Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 10/1/09 through 12/31/09.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||
|---|---|---|---|---|---|
| Qwest Communications International Provider/Telecommunications |
Wachovia Bank Admin Agent |
1030.0 | Revolver 3.75-year term/Replaces previous revolver |
||
| C&S Wholesale Grocers Inc Wholesaler/Groceries |
RBS Business Capital Joint Bookrunner, Co-Doc Agent |
800.0 | Revolver Refinances existing cash-flow revolver |
||
| Targa Resources Inc Provider/Natural Gas Liquid Services |
Citadel Securities/Deutsche Bank/Credit Suisse Group Arrangers |
700.0 | $150MM Revolver/$550MM Term Loan Revolver: Five-year term/Term Loan: Seven-year term |
||
| The Bon-Ton Stores Inc Operator/Retail chain |
Bank of America Admin Agent |
675.0 | Revolver BofA Merrill Lynch, GE Capital Markets, Wells Fargo Securities: jt lead arrangers, jt bookrunners |
||
| Language Line LLC | Coto Acquisition LLC Provider/Telephone Interpreting |
Language Solutions | Bank of America Admin Agent |
575.0 | $50MM Revolver/$525MM Term Loan Morgan Stanley Senior Funding: doc agent/Credit Suisse Securities (USA): syn agent |
| Harsco Corp Provider/Industrial Services |
Citibank/Royal Bank of Scotland Lead Lenders |
570.0 | Revolver Three-year term/Replaces existing facility |
||
| Inergy LP Distributor/Propane |
J.P. Morgan Securities, Wells Fargo Securities, Banc of America Securities Joint Lead Arrangers, Joint Bookrunners |
525.0 | $75MM Revolving Working Capital Line/$450MM Revolving Credit Line Four-year term/JP Morgan Chase Bank: admin agent |
||
| Forest City Enterprises Inc Owner |
Developer/Real Estate | Key Bank/PNC Bank/Bank of America Admin Agent/Syn Agent/Doc Agent |
500.0 | Revolver Two-year term/Replaces previous $750MM facility |
|
| U-Store-It Trust Provider/Self-Storage Solutions |
Wells Fargo Securities/Banc of America Securities Joint Lead Arrangers |
450.0 | $250MM Revolver/$200MM Term Loan Three-year term |
||
| APX Alarm Security Solutions Inc Provider/Residential Security Products |
Goldman Sachs Specialty Lending Group Lead Lender |
440.0 | Revolver |
||
| Transaction Network Services Inc Provider/International Data Communications |
SunTrust Bank/SunTrust Robinson Humphrey Agent, Swing Line Lender, L/C Issuer/Sole Lead Arranger, Bookrunner |
400.0 | $75MM Revolver/$325MM Term Loan GE Capital: doc agent, BofA: syn agent/Revolver: five-year term, term loan: six-year term |
||
| TNS Inc Provider/Data Communications |
SunTrust Bank, SunTrust Robinson Humphrey Lead Arranger |
400.0 | $75MM Revolver/$325MM Term Loan Revolver: Five-year term/Term Loan: Six-year term/repays existing senior credit facilities |
||
| Allen Systems Group Inc Provider/Enterprise Infrastructure Mgt |
Info Mgt Solutions | BofA Merrill Lynch/Bank of America Sole Lead Arranger/Admin Agent |
355.0 | $10MM Revolver/$255MM First Lien Term Loan/$95MM Second Lien Term Loan Revolver: Three-year term/First lien term loan: Four-year term/Second lien term loan: 4.5-year term |
|
| TransAtlantic Petroleum Ltd Developer |
Producer/Crude Oil | Natural Gas | Standard Bank/BNP Paribas Lenders |
250.0 | Revolver Three-year term/Supports financing for subsidiaries, operations in Turkey |
| MEMC Electronic Materials Inc Provider/Silicon Wafers |
Solar Energy Services | Bank of America Admin Agent |
250.0 | Revolver Three-year term/PNC Bank, U.S. Bank: Lenders/Replaces previous $200MM Revolver |
|
| Evraz Group SA Provider/Steel |
Mining | Vanadium | GE Capital Markets Lead Arranger |
225.0 | Revolver Four-year term/UBS, ING, Natixis: joint mandated lead arrangers |
| Rural/Metro Corp Provider/Ambulance |
Fire Protection Services | RBC Capital Markets Sole Lead Arranger, Sole Bookrunner |
220.0 | $40MM Revolver/$180MM Term Loan Revolver: Four-year term/Term Loan: Five-year term |
|
