Deal Charts

ABL Deal Chart 2010 Q3

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