Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 1/1/06 through 3/31/06.
LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||
---|---|---|---|---|---|
Orleans Homebuilders Provider/Homebuilding Services |
Wachovia Capital Markets Lead |
650.0 | Revolver Three-year term; participants incl: Wachovia Bank (admin agent) & BofA (syn agent) |
||
Nuance Communications Provider/Speech Technology |
UBS Investment Bank/Credit Suisse/Citigroup/BofA Co-Leads |
430.0 | $75MM Revolver/$355MM Term Loan Used for acquisition of Dictaphone Corporation |
||
Dynegy | Inc. Provider/Electricity |
Citigroup Global Markets/J.P. Morgan Securities Co-Leads |
400.0 | Revolver Participants incl: Credit Suisse, Banc of America & Lehman Brothers |
|
The BISYS Group Provider/Outsourcing Solutions |
SunTrust Lead |
400.0 | $100MM Revolver/$300MM Term Loan Replaces previous $150MM revolver |
||
MarineMax Retailer/Recreational Boats |
BofA/Key Bank/GE Distribution Finance/National City Co-Leads |
385.0 | Revolver Three-year term |
||
A. Schulman | Inc. Supplier/Plastics |
J.P. Morgan Securities/JPMorgan Chase Co-Leads |
350.0 | Revolver Facility will fund self-tender offer for 8.75MM shares of common stock |
|
EaglePicher Provider/Technology Services |
Goldman Sachs Credit Partners Lead |
345.0 | $230MM First Lien/$65MM Second Lien/$50MM Third Lien Repays all obligations under existing DIP |
||
American Italian Pasta Company | Inc. Manufacturer/Pasta |
Bank of America Securities Sole Arranger |
295.0 | $30MM Revolver/$265 Term Loan Five-year term; Bank of America served as lender, admin agent |
|
Sino-Forest Corporation Operator/Forestry Plantations |
Barclays Capital Lead |
260.0 | Term Loan Five-year term; Barclays Bank acted as facility agent |
||
Falcon Oil & Gas Ltd. Developer/Oil & Gas |
Macquarie Bank Limited Lead |
250.0 | Revolver Falcon will draw down $50MM |
||
COMSYS IT Partners | Inc. Provider/IT Staffing Services |
Merrill Lynch Capital Lead |
230.0 | Revolver Repays existing debt |
|
Goody's Family Clothing | Inc. Retailer/Apparel |
GMAC Retail Finance/CIT Retail Finance Co-Leads |
220.0 | Revolver Participants incl: LaSalle Retail Finance, Merrill Lynch Capital, AmSouth Bank, Webster Business Credit Retail Finance |
|
Epicor Software Corporation Provider/Business Software Solutions |
KeyBanc Capital Markets Lead |
200.0 | $100MM Revolver/$100MM Term Loan Bank of America acted as documentation agent |
||
Westcon Group Inc. Distributor/Networking Technology |
HSBC Bank USA Lead |
190.0 | $150MM Revolver/$40MM Term Loan HSBC led syndicate of seven banks |
||
Oneida Ltd. Manufacturer/Flatware |
Credit Suisse Lead |
170.0 | $80MM Revolver/$90MM Term Loan Exit financing upon confirmation of Reorg Plan |
||
Primedex Health Systems Provider/Diagnostic Imaging |
GE Healthcare Financial Services Lead |
161.0 | $15MM Revolver/$86MM Term Loan B/$60MM Second Lien Term Loan Refinances existing debt |
||
Aftermarket Technology Corporation Manufacturer/Automotive Products |
Banc of America Securities/J.P. Morgan Securities Co-Leads |
150.0 | Revolver Replaces existing facility |
||
Sino-Forest Corporation Operator/Forestry Plantations |
Barclays Capital Lead |
150.0 | Term Loan Five-year term; Barclays Bank acted as facility agent |
||
Bronco Drilling Company | LLC Provider/Drilling Services |
Fortis Capital Lead |
150.0 | Revolver Participants incl: RBoS, CIT, Calyon, Merrill Lynch Capital, Comerica & Caterpillar Financial Services |
|
Sino-Forest Corporation Operator/Forestry Plantations |
Barclays Capital Lead |
150.0 | Term Loan Used for general corporate purposes |
||
Waddington North America Manufacturer/Food Service Items |
GE Global Sponsor Finance Lead |
138.0 | $108MM First Lien/$30MM Second Lien Financing replaces existing debt |
