Greg Thorne joined Wells Fargo Corporate & Investment Banking’s technology, media and telecom coverage group as a managing director focused on software investment banking. Prior to joining Wells Fargo, Thorne was a managing director at Deutsche Bank.
The overall score of the Q3/20 Wells Fargo/Gallup Small Business Index rose 12 points from last quarter’s historic low-water mark. However, the overall positive movement in sentiment was contrasted by the third successive quarterly decline in optimism about current business conditions.
Purple Innovation executed a new five-year $100 million senior secured credit facility, consisting of a $45 million term loan and a $55 million revolving line of credit, with a group of financial institutions led by KeyBanc Capital Markets.
Weatherford terminated its ABL agreement with Wells Fargo, according to an 8K, which noted that Wilmington Trust agented the issuance of $500 million of senior secured notes and Deutsche Bank agented an increase to Weatherford’s letter of credit agreement.
According to a filing with the SEC, Wells Fargo is serving as administrative agent on an amendment to Six Flags’ credit facility to further extend the covenant waiver period by one year from Q4/20 to Q4/21 and to extend the covenant modification period by one year through Q4/22.
The U.S. Bankruptcy Court for the Southern District of New York confirmed Jason Industries’ plan of reorganization, clearing the way for the company to complete its restructuring. Upon its exit from Chapter 11, Jason will enter into a $30 million ABL credit facility with Wells Fargo.
Wells Fargo appointed six new corporate risk leaders as part of its enhanced risk model. In addition, Mike Roemer, the current chief compliance officer of Wells Fargo, decided to leave the company. Paula Dominick will join Wells Fargo as chief compliance officer in October.
Mike Santomassimo will join Wells Fargo in fall 2020 as CFO. Santomassimo will report to Charlie Scharf, CEO of Wells Fargo, and serve on the company’s operating committee. Santomassimo will succeed John Shrewsberry, who plans to retire.
Ather Williams III will join Wells Fargo in October 2020 as head of strategy, digital and innovation. Williams will join Wells Fargo from Bank of America, where he worked for nine years and most recently served as head of business banking.
KPS Capital Partners will acquire substantially all of the assets of Briggs & Stratton, including equity of foreign subsidiaries, for approximately $550 million.