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Gramercy Property Trust Inc., a Real Estate Investment Trust, Announced the Syndication of its Senior Secured Revolving Credit Facility Completed with Deutsche Bank Securities, Inc., as Sole Bookrunner and Joint Lead Arranger, Merrill Lynch, Pierce, Fenner & Smith as Joint Lead Arranger, and Bank of America, N.A. and RBC Capital Markets as Co-Syndication Agents
Edgewater Technology, Inc., a Leading Consulting Firm That Brings a Blend of Classic and Product-based Consulting Services to its Clients, Establishes a New $10 Million Three-year Credit Facility With RBS Citizens, N.A.
CIT Serves as Sole Lead Arranger in $36 Million Financing to Wind Farm Constructed by Gestamp Wind
I NTL FCStone Inc. Agrees to a New, $140 Million Three-year, Senior Secured Revolving Credit Facility; Bank of America Merrill Lynch and Capital One, N.A. Acted as Joint Lead Arrangers and Joint Book Managers on the Credit Facility
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The Commercial Finance Association has announced that Alissa Palatiello, a financial analyst with Wells Fargo Capital Finance, is the winner of the first essay contest sponsored by the CFA's Women in Commercial Finance Committee. Alissa's essay, "International Lending for Asset-Based Finance," will be published in the November issue of The Secured Lender. CFA would like to thank the contest judges: Andrea Petro of Wells Fargo Capital Finance, Jennifer Sheasgreen of Doral Healthcare Finance, Betty Freire of North Mill Capital, Robyn Barrett of FSW Funding and Gina Mackenzie.
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AloStar Business Credit has provided a senior secured credit facility to Yellowstone Landscape Group, Inc., a full-service commercial landscaping firm servicing the south and southeast regions of the U.S. The senior secured credit facility consists of a revolver, term loan and equipment purchase line that will provide the company with working capital to support its continued growth.
Headquartered in Bunnell, FL, Yellowstone is a wholly-owned subsidiary of Gridiron Capital, LLC and is the sixth largest full-service landscaping firm in the U.S. The company offers a suite of landscaping services including specialized and ongoing maintenance, landscape design and installation services. Its customer base consists of hotels and resorts, homeowner associations, property management companies and mixed-use retail properties, as well as state and local government departments.
"Yellowstone is a leader in the commercial landscape industry and we are excited to be able to provide the capital they need to achieve their growth objectives," said Andy McGhee, president of AloStar Business Credit.
Yellowstone was established following the acquisition of Houston-based BIO Landscape & Maintenance and Atlanta-based Piedmont Landscape Contractors by Gridiron Capital in 2008. Yellowstone would then later complete the acquisition of Austin Outdoor, LLC and through a series of add-on acquisitions from July 2009 to January 2012 significantly expand its service offerings and geographic reach.
"AloStar took the time to understand our business and had the flexibility and creativity to match the capital structure to our needs," said Tim Portland, CEO of Yellowstone Landscape Group, Inc. "AloStar's executives asked thoughtful questions, which combined with their analysis and problem solving approach, led to a very successful outcome for Yellowstone. AloStar acted as true partners throughout the entire process."
"This refinancing was a very important step in our plans for Yellowstone. We believe the company is well positioned to grow as the demand for commercial landscape services increases. AloStar was able to provide us with the right capital structure and help us capitalize on Yellowstone's market position and potential," said Owen Tharrington, managing director at Gridiron Capital.
Crestmark secured a total of $3,250,000 in financial solutions for three new clients in the first two weeks of September.
On September 4, a $250,000 accounts receivable purchase facility was provided to a California transportation company. Funding will be used to provide working capital.
A $2,500,000 traditional factoring facility was provided on September 10 to a Pennsylvania importer and wholesaler of watches.
On September 11, a $500,000 ledgered line of credit facility was provided to an Alabama information technology company. Funding will be used to pay off a prior lender and provide working capital.
First Capital, a specialized commercial finance company, announced that it has provided an $8,000,000 asset-based lending facility to Global Transportation Services, Inc., a leading third party logistics company.The senior credit facility consists of an $8 million working capital revolver collateralized by accounts receivable.
First Capital was selected as the working capital partner based on its ability to structure a financing solution that provided additional working capital for the company to achieve its growth strategy. Proceeds will be used as part of a management buyout and for working capital needs. Chris McKernan, vice president and business development officer stated, "We are excited to work with Global Transportation Services, Inc. as they enter the stage of their growth plan. The management team has the experience and qualifications to take the company to the next level."
"We needed to find a lender that would provide the flexibility for us to take control of our business," stated Jason Totah, president and CEO of Global Transportation Services, Inc. "The team at First Capital really took the time to understand our business and create a financing package that would allow us the maximum working capital to continue on our growth plan."
This transaction was referred to Christopher McKernan in First Capital's Seattle, Washington office and will be serviced by First Capital's ABL Western Region located in Los Angeles, CA and managed by Matthew Grimes.
J D Factors provided the following factoring facilities: $100,000 to a transportation company in Quebec; $400,000 to a transportation brokerage company in Washington; $750,000 to a transportation company in California; $50,000 to a transportation company in Georgia and $50,000 to a transportation company in Florida.
