Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/08 through 6/30/08.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | |||
|---|---|---|---|---|---|---|
| O'Reilly Automotive Inc Retailer/Auto Aftermarket Tools |
Supplies | Accessories | Bank of America, Lehman Brothers Lenders |
1200.0 | Revolver Supports CSK Auto merger |
|
| Scientific Games International Inc Supplier/Instant Tickets |
Systems | Services | JPMorgan Chase Bank/J.P. Morgan Securities, Banc of America Securities Admin Agent/Joint Lead Arrangers, Joint Bookrunners |
800.0 | $250MM Revolver/$550MM Term Loan Matures on March 1, 2010/BofA, UBS Securities: co-syn agents/ING Capital, Bank of Tokyo: co-doc agents |
|
| KapStone Paper and Packaging Corp Producer/Kraft Paper |
LaSalle Bank, Banc of America Securities Lenders |
585.0 | $100MM Revolver/$485MM Term Loan Supports MeadWestvaco Kraft Division acquisition |
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| KapStone Paper and Packaging Corp Producer/Kraft Paper |
Dunnage Bags | Bank of America Admin. Agent |
555.0 | Revolver Supports North Charleston Kraft Division acquisition |
||
| W. W. Grainger Inc Lender Supplier/Facilities Maintenance Products |
Wachovia Capital Markets Lender |
500.0 | Term Loan Four-year term |
|||
| Nortek Inc Manufacturer/Ventilation |
HVAC Products | Bank of America, Credit Suisse Cayman Islands Branch and Goldman Sachs Credit Partners Lead Arrangers, Bookrunners |
350.0 | Revolver Five-year term |
||
| Nash-Finch Company Distributor/Food Products |
Support Services | Bank of America Admin Agent, Collateral Agent, Swing Line Lender, L/C Issuer |
300.0 | Revolver Bank of Montreal: syn agent, joint lead arranger; U.S. Bank: documentation agent; BofA Securities: joint lead arranger, sole book mgr |
||
| SP Newsprint Co Producer/Newsprint |
GE Corporate Lending Lender |
275.0 | Revolver GE Capital Markets: arranger/Supports acquisition by private investors |
|||
| Cott Corp Provider/Retailer-brand Soft Drinks |
J.P. Morgan Chase Bank, GE Capital Admin Agent/Co-Collateral Agent |
250.0 | Revolver Five-year term |
|||
| Alcon Entertainment LLC Developer |
Producer/Movies | TV Programming | CIT Communications, Media & Entertainment Sole Lead Arranger |
245.0 | $185MM Revolver/$60MM Mezzanine CIT: co-bookrunner, JP Morgan Chase: co-bookrunner, administrative agent on revolver |
|
| Presidio Inc Provider/IT Infrastructure |
Services | PNC Capital Markets, JP Morgan Securities Co-Arrangers - Revolver |
240.0 | $115MM Revolver/$125MM Receivables Securitization Market Street Funding: A/R securitization |
||
| Textainer Ltd Lessor/Intermodal Containers |
Bank of America Lead Lender |
205.0 | Revolver Five-year term/Participants: Fortis Capital, Wells Fargo, KeyBank, Union Bank of California, among others |
|||
| Intertape Polymer Group Inc Manufacturer/Polyolefin Plastic |
Paper-Based Packaging Product | Bank of America Business Credit Lender |
200.0 | Revolver Banc of America Securities: sole lead arranger, sole book manager |
||
| Consolidated Precision Products Corp Manufacturer/Components |
Sub-Assemblies | CIT Bank Lender |
157.0 | Revolver Deal Source: Arlington Capital Partners/CIT Leveraged Finance - Transportation: co-documentation agent |
||
| Westmoreland Coal Company Operator/Coal |
Power Projects | PNC Capital Markets Arranger |
150.0 | Revolving Credit Line/$125MM Term Loan PNC Bank particpated in Revolving Credit Line/Refinances existing debt |
||
| California Pizza Kitchen Inc Operator/Casual Dining Chain |
Bank of America, JPMorgan Chase Bank Admin. Agent/Syn Agent |
150.0 | Revolver Five-year term/Banc of America Securities: sole lead arranger, sole book manager |
|||
| Inteva Products LLC Supplier/Automotive Interiors |
Closure Systems | Wachovia Capital Finance Co-Lead Arranger, Admin. Agent |
145.0 | Revolver |
||
| Capital Access Network Inc Provider/Leveraging Edge Data |
Systems | Technology | Wells Fargo Foothill, Brown Brothers Harriman Lenders |
140.0 | Revolving Credit Line Wells Fargo Foothill, Fifth Third Bank: commercial paper conduit |
