Deal Charts

ABL Deal Chart 2011 Q3

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 7/1/11 through 9/30/11.

BORROWER/INDUSTRY LENDER/ROLE AMOUNT STRUCTURE/NOTES
Penn National Gaming
Operator/Gaming, Racing Facilities
Bank of America Merrill Lynch, RBS Securities, Wells Fargo Securities
Jt Lead Arrangers
2150.0 $700MM Revolver/$1,450MM Term Loans
Commerz Markets, UBS Securities: Jt ld arrangers/Wells Fargo Bank: Admin agent
Alere
Provider/Health Products, Services
Jefferies Finance, GE Capital Markets, Credit Suisse, Goldman Sachs Bank USA
Joint Lead Arrangers
2100.0 $250MM Revolver/$1.85B Term Loans
GE Capital, Healthcare Financial Services: Admin agent
Quad/Graphics
Provider/Print, Related Multichannel Solutions
J.P. Morgan Securities, Merrill Lynch, U.S. Bank, PNC Capital Mkts, SunTrust Robinson Humphrey
Lead Arrangers
1500.0 $850MM Revolving Credit Line/$650MM Term Loans
Revolver: Five-year term/Term Loans: Five-, seven-year terms
Arrow Electronics
Provider/Electronic Components, Computing Products, Services
JP Morgan Chase Bank
Admin Agent
1200.0 Revolver
Five-year term/BNP Paribas, BofA, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi: Syn agents
Cracker Barrel Old Country Store
Operator/Restaurants
Wells Fargo Securities, Merrill Lynch, SunTrust Robinson Humphrey
Jt Lead Arrangers, Jt Bookrunners
750.0 $500MM Revolving Credit Line/$250MM Term Loan
Five-year term/Wells Fargo Bank: Admin agent, collateral agent
AMETEK
Manufacturer/Electronic Instruments, Devices
JPMorgan
Ld Arranger, Bookrunner, Admin Agent
700.0 Revolver
Five-year term/BofA, PNC, SunTrust, Wells Fargo: Syndication agents
United Stationers
Distributor/Business Products
J.P. Morgan Securities, U.S. Bank, Wells Fargo Securities
Jt Ld Arrangers
700.0 Revolver
Five-year term/Replaces $425MM revolver, $200MM term loan
Level 3 Financing
Provider/Communications Services
Merrill Lynch, Citigroup Glbl Mkts, Deutsche Bank Sec, Morgan Stanley Sr Funding, Credit Suisse Sec
Joint Lead Arrangers, Joint Bookrunning Managers
650.0 Term Loan
Seven-year term
MasTec
Provider/Infrastructure Construction
GE Capital, Corporate Finance
Co-Syndication Agent
600.0 Revolver
GE Capital Markets: Jt lead arranger, book manager
Lincare Holdings
Provider/Respiratory Therapy
Bank of America
Agent
450.0 Revolver
Merrill Lynch, Credit Agricole Corp & Invest Bank, Wells Fargo Sec: Jt ld arrangers, jt book managers
YRC Worldwide
Provider/Transportation Services
J.P. Morgan Securities
Arranger/Syndicator
400.0 Revolver
Three-year term/JPMorgan Chase: Admin agent/Replaces existing ABS facility
AmSafe Industries
Provider/Safety, Securement Products
Ares Capital
Admin Agent
385.0 Revolver
Deal Sources: Berkshire Partners, Greenbriar Equity Group/Supports refinancing
NTELOS Holdings
Provider/Communications Services
CoBank, ACB, SunTrust Robinson Humphrey
Jt Ld Arrangers, Jt Bookrunners
370.0 $60MM Revolver/$310MM Term Loans
Revolver, term loan: Five-year term/Term loan B: Six-year term/Loan is for Lumos Networks Operating Co.
