Deal Charts

ABL Deal Chart 2012 Q2

Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/12 through 6/30/12.

BORROWER/INDUSTRY LENDER/ROLE AMOUNT STRUCTURE/NOTES
Performance Food Group
Distributor/Foodservice
Wells Fargo Capital Finance
Left Ld Jt Arranger, Bookrunner, Admin Agent
1400.0 Revolver
Refinances existing debt
Wendy's International
Operator/Hamburger Company
Bank of America, Wells Fargo Securities
Jt Ld Arrangers, Jt Book Managers
1325.0 $200MM Revolver/$1,125MM Term Loan
Lithia Motors
Operator/Auto Dealer
U.S. Bank
Admin Agent
650.0 Revolver
Five-year term/U.S. Bank, JPMorgan Chase: Jt bookrunners/BofA, Wells Fargo, Bank of the West, KeyBank participated
NGL Energy Partners
Operator/Energy Business
Deutsche Bank Securities
Agent
650.0 Revolver
Five-year term/Supports merger with High Sierra Energy
Apollo Group
Provider/Educational Programs, Services
JPMorgan Chase Bank
Admin Agent
625.0 Revolver
Five-year term
First American Financial
Provider/Title Insurance, Settlement Services
J.P. Morgan Securities, U.S. Bank, Wells Fargo Securities
Jt Ld Arrangers, Jt Bookrunners
600.0 Revolver
Four-year term
HSN
Retailer/Interactive Multichannel Products
Bank of America
Admin Agent, Collateral Agent
600.0 $350MM Revolver/$250MM Term Loan
Five-year term/Replaces $150MM revolver/JPMorgan Chase, Wells Fargo, Barclays, BB&T, Regions others participated
Sigma-Aldrich
Operator/Life Science, Technology Company
Wells Fargo Securities, Merrill Lynch, J.P. Morgan Securities
Co-Lead Arrangers
600.0 Revolver
Replaces $450MM revolver/Wells Fargo Bank: Admin agent
Beacon Roofing Supply
Distributor/Roofing Materials, Building Products
Wells Fargo Bank
Admin Agent
565.0 $550MM Revolver/C$15MM Revolver
Five-year term/Wells Fargo Securities: Ld arranger, jt bookrunner
TricorBraun
Provider/Packaging Solutions
GE Antares
Lender
555.0 $75MM Revolver/$480MM Term Loan
Refinances debt/GE Capital Markets: Jt ld arranger, co-bookrunner
Kronos Worldwide
Producer/Titanium Dioxide Products
Wells Fargo Bank/Wells Fargo Securities
Admin Agent/Sole Ld Arranger, Sole Book Manager
525.0 $125MM Revolver/$400MM Term Loan
Cypress Semiconductor
Provider/Programmable Solutions
Morgan Stanley Senior Funding
Administrative Agent, Collateral Agent
430.0 Revolver
Five-year term
McGrath RentCorp
Operator/B2B Rental Company
Bank of America/Union Bank of California
Admin Agent/Syn Agent
420.0 Revolver
Five-year term/Merrill Lynch: Sole ld arranger, sole book manager
Healthways
Provider/Well-Being Solutions
Sun Trust Robinson Humphrey
Lead Lender
400.0 $200MM Revolver/$200MM Term Loan
Five-year term/U.S. Bank, Fifth Third Bank: Jt ld arrangers, jt bookrunners
Hearthside Food Solutions
Manufacturer/Grain-Based Food, Snacks
GE Antares
Admin Agent
400.0 $30MM Revolver/$370MM term loan
Supports recap by Wind Point Partners/GE Capital Markets: Jt ld arranger, jt bookrunner
Wabash National
Manufacturer/Semi Trailers
Morgan Stanley Senior Funding/Wells Fargo Securities
Jt Ld Arranger, Jt Bookrunner, Admin Agent, Coll Agent/Jt Ld Arranger, Bookrunner
300.0 Term Loan
Seven-year term/Supports acquisition of Walker Group Holdings/Also amended $150MM five-year revolver led by WFCF
Globe Specialty Metals
Producer/Silicon Metal, Alloys
