Deal Charts

ABL Deal Chart 2009 Q4

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 10/1/09 through 12/31/09.

LENDER(S) & ROLE BORROWER & INDUSTRY AMOUNT* STRUCTURE & NOTES
Qwest Communications International
Provider/Telecommunications 
Wachovia Bank
Admin Agent
1030.0 Revolver
3.75-year term/Replaces previous revolver
C&S Wholesale Grocers Inc
Wholesaler/Groceries 
RBS Business Capital 
Joint Bookrunner, Co-Doc Agent
800.0 Revolver
Refinances existing cash-flow revolver
Targa Resources Inc
Provider/Natural Gas Liquid Services
Citadel Securities/Deutsche Bank/Credit Suisse Group
Arrangers
700.0 $150MM Revolver/$550MM Term Loan
Revolver: Five-year term/Term Loan: Seven-year term
The Bon-Ton Stores Inc
Operator/Retail chain
Bank of America
Admin Agent
675.0 Revolver
BofA Merrill Lynch, GE Capital Markets, Wells Fargo Securities: jt lead arrangers, jt bookrunners
Language Line LLC, Coto Acquisition LLC
Provider/Telephone Interpreting, Language Solutions
Bank of America
Admin Agent
575.0 $50MM Revolver/$525MM Term Loan
Morgan Stanley Senior Funding: doc agent/Credit Suisse Securities (USA): syn agent
Harsco Corp
Provider/Industrial Services
Citibank/Royal Bank of Scotland
Lead Lenders
570.0 Revolver
Three-year term/Replaces existing facility
Inergy LP
Distributor/Propane
J.P. Morgan Securities, Wells Fargo Securities, Banc of America Securities
Joint Lead Arrangers, Joint Bookrunners
525.0 $75MM Revolving Working Capital Line/$450MM Revolving Credit Line
Four-year term/JP Morgan Chase Bank: admin agent
Forest City Enterprises Inc
Owner, Developer/Real Estate
Key Bank/PNC Bank/Bank of America
Admin Agent/Syn Agent/Doc Agent
500.0 Revolver
Two-year term/Replaces previous $750MM facility
U-Store-It Trust
Provider/Self-Storage Solutions
Wells Fargo Securities/Banc of America Securities
Joint Lead Arrangers
450.0 $250MM Revolver/$200MM Term Loan
Three-year term
APX Alarm Security Solutions Inc
Provider/Residential Security Products
Goldman Sachs Specialty Lending Group
Lead Lender
440.0 Revolver
Transaction Network Services Inc
Provider/International Data Communications
SunTrust Bank/SunTrust Robinson Humphrey
Agent, Swing Line Lender, L/C Issuer/Sole Lead Arranger, Bookrunner
400.0 $75MM Revolver/$325MM Term Loan 
GE Capital: doc agent, BofA: syn agent/Revolver: five-year term, term loan: six-year term
TNS Inc
Provider/Data Communications
SunTrust Bank, SunTrust Robinson Humphrey
Lead Arranger
400.0 $75MM Revolver/$325MM Term Loan
Revolver: Five-year term/Term Loan: Six-year term/repays existing senior credit facilities
Allen Systems Group Inc
Provider/Enterprise Infrastructure Mgt, Info Mgt Solutions
BofA Merrill Lynch/Bank of America
Sole Lead Arranger/Admin Agent
355.0 $10MM Revolver/$255MM First Lien Term Loan/$95MM Second Lien Term Loan
Revolver: Three-year term/First lien term loan: Four-year term/Second lien term loan: 4.5-year term
TransAtlantic Petroleum Ltd
Developer, Producer/Crude Oil, Natural Gas
Standard Bank/BNP Paribas
Lenders
250.0 Revolver
Three-year term/Supports financing for subsidiaries, operations in Turkey
MEMC Electronic Materials Inc
Provider/Silicon Wafers, Solar Energy Services
Bank of America
Admin Agent 
250.0 Revolver
Three-year term/PNC Bank, U.S. Bank: Lenders/Replaces previous $200MM Revolver
Evraz Group SA
Provider/Steel, Mining, Vanadium
GE Capital Markets
Lead Arranger
225.0 Revolver
Four-year term/UBS, ING, Natixis: joint mandated lead arrangers
Rural/Metro Corp
Provider/Ambulance, Fire Protection Services
RBC Capital Markets
Sole Lead Arranger, Sole Bookrunner
