Antero Resources Announces Borrowing Base Increase to $4.0 Billion; The Bank Syndicate, Which is Co-led by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., was Expanded to Add Five Banks Increasing the Number of Participants to 26 Banks  

 

 

 

 

 

 

Range Announces New Credit Facility and Ratings Upgrade
 

 

 

 

 

 

Year-to-Date Venture Capital Dollars Invested Eclipses Total Dollars Invested in All of 2013; Venture Capital Investing in Q3 Down 27% From Q2, but Number of Deals Exceeds 1,000 for the Sixth Consecutive Quarter

 

 

 

 

 

 

 

AlixPartners Welcomes Fernando Oliveros as a Managing Director 

 

 

 

 

 

 

Tall Oak Midstream Secures $100 Million Credit Facility

 

 

 

 

 

Gibraltar proved flexibility of financing in two $3 million private equity-backed deals. Part of being a flexible senior financing group is providing critical, non-dilutive capital to add greater value to all kinds of private equity investments, in all variations of verticals-and all phases of business. Gibraltar regularly secured up to $10 million to support private equity group-backed investments for:

• growth/expansion
• new buyouts
• recapitalization
• fatigued lender replacement
• dividend recaps
• minority investments
• stressed situations

Some recent examples of how its asset-based debt structures can work for private equity group-backed purchases, recapitalizations, sales or turnarounds of all types of small- to medium-sized businesses include: $3 million for  a California distributor of emergency/disaster products. In the midst of turnaround, this private equity group-backed distributor of emergency- and disaster-related products and equipment, including glow sticks, flashlights and lanterns, needed fresh working capital to replace its existing factoring facility. Collaborating with sponsor Highland Capital Partners, Gibraltar provided a $3 million asset-based line of credit to give the company the liquidity needs to succeed.

 

Backed by private equity group Cyprium Investment Partners, a New York-based manufacturer of prepared foods for major national food chains had been operating without a line of credit. Experiencing strong growth, the producer needed fast access to additional working capital to fulfill new customer contracts. Gibraltar created a $3 million asset-based line of credit to boost momentum for this progressive, private equity group-backed business.
In addition, last month Gibraltar secured factoring lines of credit to expand working capital for two diverse businesses: $3.5 million to a publicly traded media applications and digital signage company in Texas, and $200,000 to assist a North Carolina-based commercial fiber optic cable installer. 

 

King Trade Capital (KTC) is pleased to announce the recent funding of a $1 million purchase order finance commitment for a Washington-based designer and importer of specialty cooking tools. After raising some initial capital from family members, this rapidly growing importer started landing a series of increasingly large orders from specialty stores and online retailers. This success created a dilemma for the management team who had to decide whether to raise more equity (which would dilute their ownership stake) or seek alternative financing.
KTC was introduced to the company by a factor to help provide a finance solution. The factor worked to approve the credit of the end customers who were providing larger orders. Sensing a liquidity challenge due to the size of the orders, the factor recommended purchase order financing as a method for the company to pay its overseas suppliers. KTC was brought in to offer a solution that would integrate purchase order financing with the factoring. KTC quickly established a facility that provides financing with an advance rate of 100% of the cost of the required inventory in transit by making payment against documents to the company's overseas suppliers. Funding for the freight, duty, and logistics costs were also provided to cover the complete supply chain finance requirements of the company.
The quick response by KTC, including introduction to a factor with whom an established inter-creditor agreement was already in place, allowed the company to finance the entire supply chain and fulfill immediate orders.  As a result, this enabled the company to be in a solid financial position to substantially increase its business with its growing customer base.
King  Trade Capital (KTC) is the country's oldest and largest independent  purchase order and contract finance company focused on providing  purchase order and contract finance for small to middle-market companies  in the US, UK and Canada. Since 1993 KTC has provided more than $1.5 billion of capital in over 300 public and private companies worldwide. Through our extensive financial resources and our team's expertise, we are able to offer our clients financial, strategic and business development support not available elsewhere. Our focus is centered on building our client companies' profits and creating long term value for equity holders. 

 

Utica Leaseco, LLC is pleased to announce the completion of a refinance and amended lease transaction in the amount of $425,000.00 during the second week of October, 2014.  Utica closed and funded the transaction for a hydraulic lift system manufacturer and vintage gas pump supplier  that is headquartered near Richmond, Virginia.  Utica was able to provide the needed working capital by unlocking the equity that existed in the company's manufacturing equipment and vintage gas pumps.  Utica worked closely with the company, its management and advisory team and was able to close the needed funding on an expedited basis.  Utica relied on the company's equipment as the sole collateral for the transaction. 

 

Utica Leaseco, LLC is pleased to announce the completion of a senior secured loan transaction in the amount of $475,000.00 during the second week of October, 2014.  Utica closed and funded the transaction for a construction and excavating company that is headquartered in Springfield, Ohio.  Utica was able to provide the needed working capital by unlocking the equity that existed in the company's construction and trucking equipment.  Utica worked closely with the company and its management team and was able to close the needed funding on an expedited basis.  Utica relied on the company's equipment as the sole collateral for the transaction.    

 

 

TD Bank, America's Most Convenient BankŪ, has named Stephen M. Metivier as a managing director with the bank's Asset Based Lending (ABL) group. Based in Boston, he will cover the retail sector, focused on building new direct retailer lending relationships by providing the most flexible financing solutions to clients.

Metivier has 23 years of experience in banking and finance, with more than 17 years specializing in lending to retailers. Prior to joining TD Bank, he was with Wells Fargo Capital Finance's Retail Finance Division. Before that, Metivier worked for 12 years in various capacities at GE Capital, where he helped build its Retail and Restructuring group.

