News — Industry News
Onset Financial Funds Additional $3MM for Auto Dealership
Onset Financial said it has funded an additional $3 million for a western U.S. auto dealership.
Read more...Date Posted May 17, 2013
U.S. Bank Equipment Finance Sponsors Reshoring Initiative
U.S. Bank Equipment Finance said it will sponsor the Reshoring Initiative, a Chicago-based group established to educate manufacturers on the benefits of bringing their operations and corresponding jobs back to the United States.
Read more...Date Posted May 17, 2013
KeyCorp Underwrites, Buys $8MM in Bonds for School Expansion
KeyBank’s Business Banking has underwritten and Key Government Finance has purchased $8.16 million in bonds issued by the Cleveland-Cuyahoga County Port Authority to finance a school improvement project.
Read more...Date Posted May 16, 2013
Element Financial ‘Sector Outperform’ Rating Reiterated
AnalystsRatingsNetwork.com reports that in a research note issued to investors, Element Financial’s stock had its “sector outperform” rating reiterated by equity research analysts at Scotiabank.
Read more...Date Posted May 16, 2013
Salus Closes $45.5MM Facility for Rotorcraft Leasing
Salus Capital said it provided a $45.5 million senior secured credit facility to Rotorcraft Leasing, a portfolio company of Sankaty Advisors and helicopter operator in the Gulf of Mexico region.
Read more...Date Posted May 16, 2013
Amalgamated Capital Closes Facility with TRAKAmerica
Amalgamated Capital said it has closed on a multi-million dollar revolver facility and treasury management services agreement with TRAKAmerica, a recovery management service.
Read more...Date Posted May 16, 2013
Aircastle Plans to Double Leasing Assets to $10 Billion
Bloomberg reported that aircraft leasing company Aircastle plans to double its leasing assets to $10 billion over the next five years as rising travel to Asia spurs demand for planes.
Read more...Date Posted May 15, 2013
AIG Enters Deal to Extend ILFC Sale Deadline
According to a regulatory filing, AIG reached an agreement with a consortium of Chinese investors to extend by one month the deadline to complete a sale of AIG’s aircraft leasing unit.
Read more...Date Posted May 14, 2013
Dell Requests Additional Information on Icahn Proposal
In a press release, Dell said its Special Committee of the Board sent a letter to Carl Icahn and Southeastern Asset Management requesting additional information related to the proposed leveraged recapitalization transaction submitted May 9.
Read more...Date Posted May 14, 2013
Wells Fargo Adds Bankers, Launches New Credit Products
Wells Fargo announced it is hiring more bankers to serve small businesses through its banking stores and has introduced two new secured credit products for business owners.
Read more...Date Posted May 10, 2013
Capital One Hires Eight New Equipment Finance Officers
Capital One announced a major expansion of its Equipment Finance business, with the appointment of eight new sales officers. The new team members average more than 20 years of experience in equipment leasing and financing.
Read more...Date Posted May 9, 2013
WSJ: Big Banks Push Back Against Tighter Rules
The Wall Street Journal reported that several of the nation’s largest banks have hired Tony Fratto, a former Bush administration official, to respond to criticism that banks remain too large.
Read more...Date Posted May 9, 2013
CIT: U.S. Gaming Sector on a Roll
According to CIT senior director of Gaming Finance & Advisory Steve Epperly, the gaming industry has seen significant market activity, and continued growth is expected.
Read more...Date Posted May 9, 2013
Advance Business Capital in Exclusive Partnership with DAT
Freight factoring company Advance Business Capital announced its exclusive partnership with DAT, which operates the industry’s largest network of load boards.
Read more...Date Posted May 9, 2013
CIT Provides $20MM Loan to Mesilla Valley Transportation
CIT provided a $20 million senior secured loan to Mesilla Valley Transportation. The financing will be used towards acquiring new tractors and trailers.
Read more...Date Posted May 9, 2013
SBA Loan Volume Surpasses Pre-Recession Levels
According to an article that appeared on CFO.com, small business lending may be warming as SBA dollar volume this fiscal year has surpassed pre-recession levels.
