Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/07 through 6/30/07.
LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||||
---|---|---|---|---|---|---|---|
Berry Plastics Group | Inc. Manufacturer/Plastic packaging products |
Bank of America Business Capital Lender |
400.0 | Revolver, Letters of Credit Refinances previous debt |
|||
American Commercial Lines | Inc. Integrated marine transportation |
service company | Wells Fargo Bank/Bank of America, JPMorgan Chase/Fortis, LaSalle et al Admin Agent/Co-syndication agents/Co-documentation agents |
400.0 | Revolver Five-year term/Replaces previous debt |
||
WESCO Distribution | Inc. Distributor/Electrical supplies |
equipment | GE Commercial Finance Corporate Lending Lender |
365.0 | Asset-based facility GE Capital Markets is arranger |
||
Red Robin Gourmet Burgers | Inc. Casual dining restaurant chain |
Wachovia Capital Markets Sole Lead Arranger, Bookrunner |
300.0 | $150MM Term Loan/$150MM Revolving Line of Credit Five-year term/Replaces previous debt |
|||
Jason | Inc. Manufacturer/Comprised of five businesses |
GE Capital Markets Sole lead arranger, bookrunner |
260.0 | $40MM Revolver/$220MM Term Loan GE Antares Capital: admin agent |
|||
Handleman Company Distributor/Music CDs |
video games | GE Commercial Finance Corporate Lending, GE Capital Markets Co-Lead arrangers |
250.0 | $110MM asset-based facility/$140MM Revolver |
|||
Riviera Holdings Corporation Operator/Riviera Hotel & Casino |
Riviera Black Hawk Casino | Wachovia Capital Markets, Wachovia Bank Sole Lead Arranger/Bookrunner, Admin Agent/Sole Initial Lender |
245.0 | $20MM Revolver/$225MM Term Loan Wells Fargo Foothill: syndication agent/CIT Lending Services: documentation agent |
|||
Transaction Network Services | Inc. Provider/Data communications services |
GE Capital Markets Lead Arranger |
240.0 | $15MM Revolver/$225MM Term Loan GE Commercial Finance, admin agent/Supports recap |
|||
Patheon | Inc. Provider/Drug development |
manufacturing services | J.P. Morgan Securities and GE Commercial Finance Arrangers |
225.0 | $75MM Revolver/$150MM Term Loan Term loan: seven-year term/Revolver: five-year term |
||
Fenway Partners | Inc. | Roadlink USA | Inc. Middle-market private equity firm/Provider: Intermodal logistics services |
GE Capital Markets, BMO Capital Markets Co-Lead Arranger, Bookrunner/Co-Lead Arranger, Syndication Agent |
219.0 | $160MM First Lien/$59MM Second Lien GE Antares: admin agent/Supports WSS, Staffworks acquisitions |
|
Callon Petroleum Company Operator |
Developer/Oil & gas properties in Gulf Coast region | Merrill Lynch Capital Lender |
200.0 | Revolver Supports BP's Entrada Field Acquisition/Seven-year term |
|||
Ferrous Processing & Trading Co. Provider/Scrap recovery processes |
scrap-derived raw materials | Wachovia Capital Finance Sole lead arranger/Bookrunner/Admin agent |
175.0 | Revolver |
|||
Ormet Corp. Provider/Fully-integrated aluminum |
Wachovia Capital Finance Lead arranger/Bookrunner/Admin agent |
175.0 | Revolver/Term Loan |
||||
Essex Crane Rental Corp. Provider/Crawler crane rentals |
Wachovia Capital Finance Lead arranger/Sole bookrunner/Admin agent |
170.0 | Revolver |
||||
York Tape and Label | Inc. Manufacturer/Prime |
pressure sensitive labels | GE Capital Markets Lender |
170.0 | $20MM First Lien Revolver/$100MM First Lien Term Loan/$50MM Second Lien Revolver Supports recap of company by Wind Point Partners/GE Antares is admin agent |
||
Multimedia Games | Inc. Developer/Comprehensive systems |
electronic games | player terminals | Comerica Bank Lender |
150.0 | Revolver Five-year term/Replaces previous debt |
|
Danka Business Systems PLC Provider/Enterprise imaging systems |
