NEW VENTURES & INDUSTRY NEWS

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NEW VENTURES

Fintech Company Abaca Launches Cannabis Industry Lending Platform

Fintech company Abaca launched a banking platform to serve the cannabis industry, including lending services such as real estate/mortgage loans, equipment financing, inventory credit lines, purchase order financing and receivables factoring.

INDUSTRY NEWS

FTI Consulting Promotes Ten Advisors to Senior Managing Director

Business advisory firm FTI Consulting promoted Stephen Bertonaschi, Iain Graham, Bill He, Laura Jackson, Sid Malhotra, Mark Murphy, Daniel Punt, Tim Schleeter, Kerry Sporkin and Adam Tillery to senior managing directors within the firm’s Corporate Finance & Restructuring segment.

“Our diversified platform of business transformation, transactions and restructuring services combined with our deep industry expertise allows us to partner and provide a distinct advantage to our clients,” said Carlyn Taylor, business transformation leader and global co-leader of Corporate Finance & Restructuring at FTI. “We are proud of each of our 10 new senior managing directors. We know they will uphold our commitment of helping our clients meet and anticipate challenges and opportunities and maximize value for the future.”

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Most of the newly promoted directors will be based in the U.S. However, Graham will be based in London and continue to advise clients on entity formation and structuring; real estate asset acquisitions and dispositions and REIT due diligence and compliance matters, while He will be based in Shanghai and lead the firm’s Business Transformation practice in China.

Ares Direct Lending Fund Closes with $3B in Total Commitments

Ares Management closed its inaugural, commingled U.S. senior direct lending fund, Ares Senior Direct Lending Fund, with approximately $3 billion in total commitments, a significant oversubscription of its initial $2 billion target. Including anticipated leverage, the total capital for SDL is expected to be approximately $5 billion.

PNC, US Bank Agent $210MM in Facilities for Quantum

Quantum completed a $210 million refinance of its current debt facilities, consisting of a new $165 million senior secured term loan facility and a $45 million revolving credit facility. U.S. Bank served as disbursing and collateral agent on the term loan while PNC Bank acted as administrative agent on the revolver.

BofA Agents $225MM Amended Revolver for USA Truck

USA Truck completed an amended and restated $225 million revolving credit facility with Bank of America as agent. The facility also included an uncommitted $75 million accordion feature and will be used to finance the company’s existing debt, among other things.

Audax Secures $2.6B in Capital for Direct Lending Fund

Audax Private Debt, the debt financing unit of alternative investment manager Audax Group, successfully closed the Audax Direct Lending Solutions Fund with $1.65 billion in capital commitments, exceeding its fundraising target of $1.25 billion.

Capital One Provides $250MM Facility to Brookdale Senior Living

Capital One served as lead arranger and sole bookrunner on an amended and restated agreement that provided Brookdale Senior Living with a $250 million senior secured revolving credit facility. Brookdale is the leading operator of senior living communities in the U.S.

BofAML, JP Morgan Lead $480MM Term Loan for Calloway/Jack Wolfskin Merger

Bank of America Merrill Lynch and JP Morgan Securities led a seven-year, $480 million term loan B facility to support Calloway Golf’s acquisition of outdoor apparel and equipment brand Jack Wolfskin for 418 million ($476 million).

Walter Shipley, Former Chase CEO, Architect of Mega-Mergers, Passes Away

Walter V. Shipley, the former chairman and CEO of Chase Manhattan Bank and an influential architect of bank mega-mergers in the 1980s and 90s, passed away at the age of 83. Shipley first served as chairman and CEO of Chemical Bank before its merger with Chase Manhattan in 1995, whereupon it adapted the Chase brand. 

Hercules Capital Receives New $200MM Facility Arranged by MUFG

Hercules Capital replaced its existing $100 million credit facility with MUFG Union Bank with a new $200 million credit facility, under which City National, Umpqua Bank, Hitachi Capital America and Mutual of Omaha Bank joined MUFG as lenders. MUFG served as administrative agent and arranger on the facility.

Encina Provides $17MM Secured Facility to Chassis Manufacturer

Encina Business Credit provided a $17 million senior secured credit facility to a manufacturer of heavy-duty chassis for specialized vehicles. The company will use the facility to fund a private equity sponsor’s acquisition of the company and to provide working capital for growth.

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White Oak Provides $161MM to Support Allegiant Healthcare Acquisitions

White Oak Healthcare Finance acted as sole lender and administrative agent on the funding of a $161 million senior credit facility for Allegiant Healthcare and Hillstone Healthcare. Allegiant Healthcare provides short-term post-hospital rehabilitation, along with long-term and specialty care. 

CIT Arranges $53.8MM Facility for Circle 8 Crane Services

CIT Northbridge Credit served as sole lead arranger on a $53.8 million senior secured credit facility for Circle 8 Crane Services, a Houston-based, full-service crane rental company serving the Southwest United States with mobile cranes ranging from 50-ton to 550-ton.

JPMorgan, Barclays Support Tenneco Federal-Mogul Buy

Tenneco, a designer, manufacturer and distributor of Ride Performance and Clean Air products, agreed to acquire auto parts maker Federal-Mogul. JPMorgan and Barclays Bank committed to provide an aggregate amount of $4.9 billion of debt financing to fund the cash consideration portion of the purchase.

Wells Fargo Agents New $25MM Term Loan for Stage Stores

Wells Fargo Bank acted as administrative agent, collateral agent and term loan agent on a $25 million upsize to Stage Stores’ senior secured revolving credit facility, bringing the total term loans under the facility to $50 million and total availability to $475 million.

Wells Fargo, Morgan Stanley Provide $200MM Facility to Golub Capital

Golub Capital subsidiary Golub Capital BDC Funding II entered into a loan and servicing agreement in the aggregate principal amount of up to $200 million. Morgan Stanley Senior Funding acted as administrative agent on the facility, while Wells Fargo served as collateral agent, account bank and collateral custodian. •