White Oak Commercial Finance closed a new $1.1 billion credit facility agented by Wells Fargo Bank, and including 11 other banks, increasing the capital that can be invested in asset-based lending (ABL). Additionally, WOCF and White Oak ABL announced a merger of the two entities into WOCF, which will now be an integrated ABL platform structured to optimally serve this rapidly growing market. WOCF will also be able to leverage White Oak Global Advisors and its financing affiliates’ comprehensive capabilities to support middle market companies with full capital structure solutions.
“We are thrilled to announce this support from Wells Fargo and the 11-bank syndicate, as it greatly enhances our ability to capture the large and compelling current opportunity in ABL on behalf of our investors while also better serving the evolving needs of a wide range of borrowers,” said Tom Otte, CEO of White Oak Commercial Finance. “In the current environment of banks retreating from the market while the economy continues to grow, middle market firms have an increasing need for a thoughtful capital partner to help them execute their strategy. White Oak’s international reach, sophisticated underwriting capabilities, cross-industry expertise, and flexible capital solutions position us well to serve as the partner of choice for such firms.”
White Oak Commercial Finance’s working capital facilities can range from $10 million to $250 million or more. Products include accounts receivable purchase facilities, asset-based revolving loans, asset-backed term loans, supply chain finance, and traditional factoring.
“Since 2013, White Oak has been a leader in non-bank asset-based lending,” said Andre Hakkak, Co-Founder & CEO of White Oak Global Advisors. “We have continuously grown our investment in this asset class by serving as a one-stop solution for middle market companies, offering ABL capabilities alongside corporate term loans. This credit facility provides capital to further serve the unique needs of our borrowers and investors.”
The new credit facility expands on White Oak’s already robust international lending capabilities to support its U.S., Canadian, U.K., and Australian- headquartered borrowers with international operations and lendable assets in select European and Asian jurisdictions, as well as Mexico.
“Wells Fargo is pleased to support White Oak Commercial Finance with the capital they need as they continue to grow, further expanding their capabilities to better serve middle market borrowers,” said David Koshenina, head of Lender Finance for Wells Fargo Capital Finance.