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Articles by Chuck Doyle
Ares Management Further Expands Secondary Solutions Group
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Ares Management Further Expands Secondary Solutions Group Ares Management Corporation announced that industry veterans Sebastien Burdel and Luca Salvato are joining as Partners in the Ares Secondary Solutions Group.
Silicon Valley Bank Refinances, Expands Credit Facility to $40MM for Liquidia Original
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Silicon Valley Bank Refinances, Expands Credit Facility to $40MM for Liquidia Liquidia Corporation closed a debt facility on January 7, 2022, with Silicon Valley Bank (SVB) which provides Liquidia with up to $40.0 million in term loans of which the first $20.0 million was funded at closing.
FrontWell Capital Partners Provides Senior Secured Credit Facility to Jason Wu
FrontWell Capital Partners Provides Senior Secured Credit Facility to Jason Wu January 10, 2022, 07:48 AM FrontWell Capital Partners closed a senior secured credit facility to Jason Wu, a high-end women’s luxury fashion brand headquartered in New York City. The Company is known for designing dresses for celebrities and collaborating with other high-end brands.
Sound Point Capital Provides Term Loan Financing to Perry Ellis International
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Sound Point Capital Provides Term Loan Financing to Perry Ellis International January 10, 2022, 07:15 AM Sound Point Capital Management closed on a senior secured term loan financing to a subsidiary of Perry Ellis International. Funding provided by Sound Point will be used to pay down the Company’s existing debt.
Amerisource Closes $2MM Term Facility for Manufacturing Firm
Amerisource Closes $2MM Term Facility for Manufacturing Firm Amerisource Business Capital closed and funded a $2,000,000 real estate term loan for a Pennsylvania agriculture and snow removal equipment manufacturer. The proceeds were used to provide working capital for the company’s expected growth. Doug Forbes, Regional Market Manager for Amerisource, stated: “We are excited to have the opportunity to assist the company by providing growth capital during this period of the firm’s expansion.”
Coherus BioSciences Secures Credit Financing with Pharmakon Advisors
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Coherus BioSciences Secures Credit Financing with Pharmakon Advisors Coherus BioSciences entered into a loan agreement with investment funds managed by Pharmakon Advisors, LP.
AlixPartners Announces 15 Managing Director Promotions
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) AlixPartners Announces 15 Managing Director Promotions AlixPartners announced the promotion of 15 individuals to the role of Managing Director, effective January 1, 2022.
Hogan Named President, U.S. Asset Based Lending for Accord Financial
Hogan Named President, U.S. Asset Based Lending for Accord Financial Accord Financial Corp. appointed Jim Hogan as President, U.S. Asset Based Lending (ABL) as of January 1, 2022. As a member of the Executive Leadership team, he will be responsible for leading and growing the business throughout the U.S., delivering asset based lending and factoring solutions to small businesses and medium-sized enterprises.
Blue Owl Capital Launches U.S. Direct Lending Capabilities to Canadian Investors
Blue Owl Capital Launches U.S. Direct Lending Capabilities to Canadian Investors Blue Owl Capital, a leading alternative asset manager, will bring its institutional quality middle-market lending capabilities to Canadian accredited investors. The initiative positions Blue Owl as one of the first U.S.-based private credit managers to offer direct lending capabilities to onshore Canadian investors.
Eclipse Business Capital Provides $142MM Senior Credit Facility to Global Metals Distributor
Eclipse Business Capital Provides $142MM Senior Credit Facility to Global Metals Distributor Eclipse Business Capital, formerly known as Encina Business Credit, provided an aggregate $142 million senior secured credit facility consisting of a $125 million revolving credit facility, a $5.5 million M&E term loan facility, and an $11.5 million real estate term loan facility to a global distributor of metals.
Hunter Point Capital Makes Strategic Investment in Iron Park Capital
Hunter Point Capital Makes Strategic Investment in Iron Park Capital Hunter Point Capital (“HPC”), an investment firm focused on taking minority stakes in middle-market alternative asset managers, announced a strategic investment in Iron Park Capital (“IPC”), a global alternative investment manager with deep experience investing across public and private credit markets.