||
Birks & Mayors | Inc. Retailer/Jewelry |
BofA/GMAC/LaSalle Retail/Back Bay Capital Funding Co-Leads |
135.0 | Revolver Three-year term |
|
GameStop Corp. Retailer/Video Games |
Merrill Lynch Capital Joint Lead |
133.0 | Revolver Financing was part of a $400MM asset-based facility |
||
Northland Cable Television | Inc. Operator/Cable Systems |
GE Global Media & Communications Sole Lender |
125.0 | Revolver Refinances existing debt |
|
Global Healthcare Exchange | Inc. Provider/Supply Chain Management Services |
GE Healthcare Financial Services Lead |
110.0 | $25MM Revolver/$85MM Term Loan Used to acquire Neoforma, Inc. |
|
Willis Stein & Partners Private Equity Investor |
Merrill Lynch Capital Lead |
100.5 | Revolver Supports acquisition of Strategic Materials |
||
Cadence Resources Developer/Oil & Gas Properties |
BNP Paribas Lead |
100.0 | Revolver Facility can be increased by $50MM |
||
ArthroCare Corporation Developer/Medical Devices |
Bank of America Admin Agent |
100.0 | Revolver Wells Fargo acted as syndication agent; facility can be inceased to $175MM |
||
Trans World Entertainment Corp. Retailer/Music |
Video & Game Products | Bank of America Lead |
100.0 | Revolver Five-year term |
|
Russ Berrie And Company | Inc. Retailer/Gift Products |
LaSalle Business Credit Lead |
95.0 | $35MM Revolver/$60MM Term Loan Company formed new subsidiary, Russ Berrie U.S. Gift, Inc., to facilitate the new financing |
|
Levitz Furniture Manufacturer/Furniture |
Banc of America Securities/Back Bay Capital Co-Leads |
89.0 | Revolver Three-year term; replaces $55MM facility |
||
Veritas DGC | Inc. Provider/Geophysical Services |
Wells Fargo Bank Lead |
85.0 | Revolver Participants incl: HSBC Bank Canada, Honkong and Shaghai Banking Corp., & HSBC Bank |
|
ImpreMedia LLC Publisher/Spanish Language Newspapers |
Goldman Sachs Specialty Lending Group Lead |
82.5 | Revolver Used for acquisition of La Presna |
||
Doosan Infracore America Corp. Distributor/Machine Tools |
Bank of America Business Credit Lead |
80.0 | Revolver Refinances existing debt |
||
TelePacific Communications Inc. Provider/Telecommunications Services |
Credit Suisse First Boston Lead |
80.0 | $10MM Revolver/$70MM Term Loan GE Commercial Finance acted as administrative agent |
||
Horizon Offshore | Inc. Provider/Marine Construction Services |
CIT Group/Equipment Financing Inc. Agent |
77.4 | Revolver Five-year term |
|
Collins Financial Services Purchaser/Consumer Debt |
Wells Fargo Foothill Lead |
75.0 | Revolver In connection with acquisition by Brazos Private Equity Partners |
||
Kaz | Inc. Manufacturer/Healthcare Appliances |
Bank of America Business Credit Lead |
75.0 | Revolver Refinances existing debt |
|
Citizens of Humanity LLC Designer/Denim Apparel |
Monroe Capital LLC Lead |
75.0 | Revolver Facilitates acquisition of Citizens by Berkshire Partners |
||
NaviSite | Inc. Provider/IT Hosting |
Silver Point Finance Lead |
73.0 | $3MM Revolver/$70MM Term Loan Used to refinance Silicon Valley Bank line of credit |
|
Blackboard | Inc. Provider/Electronic Education Services |
Credit Suisse, Cayman Islands Branch Admin Agent |
70.0 | $10MM Revolver/$60MM Term Loan Used in connection with acquisition of WebCT by Blackboard |
|
Optasite | Inc. Developer/Telecommunications Tower Sites |
GE Capital Markets Lead |
65.0 | Revolver GE Global Media & Communications served as admin agent |
|
Accuro Healthcare Solutions Provider/Healthcare Financial Services |
GE Healthcare Services Lead |
65.0 | Revolver Used for acquisition of CodeCorrect |
||
Optasite Inc. Developer/Telecommunications Tower Sites |
GE Capital Markets Lead |
65.0 | Revolver GE Global Media & Communications served as administrative agent |
||
