Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 7/1/10 through 9/30/10.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||
|---|---|---|---|---|---|
| Oshkosh Manufacturer/Specialty Vehicles |
Vehicle Bodies | Bank of America/JPMorgan Chase Bank Admin Agent, Issuer, Swing Line Lender/Syn Agent, Issuer |
1200.0 | $550MM Revolver/$650MM Term Loan Five-year term/RBS, Wells Fargo, BofA Securities, J.P. Morgan Securities, RBS Securities, Wells Fargo Securities participated |
|
| Rite Aid Corp Operator/Drugstore Chain |
Citi Admin Agent |
1175.0 | Revolver Refinances existing ABL revolver |
||
| Savvis Provider/Cloud Infrastructure |
Hosted IT Solutions | Bank of America Admin Agent |
625.0 | $75MM Revolver/$550MM Term Loan Term loan: six-year term/Revolver: three-and-a-half-year term |
|
| Global Brass and Copper Manufacturer/Copper |
Copper-Alloy Components | Wells Fargo Capital Finance/GE Capital Join Lead Arrangers |
465.0 | $150MM Revolver/$315MM Term Loan Deal Source: KPS Capital Partners/Goldman Sachs Lending Partners:Arranger of term loan |
|
| H&E Equipment Services Provider/Lift |
Construction Equipment Parts | Service | GE Capital, Corporate Finance Admin Agent |
320.0 | Revolver GE Capital Markets: Joint lead arranger/Amends, extends previous facility |
| Zep Inc. Provider/Cleaning |
Maintenance Solutions | JPMorgan Chase Bank Lead Arranger, Admin Agent |
320.0 | $245MM Revolver/$75MM Term Loan Five-year term/Replaces previous $140MM agreement/;Wells Fargo Bank: syn agent, Regions Bank: doc agent |
|
| Orthofix International Provider/Medical Device |
JP Morgan Chase Bank/RBS Citizens Sole Bookrunners, Joint Lead Arranger |
300.0 | $200MM Revolving Credit Line/$100MM Term Loan Five-year term/JP Morgan Chase: Admin agent, RBS Citizens: Syn agent |
||
| Hexcel Manufacturer/Lightweight Structural Materials |
Banc of America Securities, RBS Citizens Lead Lender |
250.0 | $150MM Revolver/$100MM Term Loan Five-year term/Replaces previous credit facilit |
||
| Papa John's International Operator/Pizza Chain |
PNC Bank/JPMorgan Chase Bank Admin Agent/Syn Agent |
175.0 | Revolver Five-year term/U.S. Bank, BofA, Fifth Third: Co-doc agents/PNC Capital Markets, J.P. Morgan Securities: Lead arrangers, bookrunners |
||
| Blackboard Provider/Educational Enterprise Technology |
JP Morgan Securities/JP Morgan Chase Sole Lead Arranger/Admin Agent |
175.0 | Revolver Five-year term/Citibank, Credit Suisse: Co-syndiciation agents |
||
| Bellisio Foods Manufacturer/Frozen Foods |
GE Capital, Corporate Finance Admin Agent |
168.0 | Cash-Flow Facility GE Capital Markets: Lead arranger/Refinances debt |
||
| United States Infrastructure Corp Provider/Utilities Locator |
Marketing Svs | GE Capital Markets/GE Antares Joint Lead Arranger/Admin Agent |
158.5 | Revolver Deal Source: OMERS Private Equity |
|
| Syncsort Provider/High-Performance Software Solutions |
Golub Capital Sole Bookrunner, Admin Agent |
125.0 | Revolver Supports refinancing |
||
| GCA Services Group Provider/Janitorial |
Facilities Management Services | GE Antares Capital Lead Lender |
125.0 | Revolver GE Capital Markets: Co-lead arranger, bookrunner/Refinances existing facility |
|
| Ocean Beauty Seafoods Processer/Seafood |
GE Capital, Corporate Finance Collateral Agent |
120.0 | Revolver GE Capital Markets: Joint lead arranger |
||
| HOP Energy Provider/Fuel Delivery & HVAC Svcs |
PNC/Steel City Funding Arranger/Second Lien Lender |
102.5 | $70MM Revolver/$20MM Term Loan Steel City Funding: $7.5MM second lien/$5MM FILO advance |