|
| Anchor Drilling Fluids USA Inc Provider/Drilling Fluids |
Handling Services | CIT Energy Co-Syndication Agent |
139.5 | Revolver/Term Loan Deal Source: Castle Harlan |
||
| Cole Operating Partnership II LP Investor/Single- |
Multi-Tenant Properties | Banc of America Securities/JP Morgan Chase Bank/Bank of America Lead Arranger/Syn Agent/Admin Agent |
135.0 | Revolver Three-year term /U.S. Bank, Charter One, Comerica Bank participated |
||
| Kinney Drugs Inc Operator/Drug Stores |
GE Corporate Lending Lender |
125.0 | Revolver GE Capital Markets: arranger |
|||
| VeraSun Energy Corp Producer/Renewable Fuel |
UBS Investment Bank Lender |
125.0 | $40MM Letters of Credit Maturity: May 30, 2011/Replaces previous $30MM facility |
|||
| Sauder Woodworking Co Manufacturer/Ready-to-Assemble Furniture |
Bank of America Business Capital Lender |
120.0 | Revolver Banc of America Securities: underwriter |
|||
| Griffon Corporation Telephonics Corp Manufacturer/Garage Doors |
J.P. Morgan Securities Sole Lead Arranger, Sole Bookrunner |
100.0 | Revolver Five-year term/ BofA, HSBC, M&T, Capital One, US Bank, Wachovia particpated |
|||
| Value City Department Stores Inc Operator/Discount Department Stores |
National City Retail Finance Lender |
90.0 | Revolver |
|||
| OMNI Energy Services Corp Provider/Integrated Services to Geophysical Companies |
Fifth Third Bank Lender |
90.0 | $25MM Revolver/$50MM Term Loan with $15MM Term Tranche Refinances previous debt |
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| Como Fred David Group Operator/Women's Apparel Company |
CIT Group Lender |
90.0 | Revolving Credit Line/Term Loan Supports recap by GB Merchant Partners, Crystal Capital |
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| Zeledyne LLC Owner/Glass Manufacturing Plants |
Bank of America Business Capital Lead Lender |
80.0 | Revolver leveraged buyout of the glass operations of Automotive Components Holdings |
|||
| Behringer Harvard Operator/Commercial Real Estate |
Bank of America Securities/Bank of America Lead Arranger/Admin Agent |
75.0 | Revolver Fifth Third Bank, BMO Capital Markets Financing: co-lenders |
|||
| NATIXIS Financial Products Inc Provider/Financial |
Management Services | NewStar Financial Lender |
75.0 | Warehouse Line Maturity: May 22, 2009 |
||
| Fox & Hound Restaurant Group Operator/Entertainment Restaurants |
GE Franchise Finance Lender |
73.8 | Revolver Supports Champps Americana acquisition |
|||
| CL Wiring LP Supplier/Railroad Signal Materials |
Wachovia Capital Finance Sole Lender |
70.0 | Revolver |
|||
| Klipsch Group Inc Manufacturer/audio products |
Chase Business Credit Lender, Syndicator |
65.0 | Term Loan/Canadian Sub-Limit Supports combination of U.S., Canadian, European operations |
|||
| M Space Holdings LLC Provider/Modular Buildings |
Siemens Financial Services Lender |
60.0 | Revolver Three-year term /U.S. Bank, Charter One, Comerica Bank participated |
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| Astronics Corp Provider/Lighting |
Power Generation | Systems | HSBC Bank Lead Lender |
60.0 | Revolver BofA, KeyBank participated/Five-year term |
|
| Merix Corp Manufacturer/Circuit Boards |
Bank of America Lender |
55.5 | Revolver Five-year term/replaces previous facility with Bank of America |
|||
| Merix Corp Manufacturer/Circuit Boards |
Bank of America Business Capital Sole Lender |
55.0 | Revolver Replaces previous facility |
|||
| CHF Industries Inc Manufacturer/Bedding |
Bathroom Items | Window Coverings | CIT Commercial Services Agent |
50.0 | Revolving Credit Line |
|
| MVC Capital Provides/Long-term Debt |
Equity Investment Capital | BB&T Company Lender |
50.0 | Revolver Two-year term |
||
| Summer Infant Inc Distributor/Juvenile Health |
Safety | Wellness Products | Bank of America Lender |
46.0 | $36MM Working Capital/$10MM Acquisition Facility Supports Kiddopotamus & Co. acquisition/Replaces previous facilities |
|
| InfoSonics Corp Provider/Wireless Handsets |
