Reed Smith as counsel in the law firm’s Financial Industry Group.

February 4, 2019

BofA Agents $225MM Amended Revolver for USA Truck


USA Truck completed an amended and restated $225 million revolving credit facility with a group of banks and Bank of America as agent.

Austin Financial Hires Three in Portfolio Management & Operations


Trevor Longsworth joined Austin Financial Services as vice president/auditor, while Esther Nuevas and Marilyn Barnes joined as senior collateral analysts in the Los Angeles office.

Great American Capital Agents $200MM Term Loan for BJ Services


Great American Capital Partners provided a $200 million senior secured term loan to BJ Services, the operator of the third-largest pressure pumping fleet and the second largest oilfield cementing fleet in North America.

Capital One Expands 36th Street Facility to $100MM


36th Street Capital expanded its three-year, expandable senior secured revolving credit facility to $100 million, an increase of $25 million.

BOK Sees Net income of $108.5MM in Q4/2018


BOK Financial finished the fourth quarter of 2018 with a net income of $108.5 million.

Super G Provides Term Loan to Dancewear Designer


Super G provided a seasonal second lien term loan to a family office-backed designer, marketer and manufacturer of specialty dancewear.

Capital Now Funds $200K Facility for Outdoor Retailer


Capital Now provided a $200,000 credit facility to an outdoor retailer based in British Columbia.

Liquid Capital Provides $1.8MM in Funding to Six Clients


Liquid Capital provided $1.8 million in factoring facilities the week of January 31, 2019.

J D Factors Provides $725K in Four Factoring Facilities


J D Factors provided $725,000 in factoring facilities to four clients the week of January 28, 2019.

Utica Provides $750K in Financing to Two Clients


Utica Leaseco completed two transactions totaling $750,000 during the last week of January 2019.