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An affiliate of Atlas Partners has made an equity investment in the Sebastien James Collection, a wholesaler and importer of men's shirts and jackets whose slogan is"Live with passion, dress with purpose."
RedRidge Finance Group and Interlink Capital Strategies announced the capitalization of a new lending joint venture ExWorks Capital, LLC which will offer export trade financing solutions to underserved U.S. exporters and qualified international buyers using ExIm Bank loan guarantees and insurance.
ExWorks Capital, LLC will offer the following services:
Export Trading Company
Many small to medium sized enterprises (SME's) in the U.S. are uncomfortable conducting business internationally and would prefer to outsource this function to an expert. This new joint venture has the ability to handle procurement, logistics, and structuring appropriate trade terms with the foreign buyer. ExWorks Capital can then buy the goods from the U.S.-based SME - ex works -- like any domestic customer and take all the risk in selling it to the overseas buyer.
- Working Capital Financing to U.S. Exporter
Extend revolving lines of credit or transaction specific loans to U.S. exporters comfortably working internationally to assist them in fulfilling overseas purchase orders and/or extend more aggressive terms to their overseas buyers. These asset based loans will provide for advance rates of up to 75% against export purchase orders (i.e., inventory - Raw, WIP, Finished Goods) and up to 90% against accounts receivable from overseas buyers.
- Medium-Term Financing to Overseas Importer
Make loans ranging from two to five years or more to overseas buyers of goods and services from a U.S. exporter. Since the ability to provide financing on capital goods or large transactions is often required to make the sale, the ability to provide this type of financing to the buyer can substantially enhance a U.S. company's ability to compete globally.
Tim Bridgewater, chairman of Interlink stated, "In the past twenty years since founding Interlink, we have aggressively worked with our business partners to expand their markets overseas. With this new joint venture with RedRidge, we are now taking a giant step in becoming the premier solution for small and medium sized businesses to successfully and rapidly expand into international markets."
RedRidge CEO, Randy Abrahams, observed, "Our company has seen a rapid increase in its clientele exporting to multinational operations overseas and ExWorks Capital will assist these SME's in obtaining the necessary working capital to support this growth. RedRidge is confident this is the right time for a dedicated trade finance platform to support U.S. exports, which are on track to significantly increase during this Administration."
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TSL's September
issue is now available!
Click here to begin reading
the International theme issue.
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Click here to view TSL's Deal Table, the industry's official list of ABL & factoring deals compiled by the Commercial Finance Association.
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 Five Things a Client and Transactional Counsel Should Discuss at the Start of a Deal
Leonard Lee Podair, Esq., discusses five things a client and transactional counsel should discuss at the start of a deal (and at least one thing that they should discuss at the end). "The single biggest problem with communication is the illusion that it has taken place."
- George Bernard Shaw As many a self-help book has confirmed, effective communication is a building block for the success of any relationship. Although the interaction between lawyer and client does not mirror other more intimate relationships (e.g., teacher and student, married couples and partners, parent and child), it too is a collaboration that can flourish if the parties understand the needs and expectations of the other and can flounder if communication is inadequate. Set forth below are some of the most important issues to be discussed by counsel and financial institution client, particularly at the inception of a transaction.
Read on...
Author: Leonard Lee Podair, a partner at Hahn & Hessen LLP, regularly represents lenders in secured lending transactions.
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Events Calendar
Upcoming CFA Professional Development Programs and Chapter Events. Please click here to view our entire calendar of events. Conferences/Workshops
October 2, 2013 2:00 p.m. EST October 6 - 9, 2013 New Delhi, India October 8-11, 2013 Goldberg Kohn Chicago, IL October 8-11, 2013 Branch Banking and Trust (BB&T), Winston-Salem, NC 8:30 a.m. October 9-10, 2013 Greenberg Traurig, LLP Chicago, IL November 5-6, 2013 1:00 - 3:00 p.m. EST November 6, 2013 Start time: 2:00 PM November 13-15, 2013 JW Marriott Los Angeles at L.A. Live Los Angeles, CA
September 26, 2013
Happy Hour at 5:00 at Pete's Tavern
Game time: 7:15 p.m.
October 7, 2013
Pine Tree Country Club
Kennesaw, GA
CFA's Houston Chapter and TMA Joint Networking Evening
October 9, 2013
Mo's...A Place for Steaks
Houston, TX
October 10, 2013
Mia Francesca Trattoria
Raleigh, NC
October 15, 2013
Union League Club Chicago
5:00 p.m.
October 17, 2013
The Ritz Carlton Cleveland
CFA's Minnesota Chapter - October Meeting at Fulton Brewery
October 22, 2013
Fulton Brewery, Minneapolis, MN
October 24, 2013
San Francisco, CA October 30, 2013 5:30 p.m. - 8:30 p.m. Hyatt at the Bellevue - PhiladelphiaOctober 30, 2013 Centre Club Tampa, FL
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Email your press releases, company news, and deal announcements to:
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