Fifth Third Bank
Jt Ld Arranger, Admin Agent
300.0 Revolver
Five-year term/BofA Merrill Lynch: Jt ld arranger, KeyBank, Sovereign, Wells Fargo: Co-syn agents
Clearwater Seafoods
Operator/Seafood Companies
GE Capital, Corporate Finance
Co-Lead Lender
265.0 Revolver/Term Loan
GE Capital Markets: Jt Ld Arranger/Supports growth
Denny's
Operator/Restaurants
Wells Fargo Securities, Regions Capital Markets, GE Capital Markets
Jt Ld Arrangers, Jt Bookrunners
250.0 Revolver
Five-year term/Wells Fargo: Admin agent, L/C issuer/Cadence Bank, RBS Citizens: co-doc agents
84 Lumber
Supplier/Building Materials
Wells Fargo Capital Finance/GE Capital
Jt Ld Arranger, Admin Agent/Co-Coll Agent, Doc Agent
225.0 Revolver
Refinances existing debt
Encompass Home Health
Provider/Home Health Care
CIT Bank
Arranger, Syndicator
210.0 Revolver
Supports refinancing/CIT Healthcare: Jt ld arranger, Sole bookrunner, admin agent
PetSmart
Retailer/Specialty Pet Products
Wells Fargo Capital Finance
Agent
200.0 $100MM Revolver/$100MM LOC Facility
Verso Paper Holdings
Producer/Coated Papers
Citibank, Credit Suisse, Cayman Islands Branch
Admin Agents
200.0 $150MM Revolver/$50MM Cash-Flow Facility
Five-year term/Citigroup Global Mkts, Barclays, Credit Suisse Securities, PNC, Siemens Financial Svs, Wells Fargo participated
SBA Communications
Provider/Wireless Communications Infrastructure
TD Securities (USA) and Wells Fargo Securities
Jt Ld Arrangers
200.0 Term Loan
Also amended its revolving credit facility
School Specialty
Distributor/Educational Products
Wells Fargo Capital Finance/GE Capital, Corporate Finance
Ld Arranger, Admin Agent/Co-Collateral Agent
200.0 Revolver
Refinances existing debt/GE Capital Markets: Co-Ld Arranger, Jt Bookrunner
Global Brass and Copper
Distributor/Copper, Brass Products
Wells Fargo Capital Finance, GE Capital Markets
Jt Ld Arrangers
200.0 Revolver
Wells Fargo, BofA Securities: Jt bookrunners/Supports company recap
Spartan Stores
Operator/Supermarkets
Wells Fargo Capital Finance
Arranger, Agent
200.0 Revolver
DSI Renal
Provider/Dialysis Services
GE Capital, Healthcare Financial Services
Admin Agent
193.0 Revolver
Supports acquisition of 54 dialysis clinics/GE Capital Markets: Jt lead arranger, jt bookrunner
Tensar Corp
Provider/Proprietary Products, Engineering Services
GE Antares Capital
Agent
175.0 Revolver
Company sponsors: PineBridge, American Capital, Arcapita
Five Star Quality Care
Owner/Senior Living Communities
Citigroup and RBC Capital Markets
Jt Ld Arrangers, Bookrunners
150.0 Revolver
Three-year term/Citibank: Admin agent/RBC: Syn agent/CIT Healthcare, Compass Bank, PNC, Huntington National Bank: Co-doc agents
M. Holland Co, M Holland Canada Co
Distributor/Plastic Resins
Wells Fargo Capital Finance
Sole Ld Arranger, Admin Agent
150.0 Revolver
Five-year term/Refinances existing debt/Support M. Holland's acquisition objectives
Unifi
Manufactures/Polyester, Nylon Yarns
Wells Fargo Capital Finance
Sole Ld Arranger, Bookrunner, Admin Agent
150.0 $100MM Revolver/$50MM Term Loan
Refinances existing facility
SMW Automotive
Supplier/Automotive Parts
PNC Bank
Lender
150.0 Revolver
PNC Capital Markets led syndication/Steel City Capital Funding provided junior financing
