Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 10/1/10 through 12/31/10.
BORROWER & INDUSTRY | LENDER(S) & ROLE | AMOUNT* | STRUCTURE & NOTES | ||||
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DineEquity Operator/Applebee's |
IHOP restaurants | Barclays Bank/Raymond James Realty/Barclays Capital Admin Agent/Doc Agent/Jt Lead Arranger, Jt Book Manager |
950.0 | $50MM Revolver/$900MM Term Loan Revolver: Five-year term/Term loan: Seven-year term/Goldman Sachs: Jt lead arranger, joint book manager, syn agent |
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Knology Provider/Interactive Communications |
Entertainment Services | Credit Suisse, SunTrust Robinson Humphrey Joint Lead Arrangers, Joint Bookrunners |
770.0 | $50MM Revolver/$175MM Term Loan A/$545MM Term Loan B Term loans support Sunflower Broadband acquisition |
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CACI International Provider/Professional Services |
IT | Bank of America Merrill Lynch Admin Agent, Joint Bookrunner |
750.0 | $600MM Revolver/$150MM Term Loan Five-year term/JP Morgan Chase Bank affiliates, SunTrust, Citizens Bank of PA, Wells Fargo Bank: Joint bookrunners |
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Vishay Intertechnology Manufacturer/Semiconductors |
Passive Electronic Components | JPMorgan Chase Bank/J.P. Morgan Securities Admin Agent/Lead Arranger, Jt Bookrunner |
450.0 | Revolver Five-year term/Comerica, Bank Leumi USA: Jt bookrunners, co-syn agents |
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Bristow Group Provider/Helicopter Services |
SunTrust Bank Admin Agent |
375.0 | $175MM Revolver/$200MM Term Loan Five-year term/JPMorgan Chase, BofA, Wells Fargo, Regions Bank, BBVA Compass: Senior lenders |
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O'Neal Steel Full-Line Metal Service Center |
U.S. Bank Asset Based Finance Admin Agent, Lead Bookrunner |
350.0 | Revolver Four-year term/Supports growth |
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TeleTech Holdings Provider/Business Process Outsourcing |
Revenue Generation | KeyBank Lead Bank |
350.0 | Revolver Five-year term/Wells Fargo, BofA Merrill Lynch, JPMorgan Chase, others participated |
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Alliance Laundry Systems Manufacturer/Commercial Laundry Products |
BMO Capital Markets, Morgan Stanley Senior Funding Co-Syndication Agents |
345.0 | $60MM Revolver/$285MM Term Loan Revolver: Five-year term/Term loan: Six-year term/Bank of Nova Scotia, PrivateBank: Co-doc agents/BofA: Admin agent, lender |
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Delphi Financial Group Provider/Integrated Employee Benefit Services |
Bank of America Merrill Lynch, U.S. Bank Joint Lead Arrangers, Book Managers |
300.0 | $175MM Revolver/$125MM Term Loan Revolver: Three-year term/Term loan: Five-year term/Replaces existing $350MM facility |
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Buckeye Technologies Manufacturer/Specialty Fibers |
Non-Woven Materials | Bank of America Left Lead Arranger, Admin Agent |
300.0 | Revolver Five-year term/J.P Morgan, Regions Bank: Joint lead arrangers/RBS Citizens Bank: Syn agent |
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Thompson Creek Metals Co Mining Company |
JPMorgan Chase Bank/Royal Bank of Canada Admin Agent/Syn Agent |
290.0 | Revolver Four-year term/J.P. Morgan Securities, RBC Capital Markets: Jt bookrunners, jt lead arrangers |
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CONMED Provider/Medical Technology |
JP Morgan Chase Bank Admin Agent |
250.0 | Revolver Five-year term/J.P. Morgan Securities, Merrill Lynch: Joint lead arrangers, joint bookrunners |
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Lightower Fiber Networks Provider/Fiber Network |
Broadband Services | GE Capital Media, Communications & Entertainment Admin Agent |
230.0 | $40MM Revolver/$190MM Term Loan GE Capital Markets: Lead left bookrunner/Portion used in Lexent Metro Connect acquisition |
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Interline Brands Provider/Maintenance |
Repair | Operations Products | JPMorgan Chase Admin Agent |
225.0 | Revolver Five-year term |
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Titan Machinery Operator/Agricultural |
Construction Equipment Stores | Wells Fargo Securities Arranger |
