Deal Charts

ABL Deal Chart 2008 Q4

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 10/1/08 through 12/31/08.

LENDER(S) & ROLE BORROWER & INDUSTRY AMOUNT* STRUCTURE & NOTES
Northwest Airlines Inc
Operator/Airline
U.S. Bank/Citigroup Global Markets, Morgan Stanley Bank
Admin Agent/Co-Lead Arrangers, Joint Bookrunners
500.0 Revolvers
$200MM Revolver: three-year term/$300MM revolver: 364-day term
JBS USA Inc
Producer/Beef
GE Capital Corporate Lending/GE Capital Markets
Co-Lead Arrangers
400.0 Revolver
KKR Financial Holdings
Operator/Financial Company
Bank of America/Citicorp
Lenders
300.0 Revolver
Two-year term/Replaces previous debt
Koppers Inc
Producer/Carbon Compounds, Treated Wood Products
PNC Bank/RBS Citizens Bank and Bank of America
Lead Lender/Joint Bookrunners
300.0 Revolver
Four-year term/Replaces the existing debt
Sevan Marine ASA
Operator/Floating Units for Offshore Applications
GE Capital Markets
Lender
300.0 Debt Project Finance Facility
GE Energy Financial Services, GE Transportation Finance: mandated lead arranger
Bradco Supply Corp
Provider/Roofing Supplies
GE Capital Global Sponsor Finance
Admin Agent, Co-Syn Agent
270.0 Revolver
GE Capital Markets, Bank of America Securities: joint lead arrangers, joint bookrunners
Associated Materials Inc
Manufacturer/Vinyl Building Products
Wachovia Capital Finance
Lead Arranger, Admin Agent
225.0 Revolver
Bonanza Creek Energy Co LLC
Provider/Energy
Union Bank of California/Guaranty Bank
Admin Agent, Co-Lead Arranger/Syn Agent, Co-Lead Arranger
200.0 Revolver
Sumitomo Mitsui Bank participated/Refinances previous debt
Pittsburgh Glass Works LLC
Supplier/Auto Parts, Accessories
GE Antares Capital/GE Capital Markets
Admin Agent/Sole Lead Arranger
200.0 Revolver
Supports acquisition by Kohlberg & Co. affiliates
Severstal Warren Inc
Producer/Flat-Rolled Steel
GE Commercial Finance Corporate Lending
Lender
200.0 Revolver
Bellisio Foods Inc
Manufacturer/Frozen Foods
GE Commercial Finance Corporate Lending
Cash-Flow Facility
195.0 Cash-Flow Facility
GE Capital Markets: co-lead arranger/Supports company recap
Essex Crane Rental Corp
Provider/Crane Rentals
Wachovia Capital Finance
Lead Arranger, Admin Agent
190.0 Revolver
Hersha Hospitality Trust
Owner/Hotels
TD Bank
Agent
175.0 Revolver
Matures: December 31, 2011
MedCath Corp
Provider/Healthcare
Bank of America/Wachovia Bank
Admin Agent/Syn Agent
160.0 $85MM Revolver/$75MM Term Loan
Three-year term
Apria Healthcare Group Inc
Provider/Home Healthcare Products, Services
Bank of America Business Capital
Lender
150.0 Revolver
Banc of America Securities: syndicator/Supports acquisition by The Blackstone Group
Tuesday Morning Corp
Retailer/Home Housewares, Accessories
Bank of America/Wells Fargo Retail Finance
Admin Agent/Joint Lead Arranger
150.0 Revolver
Five-year term
LEAF Financial Corporation
Provider/Equipment Leasing, Financing
Autobahn Funding Company
Lender
150.0 Revolving Credit Line
Pinnacle Security
Provider/Security Systems
Bank of America, Wells Fargo Foothill
Lender
150.0 Revolver
Cano Petroleum Inc
Provider/Energy
Union Bank of California/Natixis
Lender
145.0 $120MMFirst Lien Revolver/$25MM Subordinated Term Loan
Revolver: Four-year term/Term Loan: 4.5-year term/Union BanCal Equities: sole arranger, admin agent
Columbia Forest Products Inc
Manufacturer/Hardwood Products
GE Corporate Lending
Lender
120.0 Revolver
Refinances existing debt
Quidel Corp
Provider/Diagnostic Tests
Banc of America Securities
Sole Arranger
120.0 Revolver
Five-year term/U.S. Bank, JPMorgan, Union Bank of California participated
Monaco Coach Corp
Manufacturer/Recreational Vehicles
Bank of America/Ableco Finance
Agent/Lender
119.3 $80MMRevolver/$39.3MM Term Loan
Revolver: Three-year term/Term Loan: 3.5-year term
Capral Aluminium Ltd
Distributor/Architectural, Residential, Industrial Products
GE Commercial Finance
Lender
116.0 $70MM Revolver/$46MM Term Loans
Revolver: Three-year term/Term Loans: Three-year, six-month terms
CSS Industries Inc
Provider/Consumer Products
PNC Capital Markets/RBS Securities
Co-Arranger, Structurer/Co-Arranger
110.0 Revolver
Three-year term
Bradshaw International Inc
Designer/Houseware Products
Bank of America Business Capital
Lender
100.0 Revolver
Supports recap by Arbor Investments II, L.P.