Taghleef Industries
Producer/Plastic, Packaging Films
GE Capital, Corporate Finance
Admin Agent
143.0 Revolver
Supports Applied Extrusion Technologies acquisition/GE Capital Markets: Sole ld arranger, bookrunner
Gogo
Provider/In-Flight Connectivity
Morgan Stanley, J.P Morgan
Lenders
135.0 Revolver
Supports expansion plans
RealD
Licensor/3D Technologies
City National Bank
Admin Agent
125.0 $75MM Revolver/$50MM Term Loan
Replaces existing credit agreement
TrustHouse Services Group
Provider/Healthcare, Education-Focused Food Services
CIT Group
Arranger
117.5 Revolver
Supports acquisition of Valley Services/CIT Sponsor Finance: Jt ld arranger, jt bookrunner, admin agent
Primary Energy Recycling
Operator/Clean Energy Company
Scotiabank Global Banking and Markets, RBC Capital Markets
Jt Ld Arrangers, Jt Bookrunners
110.0 $25MM Revolver/$85MM Term Loan
Five, seven-year terms/Supports purchase of Primary Energy Recycling Holdings
Ebix
Supplier/On-Demand Software, E-Commerce Services
Citibank
Admin Agent
100.0 $45MM Revolver/$45MM Term Loan
Four-year term/Citibank, Wells Fargo Capital Finance, RBS Citizens: Jt lenders
Arkansas Best
Provider/Freight Transportation, Logistics
U.S. Bank
Ld Arranger
100.0 Term Loan
Five-year term/Supports Panther Expedited Services acquisition
CAI International
Lessor/Intermodal Freight Containers
Union Bank
Admin Agent, Jt Ld Arranger, Sole Bookrunner
85.0 Revolver
Three-year term/Supports acquisition of railcars/U.S. Bank: Syn agent, jt l arranger
MetoKote
Provider/Coating Solutions
Huntington National Bank/FirstMerit Bank
Admin Agent, Sole Bookrunner/Syn Agent/Jt Ld Arrangers
80.0 Revolver
Five-year term/First Commonwealth, First National Bank of PA Sumitomo Mitsui Banking, TriState Capital Bank: lenders
Signature HealthCARE
Provider/Long-Term Care Services
Capital One Bank
Lender
70.0 Revolver
Three-year term/Supports growth
Propex Operating Company
Provider/Engineered Products
Bank of America
Lender
65.0 Revolver
Refinances existing debt
MedPlast
Producer/Precision Components
PNC Bank
Lender
60.0 Revolver
Supports acquisition of United Plastic Group/Steel City Capital Funding provided financing
Apio
Supplier/Packaged Vegetables
GE Capital, Corporate Finance
Lender
57.0 $25MM Revolver/$32MM Term Loan
Supports GreenLine Foods acquisition/GE Capital Markets: Ld arranger on portion of term loan
New Carbon Company
Provider/Waffle Mix
NXT Capital
Sole Ld Arranger, Sole Bookrunner, Admin Agent
52.8 Revolver
Supports acquisition by PNC RiverArch Capital
Halston
Designer/Women's Apparel, Accessories
Wells Fargo Capital Finance
Lender
50.0 Revolver
Trade Capital Division provided the facility
YETI Coolers
Designer/Premium Coolers
Fifth Street Finance
Ld Admin Agent, Underwriter
47.5 $7.5MM Revolver/$40MM Term Loans
Support acquisition by Cortec Group
Advanced Lighting Technologies
Manufacturer/Energy Efficient Lighting Products
Bank of America
Lender
45.0 Revolver
R. Cushman & Associates
Manufacturer/Power Transmission Products
Monroe Capital
Lender
43.3 Revolver
Supports acquisition by Fabco Automotive Corporation Partners
Alphatec Holdings
Provider/Medical Devices
MidCap Financial
Lender
40.0 Revolver
Three-year term/Replaces prior facility with Silicon Valley Bank