Read more...Date Posted May 8, 2013
Air Lease Closes $1.7 Billion Bank Facility
Air Lease announced the closing of a $1.7 billion, four-year revolving bank credit facility priced at LIBOR +1.45, with no LIBOR floor.
Read more...Date Posted May 8, 2013
Former U.S. Ambassador to Canada Joins Element BOD
Element Financial announced the appointment of Gordon D. Giffin, former U.S. ambassador to Canada, to the company’s board of directors.
Read more...Date Posted May 7, 2013
CIT Arranges $26MM Financing to Citizens Solar Holdings
CIT Group said it arranged a $26 million senior secured credit facility to Citizens Solar Holdings for the construction of five ground-mounted solar photovoltaic power generation facilities in Massachusetts.
Read more...Date Posted May 7, 2013
Survey: Banks Report Lower C&I Spreads, Increased Competition
The latest Senior Loan Officer Opinion Survey on Bank Lending Practices notes a large fraction of respondents reporting decreased spreads on C&I loan rates amid increase competition.
Read more...Date Posted May 7, 2013
KEF’s Sullivan Named to Board of MBAA
Key Equipment Finance announced that Patti Ann Sullivan, vice president of corporate aviation finance for Key Equipment Finance, has been named to the board of directors of the Massachusetts Business Aviation Association.
Read more...Date Posted May 7, 2013
FT: Dell, Soros Invest in Helicopter Leasing Company
The Financial Times reported that Michael Dell and George Soros are betting on future high levels of offshore oil production by investing in Waypoint Leasing, a helicopter leasing company.
Read more...Date Posted May 6, 2013
April Commercial Bankruptcy Filings Down 16% Y/Y
Total commercial bankruptcy filings decreased to 4,358 in April 2013, representing a 16% decline from the 5,198 business filings recorded in April 2012, according to data provided by Epiq Systems.
Read more...Date Posted May 6, 2013
SBA Selects Plexus Capital as SBIC of the Year
Plexus Capital, which provides growth capital to SMEs nationwide, announced it has been named the U.S. Small Business Investment Company of the Year 2013 by the Small Business Administration.
Read more...Date Posted May 6, 2013
CoActiv Capital Rebranded as Element Financial (USA)
Element Financial announced it has commenced rebranding the operations of recently acquired CoActiv Capital Partners under Element’s North American identity. The legal name has been changed to Element Financial Corp. doing business as Element Financial (USA).
Read more...Date Posted May 3, 2013
CIT Arranges Financing for Harvest Partners
CIT Group provided a $96 million senior secured credit facility to Harvest Partners to support its refinancing of TruckPro, an independent distributor of aftermarket parts and accessories for heavy duty vehicles.
Read more...Date Posted May 2, 2013
S&P: Muni Bond Market Highly Rated Overall
S&P reported that its upgrades of U.S. municipal bond issuers had outpaced downgrades by a ratio of 1.57 to 1 in Q1/13. The rating agency said the market is highly rated overall and notes credit quality “continues to defy its skeptics.”
Read more...Date Posted May 2, 2013
SquareTwo Improves Financial Operating Structure
SquareTwo Financial, a provider of asset recovery and management services, said the company has improved its capital structure with a two-year extension and lower interest rate on its revolving credit facility.
Read more...Date Posted May 2, 2013
McGraw-Hill to Change Name to McGraw Hill Financial
Shareholders of McGraw-Hill Companies voted to change the company’s name to McGraw Hill Financial, which more closely identifies the company with the credit ratings, benchmarks and analytics it provides to global capital and commodity markets.
Read more...Date Posted May 1, 2013
PayNet: Manufacturing Sectors Keep U.S. Economy Going
PayNet said its Manufacturing Index is up 48% since 2009, led by the core Industrial Machinery & Equipment sector.
Read more...Date Posted May 1, 2013
North Mill EF Closes $50MM Loan Facility With Wells Fargo
North Mill Equipment Finance said it has entered into a $50 million senior loan facility with Wells Fargo Capital Finance.
Read more...Date Posted May 1, 2013
Graphic Savings Group Changes Name to GSG Financial
Graphic Savings Group, dba GSG Leasing, said it has changed its company name to GSG Financial, reflecting its expanding product offerings and growing vendor, end-user and financial partner base.
