Deal Charts

ABL Deal Chart 2010 Q1

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 1/1/10 through 3/31/10.

LENDER(S) & ROLE BORROWER & INDUSTRY AMOUNT* STRUCTURE & NOTES
SBA Communications
Operator/Wireless Communications
TD Securities/RBS Securities 
Joint Lead Arrangers
500.0 Revolver
Five-year term
Chemtura
Manufacturer/Specialty Chemicals
CIT
Admin Agent
450.0 $150MM Revolver/$300MM Term Loan
Refinances existing DIP facilities
Delek US Holdings
Provider/Diversified Energy Svs
Wells Fargo Capital Finance
Admin. Agent
300.0 Revolver
Four-year term/Replaces previous facility with SunTrust
Kehe Food Distributors
Distributor/Specialty Foods
GE Capital Corporate Finance
Collateral Agent
300.0 Revolver
Supports borrower's acquisition strategy
Carmike Cinemas
Operator/Cinemas
J.P. Morgan Securities/Citigroup Global Markets
Joint Lead Arrangers
295.0 $30MM Revolver/$265MM Termloan
Revolver: Three-year term/Term Loan: Six-year term/Macquarie Capital as doc agent
OM Group
Provider/Specialty Chemicals
PNC Bank, N.A. 
Lead Lender
250.0 Revolver
Three-year term/Accordion feature to $325MM
Ormet Corporation
Producer/Aluminum 
Wachovia Capital Finance/BONY Mellon
Lenders
160.0 $50MM Revolver/$110MM Term Loan
Revolver: Three-year term (Wachovia)/Term Loan: four-year term (BONY Mellon)
Severstal Columbus
Manufacturer/Steel
CIT
Admin Agent
150.0 Revolver
AMN Healthcare 
Provider/Healthcare Staffing
Bank of America
Admin Agent
150.0 $40MMRevolver/$110MMTerm
Revolver: Two-year term/Term Loan: Three-year term
Harden Healthcare
Provider/Home Healthcare Services
GE Capital Markets
Co-Lead Arranger
145.0 Revolver/Term Loan
GE Capital: Admin Agent
Revlon Consumer Products 
Provider/Cosmetics
CIT
Admin Agent
140.0 Revolver
International Coal Group
Producer/Coal
GE Capital
Admin. Agent
125.0 Revolver
Four-year term/GE Capital Markets, UBS & Morgan Stanley also in deal
U.S. HealthWorks
Provider/Occupational Medicine
GE Capital Markets
Lead Arranger
125.0 Revolver
GE Healthcare Financial Services: admin agent
Protect America 
Operator/Security Alarm Systems
CapitalSource
Lead Agent
125.0 Revolver
BofA Merrill Lynch: syn agent/Goldman Sachs: doc agent/Imperial Capital: fin advisor
Duckwall-ALCO
Regional Broad Line Retailer
Bank of America/Wells Fargo Retail Finance
Lenders
120.0 Revolver
Four-year term
JWTR
Owner/Timberlands Acreage
GE Capital Markets
Lead Arranger
105.0 $50MM ABL/$55MM Incremental 
Refinances debt/GE Corporate Finance sole lender in ABL facility
U-Haul
Operator/Moving & Storage
GE Capital
Lender
85.0 Term Loan
Refinances existing securitization facility/Funding through GE Capital Financial
Viasystems Group
Provider/Printed Circuit Boards
Wells Fargo Capital Finance
Lender
75.0 Revolver
Supports merger with Merix announced Q4 2009
Accellent 
Manufacturer/Medical Devices
Credit Suisse
Lender
75.0 Revolver
Five-year term/refinances previous credit facilities with longer term
TeleCommunication Systems 
Provider/Wireless Communications
Silicon Valley Bank
Admin Agent
75.0 $30MM Revolver/$35MM Term Loan
M&T Bank is co-lender
Metalico
Provider/Scrap Metal Recycling & Lead-Based Products
JP Morgan/RBS Business Capital/Capital One 
Lenders
65.0 $57MM Revolver/$8MM Term Loan
Replaces revolver & term loan with Wells Fargo Foothill & Ableco Finance
Grede Holdings
Operator/Iron Foundries
Bank of America/Wells Fargo Capital Finance
Co-Lenders
60.0 Revolver
Three-year term
BioScrip
Provider/Pharmaceutical Care Solutions
Healthcare Finance Group
Lender
51.0 $31MM Revolver/$20MM Term Loan
Part of $150MM facility/Supports acquisition of Critical Homecare Solutions
Photronics
Manufacturer/Photomasks
JP Morgan Chase 
Admin Agent
50.0 Revolver
Three-year term/RBS Citizens: Syn Agent
GTEC
Provider/Technology Solutions, U.S. Gov't Programs
SunTrust Bank
Lender
50.0 Revolver
Replaces previous facility
Shoe Carnival
Retailer/Footwear
Wachovia Bank/Wells Fargo Securities
