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 |