Covenant Transportation Group Inc
Holding Company/Transportation Providers
Bank of America Business Capital
Lead Agent
85.0 Revolver
Refinances existing debt
Landry's Restaurants Inc
Operator/Restaurants, Hospitality Projects
Wells Fargo Foothill, Jefferies Finance
Co-Lead Arrangers, Co-Bookrunners
81.0 $50MM Revolver/$31MM Term Loan
Refinances existing debt
Utilities Inc
Provider/Water, Wastewater Utility
JPMorgan Chase
Lead Lender
80.0 Revolver
First Merit and Cobank participated
Maaco Franchising Inc
Franchiser/Auto Body Repair, Painting
GE Antares Capital
Admin Agent
79.5 Revolver
Supports acquisition by Driven Brands
Hallador Petroleum Co
Producer/Energy
PNC Bank
Lender, Admin Agent
70.0 $30MM Revolving Credit Line/$40MM Term Loan
Four-year term/Refinances previous debt/Supports growth
Stant Manufacturing Inc
Manufacturer/Auto Parts
GMAC Commercial Finance Structured Finance
Lead Agent
70.0 Revolver
Supports acquisition by H.I.G. Capital
Commonwealth Edison Company
Provider/Utilities
Seaway National Bank/AMCORE Bank/United Bank of Philadelphia
Lenders
66.0 Revolver
JP Morgan Chase: admin agent/Replaces previous debt
Speedy Cash
Retailer/Alternative Financial Services
Crystal Capital/Jefferies Finance
Lead Investor, Co-Doc Agent/Lender
60.5 Revolver
Deal Source: Friedman Fleischer & Lowe
Evans Analytical Group LLC
Provider/Materials Science Testing Services
GE Capital's Global Sponsor Finance
Admin Agent
60.0 Revolver
Supports acquisition by Odyssey Investment Partners
Chico's FAS Inc
Provider/Clothing, Accessories
SunTrust Bank
Lender
55.0 Revolver
Three-year term
Jazz Semiconductor Inc
Manufacturer/Analog, Radio Frequency Wafers
Wachovia Capital Finance
Sole Lender
55.0 Revolver
Lightower Fiber Networks
Provider/Digital Fiber Networks
GE Media, Communications & Entertainment
Admin Agent
52.5 Revolver
GE Capital Markets: joint bookrunner, joint lead arranger/Refinances existing debt
Savvis Inc
Provider/Outsourced Managed Computing, Network Infrastructure
Wells Fargo Foothill
Lead Arranger, Agent
50.0 Revolver
Three-year term
Terlato Wine Group Ltd
Producer, Importer/Wine
Bank of America Business Capital
Lender
50.0 Revolver
Refinance previous debt
Drew Industries Inc
Manufacturer/RV Components
JPMorgan Chase Bank/Wells Fargo Bank
Lenders
50.0 Revolver
Three-year term/Replaces previous debt
Bell Supply Company LLC
Distributor/Oilfield Supplies
Bank of America Business Capital
Lender
50.0 Revolver
Supports company recap
Actuate Corp
Provider/Next Generation Information Platform
Wells Fargo Foothill
Lender
50.0 Revolving Credit Line
Bob's Stores Inc
Chain/Casual Clothing, Shoes
Wachovia Capital Finance
Sole Lender
50.0 Revolver
FCX Performance Inc
Distributor/Specialty Flow Control
GE Antares Capital
Admin Agent
45.1 Revolver 
Supports acquisition by Sterling Investment Partners, management
Samson Investment Holding Co
Furniture Holding Company
Wachovia Capital Finance
Sole Lender 
45.0 Revolver
The Planet Inc
Provider/On-Demand IT Infrastructure
Wachovia/Bank of America
Lead Lender/Lender
45.0 $30MM Revolver/$15MM Revolver
Women's Apparel Group LLC
Retailer/Women's Clothing
Wachovia Capital Finance
Sole Lender 
40.0 Revolver
Kinergy Marketing LLC
Manufacturer/Ethanol
Wachovia Capital Finance
Sole Lender
40.0 Revolver
Phillips Edison & Company LLC
Operator/Community Shopping Centers
JPMorgan Chase Bank
Lead Arranger, Admin Agent
35.0 Revolver
Two-year term
Facility Solutions Group
Provider/Wholesale Lighting, Electrical
Wachovia Capital Finance
Sole Lender
