Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/06 through 6/30/06.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | |
|---|---|---|---|---|
| United Agri Products Distributor/Agricultural Inputs |
GE Global Sponsor Finance Admin Agent |
850.0 | $675MM Revolver/$175MM Term Loan Five-year term/six-year term, respectively |
|
| Science Applications International Corporation Provider/Technology Services |
Citigroup/Wachovia Capital Co-Leads |
750.0 | Revolver Five-year term; replaces $550MM revolver and $250MM revolver |
|
| Ferro Corporation Supplier/Manufacturer Materials |
National City/Credit Suisse Co-Leads |
700.0 | $250MM Revolver/$450MM Term Loan KeyBank served as documentation agent |
|
| Hilb Rogal & Hobbs Company Provider/Risk Management Services |
Banc of America Securities Lead |
425.0 | Revolver Agents incl: Bank of America, SunTrust Bank, ING Capital, PNC Bank and BB&T |
|
| PNA Group | Inc. Processor/Steel |
Bank of America Business Credit Lead |
410.0 | Revolver Banc of America Securities acted as sole arranger and book runner |
| PAETEC Corp. Supplier/Communications Solutions |
Merrill Lynch/CIT Capital Securities/Deutsche Bank Securities Co-Leads |
400.0 | $25MM Revolver/$275MM First Lien Term Loan/$100MM Second Lien Term Loan Used to refinance existing debt |
|
| Kellwood Company | Inc. Marketer/Camping Apparel & Products |
Bank of America Business Capital/Banc of America Securities Co-Lead |
400.0 | Revolver Will be used to fund acquisitions |
| Kellwood Company Marketer/Camping Products |
Bank of America Securities/J.P. Morgan Securities Co-Leads |
400.0 | Revolver Participants incl: BofA, JPMorgan Chase, Wachovia, The Bank of Nova Scotia & SunTrust |
|
| Linn Energy | LLC Provider/Natural Gas Services |
BNP Paribas Admin Agent |
400.0 | Revolver Participants incl: RBC, Societe Generale, BofA, Comerica, Bank of Scotland, Fortis Capital & Lehman Commercial Paper |
| Kansas City Southern Industries | Inc. Provider/Transportation Services |
Scotia Capital Lead |
371.1 | $125MM Revolver/$246.1MM Term Loan Used to refinance existing debt |
| Panavision | Inc. Manufacturer/Camera Systems |
Credit Suisse/Bear Stearns Co-Leads |
345.0 | Revolver Credit Suisse & Bear Stears also act as joint bookrunners |
| Pope & Talbot | Inc. Producer/Lumber |
Ableco/Wells Fargo Canada Co-Lead |
325.0 | $75MM Revolver/$250MM Term Loan Six-year term |
| Quanta Services | Inc. Provider/Contracting Services |
Bank of America Lead |
300.0 | Revolver Five-year term; replaces $182MM facility |
| Imation Corp. Provider/Data Storage Solutions |
Banc of America Securities Lead |
300.0 | Revolver Participants incl: Bank of Tokyo-Mitsubishi, J.P. Morgan Chase, US Bank & Wells Fargo |
|
| Associated Wholesalers | Inc. Distributor/Food |
LaSalle Business Credit Admin Agent |
285.0 | Revolver/Term Loan Used for acquisition of Di Giorgio |
| Oglebay Norton Company Supplier/Minerals |
J.P. Morgan Securities Lead |
230.0 | $55MM Revolver/$140MM Term Loan Revolver has a five-year term; term loan has a six-year term |
|
| InfraSource Services | Inc. Provider/Infrastructure Services |
Bank of America Lead |
225.0 | Revolver Replaces company's previous $85MM revolver and $84MM term loan |
| InfrastruX Group | Inc. Provider/Construction Services |
Monroe Capital Co-Lender |
220.0 | Revolver Used for working capital purposes |
| World Kitchen | LLC Manufacturer/Kitchenware |
Merrill Lynch Capital Lead |
220.0 | Revolver Supports company's recapitalization |
| Farley's & Sathers Candy Co. Manufacturer/Candy |
GE Antares Capital Lead |
202.0 | $35MM Revolver/$127MM First Lien Term Loan/$40MM Second Lien Term Loan Farley's & Sathers is a portfolio company of Catteron Partners |
|
| J.B. Hunt Transport Services | Inc. Provider/Transportation Services |