services | GE Corporate Lending Lender |
145.0 | $40MM Revolver/$60MM Term Loan/$45MM Second Lien Refinances previous debt |
|||
Park Avenue Equity Partners II Private equity firm |
GE Capital Markets Lead Arranger, Bookrunner |
143.0 | $20MM Revolver/$93MM Term Loan/$30MM Mezzanine Loan GE Commercial Finance, admin agent/Supports acquisition of Coastal Concrete |
||||
Universal Hospital Services | Inc. Provider/Medical equipment lifecycle services |
Merrill Lynch Capital Lead Lender |
135.0 | Line of Credit |
|||
Photronics | Inc. Manufacturer/Photomasks |
JPMorgan Chase, Citizens Bank of Massachusetts, HSBC Bank USA, Citibank Admin Agent/Collateral Agent, Co-syndication Agents |
125.0 | Revolver Bank of America, UBS Loan Finance participating/Five-year term |
|||
Cortec Group Fund IV Private equity firm |
GE Capital Markets Sole Lead Arranger/Bookrunner |
118.0 | $10MM Revolver/$108MM Term Loan GE Antares Capital, GE Healthcare Financial Services: admin agent/Supports The Hygenic Corp. acquisition |
||||
TLC Vision Corp. Eye care services company |
CIT Healthcare Lender |
110.0 | $25MM Revolver/$85MM Term Loan |
||||
Navarre Corporation Publisher |
Distributor/Home entertainment | multimedia products | GE Corporate Lending Lender |
110.0 | Revolver GE Capital Markets: arranger/Replaces previous debt |
||
NEPTCO Inc. Manufacturer/Engineered materials |
GE Capital Markets/GE Antares Capital Sole Lead Arranger/Bookrunner, Admin. Agent |
101.0 | $20MM Revolver/$81MM Term Loan Supports company recap |
||||
BI-LO | LLC Operator/Southeast supermarket chain |
Merrill Lynch Capital Sole Lead Arranger, Sole Bookrunner, Admin Agent |
100.0 | Revolver Refinances previous debt |
|||
NaviSite | Inc. Provider/Application |
technology services | CIBC World Markets Lead Arranger/Sole Bookrunner |
100.0 | $10MM Revolver/$90 MM Term Loan Revolver: five-year term/Term Loan: six-year term |
||
Multi-Color Corporation Provider/Decorating solutions |
packaging services | LaSalle Bank, BMO Capital, Key Bank and PNC Bank Lenders |
100.0 | Revolver Five-year term/Refinances previous debt |
|||
European Metal Recycling | LLC UK-based metal recycling company |
PNC Bank Lender |
100.0 | $70MM Revolver/$30MM Term Loan Support expansion into U.S. |
|||
InterMedia Partners | L.P. Private equity investment firm |
CIT Communications, Media and Entertainment Lender |
95.0 | Revolver Supports acquisition of LIN Television Corp.'s assets in Puerto Rico |
|||
Audax Group Investor/Middle-market companies |
GE Capital Markets Lead Arranger/Bookrunner |
90.5 | Revolver/Term Loan/Acquisition Facility GE Antares: admin agent/Supports A&A Manufacturing Co. acquisition |
||||
Cambridge Inc. Provider/Metal conveyor belts |
GE Capital Markets Sole Lead Arranger, Bookrunner |
90.0 | $15MM Revolver/$75MM Term Loans GE Antares: admin agent/Supports company recap |
||||
Peak Broadcasting LLC Broadcasting company |
GE Capital Markets Lead Arranger/Bookrunner |
86.5 | $68.5MM First Lien GE Media, Communications & Entertainment: admin agent, underwriter |
||||
The Newark Group | Inc. Provider/Recycled paperboard |
Wachovia Capital Finance Lead arranger/Sole bookrunner/Admin agent |
85.0 | Revolver |
|||
Ryan & Company | Inc. Provider/State |
local tax consulting | Bank of America, Comerica Bank and JPMorgan Chase Lender |
80.0 | Multi-Currency Syndicated facility Supports future growth |
||
Rackspace Managed Hosting | Ltd. Provider/Enterprise-level managed services |
Comerica Bank, JPMorgan Chase Lenders |
70.0 | $45MM Revolver/$25MM Term Loan |
|||
Monomoy Capital Partners L.P. Private equity firm |
National City Business Credit Agent |
68.5 | $55MM Revolver/$13.5MM Term Loan Supports The Anchor Hocking Company acquisition |
||||