Read more...Date Posted May 1, 2013
Moody’s: Public Finance Downgrades Continue in Q1
Moody’s said that downgrades continued to prevail among U.S. public finance rating actions in the first quarter of 2013, making up 83% of the rating changes.
Read more...Date Posted April 30, 2013
CIT Provides Financing for Kushner Companies
CIT Real Estate Finance provided an $18.2 million senior secured loan to Kushner Companies, a diversified real estate company headquartered in New York City.
Read more...Date Posted April 30, 2013
Textainer Reduces Interest Cost Under Expanded Revolver
Textainer Group Holdings said that its TAP Funding subsidiary entered into a $170 million revolver with a group of financial institutions led by ABN AMRO Capital. Pricing was 200 BPS over LIBOR versus 375 BPS previously.
Read more...Date Posted April 30, 2013
Microdesk Named Outstanding Partner by EverBank CF
Microdesk announced that EverBank Commercial Finance has honored the company with the Outstanding Partner Award for 2012.
Read more...Date Posted April 29, 2013
Dynamic Funding Provides Tech Lease
Dynamic Funding said it has provided a fair market value lease to Town LLC and sister company Worth Interiors for technology enhancements to expand the company’s Denver-based business.
Read more...Date Posted April 26, 2013
ATEL Capital Surpasses $3 Billion in Equipment Leased
ATEL Capital Group said that it has surpassed $3 billion in equipment lease and finance transactions (original cost of equipment).
Read more...Date Posted April 25, 2013
De Lage Landen Launches Clipper Race Entry ‘One DLL’
Sail-World reported that De Lage Landen has launched its new Clipper 70 yacht entry that will take part in the Clipper 13-14 Round the World Yacht Race. The yacht will be named One DLL.
Read more...Date Posted April 25, 2013
CIT Arranges $220MM Financing for TrustHouse Acquisition
CIT said it arranged a $220 million senior secured credit facility to help finance the acquisition of TrustHouse Services Group by Elior SCA and Charterhouse Capital Partners.
Read more...Date Posted April 25, 2013
Commercial Credit Closes $194MM Asset-Backed Security
Commercial Credit Group announced the closing of a 144a term asset-backed security transaction. J. P. Morgan Securities and SunTrust Robinson Humphrey served as joint bookrunners.
Read more...Date Posted April 25, 2013
GE Capital Sees Growth in Equipment Finance
GE Capital’s Equipment Finance business said it is establishing a business development group led by 28-year GE Capital veteran Jim Kelly.
Read more...Date Posted April 23, 2013
Direct Capital Supports Section 179 Efforts in D.C.
Direct Capital said it is supporting efforts to make permanent a $250,000-limit for Section 179 tax deductions, a vital deduction for small businesses.
Read more...Date Posted April 23, 2013
Priority One Named on Tampa Bay Times’ Top Workplaces List
Priority One Financial Services said it has been selected as one of The Tampa Bay Times’ Top Workplaces.
Read more...Date Posted April 23, 2013
Blackstone Withdraws Dell Bid Amid Worsening PC Slump
Bloomberg reported that the Blackstone Group pulled out of bidding for Dell amid concerns about a worsening global PC slump, taking pressure off Michael Dell to sweeten his original buyout offer.
Read more...Date Posted April 22, 2013
CIT Expected to Return to Profitability
Forbes reported that analysts are expecting CIT Group to return to profitability when it reports its first quarter earnings on Tuesday, April 23, 2013.
Read more...Date Posted April 22, 2013
Priority One Increases Equipment Financing Services
Priority One Financial said it has added commercial use RVs, fifth wheels and utility/mobile trailers to its equipment financing service.
Read more...Date Posted April 18, 2013
Creekridge Capital Announces Record Volume
Creekridge Capital said it has originated more volume in 2012 than any previous year and has signed formal vendor program agreements with 14 new partners.
Read more...Date Posted April 17, 2013
Merchants Leasing Becomes Merchants Fleet Management
Merchants Leasing said it has changed its name to Merchants Fleet Management.
