Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/1/10 through 6/30/10.
| LENDER(S) & ROLE | BORROWER & INDUSTRY | AMOUNT* | STRUCTURE & NOTES | ||
|---|---|---|---|---|---|
| LyondellBasell Industries AF SCA Producer/Polymers |
Petrochemicals | Fuels | CIT Admin Agent |
1750.0 | Revolver Support emergence from bankruptcy |
| Borders Group Specialty Retailer/Books |
Banc of America Securities/GE Capital Markets, et al Joint Lead Arrangers |
700.0 | Revolver/Term Loan Four-year term/J.P. Morgan Securities, Wells Fargo Retail Finance: additional joint lead arrangers |
||
| Jack in the Box Operator/Restaurants |
Wells Fargo Securities, BofA Securities, Morgan Stanley Senior Funding Joint Lead Arrangers, Joint Book Managers |
600.0 | $400MM Revolver/$200MM Term Loan Five-year term |
||
| AutoTrader.com Provider/Consumer Information Services |
Goldman Sachs Lending Partners/Wells Fargo Securities Joint Lead Arrangers |
525.0 | Revolver/Term Loans Redeems capital stock, provides working capital |
||
| AmSurg Corp Operator/Ambulatory Surgery Centers |
SunTrust Robinson Humphrey Lead Arranger |
375.0 | Revolver Five year term/Joint Lead Arrangers: BofA Securities & Regions Capital Markets |
||
| School Specialty Provider/Products to Educators |
Bank of America Merrill Lynch Sole Lead Arranger |
350.0 | Revolver Facility includes $200MM incremental term loan feature |
||
| Aurora Diagnostics Diagnostic Lab |
Anatomic Pathology Company | Barclays Bank Lender |
335.0 | $110MM Revolver/$225MM Term Loan |
|
| Securus Technologies Provider/Inmate Case Management Software |
Jeffries Finance Lead Arranger |
220.0 | $35MM Revolver/$185MM Term Loan Refinances previous debt |
||
| KKR Financial Holdings Publicly Traded Specialty Finance Company |
Citibank/Deutsche Bank, et al Lenders |
210.0 | Revolver Four-year term/Bank of America & Morgan Stanley: Lenders |
||
| Chart Industries Manufacturer/Hydrocarbon Production Equipment |
J.P. Morgan Securities Lead Arranger |
200.0 | $135MM Revolver/$65MM Term Loan Revolver & Term Loan: Five year terms |
||
| The Talbots Inc Retailer/Women's Apparel |
GE Capital Markets Sole Lead Arranger |
200.0 | Revolver GE Corporate Retail Finance: Agent/Refinances existing debt & supports BPW acquisition |
||
| Del Taco Holdings Operator/Casual Dining |
Wells Fargo/GE Capital Co-Lead Lenders |
199.0 | $39MM Revolver/$160MM Term Loan Goldman Sachs Mezzanine Partners provided equity capital |
||
| Abitibi-Consolidated Manufactuerer/Pulp |
Paper Products | CIT Admin Agent |
180.0 | A/R Securitization Facility Refinances existing A/R securitization facility |
|
| EduK Group Provider/Post-Secondary Education |
Senior Secured Loan Fund (GE Capital, Ares Capital) Co-Admin Agents, Joint Lead Arrangers, Joint Bookrunners |
179.0 | Revolver GE Capital also provided $35MM revolver/Supports recap |
||
| Telx Group Provider/Business Exchange Services |
Goldman Sachs Lending Partners, Deutsche Bank Securities Joint Lead Arrangers, Bookrunners |
175.0 | $25MM Revolving Credit Line Royal Bank of Canada, SunTrust Robinson Humphrey: Bookrunners/ING Capital: Doc agent |
||
| Cinedigm Digital Cinema Provider/Movie Digital Technology |
Société Générale/GE Capital Co-Lead Arrangers |
172.5 | Term Loan Six-year term/Refinances previous debt |
||
| NMHG Holding C Manufacturer/Materials Handling Equipment |
CIT Admin Agent |
150.0 | Revolver Refinances existing ABL revolver |
||