||
| CKE Restaurants Operator/Carl's Jr. |
Hardee's Restaurants | Morgan Stanley Senior Funding/Citicorp, RBC Admin Agent, Collateral Agent/Co-Syn Agents |
100.0 | Revolver Five-year term/Morgan Stanley, Citigroup Global Markets, RBC Capital Market: jt bookrunners, jt lead arrangers |
|
| Exopack Holding Corp Manufacturer/Plastic |
Paper Packaging Solutions | Goldman Sachs Lending Partners Lender |
100.0 | Term Loan Three-and-a-half-year term/Supports acquisition of Bemis Co. business assets |
|
| Fibrek Producer/Virgin |
Recycled Kraft Pulp | GE Canada Finance Holding Lender |
75.0 | Revolver Three-year term/Société Générale de Financement du Québec provided five-year $78MM term loan |
|
| Rocky Brands Manufacturer/Footwear |
Apparel | PNC Bank Lender |
70.0 | Revolver Five-year term/Replaces existing revolver |
|
| Vion Holdings II Unit/VION Receivable Investments |
Provider/Receivable Inv Svs | GA Capital ROLE |
65.0 | Term Loan Supports acquisition of performing A/R |
|
| MAG Industrial Automation Provider/Machine Tools Servicing |
Burdale Capital Finance Sole Lender |
60.0 | Revolver Three-year term |
||
| Summer Infant Distributor/Juvenile Health |
Safety | Wellness Products | Bank of America Lender |
60.0 | Revolver Two-year term/Replaces existing line of credit |
| The Competitor Group Provider/Media & Event Entertainment |
Golub Capital Sole Bookrunner, Admin Agent |
57.5 | Revolver Refinances company/Supports continued growth |
||
| TI Automotive Supplier/Automotive Fluid Storage |
Technology | Citi Admin Agent |
50.0 | Revolver In addition to $150MM term loan |
|
| Entravision Communications Diversified Spanish-Language Media Company |
GE Capital/GE Capital Markets Lender, Agent/Sole Lead Arranger, Bookrunner |
50.0 | Revolver Three-year term |
||
| Industrial Services of America Processor/Scrap Metals |
Recyclable Materials | Fifth Third Bank Lender |
48.8 | Revolver Three-year term/Refinances existing indebtedness |
|
| GPM Investments Operator/Convenience Stores |
Bayside Capital Lender |
46.0 | Revolver |
||
| MCMC LLC Provider/Diversified Managed Care |
Cost Containment | LBC Credit Partners Lender |
42.5 | Revolver Supports refinancing |
|
| Saratoga Investment Specialty Finance Company |
Madison Capital Funding Lender |
40.0 | Revolver Supports company recap, Repays debt facility with Deutsche Bank |
||
| Hudson Highland Group Provider/Recruitment |
Talent Management Services | RBS Business Capital Lender |
40.0 | Revolver |
|
| Edelbrock Holdings Manufacturer/Performance Replacement Parts |
PNC Lender |
37.3 | Revolver Supports partial recap of company/Refinances existing debt |
||
| Creekstone Farms Premium Beef Provider/Premium Beef Products |
Capital One Leverage Finance Lender |
36.5 | Revolver/Term Loan Deal Source: Sun Capital Partners |
||
| Zogenix Pharmaceutical Company |
Oxford Finance/Silicon Valley Ban Lead Lender/Lender |
35.0 | $10MM Revolving Credit Line/$25MM Term Loan Existing investors provided additional $15MM million investment |
||
| Overhill Farms Supplier/Prepared Frozen Foods |
Bank of America Lender |
30.0 | Revolver Notes |
||
| Piggly Wiggly Holdings Operator/Regional Supermarket Chain |
CIT Commercial & Industrial Lead Arranger, Admin Agent, Collateral Agent |
30.0 | Revolver Pays off existing senior secured revolving debt |
||
| FreightCar America Manufacturer/Railroad Freight Cars |
Fifth Third Bank Lender |
30.0 | Revolver Replaces previous facilities with Bank of America |
