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Articles by Gillian McColgan
CIBC Innovation Banking Provides MayStreet $10MM in Growth Financing
CIBC Innovation Banking Provides MayStreet $10MM in Growth Financing CIBC Innovation Banking provided a $10 million credit facility for New York-based MayStreet Inc., an industry-leading market data technology and content provider. The credit facility is available to help the rapidly growing fintech firm further scale its business. Founded in 2012, MayStreet offers market data technology that delivers high-quality global market data to enable data-driven decision-making.
Wells Fargo Enters Agreement with Computershare to Sell Wells Fargo Corporate Trust Services
Wells Fargo Enters Agreement with Computershare to Sell Wells Fargo Corporate Trust Services Wells Fargo entered into a definitive agreement to sell its Corporate Trust Services (CTS) business to Computershare. The transaction is expected to close in the second half of 2021, subject to customary closing conditions. Under the terms of the agreement, the purchase price is $750 million.
Loan Defaults Fall Below 4%, Lowest Level Since June 2020, Fitch Ratings
Loan Defaults Fall Below 4%, Lowest Level Since June 2020, Fitch Ratings The March trailing 12-month institutional leveraged loan default rate stands at 3.9%, according to a new Fitch Ratings report. "The current 2021 forecast is 4.5%, but if market access remains as open and issuer-friendly as it has been, the rate will probably finish even lower," said Eric Rosenthal Senior Director of Leveraged Finance. There have been zero defaults this month, which has not happened since August 2018.
Banc of California to Acquire Pacific Mercantile Bancorp
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) Banc of California to Acquire Pacific Mercantile Bancorp Banc of California, the holding company of Banc of California, and Pacific Mercantile Bancorp, the holding company of Pacific Mercantile Bank, announced they have entered into a definitive agreement and plan of merger under which Pacific Mercantile will merge into Banc of...
Encina Business Credit Adds Vecker to Business Development Team
Encina Business Credit Adds Vecker to Business Development Team Encina Business Credit announced that Barry Vecker joined its business development team as a Managing Director. Vecker is an asset-based lending finance professional with over 25 years’ experience in new deal originations, underwriting and portfolio management. He previously served in business development and risk roles at Wells Fargo, Congress Financial, Israel Discount Bank, and The Bank of New York.
HSBC Bank Canada Appoints Turner Head of Commercial Banking
HSBC Bank Canada Appoints Turner Head of Commercial Banking Alan Turner has been appointed Head of Commercial Banking effective today, succeeding Linda Seymour who took on the role of President and Chief Executive Officer of HSBC Bank Canada in September 2020. In this role, Turner has responsibility for HSBC’s Large Corporates and Small and Medium Enterprise banking segments, as well as leading Global Trade and Receivables Finance in Canada.
Oaktree Specialty Lending Corporation Completes Merger with Oaktree Strategic Income Corporation
Oaktree Specialty Lending Corporation Completes Merger with Oaktree Strategic Income Corporation Oaktree Specialty Lending Corporation announced the closing of the previously announced merger with Oaktree Strategic Income Corporation (“OCSI”), with OCSL as the surviving company. Based on December 31, 2020 financial information, the combined company has more than $2.2 billion of assets on a pro forma basis.
Bloomberg: Credit Suisse CEO Signals Potential Spinoff of Asset Management
Bloomberg: Credit Suisse CEO Signals Potential Spinoff of Asset Management Bloomberg reported that Credit Suisse CEO Thomas Gottstein signaled he would consider further separating the asset-management unit from the rest of the bank after the Greensill Capital collapse.
One Team Capital Appoints Veteran Financial Executive Kamp as CEO
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) One Team Capital Appoints Veteran Financial Executive Kamp as CEO OneTeam Capital (OTC), announced that its membership has appointed specialty finance industry veteran W. Taylor Kamp as Chief Executive Officer, effective March 11th, 2021. Mr. Kamp brings an impressive 35 year career of building and growing businesses to OTC.
SLR Capital Partners - Providing Solutions with a Multi-Strategy Diversified Finance Platform
In February 2021, Solar Capital Partners announced the company’s name change and rebranding to SLR Capital Partners (SLR). The new name utilizes a common brand across its affiliates and specialty finance investment teams. SLR offers a comprehensive suite of commercial finance capabilities and seeks to build complementary lending strategies.