Jazz Semiconductor | Inc. Manufacturer/Analog |
radio frequency wafers | Jazz Semiconductor, Inc. Lead arranger/Admin agent |
65.0 | Revolver |
||
ColorMatrix Group | Inc. Manufacturer/Liquid color |
additive concentrates for thermoplastic products | GE Capital Markets Lead Arranger/Bookrunner |
65.0 | Revolver/Term Loan GE Antares: admin agent/Supports The Colorant-Chromatics Group acquisition |
||
Evergreen Tank Solutions | Inc. Provider/Temporary liquid |
solid storage containers | Bank of America Business Capital Lender |
60.0 | Revolver Supports NES Rentals Holdings storage tank division acquisition |
||
EarthColor | Inc. Provider/Commercial print solutions |
Bank of America Business Capital Lender |
60.0 | Revolver Refinances previous debt |
|||
E&B Giftware LLC Manufacturer/High-impulse |
niche accessories | GE Capital Markets, Cratos Capital Management Co-Lead Arrangers |
55.0 | $15MM Revolver/$36MM Term Loan A/$4MM Term Loan B GE Antares: admin agent |
|||
Goods Movement | Inc. Provider/Materials handling |
logistics | NewStar Financial Lead arranger, syndication agent |
53.0 | $6MM Revolver/$47MM Term Loan Five-year terms |
||
Thompson Street Capital Partners Manager/$445 million private equity fund |
GE Capital Markets Sole Lead Arranger |
52.0 | $8MM Revolver/$44MM Term Loan Supports recap of Kele/GE Antares: admin agent |
||||
Marshfield DoorSystems | Inc. Manufacturer/Commercial architectural wood door |
door core | GE Antares Capital Lender |
51.0 | $10MM Revolver/$36MM Term Loan/$5MM CAPEX Line Supports company recap |
||
Cable Solutions Group | Inc. Manufacturer/Engineered steel |
cables | assemblies | synthetic ropes | Merrill Lynch Capital Sole Lead arranger, admin agent |
50.0 | Revolver Supports The Cortland Companies acquisition |
Scott Brass | Inc Producer/High-quality brass & copper strip |
Wachovia Capital Finance Sole lender |
50.0 | Revolver/Term Loan |
|||
Diversified Machine | Inc. Precision machining company |
Merrill Lynch Capital Lead Arranger/Admin Agent |
50.0 | Revolver Supports Hayes Lemmerz International suspension components division acquisition |
|||
Vertis Communications | Inc. Provider/marketing & media solutions |
Crystal Capital Fund, L.P. Lead Arranger |
50.0 | Term Loan Refinances previous debt |
|||
Lily Transportation Corp. Provider/Transportation |
distribution services | Textron Business Credit, Wachovia Capital Finance Co-Lenders |
50.0 | Revolver |
|||
Remmele Engineering | Inc Manufacturer/Precision machined parts |
Wachovia Capital Finance Sole lead arranger/Manager/Bookrunner |
47.5 | Revolver |
|||
McAlister's Deli Operator/Chain of quick casual restaurants |
Merrill Lynch Capital Lender/Admin Agent |
47.0 | Revolver Supports recap |
||||
SMART Papers | LLC Manufacturer/Premium coated |
uncoated printing papers | Wells Fargo Foothill Lender |
45.0 | Revolver |
||
CIC Partners | LP Investor/middle-market food industry |
Emporia Capital Funding Sole Lead Arranger |
44.5 | Senior, Second Lien facilities Supports River Point acquisition |
|||
Palm | Inc. Provider/Mobile computing |
JPMorgan, Morgan Stanley Joint Bookrunners |
40.0 | Revolver Supports company recap |
|||
Simply Goodies | LLC Newly formed entity of Blueberry Hill Foods |
Warner Candy Co. | Bridge Finance Group Lender |
39.2 | $23.5MM Revolving Line of Credit/$15MM Direct Finance Lease/$.65MM Term Loan |
||
Nashua Corporation Manufacturer/Specialty imaging products |
services | LaSalle Bank and Bank of America Lenders |
38.0 | $28MM Revolver/$10MM Term Loan Five-year term/Replaces previous debt |
|||
Tinicum Capital Partners II Private investment partnership |
Merrill Lynch Capital Sole lead arranger/Admin agent |
37.0 | Revolver Supports Western Pneumatic Tube acquisition |
