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Collateral Perfection and Foreclosure of Patents
By R. Marshall Rainey and Harvey Kauget
With the Information Age upon us, the use of intellectual property to secure commercial loans is becoming more commonplace. Rather than fearing this category of collateral, and avoiding the technicalities of identification and perfection, commercial lenders might be well advised to embrace the process, which is actually more precise in some respects than lending against more traditional assets.
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Sensient Technologies Completes a New $450 Million Revolving Credit Facility, With Nine Banks Participating in the Transaction
Bengal Energy Finalizes $25 Million Secured Credit Facility and Announces Redemption of 10% Non-Convertible Notes
TPG Specialty Lending, Inc. Favorably Amends and Extends its Revolving Credit Facility
Vodafone Egypt Negotiating $560 Million Credit Line With a Consortium of Seven Banks; The Participating Banks are Banque Misr, Commercial International Bank, Bank of Alexandria, HSBC, Barclays Bank, Emirates NBD and QNB Bank
Carrizo Oil & Gas Announces Private Offering of $250 Million of Senior Notes Due 2020
MediGain Obtains $38 Million in Growth Capital From Prudential Capital Group
Kareo Secures $15 Million in Mezzanine Debt from Escalate Capital Partners
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BMO Harris Bank's Sponsor Finance group, a leading provider of middle market leveraged finance solutions, announced it is administrative agent, sole lead arranger and sole bookrunner for $65.4 million in senior credit facilities to Bloomer Plastics, Inc., a Huron Capital Partners portfolio company.
Bloomer Plastics is a manufacturer of cast extruded plastic films for use in high performance industrial, medical, and consumer applications, with products custom-engineered for specific customer needs and to support a variety of material blends, colors, sizes, gauges and emboss patterns. Proceeds were used to refinance the existing facility and provide for the acquisition of Optimum Plastics
MB Business Capital, a division of MB Financial Bank, N.A., is pleased to announce it recently provided a $6,000,000 senior revolving credit facility for Houston, TX-based Avantech Testing Services, LLC. The company is a full provider of non-destructive testing (NDT) services and equipment primarily for the oil and gas industry. Avantech NDT service offerings cover the entire oil country tubular goods market consisting of drill pipe, casing and tubing products used in oil and gas production. The NDT services are performed onsite at either the well head (drilling location) or at the mill. Proceeds of the facility were used to refinance existing debt and fund ongoing working capital.
Avantech is a portfolio company of LaSalle Capital (LaSalle), a private equity firm located in Chicago, IL with extensive experience in the lower middle-market. LaSalle currently manages two funds totaling over $330 million in capital. The LaSalle team has deep experience in partnering with management teams to grow and develop small businesses. The firm leverages its industry expertise to provide strategic, financial and operational focus to companies to promote growth organically and through acquisitions.
Presidential Financial, a senior lender which provides working capital, asset-based lending, and term debt, is pleased to announce a recently losed transaction.
An accounts receivable and inventory credit facility, in the amount of $3,000,000 million, was extended to a manufacturer of baked goods in Florida.
Founded in 1981, Presidential has a long history of providing successful lending solutions to growing businesses, offering credit facilities that range from $1,000,000 to $20,000,000 or more. In 2013, Presidential was acquired by MidFirst Bank, making us
one of the strongest and most versatile lenders in the markets that we serve.
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Eastern Bank Corporation completed its acquisition of Bedford, NH-based Centrix Bank & Trust (OTC Bulletin Board: CXBT), creating a $9.5 billion institution serving more than 460,000 consumers and business across eastern Massachusetts, and southern and coastal New Hampshire, Eastern announced today.
The cash transaction was valued at approximately $134 million, or $41 in cash in exchange for each share of Centrix common stock.
"Centrix has served its customers and communities very well over the past 15 years and we look forward to building upon that foundation in New Hampshire," said Richard E. Holbrook, Eastern Bank's chairman and CEO. "Beginning Monday, Centrix customers will enjoy a collection of banking, investment and insurance products and services that were unavailable to them until now."
This weekend, Eastern Bank will convert 10,000 Centrix Bank customer accounts to Eastern and change signs, fixtures and computer systems in six Centrix branches in New Hampshire. After the merger, the combined organization will have 102 retail banking offices and 149 ATMs in Massachusetts and New Hampshire.
RBC Capital Markets acted as financial advisor to Eastern Bank Corporation, and Keefe, Bruyette & Woods, Inc. acted as financial advisor to Centrix Bank & Trust Company and rendered a fairness opinion to the Board of Directors of Centrix Bank & Trust in conjunction with this transaction. Goodwin Procter LLP served as legal counsel to Eastern Bank Corporation and Nutter McClennen & Fish LLP served as legal counsel to Centrix Bank & Trust.
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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
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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