PNC Bank Amends, Restates $120MM in Credit Facilities for Universal Stainless & Alloy
PNC Bank Amends, Restates $120MM in Credit Facilities for Universal Stainless & Alloy March 19, 2021, 08:11 AM Universal Stainless & Alloy Products amended and restated its five-year $120 million asset-based lending (ABL) credit agreement with PNC Bank. The new agreement includes a revolving credit facility of $105 million and increases the term loan facility to $15 million.
Phoenix Lending Survey: Third Stimulus Package Will Cause Inflationary Pressure in U.S. Economy
Phoenix Lending Survey: Third Stimulus Package Will Cause Inflationary Pressure in U.S. Economy The first quarter Phoenix Management “Lending Climate in America” survey results reveal the third stimulus package will cause inflationary pressure in the U.S. economy. The third stimulus package includes nearly $2 trillion in coronavirus relief funds and puts money in the hands of millions of Americans.
Second Avenue Capital Partnes Closes on Senior Secured Credit Facility for Cos Bar
Second Avenue Capital Partnes Closes on Senior Secured Credit Facility for Cos Bar March 18, 2021, 08:00 AM Second Avenue Capital Partners closed on a senior secured credit facility to Cos Bar, a leading luxury specialty cosmetics retailer. The credit facility will be used to support new growth opportunities and provide additional working capital. "Cos Bar has developed and nurtured a loyal following that has positioned the Company for continued success,” said Chris O'Connor, President of SACP.
Monroe Capital Supports Acquisition of Mulligan Security by Protos Security
Monroe Capital Supports Acquisition of Mulligan Security by Protos Security Monroe Capital announced an increase in its credit facility to support Protos Security’s (“Protos”) acquisition of Mulligan Security. Protos is an existing portfolio company of Southfield Capital. Headquartered in New York, NY, Mulligan is a leading regional provider of security and fire safety professionals.
Sterling National Bank Provides $5MM in Credit Facilities to Nextaff Group
Sterling National Bank Provides $5MM in Credit Facilities to Nextaff Group Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $5,000,000 to Nextaff Group LLC. Headquartered in Overland Park, KS, Nextaff is a nationwide staffing agency, with each office locally owned and operated for a more in-depth, streamlined hiring process. Founded in1998, the Company offers custom solutions in a variety of industries.
SSG Advises Utica Leaseco on the Sale of Assets of Alta Devices to Ubiquity Solar
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 Utica Leaseco on the Sale of Assets of Alta Devices to Ubiquity Solar SSG Capital Advisors acted as the investment banker to Utica Leaseco on the sale of the assets of Alta Devices (Alta) to Ubiquity Solar Inc. The assets included intellectual property, research and development, production equipment, and inventory.
Oaktree Capital Management Invests in Expansion of Azorra Aviation
Oaktree Capital Management Invests in Expansion of Azorra Aviation March 17, 2021, 07:55 AM Azorra Aviation Holdings entered into an agreement with funds managed by Oaktree Capital Management, under which Oaktree and Azorra’s founders will invest $350 million to expand Azorra’s commercial aircraft leasing business.
Silicon Valley Bank Closes $13MM Credit Facility for Minim (Zoom Telephonic)
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 Closes $13MM Credit Facility for Minim (Zoom Telephonic) Zoom Telephonic, doing business as Minim, the creator of innovative internet access products, closed on a $13.0 million credit facility in partnership with Silicon Valley Bank in lieu of its previous $5.0 million credit facility.
Oxford Finance Provides $57.2MM Credit Facility to Pointe Group Care
Oxford Finance Provides $57.2MM Credit Facility to Pointe Group Care Oxford Finance closed a $57.2 million senior credit facility and revolving line of credit to Pointe Group Care LLC ("PGC"), an owner and operator within the skilled nursing and assisted living industry. The funds were used for working capital, to refinance existing debt, and to support the acquisition of four additional long-term care facilities located in Florida.
Fourshore Partners Announces Acquisition of Genesis Capital Finance
Fourshore Partners Announces Acquisition of Genesis Capital Finance Fourshore Partners acquired a majority stake in Genesis Capital Finance, a specialty finance company that provides commercial loans to independent owner operators in the long-haul trucking industry. Established in 2011, Genesis Capital Finance has developed a reputation for innovative, flexible solutions, even in difficult financing situations, which makes it the go-to source for all truck-related loans.
