TSL TOP STORY
LBC Credit Partners Provides Senior Secured Term Loan to Support the Recapitalization of KL Outdoor
LBC Credit Partners (LBC), a leading provider of financing solutions to middle market companies, provided a senior secured term loan to support the recapitalization of KL Outdoor (KL) by New Water Capital. LBC served as the administrative agent and sole lender for the senior secured term loan. READ MORE
Regulated or Nonregulated? That is the Question…
By Michele Ocejo
The editor-in-chief of The Secured Lender held a roundtable discussion with several lenders who have worked in both regulated and nonregulated institutions to find out what makes one move to one type over another, what the key differences are and if the grass is greener on the other side. The participants include Marty Battaglia of Encina Business Credit, David Grende of Siena Lending Group, Michael Haddad of Sterling National Bank, Mark Hafner of Celtic Capital Corp., Tom Otte of White Oak Global Advisors LLC and Richard Palmieri of ANR Partners LLC.
|TSL INDUSTRY HEADLINES
Bebe Plans to Close its Last Stores by the End of May
Women’s apparel retailer Bebe Stores Inc. said it’s closing its remaining 168 stores, the latest in a string of retailers shutting physical outlets. Bebe said it expects “to close all of the stores by the end of May,” according to a filing the Brisbane, Calif., firm made this week with the Securities and Exchange Commission. READ MORE
Avidbank Announces First Quarter Results for 2017
Avidbank Holdings, Inc., a bank holding company and the parent company of Avidbank, an independent full-service commercial bank serving businesses and consumers in Northern California, announced unaudited consolidated net income of $1,554,000 for 2017, a 29% increase compared to $1,207,000 for 2016. READ MORE
Garda World Security Corporation Announces Offering of US$630 Million Senior Notes due 2025 Freepoint Commodities Extends Revolving Credit Facility
Freepoint Commodities extends revolving credit facility and upsizes to $2.1 billion; allows growth to $2.4 billion. Facility has been extended for another three-year term, to April 2020. READ MORE
Coast Crane to Be Acquired by Maxim Crane Works
In conjunction with entering into the stock purchase agreement, Coast entered into a Fifth Amendment to its Second Amended and Restated Credit Agreement with Wells Fargo, National Association, as Agent, for the lenders thereunder. The Amendment extends the maturity date of the Coast credit facility to August 14, 2017 and includes certain milestones with respect to the sale of Coast, including receipt of stockholder approval to the sale no later than June 30, 2017. READ MORE
Garda World Security Corporation announced the commencement of a private offering of $630 million aggregate principal amount of senior notes due 2025 (the Notes) by GW Honos Security Corporation (the Escrow Issuer), an affiliate of the Company. The offering of the Notes is part of the financing of the previously announced stock purchase agreement entered into on March 23, 2017 by an entity held by affiliates of Rhone Capital L.L.C. READ MORE
Radio One Refinances With New $350 Million Credit Facility
RADIO ONE has closed on a new $350 million senior secured credit facility. The company closed on the new credit line, comprised of $350 million in term loans, with Guggenheim Securities Credit Partners,LLC as administrative agent, The Bank of New York Mellon as collateral agent, and Guggenheim Securities, LLC as sole lead arranger and sole book running manager. READ MORE
Singtel Subsidiaries Sign $4.1 Billion Deal With International Banks for Credit Facilities Singapore Telecommunications announced that its subsidiaries entered into several agreements for total credit facilities of approximately $4.1b for general corporate purposes and refinancing of existing facilities.
Singtel Group Treasury signed a three-year $2.5b committed revolving credit facility with 12 banks including UOB, HSBC, and OCBC. READ MORE
CFA'S CAREER CENTER
Company: Heritage Global Valuations
Title: Director of Sales
Company: Heritage Global Valuations
Title: M&E Appraiser
Title: Business Manager
Location: Stamford, CT
Title: Portfolio Associate
Location: Stamford, CT
Title: Portfolio Manager
Location: Stamford, CT
Company: South Florida ABL finance company
Title: Underwriting Manager
Location: Boca Raton, FL
Celebrating Tomorrow’s Leaders Today: Interview with David Kurzweil & Jeff Goldrich What is the significance of CFA’s 40 Under 40 Awards?
David: The CFA 40 Under 40 Awards are a wonderful way to recognize the accomplishments of younger professional in our industry. These individuals are the future of the industry and set the bar for professionalism, community service and dedication to their profession. The award also promotes and recognizes diversity within the industry. It is important to recognize the strong attributes of young professionals so they can serve as role models for others in the industry.
Jeff: The 40 Under 40 Awards are public recognition of general accomplishment for people in the early to mid-stages of their career. These people enthusiastically juggle personal, philanthropic and business responsibilities and set a great example for others in our industry. The 40 Under 40 Award is important to the individual as public recognition and sets a great example to others. READ MORE
Seacoast Commerce Bank Announces the Hiring of Matt Bierman SVP and SBA Business Development Officer, Denver, CO Seacoast Commerce Bank, a wholly-owned subsidiary of Seacoast Commerce Banc Holdings (OTC Pink:SCBH) announced the hiring of Matt Bierman as senior vice president and Small Business Administration (“SBA”) business development officer, who will be located in Castle Rock, CO. Bierman has over 24 years of proven success in business development, leadership of sales teams, and client account management. Bierman joins Seacoast’s “best in class” SBA Division and will be helping small businesses facilitate the acquisition, development, and refinance of their commercial real estate properties. Bierman’s past experience includes being the national small business manager for Bank of the West, and regional manager for small business with US Bank. He has been in the Denver area for the past 12 years.
