Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 7/1/06 through 9/30/06.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | |
|---|---|---|---|---|
| Atrium Company Manufacturer/Windows & Patio Doors |
Merrill Lynch Capital Lead |
475.0 | Revolver Supports acquisition of Champion Window. Atrium is a Kenner & Co. portfolio company |
|
| American Medical Systems Holdings Provider/Pelvic Health Solutions |
CIT Healthcare Lead |
430.0 | Revolver Supports acquisition of Laser Scope; part of $615MM total financing |
|
| Primedex Health Systems | Inc. Provider/Imaging Services |
GE Healthcare Financial Services Lead |
405.0 | $45MM Revolver/$360MM Term Loan Used to support acquisition of Radiologix |
| Kendle International | Inc. Provider/Clinical Research Services |
UBS Securities Sole Lead Arranger |
225.0 | $25MM Revolver/$200MM Term Loan Five-year term/six-year term; funds various acquisitions |
| FTD Group | Inc. Provider/Floral Services |
Wells Fargo Lead |
225.0 | $75MM Revolver/$150MM Term Loan Used to support acquisition of Interflora Holdings Limited |
| Van Wagner Communications Provider/Outdoor Advertising |
GE Global Media & Communications Lead |
200.0 | Revolver GE Capital was Sole Lead Arranger |
|
| Pliant Corporation Manufacturer/Specialty Films & Packaging |
Merrill Lynch Commercial Finance Lead |
200.0 | Revolver Exit financing |
|
| Asta Funding | Inc. Provider/Liquidation Services |
IDB Bank/Merrill Lynch Capital Co-Leads |
175.0 | Revolver Three-year term |
| New Wave Communications Provider/Cable & Internet Services |
GE Global Media & Communications Admin. Agent |
162.0 | Senior Secured/Mezzanine Financing GE Capital was Sole Lead Arranger; supports cable systems acquisitions in Kentucky & Illinois |
|
| Castle Harlan | Inc. & CHAMP Private Equity Private Equity Sponsors |
GE Antares Capital/GE Capital Australia Lead Arrangers |
140.0 | $120MM Revolver/$20 MM Second Lien Facility Supports acquisition of Great Western Malting, Canada Malting Company & others |
| Secure Computing Corp. Developer/Network Security Solutions |
Citigroup Lead |
135.0 | $20MM Revolver/$115MM Term Loan Used in acquisition of CipherTrust |
|
| Oakleaf Waste Management | LLC Provider/Waste Management Svcs. |
Merrill Lynch Capital Lead Arrangers |
115.0 | Revolver Borrower is a Charterhouse Group portfolio company |
| Fitness Quest | Inc. Distributor/Home Fitness Products |
GE Global Sponsor Finance/Comerica Bank Co-Lead Arrangers |
105.0 | $50MM Revolver/$55MM Term Loan Five-year term/five-year term; refinances existing indebtedness |
| Guess? Inc. Designer/Apparel |
Bank of America Lead |
85.0 | Revolver Replaces existing ABL facility with Wachovia Securities |
|
| NATCO Group | Inc. Provider/Oil Production Products |
Wells Fargo Lead |
85.0 | Revolver Participants incl: HSBC, BofA, JPMorgan, Calyon & Compass Bank |
| Orange Broadband | Inc. Provider/Broadband Services |
GE Global Media & Communications Administrative Agent |
70.0 | $15MM Revolver/$45MM Term Loan/$10MM Second Lien Loan Supports acquisition of certain assets of Charter Communications |
| Seaport Capital | LLC Venture Capital Firm |
GE Media & Communications Admin Agent |
68.0 | Revolver Used in acquisition of Everest Connections |
| PetSmart | Inc. Retailer/Pet Products |
Bank of America Lead |
65.0 | Revolver May be increased to $80MM |
| Bush Industries | Inc. Manufacturer/Furniture |
Bank of America Business Capital Lender |
56.5 | Revolver DDJ Capital Management owns a majority stake in borrower |
| Transportation Resource Partners | LP Private Equity Sponsor |
GE Antares Capital Administrative Agent |
56.5 | $5MM Revolver/$37.5 Term Loan/$14 Second Lien Term Loan Supports acquisition of National Powersport Auctions |
| Coachman Industries | Inc. Manufacturer/Recreation Vehicles |