Severstal Columbus
Manufacturer/Steel
Citigroup Global Markets and Wells Fargo Capital Finance
Joint Lead Arrangers, Joint Bookrunners
350.0 Revolver
Five-year term/Citibank: Admin agent, collateral agent
Media Rights Capital
Operator/Entertainment Studio
JPMorgan Chase, Comerica, Bank of America, Sun Trust, Union Bank
Lead Lenders
350.0 Revolver
Five-year term/East West Bank, Wells Fargo, Bank Leumi, City National Bank participated
Animal Health International
Provider/Animal Health Products
U.S. Bank Asset Based Finance
Admin Agent, Jt Leader Arranger, Jt Bookrunner
265.0 Revolver
Finances acquisition of Lextron
MW Industries
Manufacturer/Precision Components
Senior Secured Loan Program
Jt Bookrunners
255.0 Term Loan
Supports acquisition by Genstar Capital
Stage Stores
Provider/Apparel, Accessories
Bank of America
Admin Agent
250.0 Revolver
Merrill Lynch, Wells Fargo Capital Finance: Jt lead arrangers
Crown Media Holdings
Operator/Portfolio of Cable Networks
JPMorgan Chase Bank/J.P. Morgan Securities
Admin Agent/Sole Bookrunner, Lead Arranger
240.0 $30MM Revolver/$210MM Term Loan
Repays existing credit agreement
Industrial Container Services
Provider/Reusable Container Solutions
Ares Capital
Lead Arranger, Admin Agent
236.5 Revolver
Supports acquisition by Aurora Capital Group
Vector Security
Provider/Security Solutions
PNC Capital Markets/PNC Bank
Lead Lender/Admin Agent
225.0 Revolver
Participants: RBS Citizens, Bank of America, U.S. Bank
PODS Enterprises
Provider/Portable Moving, Storage
GE Capital
Lender
223.0 $25MM Revolver/$198MM Term Loan
Supports acquisition/Refinances debt
Devcon Security Holdings
Provider/Security Systems
CapitalSource Finance
Lead Lender
215.0 Revolver
Supports growth strategy
Charming Shoppes
Retailer/Women's Plus-Size Apparel
Wells Fargo Capital Finance
Jt Lead Arranger, Jt Bookrunner
200.0 Revolver
Retail Finance Division provided the financing
Packers Sanitation Services
Provider/Cleaning, Sanitation Services
Senior Secured Loan Program
Jt Lead Arrangers
160.0 Term Loan
Supports acquisition by Harvest Partners
HickoryTech
Provider/Regional Communications
CoBank ACB
Admin Agent, Sole Lead Arranger, Bookrunner
150.0 $30MM Revolver/$120MM Term Loans
Five-year term/Union Bank: Syn agent/SunTrust Bank: Doc agent
SpecialtyCare
Provider/Hospital, Surgery Services
GE Capital, Healthcare Financial Services
Lender
135.0 Revolver
GE Capital Markets: Jt ld arranger, jt bookrunner;/Supports investment by American Securities
Dynamics Research
Provider/Mgmt Consulting, Engineering, Tech Solutions
Bank of America
Lead Lender
130.0 $20MM Revolver/$110MM Term Loan
Five-year term/SunTrust Bank, PNC Bank: Lead arrangers/Supports High Performance Tech acquisition
Duckwall-ALCO Stores
Operator/Retail Chain
Wells Fargo Capital Finance
Lender
120.0 Revolver
Five-year term/Replaces existing agreement with BofA, Wells Fargo Retail Finance
Evolution1
Provider/Electronic Payment, Cloud Computing Healthcare Svs
GE Capital, Healthcare Financial Services
Admin Agent
115.0 Revolver
Supports acquisition by Genstar Capital, acquisition of Lighthouse1/GE Capital Markets: Ld arranger, jt bookrunner
Au Bon Pain
Operator/Casual Restaurants
Golub Capital
Sole Bookrunner, Admin Agent
112.0 Revolver
Deal Source: LNK Partners/Supports refinancing
Ashford Hospitality Trust
Investor/Hospitality Industry
KeyBanc Capital Markets/KeyBank
Ld Arranger/Admin Agent
105.0 Revolver
Three-year term/Morgan Stanley Bank, Credit Suisse, UBS Loan Finance participated
Horizon Lines
Operator/U.S. Ocean Fleet
Wells Fargo Capital Finance
Arranger
100.0 Revolver
Five-year term
Insperity
Provider/HR, Business Performance Solutions
Amegy Bank
Agent
100.0 Revolver
Four-year term/Bank of America, Woodforest National Bank participated
Caraustar Industries
Manufacturer/Recycled Paperboard Products
GE Capital, Corporate Finance
Admin Agent
90.0 Revolver
Refinances debt/GE Capital Markets: Ld arranger, bookrunner
Farmer Bros. Co.
