Benefit Street Partners closed a $120 million floating-rate senior loan for Silver Star Properties REIT to facilitate the liquidation of Silver Star’s legacy real estate portfolio.
Benefit Street Partners closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy.
Funds advised by SK Capital Partners completed the previously announced acquisition of J&K Ingredients from CORE Industrial Partners. KeyBanc Capital Markets, Kayne Anderson Private Credit and Benefit Street Partners provided debt financing to support the acquisition.
Encina Equipment Finance changed its name to Post Road Equipment Finance. As part of the name change, the company has revamped and redesigned its website to incorporate the new company name.
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.