| Ramco-Gershenson Properties Trust Owner |
Manager/Shopping Centers | KeyBank ROLE |
217.0 | $150MM Revolver/$67MM Term Loan Three-year term/JP Morgan Chase, BofA, Deutsche Bank, PNC, others participated |
|
| Talbots Inc Retailer/Women's Apparel |
Shoes | Accessories | GE Capital Lender |
200.0 | Revolver Supports agreement with BPW Acquisition |
| Carpenter Technology Corp Producer/Specialty Alloys |
Bank of America, JPMorgan Chase Co-Lead Arrangers |
200.0 | Revolving Credit Line Three-year term/Replaces previous five-year revolver, A/R securitization facility |
||
| Westway Group Inc Provider/Liquid Storage |
Liquid Animal Feed | JPMorgan Chase Bank/JPMorgan Securities Lead Lender/Arranger |
175.0 | Revolver Three-year term/Regions, Capital One, Compass Bank, SunTrust, Société Générale, CoBank others participated |
|
| ACCO Brands Corp Supplier/Branded Office Products |
GE Capital, Corporate Finance Co-Collateral Agent |
175.0 | Revolver GE Capital Markets: joint bookrunner/Refinances existing credit, securitization facilities |
||
| Church's Chicken Operator/Fast Food Restaurant Chain |
CapitalSource Co-Documentation Agent |
155.0 | Revolver Deal Sponsor: Friedman Fleisher and Lowe |
||
| CyrusOne Provider/Data Center Services |
TD Securities, RBC Capital Mkts, SunTrust Robinson Humphrey, SG Americas Sec. Lead Lenders |
150.0 | Revolver Refinances outstanding debt/Toronto Dominion, Société Générale, CapitalSource, Webster, others participated |
||
| Magnum Hunter Resources Corp Acquirer/Oil Exploratory Leases |
Producing Properties | Bank of Montreal Lead Arranger, Bookrunner, Admin Agent |
150.0 | Revolver Three-year term/Repays all facilities with CIT |
|
| Magnum Hunter Resources Corp Production/Oil |
Gas | Bank of Montreal Lead Arranger, Bookrunner, Admin Agent |
150.0 | Revolver Three-year term |
|
| Smart Balance Inc Provider/Heart Healthy Foods |
BMO Capital Markets Lead Lender |
100.0 | $45MM Revolver/$55MM Term Loan Replaces previous $180 million facility |
||
| USI Holdings Corp Distributor/Property |
Casualty Insurance | Employee Benefits Products | Goldman Sachs Lending Partners Sole Lead Arranger |
100.0 | Term Loan |
| Univita Health Inc Provider/Home-Based Healthcare |
CapitalSource Lender |
97.5 | Revolver Deal Sponsor: Genstar Capital |
||
| IMAX Corp Provider/Immersive Motion Picture Technologies |
Wachovia Capital Finance Lender |
75.0 | $40MM Revolvers/$35MM Term Loan Four-year term/Export Development Canada participated |
||
| MDC Partners Inc Provider/Marketing |
Communications Solutions | Wells Fargo Foothill Sole Agent |
75.0 | Revolver Five-year term/Replaces previous revolver |
|
| MDC Partners Inc Provider/Marketing |
Communications Solutions | Wells Fargo Foothill Sole Agent |
75.0 | Revolver Replaces previous facility with Fortress Capital, Wells Fargo Foothill |
|
| Fibertech Networks LLC Provider/Fiber-Optic Network Services |
M&T Bank Lead Lender |
75.0 | $45MM Revolver/$30MM Term Loan Four-year term/Bank of America, JPMorgan Chase, CoBank: lenders |
||
| Viasystems Group Inc Provider/Circuit Boards |
Electro-Mechanical Solutions | Wells Fargo Lender |
75.0 | Credit Line Supports merger with Merix Corp |
|
| Finisar Corp Provider/Fiber Optic Subsystems |
Network Test Systems | Wells Fargo Foothill Lender |
70.0 | Revolving Credit Line Refinances existing indebtedness |
|
| Johnson Outdoors Inc Manufacturer/Outdoor Recreational Products |
PNC Capital Markets Lead Agent |
69.0 | Revolver Three-year term/Replaces existing agreements arranged by JP Morgan Chase |
||
| Navarre Corp Publisher/Computer Software |
Home Entertainment Products | Wells Fargo Foothill Agent, Lender |
65.0 | Revolver Three-year term/Capital One Leverage Finance participated |
|
| Arctic Cat Inc Manufacturer/All-Terrain Vehicles |
Snowmobiles | Bank of America Structurer, Underwriter |
