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BB&T to Acquire Susquehanna Bancshares in a Cash and Stock Transaction for Total Consideration Valued at Approximately $2.5 Billion; This Acquisition Will Significantly Expand BB&T's Footprint in the Mid-Atlantic Region and Improve its Ranking to #5 in Maryland
Patrick Industries, Inc. Enters Into a Fifth Amendment to its Current Five-year $125 Million Revolving Secured Senior Credit Facility, With Wells Fargo Bank, National Association as the Agent and Lender and Fifth-Third Bank as Participant; The Fifth Amendment Expands the 2012 Credit Facility to $165 Million and Adds Key Bank as a Participant
Monroe Capital Provides $30 Million Credit Facility to Diagnostic Services Company
Deloitte Names William K. Snyder U.S. Restructuring Services Leader
Flowonix Medical Inc. Obtains Debt and Equity Financing Totaling Approximately $40 Million; Transaction Includes $20 Million in Equity Investment, Led by a Private Equity Fund Managed by Elevage Capital Management, LLC
Monroe Capital Corporation Announces Record Third Quarter 2014 Financial Results
Vastned Retail Signs 300 Million Euro Five-year Syndicated Credit Facility; ING Bank Acted as Coordinator and Facility Agent
GasLog Partners LP Announces That the Partnership's Vessel Owning Subsidiaries Have Signed the Previously Announced $450 Million Credit Facility to Refinance the $486.7 Million Outstanding Under the Partnership's Existing Three Credit Facilities; Lenders and Arrangers are Citibank, N.A., London Branch, Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB and BNP Paribas
Champion Manufacturing, a Portfolio Company of Levine Leichtman Capital Partners, Completes a Dividend Recap; Madison Capital Funding Provides a $24 Million Senior Credit Facility for the Transaction
Youngevity International (YGYI) Launches Global Banking Platform with Wells Fargo Bank and Establishes $2.5 Million Revolving Line of Credit
Schulte Roth & Zabel LLP Announces Addition of M&A Attorney Frank P. Steinherr
Advanced Energy Capital Signs Financing Deal with Power Island Energy to Provide $10 Million in Funding for Standby and Backup Generator Installations in New York State
Aerospace Suppliers Ramping Up To Meet Surging Orders, Says GE Capital
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GE Capital's Franchise Finance business announced that it has provided a $95 million senior credit facility to JIB Management, Inc. A portion of the funding was provided by GE Capital's bank affiliate, GE Capital Bank. GE Capital Markets acted as sole lead arranger and bookrunner and City National Bank was co-documentation agent.
JIB will use the majority of the funds to refinance existing debt. It will use the remainder to acquire and develop new El Pollo Loco restaurants in the San Antonio and Houston markets, and to develop Corner Bakery restaurants in the Las Vegas and Seattle markets.
Based in Fremont, CA, JIB is the largest domestic Jack in the Box franchisee with 221 restaurants, which amount to about 10% of the system's units. It also operates 35 Denny's restaurants, and six Sizzler restaurants.
"I'm grateful to GE Capital for helping finance my company's expansion into two new brands to further diversify our operations," said Anil Yadav, JIB's founder. "Working with an experienced lender means I have a financial resource that really understands my business."
GE Capital has had a relationship with JIB since 2003.
"JIB's executive management team has a wealth of combined operating experience and a solid history of acquisitions and restaurant development," said Trey Brown, sales leader of GEFF. "We're pleased to see a long-time customer growing and thriving."
The transaction was originated by Todd Cortell, a senior vice president with GEFF responsible for restaurant financing in the West region.
LBC Credit Partners (LBC), a leading provider of financing solutions to middle market companies, agented a senior secured term loan to support the recapitalization of Anexinet Corporation (Anexinet or the Company), a portfolio company of Marlin Equity Partners (Marlin). Proceeds will also be used to fund the continued growth of the Company.
LBC Credit Partners was sole lender for the transaction.
Anexinet specializes in application development, business intelligence, infrastructure services, mobility, project management, managed services, and cloud hosting services in the Mid-Atlantic and Northeast region. They serve approximately 150 clients in a variety of industries including healthcare, insurance, utilities, manufacturing, financial services, and others.
Marlin is a global investment firm with over $3 billion of capital under management, and has an extensive and successful track record in the technology industry. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthens a firm's outlook and enhances value.