LLFlex
Manufacturer/Packaging, Laminated Materials
LBC Credit Partners
Agent
40.0 Term Loan
Supports purchase of LLFlex by Centre Lane Partners
Layered Technologies
Provider/Hosting, Cloud Services
Fortress Investment Group
Lender
38.0 Revolver
K-Swiss
Developer/Footwear, Apparel, Accessories
Wells Fargo Capital Finance
Lender
35.0 Revolver
Four-year term/Pays off existing facility with Bank of America
FRAC-CHEM
Manufacturer/Oilfield Chemicals
PNC Bank
Lender
35.0 Revolver
ENGlobal
Provider/Engineering, Project Services
PNC Bank
Lender
35.0 Revolver
Three-year term/Repays $35MM facility with Wells Fargo Bank
Gulf Coast Healthcare
Operator/Skilled Nursing, Assisted Living Facilities
CapitalSource Healthcare Credit
Lender
35.0 Revolver
Silverleaf Resorts
Operator/Timeshares
Capital One Bank
Lender
35.0 Revolver
Five-year term
Copernicus Group Institutional Review Board
Provider/Compliance Services
NewStar Financial
Ld Arranger, Admin Agent
33.5 Revolver
Supports acquisition by Arsenal Capital Partners
Bakers Footwear Group
Retailer/Fashion Footwear
Crystal Financial
Lender
30.0 Revolver
Four year term/Replaces existing facility with BofA
The Meadows of Wickenburg
Operator/Addiction, Trauma Treatment Center
Ally Commercial Finance
Admin Agent
28.0 Revolver
Refinances existing facility
Pacira Pharmaceuticals
Provider/Specialty Pharmaceuticals
Oxford Finance
Lender
27.5 Term Loan
Refinances existing debt
Hudson Technologies
Provider/Refrigeration Industry Solution
PNC Bank
Lender
27.0 Revolver
Three-year term/Replaces previous $15MM revolver with Keltic Financial Partners
Directional Rentals
Provider/Oilfield Services
Capital One Bank
Lender
25.0 Revolver
Five-year term/Recently acquired by Hicks Equity Partners, senior mgmt
FastPay
Operator/Digital Media Finance Platform
Wells Fargo Capital Finance
Lender
25.0 Revolver
SF Capital Group provided subordinated debt and equity investment
Anderson Regional Medical Center
Operator/Community Health System
Healthcare Finance Group
Lender
25.0 Revolver
Frederick's of Hollywood Group
Retailer/Women's Apparel, Lingerie
Salus Capital Partners
Lender
24.0 Revolver
Three-year term/Replaces $12.5MM revolver with Wells Fargo, $8MM term loan with Hilco Brands
Big M
Retailer/Apparel, Accessories
Salus Capital Partners
Lender
20.0 Revolver
GRL Capital Advisors: Arranged financing/Refinances existing facility
EnteroMedics
Developer/Medical Devices
Silicon Valley Bank
Lender
20.0 Term Loan
Delcath Systems
Provider/Pharmaceuticals, Medical Devices
Silicon Valley Bank
Lender
20.0 Revolver
Supports overall growth, development
Cambria Company
Operator/Quartz-Producing Plants
Cole Taylor Business Capital
Lender
20.0 Revolver
Southwest Georgia Ethanol
Producer/Corn Ethanol
AloStar Business Credit
Lender
20.0 Revolver
Namco
Retailer/Home Recreational Products Retailer
Salus Capital Partners
Lender
20.0 Revolver
Slate Media Group
Provider/Entertainment Production Equipment Rental
NewStar Business Credit
Lender
18.1 $14.1MM Revolver/$4MM Term Loan
Supports acquisition of Technicolor NY ops, certain assets of Telecorps Holdings
Alliance Distributors Holding
Distributor/Videogames
PNC Bank
Lender
16.5 $15MM Revolver/$1.5MM Term Loan