Read more...Date Posted April 17, 2013
Rabobank: No Bonuses, Wage Increases for Two Years
Rabobank announced it has reached an agreement with its trade unions to prune back it collective labor agreement until the end of 2015. The new agreement includes the abolishment of variable remuneration, no general wage increase and a pension plan amendment.
Read more...Date Posted April 16, 2013
PayNet Launches Small Business Delinquency Index
PayNet announced the PayNet Small Business Delinquency Index, a new economic index that quantifies small business financial stress and default and provides early warning of future insolvency.
Read more...Date Posted April 16, 2013
First Capital Provides Facility to Beverage Display Producer
First Growth Capital, a division of First Capital, said it has provided a $5 million working capital credit facility to a producer of retail beverage displays.
Read more...Date Posted April 16, 2013
Mitsubishi UFJ to Increase Loans to U.S. Energy Industry
Bloomberg reported that Mitsubishi UFJ Financial plans to increase loans to U.S. energy and utility industries.
Read more...Date Posted April 15, 2013
IBM Launches Finance App in UK
Channelweb.com reported that IBM has launched a new financing app aimed at its UK partners and is offering vendors $4 billion in channel credit, as it looks to make doing business easier for its partner network.
Read more...Date Posted April 12, 2013
AIGCAF Funds $65MM Loan to Upstate Transmission Holdings
AIG Commercial Asset Finance and its affiliates said they have provided a $65 million senior secured term loan to Upstate Transmission Holdings.
Read more...Date Posted April 12, 2013
CFO: Leverage Ratios Surge at Large Companies
CFO reported that more than 350 U.S. firms now have a thinner earnings cushion to cover the debt on their balance sheets.
Read more...Date Posted April 12, 2013
Element Avoids ‘Market Heroin’ for Leasing Business
In an article on Element Financial, Bloomberg quotes CEO Steve Hudson as saying that selling repackaged leases to life insurance companies helped his firm avoid the “financial market heroin” that almost ruined his first leasing venture 14 years ago.
Read more...Date Posted April 11, 2013
Bloomberg: Thain Transforms CIT Into M&A Target
Bloomberg reported that John Thain has transformed CIT into an enticing takeover target for some of the largest banks.
Read more...Date Posted April 11, 2013
CG Commercial Finance Provides $64MM Equipment Lease
CG Commercial Finance said it has provided a $64 million equipment lease to a joint venture formed by international investment grade companies for a water treatment plant.
Read more...Date Posted April 11, 2013
DLL Receives LEED Gold Certification for U.S. Headquarters
De Lage Landen said it received LEED Existing Building Operation and Maintenance Gold Certification for its U.S. headquarters in Wayne, PA, a recognition that affirms DLL’s commitment to incorporating responsible practices into business operations.
Read more...Date Posted April 10, 2013
Direct Capital Releases eBook on Small Business Financing
Direct Capital said it has released a new eBook guide to help small businesses understand what they should look for when seeking business financing.
Read more...Date Posted April 10, 2013
WSJ: Lenders Used Small-Business Aid to Repay TARP
The Wall Street Journal reported that 137 small banks used $2.1 billion in government funds designated to increase small-business lending to finance their exits from the Troubled Asset Relief Program.
Read more...Date Posted April 10, 2013
First National Capital Posts Record Funded Volume in Q1/13
First National Capital, a commercial equipment and aviation finance provider, said the company posted a record $45.8 million in funded volume for Q1/13.
Read more...Date Posted April 9, 2013
Phoenix Survey: Lenders’ Expectations Turn Positive
Phoenix Management said results from its Q1 “Lending Climate in America Survey” show that lenders have shifted lending expectations from negative to positive.
Read more...Date Posted April 9, 2013
CIT’s Thain Achieves Highest Scores for Liability Management
According to a recently released proxy statement, CIT said CEO John A. Thain’s 2012 compensation totaled $8.25 million. Thain’s performance assessment shows highest scores achieved for liability management.
Read more...Date Posted April 8, 2013
NXT Capital Closes $358MM CLO
NXT Capital said it has closed NXT Capital CLO 2013-1, a $358 million CLO. Wells Fargo Securities served as the lead manager, structuring agent and bookrunner and BMO Capital Markets GKST served as co-lead manager.
