Siena Lending Group completed a three-year asset-based revolving credit facility for a family‐owned and operated textile manufacturer. The facility consists of a $50 million revolver and an $8.1 million term loan.
Siena Lending Group closed three deals with an aggregate value of $45 million in Q1/21. In addition, Siena Healthcare Finance completed a $35 million deal with a New York-based home health company during the quarter.
Siena Lending Group hired Joe Panico as director of originations based in Cleveland, where he will focus on providing asset-based lending solutions for middle market companies in Ohio, Michigan, Pennsylvania and western New York.
Siena Lending Group hired Geoffrey Samuels as vice president of new business originations. In his new role, Samuels will focus on special situations, including Chapter 11, DIP and exit financings. He will report directly to Nick Payne, director of originations for Siena Lending Group.
Siena Lending Group and Siena Healthcare Finance closed 10 facilities aggregating $135 million in Q4/20, with 25 transactions totaling more than $285 million completed in 2020 overall.
To get a handle on how the asset-based lending industry has traversed a tumultuous 2020 and where it is headed in 2021, ABF Journal spoke with executives from Siena Lending Group, Context Business Lending, PNC and BMO Harris in an exclusive Q&A.
Siena Healthcare Finance added Nicholas (Niko) Tsitsos as a director of business development, covering the western U.S. Tsitsos most recently served as vice president of healthcare finance loan originations at Wells Fargo.
Siena Lending Group provided a $17.5 million asset-based credit facility for a California-based tire company to refinance existing debt and provide additional working capital to support business growth.
Siena Lending Group acted as agent and lender and Great Rock Capital Partners acted as lender on financing to support Saothair Capital Partners’ acquisition of Arandell.
Siena Lending Group provided a $25 million asset-based revolving line of credit for Pelican Energy Partner’s acquisition of Vault Pressure Control.