||||
DHB Industries Inc. Provider/Protective body armor |
LaSalle Business Credit Lender |
35.0 | Revolver Three-year term |
||||
Carex Health Brands Provider/Self-care products |
Merrill Lynch Capital Sole lender, admin agent |
33.0 | Revolver Support Thera-Med, Inc. acquisition |
||||
HSE Integrated Ltd. Supplier/Industrial health |
safety | environmental services | CIBC Lender |
32.5 | $25MM Revolver/$7.5MM Operating Facility Revolver: three-year term |
||
Cascade Windows Manufacturer/Full line of vinyl windows |
patio doors | Merrill Lynch Capital Lead Arranger/Admin Agent |
32.0 | Revolver Supports company recap |
|||
Penn Foster Career School Provider/Distance education |
GE Media, Communications & Entertainment Lender, Admin Agent |
30.0 | Revolver Support Education Direct, Thompson Education Direct acquisitions |
||||
Rockford Products Corp. Manufacturer/Steel cold-formed components |
fasteners | etc. | Bridge Finance Group Lender |
27.5 | $20.5MM Revolving Line of Credit/$7.0MM Term Loan |
||
Madacy Entertainment Income Fund Developer |
Marketer/Recorded music products | LaSalle Business Credit Lender |
27.0 | Revolver Refinances previous debt |
|||
North American Galvanizing & Coatings | Inc. Manufacturer/Hot-dip galvanizing |
coatings | Bank of America Swing line lender, admin agent |
25.0 | Revolver Refinances previous debt |
||
Monomoy Capital Partners | L.P. Private equity firm |
PNC Bank Lender |
25.0 | Revolver/Term Loan/CAPEX Supports Kurz-Kasch, acquisition/Steel City Capital Funding provided second lien term loan |
|||
Keeco | LLC Designer |
distributor/Bedroom linens | U.S. Bank Business Credit Lender |
25.0 | Revolver Refinances previous debt |
||
Somero Enterprises | Inc. Manufacturer/Laser guided equipment |
Citizens Bank New Hampshire Lender |
24.0 | $14MM Revolving Line of Credit/$10MM Term Loan |
|||
Tectura Corp. Provide/Microsoft Integrated Business Solutions |
Hercules Technology Growth Capital Lender |
22.0 | Debt Financing Supports future acquisitions |
||||
Caffeine | Inc. Manufacturer/Young men's sportswear collection |
Capstone Business Credit Lender |
21.2 | $13.8MM Factoring/$7.4MM PO Financing Two-year term |
|||
IsoTis | Inc. Manufacturer/Musculoskeletal diseases |
disorders treatment products | Merrill Lynch Capital, Silicon Valley Bank Lenders |
20.0 | $10MM Term Loan/$10MM Revolving Line of Credit Three-year term |
||
Syntax-Brillian Corporation manufacturer/LCD |
LCoS(tm) HDTVs | digital entertainment products | CIT Commercial Services Lender |
20.0 | Term Loan |
||
Centric Health Finance | LLC Provider/Business management & financial services |
GE Healthcare Financial Services Lender |
20.0 | Revolving Line of Credit Supports growth plans |
|||
Cervalis LLC Provider/IT infrastructure solutions |
MCG Capital Corp. Lender |
20.0 | Revolver Supports expansion plans |
||||
Rubicon Technology | Inc. Provider/Innovative solutions for opto-electronics |
compound semiconductor | semiconductor fabrication customers | Hercules Technology Growth Capital Lender |
16.0 | Growth Capital/Equipment Financing |
|
Ginsey Industries | Inc. Manufacturer/Juvenile |
adult bath products | PNC Bank Lender |
15.6 | $11MM Revolver/$4.6MM Term Loan Supports acquisition by Hunt Private Equity Group |
||
U.S. Floor | Inc. Provider/Green" |
environmentally responsible flooring" | GMAC CF Commercial Services Division Lender |
15.0 | Revolver GE Antares: admin agent/Supports company recap |
||
LOREX Technology | Inc. Developer/Digital video |
security surveillance products | Wells Fargo Business Credit Lender |
15.0 | $13MM Asset-based facility/$2MM Term Loan Replaces previous debt |
||
Safe Renewables Corporation Producer/Biodiesel |
