Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/09 through 6/30/09.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||||
|---|---|---|---|---|---|---|---|
| LINN Energy LLC Developer/Natural Gas |
Oil | BNP Paribas/Royal Bank of Canada Admin Agent/Syn Agent |
1750.0 | Revolver Barclays, Calyon, Citibank, RBS: co-doc agents/Matures: August 1, 2012 |
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| Cimarex Energy Co Producer/Oil |
Gas | JPMorgan Chase Bank Admin Agent |
800.0 | Revolver BofA, Wells Fargo: co-syn agents, Compass Bank, Deutsche Bank Securities: co-doc agent, J.P. Morgan Securities: lead arranger, bookrunner |
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| Jones Apparel Group Inc Designer/Apparel |
Footwear | JPMorgan Chase Admin Agent, Joint Collateral Agent |
650.0 | Revolver Three-year term/JPMorgan Chase Bank, Toronto: Canadian admin agent, GE Capital: joint collateral agent |
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| Kia Motors America Inc Manufacturer/Vehicles |
Wells Fargo Foothill Lead Lender |
305.0 | Revolving Credit Line BofA Securities, JPMorgan Chase: co-lead arrangers, BofA: syndication agent |
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| MarineMax Inc Retailer/Recreational Boats |
Yachts | Bank of America/Key Bank/GE Capital Lenders |
300.0 | Credit Line Bank of the West, Wells Fargo/Wachovia, U.S. Bank, BB&T participated |
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| Hexcel Corp Manufacturer/Structural Materials |
Deutsche Bank Securities, Banc of America Securities Lead Lenders |
300.0 | $125MM Revolver/$175MM Term Loans Revolver: Four-year term, Term Loan: Five-year term/Replaces previous facility |
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| Suburban Propane Partners LP Distributor/Propane |
Fuel Oil | Banc of America Securities/ Wachovia Capital Markets Joint Lead Arrangers, Joint Book Managers |
250.0 | Revolver Four-year term/Bank of America: admin agent |
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| Level 3 Financing Inc Provider/Fiber-Based Communications Services |
Banc of America Securities Sole Lead Arranger, Bookrunner |
220.0 | Tranche B Term Loan Matures in 2014 |
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| Quiksilver Inc Producer/Apparel |
Footwear | Accessories | Bank of America/GE Capital Joint Lead Arrangers |
200.0 | Revolver Three-year term/Refinances previous debt |
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| Under Armour Inc Distributor/Branded Apparel |
Footwear | PNC Lead Lender |
200.0 | Revolver Three-year term/Replaces previous facility |
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| New Flyer Industries Inc Manufacturer/Heavy-Duty Transit Buses |
The Bank of Nova Scotia Lead Arranger, Sole Bookrunner, Admin Agent |
180.0 | $50MM Revolver/$90MM Term Loan, $40MM Letter of Credit Facility Matures: April 24, 2012/Refinances existing debt |
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| GTSI Corp Provider/Enterprise IT Infrastructure Solutions |
Castle Pines Capital Lender |
135.0 | Revolver Two-year term/Replaces previous asset-based revolver |
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| Alliance Data Systems Corp Provider/Marketing Solutions |
BMO Capital Markets, SunTrust Robinson Humphrey Lead Agents |
134.0 | Term Loan Three-year term/Bank of America, JP Morgan Chase Bank, Barclays Bank: agents |
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| The Brick Group Income FundRetailer/Household Furniture |
GE Capital Lender |
130.0 | Revolver |
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| The Brick Group Income Fund Retailer/Home Furnishings |
GE Capital Lender |
130.0 | Revolver Supports company recap/36-month term |
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| Checkpoint Systems Inc Manufacturer/Supply Chain Solutions |
Wachovia Bank/Citizens Bank of Pennsylvania Co-Lead Lenders |
125.0 | Revolver Three-year term |
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| Clearwater Seafood Income Fund Distributor/Seafood Products |
GE Capital (Canada) Underwriter |
119.0 | $60MM Revolver/$59.5MM Term Loan Three-year terms/EDC, Business Development Bank of Canada underwrote term loan |
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| Hearthside Food Solutions Manufacturer/Specialty Food Products |
GE Antares Admin Agent |
115.0 | $20MM Revolver, $95MM Term Loan A Five-year terms/GE Capital Markets: jt lead arranger, jt bookrunner/Supports acquisition by Wind Point Partners |
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| Insituform Technologies Inc Provider/Pipe Products |
Bank of America Admin Agent |
115.0 | $65MM Revolving Credit Line/$50MM Term Loan Three-year terms/Supports Corrpro Companies acquisition |
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| Monrovia Nursery Co Producer/Container Grown Plants |
GE Capital Corporate Finance Lender |
100.0 | Revolver GE Capital Markets: co-lead arranger |
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| Sealy Corp Manufacturer/Mattresses |