LaSalle Bank Lead |
200.0 | Revolver Facility expires in August 2006 |
| Pliant Corporation Producer/Packaging Products |
Merrill Lynch Commercial Finance Lead |
200.0 | Revolver Replaces pre-petition revolver and DIP facility |
|
| Globalstar | Inc. Provider/Satellite Voice Services |
Wachovia Securities Lead |
200.0 | Revolver Thermo Company also invested $200MM in equity capital |
| TLC Health Care Services | Inc. Manufacturer/Kitchenware |
Monroe Capital Lead |
190.0 | Term Loan Supports company's recapitalization |
| Sunwest Management | Inc. Operator/Senior Housing |
GE Healthcare Financial Services Lead |
175.0 | Term Loan Seven-year term |
| Montecito Broadcast Group | LLC Operator/Television Stations |
Merrill Lynch Capital Joint Lead |
168.0 | Revolver Merrill Lynch Capital also acted as syndication agent and documentation agent |
| GPX International Tire Corporation Manufacturer/Specialty Tires |
Citizens Bank/RBS Securities Co-Leads |
160.0 | Revolver Used to finance future acquisitions |
|
| Ennis | Inc. Manufacturer/Business Forms |
LaSalle Bank Admin Agent |
150.0 | Revolver |
| Augusta Sportswear Group | Inc. Manufacturer/Athletic Apparel |
GE Antares Capital Lead |
143.0 | $45MM Revolver/$48MM Term Loan A/$50MM Term Loan B Used in connection with acquisition of Holloway Sportswear |
| Silicon Graphics | Inc. Designer/Computer Workstations |
Morgan Stanley Lead |
130.0 | $30MM Revolver/$100MM Term Loan Replaces Silicon Graphics' pre-petition facility with Wells Fargo Foothill & Ableco Finance |
| Heating Oil Partners | LP Supplier/Heating & Air Conditioning Services |
JP Morgan Chase Lead |
125.0 | Revolver Refinances existing debtor-in-possession facility |
| CKX | Inc. Developer/Entertainment Content |
Bear Stearns Lead |
125.0 | Revolver Participants incl: UBS Securities, Bank of New York, Lehman Commercial Paper & Credit Suisse |
| TRM Corporation Supplier/ATM Machines |
Wells Fargo Foothill Lead |
105.0 | Revolver Six-year term |
|
| Serologicals Corporation Provider/Biological Products |
JPMorgan Chase Admin Agent |
100.0 | $50MM Revolver/$50MM Term Loan JP Morgan Securities acted as lead arranger |
|
| SureWest Communications | Inc. Provider/Telecommunications Services |
CoBank Lead |
100.0 | $25MM Revolver/$75MM Term Loan Revolver has seven-year term; term loan has ten-year term |
| NuVox Communications Provider/Communication Services |
Wachovia Bank Admin Agent |
95.0 | $10MM Revolver/$85MM Term Loan Participants incl: Wachovia Capital Markets, CIT & Deutsche Bank |
|
| Electrograph Systems | Inc. Distributor/Display Technology |
GE Antares Capital Lead |
87.0 | $80MM Revolver/$7.5MM Term Loan Revolver: five-year term; term loan: three-year term |
| Intellimark Holdings | Inc. Provider/IT Services |
Merrill Lynch Capital Lead |
80.5 | Revolver Supports Intellimark's acquisition of Impact Innovations Group |
| Pre-Paid Legal Services | Inc. Provider/Legal Services |
Wells Fargo Foothill Lead |
80.0 | $5MM Revolver/$75MM Term Loan Five-year terms |
| Audax Group Private Equity Group |
GE Antares Capital Lead |
80.0 | $20MM Revolver/$60MM Term Loan GE Originations Bank SAS served as admin agent for European facilities included in transaction |
|
| Integrated Electrical Services | Inc. Provider/Electrical Solutions |
Bank of America Business Capital Lead |
80.0 | Revolver BofA is also providing letters of credit |
| Turf Care Supply Corp. Producer/Turf Care Products |
PNC Bank Lead |
80.0 | Revolver Used for acquisition of LESCO, Inc. |
|
| Winner Steel | Inc. Supplier/Steel |
GE Corporate Lending Lead |
80.0 | Revolver Part of a total credit facility of $130MM, which also includes a $50MM term loan |
| Quest Resource Corporation Producer/Natural Gas |
Guggenheim Corporate Funding Lead |
75.0 | Third Lien Credit Facility Six-year term |