Three-year term/Replaces prior facility with Rosenthal & Rosenthal
NanoString Technologies
Provider/Life Sciences Tools
Oxford Finance, Silicon Valley Bank
Lenders
15.0 $2MM Revolver/$13MM Term Loan
Prospect Medical Holdings
Provider/Healthcare, Physician Services
Doral Healthcare Finance
Lender
15.0 Revolver
Part of a $40MM financing
Shoe Sensation
Retailer/Footwear, Accessories
AloStar Business Credit
Lender
15.0 Revolver
Universal Metals
Distributor/Steel Coils
Huntington Bank Asset Based Lending
Lender
15.0 Revolver
Refinances existing bank debt
Primary Packaging
Manufacturer/Polyethylene Film, Bags
FirstMerit Bank Business Credit
Lender
12.5 Revolver/Term Loan
Partially finances acquisition of Primary Packaging by Fields Ventures
PolyMedix
Developer/Therapeutic Drugs
MidCap Financial
Lender
12.0 Term Loan
Pays off existing debt facility
House of Stainless
Operator/Non-Ferrous Metals Service Center
Huntington Bank Asset Based Lending
Lender
12.0 Revolver
Refinances existing debt
Ultra Pro Corporation
Manufacturer/Gaming, Collectibles
NewStar Business Credit
Lender
11.3 Revolver/Term Loan
Support acquisition of the Collectibles Division of Ultra Pro Corp
Reliant Senior Care
Operator/Long-Term, Post-Acute Care Centers
CapitalSource Healthcare Credit
Lender
11.0 Revolver
Swift Electrical
Provider/Electrical Supply
Webster Business Credit
Lender
11.0 Revolver
Refinance existing facility
2tor
Provider/Online Degree Programs
Comerica Bank
Lender
10.0 Revolver
Supports growth, strategic initiatives
Quantum Fuel Systems Technologies
Provider/Alternative Energy
Bridge Bank
Lender
10.0 Revolver
Horton Archery
Manufacturer/Crossbows, Archery Products
NewStar Business Credit
Lender
10.0 Revolver
Supports future growth
NW Sign Industries
Manufacturer/Custom Signage
FirstMerit Bank Business Credit
Lender
10.0 Revolver
Dianne's Fine Desserts
Manufacturer/Gourmet Desserts
Huntington Bank Asset Based Lending
Lender
10.0 Revolver
Supports asset acquisition
The Markets
Operator/Grocery Stores, Pharmacies
NewStar Business Credit
Lender
10.0 Revolver
Supports growth
Compass Chemical International
Manufacturer/Specialty Chemicals
FirstMerit Bank Business Credit
Lender
9.8 Revolver/Term Loan
Refinances existing debt
John B Rudy Company
Distributor/Wire, Cable, Related Connectivity Products
First Capital
Lender
9.5 Revolver
Earthcore Industries
Manufacturer/Isokern Fireplaces, Chimneys
Cole Taylor Business Capital
Lender
9.5 Revolver
Supports acquisition needs
Colorbok
Distributor/Scrapbooking Products, Stationary, Crafts
FirstMerit Bank Business Credit
Lender
9.0 Revolver
Partially finances acquisition by Lazear Capital
Jackson and Tull
Provider/Engineering, TechnicalServices
Wells Fargo Capital Finance
Lender
9.0 Revolver
Cedar Croft Consulting: Financial advisor
Omni Valve Company
Provider/Valve Solutions
First Capital
Lender
9.0 Revolver
Whitley Products
Supplier/Fabricated Tubular Products
Keltic Financial Services
Lender
8.9 $7.5MM Revolver/$.92MM Term Loan/$.5MM CAPEX Loan
Summit Steel
Distributor/Alloy, Carbon Bar Stock
FirstMerit Bank Business Credit
Lender
8.5 Revolver
Refinances existing debt
BIOLASE
Manufacturer/Dental Lasers
Comerica Bank
Lender
8.0 Revolver
