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Stifel Financial Corp. and Korea Investment & Securities Co., Ltd. (KIS), a subsidiary of Korea Investment Holdings, announced the formation of a substantial leveraged lending joint venture, SF Credit Partners.Concurrently, Stifel and KIS have entered into a strategic collaboration, by which each firm will build on the other’s broad capabilities and regional market expertise. Both the strategic collaboration and the joint venture are subject to pending regulatory approvals.“Over the past several Read Story

Field Under: Private Equity News
September 28, 2022 @ 08:08 AM

CIT, a division of First Citizens Bank, announced that its Healthcare Finance business served as lead arranger of $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals. The buyer is a joint venture directed by an affiliate of Rethink Healthcare Real Estate, formerly Seavest Healthcare Properties. Each property within the portfolio is branded Baylor Scott & White Emergency Hospital. The assets encompass a total of 189,385 of rentable square feet, which is fully Read Story

Field Under: Healthcare
September 28, 2022 @ 08:00 AM

H.I.G. Capital announced that Managing Directors Michael Mestel and Steven Schwartz have been promoted to Co-Heads of H.I.G. Realty Credit Partners. H.I.G. Realty Credit Partners has originated over $3 billion of loans in 33 investments since its inception.Mestel has over two decades of real estate lending experience. He has been at H.I.G. for almost 5 years, and in his most recent role served as Head of Origination for the Realty Credit Partners platform. Prior to that, Mestel was a Principal Read Story

September 28, 2022 @ 07:58 AM

Wingspire Capital provided a revolving loan facility in concert with a larger asset-based credit facility with WhiteHawk Capital Partners to trading card investment platform PWCC Marketplace, LLC and certain affiliates  to create further liquidity for its expanding commercial financing business.  Founded in 1998, PWCC is a leader in trading cards and collectibles as it empowers investors to realize value in an emerging collectible sector.  PWCC is using the proceeds to offer a menu of capital Read Story

Field Under: Specialty Industries
September 28, 2022 @ 07:50 AM

VerifyMe entered into a new debt facility with PNC Bank and repaid all outstanding principal and interest on the promissory note issued in connection with the PeriShip acquisition.The new debt facility includes a $1 million revolving line of credit with a term of one-year, expiring in September 2023. The revolving line of credit has no scheduled payments of principal until maturity, and bears interest per annum at a rate equal to the sum of Daily SOFR plus 2.85%. The debt facility also includes Read Story

Field Under: Technology
September 28, 2022 @ 07:39 AM

Ascend Capital Group has promoted Douglas (“DJ”) Palmer to Managing Director and Thien Van Tran to Director. “We are incredibly proud of the talent that we cultivate at Ascend,” said Eric Parekh, Managing Director at Ascend. “These promotions represent the dedication, focus, and hard work that every individual brings to their roles, as well as the upward trajectory of growth and success we’ve seen over the past few years which they helped drive.” DJ has nearly 15 years of experience in global Read Story

September 28, 2022 @ 07:30 AM

SMBC, a member of SMBC Group, led and closed a $1.28 billion financing for QTS Realty Trust, LLC (“QTS”) to design and construct a new state-of-the-art data center campus. SMBC acted as the Sole Coordinating Lead Arranger, Sole Bookrunner, Green Loan Coordinator, and Administrative Agent.The transaction is in addition to a June 2022 financing for a separate data center campus for QTS. For this transaction, SMBC also served as Sole Coordinating Lead Arranger, Sole Bookrunner, Green Loan Read Story

Field Under: Real Estate
September 28, 2022 @ 07:27 AM

Wildpack Beverage, a U.S. national beverage co-packer and packaging supplier focused on the aluminum can format, entered into a senior secured revolving credit facility with Transportation Alliance Bank, Inc. ("TAB Bank"), for up to US5,000,000 in asset backed financing. The Facility provides for a senior secured revolving credit facility, with a 2-year term, and interest only payments at the variable 30-day Secured Overnight Financing Rate ("SOFR") plus 4.85%. TAB Bank holds a first position Read Story

Field Under: Beverages
September 28, 2022 @ 07:25 AM

GreenFirst Forest Products closed $140 million in financing from the Bank of Montreal (“BMO”). The financing includes a $125 million asset-backed revolving credit facility and a $15 million term loan. This refinancing replaced a high yield US$90 million secured term loan and a $65 million asset-backed loan facility.The refinanced credit terms have lowered the Company’s cost of capital and have simplified compliance. The terms also provide GreenFirst with flexibility to advance our strategy Read Story

Field Under: Forest Products
September 28, 2022 @ 07:11 AM

Provident Financial Services, the parent company of Provident Bank, and Lakeland Bancorp, Inc., the parent company of Lakeland Bank, announced that they have entered into a definitive merger agreement pursuant to which the companies will combine in an all-stock merger, valued at approximately $1.3 billion. The merger combines two complementary banking platforms to create New Jersey’s preeminent super-community bank. The combined company will have more than $25 billion in assets and $20 billion Read Story

Field Under:
September 27, 2022 @ 08:00 AM

CIBC announced Ramsey Naber, managing director and business development officer, has joined its Asset-based Lending team in the Western Region.In his role, Naber will be responsible for new deal originations and relationship development in the Western Region. Prior to joining the Bank, Naber served as Asset Based Finance Group Manager at East West Bank in Pasadena, California, where he oversaw all facets of the Asset Based Financial Group, including sales, underwriting, portfolio management and Read Story

September 27, 2022 @ 07:58 AM

Austin Financial Services (“AFS”), a Los Angeles, CA based provider of asset-based lending solutions to small and medium sized businesses for over 40 years, closed a $115 million debt recapitalization with two lenders, lowering the company’s overall cost of capital. Proceeds from the transaction will be used to refinance existing debt and to support additional growth of the business.AFS is a privately held non-bank lender specializing in working capital financing serving the middle market, by Read Story

Field Under: Industry News
September 27, 2022 @ 07:57 AM

William Blair has continued its private capital advisory team growth with the addition of Jake Stuiver. Stuiver joins as a director in New York, where he will work on complex limited partner–led secondary transactions.“Jake’s addition to our group brings an entrepreneurial, LP-led advisory veteran, further supporting the growth of our platform and allowing us to continue to expand our delivery of world-class private capital advisory to our clients,” said Mike Custar, William Blair’s head of Read Story

September 27, 2022 @ 07:45 AM

Portage Point Partners announced that Steve Bremer has joined the firm as Managing Director, Investment Banking.Bremer brings over 15 years of experience in investment banking, most recently serving as a Partner in the Centerview Restructuring and Debt Advisory group, where he spent eight years. Steve’s work focuses on recapitalizations, financings, liability management, M&A and restructuring transactions across a wide variety of industries. “Steve’s addition to the team further solidifies that Read Story

September 27, 2022 @ 07:40 AM

BizCap announced it has successfully structured and secured $45 million in financing for its repeat client, Nivagen Pharmaceuticals, a specialty pharmaceuticals company engaged in the development, acquisition and sales of generic prescription drugs and over the counter products for the North American market.The credit facility is comprised of a $20 million revolving line of credit to facilitate working capital needs and a $25 million term loan, the proceeds of which will be used to build out a Read Story

Field Under: Pharmaceuticals
September 27, 2022 @ 07:39 AM