Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/24 through 6/30/24. All dollar amounts are in millions.
| DATE | BORROWER | INDUSTRY | LENDER | ROLE | AMOUNT | STRUCTURE | NOTES |
|---|---|---|---|---|---|---|---|
| 4/1/2024 | Boardwalktech Software | Software | Celtic Bank | Lender | $4 | LOC Facility | For sales and marketing expenditures, working capital requirements and balance sheet enhancements |
| 4/2/2024 | Consumer Portfolio Services | Financial Services | Ares Agent Services | Lender | $200 | Revolver | Renewal of previous facility |
| 4/3/2024 | Avison Young | Real Estate | MidCap Financial | Lender | $85 | Senior Secured Credit Facility | Part of financial recapitalization transaction |
| 4/3/2024 | N/A | Financial Services | Valley Bank | Administrative Agent | $150 | Revolver | Three-year facility with a $40MM accordion |
| 4/4/2024 | The Singing Machine Company | Karaoke Products | Oxford Commercial Finance | Lender | $2 | Senior Credit Facility | To support the funding of accounts receivable generated from ongoing sales |
| 4/5/2024 | N/A | Manufacturing | Aequum Capital | Lender | $45 | Revolver | To provide increased liquidity to execute acquisition strategy |
| 4/5/2024 | Plastic Suppliers | Petrochemical-Based Films | MidCap Business Credit | Lender | $15 | Asset-Based Credit Facility | Opportunity was sourced out of MidCap’s regional office in Baltimore |
| 4/5/2024 | Granite Ridge Resources | Oil & Gas | Bank of America | Administrative Agent | $300 | Revolver | Amended credit agreement; BofA named successor administrative agent |
| 4/8/2024 | N/A | Packaging | TAB Bank | Lender | $5 | Multi-Year Credit Facility | To support working capital needs and fund growth opportunities |
| 4/9/2024 | Mesa Laboratories | Life Science Tools | JPMorgan Chase | Lender | $200 | $125MM Revolver/$75MM Term Loan | Amended and restated credit agreement |
| 4/9/2024 | esVolta | Energy Storage | Nomura Corporate Funding Americas | Administrative Agent | $185 | Senior Secured Credit Facility | Provide access to additional development capital and credit |
| 4/9/2024 | Chart Industries | Molecule Handling Equipment | JPMorgan Chase | Lender | $1,250 | Revolver | Amended and upsized |
| 4/9/2024 | Fairway Lumber | Lumber-Related Products | Legacy Corporate Lending | Lender | $25 | Asset-Based Credit Facility | Financing was finalized in March |
| 4/9/2024 | Hilton Grand Vacations | Hospitality | Bank of America | Lead Arranger | $1,300 | Term Loan | Pricing reduced by 25 bps |
| 4/10/2024 | AmeriTex | Concrete Products | Bank of America | Lender | $155 | To support growth in products and other capabilities | |
| 4/10/2024 | Quinn Residences | Real Estate | JPMorgan Chase | Administrative Agent | $850 | Revolver | $350MM upsize with potential for another $650MM upsize |
| 4/10/2024 | DataBank | Cloud Services | TD Securities | Administrative Agent | $725 | To finance ongoing and future data center construction projects | |
| 4/10/2024 | Cushman & Wakefield | Real Estate | JPMorgan Chase | Administrative Agent | $1,000 | Term Loan | Pricing reduced by 25 bps |
| 4/11/2024 | N/A | Electronics Manufacturing | SLR Business Credit | Lender | $1.75 | Revolver | Facility paid out company’s bank and provided additional working capital |
| 4/11/2024 | ACT Entertainment | Audio and Lighting | Comvest Credit Partners | Administrative Agent | $117 | Senior Secured Credit Facility | To refinance existing debt and support acquisitions |
| 4/12/2024 | N/A | Equipment Finance | Encina Lender Finance | Lender | $30 | Senior Secured Credit Facility | To originate new equipment leases |
| 4/12/2024 | Endo Finance Holdings | Pharmaceuticals | Goldman Sachs | Left Lead Arranger | $1,500 | Term Loan | Part of exit financing |
| 4/16/2024 | N/A | Fashion Apparel | Mountain Ridge Capital | Lender | $24 | Senior Secured Credit Facility | To refinanc the debt of another lender and for working capital |
| 4/16/2024 | N/A | Seafood | Rosenthal & Rosenthal | Lender | $11 | ||
| 4/16/2024 | N/A | Pharmaceuticals | Great Rock Capital | Lender | $33 | Senior Secured Credit Facility | To refinance existing indebtedness and to support future growth initiatives |
| 4/16/2024 | Koppers | Wood Treatment Products | Wells Fargo | Administrative Agent | $497 | Term Loan | Repricing and Upsize |
| 4/17/2024 | N/A | Metal Stamping | Aequum Capital | Lender | $9.1 | Revolver and Equipment Term Loan | To support working capital and growth |
