Deal Charts

ABL Deal Chart 2006 Q2

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/06 through 6/30/06.

LENDER(S) & ROLE BORROWER & INDUSTRY AMOUNT* STRUCTURE & NOTES
United Agri Products
Distributor/Agricultural Inputs
GE Global Sponsor Finance
Admin Agent
850.0 $675MM Revolver/$175MM Term Loan
Five-year term/six-year term, respectively
Science Applications International Corporation
Provider/Technology Services
Citigroup/Wachovia Capital
Co-Leads
750.0 Revolver
Five-year term; replaces $550MM revolver and $250MM revolver
Ferro Corporation
Supplier/Manufacturer Materials
National City/Credit Suisse
Co-Leads
700.0 $250MM Revolver/$450MM Term Loan
KeyBank served as documentation agent
Hilb Rogal & Hobbs Company
Provider/Risk Management Services
Banc of America Securities
Lead
425.0 Revolver
Agents incl: Bank of America, SunTrust Bank, ING Capital, PNC Bank and BB&T
PNA Group, Inc.
Processor/Steel
Bank of America Business Credit
Lead
410.0 Revolver
Banc of America Securities acted as sole arranger and book runner
PAETEC Corp.
Supplier/Communications Solutions
Merrill Lynch/CIT Capital Securities/Deutsche Bank Securities
Co-Leads
400.0 $25MM Revolver/$275MM First Lien Term Loan/$100MM Second Lien Term Loan
Used to refinance existing debt
Kellwood Company, Inc.
Marketer/Camping Apparel & Products
Bank of America Business Capital/Banc of America Securities
Co-Lead
400.0 Revolver
Will be used to fund acquisitions
Kellwood Company
Marketer/Camping Products
Bank of America Securities/J.P. Morgan Securities
Co-Leads
400.0 Revolver
Participants incl: BofA, JPMorgan Chase, Wachovia, The Bank of Nova Scotia & SunTrust
Linn Energy, LLC
Provider/Natural Gas Services
BNP Paribas
Admin Agent
400.0 Revolver
Participants incl: RBC, Societe Generale, BofA, Comerica, Bank of Scotland, Fortis Capital & Lehman Commercial Paper
Kansas City Southern Industries, Inc.
Provider/Transportation Services
Scotia Capital
Lead
371.1 $125MM Revolver/$246.1MM Term Loan
Used to refinance existing debt
Panavision, Inc.
Manufacturer/Camera Systems
Credit Suisse/Bear Stearns
Co-Leads
345.0 Revolver
Credit Suisse & Bear Stears also act as joint bookrunners
Pope & Talbot, Inc.
Producer/Lumber
Ableco/Wells Fargo Canada
Co-Lead
325.0 $75MM Revolver/$250MM Term Loan
Six-year term
Quanta Services, Inc.
Provider/Contracting Services
Bank of America
Lead
300.0 Revolver
Five-year term; replaces $182MM facility
Imation Corp.
Provider/Data Storage Solutions
Banc of America Securities
Lead
300.0 Revolver
Participants incl: Bank of Tokyo-Mitsubishi, J.P. Morgan Chase, US Bank & Wells Fargo
Associated Wholesalers, Inc.
Distributor/Food
LaSalle Business Credit
Admin Agent
285.0 Revolver/Term Loan
Used for acquisition of Di Giorgio
Oglebay Norton Company
Supplier/Minerals
J.P. Morgan Securities
Lead
230.0 $55MM Revolver/$140MM Term Loan
Revolver has a five-year term; term loan has a six-year term
InfraSource Services, Inc.
Provider/Infrastructure Services
Bank of America
Lead
225.0 Revolver
Replaces company's previous $85MM revolver and $84MM term loan
InfrastruX Group, Inc.
Provider/Construction Services
Monroe Capital
Co-Lender
220.0 Revolver
Used for working capital purposes
World Kitchen, LLC
Manufacturer/Kitchenware
Merrill Lynch Capital
Lead
220.0 Revolver
Supports company's recapitalization
Farley's & Sathers Candy Co. 
Manufacturer/Candy
GE Antares Capital
Lead
202.0 $35MM Revolver/$127MM First Lien Term Loan/$40MM Second Lien Term Loan
Farley's & Sathers is a portfolio company of Catteron Partners
J.B. Hunt Transport Services, Inc.