225.0 | Revolver Wells Fargo Bank, BofA, CoBank, U.S. Bank, Bank of the West, Bremer Bank participated/Repays facility with GE Comm'l Distribution Finance |
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MedQuist Provider/Integrated Clinical Documentation Solutions |
GE Capital/SunTrust Bank Admin Agent/Syn Agent |
225.0 | $25MM Revolver/$200MM Term Loan Refinances debt/Supports acquisition of Spheris assets |
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Hersha Hospitality Trust Real Estate Investment Trust |
TD Bank/TD Securities (USA) Sole Admin Agent/Lead Arranger, Book Manager |
225.0 | Revolver Three-year term/Replaces existing $135MM credit facility |
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The Dolan Company Provider/Services |
Business Information | U.S. Bank/Wells Fargo Ban Lead Bank/Syn Agent |
205.0 | Revolver Five-year term/Associated Bank, BofA, Bank of the West, Comerica Bank participated |
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International Automotive Components Group NA Supplier/Automotive Parts |
GE Capital, Corporate Finance Agent |
200.0 | Revolver GE Capital Markets: Sole lead arranger |
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Massey Energy Provider/Coal |
UBS Securities/Deutsche Bank Securities Sole Lead Arranger/Co-Syn Agent |
200.0 | Revolver Capital One Lev Finance: Doc agent, CIT: Coll agent, co-syn agent, UBS: Admin agent, UBS Loan Finance: Swing-line lender |
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Shuffle Master Provider/Gaming Supplies |
Wells Fargo Securities, Banc of America Securities Joint Lead Arrangers, Bookrunners |
200.0 | Revolver Wells Fargo: Admin agent, L/C issuer, swing line lender/BofA: Syn agent/Union Bank: Doc agent/Compass Bank, Comerica participated |
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Symmetry Medical Provider/Orthopedic Implants |
Instruments | J.P. Morgan Securities, Wells Fargo Bank Securities Joint Lead Arrangers, Joint Bookrunners |
200.0 | Revolver Five-year term/JPMorgan Chase: Admin agent/Wells Fargo: Syn agent/BofA, Fifth Third, PNC: Co-doc agents/Periculum Capital Co: Placement agent |
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PC Mall Provider/Technology Products |
Services | Wells Fargo Capital Finance/Merrill Lynch/Bank of America Admin Agent, Coll Agent/Co-Ld Arranger, Co-Bookrunner/Syn Agent |
180.0 | Revolver 4.25-year term/PNC Bank participated |
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Myers Industries Manufacturer/Polymer Products |
J.P. Morgan Securities and Key Banc Capital Markets Joint Arranger |
180.0 | Revolver Five-year term/JPMorgan Chase Bank: Admin agent |
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BioScrip Provider/Specialty Pharmacy |
Home Care Products | Healthcare Finance Group Lender, Agent |
150.0 | Revolver |
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RBC Bearings Manufacturer/Plain |
Roller | Ball Bearings | JPMorgan, KeyBanc Capital Markets Co-Lead Arrangers |
150.0 | Revolver Five-year term/BofA, Wells Fargo, RBS Citizens, Fifth Third participated |
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Big 5 Sporting Goods Retailer/Sporting Goods |
Wells Fargo Capital Finance/Wells Fargo Bank/Bank of America Arranger/Admin Agent, Collateral Agent/Doc Agent |
140.0 | Revolver Four-year term/PNC Bank, Union Bank participated/Repays facility with CIT Group/Business Credit, others |
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EasyLink Services International Provider/Messaging Services |
E-Commerce Solutions | SunTrust Bank Lead Lender |
130.0 | $20MM Revolver/$110MM Term Loan Supports Xpedite Systems acquisition |
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Starwood Property Trust Commercial Real Estate Finance Company |
Bank of America Lender |
125.2 | Revolver Three-year term/Goldman Sachs Mortgage Co. provided $150MM warehouse facility |
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Einstein Noah Restaurant Group Operator/Casual Restaurants |
Bank of America/Wells Fargo Bank Admin Agent/Syn Agent |
125.0 | Revolver BofA Securities, Wells Fargo Bank: Co-lead arrangers, co-book managers |
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Quality Technology Services Provider/Data Centers |
Managed Services | KeyBank/KeyBanc Capital Markets Arranger, Admin Agent/Lead Arranger |
125.0 | Revolver Citibank, Credit Suisse, Deutsche Bank Trust Co Americas, RBC participated |