Accessories in Latin America | Wells Fargo Century Lender |
45.0 | Revolver Two-year term/Replaces previous facility |
||
| Robinson Steel Co Inc Producer/Steel Sheet |
Plate | Bank of America Business Capital Lender |
43.5 | Revolver/Term Loan Refinances previous debt |
||
| Exactech Inc Developer/Orthopaedic Implant Devices |
SunTrust Bank Lead Agent |
40.0 | Revolving Credit Line Five-year term/Compass Bank participated |
|||
| Kyklos Bearing International Inc Manufacturer/Wheel Bearings |
Bank of America Business Capital Lender |
40.0 | Revolver/Term Loan Supports acquisition of Delphi's Wheel Bearings Division |
|||
| MedPlast Inc Manufacturer/Molded Plastic |
Rubber Components | Monroe Capital, CIT Healthcare Co-lender/Agent |
39.0 | Revolver Supports acquisition by Baird Capital Partners |
||
| Lyon Workspace Products LLC Manufacturer/Industrial Storage |
Workspace Products | Capital One Leverage Finance Lender |
33.6 | $24MM Revolving Credit Line/$9.559MM Term Loan Term Loan: Three-year term |
||
| Trillion Communications Corp Provider/Electronic Components |
GE Commercial Distribution Finance Lender |
30.0 | Revolver Two-year term/Replaces previous facility |
|||
| Jamba Inc Holding Company/Jamba Juice Co. |
Wells Fargo Foothill Arranger, Admin. Agent, Lender |
25.0 | Revolver Five-year term |
|||
| Gulf Coast Machine & Supply Co Manufacturer/Forgings |
PNC Bank Lender |
23.5 | Revolver Supports recap by Industrial Opportunity Partners |
|||
| Wafer Reclaim Services LLC Provider/Polishing |
Cleaning Used Wafers | Bridge Finance Group Lender |
22.5 | Revolver $3MM Revolver/$9.5MM Term Loan/$10MM Acquisition Facility |
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| Nudo Products Inc Manufacturer/Laminated Panel Systems |
NewStar Financial Lead Arranger |
22.0 | $4MM Revolver/$18MM Term Loan Supports acquisition by RFE Investment Partners and mgt/Lenders: First Bank, GarMark Advisors, Bank of NY |
|||
| Nelson & Associates Interior Design and Space Planning Inc Operator/Facilities Design |
Consulting Firm | PNC Bank Lender |
20.9 | $15MM Revolver/$4.1MM Term Loan/$1.75MM Term Overadvance |
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| Rubio's Restaurants Inc Operator/Restaurants |
Pacific Western Bank Lender |
20.0 | $5MM Revolving Credit Line/$15MM Non-Revolving Line |
|||
| Hamilton Specialty Bar Inc Manufacturer/Steel Bars |
Wachovia Capital Finance Sole Lender |
20.0 | Revolver |
|||
| MAP Pharmaceuticals Inc Developer/New Therapies for Children |
Adults | Oxford Finance Corporation Lead Lender |
20.0 | Working Capital Loan Matures in October 2011/Silicon Valley Bank participated |
||
| Hamilton Specialty Bar Inc Manufacturer/Steel Bars |
Wachovia Capital Finance Sole Lender |
20.0 | Revolver |
|||
| ASC Signal Corp Provider/Satellite Antennas |
Electronic Subsystems | Solutions | PNC Bank Lender |
20.0 | Acquisition Financing Supports Andrew Satellite Communications Group acquisition |
|
| Transfac Capital LLC Factor/Transportation Sector |
Proficio Bank Lender |
17.5 | Rediscount Facility |
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| Phoenix Footwear Group Inc Developer/Footwear |
Accessories | Wells Fargo Bank Lender |
17.0 | Revolver Replaces previous facility with Manufacturers and Traders Trust |
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| Freedom Medical Inc Provider/Electronic Medical Equipment |
Services | PNC Bank Lender |
16.0 | Revolver |
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| Laureate Pharma Inc Provider/Protein Production |
PNC Bank Lender |
15.4 | $9MM Revolver/$2.4MM Term Loan/$4MM CAPEX Deal Source: Saints Capital |
|||
| Depomed Inc Provider/Pharmaceuticals |
GE Healthcare Financial Services , Oxford Finance Lenders |
15.0 | Revolver |
|||
| Alliance Consulting Group Associates Inc Provider/IT Solutions |
PNC Bank Lender |
15.0 | Revolver Deal Source: Saints Capital |
|||
| Somaxon Pharmaceuticals Inc Provider/Specialty Pharmaceuticals |
Oxford Finance, Silicon Valley Bank Lender |