Provider/Transportation Services
LaSalle Bank
Lead
200.0 Revolver
Facility expires in August 2006
Pliant Corporation
Producer/Packaging Products
Merrill Lynch Commercial Finance
Lead
200.0 Revolver
Replaces pre-petition revolver and DIP facility
Globalstar, Inc.
Provider/Satellite Voice Services
Wachovia Securities
Lead
200.0 Revolver
Thermo Company also invested $200MM in equity capital
TLC Health Care Services, Inc.
Manufacturer/Kitchenware
Monroe Capital
Lead
190.0 Term Loan
Supports company's recapitalization
Sunwest Management, Inc.
Operator/Senior Housing
GE Healthcare Financial Services
Lead
175.0 Term Loan
Seven-year term
Montecito Broadcast Group, LLC
Operator/Television Stations
Merrill Lynch Capital
Joint Lead
168.0 Revolver
Merrill Lynch Capital also acted as syndication agent and documentation agent
GPX International Tire Corporation
Manufacturer/Specialty Tires
Citizens Bank/RBS Securities
Co-Leads
160.0 Revolver
Used to finance future acquisitions
Ennis, Inc.
Manufacturer/Business Forms
LaSalle Bank
Admin Agent
150.0 Revolver
Augusta Sportswear Group, Inc.
Manufacturer/Athletic Apparel
GE Antares Capital
Lead
143.0 $45MM Revolver/$48MM Term Loan A/$50MM Term Loan B
Used in connection with acquisition of Holloway Sportswear
Silicon Graphics, Inc.
Designer/Computer Workstations
Morgan Stanley
Lead
130.0 $30MM Revolver/$100MM Term Loan
Replaces Silicon Graphics' pre-petition facility with Wells Fargo Foothill & Ableco Finance
Heating Oil Partners, LP
Supplier/Heating & Air Conditioning Services
JP Morgan Chase
Lead
125.0 Revolver
Refinances existing debtor-in-possession facility
CKX, Inc.
Developer/Entertainment Content
Bear Stearns
Lead
125.0 Revolver
Participants incl: UBS Securities, Bank of New York, Lehman Commercial Paper & Credit Suisse
TRM Corporation
Supplier/ATM Machines
Wells Fargo Foothill
Lead
105.0 Revolver
Six-year term
Serologicals Corporation
Provider/Biological Products
JPMorgan Chase
Admin Agent
100.0 $50MM Revolver/$50MM Term Loan
JP Morgan Securities acted as lead arranger
SureWest Communications, Inc.
Provider/Telecommunications Services
CoBank
Lead
100.0 $25MM Revolver/$75MM Term Loan
Revolver has seven-year term; term loan has ten-year term
NuVox Communications
Provider/Communication Services
Wachovia Bank
Admin Agent
95.0 $10MM Revolver/$85MM Term Loan
Participants incl: Wachovia Capital Markets, CIT & Deutsche Bank
Electrograph Systems, Inc.
Distributor/Display Technology
GE Antares Capital
Lead
87.0 $80MM Revolver/$7.5MM Term Loan
Revolver: five-year term; term loan: three-year term
Intellimark Holdings, Inc.
Provider/IT Services
Merrill Lynch Capital
Lead
80.5 Revolver
Supports Intellimark's acquisition of Impact Innovations Group
Pre-Paid Legal Services, Inc.
Provider/Legal Services
Wells Fargo Foothill
Lead
80.0 $5MM Revolver/$75MM Term Loan
Five-year terms
Audax Group
Private Equity Group
GE Antares Capital
Lead
80.0 $20MM Revolver/$60MM Term Loan
GE Originations Bank SAS served as admin agent for European facilities included in transaction
Integrated Electrical Services, Inc.
Provider/Electrical Solutions
Bank of America Business Capital
Lead
80.0 Revolver
BofA is also providing letters of credit
Turf Care Supply Corp.
Producer/Turf Care Products
PNC Bank
Lead
80.0 Revolver
Used for acquisition of LESCO, Inc.
Winner Steel, Inc.
Supplier/Steel
GE Corporate Lending
Lead
80.0 Revolver
Part of a total credit facility of $130MM, which also includes a $50MM term loan
Quest Resource Corporation
Producer/Natural Gas
Guggenheim Corporate Funding
Lead
75.0 Third Lien Credit Facility
Six-year term
Delta Educational Systems
Provider/Educational Services
GE Antares Capital
Admin Agent
75.0 $20MM Revolver/$55MM Term Loan
Participants incl: GE Capital Markets & Merrill Lynch Capital as co-lead arrangers and joint bookrunners
NaviSite, Inc.
