Deal Charts

ABL Deal Chart 2011 Q4

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 10/1/11 through 12/30/11.

BORROWER/INDUSTRY LENDER/ROLE AMOUNT STRUCTURE/NOTES
Health Management Associates
Provider/Healthcare Services
Wells Fargo Securities/Deutsche Bank Securities
Jt Ld Arranger, Jt Bookrunner/Jt Ld Arranger, Jt Bookrunner, Syn Agent
2625.0 $500MM Revolver/$2.1B Term Loans
Five-, seven-year terms/Wells Fargo Bank: Admin agent, swing line lender, Citigroup Global Markets: Jt bookrunner
Six Flags
Operator/Theme Park
Wells Fargo Securities, Bank of America, Barclays
Joint Bookrunners
1135.0 $200MM Revolver/$935MM Term Loans
Deutsche Bank Securities, Goldman Sachs Bank, JPMorgan Chase: jt bookrunners
Asbury Automotive Group
Provider/Automotive Retail, Service
BofA Merrill Lynch
Admin Agent
900.0 Revolver
Five-year term/JPMorgan Chase Bank, Wells Fargo Bank: Co-syn agents
BJ's Wholesale Club
Operator/Warehouse Clubs
GE Capital/GE Capital Markets
Admin Agent/Jt Ld Arranger, Jt Bookrunner
900.0 Revolver
Supports acquisition by Leonard Green & Partners, CVC Capital Partners
Evraz
Manufacturer/Steel
GE Capital Markets, Merrill Lynch, UBS Loan Finance
Jt Ld Arrangers
610.0 revolver
Five-year term/Replaces previous debt
PolyOne
Provider/Specialized Polymer Materials
Wells Fargo Capital Finance
Admin, Collateral Agent, Jt Ld Arranger, Bookrunner
600.0 $300MM Revolver/$300MM Term Loan
Supports ColorMatrix Group acquisition/U.S. Bank, PNC, KeyBank, Merrill Lynch, BofA participated
Level 3 Communications
Provider/IP-Based Communications Services
BofA Merrill Lynch, Citigroup Global Markets
Jt Ld Arrangers, Jt Bookrunning Managers
550.0 Term Loan
Morgan Stanley Senior Funding, Deutsche Bank Securities, Wells Fargo Securities, Credit Suisse: Jt bookrunning mgrs
KapStone Paper and Packaging
Producer/Paper Products
Bank of America Merrill Lynch, Barclays Capital
Lead Lenders
525.0 $150MM Revolver/$375MM Term Loan
Five-year term/Supports acquisition of U.S. Corrugated
Nash-Finch Company
Distributor/Wholesale Food
Wells Fargo Capital Finance
Admin, Collateral Agent, Jt Ld Arranger, Jt Book Manager
520.0 Revolver
Other lenders: Wells Fargo Bank, BofA, JPMorgan Chase, BMO Harris Bank, Barclays
ManTech International
Provider/Mission-Critical National Security Programs Technologies
Bank of America Merrill Lynch
Admin Agent, Joint Bookrunner
500.0 Revolver
JP Morgan Chase Bank, Wells Fargo Bank: Jt bookrunners
Dick's Sporting Goods
Retailer/Sporting Goods
Wells Fargo Capital Finance
Agent, Lead Arranger
500.0 Revolver
PNC Capital Markets: Jt lead arranger
Tiffany & Co.