220.0 $40MM Revolver/$180MM Term Loan
Revolver: Four-year term/Term Loan: Five-year term
Ramco-Gershenson Properties Trust
Owner, Manager/Shopping Centers
KeyBank
ROLE
217.0 $150MM Revolver/$67MM Term Loan
Three-year term/JP Morgan Chase, BofA, Deutsche Bank, PNC, others participated
Talbots Inc
Retailer/Women's Apparel, Shoes, Accessories
GE Capital
Lender
200.0 Revolver
Supports agreement with BPW Acquisition
Carpenter Technology Corp
Producer/Specialty Alloys
Bank of America, JPMorgan Chase
Co-Lead Arrangers
200.0 Revolving Credit Line
Three-year term/Replaces previous five-year revolver, A/R securitization facility
Westway Group Inc
Provider/Liquid Storage, Liquid Animal Feed
JPMorgan Chase Bank/JPMorgan Securities
Lead Lender/Arranger
175.0 Revolver
Three-year term/Regions, Capital One, Compass Bank, SunTrust, Société Générale, CoBank others participated
ACCO Brands Corp
Supplier/Branded Office Products
GE Capital, Corporate Finance
Co-Collateral Agent
175.0 Revolver
GE Capital Markets: joint bookrunner/Refinances existing credit, securitization facilities
Church's Chicken
Operator/Fast Food Restaurant Chain
CapitalSource 
Co-Documentation Agent
155.0 Revolver 
Deal Sponsor: Friedman Fleisher and Lowe
CyrusOne
Provider/Data Center Services
TD Securities, RBC Capital Mkts, SunTrust Robinson Humphrey, SG Americas Sec.
Lead Lenders
150.0 Revolver
Refinances outstanding debt/Toronto Dominion, Société Générale, CapitalSource, Webster, others participated
Magnum Hunter Resources Corp
Acquirer/Oil Exploratory Leases, Producing Properties
Bank of Montreal
Lead Arranger, Bookrunner, Admin Agent
150.0 Revolver
Three-year term/Repays all facilities with CIT
Magnum Hunter Resources Corp
Production/Oil, Gas
Bank of Montreal
Lead Arranger, Bookrunner, Admin Agent
150.0 Revolver
Three-year term
Smart Balance Inc
Provider/Heart Healthy Foods
BMO Capital Markets
Lead Lender
100.0 $45MM Revolver/$55MM Term Loan
Replaces previous $180 million facility
USI Holdings Corp
Distributor/Property, Casualty Insurance, Employee Benefits Products
Goldman Sachs Lending Partners
Sole Lead Arranger
100.0 Term Loan
Univita Health Inc
Provider/Home-Based Healthcare
CapitalSource 
Lender
97.5 Revolver 
Deal Sponsor: Genstar Capital
IMAX Corp
Provider/Immersive Motion Picture Technologies
Wachovia Capital Finance
Lender
75.0 $40MM Revolvers/$35MM Term Loan
Four-year term/Export Development Canada participated
MDC Partners Inc
Provider/Marketing, Communications Solutions
Wells Fargo Foothill
Sole Agent
75.0 Revolver
Five-year term/Replaces previous revolver
MDC Partners Inc
Provider/Marketing, Communications Solutions
Wells Fargo Foothill 
Sole Agent
75.0 Revolver
Replaces previous facility with Fortress Capital, Wells Fargo Foothill
Fibertech Networks LLC
Provider/Fiber-Optic Network Services
M&T Bank
Lead Lender
75.0 $45MM Revolver/$30MM Term Loan
Four-year term/Bank of America, JPMorgan Chase, CoBank: lenders
Viasystems Group Inc
Provider/Circuit Boards, Electro-Mechanical Solutions
Wells Fargo
Lender
75.0 Credit Line
Supports merger with Merix Corp
Finisar Corp
Provider/Fiber Optic Subsystems, Network Test Systems
Wells Fargo Foothill
Lender
70.0 Revolving Credit Line
Refinances existing indebtedness
Johnson Outdoors Inc
Manufacturer/Outdoor Recreational Products
PNC Capital Markets
Lead Agent
69.0 Revolver
Three-year term/Replaces existing agreements arranged by JP Morgan Chase
Navarre Corp
Publisher/Computer Software, Home Entertainment Products
Wells Fargo Foothill
Agent, Lender
65.0 Revolver
Three-year term/Capital One Leverage Finance participated