60.0 | Revolver Three-year term/Replaces existing facility |
|
| Hecla Mining Co Operator/Precious Metals Mining |
Scotia Capital/ING Capital Co-Lead Arrangers, Co-Bookrunners |
60.0 | Revolver Three-year term/Bank of Nova Scotia: admin agent |
||
| The Princeton Review Inc Provider/Test Preparation |
Educational Support Services | GE Capital Lender |
50.0 | $10MM Revolver/$40MM Term Loan Supports Penn Foster Education Group acquisition |
|
| Cervalis LLC Provider/Off-Site Data Storage |
CapitalSource Lead Agent, Arranger |
48.0 | Revolver |
||
| Motorcar Parts of America Inc Remanufacturer/Alternators |
Starters | Union Bank/BB&T Lenders |
45.0 | Revolver Replaces previous $40MM facility |
|
| Specialized Packaging Group Inc Manufacturer/Folding Cartons |
PNC Bank Lender |
40.0 | Revolver Supports merger with Paperworks Industries |
||
| Mainland Resources Inc Producer/Oil |
Gas Resources | Guggenheim Corporate Funding Lender |
40.0 | Credit Line Two-year term/SMH Capital: exclusive financial advisor - Mainland Resources |
|
| SecureWorks Inc Provider/Security Services |
CapitalSource Lender |
38.0 | Revolver |
||
| Loehmann's Retailer/Discounted Designer Fashions |
GE Capital, Corporate Retail Finance Sole Lender |
35.0 | Revolver |
||
| Universal Power Group Inc Provider/Third-Party Logistics |
SCM Services | Wells Fargo Lender |
30.0 | Revolver 3.5-year term |
|
| Harcros Chemicals Inc Manufacturer/Chemicals |
GE Capital Corporate Finance Lender |
30.0 | Revolver Refinances existing credit |
||
| The Longaberger Co Manufacturer/Handcrafted Baskets |
Lifestyle Products | CORE Business Credit Lender |
29.0 | Revolver |
|
| Arista Industries Inc Supplier/Seafood |
Specialty Oils | Sovereign Business Capital Lender |
27.5 | Revolving Credit Line Supports company growth |
|
| Ritz & Wolf Camera & Image LLC Retailer/Cameras |
Photography Accessories | PNC Bank Lender |
25.0 | Revolver Refinances existing debt, supports future growth |
|
| EmpRes Healthcare Inc Operator/Skilled Nursing |
Assisted Living Facilities | Healthcare Finance Group Lender |
25.0 | Revolver Refinances existing facility with CIT Healthcare |
|
| Stronghaven Inc Manufacturer/Corrugated Packaging |
Displays | CORE Business Credit Lender |
24.0 | Revolving Credit Line/Term Loan Supports company recap |
|
| Fabpro Oriented Polymers Inc Manufacturer/Polymer |
Synthetic Fiber Products | PNC Bank Lender |
23.5 | Revolver Supports acquisition by Tricor Pacific Capital |
|
| Overstock.com Inc Online Retailer/Brand-Name Merchandise |
U.S. Bank Lender |
20.0 | Revolving Line of Credit 22-month term |
||
| ShopNBC Electronic Retailer/General Merchandise |
PNC Bank Lender |
20.0 | Revolving Credit Line Three-year term |
||
| Coachmen Industries Inc Manufacturer/Recreational Vehicles |
Modular Homes | H.I.G. Capital Lender |
20.0 | $10MM Revolving Credit Line/$10MM Convertible Debt Two-year term |
|
| Winnebago Industries Inc Manufacturer/Motor Homes |
Burdale Capital Financ Lender |
20.0 | Revolver |
||
| Para-Chem Southern Inc Provider/Specialty Coatings |
Emulsion Polymers | Adhesives | PNC Bank Lender |
18.0 | $12MM Revolver/$6MM Term Loan Refinances existing facility |
| Monogram Food Solutions LLC Manufacturer/Food |
Processed Meats | PNC Bank Lender |
17.0 | Revolver Supports American Foods Group and Wild Bill's beef jerky biz acquisitions |
|
| Envelope Freedom Holdings LLC Provider/Direct Mail |
Transactional Envelopes | PNC Bank Lender |
15.5 | $12.5MM Revolving Credit Line/$3MM Term Loan Supports acquisition by Palm Beach Capital |
|
| Ryla Teleservices Inc Provider/Call Center Solutions |
RBS Business Capital Lender |
15.0 | Revolver |
||
| J Squared (d/b/a University Loft Co) Manufacturer/Furniture |
Webster Business Credit Lender |
12.5 | Revolver |
||
| Deltide Fishing & Rental Tools/Rattler Tools Inc Supplier/Fishing Services |