Distributor/Coffee, Tea, Culinary Products
Wells Fargo Capital Finance
Lender
85.0 Revolver
Three-year term/Replaces existing $50MM facility with WFCF
JHP Pharmaceuticals
Manufacturer/Pharmaceutical Products
GE Capital, Healthcare Financial Services
Admin Agent
78.0 Revolver
GE Capital Markets: Jt ld arranger, sole bookrunner/Refinances existing debt
LeCroy
Supplier/Oscilloscopes, Serial Data Test Solutions
RBS Citizens, M&T Bank
Lenders
75.0 Revolver
Five-year term/Replaces former $50MM facility
IPC The Hospitalist Company
Operator/Hospitalist Physician Group Practice
Wells Fargo
Lead Arranger, Sole Bookrunner, Admin Agent
75.0 Revolver
Five-year term/Comerica Bank: Lender
Forbes Energy Services
Contractor/Independent Oilfield Services
Regions Bank
Lender
75.0 Revolver
Five-year term
Communications Capital Group
Provider/Wireless Infrastructure Investment Sector
Macquarie Corporate and Asset Finance
Lender
75.0 Term Loan
Deal sources: Ulysses Management and Tenth Avenue Holdings/Supports acquisitions
North East Dental Management
Operator/Dental Practice Management Company
NXT Capital
Jt Ld Arranger Admin Agent
61.0 Revolver
Supports acquisition of Dental Associates of Northern Virginia
Horsehead
Producer/Specialty Zinc Products
PNC Bank
Lender
60.0 Revolver
Five-year term
Aventine Renewable Energy Holdings
Producer/Ethanol
Wells Fargo Capital Finance
Lender
50.0 Revolver
Four-year term
THQ
Publisher/Interactive Entertainment Software
Wells Fargo Capital Finance
Lender
50.0 Revolver
Four-year term/Terminates $35MM agreement with Bank of America
Design Space Modular Buildings
Dealer/Modular Buildings, Office Trailers
PNC
Lender
48.0 Revolver
Refinances existing debt
Supreme Industries
Manufacturer/Specialized Commercial Vehicles
Wells Fargo Capital Finance
Lender, Agent
45.0 Revolver
Four-year term
SMTC
Provider/Electronics Manufacturing Services
PNC Bank
Lender
45.0 Revolver
Three-year term/Replaces asset-backed revolver by Wells Fargo/Supports acquisition of ZF Array Technology
Bostwick Laboratories
Provider/Urologic Anatomic Pathology
Healthcare Finance Group
Lender
43.0 $20MM Revolving Credit Line/$23MM Term Loans
Refinances previous debt
Marc Ecko Enterprises
Distributor/Apparel, Footwear, Accessories
Wells Fargo Capital Finance
Lender
40.0 Revolver
WFCF also provided factoring facility
Wenner Bread Products
Manufacturer/Dough, Breads, Rolls
LBC Credit Partners
Sole Lender, Admin Agent
36.5 Revolver
Supports company recap by Frontenac Company/LBC also made equity co-investment
TAP Automotive
Provider/Aftermarket Parts, Accessories
Wells Fargo Capital Finance
Lender
35.0 Revolver
Retail Finance division provided loan
Flotek Industries
Distributor/Oilfield Technologies
PNC Bank
Lender
35.0 Revolver
TruGreen LandCare
Provider/Commercial Landscaping Services
Wells Fargo Capital Finance
Lender
32.5 Revolver
Support Aurora Resurgence Group's acquisition of TruGreen from The ServiceMaster Co
Group III International
Designer/Wenger Brand for Travel, Work Gear
Abacus Finance Group
Admin Agent, Jt Ld Arranger
32.5 Revolver
Supports recap by management, Trivest Partners/Madison Capital Funding: Lender
Lexington Precision
Operator/Rubber Parts Provider, Metal Parts Provider
Capital One Leverage Finance
Lender
30.6 Revolver/Term Loan
Deal source: Aurora Resurgence Management Partners/Refinances existing debt
CRS Reprocessing
Reprocessor/Industrial Fluids
Crystal Financial
Co-Lead Lender
30.0 Term Loan
THL Credit: Co-lead lender
Zumiez
Retailer/Sports-Related Apparel, Accessories
Wells Fargo Bank
