June 26, 2017 06:31 PM Eastern Daylight Time
LOS ANGELES–(BUSINESS WIRE)–Hana Financial, Inc., one of the largest non-bank specialty commercial lenders in the nation, announced today that it has secured a new $100 million factoring credit facility through an issuance of the Series 2017-1 Factoring Contract Backed Notes.
The new credit facility by Hana Financial SPV I, LLC, is a multi-tranche facility with $70 million allocated for term tranches and $30 million allocated for revolving tranches. This transaction replaces the existing credit facility for Hana Financial’s factoring business.
For the financing, Guggenheim Securities, LLC acted as sole syndication agent and arranger, Jeffer, Mangels, Butler & Mitchell, LLP acted as legal counsel for the borrower, and Alston & Bird LLP acted as legal counsel for the syndication agent and arranger. For the new credit facility, CBIZ MHM, LLC will act as note agent, and Wells Fargo Bank, N.A. will act as custodian, backup servicer and note agent’s bank.
In conjunction with the refinancing, Hana Financial has reorganized its corporate structure, creating a new wholly-owned subsidiary, Hana Commercial Finance, Inc. for its factoring and asset based lending units. Established in 1994, Hana’s factoring unit is one of the ten largest factoring businesses by factoring volume in the nation with operations in Los Angeles, CA and New York, NY.
About Hana Financial, Inc.
Founded in 1994 by Sunnie S. Kim, Hana Financial, Inc. is a Los Angeles based diversified financial services firm specializing in factoring, asset based lending and SBA lending. In 2016, Hana Financial had over $2 billion in factoring and loan organizations. For more information, visit www.hanafinancial.com or call 213.240.1234.
Hana Financial, Inc.
Patrick Y. Shim, 213-240-1234
SVP of Corporate Strategy & Administration