Read more...Date Posted April 8, 2013
TCF Inventory Finance Celebrates Fifth Anniversary
TCF Inventory Finance said it is celebrating its fifth anniversary.
Read more...Date Posted April 8, 2013
44 Business Capital Closes SBA Loan for Penn Iron Works
SBA lender 44 Business Capital said it closed on a $2.4 million SBA loan to Penn Iron Works, a custom plate fabricator in Wyomissing, PA.
Read more...Date Posted April 5, 2013
Fleet Advantage Comments on Top Private Independents Ranking
Fleet Advantage issued a news release regarding its ranking on the Monitor’s Top 25 Private Independents list, noting that it jumped two spots to number 11, thanks to a $30 million increase in new business volume.
Read more...Date Posted April 4, 2013
Equipment, Software Investment to Grow 5.6% in 2013
Investment in equipment and software is expected to grow 5.6% in 2013, according to the Q2 update to the 2013 Equipment Leasing & Finance U.S. Economic Outlook released by the Equipment Leasing & Finance Foundation.
Read more...Date Posted April 4, 2013
Small Business Lending on Rise in PA
The Treasury Department said Pennsylvania institutions receiving capital through the Small Business Lending Fund continue to increase their small business lending, in total by more than $445.4 million over baselines.
Read more...Date Posted April 4, 2013
Direct Capital Comments on Top Independent Ranking
Direct Capital issued a press statement regarding its #4 ranking on the Monitor’s 2013 Top Independents list.
Read more...Date Posted April 3, 2013
ATEL Ventures Provides Financing to Enevate
ATEL Ventures said it provided financing to Enevate, a developer of advanced rechargeable lithium-ion batteries.
Read more...Date Posted April 1, 2013
Macquarie Provides $50MM Equipment Facility to Teranga
Teranga Gold said it has entered into a $50 million equipment finance facility with Macquarie Bank.
Read more...Date Posted April 1, 2013
Manufacturing Probably Grew in March on Equipment Demand
Bloomberg reported that economists are expecting that manufacturing in the U.S. probably kept expanding in March as business investment and consumer spending improved.
Read more...Date Posted April 1, 2013
BancorpSouth Creates Mississippi Loan Pool Initiative
BancorpSouth said it has created the “Grow Mississippi” 2013 loan pool to help support the state’s efforts in soliciting and encouraging business expansion and job creation for Mississippi.
Read more...Date Posted March 29, 2013
NYC Mayor Bloomberg Heralds Opening of On Deck’s New HQ
On Deck said that New York City Mayor Michael Bloomberg officially ‘opened the doors’ to the company’s new NYC headquarters with an inaugural press conference.
Read more...Date Posted March 29, 2013
CIT: Commercial Real Estate Sector Strongest in Metro NY
Commercial real estate markets on either coast are outperforming assets in the mid-U.S., with the hottest market in the New York metropolitan area, according to Matt Galligan, president of CIT Real Estate Finance.
Read more...Date Posted March 28, 2013
Cole Taylor Opens New Commercial Banking Office
Cole Taylor Bank said it opened a new commercial banking office in Lombard, IL, led by Thomas W. Ryan, group senior vice president, Commercial Banking.
Read more...Date Posted March 27, 2013
Sparta Selected For Muni Leases on Police Vehicles
Sparta Commercial said it has again been selected by two municipalities to provide financing for their police cruiser replacement vehicles under the company’s municipal leasing program.
Read more...Date Posted March 27, 2013
Ryder Provides Full Service Lease to Andrew Distribution
Andrew Distribution said it selected Ryder System to provide 18 new straight trucks under a full service lease agreement.
Read more...Date Posted March 26, 2013
Tetra Financial Provides $4.75MM in Recent Deals
Tetra Financial said it has recently provided $4.75 million through four transactions.
Read more...Date Posted March 26, 2013
CFO: Lenders Have Ample Liquidity to Fund CAPEX
CFO reported that financiers are chomping at the bit to fund capital equipment purchases, but borrowers and lessees are not cooperating.