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Michael Baker Corp. Provider/Architecture |
Engineering | Construction Services | Citizens Bank of Pennsylvania Lead Bank |
125.0 | Revolver PNC Bank, Wells Fargo participated/Supports future acquisitions |
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Huttig Building Products Distributor/Millwork |
Building Materials | Wood Products | GE Capital, Corporate Finance Agent |
120.0 | Revolver GE Capital Markets: Co-lead arranger/Refinances an existing credit facility |
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Websense Provider/Web |
Data | E-Mail Security | Bank of America/Banc of America Securities, KeyBank Lead Lender/Arrangers |
120.0 | Revolver Five-year term/Refinances previous debt |
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Community Education Center Provider/Offender Reentry |
In-Prison Treatment Services | Wells Fargo Capital Finance ROLE |
105.0 | $40MM First Lien Revolver/$65MM First Lien Term Loan Four-year term/Ares Capital, TPG Opportunities Partners provided $130MM second lien term loan |
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AFC Enterprises Franchisor |
Operator/Popeyes Restaurants | JPMorgan Chase Bank/J.P. Morgan Securities, Merrill Lynch Admin Agent/Jt Lead Arrangers, Jt Bookrunners |
100.0 | $60MM Revolver/$40MM Term Loan Five-year term/Bank of America: Syndication agent |
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GOJO Industries Manufacturer/Skincare Products |
Dispensing Systems | PNC Bank, Steel City Capital Funding Lenders |
100.0 | Revolver Supports PURELL brand name acquisition /Refinances existing debt |
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National Health Investors Healthcare Real Estate Investment Trust |
Regions Bank Lender |
100.0 | $50MM Revolver/$50MM Term Loan Revolver: Three-year term/ Term loan: Five-year term/Replaces previous $100MM facility |
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Vertellus Specialties Manufacturer/Specialty Chemicals |
PNC Bank Admin Agent |
85.0 | Revolver Four-and-a-half-year term |
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Morton's Restaurant Group Operator/Company-Owned Upscale Steakhouses |
Goldman Sachs Bank USA Lender |
70.0 | $10MM Revolver/$60MM Term Loan Five-year term/Replaces previous $70MM credit facility |
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Great Lakes Home Health and Hospice Provider/Home Healthcare |
Hospice Care | CIT Healthcare and CIT Capital Markets Admin Agent, Sole Bookrunner, Joint Lead Arranger |
68.5 | Revolver Supports In-House Hospice acquisition/CIT Bank provided $15MM/Deal source: Pouschine Cook Capital Management |
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National Technical Systems Provider/Engineering Services |
Comerica Bank Admin Agent, Joint Lead Arranger, Bookrunner |
65.0 | $25MM Revolving Credit Line/$20MM Term Loan/$20MM Acquisition Line Five-year term/U.S. Bank: Jt lead arranger, syn agent/Bank of the West also participated |
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Sport Chalet Retailer/Sports Equipment |
Apparel | Accessories | Bank of America Lender |
65.0 | Revolver Four-year term |
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The Pasha Group Provider/Transportation Services |
Wells Fargo Lender |
64.0 | $35MM Revolver/$7MM Term Loan/$12MM Real Estate Loan/$10MM Commitment Letter |
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Arch Aluminum & Glass Distributor/Architectural Glass |
Aluminum Products | Burdale Capital Finance Co-Lead Arranger |
55.0 | Revolver/Term Loan Three-year term/BofA: Co-lead arranger, agent/Repays previous loan |
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Gladstone Commercial Real Estate Investment Trust |
Capital One Arranger |
50.0 | Revolving Credit Line Three-year term/BB&T: Lender/Replaces $50MM revolving credit line with KeyBank as agent |
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Celadon Group Provider/Long Haul Freight Services |
Bank of America Lead Arranger |
50.0 | Revolver Five-year term/Wells Fargo Bank participated/Refinances existing credit facility |
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Hampshire Group Provider/Women's |
Men's Apparel | Wells Fargo Capital Finance Lender |
50.0 | Revolver Four-year term/Replaces previous $48MM asset-based revolver |
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Wise Foods Manufacturer/Salty Snack Foods |