JPMorgan Chase/GE Capital Admin Agent/Co-Collateral Agents |
100.0 | Revolver JPMorgan Securities, Citicorp Global Markets, GE Capital Markets: joint lead arrangers, joint lead bookrunners |
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| Brunswick Corp Manufacturer/Marine Engines |
Boats | Fitness Equipment | Bowling Products | Billiards | GE Commercial Distribution Finance Lender |
100.0 | Revolver Replaces existing accounts receivable sale program |
| Amkor Technology Inc Provider/Semiconductor Assembly |
Services | Bank of America Admin Agent |
100.0 | Revolver Matures in April 2013/Replaces previous facility |
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| Calgon Carbon Corp Manufacturer/Granular Activated Carbon |
First Commonwealth Bank Admin, Collateral, Syndication Agent |
95.0 | Revolver Five-year term/Citizens Bank of Pennsylvania, First National Bank of Pennsylvania participated |
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| Arizant Inc Distributor/Temperature Management Products |
GE Capital Healthcare Financial Services Lender |
75.0 | Revolver GE Capital Markets: joint lead arranger, sole bookrunner |
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| Canwest Media Inc Operator/Media Company |
CIT Business Credit Canada Lender |
75.0 | Revolver |
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| Innophos Holdings Inc Producer/Specialty Phosphates |
Wachovia Bank Agent, Lender |
65.0 | Revolver |
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| Sun Capital Partners Inc affiliate Private Investment Firm |
CIT Group Joint Lead Arranger, Syn Agent |
65.0 | Revolver CIT Commercial & Industrial: joint arranger/Supports Gordmans acquisition |
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| Wilkinson Industries Inc Manufacturer/Foodservice Containers |
Steel City Capital/PNC Lenders |
59.5 | $30MM Revolver/$29.5MM Term Loan Deal Source: Mid Oaks Investments/Supports acquisition of Dispoz-o Products |
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| Clearwater Seafoods Limited Partnership Distributor/Seafood |
GE Capital Markets (Canada), GE Capital Markets Co-Arrangers |
57.0 | Term Loan Three-year term/Business Development Bank of Canada, Export Development Canada, Province of Nova Scotia participated |
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| Resaca Exploitation Inc Producer/Oil |
Natural Gas | CIT Capital/NGP Capital Resources Co. Admin Agent/Lender |
50.0 | Revolver Three-year term/Replaces exiting facility with NGP |
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| Movado Group Inc Distributor/Watches |
Bank of America Lender |
50.0 | Revolver Three-year term/Refinances previous debt |
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| Agilysys Inc Provider/IT Solutions |
Bank of America Business Capital Agent |
50.0 | Revolver Three-year term |
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| Gladstone Investment Corp Investor/Small- |
Mid-sized Private Businesses | BB&T Lender |
50.0 | Revolving Credit Line repaid all amounts due to Deutsche Bank/matures in 2010 |
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| Movado Group Inc Manufacturer/Watches |
Bank of America Lender |
50.0 | Revolver Three-year term/Replaces current debt |
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| PEER 1 Network Enterprises Inc Provider/Online IT Hosting |
National Bank Financial Group Lender |
40.0 | $25MM Revolver/$15MM Term Loan Three-year terms/Replaces previous facilities with Fortress Credit |
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| Ethan Allen Interiors Inc Manufacturer/Home Furnishings |
JPMorgan Chase Lead Lender |
40.0 | Revolver Three-year term |
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| Flow International Corp Manufacturer/Industrial Waterjet Machines |
Bank of America Admin Agent, Swing Line Lender, L/C Issuer |
40.0 | Revolver Two-year term |
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| Southwind Foods LLC Distributor/Frozen Seafood |
Bank of America Business Capital Lender |
40.0 | Revolver Refinances existing debt |
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| THQ Inc Developer/Interactive Entertainment Software |
Bank of America Lender |
35.0 | Revolving Credit Line |
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| EasyLink Services International Corp Provider/Messaging Services |
e-Commerce Solutions | SunTrust Bank Admin Agent |
32.0 | $2MM Revolver/$30MM Term Loan Term Loan: Three-year term/The Private Bank and Trust Co: syn agent, SunTrust Robinson Humphrey: sole lead arranger |
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| Wexler Video LLC Provider/Equipment Rentals |
RBS Business Capital Lender |
30.0 | Revolver Supports Postworks acquisition |
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| K2 Industrial Services Inc Provider/Industrial Cleaning |
Maintenance | PNC Lender |
30.0 | $20MM Revolver/$10MM Term Loan |
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| Photronics Inc Supplier/Imaging Technology Solutions |
JPMorgan Chase Admin Agent, Collateral Agent |