| Wolverine World Wide Manufacturer/Shoes |
JPMorgan Chase Bank/J.P. Morgan Securities Admin Agent/Lead Arranger, Sole Bookrunner |
150.0 | Revolver Four-year term/Bank of America, Wells Fargo Bank, Harris: Co-syndication agents |
||
| M/I Homes Builder/Single-Family Homes |
PNC Bank Admin Agent |
140.0 | Revolver Three-year term/Replaces previous $150MM revolver |
||
| Schumacher Group Provider//Outsourced Physician |
Admin Services | GE Capital, Healthcare Financial Services Admin Agent |
120.0 | Revolver GE Capital Markets: Lead arranger |
|
| Harry Winston Diamond Diamond Company |
Standard Chartered Bank Lender |
100.0 | Revolver Three-year term |
||
| Fluid Music Canada Distributor/Private Label Music |
Bank of Montreal Lender |
100.0 | Revolver Three-year term/Supports Mood Media Group acquisition |
||
| Telerent Leasing Lessor/Healthcare |
Renewable Energy Equipment | BB&T Corporation Lender |
100.0 | Revolver Supports portfolio growth |
|
| ATP Oil & Gas Producer/Oil & Natural Gas |
JP Morgan Admin Agent |
100.0 | Revolver Refinances previous facility/JP Morgan: Collateral Agent |
||
| Standard Register Provider/Document Services |
Banc of America Securities Lead Arranger |
100.0 | Revolver Four-year term/Other lenders: KeyBank, PNC, JP Morgan (doc agent) BofA (admin agent) |
||
| Trans World Entertainment Specialty Retailer/Entertainment Software |
Wells Fargo Capital Finance Joint Lead Arranger |
100.0 | Revolver Wells Fargo Retail Finance: lender ($50MM) |
||
| Guardian Healthcare Provider/Home Healthcare Services |
GE Capital, Healthcare Financial Services Admin Agent |
90.0 | Revolver GE Capital Markets: Lead arranger |
||
| Nu Horizons Electronics Distributor/Technology Telecommunication Solutions |
Wells Fargo Capital Finance Lender, Admin Agent |
80.0 | Revolver Four-year term |
||
| Insteel Industries Manufacturer/Concrete Strand |
Wire Reinforcement | GE Capital, Corporate Finance Sole Lender |
75.0 | Revolver Replaces existing credit facility |
|
| Fleischmann's Vinegar Provider/Vinegars |
Cooking Wines | Senior Secured Loan Fund (GE Capital, Ares Capital) Admin Agents, Joint Lead Arrangers, Joint Bookrunners |
53.0 | Revolver Supports acquisition by RLJ Equity Partners |
|
| Cadence Pharmaceuticals Biopharmaceutical Company |
Oxford Finance, Silicon Valley Bank, GE Financial Services Lenders |
30.0 | Revolver Supports Incline Therapeutics acquisition |
||
| The Kitchen Collection Retailer/Kitchenware |
Gourmet Foods | Wells Fargo Capital Finance Lender |
30.0 | Revolver |
|
| RoomStore Retailer/Home Furnishings |
Bedding | Wells Fargo Capital Finance Lender |
30.0 | Revolver |
|
| CDC Software Provider/Hybrid Enterprise Software |
Wells Fargo Capital Finance Lender |
30.0 | Revolver Four-year term |
||
| Standard Steel Manufacturer/Forged Steel Wheels |
Axles | PNC Bank Lender |
26.0 | Revolver Refinances existing debt |
|
| Kratos Defense & Securities Solutions Provider/Mission Critical Engineering |
Key Bank Admin Agent |
25.0 | Revolver Four-year term/Supports acquisition of Gichner Holdings |
||
| Cardiovascular Systems Manufacturer/Medical Devices |
Silicon Valley Bank Lender |
25.0 | $15MM Credit Line/$10MM Term Loan Partners For Growth provided additional $4MM in convertible debt |
||
| Parlux Fragrances Manufacturer/Prestige Products |
GE Capital Corporate Finance Lender |
20.0 | Revolver Two-year term |
||
| Dreams | Inc. Provider/Sports Memorabilia |
Regions Bank Lender |