Ally Commercial Finance/Siemens Financial Services Lender, Arranger/Lender, Syn Agent |
48.0 | Revolving Credit Line/Term Loan Deal source: Palladium Equity Partners/Refinances existing debt |
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Sleep Innovations Manufacturer/Advanced Foam Comfort Solutions |
Wells Fargo Capital Finance Sole Agent |
45.0 | Revolver Four-year term/Supports refinancing strategy |
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BFG Supply Company Distributor/Greenhouse |
Nursery Supplies | PNC Lender |
42.5 | $35MM Revolver/$7.5MM Term Loan Supports acquisition by Tricor Pacific Capital |
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Planet Fitness Owner |
Operator/Fitness Centers | GE Capital, Corporate Finance Agent |
40.0 | Revolver GE Capital Markets: Sole lead arranger/Supports growth |
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EMCORE Corp Provider/Compound Semiconductor-Based Components |
Subsystems | Wells Fargo Lender |
35.0 | Revolver Three-year term/Replaces previous $14MM revolver with BofA |
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Alimera Sciences Provider/Prescription Ophthalmic Pharmaceuticals |
MidCap Financial/Silicon Valley Bank Lenders |
32.5 | $20MM Revolving Credit Line/$12.5MM Term Loan SVB provided revolver/Both provided term loan |
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HHI Group Holdings Manufacturer/Highly Engineered Forged Components |
Bank of America Merrill Lynch Sole Lead Arranger |
30.0 | Term Loan Supports company recap |
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System One Holdings Provider/Engineering |
Technical Staffing Services | PNC Bank Lender |
25.0 | Revolver Funds also went to affiliate Utility Partners of America/Refinances existing debt |
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Enhanced Oil Resources Provider/Oil |
Natural Gas Exploration | Regions Bank Lender |
25.0 | Revolver Three-year term |
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ShopNBC Multi-Media Retailer |
Crystal Financial Lead Lender |
25.0 | Five-year term/Replaces previous $20MM revolver Notes |
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Vishay Precision Group Producer/Sensors |
Sensor-Based Systems | JPMorgan Chase Bank/RBS Citizens Agent/Joint Bookrunner |
25.0 | Revolver |
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Video Display Provider/Innovative Display Technology |
RBC Bank Admin Agent |
24.0 | $17.5MM Revolver/$6.5MM Term Loans Three-year term/Georgia's Community & Southern Bank participated |
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Compass Automotive Group Manufacturer/Safety-Critical Automotive Components |
LBC Credit Partners Lender |
24.0 | Term Loan Deal source: Monomoy Capital Partners/Supports refinancing |
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P&F Industries Manufacturer/Air-Powered Tools |
Capital One Leverage Finance Lender |
22.0 | $15.91MM Revolver/$6.09MM Term Note Three-year terms/Replaces previous facility with Citibank, HSBC Bank USA |
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Millennium Management Investment Management Firm |
CapitalSource, CapitalSource Healthcare Credit Group Lender |
20.6 | $6MM Revolver/$14.56MM Term Loa |
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Storage Products Group Provider/Storage Solutions |
PNC Bank Lender |
20.0 | Revolver Supports management buyout/Pegasus Capital participated |
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eVestment Alliance Provider/Financial Industry's Institutional Investment Database |
Silicon Valley Bank Lender |
19.0 | Revolving Credit Line/Term Loan Supports expansion, product development |
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Keystone Powdered Metal Company Manufacturer/Powdered Metals Products |
Huntington Bank Asset Based Group Lender |
18.0 | Revolver |
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SnF Management Provider/Healthcare Services |
Oxford Finance Lender |
16.0 | Revolving Credit Line/Term Loan Supports purchase of additional properties in CA |
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Commercial Solutions Distributor/Bearings |
Power Transmission Equipment | Products | Bank of America Lender |
16.0 | Revolver Three-year term/Replays previous facility |
