Archives for News

Nations Equipment Finance appoints William Houng as Vice President – Sales

Norwalk, CT – August 09, 2017 – Nations Equipment Finance, LLC (“NEF”) is pleased to announce the appointment of William Houng as Vice President – Sales. In this role, William will be responsible for originating equipment lease and loan transactions in NEF’s Western Sales Region. William comes to NEF with over 8 years of experience in the equipment financing industry.

“I am very excited to join the NEF team. NEF utilizes a unique capital structure to provide clients with financing for a wide range of asset types and credit profiles, while also offering complete structuring flexibility (loans, leases, lines of credit) and custom payment options,” said William. “With such an array of products and services, I am confident that my clients will be presented with the best possible financial solutions. I am looking forward to being an integral part of the NEF team and contributing to the organization’s long term success.”

“William’s demonstrated success and industry experience will contribute to our growth strategy and help increase new business originations in our western region,” said Ed Stolarski, Executive Vice President of Nations Equipment Finance. “We are excited to have William join our team here at NEF. His hiring further exhibits our commitment to expanding our reach to middle market companies as we continue to be a leading independent provider of equipment leases & loans in the U.S. and Canada.”

William can be reached by phone at (909) 486-8520 or email WHoung@nullnationsequipmentfinance.com and will work out of our office in Brea, California.

Read more

Nations Equipment Finance Acquired by Solar Capital

NEW YORK, NY — 08/01/17 — Solar Capital Ltd. (NASDAQ: SLRC) (“Solar” or the “Company”) announced that on July 31, 2017, it acquired NEF Holdings, LLC (“NEF”), which conducts its business through its wholly-owned subsidiary Nations Equipment Finance, LLC. NEF is an independent equipment finance company that provides senior secured financings to U.S. based companies. Solar invested approximately $210 million to effect the transaction.

The acquisition is another important step in Solar’s commitment to expand its direct lending investment channels and provide differentiated sources of growth. The addition of NEF, with its infrastructure and experienced underwriting team, further enhances Solar’s platform as a diversified specialty finance company. Solar directly sources and underwrites cash flow, asset-based, life science and now senior secured equipment financings. Pro forma for the NEF acquisition, approximately two-thirds of Solar’s comprehensive portfolio is expected to be comprised of specialty finance investments with the remainder from directly originated investments in senior secured cash flow loans to sponsor-owned companies.

NEF was founded in 2010 by former GE Capital equipment finance professionals, and has underwritten approximately $1.0 billion of equipment financings since inception. The portfolio is highly diversified, with an average funded exposure per borrower of $2.3 million. Collateral securing the portfolio consists of long-life, essential-use assets such as trucks and trailers, machine tools and equipment, which can be readily liquidated.

Solar acquired NEF for a modest premium to tangible book value. NEF is expected to distribute substantially all of its earnings to Solar on a quarterly basis. Solar anticipates its investment in NEF will generate a cash yield consistent with its other specialty finance assets and expects the acquisition to be immediately accretive to investment income in Q3 2017. Based on NEF’s existing portfolio, the investment would currently generate quarterly net investment income for Solar of approximately $0.04 to $0.05 per share. Pro forma for the acquisition and based on debt outstanding at June 30, 2017, Solar’s leverage would have been 0.55x debt-to-equity.

“We believe that NEF offers a compelling opportunity to invest in an established business, whose management team has a strong track record,” said Michael Gross, Chairman and CEO of Solar. “The addition of NEF’s sourcing channel enhances Solar’s flexibility to originate investments across multiple business lines in order to find the best risk reward opportunities while also increasing the earnings power of Solar’s portfolio.”

“We believe this acquisition further positions us as a diversified specialty finance company, providing capital solutions to middle market companies. NEF, with its 100% collateralized loan portfolio, complements Solar’s other specialty lending businesses,” said Bruce Spohler, Chief Operating Officer of Solar. “We believe NEF’s business is highly scalable and provides Solar with access to another differentiated middle market corporate credit platform focused on collateral-based/LTV lending. NEF offers attractive risk-adjusted returns and has a low correlation to the broader non-investment grade credit markets.

