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Funds managed by Ares Management Corporation’s Credit Group (collectively “Ares”) closed approximately $1.7 billion in commitments across 24 transactions during the second quarter and approximately $4.4 billion in commitments across 64 transactions in the year-to-date period.Below is a description of selected transactions that Ares closed during the second quarter.Command Alkon / Thoma BravoAres served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured Read Story

Field Under: Industry News
August 06, 2020 @ 09:19 AM

Total commercial Chapter 11 filings in July increased 52 percent from the previous year, according to data provided by Epiq. Commercial Chapter 11 filings totaled 643 in July, expanding from the July 2019 total of 423, according to the American Bankruptcy Institute. Conversely, total commercial filings decreased 17 percent in July, as the 2,768 filings were down from the 3,314 commercial filings registered in July 2019.The 42,861 total bankruptcy filings in July 2020 were down 33 percent from Read Story

Field Under: Bankruptcy
August 06, 2020 @ 09:15 AM

ENGS Commercial Finance Co. announced that its working capital subsidiary, ENGS Commercial Capital (ECC), recently closed and funded a $30 million non-recourse factoring facility for an industry leading market technology services company.For over 40 years, the company has been providing their customers with data and analytics that can be used in making essential marketing and supply chain decisions. With growth plans in mind, the company was seeking to gain liquidity by selling a portion of Read Story

Field Under: Technology
August 06, 2020 @ 09:10 AM

Citizens Bank announced that its Community Development Group has provided a $19 million loan to 2601 Poplar OZ, LLC, whose sponsor is Daniel Greenberg, for the acquisition and construction of a new mixed used project at 2601 Poplar St. in Philadelphia that will have 108 market-rate apartments and 11,000 square feet of commercial space.  Equity was provided by a partnership between Sage Real Estate Group and Jay Goldstein. The project will re-develop a vacant property.  Separately, Citizens also Read Story

Field Under: Real Estate
August 06, 2020 @ 09:05 AM

Amerisource Business Capital closed and funded a $6,500,000 credit facility for a chemical and additive manufacturer based in Texas. Proceeds of the facility were used to support the company’s continued growth. Doug Forbes, Regional Market Manager for Amerisource, stated: "We are pleased to welcome this new client and look forward to partnering with them. Amerisource is committed to providing working capital solutions to service companies in the energy and manufacturing sector." Read Story

Field Under: Chemicals
August 06, 2020 @ 08:00 AM

Leading global professional services firm Alvarez & Marsal (A&M) has announced the hiring of Rick Kozole as Managing Director. Based in Detroit, Mr. Kozole will serve as the leader of the firm’s North American Automotive and Industrials Group. Mr. Kozole also joins the senior leadership team of A&M’s global Aerospace, Defense & Aviation team. His appointment expands A&M’s ability to provide these sectors with complex, enterprise-wide restructuring and performance improvement solutions in the Read Story

Field Under: New Venture
August 05, 2020 @ 09:00 AM

Context Business Lending (CBL), a leading family office-backed specialty finance company focused on asset-based lending ("ABL"), announced new executive talent hires to support its rapid growth during this unprecedented time for the lending market and for small businesses. CBL has developed rapidly the past 24 months into an emerging market leader by investing in technology; data analytics; and human capital. The addition of these four senior executives was needed to support CBL's exponential Read Story

August 05, 2020 @ 08:55 AM

Amerisource Business Capital announced the closing and funding of a $2,500,000 credit facility for a power generation component part manufacturer and distributor based in Connecticut. The company is recapitalizing its balance sheet and needed a lender to provide availability on accounts receivable, inventory and real estate.Andy Allaire, Regional Market Manager for Amerisource, stated: “The Company has a seasoned management team and committed ownership. They were looking for a one-stop shop to Read Story

Field Under: Manufacturing
August 05, 2020 @ 08:50 AM

SG Credit Partners provided $2.5 million in working capital to a privately owned consumer debt collection agency.The Financing Situation: The Company needed capital quickly to move on opportunistic portfolio purchases as well as working capital cushion while collection curves ramped up.The Solution: SG was able to quickly get comfortable with the transaction due to the value of dedicated portfolio collateral as well as a strong personal guaranty from the owner. SG worked quickly to provides Read Story

Field Under: Industry News
August 05, 2020 @ 08:45 AM

AlixPartners, the global consulting firm, announced that Chudozie Okongwu, PhD has joined the firm as a Managing Director in its Investigations, Disputes & Risk practice. He is working from AlixPartners’ London and New York offices.Dr Okongwu specializes in areas of economics, finance, and valuation. He has assisted clients with internal investigations and with responses to formal  investigations by regulatory agencies. He has testified and consulted on matters concerning the valuation, trading Read Story

August 05, 2020 @ 08:40 AM

More than half (58 percent) of small business owners (SBOs) report they expect their revenue to decrease in 2020, even though 47 percent stated they did not have to close for any amount of time during the COVID-19 pandemic, according to results of TD Bank's Small Business Recovery Survey. Conversely, just 16 percent of SBOs expect to see any increase in revenue in 2020, while 26 percent project it will stay the same.The TD Bank Small Business Recovery Survey polled 750 small businesses Read Story

Field Under: Industry News
August 05, 2020 @ 08:00 AM

Blackstone announced that Christine Feng, a former senior executive at Amazon focused on mergers and acquisitions, has joined the firm as Senior Managing Director. Ms. Feng will be based in San Francisco and focus on technology investing for Blackstone’s opportunistic investing platform, Blackstone Tactical Opportunities, and will also work closely with Blackstone’s credit investing platform, GSO.David Blitzer, Global Head of Blackstone Tactical Opportunities (Tac Opps) said: “To successfully Read Story

August 04, 2020 @ 09:06 AM

Truist Financial Corporation (NYSE: TFC) announced that its corporate and investment banking businesses, SunTrust Robinson Humphrey and BB&T Capital Markets, have integrated and are now doing business as Truist Securities."Truist Securities combines the strengths of both heritage firms to bring clients a greater range of capabilities and expertise to support their objectives," said John Gregg, Truist Securities chairman and chief executive officer. "Additionally, as part of Truist Financial Read Story

August 04, 2020 @ 09:05 AM

Accounts receivable finance company Commercial Funding Inc. has entered the asset based lending (ABL) market by offering asset based loans for small to mid-market B2B companies.A national provider of invoice factoring and accounts receivable financing, the company's ABL offering is designed to meet the needs of small to mid-market sized businesses operating in the business-to-business space, Commercial Funding’s asset based loans will typically range from $500,000 to $2,500,000.James Baugh, Sr. Read Story

Field Under: New Venture
August 04, 2020 @ 09:00 AM

The continued deterioration in credit quality of issuers due to the coronavirus pandemic resulted in a large number of U.S. middle market (MM) CLOs failing a variety of tests for the first time in 2Q20, according to Fitch Ratings' latest U.S. MM CLO Snapshot. Twenty-three of the 58 MM CLOs covered in the report failed at least one collateral quality test (CQT) this quarter, compared to seven last quarter.The CQT with the most failures was the minimum Fitch weighted average recovery rate (WARR) Read Story

Field Under: Industry News
August 04, 2020 @ 08:55 AM