Arctic Cat Inc
Manufacturer/All-Terrain Vehicles, Snowmobiles
Bank of America
Structurer, Underwriter
60.0 Revolver
Three-year term/Replaces existing facility
Hecla Mining Co
Operator/Precious Metals Mining
Scotia Capital/ING Capital
Co-Lead Arrangers, Co-Bookrunners
60.0 Revolver
Three-year term/Bank of Nova Scotia: admin agent
The Princeton Review Inc
Provider/Test Preparation, Educational Support Services
GE Capital 
Lender
50.0 $10MM Revolver/$40MM Term Loan
Supports Penn Foster Education Group acquisition
Cervalis LLC
Provider/Off-Site Data Storage
CapitalSource 
Lead Agent, Arranger
48.0 Revolver
Motorcar Parts of America Inc
Remanufacturer/Alternators, Starters
Union Bank/BB&T
Lenders
45.0 Revolver
Replaces previous $40MM facility
Specialized Packaging Group Inc
Manufacturer/Folding Cartons
PNC Bank
Lender
40.0 Revolver
Supports merger with Paperworks Industries
Mainland Resources Inc
Producer/Oil, Gas Resources
Guggenheim Corporate Funding
Lender
40.0 Credit Line
Two-year term/SMH Capital: exclusive financial advisor - Mainland Resources
SecureWorks Inc
Provider/Security Services
CapitalSource 
Lender
38.0 Revolver
Loehmann's
Retailer/Discounted Designer Fashions
GE Capital, Corporate Retail Finance
Sole Lender
35.0 Revolver
Universal Power Group Inc
Provider/Third-Party Logistics, SCM Services
Wells Fargo 
Lender
30.0 Revolver
3.5-year term
Harcros Chemicals Inc
Manufacturer/Chemicals
GE Capital Corporate Finance
Lender
30.0 Revolver
Refinances existing credit
The Longaberger Co
Manufacturer/Handcrafted Baskets, Lifestyle Products
CORE Business Credit
Lender
29.0 Revolver
Arista Industries Inc
Supplier/Seafood, Specialty Oils
Sovereign Business Capital
Lender
27.5 Revolving Credit Line
Supports company growth
Ritz & Wolf Camera & Image LLC
Retailer/Cameras, Photography Accessories
PNC Bank
Lender
25.0 Revolver
Refinances existing debt, supports future growth
EmpRes Healthcare Inc
Operator/Skilled Nursing, Assisted Living Facilities
Healthcare Finance Group
Lender
25.0 Revolver
Refinances existing facility with CIT Healthcare
Stronghaven Inc
Manufacturer/Corrugated Packaging, Displays
CORE Business Credit
Lender
24.0 Revolving Credit Line/Term Loan 
Supports company recap
Fabpro Oriented Polymers Inc
Manufacturer/Polymer, Synthetic Fiber Products 
PNC Bank 
Lender
23.5 Revolver
Supports acquisition by Tricor Pacific Capital
Overstock.com Inc
Online Retailer/Brand-Name Merchandise
U.S. Bank
Lender
20.0 Revolving Line of Credit
22-month term
ShopNBC
Electronic Retailer/General Merchandise 
PNC Bank
Lender
20.0 Revolving Credit Line
Three-year term
Coachmen Industries Inc
Manufacturer/Recreational Vehicles, Modular Homes
H.I.G. Capital 
Lender
20.0 $10MM Revolving Credit Line/$10MM Convertible Debt
Two-year term
Winnebago Industries Inc
Manufacturer/Motor Homes
Burdale Capital Financ
Lender
20.0 Revolver
Para-Chem Southern Inc
Provider/Specialty Coatings, Emulsion Polymers, Adhesives
PNC Bank 
Lender
18.0 $12MM Revolver/$6MM Term Loan
Refinances existing facility
Monogram Food Solutions LLC
Manufacturer/Food, Processed Meats
PNC Bank
Lender
17.0 Revolver
Supports American Foods Group and Wild Bill's beef jerky biz acquisitions
Envelope Freedom Holdings LLC
Provider/Direct Mail, Transactional Envelopes
PNC Bank
Lender
15.5 $12.5MM Revolving Credit Line/$3MM Term Loan
Supports acquisition by Palm Beach Capital
Ryla Teleservices Inc
Provider/Call Center Solutions 
RBS Business Capital
Lender
15.0 Revolver
J Squared (d/b/a University Loft Co)
Manufacturer/Furniture
Webster Business Credit