“We are excited about NEF’s relationship with Solar Capital and the growth opportunities it provides the NEF platform,” said Phil Carlson, President and Chief Executive Officer of NEF. “Solar’s stable, long-term funding will enhance NEF’s ability to provide innovative financing solutions to our clients.”

Keefe Bruyette & Woods, Inc. acted as the exclusive financial advisor to NEF in connection with the transaction.

ABOUT SOLAR CAPITAL LTD.

Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests directly and indirectly in leveraged, middle market businesses in the form of senior secured loans, including unitranche loans, as well as mezzanine loans, and equity securities.

ABOUT NATIONS EQUIPMENT FINANCE, LLC

NEF specializes in providing equipment leases and loans across a wide spectrum of industries including transportation, manufacturing, construction, aerospace and marine for small and medium sized businesses primarily in the United States. NEF’s transactions range in size from $1 to $50 million and focus on the underlying collateral value. Nations uses this collateral specific approach for both new and used equipment financings with terms typically between three and seven years.

Read more

NEF appoints Susan O’Donovan as CFO

Nations Equipment Finance (“NEF”) is pleased to announce the appointment of Susan O’Donovan as Chief Financial Officer.  Susan joins Nations with over 15 years of asset management experience and 10 years of structuring and securitizing specialty finance portfolios.

Susan was most recently with Castleton Commodities International as the Executive Director, Head of Controller Project Management and Strategic Initiatives.  Susan’s past experience includes controllership and treasury roles with asset managers Plainfield Asset Management, Wexford Capital and Smith Management.  She was also involved in the growth and public offering of ContiFinancial Corporation who serviced a $20 billion portfolio of consumer and commercial loans.  Susan also served as the Manager of Financial Reporting for GE Capital.  Susan began her career as an auditor for PriceWaterhouse. She holds a BBA in Accounting from the Ross School of Business at the University of Michigan.

“We are excited that Sue O’Donovan has joined our company as Chief Financial Officer,” said Phil Carlson, CEO of Nations. “Her 25 years of finance and controllership experience along with her experience in the securitization market is going to be of great value to our company. We are glad that she is part of the Nations team,” Carlson added.

Nations Equipment Finance specializes in providing equipment leases and loans across a wide spectrum of asset classes including construction, transportation, manufacturing, aerospace and marine for small and medium sized businesses throughout the United States and Canada. Their transactions range in size from $1 to $50 million and focus on the underlying collateral value. Nations uses this collateral specific approach for both new and used equipment financings with terms between 3 and 7 years. To learn more about Nations Equipment Finance visit www.nationsequipmentfinance.com.

Read more

Tom Fanelli to Retire as Chief Risk Officer of NEF

Tom Fanelli, Chief Risk Officer will be retiring from Nations Equipment Finance after fifty years in the Equipment Finance Industry. Tom started in the equipment finance business in 1967 as a collector with what was then known as General Electric Credit Corporation. He rose in the company to become a GE Capital Officer and the Chief Risk Officer for the Commercial Equipment Finance Division of GE Capital. He retired from GE in 2009 and joined a group of GE Capital colleagues in founding Nations Equipment Finance. Nations opened for business in 2010 and has grown to be one of the largest independent equipment finance businesses in the United States.

“Tom Fanelli is well known in the Equipment Finance Industry and we are sad that he is retiring,” said Phil Carlson, CEO of Nations. “He was an important member of our management team and helped us to build our company. We wish him all the best in his retirement,” Carlson added.

Read more

DBRS Upgrades Nations Equipment Finance Funding Ratings

DBRS, Inc. (DBRS) has today upgraded two classes of two outstanding public ratings. The rating actions are based on the current credit enhancement levels being sufficient to cover DBRS’s expected losses at their current respective rating levels.