Operator/Jewelry Company
Bank of New York Mellon/ABN AMRO Bank, Standard Chartered Bank
Admin Agent/Co-Syndication Agents
400.0 $200MM Revolvers
Three-year term/Five-year term/JPMorgan Chase, Mizuho Corporate Bank: Co-doc agents
Metropolitan Health Networks
Operator/Primary Care Medical Practices
GE Capital
Lender, Admin Agent
355.0 First, Second Lien Revolver, Term Loans
Supports acquisition of Continucare/GE Cap Mkts, SunTrust Robinson Humphrey: Jt ld arrangers, jt bkrunners
TMS International
Provider/Outsourced Industrial Services
J.P. Morgan Securities, Wells Fargo Capital Finance, Merrill Lynch
Joint Lead Arrangers, Joint Bookrunners
350.0 Revolver
Five-year term/Replaces existing $165MM revolver
ON Semiconductor
Supplier/Silicon Solutions
JPMorgan Chase
Admin Agent
325.0 Revolver
Five-year term/Bank of America, RBS: Co-syn agents
LIN Media
Operator/Multimedia Company
JPMorgan Chase
Admin Agent
260.0 Term Loan
Seven-year term
High Liner Foods
Provider/Frozen Seafood
RBC Capital Markets and BMO Capital Markets
Lead Lenders
250.0 Term Loan
Supports acquisition of U.S. subsidiary of Icelandic Group
Gibraltar Industries
Manufacturer/Building Products
KeyBank
Lead Arranger, Admin Agent
235.0 $200MM Revolver/$35MM Term Loan
Five-year term/J.P. Morgan Chase, BofA: Co-syn agents/M&T Bank, RBS Citizens, HSBC Bank: Co-doc agents
Beaulieu of America
Manufacturer/Carpet
Bank of America, Wells Fargo Capital Finance
Lead Lenders
230.0 Revolver
Refinances existing loan agreement/PNC Bank participated
TravelCenters of America
Operator/Travel Centers
Wells Fargo Capital Finance
Sole Ld Arranger, Bookrunner
200.0 Revolver
Five-year term/PNC: Syn agent/Regions Bank, UBS Loan Finance: Co-doc agents/
Affymetrix
Provider/Genomic Analysis Tools, Reagents
GE Capital, Healthcare Financial Services
Admin Agent
190.0 Revolver
Supports acquisition of eBioscience/SVB, CIT Healthcare, CIT Bank participated
BarrierSafe Solutions
Developer/Disposable Gloves, Food Safety Products
CIT Bank/CIT Healthcare
Arranger, Syndicator/Admin Agent, Jt Ld Arranger, Co-Bookrunner
175.0 Revolver
Supports acquisition by Odyssey Investment Partners/Morgan Stanley Credit Partners provided $46MM mezzanine loan
MYR Group
Contractor/Electrical Infrastructure
JPMorgan Chase Bank and Bank of America
Lead Lenders
175.0 Revolver
Five-year term/Replaces existing $75MM revolver, $10MM term loan
STR Holdings
Provider/Performance Encapsulants
Bank of America
Admin Agent
150.0 Revolver
Four-year term
United Copper Industries
Manufacturer/Building Wire, Cable
GE Capital, Corporate Finance
Admin Agent
150.0 Revolver
Supports UCI's acquisition by KPS Capital/GE Capital Markets: Sole ld arranger, bookrunner
Iconix Brand Group
Owner/Consumer Brands Portfolio
Barclays Capital, Goldman Sachs Bank USA, GE Capital Markets
Lenders
150.0 Revolver
Two-year term
Shutterfly
Provider/Social Expression, Personal Publishing Service
JPMorgan Chase Bank
Admin Agent
125.0 Revolver
Five-year term/J.P. Morgan Securities, Wells Fargo Securities: Jt bookrunners, jt ld arrangers
SS&C Technologies Holdings
Provider/Financial Services, Software
Bank of America
Lender
125.0 Revolver
Replaces previous facility
Energy Alloys
Provider/Oil Field Metals, Services
GE Capital, Corporate Finance
Sole Lender
110.0 Revolver
Horizon Lines
Provider/Domestic Ocean Shipping, Logistics
Wells Fargo Capital Finance
Lender
100.0 Revolver
Five-year term
Pacific Sunwear of California
Retailer/Specialty Fashion, Items
Wells Fargo Capital Finance
Lender
100.0 Revolver
Five-year term/Golden Gate also provided five-year $60MM term loan
Innospec
Provider/Specialty Chemicals
Lloyds TSB Bank
Lender
100.0 Revolver
Five-year term/Barclays, Yorkshire Bank, RBS, Credit Suisse participated
The Marshall Retail Group
Retailer/Products for U.S. Casino, Resorts
Golub Capital
Sole Bookrunner, Admin Agent
95.5 Revolver
Supports company recap by ICV Partners
Hosting.com
Provider/IT Infrastructure Solutions
Golub Capital
Admin Agent, Jt Bookrunner, Co-Ld Arranger
78.0 Revolver
Supports acquisition of NeoSpire/Deal source: Pamlico Capital
FXCM Holdings
Provider/Online Foreign Exchange Trading
Bank of America
Admin Agent
75.0 Revolver
Three-year term
Crocs
Provider/Casual Footwear
PNC Bank
Lender
70.0 Revolver
JPMorgan, Wells Fargo Bank participated
Virco Mfg.
