Deal Charts

ABL Deal Chart 2011 Q2

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/11 through 6/30/11.

BORROWER/INDUSTRY LENDER/ROLE AMOUNT STRUCTURE/NOTES
Golden Living
Provider/Recovery Care
Citigroup, RBC Capital Markets
Arrangers
2250.0 $75MM Revolver/1.5B Term Loan
Safeway
Operator/Supermarkets
Bank of America Merrill Lynch, J.P. Morgan
Jt Bookrunners, Jt Lead Arrangers
1500.0 Revolver
Four-year term/Deutsche Bank, U.S. Bank, BNP Paribas, Wells Fargo: Jt ld arrangers/Deutsche: Admin agent
Smithfield Foods
Processor/Pork
Rabobank Nederland NY Branch
Admin Agent
1200.0 $925MM Revolver/$275MM A/R Securitization Facility
Revolver: Five-year term/A/R facility: Three-year term/Replaces previous $1B revolver
AES Corp
Operator/Power Company
Merrill Lynch, J.P. Morgan Securities, Morgan Stanley Senior Funding
Jt Lead Arrangers, Bookrunners
1050.0 Term Loan
Supports acquisition of DPL Inc
AK Steel
Producer/Carbon, Stainless, Electrical Steels
Bank of America Merrill Lynch
Lead Arranger
1000.0 Revolver
Five-year term/J.P. Morgan Securities, Wells Fargo Capital Finance: Jt co-arrangers
FleetCor Technologies
Provider/Specialized Payment Products
Bank of America
Admin Agent
900.0 $600MM Revolver/$300MM Term Loan
Five-year term/Merrill Lynch, J.P. Morgan, Wells Fargo: Joint lead arrangers
RG Steel
Producer/Flat-Rolled Steel
GE Capital, Corporate Finance/Wells Fargo Capital Finance
Co-Collateral Agents
750.0 Revolver
Wells Fargo, GE Capital Markets, BofA Merrill Lynch, UBS Investment Bank: Jt ld arrangers, jt bookrunners
Blount International
Manufactures/Replacement Parts, Equipment
GE Capital, Corporate Finance
Admin Agent
700.0 Revolver
GE Capital Markets: Jt ld arranger/Refinances existing debt
IDEX
Provider/Fluid, Metering Technologies
Bank of America, JP Morgan Chase, Wells Fargo
Co-Lead Lenders
700.0 Revolver
Five-year term/Mizuho Corporate Bank, The Bank of Tokyo-Mitsubishi UFJ, U.S. Bank: Co-doc agents
SemGroup
Operator/Midstream Service Company
The Royal Bank of Scotland
Bookrunner, Admin, Collateral Agent
600.0 $325MM Revolving Credit Line/$275MM Term Loans
RBS Securities, Citigroup Global Mkts, BNP Paribas Securities, Barclays Cap, Deutsche Bank, Scotia Capital: Jt ld arrangers
Gap
Retailer/Apparel
BofA Merrill Lynch, J.P. Morgan, Citigroup Global Markets
Lead Lenders
500.0 Revolver
Five-year term/Replaces existing $500MM revolver
Sensient Technologies
Manufacturer/Colors, Flavors, Fragrances
Wells Fargo Bank/PNC Bank
Admin Agent/Syn Agent
350.0 Revolver
Five-year term/BofA, TD Bank, Bank of Tokyo-Mitsubishi: Co-doc agents/Wells Fargo Securities: Ld arranger, bookrunner
Gander Mountain Company
Retailer/Outdoor Lifestyle Apparel, Products
Wells Fargo Capital Finance
Lead Arranger
340.0 Revolver
Five-year term
HealthPort
Provider/Healthcare Information Services
Senior Secured Loan Program
Lender
330.0 Revolver
GE Capital Markets, Ares Capital: Jt lead arrangers, bookrunners/Supports recap by ABRY Partners
Under Armour
Manufacturer/Performance Apparel, Accessories
PNC Bank/SunTrust Bank/Bank of America
Admin Agent/Syn Agent/Doc Agent
325.0 $300MM Revolver/$25MM Term Loan
Four-year term/Replaces existing $200MM revolver
Orbital Sciences
Manufacturer/Rockets, Space Systems
Wells Fargo/Citi, Bank of America
Lead Lender/Co-Arrangers
300.0 Revolver
Five-year term/Replaces existing $100MM revolver
Summit Midstream Partners
Developer/Midstream Energy Infrastructure Assets
RBS Securities/BMO Capital Markets, Regions Bank
Sole Bookrunner/Jt Lead Arrangers
285.0 Revolver
Five-year term
Magnum Hunter Resources
Producer/Oil, Natural Gas
Bank of Montreal/Capital One
Admin Agent/Syn Agent
250.0 Revolver
Five-year term/Amegy Bank, KeyBank, UBS Securities: Co-doc agents, BMO Capital Markets: Ld arranger, sole bookrunner
X-Rite
Provider/Color Science, Technology
Bank of America, Fifth Third Bank, GE Capital