| 4/17/2024 | N/A | Temporary Staffing | Republic Business Credit | Lender | $6.75 | Asset-Based Loan | Has accordion feature in the event of company growth and no cash flow related covenants |
| 4/17/2024 | N/A | Business Services | eCapital | Lender | $7 | Asset-Based Loan | |
| 4/18/2024 | Sétanta Development Capital | Real Estate Financing | Victory Park Capital | Lender | $100 | To support acquisition and development financing for residential land developers | |
| 4/18/2024 | FPL Food | Cow Processing | Edge Capital Lending | Primary Agent | $40 | Revolver | |
| 4/18/2024 | N/A | Biomass Wood Pellets | Edge Capital Lending | Lender | $25 | Line of Credit | |
| 4/18/2024 | N/A | Hairstyle Tools | Edge Capital Lending | Lender | $10 | Line of Credit | |
| 4/18/2024 | N/A | Stainless-Steel Containers | Edge Capital Lending | Lender | $6 | Line of Credit | |
| 4/18/2024 | N/A | Injection Molding | Edge Capital Lending | Lender | $6 | Line of Credit | |
| 4/18/2024 | N/A | Chocolate | Edge Capital Lending | Lender | $5 | Line of Credit | |
| 4/19/2024 | N/A | Nursing Home Operator | SLR Healthcare ABL | Lender | $9 | Revolver | To refinance existing debt and provide additional liquidity for operations |
| 4/19/2024 | RadNet | Outpatient Diagnostic Imaging Services | Barclays, et al. | Joint Lead Arrangers | $1,157 | $875MM Term Loan/$282MM Revolver | To refinance term loans, pay fees and expenses, and fund balance sheet |
| 4/22/2024 | Kent Outdoors | Outdoor Products | Eclipse Business Capital | Lender | $100 | Follows recent investments from Goldman Sachs and Comvest Partners | |
| 4/22/2024 | N/A | Auto Finance | Encina Lender Finance | Lender | $22.5 | To support growth | |
| 4/22/2024 | Kraken Robotics | Marine Technology | Bank of Nova Scotia | Lender | $45 | $35MM Revolver/$10MM Revolving Capex LOC | Also includes $10MM uncommitted LOC and $30MM accordion |
| 4/23/2024 | Danimer Scientific | Bioplastics | Mountain Ridge Capital | Lender | $20 | Revolver | For general corporate purposes and working capital needs |
| 4/24/2024 | Mountain Ridge Capital and Alpine Ridge Funding | Financial Services | Wells Fargo Capital Finance | Lender | $110 | Senior Credit Facility | To support MRC’s and ARF’s continued growth in serving the credit needs of middle-market companies |
| 4/26/2024 | Tillman Infrastructure | Wireless Communication Infrastructure | JPMorgan Chase | Arranger | $500 | Term Loan | Part of $1B financing package |
| 4/26/2024 | KBS Builders | Construction | KeyBank | Lender | $4 | Revolver | To meet working capital requirements and execute business plan |
| 4/29/2024 | N/A | Consumer Lending | Encina Lender Finance | Lender | $25 | Senior Credit Facility | For continued portfolio growth |
| 4/29/2024 | Yum! Brands | Restaurants | JPMorgan Chase | Administrative Agent | $2,000 | $1.5B Revolver/$500MM Term Loan | Refinancing |
| 4/30/2024 | N/A | Seafood Importer | Wintrust Business Credit | Lender | $25 | ABL Line of Credit | To assist with growing working capital financing needs |
| 4/30/2024 | Rocky Brands | Footwear and Apparel | Bank of America | Agent | $225 | $175MM Revolver/$50MM Term Facility | Extension and upsize for debt refinancing |
| 5/1/2024 | BrightWorks IT | IT | Aequum Capital | Lender | $6 | Senior Term Loan | |
| 5/1/2024 | N/A | Aerospace | LSQ | Lender | $20 | Accounts Receivable Credit Facility | To pay off an existing line of credit and support manufacturing growth |
| 5/1/2024 | N/A | Plastics | Accord Financial | Lender | $25 | Credit Facility | Includes a revolving line of credit, equipment term loan and equipment lease |
| 5/1/2024 | Group 1 Automotive | Automotive | U.S. Bank, et al. | Lender | $2,500 | Revolving Syndicated Credit Facility | $500MM upsize |
| 5/1/2024 | Emergent BioSolutions | Biotechnology | Wells Fargo | Administrative Agent | $200 | Revolver | $270MM downsize |
| 5/2/2024 | Entertainment | Cedar Fair | Goldman Sachs et al. | Lead Arranger | $1,300 | Credit Facility | Comprised of $1B term loan and $300MM revolving credit facility |
| 5/2/2024 | Fluent | Performance Marketing | SLR Credit Solutions | Lender | $50 | Senior Credit Facility | To refinance existing debt and to provide enhanced liquidity for general operations and growth. |
| 5/2/2024 | N/A | Digital Marketing | SLR Digital Finance | Lender | $4 | Credit Facility | To support expansion and general working capital needs |
