Asset-based lending

Surefire Local Secures Strategic Partnership with Sunflower Bank for Accelerated Growth

Retrieved on: 
Tuesday, April 9, 2024
ROI, Software as a service, Partnership, Software, Local, Asset-based lending, Marketing, Loan, Cryptocurrency

AUSTIN, Texas, April 9, 2024 /PRNewswire/ -- GenNext Media, dba Surefire Local (www.surefirelocal.com), a leading provider of innovative marketing software for small, local businesses, announced the closing of a debt refinancing and expansion with Sunflower Bank. The funding will further develop Surefire Local's technology and sales operations. Through its marketing software, Surefire Local provides a platform for local businesses that helps them find new customers, engage them with targeted marketing campaigns, and save time to reinvest in their businesses. The company's expertise in bringing new technologies at affordable prices aligns perfectly with Sunflower Bank's commitment to innovation and customer-centric applications.

Key Points: 
  • AUSTIN, Texas, April 9, 2024 /PRNewswire/ -- GenNext Media, dba Surefire Local ( www.surefirelocal.com ), a leading provider of innovative marketing software for small, local businesses, announced the closing of a debt refinancing and expansion with Sunflower Bank.
  • Through its marketing software, Surefire Local provides a platform for local businesses that helps them find new customers, engage them with targeted marketing campaigns, and save time to reinvest in their businesses.
  • This partnership opens up exciting opportunities for Surefire Local, including access to capital for growth initiatives and enhancing its financial stability.
  • "We're excited to announce our partnership with Surefire Local under our SaaS / Recurring Revenue platform within our Asset Based Lending group.

White Oak Originations Veteran Joins White Oak Commercial Finance with Focus on Large Ticket Loan Origination

Retrieved on: 
Tuesday, December 5, 2023
Consulting, Banking, Professional Services, Finance, ABL, Asset-based lending, Senior, Bank, White, Term loan, Division, Textron, White oak

White Oak Commercial Finance, LLC (“WOCF”), an affiliate of White Oak Global Advisors, LLC, announced today that Christopher Gouskos will join the ABL team at White Oak Commercial Finance as a Managing Director, Originations, departing from his previous similar role as Managing Director, Originations at White Oak Global Advisors (“White Oak”), which he has held since 2015.

Key Points: 
  • White Oak Commercial Finance, LLC (“WOCF”), an affiliate of White Oak Global Advisors, LLC, announced today that Christopher Gouskos will join the ABL team at White Oak Commercial Finance as a Managing Director, Originations, departing from his previous similar role as Managing Director, Originations at White Oak Global Advisors (“White Oak”), which he has held since 2015.
  • For the past eight years at White Oak, Gouskos was responsible for origination cash flow and enterprise value base Term Loans.
  • In response to increased investor appetite for ABL and increased activity in White Oak Commercial Finance’s ABL business, Gouskos will join WOCF’s dedicated ABL team to continue the development of successful loan originations and increase the business’s footprint in the broader ABL space, with a particular focus on large ticket asset-based lending opportunities.
  • “We are thrilled to welcome Christopher to the ABL team,” said Tom Otte, CEO of White Oak Commercial Finance.

First Citizens Bank Provides Credit Facility to a Behavioral Healthcare Services Company

Retrieved on: 
Thursday, November 16, 2023
Partner, Spectrum, Commercial finance, School nursing, Asset-based lending, Bank, Leonard Green & Partners, First Citizens BancShares, Financial services

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Asset-Based Lending business provided a credit facility to The Stepping Stones Group to accommodate the business' seasonal working capital needs during the school year.

Key Points: 
  • NEW YORK, Nov. 16, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Asset-Based Lending business provided a credit facility to The Stepping Stones Group to accommodate the business' seasonal working capital needs during the school year.
  • The Stepping Stones Group, a portfolio company of Leonard Green and Partners, is a provider of therapeutic, behavioral and autism services to children with developmental delays in school, home and center-based settings.
  • The business operates in 45 states offering both functional and academic services in the following areas: related therapy, autism, behavioral, special education, and school nursing.
  • "The Stepping Stones Group's innovative business model has allowed them to make incredible strides in the behavioral health services space," said Chris Esposito, group head for Asset-Based Lending at First Citizens Bank.

