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.
Offering asset-based lending can be one of the best ways for regional banks to maintain a competitive edge as more and more join forces to fend off the encroachment of “super power banks.”
Melinda Fricke joined Pacific Western Bank as a senior vice president and business development officer for its asset-based lending team. Fricke previously worked for Crestmark Bank, Summit Financial, Wells Fargo Business Credit, Fremont Financial Business Credit/FINOVA and First Community Financial.
Gibraltar Business Capital provided a growth-enabling credit facility to Clearon Corp., a manufacturer of chlorinated dry bleach used in an array of applications, including water treatment, disinfection and sanitization.
Huntington Business Credit acted as administrative agent and joint lead arranger in the closing of a new $250 million credit facility for Concordance Healthcare Solutions.
SG Credit Partners provided a $2.2 million senior secured facility with an interest-only period to a digital signage software-as-a-service platform.
Crestmark secured a total of $9.7 million in ABL financial solutions for four new clients and Crestmark’s government guaranteed lending group provided $38.165 million in financing for eight new clients in the second half of December.
NFI amended its existing $1.25 billion senior revolving credit facility and its £50 million ($67.6 million) revolving UK credit facility. The Bank of Nova Scotia is the administrative agent for the $1.25 billion revolver and HSBC UK is the administrative agent for the UK credit facility.
Macquarie Bank provided a senior secured term loan facility of $40 million to Canada-based gold mine developer Battle North Gold Corporation to fund the construction of the Bateman Gold Project in Red Lake, ON.