| 5/3/2024 | Cashco Financial | Online Lending | Bastion Management | Agent | $50 | Senior Debt Investment | To refinance an existing senior lender and fund future growth of its Canadian consumer lending portfolio |
| 5/3/2024 | N/A | Medical | eCapital | Lender | $5 | Ledge Line Factoring | To ramp up inventory and receivables to meet anticipated demand. |
| 5/6/2024 | Bowman Consulting Group | Real estate, energy, infrastructure, and environmental | Bank of America and TD Bank | Administrative Agent and Syndication Agent | $100 | Revolving Credit Facility | Replaces $70 million revolving line of credit with Bank of America |
| 5/7/2024 | Quady Winery | Wine | BizCap | Lender | $17 | Term Loan & Line of Credit | $11 million term loan and a $6 million line of credit to recapitalize and refuel future strategic growth initiatives |
| 5/7/2024 | Aircraft Engine Lease Finance | Aircraft | Merchants Bank | Lender | $40 | Credit Facility | Collateralized, in part, by four of the borrow's ten A330-200s |
| 5/7/2024 | Jeeves | Financial Services | Community Investment Management | $75 | Credit Facility | Enhance the borrower’s financial product suite in its primary Latin American markets: Brazil, Colombia and Mexico | |
| 5/8/2024 | Nationwide Energy Partners | Utility | Comvest Credit Partners | Administrative Agent and Sole Lender | $70 | Senior Secured Credit Facility | Retires existing debt and support new strategic initiatives |
| 5/8/2024 | C3 Rentals | Trailers | WhiteHawk Capital Partners | Lender | $100 | Asset-Based Credit Facility | Provides incremental liquidity for continued growth and refinances existing debt |
| 5/8/2024 | The Barton Group | Garnet Abrasives | Legacy Corporate Lending | Lender | $30 | Asset-Based Credit Facility | |
| 5/9/2024 | N/A | Auto Finance | Encina Lender Finance | Lender | $20 | Senior Credit Facility | To support continued expansion |
| 5/9/2024 | N/A | Air Tools | SLR Business Credit | Lender | $28 | Credit Facility | To support expansion and increased commitment to growing energy efficient products |
| 5/10/2024 | Verona Pharma and VPI | Pharmaceuticals | Oaktree Capital Management and OMERS Life Sciences | Lenders | $650 | Strategic Financing Agreements | Up to $400 million in term loans available in five separate tranches via a term loan facility and up to $250 million in funding from the sale of a redeemable interest in future ensifentrine-related revenue |
| 5/10/2024 | Electric Hydrogen | Electrolyzers | HSBC et al. | Lenders | $100 | Credit Facility | To support manufacturing and deployment of 100MW electrolyzer plants |
| 5/10/2024 | Ramaco Resource | Metallurgical Coal | KeyBank | Lender | $200 | Revolving Credit Agreement | Amends existing credit facility, provides access to an additional $75 million through an accordion feature, extends maturity date from 2026 to 2029. |
| 5/10/2024 | N/A | Organic beverage | TAB Bank | Lender | $10 | Credit Facility | |
| 5/10/2024 | N/A | Aviation | TAB Bank | Lender | $9 | Credit Facility | |
| 5/10/2024 | N/A | Consumer packaging | TAB Bank | Lender | $5 | Credit Facility | |
| 5/10/2024 | N/A | Contracting | TAB Bank | Lender | $5 | Credit Facility | |
| 5/10/2024 | N/A | Merchandising | TAB Bank | Lender | $5 | Credit Facility | |
| 5/10/2024 | N/A | Paper product alternatives | TAB Bank | Lender | $3 | Credit Facility | |
| 5/10/2024 | N/A | Organic bone broth | TAB Bank | Lender | $2 | Credit Facility | |
| 5/10/2024 | N/A | Trucking and shipping | TAB Bank | Lender | $1 | Credit Facility | |
| 5/10/2024 | N/A | Cyber-security and brand authentication | TAB Bank | Lender | $0.75 | Credit Facility | |
| 5/13/2024 | C3 Rentals | Trailers | WhiteHawk Capital Partners | Lender | $100 | Debt Facility | Arranged by Ankura Capital Advisors; increases liquidity, supports future working capital needs |
| 5/13/2024 | N/A | Sporting Goods | Eclipse Business Capital | Lender | $105.8 | Senior Secured Credit Facility | Consists of an ABL revolving line of credit and term loan; secured by accounts receivable, inventory and intellectual property rights; will refinance existing credit facilities and provide additional liquidity for working capital purposes |
| 5/13/2024 | N/A | Food and Beverage, Hotel, Agriculture, Industrial and Healthcare | eCapital | Lender | $18 | ABL Facility | Relieves immediate pressures and paves the way for sustainable recovery |
| 5/13/2024 | Royal Chemical | Chemical Manufacturing | Huntington Business Credit | Lender | $38 | Credit Facilities | To refinance existing debt and provide ongoing working capital financing |