LaSalle Business Credit Lender |
55.0 | Revolver Five-year term |
| TransFirst Holdings | Inc. Provider/Payment Processing Svcs. |
American Capital Strategies Lender |
54.0 | Second Lien Junior Term Loan Merrill Lynch Capital provided senior credit facilities |
| Specialty Manufacturing Company Supplier/Safety Components |
Merrill Lynch Capital Lender |
53.0 | Revolver Supports borrower's recapitalization by Century Park Capital Partners |
|
| Liberty Partners Private Equity Sponsor |
Merrill Lynch Capital Sole Lead Arranger |
50.0 | Revolver Supports acquisition of Component Hardware Group |
|
| TRC Provider/Risk Mgmt. |
Wells Fargo Foothill Lead |
50.0 | Revolver Services Five-year term; replaces Wachovia Bank facility |
|
| Adams Respiratory Therapeutics | Inc. Manufacturer/OTC Medications |
RBC Capital Markets Lead |
50.0 | Revolver |
| Tengasco | Inc. Provider/Gas Services |
Citibank Texas Lead |
50.0 | Revolver Company's initial borrowing base set at $2.6MM |
| Duni Corporation Manufacturer/Food Service Supplies |
GE Antares Capital Lead Arranger |
39.0 | Participants: CIT Sponsor Finance (syn agent) & Madison Capital (doc agent) |
|
| Wynnchurch Capital | Ltd. Private Equity Sponsor |
GE Antares Capital Administrative Agent |
38.0 | Revolver GE Capital Markets was lead arranger; supports acquisition of SafeWorks, LLC |
| Century Park Capital Private Equity Firm |
GE Antares Capital Admin. Agent |
37.5 | $4MM Revolver/$26MM Term Loans/$7.5MM Acquisition Financing Private Equity Firm Supports borrower's acquisition of Eckler Industries; GE Capital Markets was Sole Lead Arranger |
|
| C&B Services | Inc. Provider/Disaster Recovery Services |
New Stream Capital Lender |
35.0 | Revolver One-year term |
| MarketFare Foods | Inc. Manufacturer/Specialty Foods |
GE Commercial Finance Lead Lender |
30.0 | $10MM Revolver/$20MM Second Lien Loan GE Capital Markets was lead arranger |
| AMB Tran Group Provider/Medical Transportation Services |
Monroe Capital Lead |
30.0 | $5MM Revolver/$23MM Term Loans/$2MM CAPEX Refinances existing indebtedness/assists in dividend recapitalization |
|
| Clark Security Products | Inc. et al. Distributor/Security Products |
PNC Business Credit Lender |
29.5 | Revolver Co-borrowers include General Lock & others |
| Five Star Food Service Provider/Food Vending Services |
Wells Fargo Foothill Lead |
26.0 | Revolver Other participants include: Chatham Capital, Harbert Mgmt. & Morgan Kegan Mezzanine Funding |
|
| Zumiez.com | Inc. Manufacturer/Sporting Apparel |
Wells Fargo HSBC Trade Bank Lead |
25.0 | Revolver |
| Barnett Corporation Distributor/Paper Products |
Webster Business Credit Lead |
25.0 | Revolver |
|
| Patriot Timber Products International | Inc. Distributor/Lumber |
Webster Business Credit Lead |
22.5 | Revolver |
| Crown Crafts | Inc. Designer/Woven Products |
CIT Commercial Services Lead |
22.0 | Revolver Three-year term |
| International Food Packers Association Distributor/Food Products |
PNC Business Credit Lead |
20.9 | $20MM Revolver/$.9MM Term Loan |
|
| Allied Cash Holdings | LLC Provider/Payday Lender Services |
Continental Business Credit Lead |
20.0 | Revolver Represents $11MM increase from previous facility |
| Kitty Hawk Provider/Ground Freight Transportation Services |
PNC Bank Lead |
20.0 | Revolver Represents $5MM increase from previous facility |
|
| youbet.com Provider/Internet Wagering Services |
Wells Fargo Foothill Lead |
19.0 | $4MM Revolver/$15MM Term Loan Replaces MM&T bank facility |
|
| Long's Jewelers | LTD. Retailer/Jewelry |
Webster Business Credit Lead |
18.9 | $17MM Revolver/$1.9MM CAPEX line |
| Gorman Group Provider/Transporation Services |
U.S. Bank Business Credit Lead |
18.0 | Revolver U.S. Bank Equipment Finance provided $4.7MM for borrower's fleet |