WSFS Agents New $50MM Revolving Credit Facility to National CineMedia
WSFS Agents New $50MM Revolving Credit Facility to National CineMedia January 07, 2022, 07:20 AM National CineMedia entered into a new revolving credit facility providing for $50.0 million of revolving loan commitments, the entire amount of which was drawn on January 5, 2022. According to the 8K filed with the SEC, WSFS Bank served as the administrative agent for the facility.
American Bank Acquires ACG Equipment Finance
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) American Bank Acquires ACG Equipment Finance American Bank announced the acquisition of ACG Equipment Finance (ACG), a fully integrated direct equipment financing company headquartered in Austin, TX.
Zions Bancorporation Closes $8MM ABL Credit Facility with Houston Steel Distributor
Zions Bancorporation Closes $8MM ABL Credit Facility with Houston Steel Distributor Zions Bancorporation, through its Texas division, Amegy Bank of Texas, closed and funded an $8,000,000 credit facility for a wholesale distributor of steel products. The credit facility consisted of a multi-year revolving line of credit. Proceeds of the credit facility were used to refinance existing bank debt, support growth, and provide ongoing working capital needs.
Tiger Finance Provides $13.75MM Credit Facility to Laney Directional Drilling
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Tiger Finance Provides $13.75MM Credit Facility to Laney Directional Drilling Tiger Finance closed on a $13.75 million term loan for Waller, Texas-based Laney Directional Drilling—a full-service trenchless construction and engineering firm known for its highly complex drilling operations on major infrastructure projects.
Runway Growth Capital Provides $65MM Senior Secured Term Loan to Snagajob
Runway Growth Capital Provides $65MM Senior Secured Term Loan to Snagajob Runway Growth Capital closed a senior secured term loan commitment of $65 million to Snagajob.com, Inc. (“Snagajob”), the nation’s largest marketplace for hourly jobs and shifts. Partnering with 24 of the top 25 hourly-work employers and thousands of small businesses, Snagajob connects 6 million job seekers a month with well-matched job opportunities.
MUFG Hires Boulmetis to Lead U.S. Financial Institution Coverage for Debt Capital Markets Group
MUFG Hires Boulmetis to Lead U.S. Financial Institution Coverage for Debt Capital Markets Group Mitsubishi UFJ Financial Group (MUFG) announced the hiring of Kimberly Boulmetis as a Managing Director and Head of U.S. Financial Institutions for the Debt Capital Markets group. Based in New York, Ms. Boulmetis will assume her new role in January and report to Richard Testa, Head of Investment Grade Finance.
Ares CF Leads, Agents Financing of $210MM Cross-Border Revolving Line of Credit to MicroStar Logistics
Ares CF Leads, Agents Financing of $210MM Cross-Border Revolving Line of Credit to MicroStar Logistics Ares Commercial Finance (“ACF”) announced that it has led the financing of a $210 million senior secured cross-border revolving line of credit to MicroStar Logistics (“MicroStar”), a portfolio company of Freeman Spogli. The credit facility provides significant availability and the ability to support growth in the US, Europe, Australia and New Zealand.
Businesses Set Sights on Growth in 2022 Despite Ongoing Challenges, JPMorgan Chase Survey
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Businesses Set Sights on Growth in 2022 Despite Ongoing Challenges, JPMorgan Chase Survey Small and midsize U.S. business leaders remain confident in their companies and resourceful in their approaches to confronting macroeconomic challenges that have created growing pains over the last year, finds JPMorgan Chase’s 2022 Business...
WSFS Financial Corporation Completes Acquisition of Bryn Mawr Bank Corporation
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) WSFS Financial Corporation Completes Acquisition of Bryn Mawr Bank Corporation WSFS Financial Corporation, the parent company of WSFS Bank, completed the acquisition of the Bryn Mawr Bank Corporation, and its primary subsidiary, The Bryn Mawr Trust Company, as of January 1, 2022.
Entourage Health and LiUNA Pension Fund Upsize Credit Facility with Additional $20MM in Financing
Entourage Health and LiUNA Pension Fund Upsize Credit Facility with Additional $20MM in Financing December 28, 2021, 07:00 AM Entourage Health Corp. (formerly WeedMD Inc.), a Canadian producer and distributor of award-winning cannabis products and brands, amended its existing credit facility with an affiliate of the LiUNA Pension Fund of Central and Eastern Canada (“LPF”) to add an additional $20 million in non-dilutive funding.