27.2 | Revolver Citizens Bank of Massachusetts, HSBC Bank USA, Citibank: co-syndication agents |
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| Hirschfeld Holdings LP Fabricator/Structural Steel Components |
LBC Credit Partners Lender |
25.0 | Term Loan Supports growth initiatives |
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| Zumiez Inc Retailer/Sports-Related Apparel |
Accessories | Wells Fargo HSBC Trade Bank Lender |
25.0 | Revolver Replaces previous facility with Wells Fargo |
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| Regency Healthcare Group LLC Provider/Hospice Care |
GE Capital Healthcare Financial Services Lender |
25.0 | Revolver GE Capital Markets: arranger/refinance existing debt |
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| Hoover Material Handling Group Inc Provider/Liquid Handling Solutions |
PNC Lender |
23.3 | $21MM Revolver/$2.3MM Term Loan Refinances existing debt |
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| Biohorizons Inc Provider/Medical Devices |
MidCap Financial Admin Agent, Sole Lender |
20.0 | Revolver |
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| Sagent Pharmaceuticals Inc Manufacturer/Injectable Pharmaceutical Products |
MidCap Financial Lender |
15.0 | Revolver |
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| IPEG Inc Manufacturer/Auxiliary Systems |
Equipment | PNC Bank Lender |
15.0 | Revolver Partially refinances existing debt |
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| Walter Investment Management Corp Provider/Medical Devices |
SunTrust Bank/Regions Bank Admin Agent, Sole Lender |
15.0 | Admin Agent/Syn Agent |
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| Veroxity Technology Partners Inc Provider/Fiber Optic Network Solutions |
Webster Bank Lender |
14.0 | Credit Line |
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| York Telecom Corp Lender Provider/Visual Communication Services |
PNC Bank Lender |
12.0 | Revolving Credit Line Petra Capital Partners invested $6MM in debt, equity funding |
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| Local.com Corp Provider/Local Search |
Network | Square 1 Bank Lender |
10.0 | Revolver Supports company expansion |
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| Nestor Sales LLC Distributor/Maintenance |
Repair Supplies and Tools | PNC Lender |
10.0 | Revolver Refinance existing debt |
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| MVL Group Inc Provider/Market Research Services |
PNC Lender |
10.0 | Revolver Refinance existing debt |
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| Archstone Consulting LLC Provider/Investments to Service-Based Businesses |
PNC Bank Lender |
10.0 | Revolver |
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| Capstone Turbine Corp Manufacturer/Micro-Turbine Energy Systems |
Wells Fargo Bank Lender |
10.0 | Credit Line |
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| Pulse Systems Inc Provider/Precision Laser Cutting |
Fifth Third Bank Lender |
8.5 | $1.5MM Revolving Credit Line/$7MM Term Loan |
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| J. Alexander's Corp Operator/Restaurants |
Pinnacle National Bank Lender |
8.0 | $5MM Revolver/$3MM Term Loan Revolver: Three-year term/Replaces previous credit line |
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| Anacomp Inc Provider/Business Solutions |
Bridge Capital Finance Lender |
7.5 | Revolver Supports eDiscovery initiatives |
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| Isogen LLC Provider/Therapeutics Sterile Manufacturing |
Wilmington Trust Lender |
7.0 | Term Loans |
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| Coffee Holding Co Inc Roaster |
Dealer/Wholesale Coffee | Sterling National Bank Lender |
5.0 | Revolving Credit Line |
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| CeNeRx BioPharma Inc Provider/Nervous System Disease Treatments |
MidCap Financial Lender |
5.0 | Revolver Aisling Capital, L Capital Partners, Pappas Ventures provided additional $4MM |
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| Laurand Associates Inc Distributor/Aluminum Raw Material |
Sterling National Bank Lender |
4.5 | Revolving Credit Line |
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| Craftsman Press Printer |
Provider/Distribution Services | Keltic Financial Services Lender |
4.5 | Revolving Credit Line/Term Loan |
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| Nutritional Laboratories International Inc Supplier/Custom Health |
Wellness Products | Marquette Business Credit Lender |
4.0 | Revolving Credit Line |
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| Zynex Inc Manufacturer/Electro Therapy Products |
Marquette Healthcare Finance Lender |
3.0 | Revolver |
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| IP Networks Inc Provider/Telecommunications Service |
Thermo Credit Lender |
2.5 | Revolver |
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| Active Control Technology Inc Provider/Mining Wireless Systems |
Callidus Capital Corp Lender |
2.2 | Revolver |