The ratings are based on DBRS’s review of the following analytical considerations:

  • Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
  • The transaction parties’ capabilities with regard to origination, underwriting and servicing.
  • The credit quality of the collateral pool and historical performance.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

RATINGS

Issuer Debt Rated Rating Action Rating Trend Notes Published Issued
Nations Equipment Finance Funding II, LLC Equipment Contract-Backed Notes, Series 2014-1, Class A Upgraded AA (sf) Feb 15, 2017 US
Nations Equipment Finance Funding III, LLC Equipment Contract-Backed Notes, Series 2016-1, Class A Upgraded A (high) (sf) Feb 15, 2017 US
US = USA Issued, NRSRO
CA = Canada Issued, NRSRO
EU = EU Issued
E = EU Endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating

 

Read more

Nations Equipment Finance announces the appointment of Liam Austin – McClellan as Vice President – Sales

Norwalk, CT – October 19, 2016 – Nations Equipment Finance, LLC (“NEF”) is pleased to announce the appointment of Liam Austin – McClellan as Vice President – Sales. In this role, Liam will be responsible for originating equipment lease and loan transactions in NEF’s Northeast Sales Region. Liam has over 6 years’ experience in sales and business development.

“I am thrilled to join the equipment finance team at NEF.  With over 200 years in combined equipment finance experience, NEF will help me provide the best financial solutions to my clients.  I look forward to being involved in the continued success of NEF.” Liam said. “With competitive and economic challenges, our clients are consistently pressured to secure creative sources of capital. We are very happy to have Liam join our team and to participate in NEF’s growth” commented Ed Stolarski, Executive Vice President of Nations Equipment Finance.

Liam can be reached by phone at (203) 229-2252 or email lmcclellan@nullnationsequipmentfinance.com and will work out of NEF’s headquarters in Norwalk, CT.

Read more
Nation Equipment Finance

Nations Equipment Finance Awarded Second Place Winner of the Connecticut 2016 Top Workplaces

Norwalk, CT – September 28, 2016 – Nations Equipment Finance, (NEF) has been awarded second place in the small business category for 2016 Top Workplaces honor by Hearst Media Services. The Top Workplaces lists are based solely on the results of an employee feedback survey administered by WorkplaceDynamics, LLC, a leading research firm that specializes in organizational health and workplace improvement. Several aspects of workplace culture were measured, including Alignment, Execution, and Connection, just to name a few.

group-shot-4“Given that we are such a new company and this was our first year as a nominee for the Top Workplaces award, it is an honor to have won second place in our category,” said Phil Carlson, CEO of Nations Equipment Finance. “This award reflects our dedication to our employees and confirms that we are providing them with great benefits, but also an inclusive and positive working environment.”

“The Top Workplaces award is not a popularity contest. And oftentimes, people assume it’s all about fancy perks and benefits.” says Doug Claffey, CEO of WorkplaceDynamics. “But to be a Top Workplace, organizations must meet our strict standards for organizational health. And who better to ask about work life than the people who live the culture every day—the employees. Time and time again, our research has proven that what’s most important to them is a strong belief in where the organization is headed, how it’s going to get there, and the feeling that everyone is in it together.” Claffey adds, “Without this sense of connection, an organization doesn’t have a shot at being named a Top Workplace.”

 

About Nations Equipment Finance

Nations Equipment Finance specializes in providing equipment loans and leases across a wide spectrum of asset classes including manufacturing, construction, transportation, oil and gas and more. Our investment professionals have decades of experience providing financings to small and medium sized businesses. NEF provides a collateral specific approach to equipment based term loans/leases for new/used equipment (terms up to seven years) to companies operating in the US and Canada. Our transactions range from $1 Million to $50 Million and focus on the underlying collateral value.  Visit www.nationsequipmentfinance.com for more information.

About WorkplaceDynamics, LLC

Headquartered in Exton, PA, WorkplaceDynamics specializes in employee feedback surveys and workplace improvement. This year alone, more than two million employees in over 6,000 organizations will participate in the Top Workplaces™ campaign—a program it conducts in partnership with more than 40 prestigious media partners across the United States. Workplace Dynamics also provides consulting services to improve employee engagement and organizational health. WorkplaceDynamics is a founding B Corporation member, a coalition of organizations that are leading a global movement to redefine success in business by offering a positive vision of a better way to do business.

Read more

Nations Equipment Finance Gets $300 MM Credit Facility from Citizens Bank

Citizens Commercial Banking led a new $300 million revolving credit facility for Nations Fund I, a company managed by Nations Equipment Finance.

Citizens was the lead left bank and joint lead arranger on the transaction, which will provide working capital for Nations, a commercial finance company that provides equipment-based loans and leases to middle market companies. Santander Bank was joint lead arranger and syndication agent.

