Wells Fargo Leads $1.1B ABL Syndicate for White Oak

White Oak Commercial Finance (WOCF) has closed a $1.1 billion credit facility with Wells Fargo Bank and 11 other unnamed banks, strengthening its capital for asset-based lending (ABL).

WOCF has an affiliation with White Oak Global Advisors (WOGA) and offers financial facilities ranging from $10 million to $250 million or more through supply chain finance, accounts receivable purchase facilities, asset-based revolving loans, and asset-backed term loans.

The new credit facility broadens WOCF’s global lending capabilities, assisting borrowers from the U.S., U.K. and Canada, as well as Australian-based businesses with activities and assets in specified overseas jurisdictions.

“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,” said WOCF CEO Tom Otte.

In addition, WOCF and another WOGA affiliate, White Oak ABL, announced a merger to become a single business under WOCF. The move establishes an integrated ABL platform, allowing WOCF to leverage White Oak Global Advisors’ skills to provide capital structure solutions to middle-market companies.

WOGA stated that it and its finance affiliates deployed $1.1 billion in capital in 2023, with WOCF being particularly active, deploying more than $600 million to enterprises in a variety of sectors.