Lender
25.0 Revolver
Two-year term/Replaces previous $25MM revolver with Wells Fargo
Unify
Provider/eDiscovery, Info Mgmt Solutions
Wells Fargo Capital Finance
Lender
24.0 $8MM Revolver/$16MM Term Loans
Four-year term/Replaces facility with Hercules Technology Growth Capital
West World Media
Supplier/Movie Theatre Showtimes, Content, Advertising
Monroe Capital
Lender
22.5 Revolver
Refinances existing debt
Modern Group
Distributor/Warehouse Products, Construction Equipment
PNC
Lender
22.0 Revolver
Supports growing customer demand
Bell and Howell
Provider/Messaging Solutions
Crystal Financial
Lender
20.0 Term Loan
Term Loan was part of a $55MM facility co-agented by PNC
Federal Screw Works
Manufacturer/Industrial Component Parts
PNC
Lender
20.0 Revolver
BlackHawk Industrial
Operating Company/Acquire Industrial Distribution Businesses
PNC
Lender
20.0 Revolver
Loma Linda University Medical Center-Murrieta
Operator/Acute Care Community Hospital
Healthcare Finance Group
Lender
20.0 Revolver
Keystone Dental
Provider/Oral Healthcare
Oxford Finance
Lender
20.0 Term Loan
Pays off existing line of credit
CareView Communications
Provider/Healthcare IT
Comerica Bank and Bridge Bank
Lenders
20.0 Revolver
Two-year term
NCS Technologies
Provider/Turnkey Computer Systems
Capital One Leverage Finance
Lender
18.3 Revolver
Refinances existing debt
City Sports
Retailer/Athletic Products
Wells Fargo Capital Finance
Lender
16.5 $12MM Revolver/$4.5MM Term Loan
Harden Manufacturing
Manufacturer/Promotional Furniture
FirstMerit Bank Business Credit
Lender
16.0 Revolving Credit Line/Term Loan
Deal source: Linsalata Capital Partners/Refinances existing debt
Accubuilt
Manufacturer/Large (Funeral) Vehicles
NewStar Business Credit
Lender
16.0 Revolver
Supports partial recap of company
Protox Therapeutics
Developer/Urological Diseases Treatment Products
Oxford Finance
Lender
15.0 Revolver
Supports drug development program
Mid-Atlantic Health Care
Provider/Senior Care, Nursing Rehab Services
Oxford Finance
Lender
15.0 Revolving Credit Line
Bacterin International Holdings
Provider/Bone Graft Material, Anti-Infective Coatings
MidCap Financial and Silicon Valley Bank
Lenders
15.0 Revolver
Three-and-a-half-year term/Retires existing debt with Bridge Bank, Western Technology Investments
Furiex Pharmaceuticals
Provider/Drug Development
MidCap Financial, Silicon Valley Bank
Lenders
15.0 Term Loan
Nobel Learning Communities
Operator/Private Schools
Prospect Capital
Lender
15.0 Term Loan
Supports acquisition by Leeds Equity Partners
Marshall Emergency Services Associates
Operator/Emergency Depts, Hospital Medicine Programs
Amalgamated Capital
Sole Lead Manager
15.0 Revolver
Supports acquisition by Atlanta Equity Investors
Imperial Headwear
Manufacturer/Hats
Cole Taylor Business Capital
Lender
14.1 $10MM Revolver/$4.1MM Term Loan
Supports company recap
Local.com
Operator/Online Media Company
Square 1 Bank
Lender
12.0 Revolver
Terminates previous facility with Silicon Valley Bank
SMWC Acquisition Co
Operator/Steel Service Center
FirstMerit Bank Business Credit
Lender
10.5 Revolver/Term Loan
Refinances existing debt
Coast Plating
Provider/Metal Processing, Finishing Services
Full Circle Capital
Lender
10.5 Revolver/Term Loan
Ligand Pharmaceuticals
Manufacturer/Biopharmaceuticals
Square 1 Bank
Lender
10.0 Revolving Credit Line
NYDJ Apparel
Manufacturer/Upscale Jeans, Pants
LBC Credit Partners
Sole Investor
10.0 term loan B
Deal Source: Falconhead Capital/Supports recap/Part of $80MM credit facility
PureTek