Knighthead Funding Provides $21.5MM Loan for Class-A Office Building in Colorado
Knighthead Funding Provides $21.5MM Loan for Class-A Office Building in Colorado Knighthead Funding provided a local investor operating as Columbia Victory LLC with a $21.5 million loan to refinance a newly built Class A, 125,750-square-foot office building in Colorado Springs, CO. The 24-month, non-recourse loan will allow the sponsor who developed the property, additional time to market it for lease as creative office space.
SEC Charges Medallion Financial and President with Engaging in Fraudulent Schemes to Boost Stock Price
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) SEC Charges Medallion Financial and President with Engaging in Fraudulent Schemes to Boost Stock Price January 03, 2022, 08:05 AM The Securities and Exchange Commission charged Medallion Financial Corp., a Delaware company headquartered in New York, NY, and its President and Chief Operating Officer, Andrew Murstein of New York, NY,...
Pathlight Capital Provides Additional $35MM in Term Loans to Armstrong Flooring
Pathlight Capital Provides Additional $35MM in Term Loans to Armstrong Flooring Armstrong Flooring successfully amended its ABL Credit Facility and Term Loan Facility. These amendments, which received unanimous support from the Company's ABL and Term Loan lenders, provide certain covenant modifications under the Company's ABL and Term Loan facilities through June 30, 2022.
SSG Advises Cover FX in the Sale of Substantially All Assets to AS Beauty
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) SSG Advises Cover FX in the Sale of Substantially All Assets to AS Beauty SSG Capital Advisors acted as the investment banker to Cover FX Skin Care Limited in the sale of substantially all of its assets to AS Beauty Group, LLC. The transaction closed in December 2021.
PNC Bank Leads Bank Syndicate on $600MM Credit Facility for Steel Partners Holdings
PNC Bank Leads Bank Syndicate on $600MM Credit Facility for Steel Partners Holdings Steel Partners Holdings, a diversified global holding company, amended and extended its credit agreement with a syndicate of banks led by PNC Bank. The new five-year, $600 million, revolving credit facility covers substantially all SPLP entities, with the exception of Steel Partners’ WebBank subsidiary.
Cornerstone Community Bancorp Names Finck as Executive Chairman, Moseley as CEO
Cornerstone Community Bancorp Names Finck as Executive Chairman, Moseley as CEO Cornerstone Community Bancorp announced Jeffrey P. Finck will assume the position of Executive Chairman and Matthew B. Moseley will assume the position of President and Chief Executive Officer and be appointed as a Director to Cornerstone Community Bancorp and Bank effective July 1, 2022. Finck has served as Bank’s President/CEO and Director since 2008.
Atento Signs New Super Senior Revolving Credit Facility with IDB Invest
Atento Signs New Super Senior Revolving Credit Facility with IDB Invest January 03, 2022, 07:00 AM Atento S.A., one of the world's five largest providers of customer relationship and business process outsourcing (CRM / BPO) services and sector leader in Latin America, entered on December 23, 2021 a new super senior revolving credit facility with IDB Invest, the private sector arm of the Inter-American Development Bank.
Creating New Opportunities in the Face of Changing Market Forces - Interview with Joe Lane
Creating New Opportunities in the Face of Changing Market Forces – Interview with Joe Lane Date: Jan 03, 2022 @ 01:00 AM Joseph Lane, Vice Chairman and Chairman of Management Committee, Napier Park Global Capital speaks with Michael Toglia, Publisher of ABL Advisor providing his unique insights into the impact rising inflation, supply chain issues and other factors are having on the financing environment for long-lived, critical-use assets.
BofA Agents $50MM Revolver for Mercury General
BofA Agents $50MM Revolver for Mercury General April 04, 2017, 07:13 AM Mercury General Corporation, a multiple-line insurance organization offering personal automobile, homeowners, renters and business insurance, entered into a credit agreement with Bank of America, N.A., as administrative agent, according to a recent SEC filing.
Oaktree Capital Management Acquires Velocity Risk Underwriters
Oaktree Capital Management Acquires Velocity Risk Underwriters December 29, 2021, 08:16 AM Velocity Risk Underwriters, a catastrophe-focused property and specialty insurance risks managing general agent (“MGA”), announced its acquisition by funds managed by Oaktree Capital Management. Founded in 2015 by Nephila Capital (“Nephila”) and headquartered in Nashville, Tennessee, Velocity Risk provides insurance coverage to clients in catastrophe-exposed areas of the United States.
