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Exploring Financing Options as Healthcare Reform Unfolds
By Gary Litvak
Among the Affordable Care Act's challenges, healthcare providers must find sources of funding for equipment, technology improvements, and working capital needed to succeed under emerging value- While many opportunities exist for lending institutions to invest, they must be aware of potential pitfalls surrounding reimbursement deductions and penalties.
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National HealthCare Corporation, the Nation's Oldest Publicly Traded Senior Healthcare Company, Renews its $75 Million Line of Credit With Bank of America
Luc Besson's EuropaCorp Arranges $600 Million in Credit Facilities
Magnum Hunter Resources Announces Closing of New Credit Facilities and Refinancing of Prior Revolving Credit Facility
Gamma Medica Secures $11.5 Million in Growth Financing From Leading Specialty Finance Company Hercules Technology Growth Capital
Bibby Financial Services Provides $1 Million Facility for British Columbia Manufacturer
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Crestmark secured a total of $7,397,200 in financial solutions for seven new clients in the first half of October.
- A $622,500 SBA term loan was provided to an independent insurance agent in Texas for acquisition purposes.
- On October 6, a $2,000,000 accounts receivables purchase facility was provided to a book printing and binding service provider in Michigan for working capital purposes.
- A $250,000 accounts receivable purchase facility was provided on October 6 to a Kentucky trucking company for working capital purposes.
- On October 9, an accounts receivable purchase facility and term loan, totaling $525,000, was provided to an Ohio automotive supplier.
- A $2,000,000 accounts receivables purchase facility was provided on October 9 to an importer and distributor of fresh flowers in Florida.
- On October 10, a $630,000 SBA term loan was provided to a hotel franchisee in Florida for refinancing purposes.
- A $1,370,000 SBA term loan was provided on October 10 to a hotel management company in Florida for refinancing purposes.
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Summit Financial Resources is pleased to announce that Andy Disch and Shane O'Grady have joined the firm, both in the role of vice president, business development.
Disch is based in Minneapolis and will represent Summit Financial in the Upper Midwest. He joins Summit from Profitstars, where he served as a business development manager. He has also held business development roles at Carlton Financial Corporation and Northwestern Mutual Financial Network. Disch is an active member of the TMA and ACG and serves as the RMA Young Professionals Co-Chair.
O'Grady is based in Phoenix and will represent Summit Financial in the Southwest. O'Grady joins Summit from First Capital, where he was vice president of development. He has also held business development roles in the M&A, corporate finance, and mortgage industries. O'Grady has a B.S. degree in finance from Arizona State University and is a member of the TMA, RMA, ACG, and Chandler Chamber of Commerce.
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Morrison & Foerster introduced MoFo ReEnforcement, a new blog addressing enforcement matters affecting the financial services sector. The blog can be found at http://www.moforeenforcement.com/ or on Twitter at @MoFoReEnforce.
Since the enactment of the Dodd-Frank Act and the birth of the Consumer Financial Protection Bureau (CFPB), financial institutions and non-bank financial services companies have been under increasing regulatory scrutiny. MoFo ReEnforcement provides news and commentary on enforcement matters, including actions taken by federal regulators, such as the CFPB and the Office of the Comptroller of the Currency (OCC), as well as actions taken by state agencies, such as the New York Department of Financial Services and state attorneys general.
The blog is co-edited by David Fioccola and James McGuire, partners and co-chairs of the firm's financial services litigation practice group, and James Bergin, financial services litigation partner.
"We've conceived MoFo ReEnforcement as a resource for financial services companies to stay current with enforcement trends," said Fioccola, co-chair of MoFo's financial services litigation practice.
McGuire, co-chair of MoFo's financial services litigation practice, added: "With enforcement targeting the financial sector at record levels, it seemed the right time to launch a fresh platform for helping clients keep a running account of trends and key developments. We're hoping that MoFo ReEnforcement will be a compelling and useful resource for professionals across the industry, including those charged with compliance, operations, and legal affairs."