Tools-Distributor/Magnetic Tools | PNC Bank Lender |
12.0 | Revolver Supports acquisition by Prime Natural Resources |
|
| LOREX Technology Inc Provider/Security |
Surveillance Equipment | PNC Bank/PNC Bank Canada Lenders |
10.0 | Revolvers Three-year term/Replaces previous facility with Wells Fargo |
|
| BORROWER INDUSTRY |
PNC Bank Lender |
9.8 | Revolver Refinances existing debt |
||
| Hannoush Jewelers Inc Manufacturer/Diamond Products |
Fine Jewelry | NewAlliance Commercial Finance Lender |
9.0 | Revolving Credit Line Refinances existing credit |
|
| Birken Manufacturing Co Manufacturer/Jet Engine Assemblies |
Components | Webster Business Credit Lender |
8.5 | Revolver |
|
| NBS Inc Provider/EMS |
Bridge Bank Lender |
8.2 | Revolver Supports growth strategy |
||
| Brady Distribution Co Distributor/Arcade |
Home Entertainment Equipment | Webster Business Credit Lender |
8.0 | Revolver |
|
| Warren Hospital Operator/Acute Care Hospital |
Healthcare Finance Group Lender |
7.0 | Revolver Refinances existing facility from GE Healthcare Finance Group |
||
| Gorsuch Ltd Retailer/Apparel |
Ski Equipment | Webster Business Credit Lender |
7.0 | Line of Credit |
|
| Gateway Energy Corp Operator/Natural Gas Systems |
Meridian Bank Texas Lender |
6.0 | Revolver Supports acquisitions, new projects |
||
| ATSI Communications Inc Operator/Digerati Networks |
Telefamilia Communications | Wells Fargo Business Credit Lender |
5.0 | A/R Financing Supports business expansion |
|
| Vertro Inc Provider/Software |
Technology | Bridge Bank Lender |
5.0 | Revolver |
|
| Stonehill Converting LLC Manufacturer/Tissue Case Products |
First Business Capital Lender |
5.0 | Working Capital Credit Line/Term Loan Supports acquisition, operations of company |
||
| RF Monolithics Inc Provider/Wireless Connectivity |
ViewPoint Bank Lender |
5.0 | Revolving Credit Line One-year term/Retires credit facility with Wells Fargo Bank |
||
| Synergex Corp Provider/Supply Chain Management Services |
Callidus Capital Lender |
5.0 | Revolver |
||
| Michigan Wheel Corp Manufacturer/Inboard |
Outboard Marine Propellers | Webster Business Credit Lender |
5.0 | Revolver |
|
| Phoenix Footwear Group Inc Developer/Footwear |
Accessories | First Community Financial Lender |
4.5 | Revolver Two-year term/Replaces credit line with Wells Fargo Business Credit |
|
| KidsPeace Corp Provider/Behavioral Healthcare |
Gemino Healthcare Finance Lender |
4.0 | Revolving Credit Line |
||
| GigOptix Inc Manufacturer/Analog Semiconductor |
Bridge Bank Lender |
4.0 | Line of Credit Supports ChipX acquisition |
||
| Hirsch International Corp Distributor/Commercial Embroidery Machines |
Keltic Financial Services Lender |
4.0 | Revolving Credit Line Notes |
||
| General Employment Enterprises Inc Provider/Professional Staffing Services |
Crestmark Bank Lender |
3.5 | Revolving Credit Line |
||
| Reed's Inc Manufacturer/Natural Sodas |
Ginger Brews | GemCap Lending I Lender |
3.0 | Revolver Replaces existing credit facility |
|
| Bailey Street Holding Co Manufacturer/Accent Furniture |
First Capital Lender |
3.0 | Revolver |
||
| Prestige Farms Provider/Poultry Processing |
Keltic Financial Services Lender |
2.8 | Revolving Credit Line |
||
| Western Pottery Industries Inc Manufacturer/Ceramic Bath Fixtures |
Crestmark Bank Lender |
2.5 | Credit Line Deal Source: Lawrence Financial Group |
||
| Izzo Golf Inc Distributor/Golf Accessories |
Keltic Financial Services Lender |
2.0 | STRUCTURE |
||
| Corgenix Medical Corp Provider/Specialized Diagnostic Kits |
Summit Financial Resources Lender |
1.8 | Revolver Three-year term/Replaces factoring line with Benefactor Funding |
||
| Microfluidics International Corp Manufacturer/Microfluidizer Materials Processing Equipment |
Webster Bank Lender |
1.0 | Revolving Credit Line |