LOS ANGELES–(BUSINESS WIRE)–Hana Commercial Finance, Inc. (“HCFI”), the factoring and trade finance
subsidiary of Hana Financial, Inc., announced today that it has closed a
new factoring credit facility through the issuance of $100 million of
Series 2019-1 Factoring Contract Backed Notes (the “Series 2019-1
Financing”). The offering was fully subscribed.
The Series 2019-1 Financing was issued from a special purpose vehicle,
Hana Financial SPV I, LLC, which is a multi-tranche facility with four
classes of term notes totaling $80 million and four classes of variable
funding notes totaling $20 million. The Series 2019-1 Financing also
includes an accordion feature, which will enable HCFI to increase the
total facility size to $300 million at the discretion of HCFI.
Kroll Bond Rating Agency (KBRA) assigned “A” for the top-rated tranches,
which represent 68% of the pool, and the remaining tranches were
assigned ratings of “BBB”, “BB” and “B”.
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, 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,
N.A. will act as custodian, backup servicer and note agent’s bank.
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 2018, Hana Financial ranked as
one of the top ten largest factoring companies in the U.S., and one of
the most active non-bank SBA 7(a) lender in the nation. Since in
inception, Hana Financial has reached over $25 billion in factoring
volume and loan originations. For more information, visit www.hanafinancial.com or
Hana Financial, Inc.
Patrick Y. Shim, 213-240-1234
Corporate Strategy & Administration