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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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Commercial real estate investment banking firm George Smith Partners arranges $95 million construction financing for development partners The Robert Green Company and Montage Hotels & Resort
Lundin Mining Announces Closing of $1.0 Billion of Senior Secured Notes
RatPac Entertainment Secures $150M Credit Line To Support Warner Bros Films; Bank of America Merrill Lynch led the Campaign to Back the $150 Million Credit Facility
Coface Country Risk Update: Slow But Sure Recovery in the Eurozone; Political and Financial Instability in Large Emerging Countries
Empiric Student Property signs 35.5 mln STG loan facility with RBS
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CapitalPlus Equity, a factoring company specializing in commercial construction, has provided a revolving factoring facility for $66,000 to a general contractor doing work for commercial clients located in California.
CapitalPlus Equity assists construction companies with their cash flow needs by providing invoice factoring and asset based financing services. CapitalPlus Equity has extensive experience providing factoring services to general contractors and subcontractors across various trades.
Monroe Capital LLC today announced it acted as sole lead arranger and administrative agent on the funding of a $20 million senior credit facility to support the growth of Cytovance Biologics, Inc. ("Cytovance") by private equity sponsor, Great Point Partners.
Based in Oklahoma City, Oklahoma, Cytovance is a contract manufacturing organization ("CMO") of mammalian and microbial biologics. The company works with biotechnology and pharmaceutical companies in the development and manufacturing of proteins, antibodies, and cell-based therapeutic products. Cytovance supports its customers from clinical development to commercial launch in domestic and international markets.
This transaction is representative of Monroe Capital's extensive capabilities in its healthcare vertical.
About Monroe Capital
Monroe Capital LLC is a leading provider of senior and junior debt and equity co-investments to middle-market companies in the U.S. and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. Monroe is committed to being a value-added and user-friendly partner to owners, senior management and private equity sponsors. Monroe has been recognized by Global M&A Network as the 2013 Small Mid Market Lender of the Year and by Private Debt Investor as the 2013 Unitranche Lender of the Year. To learn more about Monroe Capital LLC, visit www.monroecap.com.
Crystal Financial Announces Investment in RLJ Entertainment:
$26.5 million first out term loan
RLJ Entertainment, Inc. is a premier independent owner, developer, licensee, and distributor of entertainment content and programming in North America as well as the U.K. and Australia. They offer over 5,300 titles in multiple formats including broadcast television, DVD, Blu-Ray, digital download, and digital streaming. The Company also owns a significant stake in Agatha Christie Limited that manages the intellectual property and publishing rights of her works including the popular stories of iconic sleuths Miss Marple and Poirot.
The Company sought a more flexible debt facility - particularly in the area of scheduled amortization. Crystal played a leading role in providing a comprehensive solution to meet this core objective. The Company can now utilize their cash flow to acquire new content as well as expand their video-on-demand services.
BMO Harris Bank's Sponsor Finance group, a leading provider of middle market leveraged finance solutions, announced it was sole lead arranger, sole bookrunner and is administrative agent for senior credit facilities to Kettle Cuisine, LLC, an Arlon Group portfolio company.
Kettle is an artisan maker of refrigerated and frozen premium quality, all natural soups. Kettle produces more than 70 varieties of soups, which are sold into the foodservice and retail channels in the United States and Canada.
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To meet the growing demand for financial services from middle-market companies in Louisiana - ranked as the state with the No. 1 Best Business Climate in the USA -- Wells Fargo & Company (NYSE: WFC) announced today that Kathryn Broussard and Byron Kives have joined its Commercial Banking team in New Orleans.
Broussard brings 30 years' commercial banking experience in Louisiana to her new role as senior vice president and senior relationship manager. Kives, a veteran of 22 years' commercial banking and corporate finance, now leads Wells Fargo credit and risk management statewide as senior vice president and loan team manager.
"Kathy and Byron represent the very best of banking in Louisiana," said Doug Kilton, head of Commercial Banking for Wells Fargo in Louisiana. "Kathy has an unsurpassed reputation for developing strong relationships with clients, and Byron's broad leadership experience is invaluable as Wells Fargo continues to expand across Louisiana."
Wells Fargo opened its Regional Commercial Banking Office, which has substantial local lending authority, in New Orleans three years ago. Since then, the company's Commercial Banking portfolio here has experienced consistent double-digit growth, Kilton said. "Having Kathy and Byron join our team is testament to Wells Fargo's ability to engage best-in-class bankers to help our customers meet their financial goals."
Since 2002, Broussard had served as senior vice president and senior banker in middle market banking for JPMorgan Chase. Before that, she held leadership positions at Hibernia National Bank and First National Bank of Commerce. Broussard earned a bachelor's degree in business administration from Louisiana State University and serves on the Success Preparatory Academy board of directors.
Kives most recently served as vice president and senior underwriter for commercial banking at JPMorgan Chase. He also has worked at Hibernia National Bank and Bank One, Louisiana, in New Orleans. Throughout his career, Kives has overseen and managed risk for multibillion dollar credit portfolios, while building and leading skilled underwriting teams. Kives earned his bachelor's degree in English and a master's degree in business administration (finance) from Louisiana State University.
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CIT Group Inc. (NYSE: CIT), a leading provider of commercial
lending and leasing services, today reported net income of $515 million, $2.76 per diluted share, for the third quarter of 2014, compared to net income of $200 million, $0.99 per diluted share, for the year-ago quarter.
Income from continuing operations for the third quarter was $515 million, $2.76 per diluted share compared to $193 million, $0.96 per diluted share in the year-ago quarter. Net income for the three month period ended September 30, 2014 included a $375 million, $2.01 per diluted share, income tax benefit associated with the
partial reversal of the valuation allowance related to the U.S. Federal deferred tax asset.
Net income for the nine month period ended September 30, 2014 was $879 million, $4.59 per diluted share, compared to $546 million, $2.70 per diluted share, for the period ended September 30, 2013. Income from continuing operations for the nine month period ended September 30, 2014 was $826 million, $4.31 per
diluted share, compared to $521 million, $2.58 per diluted share for the period ended September 30, 2013.
Net income for the nine month period ended September 30, 2014 also included the $375 million, $1.96 per diluted share, income tax benefit associated with the previously mentioned partial reversal of the tax related valuation allowance.
"Our core businesses achieved solid financial performance this quarter as we made further progress
in positioning CIT for future success," said John Thain, Chairman and Chief Executive Officer. "We advanced
our bank strategy through our announced acquisition of OneWest Bank, grew our earning assets, completed
the acquisition of Direct Capital and made progress exiting our non-strategic portfolios. As we look towards
2015, we will continue to focus on enhancing shareholder value by growing our franchises, expanding CIT Bank, achieving our profitability targets and returning capital to our shareholders."
Click here for the full report
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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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