Garrington Group Closes New $19MM Credit Facility for Aleafia Health
Garrington Group Closes New $19MM Credit Facility for Aleafia Health December 29, 2021, 08:10 AM Aleafia Health closed a credit facility of up to $19 million. The Credit Facility is financed by the Garrington Group of Companies, a Toronto-based private lender providing working capital financing to the underserved, small to mid-sized middle market sector across North America, providing credit facilities that generally range from $1 million to over $30 million.
CIT Maritime Finance Provides $35.5MM to Greenyield Shipping
CIT Maritime Finance Provides $35.5MM to Greenyield Shipping December 29, 2021, 08:08 AM CIT Group's Maritime Finance business provided $35.5 million to finance four commercial shipping vessels operated by Greenyield Shipping LLC.
Bank of America Agents $650MM Amended, Restated Credit Facility for Casella Waste Systems
Bank of America Agents $650MM Amended, Restated Credit Facility for Casella Waste Systems Casella Waste Systems, a regional solid waste, recycling and resource management services company, entered into a $650 million Amended and Restated Credit Agreement with Bank of America as administrative agent and swing line lender, Bank of America, Citizens Bank, JPMorgan Chase Bank and Comerica Bank as joint lead arrangers and joint bookrunners, and certain other agents and lenders.
Easing Standards Benefit Middle-Market Commercial Borrowers
Easing Standards Benefit Middle-Market Commercial Borrowers Cerebro Capital, a commercial loan marketplace, released its Q3 2021 survey on non-bank lending for middle-market commercial and industrial (C&I) loans. Cerebro reports lenders continued to ease lending standards, making it easier for businesses to get loans, which in turn has driven up loan demand.
Ares Acquires 11.9 Million Square Feet of Industrial Assets for $1.7B
Ares Acquires 11.9 Million Square Feet of Industrial Assets for $1.7B Ares Management Corporation, announced that funds managed by the Ares Real Estate Group have closed on the acquisition of two portfolios consisting of 75 industrial properties totaling 11.9 million square feet. The properties were purchased from two different sellers at an aggregate purchase price of approximately $1.7 billion.
Happy New Year from ABL Advisor!
Happy New Year from ABL Advisor! The staff of ABL Advisor would like to extend Happy New Year wishes to all of our readers and advertisers. Thank you for your loyalty and goodwill throughout 2021! We will return with the Daily eNews Blast on Monday, Jan. 3, 2021. ABL Advisor's offices will be closed Dec. 30 through Jan. 2, 2022. Happy New Year!
Former MUFG Americas President and CEO Named Virginia Finance Secretary
Former MUFG Americas President and CEO Named Virginia Finance Secretary Virginia Governor-Elect Glenn Youngkin announced he has chosen Stephen Emery Cummings to serve as the next Secretary of Finance of the Commonwealth of Virginia. Cummings, a leader in finance in the United States and abroad, and most recently President and CEO of Mitsubishi UFJ Financial Group (MUFG) in the Americas, will join the Youngkin Administration as the Commonwealth’s next Secretary of Finance.
MidCap Financial Trust Provides $50MM Credit Facility to Alterian
MidCap Financial Trust Provides $50MM Credit Facility to Alterian December 28, 2021, 08:00 AM Aterian signed an asset backed credit facility with MidCap Financial Trust (“MidCap”), which is managed by a subsidiary of Apollo Global Management, Inc. The credit facility has a three year term and gives Aterian access to up to $50 million in total credit, consisting of $40 million in commitments with an accordion facility of an additional $10 million.
Madison Capital Funding Upsizes Credit Facility to $265MM for Keystone Agency Partners
Madison Capital Funding Upsizes Credit Facility to $265MM for Keystone Agency Partners December 28, 2021, 08:00 AM Keystone Agency Partners, a fast-growing independent insurance agency partnership platform, amended and upsized its existing Senior Credit Facility with an expanded syndicate of lenders led by Madison Capital Funding LLC. This is an additional $160 million to the facility the company closed with Madison Capital for $105 million in May 2021.
TD Bank Closes $67MM in Financing With Dominion Lending Centres
TD Bank Closes $67MM in Financing With Dominion Lending Centres Dominion Lending Centres closed its new credit facilities with Toronto-Dominion Bank, the terms of which were previously announced by the Corporation on November 29, 2021. The credit facilities are comprised of three senior term credit facilities (collectively, the “Senior Credit Facilities”) and a junior term credit facility (the “Junior Credit Facility”).