Universal Tax Systems Developer/Software Systems |
GE Antares Capital Lead |
61.0 | $12MM Revolver/$17MM Term Loan A/$32MM Term Loan B Supports company's recapitalization |
||
Berg Steel Pipe Corporation Manufacturer/Oil & Gas Pipe |
Bank of America Business Capital Lead |
60.0 | Revolver Used to refinance existing debt |
||
American Media | Inc. Publisher/Consumer Magazines |
J.P. Morgan Securities/Deutsche Bank Securities Co-Leads |
60.0 | Revolver Participants incl: Bear Stearns, Lehman Brothers, GE Capital |
|
The Rowe Companies | Inc. Manufacturer/Furniture |
GE Commercial Finance Lead |
57.0 | $50MM Revolver/$7MM Tranche B Replaces existing term loan & revolver with Bank of America and capital lease with SunTrust |
|
Audax Group | Inc. Private Equity Investor |
GE Antares Capital Lead |
50.0 | $10MM Revolver/$14MM Term Loan A/$26MM Term Loan B Supports acquisition of Broadcast Electronics |
|
Consolidated Restaurant Operations Franchisor/Restaurants |
Wells Fargo Foothill Lead |
50.0 | Revolver/Term Loan Used to refinance exisiting debt |
||
CPI Corp. Provider/Photography Services |
LaSalle Bank Lead |
50.0 | Revolver Three-year term |
||
Metecno | Inc. Fabricator/Roof Panels |
LaSalle Business Credit Agent |
48.5 | Revolver Used for refinancing purposes |
|
PRG-Schultz International | Inc. Provider/Recovery Audit Services |
CIT Business Credit/Ableco Finance Co-Leads |
45.0 | $20MM Revolver/$20MM Term Loan Used to repay outstanding borrowings under facility with Bank of America |
|
PRG-Schultz International | Inc. Provider/Financial Services |
Ableco Finance Lead |
45.0 | $20MM Revolver/$25MM Term Loan Used to refinance existing credit facility & $10MM bridge loan |
|
Everlast Worldwide | Inc. Manufacturer/Sporting Goods |
Wells Fargo Century Lead |
42.0 | Factoring facility/term loan Used to redeem all outstanding Series A Preferred Stock |
|
Interpharm Developer/Pharmaceuticals |
Wells Fargo Business Credit Lead |
41.5 | Revolver Replaces previous $21MM facility |
||
Volt Information Services Provider/Staffing Services |
JPMorgan Chase Bank Admin Agent |
40.0 | Revolver Participants incl: Lloyds TSB Bank, Mellon Bank, Wells Fargo & Bank of America |
||
Whaling Manuracturer/Uniforms |
Capstone Business Credit Lead |
33.5 | $20MM Factoring/$13.5MM Purchase Order/Trade Finance Used to finance production with suppliers worldwide |
||
Procycle | Inc. Manufactuer/Bicycles |
GMAC Commercial Finance Lead |
30.0 | Revolver Initial drawdown of $25MM |
|
Lavipharm Provider/Pharmaceuticals |
Medical Capital Lead |
30.0 | Revolver Financing is a mezzanine for developed products |
||
PCL Packaging Corporation Producer/Plastic Bags |
GMAC Commercial Finance Lead |
29.0 | Revolver |
||
O'Sullivan Films Manufacturer/Polymers |
LaSalle Business Credit Lead |
28.0 | Revolver Used as acquisition financing |
||
RCR Plumbing Contractor/Plumbing Services |
CapitalSource Business Credit Services Lead |
27.0 | Revolver Used for working capital needs |
||
Berkshire Blanket Holdings | Inc. Producer/Blankets |
Monroe Capital Lead |
26.5 | Term Loan Used in conjunction with $25MM revolver from Wachovia Capital Finance |
|
Superior International | Inc. Manufacturer/Playground Equipment |
Merrill Lynch Capital Sole Lender |
25.0 | Revolver Supports recapitalization |
|
Everlast Worldwide Manufacturer/Sporting Apparel |
Wells Fargo Century Lead |
25.0 | Term Loan Facility is secured by all tangible and intangible assets of the company |
||
HudBay Minerals | Inc. Miner/Minerals |
Bank of Nova Scotia Lead |
25.0 | Revolver Facility can be increased to $50MM |
|
Cbeyond Communications Provider/Communications Services |
Bank of America Lead |
25.0 | Revolver Used for working capital needs |
||
Nexus IS | Inc. Provider/VoIP Services |
