Salus Capital announced it agented a $49 million senior secured DIP facility to Kid Brands. Sterling National Bank is a participating lender in the DIP facility.
Sterling National Bank announced seven new additions to its relationship banking teams as part of its ongoing effort to invest in high-growth areas and deliver a broad range of financial products and services to its clients.
Kid Brands said it plans to pursue a sale of the company that will be facilitated through a Chapter 11 filing. Existing lenders Salus Capital and Sterling National Bank has committed to provide $49 million in DIP financing.
According to a Sterling National Bank survey, New York health care companies looking to expand are frustrated with current options for raising capital
Manhattan Bridge Capital announced that its revolving line of credit with Sterling National Bank has been increased to up to $7 million.
In April 2013, Provident New York Bancorp and Sterling Bancorp announced they were to merge in a transaction valued at $344 million. As Sterling’s CFO Howard Applebaum explains to ABF Journal contributing editor Howard Brod Brownstein, the ultimate goal of the union is to expand product offerings, footprint and client base — while maintaining the high level of customer service for which both banks are known.
Staffing 360 Solutions announced the execution of an agreement to establish a credit facility with Sterling National Bank. The company intends to acquire high-growth domestic and international staffing agencies.
Manhattan Bridge Capital said its revolving line of credit with Sterling National Bank was increased to up to $5 million, $1.5 million more than the previous limit.
Having started his career with Standard Factors Corporation in 1949, Louis J. Cappelli, chairman of Sterling National Bank, is enjoying his sixth decade in the commercial finance industry. Based on a wealth of experience garnered from his illustrious career, he shares with ABF Journal his evaluation of the current environment and future opportunities for factoring, as the industry finds its post-recession footing.