INDUSTRY TRANSACTIONS

Wintrust Arranges $90MM Term Loan for Transportation Firm

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Wintrust Commercial Finance acted as lead arranger on a $90 million term loan facility for a national transportation and logistics services firm. Proceeds from the facility, which includes a $40 million accordion feature, will be used to finance rolling stock to expand and grow the company’s fleet.

Channel Partners Funds Over $13MM in April, Over $50MM YTD

Channel Partners Capital funded over 230 transactions totaling more than $13 million in the month of April 2019.

Ascentium Reports 23% Growth Y/Y in May Funding Volume

Commercial lender Ascentium Capital reported a new record in monthly funding volume since the company’s founding in 2011, obtaining $131.6 million in originations during the month of May and representing 23% growth over the same period last year. The company has overall provided financing to nearly 90,000 businesses in the United States. 

36th Street Provides $14.98MM+ in Four Transactions

36th Street provided over $14.98 million in financing to four companies in May 2019.

North Mill Posts Record Originations for April

Independent commercial equipment lessor North Mill Equipment Finance reported record originations for April. It was the best month in the company’s history and the surge in volume is expected to continue as the year forges ahead.

Stonebriar Canada Closes $35MM Equipment Lease

Stonebriar Commercial Finance Canada closed a $35 million equipment lease facility with a joint venture majority owned by an investment grade strategic industrial and a natural resources-focused private equity group. The joint venture operates one of the highest-grade iron ore mines in the world.

Crestmark Provides $81MM+ in Commercial Financing in H2/May

Crestmark provided more than $81 million in commercial financing to 88 companies in the second half of May 2019. Those transactions included $33.65 million in ABL financial solutions for 16 new clients; $634,961 in one new lease transaction from Crestmark Equipment Finance; $6,151,576 in 66 new lease transactions from Crestmark Vendor Finance; and $40,615,230 in financing for six new clients from the Government Guaranteed Lending Division.

36th Street Expands Credit Facility to $125MM with People’s United

Equipment financing alternative funding provider 36th Street Capital Partners expanded its three-year, senior secured revolving credit facility to $125million, an increase of $25 million. People’s United Bank joined the existing syndicate for the amount of the increase, which will be used to fund portfolio growth.

Utica Leaseco Provides $20MM Funding to High-Tech Manufacturer

Utica Leaseco closed a $20 million lease facility for the manufacturer of a high-tech proprietary energy product. The lease was secured by machinery and equipment and other intangible property. The manufacturer previously closed a similar, smaller lease facility with Utica in 2017.

NFS Leasing Provides $4.55MM Lease Line to GlyEco

GlyEco and its West Virginia subsidiary (d/b/a Recovery Solutions & Technologies) entered into a combined equipment finance transaction with NFS Leasing that consisted of a new offer of lease and a lease line of up to $4.55 million. The new lease line will be used for certain operational equipment needed for glycol recovery and recycling operations.

Nexseer Capital Funds $12.9MM for Global Consumer Packaging Manufacturer

Nexseer Capital completed a $12.9 million equipment and project funding for an S&P B-rated consumer packaging company. The financing included manufacturing, production and packaging equipment in a complex scenario that included multiple co-lessees in two countries, a European parent, ultimate private equity ownership, no parent guarantee, assets in the U.S, Canada and Mexico, foreign currency and extensive progress fundings.

Bryant Park Capital Arranges $20MM NLS Equipment Finance Credit Facility

Bryant Park Capital arranged a $20 million senior secured credit facility with an alternative lender to the specialty finance sector for NLS Equipment Finance. The new facility will enable the company to significantly increase new asset originations throughout the U.S.

CIT and NORD/LB Arrange $91MM Financing for Mesa Airlines

CIT Group’s Aerospace, Defense & Government Finance business and NORD/LB served as co-lead arrangers and joint documentation agents on a $91 million term loan for Mesa Airlines, the fifth largest independent regional air carrier in the U.S. The financing was used to underwrite the purchase of aircraft engines for Mesa’s aircraft fleet.

CIT Arranges $416MM Financing for Longroad Solar Project

CIT Group’s Power & Energy business served as the coordinating lead arranger, administrative agent and collateral agent on a $416 million debt financing supporting Longroad Energy’s 379-megawatt Prospero solar facility to be built in Andrews County, Texas.

Crestmark Provides $41.7MM+ to 92 Businesses in H1/May 2019

Crestmark provided over $41.7 million in commercial financing solutions to 92 businesses in the first half of May 2019. Those transactions included a total of $16.55 million in ABL financial solutions for 18 new clients; $17,524,792 in six new lease transactions from Crestmark Equipment Finance; $3,946,869 in 63 new lease transactions from Crestmark Vendor Finance; $2,263,023 for one new client from the Joint Ventures Division; and $1.5 million in financing for four new clients from the Government Guaranteed Lending Division.

CIT Arranges $64MM Refinancing for Assisted Living Facilities

CIT Group’s Healthcare Finance business served as sole lead arranger for a $64 million loan to refinance assisted living facilities in Florida. Virtus Real Estate Capital is refinancing a portfolio of three properties comprising more than 350 assisted living and memory care units at facilities located in Clermont, Stuart and Tavares, FL.