Admin Agent/Lead Arranger
50.0 Revolver
MEGA Brands 
Manufacturer/Toys, Arts & Crafts
Wachovia Capital Fianance (Central & Canada)
Lenders
50.0 Revolver
FishNet Security
Provider/Information Security Solutions
PNC Business Credit
Lender
45.0 Revolver
Portfolio Company of Lake Capital Partners II
Eatem 
Manufacturer/Food Flavor Systems
GE Antares Capital
Admin Agent
37.0 Revolver
Supports acquisition by Linsalata Capital Partners
Five Star Quality Care
Operator/Senior Living Facilities
Jeffries Finance
Lender
35.0 Revolver
Three-year term/Refinances existing debt
Ultralife
Provider/Standby Power Solutions
RBS Business Capital
Lender
35.0 Revolver
Replaces previousl facility with JP Morgan Chase and M&T Trust Co
Technical Comsuer Products 
Distributor/Lighting Products
PNC Business Credit
Lender
30.0 Revolver
Western Reserve Partners advised borrower on transaction
LoJack Corporation
Provider/Mobile Assets Recovery
RBS Citizens/TD Bank
Admin Agent, Lead Arranger/Lender
30.0 Multi-Currency Facility
Two-year term/Replaces facility with Citizens Bank of MA & RBC as Canadian lender
Pescanova
Distributor/Seafood
PNC Bank
Lender
25.0 Revolver
Refinances existing debt
Presstek
Manufacturer/Digital Offset Printing
PNC Bank, N.A. 
Lender
25.0 Revolver
Three-year term
Neapco
Provider/Drivetrain Solutions
PNC Business Credit
Lender
20.0 Revolver
Refinances existing debt
Plastican 
Manufacturer/Plastic Packing Solutions
CORE Business Credit
Lender
15.5 Revolver
Solomon Page Group
Provider/Staffing Services 
Sterling Resource Funding
Lender
15.3 $14MM Revolver/$1.3MM Term Loan
Lender also provided $.7MM Standby LOC
NxStage Medical
Manufacturer/Dialysis Products
Silicon Valley Bank
Lender
15.0 Revolving Credit Line
Two-year term
The Grateful Palate
Importer/Australian Wines
CORE Business Credit
Lender
12.5 Revolver
The Brix Group
Provider/Wireless & Electronic Communications
Bridge Bank
Lender
12.0 Revolver
Paragon Metals
Manufacturer/Automotive Parts
PNC Business Credit
Lender
9.6 $6.8MM Revolver/$1.8MM Term Loan/$1MM CAPEX Line
Refinances existing debt
Franklin Electronic Publishers
Provider/Handheld Electronic Information
PNC Bank
Lender
9.0 Revolver
Supports privatization by management
NeuroMetrix
Manufacturer/Medical Devices
Comerica Bank
Lender
7.5 Revolver
One-year term
Clark Holdings
Provider/Supply Chain Solutions
Cole Taylor Bank
Lender
6.0 Revolver
Partially refinances previous facility with Bank of America
All Metro Health Care Services 
Provider/Home Healthcare Services
Gemino Healthcare Finance
Lender
6.0 Credit Line
Replaces existing debt
Mission Bell Manufacturing
Manufacturer/Architectural Woodwork
Bridge Bank
Lender
5.5 Revolver
National Paint Industries 
Producer/Paints, Special Coatings
Sterling National Bank
Lender
5.0 Revolver
Replaces existing debt
Westfield Steel 
Wholesaler/Steel
Keltic Financial Services
Lender
5.0 Credit Line
BDO Capital Advisors served as investment banker on transaction
Access Point
Provider/Telecommunications
Thermo Credit 
Lender
4.5 Revolver
Wilmac
Provider/Healthcare Services
Gemino Healthcare Finance
Lender
4.2 Revolver
Superior Fragrances
Distributor/Fragrances
Sterling National Bank
Lender
4.0 Revolving Credit Line
Refinances previous facility
Consensus Orthopedics
Manufacturer/Orthopedic Implant Devices
US Capital Partners/Bridge Bank
Lenders
3.5 Revolver/Term Loan
DMG America
Supplier/Dental Supplies
Sterling National Bank
Lender
2.3 Credit Line
Optex Systems Holdings
Manufacturer/Optical Sighting Systems
Peninsula Bank Business Funding
Lender
2.0 Credit Line
One-year term/Deal pending
Davis-Frost 
Producer/Paints, Quality Coatings
Keltic Financial Services
Lender
1.5 Credit Line
Zynex Inc
Provider/Pain Management Systems
CapitalSource Bank
Lender
0.0 Revolver
Three-year term
Optex Systems Holdings
Manufacturer/Optional Sighting Systems
Peninsula Bank Business Credit
Lender
0.0 Credit Line
One-year term/Deal closed