Provider/IT Hosting
Silver Point Finance
Lead
73.0 $3MM Revolver/$70MM Term Loan
Atlantic Investors also provided a $5MM credit facility
The Hygenic Corp.
Developer/Physical Therapy Products
GE Antares Capital
Admin Agent
72.0 $10MM Revolver/$62MM Term Loan
Supports The Hygenic Corp.'s acquisition of PHI
Golfsmith International Holdings, Inc.
Retailer/Golf Equipment
GE Antares Capital
Lead
65.0 Revolver
Five-year term
United Subcontractors, Inc.
Provider/Construction Services
Monroe Capital
Co-Lender
65.0 Revolver
Refinances existing debt
Shermag, Inc.
Designer/Furniture
Wachovia Finance (Canada)
Lead
65.0 $55MM Revolver/$10MM Term Loan
Used to redeem Shermag's $22.2MM debt
Conbraco Industries, Inc.
Manufacturer/Brass Products
Monroe Capital
Lead
65.0 Revolver/Term Loan
Monroe also acted as syndication agent for the term loan
CR Brands, Inc.
Distributor/Cleaning Products
GE Antares Capital
Admin Agent
63.5 $3MM Revolver/$60.5MM Term Loan
AC Finance acted as co-underwriter
Commerce Energy Group, Inc.
Provider/Energy Services
Wachovia Capital
Lead
50.0 Revolver
Three-year term
Dan River, Inc.
Manufacturer/Textile Products
CapitalSource Business Credit Group
Lead
50.0 Revolver
Facilitates a financial restructuring
TransTechnology Corporation
Manufacturer/Lifting Devices
Wells Fargo Foothill/AC Finance
Co-Leads
50.0 $10MM Revolver/$40MM Term Loan
Used to retire approximately $45MM existing debt
Young Broadcasting, Inc.
Operator/Television Stations
Wachovia Securities/Lehman Bros/Merrill Lynch
Co-Leads
50.0 Term Loan
BNP Paribas acted as documentation agent
Covad Communications Group, Inc.
Provider/Voice Communications
Silicon Valley Bank
Lead
50.0 Revolver
Two-year term
Interdynamics Holding, Inc.
Manufacturer/Air Conditioners
Bridge Finance Group
Lead
47.5 $35MM Revolver/$12.5MM Term Loan
Refinances existing lender
Overhil Farms, Inc.
Supplier/Frozen Foods
Guggenheim Corporate Funding
Lead
47.5 $7.5MM Revolver/$40MM Term Loans
Five-year term
Lexington Precision Corporation
Manufacturer/Automobile Components
CapitalSource
Lead
45.0 Revolver
Participants incl: Webster Business Credit & DMD Special Situations
Turner Bros.
Provider/Maintenance Services
Merrill Lynch Capital
Lead/Admin Agent
41.0 Revolver
Turner Bros. is a portfolio company of Saw Mill Capital
Zila, Inc.
Provider/Healthcare Technology
Black Diamond Commercial Finance
Lead
40.0 $20MM Term Loan/$20MM Expansion Facility
Used to refinance existing debt
Cloyes Gear and Products, Inc.
Manufacturer/Automotive Components
LaSalle Business Credit
Admin Agent
38.9 Revolver/Term Loan
LaSalle's German affiliate, IFN Finance GmbH, also participated
ev3, Inc.
Manufacturer/Medical Devices
Silicon Valley Bank
Lead
37.5 $30MM Revolver/$7.5MM Term Loan
Revolver has a two-year term
National Envelope Corporation
Supplier/Frozen Foods
GE Capital/Monroe Capital
Co-Leads Manufacturer/Envelopes
35.0 Term Loan B
Used to purchase assets of American Envelope Company, LLC
Carlyle/Riverstone & Cherington Capital
Equity Sponsors
NewStar Financial
Lead
33.3 $5MM Revolver/$28.3MM Term Loans
Used for acquisition of International Logging, Inc.