GE Commercial Distribution Finance Lead |
25.0 | Revolver Used for working capital needs |
|
TriNet Provider/Human Resources Outsourcing |
Comerica Bank Lead |
25.0 | Revolver Used for working capital needs |
||
LINQ Industrial Fabrics | Inc. Supplier/Fabrics |
CapitalSource, Business Credit Services Lead |
23.6 | Revolver Used to refinance existing debt |
|
Charleston Hoisery Inc. Manufacture/Socks |
Bank of America Business Capital Lead |
23.0 | Revolver/Term Loan Bank of America will also provide letters of credit |
||
Industrial Renaissance Private Equity Group |
Sovereign Bank Lead |
20.0 | Revolver Used for acquisition of BiFlex Intimates Group |
||
United Polychem | Inc. Distributor/Commodity Resins |
Guaranty Business Credit Lead |
20.0 | Revolver Used to refinance existing debt |
|
Prospect Energy Corporation Provider/Energy Services |
Harris Nesbitt Lead |
20.0 | Revolver Bank of Montreal acted as admin agent |
||
SAAN Stores | Ltd. Retailer/Clothing & Footwear |
GMAC Retail Finance Group Lead |
20.0 | Revolver Three-year term; replaces prior GMAC DIP |
|
Quality Financial | Inc. Buyer/Auto Installment Sales Contracts |
Bank of America Business Capital Lead |
20.0 | Revolver BofA will also provide cash management products & services |
|
Favrille | Inc. Developer/Cancer Treatments |
GE Capital/Oxford Financial Lead |
20.0 | Revolver Facility will be used to fund additional capital expenditures |
|
Solar Integrated Technologies Inc. Provider/Roof Building Services |
GE Energy Financial Services Lead |
20.0 | Revolver Five-year term |
||
Tri-State Delivery | Inc. Provider/Truckload Transportation |
CapitalSource, Business Credit Services Lead |
19.2 | Revolver Used to refinance existing debt |
|
Small World Kids | Inc. Distributor/Children's Products |
Laurus Master Fund Lead |
18.5 | $16.5MM Revolver/$2MM Term Loan |
|
PBiz | Inc. Provider/Technology Solutions |
Bank of America Lead |
18.0 | Revolver Replaces company's existing credit facility |
|
Think Partnership | Inc. Provider/Marketing Solutions |
Wachovia Bank Lead |
17.5 | $15MM Revolver/$2.5MM Term Loan Used for acquisition of Morex Marketing Group, among other things |
|
CECO Environment Corp. Provider/Air Pollution Control Systems |
Fifth Third Bank Lead |
16.1 | $13MM Revolver/$3.1MM Term Loan One-year term |
||
Tensator Group Limited Supplier/Electronic Technology Services |
NewStar Financial Lead |
15.3 | $6MM Revolver/$9.3MM Term Loan Supports acquisition of Lawrence Metal Products |
||
Manchester Furniture | Inc. Manufacturer/Furniture |
GMAC Commercial Finance Lead |
15.0 | Revolver Replaces Manchester's current line |
|
The CGI Group America Provider/Print Solutions |
CapitalSource Business Credit Services Lead |
13.5 | $5.5MM Revolver/$8MM Term Loan Used for acquisition of ADP Graphic Communications |
||
Laurel Health Care Management Operator/Long-Term Care Facilities |
CapitalSource Finance Lead |
12.5 | Revolver Financing used to lease skilled nursing facilities |
||
Hampshire Equity Partners Private Equity Firm |
NewStar Financial Sole Lender |
11.5 | $1.5MM Revolver/$10MM Term Loan Supports acquisition of U.S. Block Windows |
||
Teltronics Manufacturer/VoIP Services |
CapitalSource Business Credit Services Lead |
11.0 | $8MM Revolver/$3MM term Loan Used to refinance existing debt |
||
Point.360 Provider/Media Management Services |
Bank of America Lead |
10.0 | Revolver Two-year term |
||
UNC Provider/Telecommunications Services |
CapitalSource Business Credit Services Lead |
10.0 | Revolver Refinances existing debt |
||
The Steak-Umm Company | Inc. Producer/Frozen Foods |
Hilco Financial Lead |
10.0 | Bridge Loan In conjunction with company's recent restructure |
|
Point.360 Provider/Media Management Services |
GE Capital Lead |