Manufacturer/School Furniture, Equipment
PNC Bank
Lender
60.0 Revolver
Repays line of credit with Wells Fargo Bank
Interactive Health Solutions
Developer/Employer Group Wellness Programs
MidCap Financial
Sole Bookrunner, Sole Ld Arranger, Admin Agent
53.0 Revolver
Supports acquisition by CI Capital Partners
Diversified Restaurant Holdings
Owner/Bagger Dave's Legendary Burger Tavern
RBS Citizens
Administrator, Ld Arranger
50.0 Revolver/Term Loan
Refinances existing debt/Finances potential acquisition
America's Auto Auction
Provider/Wholesale Car Auctions
NXT Capital, GE Capital
Joint Lead Lenders
50.0 Revolver
Monroe Credit Advisors managed debt placement/Monroe Capital participated/Supports mgmt buyout
Citi Trends
Retailer/Fashion Apparel, Accessories
Bank of America
Lender
50.0 Revolver
Five-year term
America's Auto Auction
Provider/Pre-Owned Car Auctions
NXT Capital
Co-Ld Arranger, Jt Bookrunner, Admin Agent
50.0 Revolver
Supports company recap
Silicon Graphics International
Provider/Technical Computing
Wells Fargo Capital Finance
Lender
50.0 Revolver
Thoratec
Provider/Mechanical Circulatory Support Therapies
Wells Fargo
Admin Agent
50.0 Revolver
Five-year term
American Internet Services
Provider/Data Center, Connectivity Services
CIT Bank
Lender
46.5 Revolver
CIT Communications, Media & Entertainment: Sole ld arranger
Trinity Consultants
Provider/Air Quality Permitting, Compliance Services
NXT Capital
Sole Ld Arranger, Sole Bookrunner, Admin Agent
45.0 Revolver
Funds recap by Gryphon Investors, management
Small Bone Innovations
Provider/Orthopedics
New Health Capital Partners Fund I
Lender
43.0 Revolver
Repays previous facility
Richards Building Supply Company
Distributor/Exterior Building Materials
Capital One Leverage Finance
Lender
35.0 Revolver
Three-year term/Repays existing debt
Richmond University Medical Center
Operator/Not-for-Profit Healthcare Facility
Healthcare Finance Group
Lender
35.0 $20MM Revolver/$15MM Term Loan
GPM Investments
Operator/Convenience Store Chains
PNC Bank
Lender
35.0 Revolver
Five-year term
Dreams
Retailer/Licensed Sports Products
PNC Bank
Lender
35.0 Revolver
Three-year term/Replaces previous credit line
Great Lakes Aviation
Operator/Regional Airline
Crystal Financial, GB Merchant Partners
Co-Agent
34.0 Revolver
Refinances existing facility
Revolution Dance
Provider/Footwear, Bodywear, Recital Costumes
NXT Capital
Sole Ld Arranger, Sole Bookrunner, Admin Agent
32.5 Revolver
Supports company recap by Incline Equity Partners
RoadSafe Traffic Systems
Provider/Traffic Safety Services, Products
PNC Bank
Lender
30.0 Revolver
Five-year term
Alvarion
Provider/Wireless Broadband Solutions
Silicon Valley Bank
Lender
30.0 Revolver
Three-year term/Supports acquisition of Wavion
JFK Medical Center
Operator/Hospital
Healthcare Finance Group
Lender
27.0 Revolver
BarrierSafe Solutions International
Provider/Personal Protective Equipment Industry
Ally Commercial Finance
Documentation Agent
27.0 Revolver
Finance acquisition BarrierSafe by Odyssey Investment Partners/Part of a $175MM financing
Polyester Fibers
Provider/Non-Woven Industry
PNC Bank
Lender
25.0 Revolver
Three-year term/Deal source: Empire Investment Holdings
Rollins-Nelson Healthcare Management
Operator/Six Skilled Nursing Facilities
Oxford Finance
Lender
20.0 Revolver
