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Utz Brands announced the closing of its term loan refinancing. Bank of America, Goldman Sachs and Credit Suisse acted as Joint Bookrunners and Joint Lead Arrangers on the New Term Loan. Bank of America is the Administrative Agent. As part of the refinancing, in December 2020 Utz also increased the size of its ABL revolving credit facility due 2024 from $116 million to $161 million.Initially contemplated as a $310 million add-on to the existing Term Loan B due 2024, following robust investor Read Story

January 21, 2021 @ 08:33 AM

Wingspire Capital provided a $50 million senior secured revolving credit facility to Vantage Mobility International (“VMI”), a leading manufacturer of wheelchair accessible vans with in-floor ramp systems.VMI is using the proceeds to finance its inventory of vans purchased from original equipment manufacturers and fund its normal working capital cycle.“Wingspire is proud to support VMI who, with genuine care for the disabled community, manufactures products that provide their customers with Read Story

Field Under: Manufacturing
January 21, 2021 @ 08:26 AM

Peapack-Gladstone Bank announced the appointment of Maureen O’Hara, Senior Managing Director, Commercial Private Banker, Commercial & Industrial (C&I). Headquartered in the Bank’s Teaneck location, Ms. O’Hara is responsible for growing a portfolio of commercial clients in the Bank’s markets and providing customized solutions through personal client service in the Commercial and Industrial (C&I) business. O’Hara has extensive financial services experience in the acquisition, management and growth Read Story

January 21, 2021 @ 08:15 AM

Wells Fargo Bank closed a $10 million revolving credit facility for Qumu Corporation, a leading provider of cloud-based enterprise video technology for organizations of all sizes. The revolving credit facility availability is determined by recurring revenue, and has a maturity date of January 15, 2023.“This new credit facility enhances our financial flexibility, further supporting our ability to prudently invest in growth opportunities and manage working capital,” said Dave Ristow, Qumu Chief Read Story

Field Under: Technology
January 21, 2021 @ 08:05 AM

AVEO Oncology announced that it has received a commitment letter for an incremental $10 million loan from Hercules Capital and its affiliates, to be added to the current tranched, $35 million debt facility secured with Hercules in August 2020 through an amendment to the amended and restated loan and security agreement. Terms of the facility would remain otherwise unchanged from the Loan Agreement, with the loan bearing a maturity of 36 months, extendable up to 48 months, and an interest-only Read Story

Field Under: Medical
January 21, 2021 @ 08:00 AM

Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $8,500,000 to Ice Air, LLC. The credit facilities will refinance the company’s existing debt as well as provide working capital to further expand and support the Company’s future projected growth. Located in Mount Vernon, NY, Ice Air is a developer and manufacturer of a wide variety of HVAC equipment used in new construction and retrofit/replacement applications. Established in 2003, the Company Read Story

Field Under: HVAC
January 21, 2021 @ 07:57 AM

Encina Business Credit provided a $35 million senior secured revolving credit facility to a retailer.The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing facility. Encina’s demonstrated track record in the retail industry, provided the borrower confidence that its business needs would be met.   Read Story

Field Under: Retail
January 21, 2021 @ 07:39 AM

Amerisource Business Capital closed and funded a $1,000,000 senior credit facility for a Texas based healthcare staffing firm. The proceeds were used to refinance the Company’s prior lender and to provide additional growth capital.  Allison Billings Regional Market Manager for Amerisource, stated, “This client was brought to Amerisource by its private equity sponsor. The Company has been experiencing rapid growth over the past several years, and the pandemic has further accelerated that growth.  Read Story

Field Under: Staffing Services
January 21, 2021 @ 07:30 AM

White Oak Commercial Finance announced it provided a $50 million asset-based credit facility to a leading, U.S-based digital media & advertising company to support its continuing growth.The transaction was structured against the company’s accounts receivable, and the proceeds will be used to finance its growth and capex spending while improving its liquidity and working capital position.White Oak’s Managing Director, David Montiel stated, “The company was looking for a long-term financing Read Story

Field Under: Media
January 20, 2021 @ 08:00 AM

Synalloy Corporation entered into a new, four-year revolving credit facility that provides up to $150 million of borrowing capacity. The new facility was provided by BMO Harris Bank, N.A. as Agent and sole lender.The new facility matures on January 15, 2025 and replaces and terminates the previous $100 million revolving facility that was scheduled to mature on December 21, 2021 and the $20 million term loan facility scheduled to mature on February 1, 2024. “This refinancing expands Synalloy’s Read Story

Field Under: Specialty Industries
January 20, 2021 @ 07:51 AM

Moritt Hock & Hamroff announced that Jill T. Braunstein, formerly counsel of the firm, has been elevated to partner, that Brian P. Boland and Christine H. Price, formerly associates of the firm, have each been elevated to counsel, and that Stephen Breidenbach, formerly an associate of the firm, has been elevated to assistant general counsel-technology, effective January 1, 2021.Marc L. Hamroff, managing partner of MH&H, said, “As we all continue to navigate through these challenging economic Read Story

January 20, 2021 @ 07:30 AM

Assembled Brands closed a new $4 million revolving line of credit with Hammitt, a premium line of handbags and accessories that's a beloved favorite among retail partners and digital shoppers alike. Through this partnership, the LA-based company will further extend their marketing efforts and continue to expand their inventory assortment. The team at Assembled Brands provides working capital, business insights and an unrivaled network to meet the unique needs of emerging businesses that face Read Story

Field Under: Apparel
January 20, 2021 @ 07:30 AM

Porter Capital funded a $20 million facility in just three weeks. The client is a publicly-traded company who specializes in manufacturing machine tools and machines. The company sought a $20,000,000 line to be drawn down to enhance the balance sheet before year-end.To meet their auditing guidelines and accomplish its balance sheet objectives, the facility had to be a true non-recourse facility. Porter Capital was introduced about two weeks later than a competitor already reviewing the Read Story

Field Under: Manufacturing
January 20, 2021 @ 06:15 AM

Versant Funding announced it has funded a $1.2 million non-recourse factoring facility to a distributor serving the academic and commercial medical research communities. This company required a quick infusion of cash as a bridge to a planned capital raise. The existing investors were unwilling to contribute additional equity into the business, so they looked to factoring as a non-dilutive alternative to generate the cash needed until the capital raise was complete.“Versant’s offering was an Read Story

Field Under: Distribution
January 20, 2021 @ 06:00 AM

  Gerber Finance provided an $11 million line of credit to a prominent Brooklyn-based real estate holding company. This is the second deal under Gerber Finance’s new Gerber+ division that services businesses seeking funding ranging from $10 to $25 million.?? The real estate holding company selected Gerber Finance for its fast and flexible structure and hands-on partner approach. The company will be leveraging the funding to take advantage of new opportunities. The deal closed within two weeks Read Story

Field Under: Real Estate
January 19, 2021 @ 08:17 AM