Urgently Secures Up to $75MM in New Financing from Highbridge, Onex Credit, Whitebox Advisors
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Urgently Secures Up to $75MM in New Financing from Highbridge, Onex Credit, Whitebox Advisors Urgently, a leading provider of digital roadside and mobility assistance services, secured up to $75 million in debt financing from certain funds managed by Highbridge Capital Management (“Highbridge”), Onex Credit and Whitebox Advisors,...
Yieldstreet Continues Push into Private Equity
Yieldstreet Continues Push into Private Equity Yieldstreet announced a new private equity strategy that offers retail investors the opportunity to gain exposure to direct equity investments in alternative asset managers. An alternative asset manager, such as a private equity firm, is itself a business, and may have the potential to be a very profitable one due to the recurring annual revenues it earns through management and incentive fees.
First Hawaiian CFO to Leave the Company in January 2022
First Hawaiian CFO to Leave the Company in January 2022 First Hawaiian, the parent company of First Hawaiian Bank announced that Ravi Mallela, Executive Vice President and Chief Financial Officer of First Hawaiian, Inc. and First Hawaiian Bank, has resigned for personal reasons, effective at the close of business on January 7, 2022. Effective January 8th, Ralph Mesick, Vice Chairman and Chief Risk Officer, will serve as interim CFO as the company conducts a search for a permanent replacement.
NXT Capital Closes $246MM Credit Facility in Support of AEA Investors’ Acquisition of Monroe Engineering Group
NXT Capital Closes $246MM Credit Facility in Support of AEA Investors’ Acquisition of Monroe Engineering Group NXT Capital closed a $246 million unitranche credit facility in support of AEA Investors’ acquisition of Monroe Engineering Group. NXT Capital acted as the Administrative Agent, Joint Lead Arranger, and Joint Bookrunner on this transaction.
SLR Capital Partners Provides $225MM in Non-Dilutive Debt Financing to Arcutis Biotherapeutics
SLR Capital Partners Provides $225MM in Non-Dilutive Debt Financing to Arcutis Biotherapeutics Arcutis Biotherapeutics, a late-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, obtained a $225 million term loan facility from funds managed by SLR Capital Partners (“SLR”).
Simmons Bank Names Lowe as Head of New Corporate Banking Division
Simmons Bank Names Lowe as Head of New Corporate Banking Division Simmons Bank announced the creation of a new Corporate Banking Division. This new unit will provide Simmons Bank the ability to consolidate specialized lines of business loans aligning commercial and equipment finance, government and institutional banking, mortgage warehouse lending, commercial deposits, asset-based lending and structured real estate finance into a dedicated division.
Ares Management to Acquire AMP’s PrivateMarketsCo Infrastructure Debt Platform
Ares Management to Acquire AMP’s PrivateMarketsCo Infrastructure Debt Platform Ares Management Corporation announced that its subsidiary, Ares Holdings L.P., has entered into a definitive agreement to acquire AMP’s PrivateMarketsCo Infrastructure Debt platform (“Infrastructure Debt”), one of the largest infrastructure debt investment platforms globally with approximately US$8 billion in assets under management, as of September 30, 2021.
Citizens Advises Air Conditioning Innovative Solutions on its Sale to Atlantic Street Capital
Citizens Advises Air Conditioning Innovative Solutions on its Sale to Atlantic Street Capital December 27, 2021, 07:00 AM Filed Under: HVAC Citizens M&A Advisory served as the exclusive financial advisor to Air Conditioning Innovative Solutions (“ACIS”), a provider of commercial HVAC and other building services, on its sale to Atlantic Street Capital. ACIS provides maintenance, repair and retrofit services for HVAC, plumbing and building controls systems to commercial properties across Texas.
ACRES Originates $15.9MM Loan for Hart’s Camp & Cape Kiwanda RV Resort
ACRES Originates $15.9MM Loan for Hart’s Camp & Cape Kiwanda RV Resort ACRES Capital Corp., a leading commercial real estate middle-market lender, has originated a $15.9 million loan to fund the acquisition, renovation, and combination of Hart’s Camp and Cape Kiwanda RV Resort in Pacific City, OR.
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