Benefit Street Partners originated a company record $2.8 billion of commitments across 41 issuers in Q4/21, resulting in company record originations of $7.7 billion across 128 issuers for the year.
Franklin BSP Lending and Franklin BSP Capital, business development companies advised by affiliates of Benefit Street Partners, acquired substantially all of the equity interests of Encina Equipment Finance.
Absolute Software completed its acquisition of 100% of NetMotion Software from The Carlyle Group for $340 million. Absolute funded the acquisition with approximately $65 million in cash from its balance sheet and a $275 million secured term loan from Benefit Street Partners.
JAKKS Pacific refinanced its existing term loan facility with a new first lien term loan facility from Benefit Street Partners and entered into a new $67.5 million asset-based revolving credit facility with JPMorgan Chase.
Gogo priced and allocated a seven-year, $725 million term loan B and a five-year, $100 million revolving credit facility. Morgan Stanley, Credit Suisse, Deutsche Bank, Benefit Street Partners and CBAM Partners acted as joint lead arrangers for the facilities.
In the face of continuing bank regulation, alternative lending companies are launching to fill in the gaps. ABF Journal contributor Hugh Larratt-Smith examines the types of loans these lenders are providing and shows how ABL lenders can benefit by teaming up with these new players.
Benefit Street Partners provided Elk Petroleum with a $58 million senior debt loan facility to be used in connection with the Grieve Project JV restructuring.
Santek Waste Services has secured a new $153 million credit facility from a lender group led by Goldman Sachs Specialty Lending group and Benefit Street Partners.
TICC Capital reached an agreement with Citibank, as administrative agent of its TICC Funding $150 million revolver, regarding consent to a proposed change of control transaction.
Cross Country Healthcare said it amended its second lien loan with Benefit Street Partners to reflect modified pricing predicated on the company’s net leverage ratio.