Two-year term
Zentech Manufacturing
Provider/Electronics Manufacturing Services
Cole Taylor Business Capital
Lender
7.7 Revolver
Supports company recap/NewSpring Mezzanine provided mezzanine debt, equity financing
PharmAthene
Developer/Medical Countermeasures
GE Capital, Healthcare Financial Services
Lender
7.5 $5MM Revolver/$2.5MM Term Loan
H2X
Provider/Hydro-Excavation Services
Cole Taylor Business Capital
Lender
7.3 Revolver
Consolidates debt, funds ongoing growth/Deal source: Alpine Pacific Capital
John B. Rudy Company
Distributor/Wire, Cable Products
Lawrence Financial Group
Lender
7.0 Revolver
Supports growth, expansion
Anka Behavioral Health
Provider/Rehabilitation Services
Gemino Healthcare Finance
Lender
7.0 Revolver
Pays off existing debt
Bayard Sales
Distributor/Floor Coverings
Keltic Financial Services
Lender
6.0 Revolver
Stellar Pharmaceuticals
Provider/Pharmaceuticals
Midcap Financial
Lender
6.0 Term Loan
Three-year term/Supports growth of Canadian product line
iScience Interventional
Provider/Medical Devices
Square 1 Bank
Lender
5.0 Revolver
SIS
Provider/IT Solutions, Services
Wells Fargo Capital Finance
Lender
5.0 Revolver
Supports growth
Cimarron Entertainment Group
Operator/Entertainment Marketing Agency
Lawrence Financial Group
Lender
5.0 Revolver
Dedicated Media
Provider/Customer Acquisition Platform
Wells Fargo's Technology & Venture Banking Group
Lender
5.0 Revolver
Supports expansion
Energy Services International
provider/Marine, Drilling Systems Solutions
First Capital
Lender
4.8 $4MM Revolver/$.75MM Term Loan
Femasys
Manufacturer/Medical Devices
GE Capital, Healthcare Financial Services
Sole Lender, Admin Agent
4.0 Term Loan
Supports new product development
Bright Harvest Sweet Potato Co
Processor/Frozen Sweet Potato Products
Cole Taylor Business Capital
Lender
3.5 Revolver
Finances growth
Global Information Technology
Provider/Technology-Related Services
TAB Bank
Lender
3.0 Revolver
Brodkey Brothers
Operator/Jewelry Store Chain
Salus Capital Partners
Lender
3.0 Revolver
USA Technologies
Provider/Wireless Transactions, Network Services
Avidbank Corporate Finance
Lender
3.0 Revolver
One-year term
J.J. Collins
Manufacturer/Printed Materials
TAB Bank
Lender
3.0 Revolver
Fordham Capital Partners of Chicago worked with TAB on the transaction
OraMetrix
Provider/Orthodontic 3-D Technology Solutions
Horizon Technology Finance
Lender
3.0 Revolver
Supports growth
Green Parts International
Recycler/Automobiles, Appliances
US Capital Partners
Lender
2.4 Term Loan
Refinance existing debt
Howard's Snacks
Manufacturer/Pork, Chicken Skins
Gerber Finance
Admin Agent
2.2 Revolver
Supports growth
AUXILIO
Provider/Print Services, Healthcare Industry
Avidbank
Lender
2.0 Revolver
Fred Tebb & Sons
Remanufacturer/Rough Cut Lumber
TAB Bank
Lender
2.0 Revolver
Empire Specialty Cheese Co
Manufacturer/Premium Cheeses
Gerber Finance
Lender
1.5 Revolver
Replaces bank, Supports growth/$1MM accordion feature
Divine Skin
Developer/Personal Care Products
MidCap Business Credit
Lender
1.5 Revolver
CHDT
Manufacturer/Specialty Power Failure Lighting Solutions
Postal Capital Funding
Lender
1.0 Revolver
Union Plaza
Operator/Nursing Home Facility
Sterling National Bank
Lender
1.0 Revolver