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The Latest Asset-Based Finance Transactions
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ABL Industry Service Providers & Specialty Lenders
Diversified Restaurant Holdings, operator of Bagger Dave’s and franchisee for Buffalo Wild Wings, amended its credit agreement with a lender group led by Citizens Bank as lead lender and administrative agent.
According to the DealBook, investors continue to see potential in alternative lending platforms such as OnDeck Capital.
Advocate raised its credit line for law firm loans from $3.2 million to a $4 million, via a facility increase to $115 million. Fifth Third Bancorp is lead agent, with Wells and New York Community Bancorp participating as lenders.
Aaron L. Hammer of Sugar Felsenthal Grais & Hammer, and Mike Egan, Monroe Capital were named president and president-elect of the Chicago/Midwest chapter of the TMA.
Partners Group raised more than $1 billion in new commitments for the firm’s successful junior debt investment strategy. Its eighth and largest mezzanine program will be invested globally.
Construction Partners refinanced existing debt and consolidated its borrowings. ServisFirst and BBVA Compass provided revolvers, while a CIT-led syndicate structured an asset-based term loan and capex facility.
Celadon Group increased its facility to $300 million and re-set the term on its revolver agented by Bank of America. Bank of America served as sole lead arranger, with Wells Fargo Bank and Citizens as lenders.
Lenders reportedly scaled back on underwriting large debt-laden buyouts for low-rated companies in Q4/14, signaling that warnings to regulated banks against highly leveraged transactions are gaining traction.
Cervus Equipment entered into an amended facility with a syndicate of underwriters led by TD Bank, and including CIBC and Wells Fargo.
CIT Real Estate Finance provided a loan to Hillwood Investment Properties to develop Trade Center 83, a 1.2 million-square-foot Class A warehouse distribution center on 95 acres in York County, PA.
Jan 22, 2015: 20th Annual Rocky Mountain Bankruptcy Conference
Jan 22, 2015: IFA: 2015 Presidents / Senior Executives Meeting
Jan 29, 2015: 9th NYIC/AIRA Bankruptcy & Restructuring Event
Feb 11, 2015: 2015 TMA Distressed Investing Conference
Feb 17, 2015: ACG New York Forward & NYIC Future Leaders