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 |