Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 7/1/09 through 9/30/09.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||
|---|---|---|---|---|---|
| Unisource Worldwide Inc Distributor/Paper |
Packaging | Facility Supplies | Banc of America Securities/Wells Fargo Foothill/GE Capital Markets Lead Lenders |
575.0 | Revolver |
| BCBG Max Azria Group Inc Retailer/Women's Apparel |
Accessories | GE Capital, Corporate Retail Finance Co-Collateral Agent |
403.0 | Revolver |
|
| SunGard Data Systems Inc Provider/Software |
IT Services | GE Capital Lender |
316.0 | A/R Securitization Facility GE Capital Markets: sole lead arranger |
|
| Rite Aid Corp Retailer/Drugstores |
GE Capital Corporate Retail Finance Lender |
290.0 | Revolving Credit Line GE Capital Markets: joint lead arranger/Funding part of overall $1B ABL |
||
| SKECHERS USA Inc Designer/Footwear |
Wells Fargo Foothill/Bank of America Co-Lead Arrangers |
250.0 | Revolver Four-year term/CIT, U.S. Bank, HSBC Business Credit, PNC, Union Bank, Capital One Leverage Finance participated |
||
| American Campus Communities Inc Developer |
Owner/High-Quality Student Housing Communities | KeyBank Admin Agent |
225.0 | Revolver Three-year term/Funds acquisitions |
|
| CORE Financial Group LLC Provider/ABL |
Venture Debt | Middle-Market Lease Facilities | Autobahn Funding Company Lender |
225.0 | Revolver Four-year term/Facility was increased by $100MM/Supports ABL platform growth |
| Kaman Corp Covers/Aerospace |
Industrial Distribution Markets | Bank of America/The Bank of Nova Scotia/RBS Citizens Co-Lead Arrangers |
225.0 | Revolver Three-year term/JPMorgan Chase, KeyBanc, TD Bank, BB&T, Fifth Third, Webster Bank, others participated |
|
| Charming Shoppes Inc Retailer/Women's Apparel |
Wells Fargo Retail Finance/Bank of America Merrill Lynch Joint Lead Arrangers, Joint Bookrunners |
225.0 | Revolver Three-year term/GMAC Comm'l Finance, JPMorgan Chase, U.S. Bank, Barclays Bank participated |
||
| Entertainment Properties Trust Developer/Properties |
KeyBank Agent |
215.0 | Revolver 1.5-year term/Replaces existing revolver |
||
| Texas Industries Inc Supplier/Building Materials |
Bank of America Business Capital Lender |
200.0 | Revolver Refinances existing debt |
||
| Quiksilver Inc Manufacturer/Apparel |
Footwear | GE Capital, Corporate Retail Finance Collateral Agent |
200.0 | Revolver GE Capital Markets: co-lead arranger |
|
| Sotheby's Provider/Art Auction |
Private Sales | Financing | GE Capital/HSBC Bank Agent, Lender/Joint Lead Arranger, Joint Bookrunner |
200.0 | Revolver Three-year term/GE Capital Markets: Joint Lead Arranger, Joint Bookrunner |
| Methanex Corp Supplier/Methanol |
RBC Capital Markets Arranger |
200.0 | Revolver Two-and-a-half-year term/Replaces existing revolver |
||
| Quiksilver Inc Producer/Apparel |
Bank of America/GE Capital Joint Lead Arrangers |
200.0 | Revolver Three-year term/Rhône also provided five-year $150MM term loan |
||
| Omega Healthcare Investors Inc Investor/Long-Term Care Industry |
Banc of America Securities/Deutsche Bank Trust Co Americas Joint Lead Arrangers |
200.0 | Revolver Three-year term/BofA: admin agent; UBS Securities, GE Capital also participated |
||
| First Capital Provider/Financial Services |
DZ BANK Lender |
175.0 | Revolver Supports future funding |
||
| CIBER Inc Provider/Pure-Play System Integration Consultancy |
Bank of America Admin Agent, Swing Line Lender, L/C Issuer |
155.0 | $105MM Revolving Credit Line/$50MM Term Loan Three-year term/BofA Securities, BBVA Compass Bank: jt lead arrangers, co-bookrunners |
||
| Kumho Tire USA Inc U.S. Distributor/South Korea-based Kumho Tire Co |
GE Capital, Corporate Finance Admin Agent |
151.0 | Revolver GE Capital Markets: co-lead arranger |
||
| Smithfield Foods Inc Processor/Pork |
GE Capital Corporate Finance Lender |
150.0 | Revolver Three-year term/GE Capital Markets: joint bookrunner/Part of $1B facility provided by JPMorgan |
