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Capmark Financial Group Inc. Announces Closing of Bluestem Acquisition
Walton Edgemont Development Corporation Enters into New Credit Facility Related to Woodhaven Project
KKR to Offer €235 Million Credit Facility to Amtek
Fifth Street Provides Senior Secured Financing Facility to Support Refinancing of Idera, Inc. by TA Associates
Wells Fargo Extends the Most SBA Loan Dollars for Small Businesses in 2014
Banks Face 25% Loss Buffer as FSB Fights Too-Big-to-Fail
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TCF Capital Funding (TCFCF), the Chicago-based cash flow and asset-based lending division of TCF National Bank (TCF Bank), announced that it provided $18.5 million of secured financing to support the refinance of Rostra Precision Controls, Inc. (Rostra or the Company) and the add-on acquisition of Vehicle Safety Manufacturing (VSM) to Rostra's Accessories Division. Rostra is an existing portfolio company of Detroit based, Superior Capital Partners, LLC.
Rostra Precision Controls, Inc. is headquartered in Laurinburg, NC and provides a diverse array of automotive powertrain and functional electronic accessory components with applications in the repair, aftermarket, and OEM channels. VSM is a Newark, NJ based manufacturer of turn-signal switches and lighting products that are sold primarily to the heavy duty market.
"The acquisition of VSM expands the product lineup in Rostra's electronic accessories business and provides a meaningful presence in the heavy duty truck OEM and aftermarket channels" said TCF Capital Funding vice president Dan Delgadillo. He added, "The TCF Capital Funding team is excited to support Superior Capital Partners and company management in this accretive acquisition".
Utica Leaseco, LLC is pleased to announce the completion of a three-way participation senior secured loan transaction during the first week of November, 2014. Utica's portion was $4,000,000.00. Utica and its partners closed and funded the secured loan for a major scrap processing company that is headquartered in the Chicago, IL area. The group was able to provide the needed working capital by unlocking the equity that existed in the company's scrap processing and rolling stock equipment. Utica worked closely with two other participants to provide a total of twelve million dollars in funding for the company. The funding group also worked closely with the borrower, their management team and their advisors and was able to close the loan on an expedited basis. Utica and its partners relied on the company's equipment as the primary collateral for the transaction.
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SunTrust Robinson Humphrey (STRH) continues to expand its national presence and capabilities with the addition of nine highly-respected veterans, who bring more than 100 years of combined experience delivering financial solutions to business and corporate clients. These new hires enhance STRH's ability to deliver a comprehensive suite of banking solutions to middle-market businesses and corporate clients in its San Francisco, Los Angeles, Houston, Boston and New York corporate banking offices.
"As we continue to expand our corporate banking capabilities nationally, these seasoned veterans exemplify the team we are building," said Brian Peters, head of national corporate banking at STRH. "Their wealth of knowledge complements our strong STRH foundation and enhances our ability to deliver industry-specific expertise and high-quality, differentiated service to clients nationwide."
John McCracken, Sugeet Madan, Aaron Eichler and Kevin Lowe have joined the San Francisco-based Western corporate banking team. A 25-year veteran, McCracken joins STRH as a managing director from US Bancorp, where he led the bank's western region banking division for five years. Madan brings more than 22 years of experience in banking to her role as managing director, having previously worked at Bank of America/Nations Bank in a variety of different marketing and credit assignments. Eichler joins SunTrust from Bank of America Merrill Lynch, where he was a client manager and senior vice president. Lowe joins as a director, having spent the past seven years at Bank of America Merrill Lynch, where he served as a director with the bank's global industrials investment banking group.
Erik Velastegui and Deborah Ironson Katz have joined the Los Angeles Western corporate banking team. Velastegui joins as managing director, having previously worked at BBVA Compass, where he served as a client manager focused on building out their presence in Southern California for the past three years. Ironson Katz brings more than 25 years in corporate banking experience to STRH, eight of those years with a focus on mid-cap companies.
Mike Chryssikos will serve as a managing director in the Southwest Region with a primary focus in Houston. Chryssikos has spent nearly 18 years in banking, with 16 years at Bank of America Merrill Lynch and its predecessor organizations.
Will Rowe joins STRH as a managing director in the Boston-based Northeast Region. Rowe has spent nearly 20 years in banking, predominantly at Bank of America Merrill Lynch and its predecessor organizations, most recently at RBS Citizens.
David Nackley joins STRH as a managing director in the New York-based Northeast Region. Nackley brings more than 25 years of banking expertise to STRH, most recently serving as managing director, group executive industry banking and capital markets at RBS Citizens.
"We are pleased to add these experienced individuals to our team," said John Gregg, head of SunTrust Corporate and Investment Banking. "Our breadth of capabilities is attractive to corporate bankers, as STRH expands to deliver tailored solutions to our clients in these markets."
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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: 3W Inc.
Title: Senior Field Examiner
Locations: Dallas, TX and Houston, TX
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.
November 20, 2014
11:30 a.m. - 1:15 p.m.
Lauderdale Yacht Club
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
March 10-12, 2015
Location TBA
Dallas, TX
March 10 - 12, 2015
Location TBA
Dallas, TX
April 7 - 9, 2015
Location TBD
April 27- 29. 2015
Bank of America Merrill Lynch UK
Harry Buffalo Orlando, FL November 19, 2014 The Line Hotel Los Angeles, CA 6:00-8:30 p.m.
18 Seaboard Raleigh, NC 11:30 a.m. - 1:30 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
Hilton Newark Penn Station
Newark, NJ Start time: 6:00 p.m.
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Email your press releases, company news, and deal announcements to:
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