Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 1/1/09 through 3/31/09.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||
|---|---|---|---|---|---|
| The Pep Boys - Manny | Moe & Jack Operator/Auto Aftermarket Retail |
Service Chain | Bank of America, Wells Fargo, Regions Bank Lead Lenders |
300.0 | Revolver Five-year term/Replaces previous facility |
| Landry's Restaurants Inc Developer/Restaurants |
Hospitality Projects | Wells Fargo Foothill, Jefferies Finance Co-Lead Arrangers, Co-Bookrunners |
215.6 | $50MM Revolving Credit Line/$165.6MM Term Loan Repays previous debt |
|
| Foot Locker Inc Retailer/Athletic Footwear |
Apparel | Bank of America Admin Agent, Collateral Agent, Swing Line Lender, L/C Issuer |
200.0 | Revolver Four-year term/J.P. Morgan Chase, Wells Fargo Retail Finance: co-syn agents; U.S. Bank: doc agent; BofA Securities, J.P. Morgan Securities: joint lead arrangers, joint bookrunners |
|
| Wendy's International Holdings LLC Operator/Fast Food Restaurants |
JPMorgan Chase Bank/Bank of America/Wachovia Admin Agent/Syn Agent/Doc Agent |
200.0 | Revolver J.P. Morgan Securities, BofA Securities, Wachovia Capital Markets: joint lead arrangers, joint bookrunners |
||
| Under Armour Inc Distributor/Apparel |
Footwear | Accessories | PNC Bank Lead Arranger |
180.0 | Revolver Three-year term/Replaces the existing facility |
| Georgia Gulf Corp Manufacturer/Chemicals |
GE Capital Corporate Lending Lender |
175.0 | A/R Securitization Facility |
||
| Calpine Corp Provider/Power |
WestLB, ING and Union Bank of California Joint Lead Arrangers, Lenders |
156.0 | Revolver Three-year term/Supports recap of its Deer Park Energy Center |
||
| United Stationers Inc Distributor/Business Products |
Bank of America, PNC Bank, Enterprise Funding Co, Market Street Funding Lenders |
150.0 | A/R Securitization Replaces previous $250MM securitization program/Matures: |
||
| The Talbots Inc Retailer/Women's Apparel |
Shoes | Accessories | Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp, The Norinchukin Bank Lenders |
150.0 | Revolver |
| EZCORP Inc Provider/Credit Services |
Union Bank of California/Wells Fargo Bank Syn Agent/Admin Agent, Issuing Bank |
120.0 | $80MM Revolving Credit Line/$40MM Term Loan Supports acquisition of Value Financial Services |
||
| Stream Global Services Inc Provider/Customer Relationship Management Solutions |
PNC Bank and Steel City Capital Funding Underwriter/Lender |
107.0 | Revolver PNC Capital Markets: syndicator |
||
| Louisiana-Pacific Corp Supplier/Building Products |
Bank of America Business Capital Co-Agent |
100.0 | Revolver Banc of America Securities: sole lead arranger, bookrunner/Refinances existing debt |
||
| Louisiana-Pacific Corp Supplier/Building Productsucts |
Bank of America, Royal Bank of Canada Lenders |
100.0 | Revolver Three-and-a-half-year term |
||
| Wildflower Inc Provider/Technology Solutions |
GE Commercial Distribution Finance Lender |
90.0 | Revolver |
||
| Vesta Inc Manufacturing/OEM Medical Devices |
GE Healthcare Financial Services Lead Lender |
89.0 | Revolver Completes acquisition of ExtruMed/The PrivateBank & Trust Company, Libertyville Bank & Trust, National City participated |
||
| LEAF Financial Corp Provider/Commercial Finance |
Equipment Leasing | Wells Fargo Foothill Lender |
75.0 | Revolver Three-year term/Supports LEAF Equipment Finance Fund 4 activities |
|
| Midland Paper Co Inc Distributor/Fine Paper |
Bank of America Business Capital Lender |
65.0 | Revolver Refinances existing debt |
||
| JSW Steel (USA) Inc Provider/Hot-Rolled Plate |
Steel Pipe | Bank of America Business Capital Lender |
60.0 | Revolver |
|
| Escalade Inc Manufacturer/Sporting Goods |
Office Products | JP Morgan Chase Lender |
50.0 | Revolver |
|
| Globecomm Systems Inc Provider/Satellite-Based Communications Solutions |
Citibank Lender |
50.0 | Revolver/Term Loan One-year term/Supports potential acquisition |
||
| Safeguard Scientifics Inc Provider/Growth Capital |
