Sterling Construction Company amended its existing credit agreement with its lending group, led by BMO Harris Bank, to modify various aspects of the agreement, including lowering the prospective mandatory quarterly payments from $12.5 million to $4.1 million.
JLL Income Property Trust secured a $650 million credit facility with a syndicate of eight real estate lenders, including JPMorgan Chase Bank as administrative agent, co-syndication agent, joint lead arranger and joint bookrunner.
Digi International entered into an amended and restated credit agreement with BMO Harris Bank as administrative agent and collateral agent. The new facility provides Digi with a $200 million senior secured revolving credit facility with an option to increase the size of the facility by $75 million.
Titan International amended and extended its credit and security agreement with agent BMO Harris Bank with respect to a $125 million revolving credit facility. The amount available to be borrowed under the amended facility was reduced to $100 million.
BMO Harris Bank provided metal and chemical manufacturer Synalloy Corporation with a four-year revolving credit facility with up to $150 million of borrowing capacity.
Abacus Finance Group promoted Joseph Lee from senior associate to vice president and Jacob Wise and Austin Rendell from analysts to associates.
MUFG Union Bank, BMO Harris Bank, Wells Fargo, BOK Financial, First Horizon Bank, Arvest Bank and Commerce Bank increased America’s Car-Mart’s existing line of credit to from $241 million to $326 million. MUFG joined the group as a new lender.
The Paycheck Protection Program has been top of mind for many lenders, particularly banks. ABF Journal learned about the experience of bank-owned asset-based lending groups with the program as well as expectations and concerns for the future in conversations with four leaders in the industry.
The Secured Finance Network’s 76th Annual Convention, “This Way Forward,” will take place from Nov. 17 to 19 and will cover financial, economic and political disruptions that banks and finance companies face in the midst of a pandemic and the aftermath of the U.S. election.