35.0 Revolver
Epic Production Technologies Inc
Provider/Lighting Equipment
Wachovia Capital Finance
Sole Lender
30.0 Revolver
U.S. Greenfiber LLC
Manufacturer/Cellulose Insulation
Wachovia Capital Finance
Sole Lender
30.0 Revolver
Hardwoods Specialty Products U.S. LP
Distributor/Hardwood Lumber
Bank of America Business Capital
Lender
30.0 Revolver
Refinances existing debt
SkinMedica Inc
Provider/Specialty Pharmaceuticals
GE Healthcare Financial Services/BlueCrest Capital Finance 
Agent/Co-Lender
27.5 $5MM Revolving Credit Line/$22.5MM Venture Loan
Perkins & Marie Callender's Inc
Operator/Restaurants
Wells Fargo Foothill
Lender
26.0 Revolving Credit Line
Refinances previous debt
Horizontal Well Drillers LLC
Supplier/Oil, Gas Well Drilling
PNC Bank 
Lender
25.0 Revolving Credit Line
Refinances existing debt
Comverge Inc
Provider/Clean Energy
Silicon Valley Bank
Lender
25.0 $10MM Revolving Credit Line/$15MM Term Loan
Revolver: Three-year term/Term Loan: Five-year term
ReoStar Energy Corp
Producer/Natural Gas, Oil
Union Bank of California
Lead Lender
25.0 Revolver 
EMCORE Corp
Provider/Semiconductor-Based Components
Bank of America
Lender
25.0 Revolver
Three-year term
Accuvant Inc
Provider/Security Solutions
PNC Bank 
Lender
24.0 $20MM Revolver/$4MM Term Loan
Supports acquisition by Sverica International
Equipment Management Technology Inc
Lessor/Electronic Testing, Measurement Equipment
First Capital
Lender
22.0 Revolver
EnteroMedics Inc
Developer/Development Stage Medical Devices
Silicon Valley Bank, Western Technology Investment, Horizon Technology Management
Lender
20.0 Working Capital Loan
Replaces existing debt
Global Parts Inc
Distributor/Aviation Parts
PNC Bank
Revolving Credit Line
20.0 Revolver 
Refinances existing debt
Westrim Inc
Distributor/Craft Supplies
CORE Business Credit
Lender
20.0 Revolver
Blue Ridge Acquisition Co LLC
Manufacturer/Carpet
PNC Bank
Lender
15.2 $9MM Credit Line/$6.2MM Term Loans
Refinances existing debt
Carlton Creek Ironworks Inc
Operator/Iron Foundry
Wachovia Capital Finance
Sole Lender 
15.0 Revolver
Youbet.com Inc
Provider/Horse Racing Content
National City Bank
Lender
15.0 $5MM Revolver/$10MM Term Loan
Two-year term
Unified Logistics Holdings LLC
Provider/Specialty Logistics
Wachovia Capital Finance
Sole Lender
15.0 Revolver
Cytori Therapeutics Inc
Developer/Regenerative Medicine Therapies
GE Healthcare Financial Services/Silicon Valley Bank
Lender
15.0 Revolver
Mindspeed Technologies Inc
Developer/Semiconductor Networking Solutions
Silicon Valley Bank
Lender
15.0 $15MM Credit Line
Vitae Pharmaceuticals Inc
Developer/Pharmaceuticals
Silicon Valley Bank/Oxford Finance
Lenders
13.0 Revolver
NutraCea Inc
Processor/Stabilized Rice Brand Formulations
Wells Fargo Business Credit
Lender
10.0 Revolver
Refinance previous debt
MIVA Inc
Provider/Digital Advertising
Bridge Bank
Lender
10.0 Credit Line
Network Liquidators Inc
Provider/Telecommunications Equipment
Bank of America
Lender
10.0 Revolver
Replaces previous debt
IMAX Corp
Provider/Entertainment Technology
Bank of Montreal
Lender
10.0 Revolving Letter of Credit
Overland Storage Inc
Provider/Data Storage
Marquette Commercial Finance
Lender
9.0 Receivable Financing
Galaxy Tool Corp
Manufacturer/Precision Tooling
PNC Bank 
Lender
9.0 $4MM Revolver/$5MM Term Loan
Supports acquisition by investor group
Sun Drilling Products Corp
Manufacturer/Oilfield Products, Equipment
PNC Bank
Lender
8.1 $6.5MM Revolver/$1.6MM Term Loan
Refinances existing debt
The Center for Wound Healing Inc