Marquette Commercial Finance, Aequitas Capital Management Lenders |
15.0 | $10MM Working Capital Facility/$5MM Convertible Debenture Ability to expand both facilities to $200MM |
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KN Rubber | LLC Combo/Koneta |
Inc. | National Rubber Technologies | manufacturers of rubber products | PNC Bank Lender |
14.6 | $10MM Revolver/$.6MM Term Loan/C$4MM Term Loan Supports Koneta Inc., NRI Industries acquisitions |
IntriCon Corporation Manufacturer/Medical |
electronic products | LaSalle Bank Lender |
14.5 | $10MM Revolver/$4.5MM Term Loan Revolver: five-year term/Supports Tibbetts Industries acquisitions |
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Seismic Equipment Solutions II | L.P. Provider/Leasing |
selling | technical support of instrumentation | PNC Bank Lender |
14.0 | Revolver/Letters of credit Refinances existing debt |
|
Discovery Laboratories | Inc. Bio-pharmaceutical company |
Merrill Lynch Capital Healthcare Finance Group Lender |
12.5 | Revolver |
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Case-It Distributor/Media storage/Back-to-school products |
Webster Business Credit Corporation Lender |
12.5 | Revolver |
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FAS Controls | Inc. Manufacturer/Pressure switches |
valves | circuit breakers | coils | PNC Bank Lender |
12.5 | $7MM Revolver/$5.5MM Term Loan Supports acquisition of Honeywell by IOP, establishment of FAS |
Paradigm Holdings | Inc. Provider/IT |
business solutions | SVB Silicon Valley Bank Lender |
12.5 | Revolver Supports future growth |
||
Barrier Therapeutics | Inc. Provider/Communications solutions |
services | Merrill Lynch Capital Lender |
12.0 | Revolver Three-year term |
||
Teltronics | Inc. Pharmaceutical company |
Wells Fargo Foothill Lender |
12.0 | Revolver Supports growth strategies |
|||
FDP Virginia | Inc. Manufacturer/Aftermarket automotive brake parts |
PNC Bank Lender |
11.0 | Revolver Refinances previous debt |
|||
EKOS Corporation Provider/Ultrasound-accelerated |
fluid infusion catheters | Hercules Technology Growth Capital Lender |
10.0 | Debt Financing |
|||
The Bombay Company | Inc. designer/Line of home accessories |
wall décor | furniture | GB Merchant Partners Lender |
10.0 | Term Loan |
|
Neosil | Inc. Dermatology-focused pharmaceutical company |
Hercules Technology Growth Capital Lender |
10.0 | Venture Debt Financing |
|||
Aerial Access Equipment | Inc. Medium-duty equipment rental business |
North Fork Business Capital Lender |
9.0 | $3MM Revolving Line of Credit/$6MM CAPEX Term Loan Three-year term/Supports expansion plans |
|||
Coordinated Home Health Care | Inc Provider/Unskilled home health services |
Healthcare Finance Group Lender |
8.5 | $3MM Revolver/$5.5MM Term Loan Supports acquisition of CHHC by Transition Capital Partners |
|||
HEI | Inc. Manufacturer/Microelectronics |
subsystems | systems | etc. | Wells Fargo Business Credit Lender |
8.3 | $8MM Revolving Line of Credit/$.34MM Term Loan Three-year term/Export-Import Bank was underwriter for portion of revolver |
MJ Christensen Diamond Centers Retailer/Diamonds |
fashion jewelry | Webster Business Credit Corp. Lender |
8.0 | Revolver Three-year term |
|||
Berliner Communications | Inc. Provider/Outsourced services for wireless communications industry |
Presidential Financial Corporation Lender |
8.0 | Line of Credit |
|||
Waterfront Media | Inc. Online health media company |
Hercules Technology Growth Capital Lender |
8.0 | Venture Debt Financing |
|||
Seagull Enterprises | LLC Supplier/Carpet |
vinyl | hard-surface flooring | Webster Business Credit Corporation Lender |
7.0 | Revolver Supports recap to facilitate ownership, management succession |