Co-Lead Lenders, Syn Agents
225.0 $55MM Revolver/$170MM Term Loan
Refinances existing indebtedness
SWM
Producer/Tobacco Specialty Papers
J.P. Morgan Securities, SG Americas Securities, SunTrust Robinson Humphrey
Jt Bookrunners
225.0 Revolver
Five-year term/JPMorgan Chase Bank: Admin agent/Natixis, Fifth Third Bank, RBS Citizens participated
X-Rite
Provider/Color Measurement Systems, Services
GE Capital, Corporate Finance
Co-Lead Agent
225.0 Revolver
GE Capital Markets: Co-ld arranger/Refinances existing debt
Ernest Health
Provider/Post-Acute Care Services
CIT Group
Lender
204.0 Revolver
CIT Healthcare: bkrunner, jt ld arranger, admin agent, first lien debt, bkrunner, ld arranger, second lien debt
Empire Resources
Distributor/Semi-Finished Metal Products
Rabobank International/JPMorgan Chase
Lead Arranger, Agent/Syn Agent
200.0 Revolver
Three-year term/ABN AMRO, BNP Paribas, RBS Citizens, other participated
Allied Specialty Vehicles
Manufacturer/Specialty Vehicles
Burdale Capital Finance, Ally Commercial Finance
Co-Lead Arrangers
185.0 Revolver
Five-year term/Deal Source: American Industrial Partners
API Technologies
Provider/Electronic Systems, Subsystems
Morgan Stanley Senior Funding
Lead Arranger, Sole Bookrunner, Admin Agent
170.0 Term Loan
Books-A-Million
Retailer/Books
Wells Fargo Capital Finance
Syndication Agent
150.0 Revolver
Well Fargo Capital Finance's Retail Finance team provided facility
Big Rock Sports
Wholesaler/Outdoor Sports Supplies
Regions Business Capital
Lead Lender
150.0 Revolver
Five-year term/Bank of America, PNC, Toronto Dominion, RBC participated
Wabash National
Manufacturer/Semi Trailers
Wells Fargo Capital Finance, RBS Citizens Business Capital
Admin Agent, Jt Ld Arranger, Jt Ld Bookrunner
150.0 Revolver
Five-year term/Replaces existing revolver
Vigor Industrial
Provider/Shipbuilding, Repair
GE Capital, Corporate Finance
Co-Admin Agent
145.0 Revolver
GE Capital Markets: Co-lead arranger/Supports acquisition of Todd Shipyards
Firestone Financial
Provider/Equipment Financing
Citizens Bank
Lead Lender
125.0 Revolver
Five-year term/Wells Fargo Capital Finance, BofA, TD Bank, Brookline Bank participated
Saga Communications
Operator/Broadcast Properties
Bank of America, JPMorgan Chase Bank
Jt Lead Arrangers, Jt Book Managers
120.0 $60MM Revolver/$60MM Term Loan
BofA: Admin agent/JPMorgan Chase: Syn agent/Huntington National Bank:Doc agent
The Teaching Company
Marketer/University-Level Courses
Senior Secured Loan Program
Lender
118.0 Term Loan
GE Capital (admin agent), Ares Capital (doc agent): Joint lenders/Supports recap by Brentwood Associates
Grede Holdings
Manufacturer/Iron Cast Components
GE Capital, Corporate Finance
Co-Collateral Agent
115.0 Revolver
GE Capital Markets: Co-lead arranger
IMAX
Provider/Entertainment, Technology
Wells Fargo Capital Finance Canada
Lender
110.0 $50MM Revolver/$60MM Term Loan
Four-year term/Export Development Canada provided $55MM/Replaces previous $75MM facility with Wells Fargo, EDC
Orchard Brands
Marketer/Apparel, Hard Goods
PNC
Lender
90.0 Revolver
PNC Capital Markets led syndication/Refinances existing debt
Horizon Technology Finance
Provider/Secured Loans
Wells Fargo Capital Finance
Lender
75.0 Revolver
Can be increased to $150MM with other lenders
Drive Medical
Distributor/Medical Products
Webster Business Credit
Agent
65.0 Revolver/Term Loan
Three-year term
LEAF Commercial Capital
Provider/Equipment Leasing, Finance
Wells Fargo Capital Finance
Lender
60.0 Revolver
Lender Finance Division funded/Supports new lease originations
Frozen Food Express Industries
Transporter/Temperature-Controlled Products
Bank of America
Lender
50.0 Revolver
Four-year term/Replaces previous facility
Patrick Industries
Manufacturer/Component, Building Products
Wells Fargo Capital Finance
Lender, Agent
50.0 Revolver
Four-year term/Repays existing facility
The Strive Group