Loan Documentation Innovator GoDocs Announces New Client Partnership with ABL

Retrieved on: 
Wednesday, November 8, 2023
Documentation, Software as a service, Asset-based lending, ROI, Partnership, ABL, Private law, Automation, Bank, Renewable energy

IRVINE, Calif., Nov. 8, 2023 /PRNewswire/ -- GoDocs , a leader in automated commercial loan document automation, proudly announces a new strategic client partnership with Asset Based Lending (ABL) , a top private lender.

Key Points: 
  • IRVINE, Calif., Nov. 8, 2023 /PRNewswire/ -- GoDocs , a leader in automated commercial loan document automation, proudly announces a new strategic client partnership with Asset Based Lending (ABL) , a top private lender.
  • In choosing to partner with GoDocs, ABL knew it would reap the advantages stemming from the breadth and scalability of the GoDocs platform.
  • "With GoDocs, ABL will be able to scale quickly while minimizing legal spending and improving the borrower experience.
  • LegalNet extends the GoDocs platform to provide a seamless and integrated solution for all loan documentation closing services.

Flotek Reports Third Quarter 2023 Financial Results Driven by Strong Growth in Net Income and First Positive Adjusted EBITDA Quarter Since 2018

Retrieved on: 
Tuesday, November 7, 2023
Solidified, EBITDA, Safety, CDT, EPS, Asset, GAAP, Administration, EDT, Webcast, Asset-based lending, Bank, Video game, Kate Richard

This is the ninth consecutive quarter of improvement and marks the first quarter of positive adjusted EBITDA since the third quarter of 2018.

Key Points: 
  • This is the ninth consecutive quarter of improvement and marks the first quarter of positive adjusted EBITDA since the third quarter of 2018.
  • Gross profit margin and adjusted gross profit margin(1) for the third quarter of 2023 improved to 19% and 22%, respectively.
  • Net Income (Loss) and EPS: Flotek reported net income of $1.3 million, or $0.04 per diluted share, for the third quarter of 2023.
  • Flotek will host a conference call on November 8, 2023, at 9:00 a.m. CDT (10:00 a.m. EDT) to discuss its third quarter 2023 results.

Webster Bank Announces Two Promotions

Retrieved on: 
Wednesday, April 5, 2023
Banking, Professional Services, Indiana University, University of Colorado Denver Business School, Treasury management, University, Senior, Private, Sponsor, Business, Asset-based lending, Webster Bank, MBA, Commercial property, Commercial bank, Sterling Bancorp, Public sector banks in India, Sterling, Commercial, Bank, Real estate, Cryptocurrency, Management

Webster Bank announced today that two members of its executive management team have been promoted.

Key Points: 
  • Webster Bank announced today that two members of its executive management team have been promoted.
  • Luis Massiani has been promoted to Senior Executive Vice President and appointed President of Webster Bank.
  • He continues in his role as Chief Operating Officer, a role to which he was appointed in January 2022 in connection with the completion of the merger of equals between Webster Bank’s holding company, Webster Financial Corporation, and Sterling Bancorp (collectively with Sterling National Bank, “Sterling”).
  • “I am pleased to elevate these two exemplary leaders and recognize their outstanding contributions to the Company,” said John R. Ciulla, President and CEO of Webster Financial Corporation and CEO of Webster Bank.

Republic Business Credit Provides $6.5 Million Asset-Based Loan for Food Manufacturing Company

Retrieved on: 
Tuesday, March 28, 2023
Tea, Grain, Coffee, Treasury, School, Food, Houston Food Bank, Hospital, SVP, Drink, Acquisition, Gulf, Asset-based lending, Bank, Republic

NEW ORLEANS, March 28, 2023 /PRNewswire-PRWeb/ -- When a Gulf Coast-based second-generation food manufacturing company needed more support during seasonal growth periods, the company's commercial banker sought a better partner for a line of credit that would allow the referring banker to maintain treasury management. Republic Business Credit stepped up to provide a $6.5 million asset-based loan with a seasonal uplift.

Key Points: 
  • Republic Business Credit stepped up to provide a $6.5 million asset-based loan with a seasonal uplift.
  • The food manufacturing company provides food, packaging and distribution services to grocery stores, schools, hospitals and commercial customers located throughout the Gulf region.
  • Republic extended a $6.5 million asset-based loan that provided availability on the food distributor's accounts receivables and inventory.
  • "Republic is proud to support the food manufacturing company today and in the future as acquisition opportunities present themselves and funding needs grow toward $20 million," Meyers added.

