Notable ABL Transactions Data gathered from direct sources, news releases and other public information — covers 10/01/21 through 12/31/21.
Star Mountain Capital closed a $225 million asset-based leverage facility led by ING Capital. The lending group consists of ING, CIT, TIAA Bank, Axos Bank, East West Bank, Georgia Banking Company and Customers Bank.
The strength of the economic recovery pushed this past quarter’s national Citizens Business Conditions Index (CBCI) to 57, its highest reading in three years and up five points compared to last year. A reading above 50 is considered expansionary.
MoneyGram International closed a new $400 million senior secured term loan and a new undrawn revolving facility of $32.5 million, both pursuant to a new credit agreement with Bank of America as administrative agent.
Emerald Energy Venture, a joint venture of National Grid, secured a $150 million portfolio revolving facility with an accordion feature up to $250 million. SMBC was lead arranger, bookrunner, green loan coordinator and collateral and administrative agent for the facility.
Fifth Third Bank joined as lender with Capital One as agent and lender, to provide Rimini Street with a $90 million five-year senior secured credit facility. Fifth Third provided $30 million and Capital One provided $60 million.
Marathon Gold entered into an exclusive non-binding indicative term sheet with Sprott Resource Lending for a senior secured project financing facility of $185 million. Marathon Gold will use proceeds from the credit facility to fund the construction of the Valentine Gold Project.
Intersect ENT, a global ear, nose and throat medical technology company, entered into a $60 million secured term loan agreement with a fund managed by Deerfield Management Company.
Motus GI Holdings refinanced its debt and expanded its long-term credit facility with a new loan agreement with Kreos Capital for up to $12 million. The new facility replaces Motus GI Holdings’ previous term loan agreement with Silicon Valley Bank and removes an existing $10 million minimum cash balance liquidity covenant.
CarVal Investors will expand its CLO platform by creating and managing CLOs that will focus on public and private companies with favorable ESG risk scores.