15.0 | Revolver |
|||
| Berliner Communications Inc Provider/Outsourced Services |
PNC Bank Lender |
15.0 | Revolver Three-year term/Replaces previous facility with Presidential Financial |
|||
| JT Shannon Lumber Co Supplier/Hardwood |
Wachovia Capital Finance Sole Lender |
15.0 | Revolver |
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| AeroGrow International Inc Manufacturer/AeroGarden Products |
First Capital/First National Bank Lender |
14.5 | $12MM Revolving Credit Line/$1MM Credit Line Company directors led $1.5MM standby commitment |
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| Sunbelt Steel Texas Inc Distributor/Steel Round Bar |
PNC Bank Lender |
14.0 | Revolver Supports acquisition of company by Freestone Partners |
|||
| House of Spices (India) Inc Distributor/Ethnic Foods |
PNC Bank Lender |
14.0 | Revolver/Term Loan |
|||
| Innatech LLC Producer/Plastic Injection Molded Components |
Bridge Finance Group Lender |
13.5 | $8MM Revolving Credit Line/$5.5MM Term Loan Supports refinancing of previous debt |
|||
| Dave Carter & Associates Inc Distributor/RV Parts |
Equipment | Wachovia Capital Finance Sole Lender |
13.0 | Revolver/Term Loan |
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| Morgan's Foods Operator/YUM Brands |
KFC Franchises | GE Franchise Finance Lender |
12.6 | Revolver |
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| ClearPoint Business Resources Inc Provider/Workforce Management Solutions |
ComVest Capital Lender |
12.0 | $3MM Revolver/$9MM Term Loan |
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| NWP Services Corp Provider/Transaction Processing Solutions |
ORIX Venture Finance/Comerica Bank Lenders |
11.5 | $7.5MM Term Loan/$4MM Credit Line Term Loan: Four-year term |
|||
| Zoe's Kitchen Operator/Restaurants |
GE Franchise Finance Lender |
11.0 | $10MM Revolver/$1MM Equity Investment Supports development of approximately 50 company-operated restaurants |
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| Cerus Corp Provider/Biomedical Products |
Wells Fargo Bank Lender |
10.0 | Revolving Credit Line Replaces previous facility with Manufacturers and Traders Trust |
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| Luna Innovations Inc Manufacturer/New-Generation Products |
Silicon Valley Bank Lender |
10.0 | Revolving Credit Line Four-year term |
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| Hendricks Companies Inc Operator/Building Supply Businesses |
Bridge Finance Group Lender |
10.0 | Revolving Credit Line |
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| Sentinel Fluid Controls LLC Distributor/Hydraulic |
Lubrication Products | Marquette Business Credit Lender |
9.4 | A/R Revolver/EquipTerm Loan/Cash-Flow Loan, Acquisition Line Supports development of approximately 50 company-operated restaurants |
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| DCL Medical Laboratories LLC Provider/Clinical Trial Lab Services |
Healthcare Finance Group Lender |
9.0 | $5MM Revolver/$4MM Term Loan |
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| Ronson Corp Manufacturer/Consumer Products |
Wells Fargo Business Credit Lender |
7.8 | $4MM Revolving Credit Line/$2.9MM, $.83MM Term Loans Replaces previous facilities with CIT Comm'l, EPIC Aviation, Bank of the West, BofA Leasing |
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| Alden Healthcare and Senior Living Provider/Therapy Services |
Equipment | Supplies | Gemino Healthcare Finance Lender |
7.5 | Revolver/Term Loan Replaces previous facility with Manufacturers and Traders Trust |
|
| Atlantis Systems Corp Provider/Training |
ComVest Capital Lender |
6.6 | $4MM Revolving Credit Line/$2.6MM Term Loan Term Loan: Three-year term |
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| Global Med Technologies Inc Provider/E-Health |
Medical IT | Silicon Valley Bank Lender |
6.0 | Revolver Supports acquisition of Inlog, SA, Inlog, SAS, and its German subsidiary |
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| Solicore Inc Supplier/Electrolyte Batteries |