Manufacturer/Product Merchandising, POP Displays
FirstMerit Bank Business Credit
Lead Arranger
47.8 Revolver/Term Loan
Refinances existing debt
Tecumseh Products Co
Manufacturer/Hermetically Sealed Compressors
PNC
Lender
45.0 Revolver
Refinances existing debt, Replaces existing letters of credit
J. Jill
Retailer/Women's Apparel
CIT Group
Lender
40.0 Revolver
CIT Comm'l & Industrial: admin agent, coll agent, jt bkrunner/Supports acquisition by Arcapita Bank BSC affiliate, Golden Gate Capital
Professional Directional Enterprises
Provider/Drilling Services
PNC Bank
Lender
35.0 $17.5MM Revolver/$17.5MM Term Loans
Finances acquisition by Diamond Castle
Lydall
Manufacturer/Specialty Engineered Products
Bank of America
Lender
35.0 Revolver
Five-year term/Replaces prior $35MM revolver
Anchor Drilling Fluids USA
Provider/Drilling Fluids
PNC Bank
Lender
30.0 Revolver
Pretium Packaging
Manufacturer/Plastic Containers
PNC
Lender
30.0 Revolver
Refinances existing debt, Supports potential add-on acquisitions
Pandora Media
Provider/Music Streaming
J.P. Morgan Securities, Morgan Stanley
Lenders
30.0 Revolver
Replaces previous facility, equipment financing line
Sequenom
Provider/Genetic Analysis Solutions
Silicon Valley Bank
Lender
30.0 $10MM Revolving Credit Line/$20MM Term Loan
Company's subsidiary was also a borrower/Supports new products
Center Manufacturing
Manufacturer/Metal Assemblies, Components
Capital One Leverage Finance
Lender
27.0 Revolver/Term Loan
Deal Source: Industrial Opportunity Partners/Supports acquisition of Moeller Products
The Selinsky Force
Provider/Specialty Industrial Services
FirstMerit Bank Business Credit
Lender
25.5 Revolving Credit Line/Term Loan
Deal Source: Excel Capital Partners/Refinances existing debt
Navitas Lease
Provider/Equipment Financing
Wells Fargo Capital Finance
Lender
25.0 Revolver
Three-year term/Supports growth plans
Radius Health
Developer/Drug Therapies
GE Capital Healthcare Financial Services, Oxford Finance
Lenders
25.0 Term Loan
Supports clinical development of osteoporosis treatment
The SCOOTER Store
Provider/Power Mobility Solutions
Crystal Financial
Lender
25.0 Revolver
Deal source: Sun Capital Partners/Refinances existing debt/Supports company recap
Precision Valve
Provider/Aerosol Valves, Dispensing Systems
Burdale Capital Finance
Lender
25.0 Revolver/Term Loan
Deal source: MML Capital Partners/Supports company recap
NeoVista
Developer/Medical Technologies
GE Capital, Healthcare Financial Services
Agent, Co-Lender
20.0 Term Loan
Support completion of FDA trial
FM Facility Maintenance
Provider/Facility Management
RBS Business Capital
Lender
20.0 Revolver
Supports acquisition capital plan
Colony
Manufacturer/Retail Store Fixtures, POS Displays
FirstMerit Bank Business Credit
Lender
19.3 Revolver/Term Loan
Refinances existing debt
Arrow Tru-Line Holdings
Manufacturer/Garage Door Metal Components
FirstMerit Bank Business Credit
Lender
18.0 Revolver/Term Loan
Refinances existing debt/Deal source: Long Point Capital Partners
United Pipe & Supply
Distributor/Water Pipes, Meters
First Capital
Lender
16.0 Revolving Credit Line
Applied Merchant Systems West Coast
Provider/Products, Electronic Transaction Processing
Monroe Capital
Lender
15.0 Revolver
Refinances existing debt/Monroe also provided acquisition facility
Landmark Health Solutions
Provider/Senior Housing, Care Industry
Oxford Finance
Lender
13.9 $3MM Revolving Credit Line/$10.9MM Term Loan
Refinances existing debt
Gradient Resources
Provider/Renewable Electric Power Products
GB Merchant Partners
Lender
13.0 Term Loan
Springfield Realty Partners, Springfield Healthcare Mgmt
Operator/Real Estate Company
CapitalSource Healthcare Credit Group
Lender
10.8 $1MM Revolver/$9.75MM Term Loan
EpiCept
Developer/Cancer, Pain Pharmaceuticals
MidCap Financial
Lender
10.6 Term Loan
Three-year term
Priority One Security
Provider/Alarm Monitoring
