Deal Charts

ABL Deal Chart 2006 Q1

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