“Matt is an outstanding addition to our SBA Team and will enhance our presence and success in the state of Colorado, complementing our existing SBA BDO in Denver, Tom Hollinshead. His past experience positions him to be very successful in working with small business owners who want to buy, construct, or refinance their own facility,” stated David H. Bartram, executive vice president, chief operating officer, and SBA Division Manager. Matt can be reached by email at email@example.com or at (303) 518-2551.
Seacoast Commerce Banc Holdings is a bank holding company with one wholly-owned banking subsidiary, Seacoast Commerce Bank. Both the holding company and the bank are headquartered in San Diego, California, with the Bank having full-service banking branches in San Diego and Chula Vista, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Portland, Oregon; Las Vegas and Reno, Nevada; Austin, Dallas and Houston, Texas; and Bellevue, Washington. www.scbholdings.com; www.sccombank.com.
SunTrust Robinson Humphrey Announces
New Managing Directors SunTrust Robinson Humphrey is pleased to announce leaders who have been promoted to the position of managing director. These are talented, hard-working individuals whose deep commitment, drive, and skilled expertise are focused on delivering industry-leading corporate and investment banking solutions for clients of SunTrust. Further, these leaders represent the broad array of capabilities at SunTrust Robinson Humphrey, and are demonstrative of the deep expertise and solutions available to the company’s clients.
“On behalf of SunTrust Robinson Humphrey, I want to congratulate these teammates who have been so dedicated to delivering on our purpose of Lighting the Way to Financial Well-Being for our clients. Together, they represent the best of what our company has to offer. Their client-first mentality and commitment to excellence has earned them these promotions,” said John Gregg, president, chairman, and CEO of SunTrust Robinson Humphrey.
New Managing Directors
Ed Blee – Asset Finance Group: Structured Real Estate
Stirling Bomar – Investment Banking: Energy
Michael Chung – Capital Markets Origination: Syndicated & Leveraged Finance
Benjamin Cumming – Acquisition Finance, Execution & Structuring
Chris Curtis – Asset Finance Group: Asset Based Lending
Ryan Fruh – Mergers & Acquisitions
H. Lance Johnson – Investment Banking: Financial Sponsors
Blake Jones – Investment Banking: Financial Institutions
Sally T. Lynch – Sales, Trading & Research: chief operating officer
Brian D. Meehan – Sales, Trading & Research: Institutional Equity Sales
Jeff Messner – Capital Markets Origination: Financial Risk Management
Sharif Metwalli – Investment Banking: Communications, Internet & Media
Jason R. Meyer – Asset Finance Group: Asset Securitization
William Nay – Investment Banking: Financial Institutions
Michael Nelson – Mergers & Acquisitions
Garrett O’Malley – Portfolio Management
Bret Schiller – Investment Banking: Healthcare
Ricardo Simon – Capital Markets Origination: Syndicated & Leveraged Finance
Matthew Whitmore – Sales, Trading & Research: Quantitative Research
SunTrust Robinson Humphrey® is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries. Securities and strategic advisory services are provided by SunTrust Robinson Humphrey, Inc., member FINRA and SIPC. │ SunTrust Robinson Humphrey has extensive experience working with public and private companies of all sizes – from emerging growth to the Fortune 500. SunTrust Robinson Humphrey offers an array of solutions for companies across all industries while providing in-depth industry expertise and dedicated corporate and investment banking practices for certain core sectors, including business services, financial sponsors, building products, healthcare, consumer and retail, media and communications, energy, transportation, financial services and technology, and real estate. SunTrust Robinson Humphrey’s internet address is www.suntrustrh.com
NOMINATIONS ARE NOW OPEN
CFA is Looking for the
Best and Brightest in the Industry
KYB: Know Your Borrower
By Ken Springer
Whether buying a business or providing senior debt, the deal comes down to trust. How well do you know the borrower and how much do you trust he or she will not default?
Assessing the integrity and ability of a borrower is challenging – even when the assets backing the loan appear rock-solid. What you see is not always what you get. Unfortunately, there is no stereotypical “fraudster” – the scam artist can neither be profiled nor categorized. A polished CEO with an impressive background can look the same as every other swindler. Lenders need to be particularly mindful of who the borrower is and this means conducting proper due diligence.
Investigative due diligence is designed to determine a prospective borrower’s character; but it must go way beyond the basic check-the-box background check. A criminal record or mediocre credit score is certainly helpful to know, but a clear criminal record or good credit does not necessarily mean the lender is qualified to pay the loan back. You need to dig deeper.
|The Secured Lender's April issue
is now available! Click here to begin reading.
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