“Citizens Bank has proven to be a great financial and strategic partner,” said Phil Carlson, CEO of Nations Equipment Finance. “The entire Citizens team brought great ideas to the table and executed the transaction seamlessly.”

“Nations Equipment Finance is a great client and we’re very happy to be able to help them achieve their strategic and financial goals,” said Chris Carmosino, president of Business Capital at Citizens Bank. “Citizens works very hard to be our clients’ lead bank by providing great products and services that deliver value for them at every stage of their business life cycle.”

###

About Nations Equipment Finance

Nations Equipment Finance specializes in providing equipment loans and leases across a wide spectrum of asset classes including manufacturing, construction, transportation, oil and gas and more. Our investment professionals have decades of experience providing financings to small and medium sized businesses. NEF provides a collateral specific approach to equipment based term loans/leases for new/used equipment (terms up to seven years) to companies operating in the US and Canada. Our transactions range from $1 Million to $50 Million and focus on the underlying collateral value.  Visit www.nationsequipmentfinance.com for more information.

About Citizens Financial Group, Inc.
Citizens Financial Group Inc. (NYSE: CFG) is one of the nation’s oldest and largest financial institutions, with $132.9 billion in assets as of December 31, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. Citizens Commercial Banking offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.

Read more

Nations Equipment Finance Expands Capital Markets and Syndication Capabilities

Norwalk, CT – 9/12/16 – Nations Equipment Finance, LLC (“NEF”) has named Ryan Bohlert as Assistant Vice President – Syndication. In this role Ryan will be responsible for enhancing NEF’s capital market activities including loan and lease syndication as well as developing relationships with prospective syndication partners.

Ryan joins NEF with experience in the commercial loan and leasing industry. His background includes pricing and structuring, syndication, capital markets and sales.

Ryan has held positions with Sumitomo Mitsui Finance, Terex Corporation and AXA Equitable. In these positions he was involved in originating, syndicating and structuring equipment lease and loan transactions.

“I am pleased to join the NEF team and work alongside seasoned industry professionals. NEF has a streamlined decision making process which will help me to better serve my clients. I look forward to being part of the continued success here and am excited for what the future holds.” said Ryan

“We are thrilled to have Ryan join our team and are excited to grow this division of our company.” said Mike Brigante – Senior Vice President, Capital Markets “The hiring of Ryan will enhance our syndication capabilities which will bring our customers more financing options.”

Ryan can be reached at (203) 229-2240 or email rbohlert@nullnationsequipmentfinance.com and will be based in our Headquarters.

###

Read more
equipment-financing-transactions

Nations Equipment Finance Announces over 20 Recent Transactions this Summer

NORWALK, CT – September 1, 2016 – Nations Equipment Finance (NEF), announces they have provided several US and Canadian companies with equipment financing.

Some featured transactions include:

  • A Term Loan for $3,400,000 for a motor coach bus company to purchase new buses to upgrade their existing fleet.
  • A True Lease for $5,000,000 for a construction company to expand their business into the lighting signage and telecom market.
  • A TRAC Lease for $5,000,000 for an aviation fuel supply company to refinance their existing debt and provide working capital.
  • A Split TRAC Lease for $3,000,000 for a trucking company to purchase additional tractors in order to expand their business.

“Our team has extensive experience in providing equipment financing to companies in a variety of industries. We are committed to identifying each business’s specific financing needs and delivering a customized solution to meet those needs,” said Phil Carlson, CEO of Nations Equipment Finance.

###

About Nations Equipment Finance

Nations Equipment Finance specializes in providing equipment loans and leases across a wide spectrum of asset classes including manufacturing, construction, transportation, oil and gas and more. Our investment professionals have decades of experience providing financings to small and medium sized businesses. NEF provides a collateral specific approach to equipment based term loans/leases for new/used equipment (terms up to seven years) to companies operating in the US and Canada. Our transactions range from $1 Million to $50 Million and focus on the underlying collateral value.  Visitwww.nationsequipmentfinance.com for more information.

Read more

Let Us Review Your Equipment Needs Today.

GET FINANCING