Silicon Valley Bank Lender |
50.0 | Revolver Two-year term/Replaces $30MM facility with Comerica Bank |
||
| Commercial Vehicle Group Inc Supplier/Integrated System Solutions |
Bank of America Lender |
47.5 | Revolver Three-year term/Repays previous facility |
||
| Taylor Companies LLC Provider/Transportation |
Logistics | PNC Business Credit Lead Lender |
40.0 | $37MM Revolving Credit Line/$3MM Term Loan Three-year term/Refinances existing indebtedness |
|
| LTX-Credence Corp Provider/ATE Solutions |
Silicon Valley Bank Lender |
40.0 | Revolving Credit Line Two-year term |
||
| Richelieu Foods Inc Lender Manufacturer/Food Products |
PNC Bank Lender |
38.0 | $21MM Revolver/$16MM Term Loan/$1MM CAPEX Line Steel City Capital Funding: provided a junior tranche/Refinances existing debt, bridge loan |
||
| Industrial Growth Partners Provider/Equity Capital |
CIT Group Co-Arranger |
36.0 | Revolver Supports acquisition of O'Brien Corp |
||
| Ultralife Corp Provider/Power Solutions |
JPMorgan Chase Bank/M&T Bank Admin Agent/Lender |
35.0 | Revolver Matures: June 30, 2010 |
||
| Millennium Pharmacy Systems Inc Provider/Institutional Pharmacy Services |
MidCap Financial Lender |
35.0 | Revolver The DiBari Group: debt advisor |
||
| Angiotech Pharmaceuticals Inc Provider/Pharmaceuticals |
Medical Devices | Wells Fargo Foothill Sole Arranger, Admin Agent, Lender |
32.5 | $22.5MM Revolver/$10MM Term Loan |
|
| PaperWorks Industries Inc Manufacturer/Clay-Coated Boxboard Products |
PNC Bank Lender |
30.0 | $21.4MM Revolver/$8.6MM Term Loan Supports acquisition by Sun Capital Partners' portfolio company |
||
| AutoInfo Inc Provider/Transportation Services |
Regions Bank Lender |
30.0 | Revolver Replaces existing $20MM facility with Wachovia |
||
| Mansfield Plumbing Products LCC Provider/Bathroom Fixtures |
First Capital Lender |
28.0 | Revolver |
||
| Ace Expediters Inc Provider/Logistics Services |
Golub Capital Lender |
27.5 | Revolver Supports acquisition of Network Express/Deal Source: Atlantic Street Capital |
||
| Universal Stainless & Alloy Products Inc Manufacturer/Specialty Steels |
PNC Bank Lender |
27.0 | $15MM Revolver/$12MM Term Loan Revolver: Three-year term/Term Loan: Five-year term |
||
| Northern Oil and Gas Inc Producer/Oil |
Gas | CIT Energy Lead Arranger |
25.0 | Revolver |
|
| Northern Oil and Gas Inc Operator/Oil Exploration |
Production | CIT Capital Lender |
25.0 | $15MM Revolver/$12MM Term Loan Matures: February 27, 2012 |
|
| Akorn Inc Manufacturer/Pharmaceutical Products |
GE Healthcare Financial Services Lead Arranger, Admin Agent |
25.0 | Revolver |
||
| Medicia Holdings LLC Manufacturer/Personal Care Products |
PNC Bank Lender |
20.3 | $16.5MM Revolver/$3.8MM Term Loan Supports acquisition by Joshua Partners |
||
| Hudson Crossing Surgery Center Operator/Ambulatory Surgical Center |
Healthcare Finance Group Lender |
18.0 | $5MM Revolver/$13MM Term Loan Supports company recap |
||
| Everfast Inc (d/b/a Calico Corners) Retailer/Home Furnishings |
Fabrics | PNC Bank Lender |
15.0 | Revolver Refinances existing credit facility |
|
| Ares Capital Corp Provider/Financing Solutions |
City National Bank Lender |
15.0 | Revolver Supports acquisition by Joshua Partners |
||
| PureTek Corp Manufacturer/Pharmaceuticals |
Marquette Business Credit Lender |
13.0 | Revolver |
||
| A.D.A.M. Inc Provider/Health Info |
Benefits Technology Solutions | RBC Bank USA Lender |
13.0 | $3MM Revolver/$10MM Term Loan Replaces existing agreement with CapitalSource |
|
| Velocity Express Corp Provider/Regional Delivery Solutions |
Burdale Capital Finance Lender |
12.0 | Revolver Replaces agreement with Wells Fargo Foothill |
||
| Hardinge Inc Manufacturer/Machine Tools |
M&T Lender |
10.0 | Term Loan |
||
| Meade Instruments Corp Manufacturer/Telescopes |
Optical Products | First Capital Lender |
10.0 | Revolver Three-year term/Replaces existing facility with BofA |
|
| Capstone Turbine Corp Producer/Microturbine Systems |
Wells Fargo Business Credit Lender |
