City National Bank hires Chiavetta for capital finance team

City National Bank hired Cathy Chiavetta to source and underwrite asset-based loans.

She started this month and joined as a senior vice president, based in New York. She will report to Martin Chin, who is based in Los Angeles and manages the capital finance team.

Chiavetta is responsible for both large syndicated transactions and club deals.

Previously, Chiavetta was a managing director at Z Capital Partners, where she sourced distressed senior secured debt investments. She also held sales, capital markets, and underwriting roles at Banc of America Securities, CIT Group, and TD Securities. — Abby Latour

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Scientific Games bonds slip further on CFO resignation

Bonds backing Scientific Games slipped further today after the company announced the resignation of its Chief Financial Officer, Scott Schweinfurth, according to a company release. The 10% notes due 2022 shed 2.5 points to 77.625, yielding 15%, according to trade data. Meanwhile, sources quote the 7% notes due 2022 at 96/97, down from trades at 97.50 on Friday. The company’s shares are down nearly 4% at $7.62 today.

As reported last week, Scientific Games debt and equity came under pressure after the gaming technology company released third-quarter results that came in shy of Street expectations. The 10% notes, for instance, had been trading in the high 80s prior to the earnings release, before shedding five points on the results to the mid-80s and ending the week at an 80 context.

Loans backing Scientific Games are little changed today, with the B-2 tranche due 2021 (L+500, 1% LIBOR floor) recently marked at 92.75/93.75, though note the loan is about 5.5 points lower since the earnings release. According to the statement, Schweinfurth will continue in his role through the year-end financial audit and filing of its Form 10-K and the appointment of his successor.

Conditions are soft today in the high-yield market, with the cash market down about a quarter of a point and ETF sellers circulating, sources relay. The HY CDX 25 is quoted at 101.25, unchanged today, but down 1.3% week-over-week.

B+/B2 Scientific Games placed the $950 million issue of 7% secured notes and a $2.2 billion issue of 10% unsecured notes in November 2014 via a J.P. Morgan–steered underwriting team to help fund the Bally acquisition. The company also placed the $2 billion B-2 term loan in September 2014 to support the Bally transaction; the loan was issued at 99. Bank of America Merrill Lynch is administrative agent on the term loan. —Staff reports


Citi names Basham as head of leverage finance and loans

Richard Basham has been appointed head of EMEA leverage finance and loans at Citi, expanding his role from being the head of the bank’s EMEA loans franchise.

Basham, who was promoted to sole head of Citi’s EMEA loan franchise last year following the move of Ahu Khullar to the firm’s corporate bank division, has been at the bank for 25 years. In his new position, he will be working more closely withAnthony Diamondakis, head of the EMEA alternative assets group.

Paul Simpkin is assuming the role of chairman of EMEA leverage finance, from head of European leverage finance. He will now focus more closely on the firm’s leading corporate clients. — Staff reports


DDJ Capital taps Weissenburger to lead middle market loan origination

DDJ Capital Management hired Michael Weissenburger as head of origination of middle market financing.

He joins as managing director, and will be based in Waltham, Mass. Weissenburger reports to Dave Breazzano, DDJ’s president and chief investment officer.

In the newly created role, Weissenburger will build out DDJ Capital’s private lending platform in the U.S. and Canada by developing relationships with investment banks, commercial lenders, private equity firms, BDCs, and restructuring advisors.

Weissenburger joins from Wells Fargo & Company, where he was director of direct loan origination at Wells Fargo Capital Finance. He also worked at Sonus Networks, Cognos, which was acquired by IBM Corp., and Converge.

DDJ Capital Management, based in Waltham, Mass., manages high yield bond and loan strategies for corporate and public retirement funds, insurance companies, endowments, foundations, and family offices. — Abby Latour

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Golub Adds Wilson to Capital Markets Loan Sales Team

Golub Capital hired Joseph Wilson to identify and execute secondary market sales opportunities for leveraged loans.

He joins as managing director. He will report to Andy Steuerman, head of middle market lending and late stage lending.

Wilson joins Golub Capital’s existing capital markets team of seven.

Prior to Golub Capital, Wilson worked at Citigroup on the leveraged credit sales team where he was responsible for sales of primary and secondary loans and structured credit. He also worked at J.P. Morgan, including in investment banking, commercial banking, and par and distressed loan sales and trading.