Supports acquisition of a skilled nursing facility
CryoLife
Provider/Human Tissues Development
GE Capital, Healthcare Financial Services
Lender
20.0 Revolver
Heat Transfer Products Group
Manufacturer/Commercial Refrigeration Equipment
LBC Credit Partners
Lender
19.5 Term Loan
Deal source: Monomoy Capital Partners
Reese Central Wholesale
Retailer/Building Materials
Huntington Bank Asset Based Lending
Lender
18.5 $15MM Revolver/$3.5MM Term Loan
Refinances existing debt
Navman Wireless
Provider/GPS-Enabled Fleet Tracking Solutions
NXT Capital
Sole Ld Arranger, Sole Bookrunner, Admin Agent
18.0 Revolver
Deal Source: Prairie Capital/Supports growth
Network Polymers
Supplier/Thermoplastic Materials, Resins
FirstMerit Bank Business Credit
Lender
16.0 Revolver/Term Loan
Refinances existing debt
Colonial Commercial
Distributor/HVAC Equipment
KeyBank
Lender
15.0 Revolver
Three-year term/Replaces loan with Wells Fargo Bank
Star Extruded Shapes, Star Fab
Provider/Aluminum Extrusions, Provider/Machining, Fabrication
Huntington Bank Asset Based Lending
Lender
13.3 $10.5MM Revolver/$2.8MM Term Loan
Refinances existing debt
Verenium
Developer/High-Performance Enzymes
Comerica Bank, Export-Import Bank of the United States
Lender
13.0 Revolvers
Skyline Retirement Community
Provider/Housing, Assisted Living, Home Healthcare
Oxford Finance
Lender
11.6 $1MM Revolver/$10.6MM Term Loan
Refinances existing debt
Nancy Sales Company
Distributor/Plush Toys, Novelties
MidCap Business Credit
Lender
11.0 Revolver
Refinances previous lender
PetroLiance
Distributors/Lubricant, Fuel
GB Merchant Partners
Lender
10.0 Term Loan
Supports acquisition by MSouth Equity Partners
InfraReDx
Developer/Medical Devices
GE Capital, Healthcare Financial
Sole Lender
10.0 Term Loan
Apollo Retail Specialists
Provider/Construction, Installation Teams
Keltic Financial Services/Amalgamated Capital
Lead Lender/Co-Lender
9.5 $7MM Revolver/$2.5MM Term Loan
Amalgamated provided $4.75MM/Deal source: Palm Beach Capital
Hodell-Natco Industries
Distributor/Industrial Fasteners, Chain
FirstMerit Bank Business Credit
Lender
9.0 Revolver
Refinances existing debt
Continental Datalabel
Manufacturer/Labels, Cards, Ribbons
FirstMerit Bank Business Credit
Lender
8.8 Revolver/Term Loan
Refinances existing debt
Ohio Valley Manufacturing
Manufacturer/Parts
FirstMerit Bank Business Credit
Lender
8.5 Revolver/Term Loan
Refinances existing debt
Clinical Research Management
Provider/Clinical Research, Product Development
FirstMerit Bank Business Credit
Lender
8.0 Revolver
Refinances existing debt
Ritzman Pharmacies
Operator/Chain of Pharmacy Stores
FirstMerit Bank Business Credit
Lender
8.0 Revolver
Supports acquisition
Consensus Orthopedics
Manufacturer/Reconstructive Total Joint Implants
US Capital Partners
Lender
8.0 Revolver/Term Loans
Primary Color Systems
Provider/Diversified Graphic Arts Print Services
Marquette Business Credit
Lender
7.7 Revolver
Lexington Machining
Manufacturer/Aluminum, Steel, Brass
FirstMerit Bank Business Credit
Lender
7.5 Revolver/Term Loan
Supports acquisition
GSE Systems
Provider/Energy Services Solutions
Susquehanna Bank
Lender
7.5 Revolver
Two-year term/Replaces previous debt
C-Preme
Manufacturer/Bicycles, Accessories
Marquette Commercial Finance
Lender
7.5 Revolver
Alexander Doll Company