||
| Cadence Pharmaceuticals Pharmaceuticals Company |
Oxford Finance Lead Lender |
30.0 | Revolver Silicon Valley Bank, GE Financial Services participated |
||
| Winmark Provider/Franchise-Owned |
Operated Business Opportunities | PrivateBank and Trust Company Lender |
30.0 | Credit Line Supports redemption of renewable unsecured subordinated notes |
|
| National Distribution & Contracting Distributor/Medical Supplies |
PNC Bank Lender |
30.0 | $25MM Revolver/$5MM Term Loan Deal Source: Silver Oak Services Partners |
||
| PBH Marine Group Manufacturer/Fiberglass Fishing |
Recreational Boats | Burdale Capital Finance Lender |
25.0 | Revolver Supports strategic growth plans |
|
| Avioserv San Diego Provider/Commercial Aircraft Engine Products |
Services | PNC Bank Lender |
22.5 | Revolver Refinances existing debt/Supports future acquisitions |
|
| United Orthopedic Group Holding Company/Orthopedic |
Rehab Products | Oxford Finance Lender |
20.0 | $10MM Revolving Credit Line/$10MM Growth Capital Loan Supports expansion of business, product line |
|
| The Matlet Group Provider/Packaging |
Printing | Fulfillment Services | Cole Taylor Business Capital Lender |
20.0 | Revolver Refinances existing indebtedness |
| LifeHOUSE Health Services Acquires/Assisted |
Independent Living | Skilled Nursing Communities | Oxford Finance Lender |
19.8 | $8.5MM Revolving Credit Line/$11.3MM Term Loans Refinances debt |
| Turbine Engine Resources Redistributor/Turbine Engines & Parts |
PNC Bank Lender |
17.0 | Revolver Supports acquisition by Andlinger & Company and management group |
||
| The Fragrance Outlet Retailer/Brand Name Fragrances |
Cosmetics | CORE Business Credit Lender |
15.3 | Revolving Credit Line/Term Loan Supports company recap |
|
| interclick Provider/Digital Advertising Technology |
Silicon Valley Bank Lender |
15.0 | Revolving Credit Line Two-year term/Replaces $7MM A/R facility with Crestmark Commercial Capital |
||
| SSF Imported Auto Parts Distributor/Auto Parts |
PNC Bank Lender |
15.0 | Revolver Refinances existing debt |
||
| Endocyte Biopharmaceutical Company |
MidCap Financial/Silicon Valley Bank Lenders |
15.0 | Revolver Replaces existing facility |
||
| Lapolla Industries Manufacturer/Insulation Foam |
Coatings | Equipment | Bank of America Business Capital Lender |
12.5 | Revolver Refinances existing debt/Supports growth |
| Seitz Manufacturer/Precision Injection Molding Products |
CORE Business Credit Lender |
11.6 | Revolving Credit Line, Term Loan/Stretch Loan Supports company recap |
||
| Broadwind Energy Provider/Technological Products |
Services | Wells Fargo Capital Finance Lender |
10.0 | Revolver Notes |
|
| Pernix Therapeutics Holdings Provider/Specialty Pharmaceuticals |
Regions Bank Lender |
10.0 | $5MM Revolving Credit Line/$5MM Guidance Credit Line Two-year term/Supports acquisitions |
||
| The Markets | LLC Operator/Supermarket Chain |
PNC Bank Lender |
10.0 | Revolver Supports rebranding initiatives, restructuring |
|
| Halifax Corporation of Virginia Provider/Enterprise Logistics |
Supply Chain Services | Support | Marquette Business Credit Lender |
7.5 | Credit Line Notes |
| SPAR Group Supplier/Retail Merchandising |
Sterling National Bank Lead Lender |
6.5 | Revolver Replaces existing line of credit/Supports growth, future acquisitions |
||
| Burlington Technologies Operator/BMS |
Se7en | LLC | Keltic Financial Services Lender |
5.1 | $4MM Revolving Credit Line/$1.1MM Term Loan |