Read more...Date Posted March 25, 2013
Cole Taylor Business Capital Provides $27MM in Facilities
Cole Taylor Business Capital announced the funding of a $22 million facility for Gartner Studios and Gartner Greetings and a $5 million facility for Wilcox Paper.
Read more...Date Posted March 25, 2013
Monitor Releases Funding Source Issue
The Monitor is pleased to report that survey data from the Monitor Top Private Independents shows that with nearly $5 billion in funded new business volume, this year’s participants reached a milestone for yearly activity.
Read more...Date Posted March 25, 2013
WSJ: GE Capital, Blackstone Discussed Dell Finance Unit Bid
The Wall Street Journal reported that GE Capital and Blackstone have discussed jointly pursuing Dell’s financial services business, citing people familiar with the matter.
Read more...Date Posted March 22, 2013
Navistar Seeking to Amend $1 Billion Term Loan
Navistar said it is pursuing an amendment to its $1 billion senior secured term loan facility, which is expected to include an interest rate re-pricing. The company also announced a $300 million debt offering led by BofA as administrative agent.
Read more...Date Posted March 22, 2013
Onset Funds Operating Lease for Building Materials Supplier
Onset Financial said it has funded a $1.85 million operating lease for a supplier of building materials in the western United States.
Read more...Date Posted March 21, 2013
Fitch: Downgrades Down 26% for U.S. Public Finance in 2012
In a new report, Fitch Ratings said the modest economic recovery in 2012 helped to stabilize credits across U.S. public finance in 2012. Fitch reported 198 downgrades in 2012, a 26% decrease from 2011.
Read more...Date Posted March 21, 2013
Direct Capital Releases Small Business Guide
Direct Capital said it has released a new informational guide to help small businesses close more sales with financing.
Read more...Date Posted March 21, 2013
Allstate Capital Arranges ForceField Energy Financing
ForceField Energy said it has secured commitments from two “top ten” U.S. banks for project financing. Allstate Capital acted as the company’s financial advisor and lead arranger.
Read more...Date Posted March 19, 2013
GE Capital, Brunswick Extend BAC Joint Venture
Brunswick and GE Capital, Commercial Distribution Finance announced an extension of their joint venture, Brunswick Acceptance Company, through 2016.
Read more...Date Posted March 19, 2013
U.S. Bank Muni Deal Adds $57B to Admin Assets
U.S. Bank has entered into an agreement to purchase the municipal bond trustee business of Deutsche Bank. The transaction will add $57 billion to the more than $3 trillion in assets currently under administration.
Read more...Date Posted March 19, 2013
Global Financial Adds ‘Leasing’ to Name
Global Financial & Remarketing Services announced a revised name to better reflect the company’s core commitment which is equipment leasing solutions.
Read more...Date Posted March 18, 2013
Priority One Loses Cherished Staff Member
Priority One Financial said it is sad to report the passing of Margaret Friauf, staff accountant and a member of the Priority One family for nearly eight years.
Read more...Date Posted March 15, 2013
Commonwealth Capital Receives Diversity Awards
Commonwealth Capital said it recently received several awards and recognition by DiversityBusiness.com.
Read more...Date Posted March 14, 2013
Ritchie Bros. Sell Over $55MM in First Edmonton Auction
Ritchie Bros. said it sold more than $55 million of heavy equipment and trucks during its first auction of the year in Edmonton, Alberta.
Read more...Date Posted March 13, 2013
HFG Provides Financing to Premier Research
Healthcare Finance Group said it has provided a $15 million senior secured revolving line of credit to Premier Research.
Read more...Date Posted March 13, 2013
Element Financial Closes $173MM Equity Financing
Element Financial said it has closed its previously announced bought deal offering of common shares totaling approximately $173 million.
Read more...Date Posted March 13, 2013
GE Names Former SEC Chairman Schapiro to Board
GE announced the nomination of Mary Schapiro, former chairman of the SEC, as a director. GE said, “Schapiro will bring valuable expertise to GE, particularly with her experience overseeing U.S. financial markets.”
Read more...Date Posted March 12, 2013