10.0 | Revolver |
||
| Solta Medical Inc Provider/Medical Aesthetics |
Silicon Valley Bank Lender |
9.0 | $6MM Revolver/$3MM Term Loan Revolver matures: March 9, 2011/Term loan matures: Dec. 1, 2011 |
||
| Water Providers Ltd Provider/Water Transfer Services |
PNC Bank Lender |
8.9 | $5MM Revolver/$3.9MM Term Loan Supports H2O Transfer Services acquisition |
||
| Pearl Therapeutics Inc Developer/Respiratory Disease Treatment Products |
Oxford Finance, Silicon Valley Bank Lender |
8.0 | Venture Debt Financing |
||
| Rally Software Development Corp Provider/Agile Application Lifecycle Management |
Square 1 Bank Lender |
8.0 | Revolver Supports growth |
||
| Chino Valley Medical Center Operator/Acute Care Community Hospital |
Healthcare Finance Group Lender |
8.0 | Revolver Replaces existing debt |
||
| Retail Ventures Inc Operator/DSW Shoe Warehouse |
Filene's Basement | National City Business Credit Agent |
7.5 | Revolver |
|
| Master Packaging Inc Manufacturer/Polyethylene |
Polypropylene Products | First Capital Lender |
7.5 | Revolver |
|
| New Dimensions Research Corp Manufacturer/Retail Point-of-Purchase Displays |
Keltic Financial Services Lender |
6.0 | Revolver |
||
| Viking Fibres Inc Provider/Recycled Paperboard |
Sterling National Bank Lender |
5.0 | Revolver Refinances existing indebtedness |
||
| EnergyConnect Group Provider/Demand Response Technologies |
Aequitas Capital Management Lender |
5.0 | Convertible Secured Note Matures: January 2011 |
||
| Fagerdala USA Inc Producer/Foam Products |
Keltic Financial Services Lender |
5.0 | Revolver |
||
| Comarco Inc Provider/Mobile Power Solutions |
Silicon Valley Bank Lender |
5.0 | Revolver |
||
| Arista Enterprises Inc Provider/Consumer Electronic Accessories |
Sterling National Bank Lender |
5.0 | Revolver Supports company growth |
||
| A-Med Health Care Center Provider/Medical Supply Delivery Service |
Affinity Bank Lender |
4.9 | Revolving Credit Line |
||
| Royal Petroleum Corp Wholesaler/Petroleum |
Related Products | Sovereign Business Capital Lender |
4.0 | Revolver |
|
| Eagle Healthcare Inc Provider/Rehabilitation |
Skilled Nursing Care | Gemino Healthcare Finance Lender |
3.5 | Revolving Credit Line Pays off existing debt |
|
| Vaughan Foods Inc Manufacturer/Refrigerated Foods |
Peninsula Bank Business Funding Lender |
3.0 | Revolving Credit Line Retires former revolver with International Bank of Commerce |
||
| Procera Networks Inc Developer/Evolved DPI solutions |
Peninsula Bank Business Funding Lender |
3.0 | Credit Line |
||
| Fenley and Nicol Environmental Inc Provider/Environmental Remediation |
Storage Tank Services | Sterling National Bank Lender |
2.8 | Revolver Supports growth |
|
| Clarity Imaging Technologies Inc Manufacturer/Laser Toner Cartridges |
Keltic Financial Services Lender |
2.5 | Revolving Credit Line |
||
| International Connection Corp Inc Distributor/Wireless Speakers |
Headphones | Marquette Commercial Finance Lenders |
2.5 | Revolver |
|
| Ohrenstein & Brown LLP Law Firm |
Sterling National Bank Lender |
2.0 | Revolving Credit Line Refinance previous debt |
||
| Egide USA Inc Manufacturer/Hermetic Packages |
Keltic Financial Services Lender |
1.7 | Revolving Credit Line |
||
| Luxor Contracting Inc Provider/Temporary Labor |
Sterling Resource Funding Corp Lender |
1.7 | Revolver Supports company growth |
||
| Premier Healthcare Services Inc Provider/Nursing Services |
Marquette Healthcare Finance Lender |
1.5 | Working Capital Facility Refinance existing facility |
||
| Allegiance Home Health Care Inc Operator/Long-Term Care Communities |
Presidential Financials Healthcare Lender |
1.5 | Revolver |
||
| SummitWorks Technologies Inc Provider/Outsourcing IT Solutions |
Sovereign Business Capital Lender |
1.0 | Revolving Credit Line Assists company in meeting sales-driven turnaround strategy |
||
| SNIP LINK LLC Provider/Integrated Communications |
Thermo Credit Lender |
0.8 | Revolver Supports operational expansion |