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Lighting Science Group Manufacturer/LED Lighting Solutions |
Wells Fargo Capital Finance Lender |
15.0 | Revolver Three-year term |
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Global Telecom & Technology Provider/Internet |
Managed Data Solutions | Silicon Valley Bank Lender |
15.0 | $5MM Revolving Credit Line/$10MM Term Loan Revolver: Two-year term/Term loan: Five-year term/Refinances, repays previous debt |
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Adams Produce Company Distributor/Specialty Produce |
Food Products | PNC Lender |
10.5 | $7.5MM Revolving Credit Line/$3MM Term Loan Deal source: CIC Partners/Supports company recap |
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Recellular Seller |
Recycler/Used Cell Phones | Pagers | Other Handheld Electronics | Huntington Bank Asset Based Group Lender |
10.0 | Revolver |
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Care Realty Real Estate Company |
CapitalSource, CapitalSource Healthcare Credit Group Lender |
9.0 | Revolver |
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Bacterin International Holdings Developer/Bone Graft Material |
Anti-Infective Coatings | Western Technology Investment Lender |
8.0 | Revolver Middlebury Securities: Placement agent/Bridge Bank also provided $5MM in A/R financing |
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MSM Holding Co/Bellwright Industries Manufacturer/Metal Components |
Keltic Financial Services Lender |
6.5 | $3.5MM Revolving Credit Line, $1.5MM Term Loan/$1.5MM Revolving Credit Line $1.5MM Revolver went to Bellwright, other debt to Mid-State Machine |
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New England Office Supply Distributor/Office Products |
Furniture | Webster Bank Lender |
5.6 | $5MM Revolver/$.6MM Equipment Financing |
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Coast Radio Company Operator/Radio Stations |
Bridge Bank Lender |
5.0 | $4.5MM Term Loan/$.5MM Credit Line |
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AdCare Health Systems Provider/Senior Living |
Healthcare Facility Management | Gemino Healthcare Finance Lender |
5.0 | Revolving Credit Line |
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Monroe Staffing Services Provider/Temporary Staffing |
Permanent Placement | Sterling Resource Funding Lender |
5.0 | Credit Line |
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EnergyConnect Group Provider/Smart Grid Demand Response Services |
Silicon Valley Bank, Partners for Growth Lenders |
4.0 | Revolving Credit Line One-year term |
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Black Box Distribution Distributor/Skateboard-Lifestyle Shoes |
Apparel | Skateboards | Marquette Business Credit Lender |
4.0 | Revolver Refinances existing facility/Supports growth |
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Azure Dynamics Manufacturer/Hybrid Electric |
Electric Components | Powertrains | Silicon Valley Bank Lender |
4.0 | Credit Line Two-year term |
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StemCyte Operator/Cord Blood Stem Cell Banks |
Peninsula Bank Business Funding Lender |
2.5 | Working Capital Line of Credit |
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Southern Pines Trucking Provider/Transporting Hazardous |
Radioactive Materials | Transportation Alliance Bank Lender |
2.0 | Revolver |
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American Power Group Provider/Duel Fuel Technologies |
Iowa State Bank Lender |
2.0 | Revolving Credit Line |
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Dazian Provider/Fabric |
Draperies | Custom Fabrication | Sterling National Bank Lender |
1.9 | Revolving Credit Line Replaces existing lender |
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Bethel Health & Rehabilitation Center Provider/Health |
Rehab Services | CapitalSource, CapitalSource Healthcare Credit Group Lender |
1.4 | Revolver |
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Communications III Provider/Visual Communication Networks |
Thermo Credit Lender |
0.9 | Revolver Expands operations |
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Convo Communications Provider/Video Relay Services for Deaf |
Bridge Bank Lender |
0.5 | Credit Line |
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All Access Telecom International Wholesale Carrier |
Thermo Credit Lender |
0.3 | Revolver Supports growth |