Wells Fargo Names Grossman Head of Factoring and Specialty ABL
Wells Fargo Capital Finance named Marc Grossman executive vice president and division manager of factoring and specialty asset-based lending in its Commercial Services Group.
Wells Fargo Capital Finance named Marc Grossman executive vice president and division manager of factoring and specialty asset-based lending in its Commercial Services Group.
Chad Ludwig joined Wells Fargo Capital Finance in the Government Services Group. He will be based in McLean, VA and report to Samantha Bloom, Government Services relationship team manager.
Deloitte Corporate Finance LLC acted as the exclusive financial advisor to AirBorn, Inc. in its recapitalization with LBC Credit Partners and Wells Fargo Capital Finance.
Tailored Brands successfully repriced its $896 million senior secured term loan with J.P. Morgan as lead arranger and administrative agent.
Gibraltar Business Capital increased its credit line with Wells Fargo Capital Finance from $75 million to $100 million, with an accordion that could increase the line up to $150 million.
Eric Pietras has been named senior vice president and business development officer for Wells Fargo Capital Finance’s Government Services Group.
As the U.S. changed from a manufacturing to a service-based economy, ABL lenders faced a growing array of challenges, including lending to software companies and coping with rapid hardware obsolescence. Hugh C. Larratt-Smith speaks with key lenders in this industry and learns how lending to technology has changed in the last 40 years.
Wells Fargo Capital Finance served as sole lender and administrative agent on an $80 million revolving credit facility and administrative agent on a $105 million term loan for APPVION.
Chico’s completed a $200 million asset-based lending facility led by Wells Fargo Capital Finance’s Retail Finance unit.
Wells Fargo Capital Finance increased Midcap Business Credit’s revolving ABL facility to $100 million.