|
| Delta Educational Systems Provider/Educational Services |
GE Antares Capital Admin Agent |
75.0 | $20MM Revolver/$55MM Term Loan Participants incl: GE Capital Markets & Merrill Lynch Capital as co-lead arrangers and joint bookrunners |
|
| NaviSite | Inc. Provider/IT Hosting |
Silver Point Finance Lead |
73.0 | $3MM Revolver/$70MM Term Loan Atlantic Investors also provided a $5MM credit facility |
| The Hygenic Corp. Developer/Physical Therapy Products |
GE Antares Capital Admin Agent |
72.0 | $10MM Revolver/$62MM Term Loan Supports The Hygenic Corp.'s acquisition of PHI |
|
| Golfsmith International Holdings | Inc. Retailer/Golf Equipment |
GE Antares Capital Lead |
65.0 | Revolver Five-year term |
| United Subcontractors | Inc. Provider/Construction Services |
Monroe Capital Co-Lender |
65.0 | Revolver Refinances existing debt |
| Shermag | Inc. Designer/Furniture |
Wachovia Finance (Canada) Lead |
65.0 | $55MM Revolver/$10MM Term Loan Used to redeem Shermag's $22.2MM debt |
| Conbraco Industries | Inc. Manufacturer/Brass Products |
Monroe Capital Lead |
65.0 | Revolver/Term Loan Monroe also acted as syndication agent for the term loan |
| CR Brands | Inc. Distributor/Cleaning Products |
GE Antares Capital Admin Agent |
63.5 | $3MM Revolver/$60.5MM Term Loan AC Finance acted as co-underwriter |
| Commerce Energy Group | Inc. Provider/Energy Services |
Wachovia Capital Lead |
50.0 | Revolver Three-year term |
| Dan River | Inc. Manufacturer/Textile Products |
CapitalSource Business Credit Group Lead |
50.0 | Revolver Facilitates a financial restructuring |
| TransTechnology Corporation Manufacturer/Lifting Devices |
Wells Fargo Foothill/AC Finance Co-Leads |
50.0 | $10MM Revolver/$40MM Term Loan Used to retire approximately $45MM existing debt |
|
| Young Broadcasting | Inc. Operator/Television Stations |
Wachovia Securities/Lehman Bros/Merrill Lynch Co-Leads |
50.0 | Term Loan BNP Paribas acted as documentation agent |
| Covad Communications Group | Inc. Provider/Voice Communications |
Silicon Valley Bank Lead |
50.0 | Revolver Two-year term |
| Interdynamics Holding | Inc. Manufacturer/Air Conditioners |
Bridge Finance Group Lead |
47.5 | $35MM Revolver/$12.5MM Term Loan Refinances existing lender |
| Overhil Farms | Inc. Supplier/Frozen Foods |
Guggenheim Corporate Funding Lead |
47.5 | $7.5MM Revolver/$40MM Term Loans Five-year term |
| Lexington Precision Corporation Manufacturer/Automobile Components |
CapitalSource Lead |
45.0 | Revolver Participants incl: Webster Business Credit & DMD Special Situations |
|
| Turner Bros. Provider/Maintenance Services |
Merrill Lynch Capital Lead/Admin Agent |
41.0 | Revolver Turner Bros. is a portfolio company of Saw Mill Capital |
|
| Zila | Inc. Provider/Healthcare Technology |
Black Diamond Commercial Finance Lead |
40.0 | $20MM Term Loan/$20MM Expansion Facility Used to refinance existing debt |
| Cloyes Gear and Products | Inc. Manufacturer/Automotive Components |
LaSalle Business Credit Admin Agent |
38.9 | Revolver/Term Loan LaSalle's German affiliate, IFN Finance GmbH, also participated |
| ev3 | Inc. Manufacturer/Medical Devices |
Silicon Valley Bank Lead |
37.5 | $30MM Revolver/$7.5MM Term Loan Revolver has a two-year term |
| National Envelope Corporation Supplier/Frozen Foods |
GE Capital/Monroe Capital Co-Leads Manufacturer/Envelopes |
35.0 | Term Loan B Used to purchase assets of American Envelope Company, LLC |
|
| Carlyle/Riverstone & Cherington Capital Equity Sponsors |
NewStar Financial Lead |
33.3 | $5MM Revolver/$28.3MM Term Loans Used for acquisition of International Logging, Inc. |
|
| Lexington Precision Corporation Manufacturer/Insulators |
CapitalSource Finance/Webster Business Credit Co-Lender |
30.0 | $17.5MM Revolver/$12.5MM Term Loan Co-Agents Three-year term |