|
| Westin Automotive Product | Inc. Distributor/After-Market Truck Parts |
Union Bank of California Lead |
17.1 | $16MM Revolver/$1.1MM Term Loan |
| Avon Automotive Holdings | Inc. Manufacturer/Rubber Products |
Crystal Capital Lead |
16.3 | Second Lien Junior Term Loan Jeffries Finance agented $80MM in additional facilities |
| Intergrated BioPharma | Inc. Manufacturer/Pharmaceuticals |
Amalgamated Bank Lead |
15.0 | Revolver Refinances indebtedness with Bank of America |
| Bidz | Inc. On-line Retailer/Jewelry |
LaSalle Retail Finance Lead |
15.0 | Revolver Includes $5MM accordion feature |
| Milestone Partners Private Equity Firm |
New Star Financial Lead |
15.0 | $2.5MM Revolver/$12.5MM Term Loans Supports acquisition of portfolio company, Bodybuilder.com |
|
| Bulova Technologies | LLC Manufacturer/Electronic Components |
Webster Business Credit Lead |
14.5 | Revolver |
| Kayon Corporation Designer/Women's Apparel |
Capstone Business Credit Lead |
13.5 | $9MM Factoring/$4.5MM Purchase Order Two-year term |
|
| PureTek Corp. Manufacturer/Personal Care Products |
GMAC Structured Finance Lead |
12.8 | Revolver/Term Loan/CAPEX Facility |
|
| Traffic.com | Inc. Provider/Traffic Information |
Square 1 Bank Lead |
12.0 | Revolver Two-year term |
| Advancis Pharmaceutical Corporation Developer/Pharmaceuticals |
Merrill Lynch Capital Lead |
12.0 | $4MM Revolver/$8MM Term Loan Used to repay existing debt |
|
| J. Kindemann & Sons Manufacturer/Christmas Lights |
LaSalle Business Credit Lead |
11.8 | Revolver |
|
| Proam Enterprise | Inc. Designer/Security Cameras |
U.S. Bank Business Credit Lead |
10.0 | Revolver |
| Natrol | Inc. Manufacturer/Nutritional Supplements |
Wachovia Capital Finance Lead |
10.0 | Revolver |
| Next | Inc. Provider/Licensed Sportswear |
GMAC Commercial Finance Lead |
10.0 | Revolver Replaces indebtedness with National City Bank (Indiana) |
| Personnel Staffing Group Provider/Temporary Staffing Services |
Capital TempFunds Lead |
10.0 | $9MM Revolver/$1MM Acquisition Loan $1MM supports acquisition of Most Valuable Personnel, Inc. |
|
| Southeastern Metal Products | LLC Producer/Stamped Metal Products |
PNC Business Credit Lead |
9.8 | Revolver |
| Healthaxis | Inc. Provider/Healthcare Payer Solutions |
Silicon Valley Bank Lead |
5.8 | $5MM Revolver/$.75MM CAPEX Line |
| Thompson Brands Manufacturer/Chocolates |
Webster Business Credit Lead |
5.4 | Revolver Three-year term |
|
| ForeScout Technologies | Inc. Provider/Network Access Control |
Hercules Technology Growth Capital Lead |
5.0 | Revolver |
| IsoTis OrthoBiologics Manufacturer/Orthobiologics |
Silicon Valley Bank Lead |
5.0 | Revolver Two-year term |
|
| Summit Corporation of America Provider/Electroplating Services |
Webster Business Credit Lead |
5.0 | Revolver |
|
| Consolidated Casting Manufacturer/Precision Steel Casting |
Marquette Business Credit Lead |
4.5 | Revolver/Term Loan |
|
| Brighter Mind Media | Inc. Publisher/Children's Media |
Laurus Master Fund Lead |
3.5 | $2.25MM Revolver/$1.25 Term Loan Facility secured by first lien on Brighter Child Interactive assets |
| Company Name Provider/Refurbished Medical Equipment |
Bridge Finance Group Lead |
3.3 | Revolver |
|
| Ironclad Performance Wear Corporation Manufacturer/Specialty Apparel |
Wells Fargo Century Lead |
3.0 | Revolver |
|
| Poly-Tak Protection Systems Provider/Adhesive Films |
Marquette Business Credit Lead |
2.8 | Revolver |
|
| A. Meredith Schneider Company Producer/Utility Poles |
Marquette Business Credit Lead |
2.3 | Revolver |
|
| Communications Marketing and Distribution Services Inc. Provider/Digital Printing Svcs. |
Marquette Business Credit Lead |
2.3 | Revolver |
|
| Gynesonics | Inc. Developer/Medical Treatments |
Hercules Technology Growth Capital Lead |
2.0 | Revolver |