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Hana Commercial Finance secures $100M factoring credit facility


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According to Market Intelligence, April 2023

Hana Commercial Finance secures $100M factoring credit facility

Hana Commercial Finance Inc. secured a new factoring credit facility by issuing $100 million of Series 2019-1 factoring contract-backed notes. The offering was fully subscribed.

The Series 2019-1 Financing includes an accordion feature whereby Hana Commercial Finance can increase the total facility size to $300 million, at its discretion.

The series was issued from a special purpose vehicle, Hana Financial SPV I LLC that is a multi-tranche facility. It includes four classes of term notes worth $80 million and four classes of variable funding notes of $20 million.

Guggenheim Securities LLC acted as sole structuring agent, sole placement agent of the variable funding notes and sole initial purchaser of the term notes.

Jeffer Mangels Butler & Mitchell LLP acted as legal counsel for the borrower while Alston & Bird LLP acted as legal counsel for the placement agent and initial purchaser.

For the new credit facility, CBIZ MHM LLC will act as note agent and Wells Fargo Bank NA will act as custodian, backup servicer and note agent's bank.

Hana Commercial Finance is a subsidiary of Hana Financial Inc.