CapitalSource
Lender
10.0 Revolver
Three-year term/Supports acquisition of accounts from Orangeburg Security Systems
Granite City Food & Brewery
Operator/Upscale Casual Restaurant Chain
Fifth Third Bank
Lender
10.0 $5MM Revolving Credit Line/$5MM Term Loan
Structured Finance Group completed deal
Huntleigh USA
Provider/Contract Staffing Services
NewStar Business Credit
Lender
9.0 Revolving Credit Line
Supports company recap
Primary Packaging
Manufacturer/Polyethylene Bags, Packaging
FirstMerit Bank Business Credit
Lender
8.8 Revolver/Term Loan
Refinances existing debt/Deal sources: MCM Capital Partners, DN Partners
Kruger Publication Papers, Industries Perron
Manufacturer/Lumber Products
Royal Bank of Canada
Lender
8.5 Revolver
Companies formed partnership
SanSegal Sportswear
Provider/Sportswear
TAB Bank
Lender
8.0 Revolving Credit Line
Fluidigm
Manufacturer/Microfluidic Systems
Bridge Bank
Lender
7.0 Credit Line
Luna Innovations
Manufacturer/New-Generation Products
Silicon Valley Bank
Lender
7.0 $1MM Revolving Credit Line/$6MM Term Loan
Term loan: Four-year term/Replaces $5MM revolver with SVB
Southern Audio Visual
Provider/Audio Visual Equipment
Marquette Business Credit
Lender
6.6 Revolver/Term Loan/CAPEX Facilities
Validus Pharmaceuticals
Provider/Pharmaceuticals
Square 1 Bank
Lender
6.0 Revolver
Tryton Medical
Developer/Novel Stent Systems
Square 1 Bank
Lender
5.0 Term Loan
Supports U.S. clinical trial
Consensus Orthopedics
Manufacturer/Reconstructive Joint Implants
US Capital Partners
Arranger
5.0 Revolver
Columbia Systems International of South Carolina
Manufacturer/Restroom Partitions, Accessories
Keltic Financial Services
Lender
5.0 Revolving Credit Line
Company formed from asset acquisition of Partition Systems along with merger
Steven Counts
Operator/Landsite Development Company
US Capital Partners
Arranger
4.0 Revolver
Retires Steven Counts' existing term loans
Platinum Health Care
Provider/Back-Office Nursing Facility Functions
Oxford Finance
Lender
4.0 $.5MM Revolving Credit Line/$3.5MM Term Loan
Refinances existing debt
Sevcon USA
Provider/Microprocessor-Based Controls
RBS Citizens
Lender
3.5 Revolver
Three-year term
Forgitron Technologies
Supplier/Aluminum Wheels, Products
Keltic Financial Services
Lender
3.0 $2.2MM Revolving Credit Line/$.8MM Term Loan
G Squared Funding
Provider/Financial Solutions
TAB Bank
Lender
3.0 Revolver
Workstream
Provider/Human Capital Mgmt Software
Bridge Bank
Lender
3.0 Credit Line
Two-year term
Schofield Stone
Retailer/Natural Stone Products
Gerber Finance
Lender
3.0 Credit Line
Strategic Capital Investments arranged facility/Replaces previous debt
eCommission Financial Services
Provider/Real Estate Financial Services
TAB Bank
Lender
3.0 Revolving Credit Line
Saladax Biomedical
Developer/Diagnostic Tests
GE Capital, Healthcare Financial Services
Agent, Sole Lender
3.0 Term Loan
Part of $9MM term loan
Pilgrim Screw
Producer/Screws, Bolts, Fasteners
Gerber Finance
Lender
2.8 Credit Line
Pacific Shoe
Distributor/Men’s Shoes, Accessories
TAB Bank
Lender
2.5 A/R Inventory Line
Parkview Community Hospital Medical Center
Operator/Acute Care Hospital
Doral Healthcare Finance
Lender
2.2 Credit Line
Two-year term
Rehab Alternatives
Provider/Rehab Management, Staffing
Doral Healthcare Finance
Lender
2.0 Revolving Credit Line
Three-year term/Supports future expansion
John R. Hess & Co
Distributor/Specialty Chemicals
Washington Trust
Lender
2.0 Revolving Credit Line
Commercial & Industrial Lending Group provided financing
Smoot Brothers Transportation
Provider/Trucking, Flat Bed Services
TAB Bank
Lender
1.5 Revolver
American Senior Living Communities
Operator/Senior Housing Communities
Oxford Finance
Lender
1.5 Credit Line
Supports operations of recently acquired skilled nursing facility
JMAR Express
Provider/Trucking Services
TAB Bank
Lender
1.0 Revolving Credit Line