"We are very pleased to welcome Steve to TD Bank and we congratulate him on his new role," said Jeffrey Wacker, managing director and head of business development, Asset Based Lending, TD Bank. "Steve brings a tremendous amount of business-building experience. This experience, combined with the investments we're making in our people, products and platforms, will allow us to extend TD's legendary service to more retailer clients."

"I'm thrilled to join TD Bank and continue building its growing retailer lending portfolio," Metivier said. "My dedication to retailers has never been stronger and I look forward to working with TD's ABL team to provide our clients the very best in customer service."

Metivier is a longstanding member of the CFA and TMA and serves on the Advisory Board of the David F. Miller Retailing School at the University of Florida. He is a 1991 cum laude graduate of Northeastern University in Boston.  

Paul Hastings LLP, a leading global law firm, announced that the firm represented Tall Oak Midstream, LLC, an innovative midstream company, in securing a $100 million senior credit facility that may be expanded to $150 million.  The financing will be to support Tall Oak Midstream's subsidiary, TOMPC, LLC and will assist in building-out and expanding its natural gas gathering and processing system in the Central Northern Oklahoma Woodford (CNOW) play.
Five banks participated in the credit facility with Capital One Securities Inc. and Compass Bank acting as joint lead arrangers and Amegy Bank, BancFirst and Bank of Oklahoma serving as additional participants.
This year Paul Hastings has advised Tall Oak in securing more than half a billion dollars in equity and debt capital.  Prior to this debt financing, EnCap Flatrock and Tall Oak's management made an initial $100 million commitment to Tall Oak in February and have since made additional equity commitments totaling $400 million in the aggregate. 
Leveraged Finance partner Michael Chernick, Energy partner Jimmy Vallee and of counsel Lindsay Sparks led the Paul Hastings team, which also included Energy Tax partner Greg Nelson, Kim Hicks, Alexandra Ciganer and Will Mabry.

Paul Hastings' Houston office also recently advised Atlas Pipeline Partners, LP in a $800 million financing, SHD Oil & Gas, LLC in a $200 million financing, Castex Energy 2005, L.P. in a $200 million equity commitment from Riverstone Holdings, LLC, Atlas Resource Partners, LP in the purchase of substantially all of the assets of GeoMet, Inc., NuStar Logistics in a $300 million public offering and Wells Fargo in a $1.5 billion financing for Legacy Reserves LP.

 Paul Hastings LLP also announced that the firm represented UBS Securities LLC, J.P. Morgan Securities LLC, Jefferies Finance LLC, Keybank National Association and Morgan Stanley Senior Funding, Inc. as joint lead arrangers and joint bookrunners and UBS AG, Stamford Branch as administrative agent in connection with a $160 million and €70 million incremental add-on to DPx Holdings B.V.'s credit facility. The proceeds were used primarily for the purchase of Gallus BioPharmaceuticals, LLC, a contract manufacturing company involved in biologics development.
DPx Holdings B.V. is the privately held parent company of the Patheon, DPx Fine Chemicals and Banner Life Sciences businesses. The company is a leading provider of CDMO services, pharmaceutical products and products for other industries.
Leveraged Finance partners Michael Michetti and Joel Simon led the Paul Hastings team, which also included associates Chris Ross, Heidi Spalholz, Sun Kim, Mitch Zuckerman and Yian Huang.
In Thomson Reuters' First Half 2014 League Table the firm ranked second in "U.S. Lender Law Firm Bookrunner M&A." Paul Hastings advised on numerous significant finance transactions in the first half of 2014 including: representing the lenders in the $1.65 billion financing for the acquisition of a majority stake in Royal DSM NV's pharmaceuticals business by JLL Partners ("JLL") through Patheon Inc.; representing the lenders in the $1.3 billion financing of Apollo Global Management's acquisition of CEC Entertainment, Inc.; advising the lenders in the $1.6 billion financing for Media General Inc.'s acquisition of Lin Media LLC; and representing the lenders in the $1.1 billion financing for Accellent Inc.'s acquisition of Lake Region Medical Inc.
 

October 20 - 22, 2014
Otterbourg P.C.
New York, NY 
Start time: 9:00 AM 

November 12-14, 2014
Marriott Wardman Park Hotel
Washington, D.C. 

December 2 - 4, 2014
Buchalter Nemer, P.C.
Los Angeles, CA
Start time: 8:30 AM 

December 2-4, 2014
Los Angeles, CA 

January 15, 2015 - February 15, 2015 

February 10-11, 2015
Mandarin Oriental Hotel
Las Vegas, NV 

 

 

October 22, 2014
Location TBD
Event start time: 4:30 p.m. 

 

CFA's MidSouth Chapter - Skeet Trap and Sporting Clays

Dinner to follow
October 22, 2014
Nashville Gun Club 

Nashville, TN

 

October 22, 2014
Bierhaus NY
5:30 - 8:30 p.m. 

 

LA Food Works
Los Angeles, CA 

 

October 23, 2014 
Charlotte City Club
Charlotte, NC 

 

October 23, 2014

Burns & Levinson
Boston, MA 

 

Save the date!

October 29, 2014

Hyatt  at the Bellevue
Philadelphia, PA

 

CFA's Atlanta Chapter - Educational Lunch: Where are we now and what's ahead?
November 5, 2014
McGuireWoods LLP 

 

November 19, 2014
The Line Hotel
Los Angeles, CA
6:0-8:30 p.m. 

 

November 20, 2014
Lauderdale Yacht Club
Ft. Lauderdale, FL

December 10, 2014
Palm Restaurant
Charlotte, NC

December 11, 2014
Loews Hotel Philadelphia
5;30 p.m. - 8:30 p.m.

December 17, 2014
Town and Country Golf Club
St. Paul. MN