| Benchmark Healthcare Management Operator/Skilled Nursing |
Assisted Living Facilities | Gemino Healthcare Finance Lender |
5.0 | Revolving Credit Line Pays off existing debt |
|
| Avanti Health System | CHHP Holdings II Hospital Management Company |
Oxford Finance Lender |
5.0 | Revolving Credit Line Funds to be used to acquire, operate Community Hospital of Huntington Park |
|
| Wheeler Consolidated Manufacturer/Steel |
Wood Bridges | Keltic Financial Services Lender |
5.0 | Revolving Credit Line |
|
| Mitralign Developer/Mitral Regurgitation Treatments |
GE Capital, Healthcare Financial Service Agent, Sole Lender |
5.0 | Revolver Supports development of mitral valve repair device |
||
| Sharps Compliance Provider/Medical Waste Management Solutions |
Wells Fargo Bank Lender |
5.0 | Revolving Credit Line Two-year term/Replaces $2.5MM credit agreement with JPMorgan Chase |
||
| President Titanium Distributor/Raw Titanium |
Webster Bank Lender |
4.6 | $3MM Credit Line/$1.6MM Term Loan |
||
| QSpex Technologies Provider/In-Office Solutions for Eye Care Professionals |
GE Capital, Healthcare Financial Services Lender |
4.5 | Revolver Supports CAPEX funding for 2010 product launch |
||
| Facteon Provider/Accounts Receivable Factoring |
Sterling National Bank Lender |
4.0 | Credit Line |
||
| Navix Diagnostix Provider/Cardiovascular Diagnostic Services |
Gemino Healthcare Finance Lender |
4.0 | Revolving Credit Line Supports company recap led by Prospect Partners/Pays off existing debt |
||
| Digital Angel Developer/GPS |
RFID Technology Products | TCI Business Capital Lender |
4.0 | Revolver Two-year term/Funds for subsidiary Destron Fearing/Replaces previous revolver |
|
| Tachyon Networks Provider/COTM Technology |
Silicon Valley Bank Lender |
4.0 | $2MM Revolver/$2MM Equipment Line |
||
| Waytronx Developer/Companies That Produce Innovative Technologies |
Wells Fargo Capital Finance Lender |
4.0 | Credit Line |
||
| Janel World Trade Provider/Integrated Logistics |
Environmental Services | Community National Bank Lender |
3.5 | Revolving Credit Line One-year term/Replaces term loan with JPMorgan Chase Bank |
|
| Sunnyvalley Smoked Meats Processor/Smoked Meat Products |
Marquette Business Credit Lender |
3.4 | A/R, Inventory Revolving Credit Line/Equipment Term Loan/CAPEX Facility |
||
| Tepha Developer/Medical Devices |
GE Capital, Healthcare Financial Services Lender |
3.2 | Revolver Expands global commercialization efforts |
||
| Skip Hop Manufacturer/Diaper Bags |
Infant | Toddler Accessories | Sterling National Bank Lender |
3.0 | Revolver Replaces current lender |
| Derycz Scientific Developer/Companies That Re-use Published Content |
Silicon Valley Bank Lender |
3.0 | Revolving Credit Line One-year term |
||
| Lighting Components & Design Manufacturer/Custom Lighting Assemblies |
Keltic Financial Services Lender |
2.6 | $2.5MM Revolving Credit Line/$.16MM Term Loan |
||
| QVC Multimedia Retailer |
Wells Fargo Securities/JP Morgan Chase Bank Lead Arranger, Lead Bookrunner/Admin Agent |
2.0 | Revolver Wells Fargo Bank, BNP Paribas: Syndication agents/Replaces existing credit facilities |
||
| Imagenetix Manufacturer/Bioceutical Products |
US Capital Partners Lender |
1.5 | Revolver |
||
| TeamStaff Government Solutions Provider/Healthcare |
IT | Logistical Services | Presidential Financial Lender |
1.5 | Revolver Two-year term/Supports ongoing business operations |
| ATSI Communications Provider/VoIP Services |
Thermo Credit Lender |
0.8 | Revolver |