BHI’s C&I Group Provides $6MM Financing for Pisec Group America
BHI’s C&I Group Provides $6MM Financing for Pisec Group America March 15, 2021, 08:26 AM BHI, a full-service commercial bank, announced that its Commercial & Industrial Group has closed a $6 million credit facility for Pisec Group America LLC. The financing provides a one-year line of credit that the company will employ for working capital and corporate purposes.
Alvarez & Marsal Bolsters Supply Chain Services with Addition of Fanella
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) Alvarez & Marsal Bolsters Supply Chain Services with Addition of Fanella Alvarez & Marsal (A&M) appointed Paul Fanella a Managing Director in Supply Chain Services within its Corporate Performance Improvement practice.
Revitalization Partners Rolls Out Asset Marketing System
Revitalization Partners Rolls Out Asset Marketing System Aiming to improve the returns to creditors from inefficient and slow asset auctions, Revitalization Partners has developed a proprietary new digital marketing system to augment its expertise in corporate restructuring and receiverships. RP’s Asset Marketing Platform provides an alternative to traditional auctions with a robust online tool that can unlock trapped value more quickly.
SLR Credit Solutions Promotes Smith, Vartanov and Dunn
SLR Credit Solutions Promotes Smith, Vartanov and Dunn SLR Credit Solutions announced the following promotions: Kenny Smith – Senior Managing Director: Smith is responsible for sourcing and structuring new transactions from a nationwide network of private equity firms, commercial banks, and other intermediaries. He joined SLR Credit Solutions in 2011 and has also held roles at JMH Capital, Breakaway Ventures, and BDC Capital.
36th Street Capital Completes $138MM Inaugural Loan Securitization Transaction
36th Street Capital Completes $138MM Inaugural Loan Securitization Transaction 36th Street Capital Partners announced the successful securitization of equipment loans and leases through a private loan transaction with pension and insurance companies as lenders.
WSFS to Merge with Bryn Mawr Bank Corp.
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 to Merge with Bryn Mawr Bank Corp. WSFS Financial Corporation and Bryn Mawr Bank Corporation jointly announced the signing of a definitive merger agreement whereby Bryn Mawr Bank Corporation (“Bryn Mawr”) will merge with WSFS Financial Corporation (“WSFS”), in a transaction valued at approximately $976.4 million.
Otterbourg Names Cretella Chair of Alternative and Specialty Finance Practice Group
Otterbourg Names Cretella Chair of Alternative and Specialty Finance Practice Group Otterbourg announced that James M. Cretella has been named Chair of the firm’s Alternative and Specialty Finance Practice Group. A member of the firm’s Finance Department, Cretella represents lenders, factoring companies and prominent financial institutions, as well as borrowers, in a variety of lending, factoring and corporate transactions.
LendingPoint Closes $110MM Mezzanine Facility with Midcap Financial Trust and Apollo
LendingPoint Closes $110MM Mezzanine Facility with Midcap Financial Trust and Apollo LendingPoint announced the closing of an up to $110 million, 5-year corporate mezzanine credit facility with new partners MidCap Financial Trust, managed by a subsidiary of Apollo Global Management, Inc. and Apollo Investment Corporation. The announcement follows a recent $125 million preferred equity investment from Warburg Pincus, a leading private investment firm focused on growth investing.
Horizon Technology Finance Provides $9MM Venture Loan Facility to InfoBionic
Horizon Technology Finance Provides $9MM Venture Loan Facility to InfoBionic March 10, 2021, 07:44 AM Horizon Technology Finance provided a $9 million venture loan facility to InfoBionic, Inc., of which $7 million has been initially funded. InfoBionic has developed an FDA-cleared, transformative SaaS remote monitoring system to help physicians more rapidly detect, diagnose and treat cardiac arrhythmia.
Unlocking the True Value of Technology Patent Assets
Home / Articles / Read Article Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Unlocking the True Value of Technology Patent Assets Date: Mar 09, 2021 @ 11:00 AM There was a time, not so long ago, when tangible assets comprised the vast majority of a company’s total value.
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