Morrison & Foerster advises leading U.S. financial services firms in all aspects of their global operations, including the changing arena of privacy and data breach laws. The firm also counsels non-U.S. financial institutions on compliance with regulatory matters in the United States.
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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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The Five Most Common Misconceptions About Credit Insurance
By Marc D. Wagman
Why has it taken more than one century for credit insurance to become more widely used by American chief financial officers and credit professionals?
It's primarily due to the fact that there are a number of typical misconceptions about this type of credit risk mitigation strategy.
The practice of insuring commercial accounts receivables against default has existed in the United States for more than 120 years. In fact, like many technological and financial innovations implemented by companies globally, credit insurance was invented in the United States. Yet as a risk mitigation strategy undertaken in the normal course of business, its usage by American companies pales in comparison to corporations in Western Europe. Easily 1/3 of European corporations of all sizes have credit insurance. In the United States, it's fewer than 1 in 10, but has grown from 1 in 50 companies since the early 1990s.
Why is that?
In order to understand the phenomenon behind this trend, we need to debunk the most common prevailing myths concerning the concept of credit insurance. Regardless of where they reside, those executives who aren't aware of recent market developments often say, "I'm ruling out credit insurance because...."
I. "...we must insure our entire portfolio of customers"
From the early 1890s until the mid-1990s, the U.S. marketplace had at most five or six insurance underwriters. In the last 20 years, that number has swelled to at least 13 insurers, excluding the United States Export Import Bank. During the U.S. market's first century as an oligopoly, companies were usually obliged to cover their entire customer base in order to obtain coverage. However, in recent years, underwriting guidelines in this respect have become much more flexible, particularly with the entry of several new underwriters. With a far more competitive marketplace, underwriting standards have now evolved to the point where companies can elect to insure only specific customers or even just one customer. Insureds can now request coverage on their customers based upon a much wider range of selection criteria such as those buyers within a certain subsidiary, division, size range, distribution channel and yes, even credit quality.
Read on...
Author:
Author: Marc D. Wagman is the Managing Partner of Aequus Trade Credit, an expert specialty broker of credit protection products ranging from traditional credit insurance to political risk insurance and credit derivatives. With more than 20 years of experience in credit risk mitigation, the capital markets and commercial finance, Marc is a nationally recognized leader in his field. Prior to joining Aequus in 2003, Mr. Wagman was Vice President-Sales for Euler Hermes ACI in New York where he concentrated primarily on export-oriented companies. In the early 1990s, he sourced trade claims and sold receivable puts for Avenue Capital, a New York City based hedge fund.
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Company: National Bank of Canada
Title: Market Risk Manager (VP Level)
Location: New York, NY
Company: Jefferies & Company, Inc.
Title: Jefferies Finance Asset Management Senior Analyst
Location: New York, NY
Company: Jefferies LLC
Title:
2. Jefferies Finance Asset Management Analyst
Location: New York, NY
Company: JP Morgan Chase
Title:
Commercial Bank - ABL Sr. Field Exam Associate
Location: Irvine, CA
Company: Comerica Bank
Title: Vice President Asset Based Lending Regional Field Exam Manager
Locations: San Jose, CA and Costa Mesa, CA
Company
PNC
Title: Field Examiner II
Locations: Multiple locations through the U.S.
Company Business Capital Title: Business Development Officer, Regional VP
Locations: San Francisco; LA/Orange County;
NYC Metro, NY, NJ or CT; New England, MA or NH; Midwest, Chicago
Company Eaglewood Capital Management LLC
Position Title: Investor Relations Manager
Location: New York, NY
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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
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
March 2- 4, 2015
Fontainebleau Miami Beach
April 27- 29. 2015
Bank of America Merrill Lynch UK
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 Save the date!
CFA's California Chapter - Young Professionals Group Event
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
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Email your press releases, company news, and deal announcements to:
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The views expressed in TSL Express' featured article are solely the views of the author and do not represent the views or position
of the Commercial Finance Association.
Commercial Finance Association ADVERTISING INFO.
370 Seventh Avenue, Ste. 1801 Interested in advertising?
(212) 792-9390 Contact Elizabeth Denworth or James Kravitz at CFA at
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