Lender
12.5 Revolver
Deltide Fishing & Rental Tools/Rattler Tools Inc
Supplier/Fishing Services, Tools-Distributor/Magnetic Tools
PNC Bank
Lender
12.0 Revolver
Supports acquisition by Prime Natural Resources
LOREX Technology Inc
Provider/Security, Surveillance Equipment
PNC Bank/PNC Bank Canada
Lenders
10.0 Revolvers
Three-year term/Replaces previous facility with Wells Fargo
BORROWER
INDUSTRY
PNC Bank
Lender
9.8 Revolver
Refinances existing debt
Hannoush Jewelers Inc
Manufacturer/Diamond Products, Fine Jewelry
NewAlliance Commercial Finance 
Lender
9.0 Revolving Credit Line
Refinances existing credit
Birken Manufacturing Co
Manufacturer/Jet Engine Assemblies, Components
Webster Business Credit 
Lender
8.5 Revolver
NBS Inc
Provider/EMS 
Bridge Bank 
Lender
8.2 Revolver
Supports growth strategy
Brady Distribution Co
Distributor/Arcade, Home Entertainment Equipment
Webster Business Credit
Lender
8.0 Revolver
Warren Hospital
Operator/Acute Care Hospital
Healthcare Finance Group
Lender
7.0 Revolver
Refinances existing facility from GE Healthcare Finance Group
Gorsuch Ltd
Retailer/Apparel, Ski Equipment
Webster Business Credit
Lender
7.0 Line of Credit
Gateway Energy Corp
Operator/Natural Gas Systems 
Meridian Bank Texas
Lender
6.0 Revolver
Supports acquisitions, new projects
ATSI Communications Inc
Operator/Digerati Networks, Telefamilia Communications
Wells Fargo Business Credit
Lender
5.0 A/R Financing
Supports business expansion
Vertro Inc
Provider/Software, Technology
Bridge Bank 
Lender
5.0 Revolver
Stonehill Converting LLC
Manufacturer/Tissue Case Products
First Business Capital
Lender
5.0 Working Capital Credit Line/Term Loan
Supports acquisition, operations of company
RF Monolithics Inc
Provider/Wireless Connectivity 
ViewPoint Bank
Lender
5.0 Revolving Credit Line
One-year term/Retires credit facility with Wells Fargo Bank
Synergex Corp
Provider/Supply Chain Management Services
Callidus Capital
Lender
5.0 Revolver
Michigan Wheel Corp
Manufacturer/Inboard, Outboard Marine Propellers
Webster Business Credit 
Lender
5.0 Revolver
Phoenix Footwear Group Inc
Developer/Footwear, Accessories
First Community Financial
Lender
4.5 Revolver
Two-year term/Replaces credit line with Wells Fargo Business Credit
KidsPeace Corp
Provider/Behavioral Healthcare
Gemino Healthcare Finance
Lender
4.0 Revolving Credit Line
GigOptix Inc
Manufacturer/Analog Semiconductor
Bridge Bank
Lender
4.0 Line of Credit
Supports ChipX acquisition
Hirsch International Corp
Distributor/Commercial Embroidery Machines
Keltic Financial Services
Lender
4.0 Revolving Credit Line 
Notes
General Employment Enterprises Inc
Provider/Professional Staffing Services
Crestmark Bank
Lender
3.5 Revolving Credit Line 
Reed's Inc
Manufacturer/Natural Sodas, Ginger Brews
GemCap Lending I
Lender
3.0 Revolver
Replaces existing credit facility
Bailey Street Holding Co
Manufacturer/Accent Furniture
First Capital
Lender
3.0 Revolver
Prestige Farms
Provider/Poultry Processing
Keltic Financial Services
Lender
2.8 Revolving Credit Line 
Western Pottery Industries Inc
Manufacturer/Ceramic Bath Fixtures
Crestmark Bank
Lender
2.5 Credit Line
Deal Source: Lawrence Financial Group
Izzo Golf Inc
Distributor/Golf Accessories
Keltic Financial Services
Lender
2.0 STRUCTURE
Corgenix Medical Corp
Provider/Specialized Diagnostic Kits
Summit Financial Resources
Lender
1.8 Revolver
Three-year term/Replaces factoring line with Benefactor Funding
Microfluidics International Corp
Manufacturer/Microfluidizer Materials Processing Equipment
Webster Bank
Lender
1.0 Revolving Credit Line