Manager/Wound Care Treatment Centers
Signature Bank
Lender 
8.0 Working Capital Facility/Term Loan
Replaces previous facility
Pure Earth Inc
Provider/Specialized Waste Treatment
Susquehanna Bank
Lender
8.0 Term Loan
Seven-year term/Refinance previous debt
Ardea Biosciences Inc
Provider/Biotechnology
Oxford Finance Corp/Silicon Valley Bank
Lenders
8.0 Growth Capital Loan
Mintera Corp
Provider/Optical Transport Systems
Silicon Valley Bank
Lender
8.0 Revolving Credit Line
Supports growth
Merrimac Industries Inc
Manufacturer/RF Microwave Components
Wells Fargo Business Credit
Lender
8.0 $5MM Revolver/$3MM Term Loans
Three-year terms/Replaces previous facilities
SciClone Pharmaceuticals Inc
Manufacturer/Biopharmaceutical
Silicon Valley Bank
Lender
6.0 Revolving Credit Line
Thirty-six-month term
New Horizons Worldwide Inc
Provider/IT Training
PNC Bank
Lender
6.0 Revolver
Refinances existing $4MM facility
Focus Technology Consulting LLC
Provider/Staffing Services
Salem Halifax Capital Partners/Access National Bank
Lenders
5.1 $3MM Revolving Credit Line
Supports expansion, acquisitions
National Automation Services Inc
Provider/Industrial Automation, Control
Trafalgar Capital
Lender
5.0 Revolving Credit Line
Lightning Components Corp
Manufacturer/Class-C Components, Fasteners
Marquette Business Credit 
Lender
4.5 Revolver
Major's Mobisist Inc
Provider/Mobility-Related Medical Equipment
Affinity Bank Healthcare Financial Solutions
Lender
4.3 $3.25MM Revolving Credit Line/$1MM Inventory Sub-Line
Conxxus LLC
Provider/Internet, Voice Communication, Video
Liberty Bank
Lender
4.2 Revolver
Houlihan Smith: exclusive financial advisor, placement agent
Metco Manufacturing Inc
Manufacturer/Tool, Die, Machined Parts
Newtek Business Lending
Lender
4.0 Revolver
Supports company recap
RELM Wireless Corp
Manufacturer/Communications Equipment
Silicon Valley Bank
Lender
3.5 Revolving Credit Line
Two-year term/Replaces previous debt with RBC Centura
Support Plus Medical Inc
Supplier/Medical Equip Supplies, Pharmaceutical Products
Gemino Healthcare Finance
Lender
3.4 Revolver
Wardwell Braiding Machine Co
Manufacturer/Industrial Braiding, Winding Equipment
Keltic Financial Services
Lender 
3.0 $2.25MM Revolving Credit Line/$750,000 Term Loan
Groupe Bikini Village Inc
Retailer/Swimwear
RBC Commercial Financial Services
Lender
3.0 Revolver
Supports ongoing expansion, renovation
interCLICK Inc
Operator/Online Ad Network
Silicon Valley Bank
Lender
3.0 Revolver
Lucas Energy Inc
Provider/Oil, Gas
Amegy Ban
Lender
3.0 Revolver
Skins Inc
Developer/Footwear
Ashford Finance
Lender
3.0 Trade Finance Facility
Freeman Beauty Labs LLC
Developer/Hair, Skin Care Products
Marquette Business Credit
Lender
3.0 Revolver
Core180 Inc
Integrator/Telecommunications Network
Silicon Valley Bank
Lender
2.5 Credit Line
Supports growth
Pediatria Healthcare LLC
Provider/Healthcare Services
Gemino Healthcare Finance 
Lender
2.5 Revolving Credit Line
Funds growth
Safe Sedation Management LLC
Provider/Anesthesiology Services
Marquette Healthcare Finance
Lender
1.8 Revolver
GreenShift Corp
Developer/Clean Technologies
Anchor Light
Lender
1.4 Revolver
Refinances previous debt
Global Plastic Technologies Inc
Manufacturer/Injection Molding
Keltic Financial Services
Lender 
1.0 Revolving Credit Line
Veterans Trading Co LLC
Distributor/Electronic Components
Celtic Bank
Lender
0.8 Working Capital Line of Credit
MRO Integrated Solutions LLC
Provider/Semiconductor Components
BayView Funding
Lender
0.5 Working Capital Line of Credit