Manufacturer/Pharmaceutical, Nutritional Products
TAB Bank
Lender
10.0 Credit Line
First Service Networks
Provider/Facilities Maintenance, Repair
First Capital
Lender
10.0 Revolver
Mendocino Brewing Company
Producer/Beer
Cole Taylor Business Capital
Lender
10.0 $5MM Revolver/$5MM Term Loans
Cummings Resources
Provider/Made-to-Order Exterior Signs
NewStar Business Credit
Lender
9.5 Revolver
Supports acquisition by Prophet Equity
Diversified Restaurant Holdings
Operator/Bagger Dave's, Buffalo Wild Wings
RBS Citizens
Lender
8.0 $1MM Revolving Credit Line/$7MM Credit Line
Supports expansion of both restaurants
Bartash Printing
Provider/Commercial Printing
First Capital
Lender
8.0 Revolving Credit Line
Systems America
Provider/Cloud Computing, IT Solutions
Bridge Bank
Lender
8.0 $6MM Revolver/$2MM Term Loan
Supports acquisition of targeted companies
ARI
Provider/Technology-Enabled Solutions
Fifth Third Bank
Lender
7.5 $1.5MM Revolver/$5MM Term Loan
Three-year term
Plug Power
Provider/Energy Solutions
Silicon Valley Bank
Lender
7.0 Revolving Credit Line
The Finance Company
Provider/Consumer Finance
Full Circle Capital
Lender
7.0 Term Loan
Supports acquisition pf Cashwell Financial of SC, and affiliates
American Civil Constructors Holdings
Contractor/Heavy Civil Construction
Capital One Leverage Finance
Lender
6.3 Term Loan
Refinances existing debt
Inogen
Provider/Oxygen Therapy
Square 1 Bank
Lender
6.0 Revolver
First American Title Loans of Georgia
Provider/Loans
First Capital
Lender
6.0 Revolver
Metropolitan Trucking
Operator/Trucks, Trailer Fleet
TAB Bank
Lender
5.0 Revolver
Castle Brands
Developer/Alcohol Beverage Brands
Keltic Financial Partners II
Lender
5.0 Revolver
Repays existing debt
XOS Digital
Provider/Digital Asset Management Solutions
Bridge Bank
Lender
5.0 Revolver
Supports future growth
iMedX
Provider/Web-Based Medical Documentation Services
Full Circle Capital
Lender
4.5 Revolver /Term Loan
Deal Source: RFE Investment Partners/Refinances debt
Energex
Supplier/Pellets
Keltic Financial Services
Lender
4.0 Revolving Credit Line
Kentec
Distributor/Power Tools, Fasteners
First Capital
Lender
4.0 Revolver
Triangle Capital Access aided in the facilities (included $1.2MM real estate mortgage)
Canon Recruiting Group
Provider/Corporate Staffing
Crestmark Bank of Michigan
Lender
3.5 Credit Line
Radiology Corporation of America
Operator/Mobile Scanners
Gemino Healthcare Finance
Lender
3.0 Revolving Credit Line
Refinances existing debt
Augmentity Systems
Provider/Data Center Infrastructure Solutions
TAB Bank
Lender
3.0 Revolver
TAB worked with Fordham Capital Partners on the transaction
SpecPrint
Provider/Specialized Printing, Custom Manufacturing
US Capital Partners
Lender
2.8 Revolver
Retires existing line of credit, term loan
Cady Bag Company
Manufacturer/Agricultural, BOPP Packaging
First Capital
Lender
2.8 $2.25MM Revolving Credit Line/$.5MM Term Loan
ProfitPoint
Provider/Stored Value, Loyalty Program Solutions
Square 1 Bank
Lender
2.5 Revolver
Intellicheck Mobilisa
Provider/Access Control, Wireless Security Systems
Silicon Valley Bank
Lender
2.0 Revolver
Connexity
Provider/Digital Advertising
Silicon Valley Bank
Lender
2.0 Revolver
KomTek Technologies
Provider/Precision Die Forging, Investment Casting
TAB Bank
Lender
1.5 Revolver
Corgenix Medical
Developer/Diagnostic test kits
LSQ Funding Group
Lender
1.5 Revolving Credit Line
Retires factoring credit line, inventory loan with Summit Financial Resources
Illinois Trading Company of Chicago
Provider/Frozen Foods
TAB Bank
Lender
1.5 Revolver