||
| American Dental Partners Inc Business Partner/Dental Group Practices |
KeyBank/RBS Citizens/Bank of America Lead Lenders |
130.0 | $50MM Revolver/$80MM Term Loan TD Bank, Regions Bank, CapitalSource participated/Retires existing revolver, term loan |
||
| Univita Health Inc Provider/Home-Based Healthcare |
GE Capital Healthcare Financial Services Admin Agent |
97.5 | Revolver GE Capital Markets: sole bookrunner, co-lead arranger/Refinances existing debt |
||
| Kelly Services Inc Provider/Staffing Services |
J.P. Morgan Chase Lead Lender |
90.0 | Revolver Three-year term/J.P. Morgan Securities: lead arranger, sole bookrunner |
||
| Syms Corp Operator/Off Price Apparel Retail Chain |
Bank of America Admin Agent, Collateral Agent, Sole Lender, LOC Issuer |
75.0 | Revolver Three-year term/Replaces facility with Israel Discount Bank of New York |
||
| Cedar Creek Inc Distributor/Lumber |
Manufactured Wood | Bank of America Business Capital Lender |
55.0 | Revolver Refinances existing debt/ClearRidge Capital: advisor |
|
| Eastern Mountain Sports Retailer/Outdoor Apparel |
Gear | Wells Fargo Retail Finance Lender |
50.0 | Revolver Three-year term/Rhône also provided five-year $150MM term loan |
|
| American Biltrite Inc Operator/Flooring |
Industrial & Jewelry Businesses | Wachovia/FGI Finance Lender |
42.0 | Wachovia: $38MM Revolver, Term Loan/FGI: $4MM Revolver Replaces existing credit agreement |
|
| Purchasing Power LLC Provider/Employee Product Purchase Program |
Bank of America Business Capital Lender |
40.0 | Revolver Facility contains a $20 million accordion feature |
||
| Heritage Auction Galleries Inc Auctioneer/Collectibles |
Wells Fargo Business Credit Lender |
35.0 | Credit Line Support auction, sales operations/Replaces previous credit line with Sovereign Precious Metals |
||
| AccentCare Inc Provider/Home Healthcare Services |
CapitalSource Lender |
35.0 | $25MM Revolving Credit Line/$5MM Term Loan/$5MM Acquisition Line Refinances existing debt |
||
| Auxilium Pharmaceuticals Inc Provider/Specialty Biopharmaceuticals |
Silicon Valley Bank Lender |
30.0 | Revolving Credit Line Two-year term |
||
| The Wornick Co. Supplier/Ready-to-Eat Meals |
PNC Bank Lender |
30.0 | Revolver Refinances existing debt |
||
| Wise Foods Inc Manufacturer/Salty Snacks |
GMAC Commercial Finance/Siemens Financial Services Lender, Arranger/Lender, Syndication Agent |
25.0 | Revolving Credit Line/Term Loan Supports growth |
||
| AccessOne MedCard Inc Provider/Alternative Hospital Payment Programs |
GE Capital Healthcare Financial Services Lender |
25.0 | Revolver GE Capital Markets: sole lead arranger, sole bookrunner |
||
| AHMC Healthcare Inc Operator/Acute Care Hospitals |
Healthcare Finance Group Lender |
17.5 | Revolver Financing is for affiliated entity of company |
||
| HIOSSEN Inc Producer/Surgical Dental Implants |
Citibank Lender |
16.0 | Revolver Supports U.S. manufacturing, distribution system expansion |
||
| StarTek Inc Provider/Business Process Outsourcing Services |
UMB Bank Colorado Lender |
15.0 | Revolver Replaces previous $10MM facility with Wells Fargo |
||
| Transcend Services Inc Provider/Medical Transcription Services |
Regions Bank Lender |
12.0 | $5MM Revolver/$7MM Term Loan Term Loan: Four-year term/Portion supports Medical Dictation Services acquisition |
||
| Pandora Media Inc Provider/Internet Radio |
Bridge Bank Technology Banking Division Lender |
10.0 | Credit Line Supports growth |
||
| NewPath Networks LLC Developer/Fiber-Fed Wireless Carrier Networks |
Square 1 Bank Lender |
10.0 | Credit Line Supports expansion of DAS networks |
||
| Novis Pharmaceuticals LLC Distributor/Specialty Therapeutics |
CapitalSource Lender |
10.0 | Revolver |
||
| Meridian Sports Clubs California LLC Operater/Middle-Market Health Clubs |
Praesidian Capital Investors Lender |
10.0 | Revolver FocalPoint Partners: advisor |
||
| American Tack & Hardware Co Distributor/Electrical |