“Adding a broadly syndicated sales and trading platform is a natural evolution that will enhance our ability to support our portfolio companies throughout their lifecycles—particularly as they move into larger loan sizes,” Steuerman said. — Abby Latour

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Monroe Capital Taps Sturrock to Lead Debt Origination in Canada

Monroe Capital hired Mark Sturrock to lead debt origination in Canada. Previously, Monroe covered Canadian origination efforts from Chicago.

Sturrock will be responsible for private equity sponsored and non-sponsored middle market companies. He will be based in Toronto.

He will report to Tom Aronson, who is head of originations at Monroe Capital.

Sturrock most recently worked at Salus Capital Partners, where he was a senior managing director.

Previously, he was senior director and team leader at Canadian Imperial Bank of Commerce, as well as director of originations and senior vice president at Wells Fargo Foothill Canada. He also worked at Royal Bank of Canada for 21 years. — Abby Latour

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ICG adds to middle market loan investment team with Rabel hire

Intermediate Capital Group (ICG) has hired Jeffrey Rabel to originate, process, and monitor middle market debt deals.

He joined as managing director, and started in September. He will be based in New York.

Rabel had been part of the financial sponsors group at Barclays in New York since 2006 in a similar role. There, he was responsible for origination across industries for a wide range of sponsors. He also worked at Credit Suisse, where he was part of the bank’s Global Industrial Group.

The hire is the latest as ICG builds out its syndicated loan business.

In August, ICG announced the hiring of Adam Goodman to its U.S. private debt investment team as a managing director. Goodman joined from MetLife, where he was head of mezzanine investments and a portfolio manager responsible for direct private debt, mezzanine, and credit fund investments.

Salvatore Gentile is head of ICG’s U.S. operations.

ICG’s U.S. investment team also includes Brian Spenner and Seth Katzenstein, who both joined the firm in 2013. Spenner worked mainly in origination and execution of private debt transactions in various roles at Blackstone, SAC Capital, BancAmerica Securities, and Nomura Securities. Katzenstein is portfolio manager for syndicated loan products, and joined from Black Diamond Capital Management.

Gentile and Spenner were founding members of Blackstone’s Corporate Debt Group. — Abby Latour

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CIFC hires CLO investor Klein from Prospect Capital

CIFC Asset Management has hired Robert J. Klein as a managing director leading the structured products strategies and senior portfolio manager, according to a company statement. Klein will be part of the firm’s Operating Committee, and report to co-presidents Oliver Wriedt and Steve Vaccaro.

Klein was previously at Prospect Capital Management, where he managed $1.5 billion in CLO investments. Prospect is a significant investor in CLO equity.

Before Prospect Capital, Klein was at American Capital where he was a managing director leading the private equity and financial sponsor lending teams in New York on a number of debt and equity investments, as well as American Securities and American Industrial Partners, both middle-market private equity firms. Klein began his career in the M&A group of First Boston and Morgan Stanley. — Staff reports


LFM Capital expands team with business development hire

Middle market private equity firm LFM Capital hired Jessica Ginsberg to manage business development and origination of buyout deals.

She joined as vice president, and started in September. She will be based in Nashville.

Ginsberg “will be responsible for managing LFM’s business development and origination activities, including overseeing the firm’s direct sourcing platform and outreach to transaction intermediaries,” the firm said in a statement.

Previously, Ginsberg worked at Bank of America Merrill Lynch in Nashville. Her role there was portfolio manager officer for the bank’s middle market industrials group.

She also worked at Essex Investment Management, Pamlico Capital (formerly Wachovia Capital Partners), and Willis Stein & Partners.

LFM Capital, based in Nashville, Tenn., invests in private companies generating revenue of $10–100 million and EBITDA of $3–10 million in manufacturing and industrial services. — Abby Latour

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Madison Capital taps Brazier for loan syndications, promotes Day

Madison Capital Funding has hired Daniel Brazier for its loan syndications team, and also announced that Jeffrey Day was promoted to Managing Director and Head of Loan Syndications.

Brazier was previously with GE Capital and Antares Capital. Day has been with Madison Capital since 2011, and prior to that held positions at J.P. Morgan, CapitalSource, and GE Capital.

Chicago-based Madison Capital, which focuses on the financing needs of middle market private equity firms, provides enterprise-value leveraged financing for acquisitions, recapitalizations, MBOs, and LBOs. The firm is a wholly owned subsidiary of New York Life Investment Management Holdings. — Staff Reports