BlueCrest Capital Finance Lender |
5.0 | Debt Financing |
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| Genesis Financial Services Fund LLC Mezzanine Debt Fund |
Proficio Bank Lender |
5.0 | Credit Line |
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| Teletouch Communications Inc Provider/U.S. Cellular |
Radio | Services | Thermo Credit Lender |
5.0 | Revolver Two-year term/ Replaces previous factoring facility |
|
| HemaCare Corp Provider/Blood Products |
Services | Wells Fargo Business Credit Lender |
5.0 | $4.75MM Revolving Credit Line/$.25MM Credit Line Three-year term/Replaces facility with Comerica Bank |
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| WBS Connect Provider/Technology Services |
Silicon Valley Bank Lender |
3.5 | Revolver Supports expansion |
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| Solar Power Inc Provider/Solar Energy Solutions |
Bridge Bank Lender |
3.0 | Credit Line |
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| Digital Lightwave Inc Provider/Deployment |
Management of High-Performance Networks | Optel Capital Lender |
2.5 | Credit Line |
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| Physicians Choice LLC Provider/Home Health Services |
Marquette Business Credit Lender |
2.1 | $.5MM A/R Revolver/$1.6MM Term Loans |
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| Grant Family Farms Provider/Organic Vegetables |
Bridge Finance Lender |
2.0 | Revolving Credit Line |
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| SupportCare Inc Provider/Home Healthcare |
Gemino Healthcare Finance Lender |
2.0 | Revolver |
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| Enterprise Tool and Die Inc Manufacturer/Metal Stamping Dyes |
Marquette Business Credit Lender |
2.0 | $2MM Revolving Credit Line Supports North Central Equity subsidiary acquisition |
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| CHDT Corp Provider/Management Services |
Sterling National Bank Lender |
2.0 | Credit Line |
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| Mid-West Tech Inc Supplier/Technical Software |
Hardware | Training Equipment | Bridge Business Bancorp Lender |
2.0 | SBA 7(a) Term Loan |
|
| CareAnyware Inc Provider/Software-as-a-Service Applications |
Saas Capital Lender |
2.0 | Revolver |
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| Draught Technologies LLC | SJS Properties LLC Manufacturer/Draught Dispensing Equipment |
Bridge Business Bancorp Lender |
1.9 | SBA 7(a) Term Loan Supports future acquistions, refinancing of previous debt |
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| Post Press Productions Inc (d/b/a P3 Inc) Provider/Mailing |
Metering | Stamping | Related Services | Bridge Business Bancorp Lender |
1.8 | SBA 7(a) Term Loan Refinances previous debt |
| KEC LLC (dba I-70 Wrecker Service & Garage) Provider/24-hour Wrecker Service |
Bridge Business Bancorp Lender |
1.5 | SBA 7(a) Term Loan |
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| Flight Test Associates Inc Provider/Aircraft Services |
Bridge Business Bancorp Lender |
1.4 | SBA 7(a) Term Loan |
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| Stran Technologies Manufacturer/Fiber Optics |
Connectors | Systems | Sovereign Business Capital Lender |
1.1 | Revolving Credit Line Supports future acquistions, refinancing of previous debt |
|
| Reliant Molding Inc Provider/Plastic Molding Services |
Keltic Financial Services Lender |
1.0 | Revolving Credit Line |
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| Dial 023 GmbH Provider/Long Distance |
Thermo Credit Lender |
1.0 | Revolver |
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| Gomez Packaging Corp Manufacturer/Finish Packaging |
Bridge Business Bancorp Lender |
0.6 | SBA 7(a) Term Loan |
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| Limpert Brothers Inc Manufacturer/Original Marshmallow Fluff |
Dessert Toppings | Marquette Commercial Finance Lender |
0.3 | Revolver |