Lighting Products | PNC Bank Lender |
10.0 | Revolver Supports acquisition by Synergy Enterprises |
|
| AJC Logistics | LLC Provider/Transportation Solutions |
RBS Business Capital Lender |
10.0 | Revolver |
|
| MiddleBrook Pharmaceuticals Inc Developer/Anti-Infective Products |
Silicon Valley Bank Lender |
10.0 | Revolving Credit Line Two-year term |
||
| Axium Healthcare Pharmacy Inc Provider/Therapy-Management Programs |
Gemino Healthcare Finance Lender |
9.5 | $7MM Revolving Credit Line/$2.5MM Term Loan Refinances existing debt |
||
| The Swan Corp Manufacturer/Fiberglass Products |
First Capital Lender |
9.2 | $7.5MM Revolving Credit Line/$1.65MM Term Loan |
||
| inContact Inc Provider/On-Demand Contact Center Software |
Zions First National Bank Lender |
8.5 | Revolving Credit Line Two-year term/Replaces previous credit line |
||
| VisionQuest National Ltd Provider/Behavioral Health |
Education Programs | Gemino Healthcare Finance Lender |
7.5 | Revolving Credit Line Pays off existing debt |
|
| Texana Security LLC Provider/Security Alarms |
CapitalSource Security Lending Group Lender |
7.0 | Revolver Three-year term/Supports future acquisitions |
||
| EnduraCare Acute Care Services LLC Provider/Therapy Program Management |
Gemino Healthcare Finance Lender |
6.5 | $4MM Revolving Credit Line/$2.5MM Term Loan |
||
| Williams Metals and Welding Alloys Inc Supplier/Various Metals & Alloys |
Sovereign Business Capital Lender |
6.1 | $6MM Revolving Credit Line/$.1MM CAPEX Credit Line |
||
| Ramtron International Corp Designer/Semiconductors |
Silicon Valley Bank Lender |
6.0 | Revolving Credit Line Two-year term/Replaces existing $4MM line |
||
| Vinvision Inc Distributor/Wine |
Bridge Bank Lender |
6.0 | Term Loan Supports funding for new warehouse |
||
| Wise Components Inc Provider/Voice |
Data Products | Sovereign Business Capital Lender |
5.5 | Revolving Credit Line Supports growth |
|
| E2 Consulting Engineers Inc Provider/Professional Services |
Bridge Bank Lender |
5.5 | Accounts Receivable Credit Line Two-year term/Replaces existing $4MM line |
||
| Gamma Medica-Ideas Inc Developer/Digital Molecular Imaging Systems |
Bridge Bank Lender |
5.0 | Revolving Credit Line Psilos Group, Capital Resource Partners provided $14MM equity/$5MM mezzanine debt |
||
| Vx Capital Partners Investment Firm/Aircraft |
Aviation Assets | Bridge Bank Lender |
5.0 | Revolver/Term Loan Supports expansion of aircraft, engines investments |
|
| ACM Aviation LLC Provider/Aircraft Management |
Charter Services | Bridge Bank Lender |
5.0 | Revolver Supports its expansion efforts |
|
| Laurand Associates Inc Distributor/Aluminum Raw Material |
Sterling National Bank Lender |
4.5 | Revolving Credit Line |
||
| Recover Health Provider/Home Healthcare Services |
Gemino Healthcare Finance Lender |
4.5 | $3MM Revolving Credit Line/$1.5MM Term Loan Supports acquisition of Recover Health |
||
| eMagin Corp Provider/OLED Technology |
Access Business Finance Lender |
3.0 | Credit Line Provides additional financing for capital program |
||
| Implant Sciences Group Supplier/Homeland Security Systems |
Sensors | DMRJ Group Lender |
3.0 | Revolving Credit Line Supports product building |
|
| iWeb Group Inc Provider/Internet Hosting Services |
BMO Bank of Montreal Lender |
3.0 | Revolver Supports fund servers |
||
| Metron Aviation Inc Provider/Aircraft Traffic Flow Mgt Products |
Bridge Bank Lender |
3.0 | Revolver Supports company growth |
||
| Codon Devices Inc Operator/Biotechnology Firm |
GE Healthcare Financial Services Lender |
3.0 | Revolver Supports growth |
||
| PokerTek Inc Manufacturer/Automated Poker Tables |
Silicon Valley Bank Lender |
2.5 | Revolver One-year term |
||
| Ecology Roof Systems Corp Distributor/Environmentally Friendly Roofing Products |
Keltic Financial Services Lender |
2.5 | Revolving Credit Line |
||
| Crocs Inc Manufacturer/Footwear |
PNC Business Credit Lender |
0.0 | Revolver |