10.0 | Revolver Five-year term |
||
High End Systems | Inc. Manufacturer/Lighting Components |
Guaranty Business Credit Lead |
9.0 | Revolver |
|
AMPAM Parks Mechanical | Inc. Contractor/Plumbing Services |
CapitalSource Business Credit Services Lead |
9.0 | Revolver Used for ongoing working capital needs |
|
DW Healthcare Partners Provider/Healthcare Products |
Bridge Healthcare Finance/Bridge Opportunity Finance Co-Leads |
9.0 | $2MM Revolver/$7MM Term Loan Used for acquisition of Hill Top Research |
||
SemiSouth Laboratories | Inc. Developer/Electronic Materials |
Ritchie Technology and Life Science Finance Lead |
8.0 | Revolver Used to fund receivable growth |
|
Pecora Corporation Manufacturer/Caulk Products |
Sovereign Bank Lead |
7.8 | Revolver/Term Loan Refinances existing debt |
||
Lucky Lady Distributor/Fuel Products |
Marquette Business Credit Lead |
7.3 | Revolver |
||
ITP-CICO Pacific | LLC Distributor/Paper Products |
Bridge Opportunity Finance Co-Leads |
7.0 | $6MM Revolver/$1MM Term Loan Used for acquisition of CICO Enterprises |
|
Fred Hill Materials | Inc. Suppliers/Sand |
Gravel & Concrete Products | Guaranty Business Credit Lead |
6.8 | Revolver/Term Loan Refinances existing loans |
Sunset Holdings International Ltd. Provider/Acquisition Services |
CapitalSource Business Credit Services Lead |
6.5 | Revolver Used for acquisition of US Mills |
||
China Digital Communiation Group Manufacturer/Battery Components |
United Private Equity Lead |
6.0 | Revolver Three-year term; used for M&A activities |
||
Linder's Furniture | Inc. Retailer/Home Furniture |
Guaranty Business Credit Lead |
6.0 | Revolver Proceeds used for acquisition of Home Furnishings, Inc. |
|
Transcend Services | Inc. Provider/Transcription Services |
Healthcare Finance Group Lead |
5.6 | Revolver Replaces company's previous $2MM facility with Bank of Americam |
|
Avatech Solutions Provider/Design & Engineering Solutions |
Mercantile Bank & Trust Company Lead |
5.0 | Revolver Replaces existing $3MM line of credit with K Bank |
||
NewBasis West | LLC Manufacturer/Storage Containers |
Guaranty Business Credit Corporation Lead |
4.5 | Revolver/Term Loan Five-year term |
|
Decision Dynamics Technology Provider/Specialty Finance Services |
MMV Financial Lead |
4.0 | Revolver Used for working capital needs |
||
American Walkway Covers LLC Manufacturer/Aluminum Walkway Covers |
Marquette Business Credit Lead |
3.5 | Revolver Used for general working purposes |
||
Ping Indentity Corporation Provider/Federated Identity Solutions |
Hercules Technology Growth Capital Lead |
3.0 | Revolver |
||
International Global Metals Processor/Recyclable Metals |
Marquette Business Credit Lead |
3.0 | Revolver Used for working capital needs |
||
Schuster Flexible Packaging & ARBRES | Inc. Provider/Packaging Services |
Guaranty Business Credit Lead |
2.7 | Revolver/Term Loan Used to finance stock purchase |
|
Barker Air & Hydraulics Distributor/Power Parts |
Marquette Business Credit Lead |
2.5 | Revolver |
||
HighRoads | Inc. Provider/Benefits Lifecycle Management |
Hercules Technology Growth Capital Lead |
2.5 | Revolver Used for general working purposes |
|
Boast | Inc. Manufacturer/Sports Apparel |
Marquette Business Credit Lead |
2.4 | Revolver/Term Loan |
|
Universal Industrial Supply Distributor/Safety Products |
MidCap Lead |
1.5 | Revolver Provides additional working capital |
||
Kuhlman Company | Inc. Retailer/Apparel |
Venture Bank Lead |
1.0 | Revolver Used for working capital purposes |
|
CallCommand LLC Provider/Communication Solutions |
Silicon Valley Bank Lead |
1.0 | Revolver Two-year term |
||
AES Interconnects Provider/Electrical Components |
MidCap Business Credit Lead |
0.8 | Revolver Provides additional working capital |