Voxtur Announces Changes to Board of Directors

Retrieved on: 
Wednesday, December 28, 2022
Ecosystem, BX, GMAC, Asset-based lending, The Blackstone Group, Executive, Brass, GMAC-RFC, Blackstone, Growth, NYSE, FOA, GMAC ResCap, REIT, Management, Security (finance), Incenter

Mr. Smith's appointment follows the resignation of Mark Volosov from his role as a director of the Company, effective December 13, 2022.

Key Points: 
  • Mr. Smith's appointment follows the resignation of Mark Volosov from his role as a director of the Company, effective December 13, 2022.
  • “Nick brings nearly 25 years of experience and expertise within the mortgage finance industry to Voxtur and we are thrilled to have him join the Board,” said Gary Yeoman, Voxtur's Executive Chairman.
  • Mr. Smith has served on a variety of boards for private companies and charitable organizations throughout his career.
  • “I am excited to join the board, and alongside my fellow board members, help support the Company as it pursues its ambitious growth objectives.”

Invacare Corporation Announces New Secured Credit Facility of up to $104.5 Million and Convertible Debt Exchange Provides Second Quarter Business Update

Retrieved on: 
Tuesday, July 26, 2022
Managed Care, Health, Other Health, Medical Devices, Sale, SOFR, Time, Investment, Term loan, Multiple sclerosis, Corporation, Invacare, Industry, Birth, U.S. Securities and Exchange Commission, Health, ERP, NYSE, Forward-looking statement, Muscular dystrophy, Government, Sumathi Best Television Current Reporting Award, Securities Act of 1933, Private Securities Litigation Reform Act, The Rehabilitation Center at Hollywood Hills, Chronic obstructive pulmonary disease, COVID-19, Asset, Debt-to-GDP ratio, Note, ALS, Senior, Security (finance), Loss, Cerebral palsy, Annual report, Stroke, IVC, Rest, COPD, Tax, Asset-based lending, Growth, Risk, Convertible, Adjustment, Depreciation, Spina bifida, EBITDA, Marketing, Bank, Risk management

The company completed an initial drawdown of $66.5 million under the Term Loan Agreement effective July 26, 2022.

Key Points: 
  • The company completed an initial drawdown of $66.5 million under the Term Loan Agreement effective July 26, 2022.
  • The company may draw the remaining $38 million from the Term Loan Agreement in three incremental tranches subject to certain conditions.
  • The company completed the exchange of all $5.0 million aggregate principal amount of the 5.00% notes and $41.5 million aggregate principal amount of the 4.25% notes on July 26, 2022.
  • Proceeds from the Term Loan were used to repay in full outstanding borrowings under the Asset Based Lending credit facility.

ABLE Equipment Rental, Inc. upsizes current Asset Based Loan (ABL) with M&T Bank

Retrieved on: 
Wednesday, May 11, 2022
Maintenance, Asset-based lending, ABLE, M&T Bank, Lead arranger, Founder, MD, Equipment rental, Corporation, DE, Growth, ABL, Construction, Bank, Part

DEER PARK, N.Y., May 11, 2022 /PRNewswire-PRWeb/ -- ABLE Equipment Rental, Inc. of NY (ABLE) a supplier of Construction Equipment Rentals, Sales, Service and Parts, announced an increase to its' existing Asset Based Loan with M&T Bank as Lead Arranger and Administrative Agent. The $175 million facility is now comprised of a $125 million revolving line of credit along with the original $15 million term loan facility. Additionally, the transaction continues to provide ABLE with a $35 million accordion feature for future growth. The increased credit facility will be used to grow the company's rental fleet, provide for general corporate working capital, and more importantly provide for growth capital as the company expands its geographic footprint beyond the northeast markets.

Key Points: 
  • DEER PARK, N.Y., May 11, 2022 /PRNewswire-PRWeb/ -- ABLE Equipment Rental , Inc. of NY (ABLE) a supplier of Construction Equipment Rentals, Sales, Service and Parts, announced an increase to its' existing Asset Based Loan with M&T Bank as Lead Arranger and Administrative Agent.
  • The $175 million facility is now comprised of a $125 million revolving line of credit along with the original $15 million term loan facility.
  • Additionally, the transaction continues to provide ABLE with a $35 million accordion feature for future growth.
  • For more information on ABLE Equipment Rental, visit ableequipment.com or send an email to [email protected] .