Lexington Precision Corporation
Manufacturer/Insulators
CapitalSource Finance/Webster Business Credit
Co-Lender
30.0 $17.5MM Revolver/$12.5MM Term Loan Co-Agents
Three-year term
RailWorks Corporation
Provider/Transit Construction Services
CapitalSource Business Credit Group
Lead
30.0 Revolver
CapitalSource also provided a $15MM letter of credit sub-facility
Procycle Group, Inc.
Manufacturer/Fitness Equipment
GMAC Commercial Finance
Lead
30.0 Revolver
Coyne International Enterprises Corp.
Provider Laundry Services 
GMAC Commercial Finance
Lead
30.0 Revolver
uBid, Inc.
Provider/Online Auction Services
Wells Fargo 
Lead
25.0 Revolver
Three-year term
Modtech Holdings, Inc.
Designer/Modular Buildings
Bank of America Business Capital
Lead
25.0 Revolver
Used to refinance existing debt
Geokinetics, Inc.
Provider/Processing Services
PNC Bank
Lead
24.0 $12MMRevolver/$12MM Term Loan
Replaces previous $12MM facility with HSBC Bank of Canada, Calgary
IMG Holdings, Inc.
Holding Company
CapitalSource
Lead
22.0 $20MM Revolver/$2MM Overadvance
Refinances existing debt
SkinMedica, Inc.
Developer/Pharmaceuticals
Merrill Lynch Capital
Lead
20.5 $7.5MM Revolver/$13MM Term Loan
Used for working capital purposes
SmartBargains.com
Retailer/Online Merchandise
Wells Fargo Retail Finance
Lead
20.0 Revolver
Akrion, Inc.
Manufacturer/Microchip Cleaning Systems
PNC Bank
Lead
20.0 Revolver
Includes a $10MM sub-limit secured by PNC
Source Medical Solutions, Inc.
Provider/Information Management Solutions
Wells Fargo Foothill
Lead
18.0 Revolver
Used to fund product development
Telular Corporation
Supplier/Wireless Products
Silicon Valley Bank
Lead
15.0 Revolver
Bulova Technologies, LLC
Manufacturer/Electronics
Webster Business Credit
Agent
14.5 Revolver
Three-year term
Fair Vane Corporation
Retailer/Clothing
GMAC CF Retail Finance Group
Lead
12.5 Revolver
Used to facilitate Fair Vane's growth in the United States
Interbath, Inc.
Manufacturer/Shower Systems
GMAC Commercial Finance
Lead
10.0 Revolver
Used for working capital purposes
Drinks Americas Holdings, Ltd.
Distributor/Beverages
Business Alliance Capital Company
Lead
10.0 Revolver
Used to develop product lines
Golden Peak Equity
Private Equity Group
PNC Business Credit
Lead
10.0 Revolver
Steel City Capital provided an additional $4MM in second-lien financing.
Laud Collier & Company
Private Equity Firm
PNC
Lead
9.5 Revolver
Supports acquisition of Oneida Molded Plastic
InfoLogix
Provider/Mobile Computer Solutions
Sovereign Bank
Lead
9.5 Revolver/Term Loan
Used to refinance existing debt
Purafilter 2000
Manufacturer/Air Filters
Marquette Business Credit
Lead
7.5 Revolver/Term Loan
Computer Products & Services, Inc.
Distributor/Computer Parts
Marquette Business Credit
Lead
4.9 Revolver
.
Universal Plastic Mold, Inc.
Manufacturer/Plastic Moldings
Marquette Business Credit
Lead
4.8 Revolver
Newline Products, Inc.
Manufacturer/Marker Boards
Marquette Business Credit
Lead
3.0 Revolver
Simtek Corporation
Supplier/Computer Parts
Wells Fargo Business Credit
Lead
3.0 Revolver
Used for working capital purposes
McDonald Packaging
Manufacturer/Boxes & Crates
Marquette Business Credit
Lead
2.5 Revolver
Harry T. Williams Lumber Company
Distributor/Lumber Products
Marquette Business Credit
Lead
2.0 Revolver
Drifter Industries, Inc.
Manufacturer/Apparel
GMAC Commercial Finance
Lead
2.0 Factoring Facility
One-year term
Syntricity, Inc.
Provider/Software
GE Technology Lending
Lead
1.5 Revolver/Term Loan
Used for working capital purposes
AllInternetNow (SmallBizManager, LLC)
Website/Telecommunications Services
SVB Silicon Valley Bank
Lead
1.0 Revolver
Provides additional working capital