|
Brantley Acquisition | LLC Hauler/Oilfield equipment |
Marquette Business Capital Lender |
6.0 | Revolving Line of Credit/Term Loans |
|||
LTS Logistics | LLC Provider/Third-party logistics |
transportation management | Webster Business Credit Corporation Lender |
5.3 | Revolver Supports purchase transaction |
||
JPS Corporation Manufacturer/Cargo control products |
Marquette Business Credit Lender |
5.0 | Revolving Line of Credit/Term Loan |
||||
Vertical Branding | Inc. Provider/Consumer products branding |
marketing | distribution | BFI Finance Lender |
5.0 | Revolving Line of Credit Replaces previous debt |
|
Leader Funding | Inc. Lender/Construction |
RBA Capital Lender |
5.0 | Revolver Supports future growth |
|||
Veronica Foods Company | Inc. Importer/Super-premium organic extra virgin olive oil |
related blends | specialty oils | Marquette Business Credit Lender |
5.0 | $5MM Revolving Line of Credit, Term Loan, CAPEX Line |
|
CITTIO | Inc. Provider/Automated network |
systems monitoring software | Hercules Technology Growth Capital Lender |
5.0 | Debt financing |
||
Klegg Electronics | Inc. Manufacturer/Consumer electronics |
Ashford Finance Lender |
5.0 | Revolver Supports marketing and advertising |
|||
Argos Therapeutics | Inc. Biotechnology company |
Silicon Valley Bank, Oxford Finance Corp. Lender |
5.0 | Debt Financing Three-year term |
|||
EDGAR Online | Inc. Provider/Business |
financial information | Rosenthal & Rosenthal, Inc. Lender |
5.0 | $2.5MM Revolver/$2.5MM Term Loan Term Loan: three-year term |
||
Mendocino Brewing Company | Inc. Distributor/Beer |
Brewer | Marquette Business Credit Lender |
4.9 | Revolving Line of Credit/Term Loan |
||
St. Bernard Software | Inc. Provider/Comprehensive security |
hosted office solutions | SVB Silicon Valley bank Lender |
4.0 | $2MM Revolving Line of Credit/$2MM Term Loan Replaces previous debt |
||
NeoGenomics | Inc. Provider/Cancer genetics testing |
Wachovia Bank Lender |
4.0 | $2MM Working Capital Facility/$2MM CAPEX Facility |
|||
International Apparel Group | Inc. Apparel Holding Company |
Platinum Funding Group Lender |
4.0 | Factoring Facility Two-year term |
|||
PPI/Time Zero | Inc. Provider/Printed circuit board assembly |
final box assembly | testing | Webster Business Credit Corp. Agent |
3.0 | Revolver Three-year term |
|
Best Funding Corp. Lender/Rehab facilities |
RBA Capital Lender |
3.0 | Revolver |
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Arichem | LLC Manufacturer/Chemicals used in various industries |
Marquette Business Credit Lender |
3.0 | Revolving Line of Credit/Term Loan |
|||
Party Time Rental | Inc. Event rental company |
Bridge Business Bancorp Lender |
2.8 | Term Loans Pays off all long-term debt |
|||
Florida Trim | Inc. Provider/Materials |
installation services | Puritan Finance Lender |
2.5 | Revolver Houlihan Smith & Company: financial advisor |
||
Furniture Factory Warehouse | Inc. Operater/12 retail stores throughout Texas |
Webster Business Credit Corp. Lender |
2.0 | Revolver Three-year term |
|||
Cygnal Technologies Corporation Provider/Network communication solutions |
Laurus Master Fund Lender |
2.0 | Debt Financing |
||||
TVM Building Products | Inc. Distributor/Reflective insulation material and sealants |
Marquette Business Credit Lender |
2.0 | Revolving Line of Credit |
|||
Pacific Imaging | LLC Provider/Multi-modality outpatient diagnostic imaging |
Bridge Business Bancorp Lender |
2.0 | SBA 7(a) Term Loan Re-finances equipment lease |
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Americal Corp. Distributor/Hosiery products |
Midwest Business Capital Lender |
1.9 | Mortgage Loan Refinances existing mortgage |