|
| RailWorks Corporation Provider/Transit Construction Services |
CapitalSource Business Credit Group Lead |
30.0 | Revolver CapitalSource also provided a $15MM letter of credit sub-facility |
|
| Procycle Group | Inc. Manufacturer/Fitness Equipment |
GMAC Commercial Finance Lead |
30.0 | Revolver |
| Coyne International Enterprises Corp. Provider Laundry Services |
GMAC Commercial Finance Lead |
30.0 | Revolver |
|
| uBid | Inc. Provider/Online Auction Services |
Wells Fargo Lead |
25.0 | Revolver Three-year term |
| Modtech Holdings | Inc. Designer/Modular Buildings |
Bank of America Business Capital Lead |
25.0 | Revolver Used to refinance existing debt |
| Geokinetics | Inc. Provider/Processing Services |
PNC Bank Lead |
24.0 | $12MMRevolver/$12MM Term Loan Replaces previous $12MM facility with HSBC Bank of Canada, Calgary |
| IMG Holdings | Inc. Holding Company |
CapitalSource Lead |
22.0 | $20MM Revolver/$2MM Overadvance Refinances existing debt |
| SkinMedica | Inc. Developer/Pharmaceuticals |
Merrill Lynch Capital Lead |
20.5 | $7.5MM Revolver/$13MM Term Loan Used for working capital purposes |
| SmartBargains.com Retailer/Online Merchandise |
Wells Fargo Retail Finance Lead |
20.0 | Revolver |
|
| Akrion | Inc. Manufacturer/Microchip Cleaning Systems |
PNC Bank Lead |
20.0 | Revolver Includes a $10MM sub-limit secured by PNC |
| Source Medical Solutions | Inc. Provider/Information Management Solutions |
Wells Fargo Foothill Lead |
18.0 | Revolver Used to fund product development |
| Telular Corporation Supplier/Wireless Products |
Silicon Valley Bank Lead |
15.0 | Revolver |
|
| Bulova Technologies | LLC Manufacturer/Electronics |
Webster Business Credit Agent |
14.5 | Revolver Three-year term |
| Fair Vane Corporation Retailer/Clothing |
GMAC CF Retail Finance Group Lead |
12.5 | Revolver Used to facilitate Fair Vane's growth in the United States |
|
| Interbath | Inc. Manufacturer/Shower Systems |
GMAC Commercial Finance Lead |
10.0 | Revolver Used for working capital purposes |
| Drinks Americas Holdings | Ltd. Distributor/Beverages |
Business Alliance Capital Company Lead |
10.0 | Revolver Used to develop product lines |
| Golden Peak Equity Private Equity Group |
PNC Business Credit Lead |
10.0 | Revolver Steel City Capital provided an additional $4MM in second-lien financing. |
|
| Laud Collier & Company Private Equity Firm |
PNC Lead |
9.5 | Revolver Supports acquisition of Oneida Molded Plastic |
|
| InfoLogix Provider/Mobile Computer Solutions |
Sovereign Bank Lead |
9.5 | Revolver/Term Loan Used to refinance existing debt |
|
| Purafilter 2000 Manufacturer/Air Filters |
Marquette Business Credit Lead |
7.5 | Revolver/Term Loan |
|
| Computer Products & Services | Inc. Distributor/Computer Parts |
Marquette Business Credit Lead |
4.9 | Revolver . |
| Universal Plastic Mold | Inc. Manufacturer/Plastic Moldings |
Marquette Business Credit Lead |
4.8 | Revolver |
| Newline Products | Inc. Manufacturer/Marker Boards |
Marquette Business Credit Lead |
3.0 | Revolver |
| Simtek Corporation Supplier/Computer Parts |
Wells Fargo Business Credit Lead |
3.0 | Revolver Used for working capital purposes |
|
| McDonald Packaging Manufacturer/Boxes & Crates |
Marquette Business Credit Lead |
2.5 | Revolver |
|
| Harry T. Williams Lumber Company Distributor/Lumber Products |
Marquette Business Credit Lead |
2.0 | Revolver |
|
| Drifter Industries | Inc. Manufacturer/Apparel |
GMAC Commercial Finance Lead |
2.0 | Factoring Facility One-year term |
| Syntricity | Inc. Provider/Software |
GE Technology Lending Lead |
1.5 | Revolver/Term Loan Used for working capital purposes |
| AllInternetNow (SmallBizManager | LLC) Website/Telecommunications Services |
SVB Silicon Valley Bank Lead |
1.0 | Revolver Provides additional working capital |