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Capital One Bank announced it has added experienced local banker Jim Vineyard to its Middle Market Banking team serving Fort Worth. A senior vice president, Vineyard has 13 years of banking experience.
Vineyard previously worked for PlainsCapital Bank in Fort Worth and, before that, American State Bank, in Lubbock.
"Jim brings a wealth of middle market banking experience and knowledge, and his deep understanding of Tarrant County will benefit our clients," said Mike Barber, Capital One Bank's Fort Worth Area President.
A Lubbock native, Vineyard received his bachelor's degree in finance at Texas Tech University. He also is a graduate of the Southwestern Graduate School of Banking at Southern Methodist University.
Vineyard is active in the community, serving on the board of the Amon G. Carter, Jr. Downtown YMCA and the Ronald McDonald House of Fort Worth.
Capital One Bank operates 166 branches in Texas and is the 10th-largest bank in the state based on deposits.
Capital One Bank's Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services, including: loans and deposit accounts, treasury management services, merchant services, investment banking, and international services.
CapitalPlus Equity, a factoring company specializing in commercial construction, has provided a revolving factoring facility for $22,000 to a contractor doing an apartment remodel in the Midwest. 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.
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Salus Capital Partners, LLC, a private commercial finance and asset management company providing senior-secured asset-based loans to the middle market, celebrates its third anniversary this month.
Established in November 2011 as a subsidiary of Harbinger Group Inc. (NYSE: HRG), Salus was founded with the mission to provide transformational lending ideas that afford borrowers the greatest opportunity to focus on the future of their business. Since inception, Salus has provided more than $1.5 billion in loan commitments to over 55 companies in the U.S. and Canada for purposes including traditional working capital, emerging growth capital, re-capitalizations, M&A transactions, DIP financing and middle-stage turnarounds.
Salus Capital has grown from five co-founders to a team of over 45 committed and experienced professionals. Salus has also earned numerous accolades over the three years, including recognition for industry leadership, successful restructurings and reorganizations, notable consumer, retail, and manufacturing financings, and distinguished M&A transactions.
"I am incredibly proud of the inspired alternative to traditional asset-based lending we've created at Salus," said Andrew H. Moser, co-founder, president and CEO at Salus Capital. "Borrowers want viable solutions offering increased liquidity and timely access to decision makers. We've redefined the lending relationship through our Listen, Learn, Lend™ philosophy, which ensures Salus and borrowers have aligned interests and are vested in each other's long term success."
"We see a progressively developing pipeline of opportunities, from healthy companies seeking growth capital to distressed companies in turnaround situations," said Marc S. Price, co-founder, executive vice president, Loan Originations and Corporate Strategy at Salus Capital. "Our entrepreneurial platform, coupled with a leadership team that has worked together for almost 25 years, provides prudent and consistent decision-making that we believe has Salus well positioned for years ahead."
Market conditions and regulatory developments, such as the implementation of Basel III, will also continue to increase the opportunity for non-bank lenders to fill the financing void created by the ever-growing dislocation of capital across the market.
"With multiple sources of strategic investor capital in place to provide long-term scalability, the firm is well prepared to continue its growth trajectory in 2015 and beyond," added Moser.
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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
November 19, 2014 Ormsby's Atlanta, GA 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 19, 2014 Dallas Country Club Dallas, TX 6:30 p.m. - 9:00 p.m.
Weinstein Spira & Co. Houston, TX November 20, 2014 Lauderdale Yacht Club Ft. Lauderdale, FL
December 4, 2014
December 4, 2014 UNDERGROUND Chicago, IL
December 9, 2014 The Yale Club of New York
New York, NY
5:30 p.m. - 9:30 p.m.
December 10, 2014 Sheraton Universal Hotel Start time: 5:30 p.m.
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
January 27, 2015 The Pleasantdale Chateau West Orange, NJ 6:00 p.m. - 9:00 p.m.
Hilton Newark Penn Station
Newark, NJ Start time: 6:00 p.m.
February 18, 2015 Location: TBA 4:30 - 7:30 p.m.
March 12, 2015New York Hilton, Grand BallroomNew York, NYCocktail Reception: 5: 00 p.m.Dinner: 6:45 p.m.
Golden Valley Golf and Country Club
Golden Valley, MN 4:30 p.m. - 7:30 p.m.
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Email your press releases, company news, and deal announcements to:
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