Manufacturer/Dolls
Sterling National Bank
Lender
7.5 Revolver
Replaces existing lender
Zynex
Manufacturer/Non-Invasive Medical Devices
Doral Healthcare Finance
Lender
7.0 Revolver
Three-year term
CoDa Therapeutics
Provider/Wound CareTherapeutics
Square 1 Bank
Lender
6.0 Term Loan
Cerus
Provider/Biomedical Products
Comerica Bank
Lender
5.0 Revolver/Term Loan
Four-year term
Decca Consulting
Provider/Staffing Services
TAB Bank
Lender
5.0 Revolver
Mason Health
Operator/Skilled Nursing Facilities
Oxford Finance
Lender
5.0 Revolver
Refinances existing debt
Joliet Equipment
Supplier/AC, DC Traction Motors
FirstMerit Bank Business Credit
Lender
5.0 Revolver
Deal source: Argosy Capital Partners, MTN Capital Partners
OPEL Technologies
Supplier/Photovoltaic Solar Panels
Silicon Valley Bank
Lender
5.0 Revolver
Universal Trailer
Manufacturer/Trailers
Wells Fargo Bank
Lender
5.0 Revolver
Five-year term
Energy Focus
Provider/LED Lighting Products
Rosenthal & Rosenthal
Lender
4.5 Revolver
Three-year term
Hair Systems
Manufacturer/Hair Color, Care Products
Keltic Financial Services
Lender
4.4 $4MM Revolver/$.375 Term Loan
Financing was also provided to subsidiary Hair Systems Europe
Edge Adhesives
Manufacturer/Specialty Tapes, Sealants, Adhesives
First Capital
Lender
4.0 Revolver/Term Loan
Deal source: Superior Capital Partners
ASI Building Products
Supplier/Building Products
Keltic Financial Services
Lender
3.9 $3.5MM Revolver/.4MM Term Loan
LanceSoft
Provider/IT Solutions, Consulting Services
Keltic Financial Services
Lender
3.5 Revolver
Volume Transportation
Provider/Trucking, Fleet services
TAB Bank
Lender
3.5 Revolver
Also provided $1.7 million in refinanced equipment
Independent Food
Manufacturer/Pork
Marquette Business Credit
Lender
3.0 Revolver
Avantis Medical Systems
Provider/Medical Devices
Oxford Finance
Lender
3.0 Term Loan
Supports launch of Third Eye Retroscope
Snap Advances
Operator/Merchant Cash Advance Company
TAB Bank
Lender
3.0 Revolver
ViaCyte
Provider/Diabetic Cell Therapies
Square 1 Bank
Lender
3.0 Revolver
Tekmira Pharmaceuticals
Developer/RNA Interference Therapeutics
Silicon Valley Bank
Lender
3.0 Term Loan
Recovery Home Care
Provider/Home Healthcare
Doral Healthcare Finance
Lender
3.0 Revolver
Three-year term
Image Stream Medical
Developer/Integrated Operating Room Products
Bridge Bank
Lender
2.5 Revolver
Socket Mobile
Provider/Handheld Computers, AIDC Peripherals
Silicon Valley Bank
Lender
2.5 Revolver
Cox Logistics
Provider/Oil Field Trucking, Management
TAB Bank
Lender
2.5 Revolver
Blue Raven Technology
Provider/Reverse Logistics
MidCap Business Credit
Lender
2.2 $2MM Revolver/$0.2MM Term Loan
Refinances previous debt
Stern Companies
Manufacturer/Polymer, Rubber-Based Products
Keltic Financial Services
Lender
2.0 Revolver
Subsidiaries Stern Assembly, Stern Industries were also borrowers
KVL Audio Visual Services
Supplier/Audio Visual Equipment Rental, Staging Services
Keltic Financial Services
Lender
2.0 Revolver
Leading Edge Communications
Provider/Telecommunication Support, Services
US Capital Partners
Lender
1.8 Revolver/Term Loan
Central Cal Transportation
Operator/Truck Fleet
TAB Bank
Lender
1.5 Revolver
Global Sweeping Solutions
Distributor/Street Sweeper Parts
TAB Bank
Lender
1.0 Revolver
Supports growth, expansion