20.0 | Revolver |
|
| Aventine Renewable Energy Producer/Ethanol |
PNC Bank Lender |
20.0 | Revolver Exit financing |
||
| Hoffmaster Manufacturer/Tabletop Products |
Prospect Capital Lender |
20.0 | Second Lien Debt Deal Source: Kohlberg & Company affiliates |
||
| Sparks Marketing Group Provider/Event Marketing Products |
PNC Bank Lender |
18.8 | Revolver Refinances existing debt |
||
| Ultra Pro Acquisition Manufacturer/Housewares |
Scrapbooking Tools | PNC Bank Lender |
16.0 | Revolver Deal Source: Marlin Equity Partners |
|
| Pure Energy Services Provider/Oilfield Services |
Bank of the West Lender |
15.0 | $12MM Term Loan/$2.5MM Operating Loan/$.5MM Credit Card Facility Term Loan: Five-year term |
||
| MediciNova Biopharmaceutical Company |
Oxford Finance Lender |
15.0 | Term Loan Supports preparation of MN-221 drug program |
||
| Diversified Restaurant Holdings Operator/Casual Dining |
RBS Citizens Lender |
15.0 | $6MM Credit Line/$9MM Term Loan Provides working capital & refinances existing term loan |
||
| Alexza Pharmaceuticals Manufacturer/Pharmaceuticals |
Hercules Technology Growth Capital Lender |
15.0 | Revolver/Term Loan |
||
| Newtek Business Services Provider/Small Business Financial Services |
Capital One Lender |
14.5 | Term Loan Five-year term/Refinances previous debt with GE Capital |
||
| Wenner Bread Products Manufacturer/Bread |
Rolls | Frozen Dough | Capital One Leverage Finance Lender |
14.0 | Revolver/Term Loan Refinances current revolver, term loan |
| Phoenix Services Provider/Services to Steel Producers |
Capital One Leverage Finance Lender |
12.0 | Revolver |
||
| Pacira Pharmaceuticals Manufacturer/Pharmaceuticals |
GE Healthcare Finance Lender |
11.3 | Revolver Supports preparation of EXPAREL drug program |
||
| Aerosonic Corporation Supplier/Precision Flight Products |
M&I Bank Lender |
10.1 | $4MM Revolver/$6.1MM Term Loans Refinances previous debt |
||
| Cerus Corporation Manufacturer/Biomedical Products |
Oxford Finance Lender |
10.0 | Credit Line |
||
| SRS Industries Manufacturer/Fabricated Components |
Comvest Capital II Fund Lender |
8.5 | Revolver Supports Whitehall Industries acquisition |
||
| Moosejaw Mountaineering Retailer/Outdoor Apparel |
Equipment | CORE Business Credit Lender |
8.0 | Revolving Credit Line Supports growth |
|
| Laser Pacific Provider/Post Production Film Services |
CORE Business Credit Lender |
8.0 | Revolver Deal Source: H.I.G. Capital |
||
| Koss Corporation Manufacturer/Headphones |
JP Morgan Chase Lender |
8.0 | Revolver Replaces previous facility with Harris, N.A. |
||
| Content Critical Provider/Document Outsourcing Services |
Keltic Financial Services Lender |
6.0 | Revolving Credit Line |
||
| HMC/CAH Consolidated Operator/Rural Hospitals |
Gemino Healthcare Finance Lender |
6.0 | Revolver Refinances existing debt |
||
| Optical Cable Corp Manufacturer/Fiber Optic Cable |
SunTrust Bank Lender |
6.0 | Revolver Two-year term/Modifies certain loans with Valley Bank |
||
| Glowpoint Provider/Telepresence |
Video Communications Services | Silicon Valley Bank Lender |
5.0 | Revolver Two-year term |
|
| World Wide Security Provider/Security Alarm Equipment & Services |
CapitalSource Lender |
5.0 | Revolver Three-year term/Provided through lender's Security Lending Group |
||
| ResCom Energy Provider/Electricity (CT) |
First Capital Lender |
5.0 | Revolver |
||
| Clement Support Services Supplier/Pipe Support |
Bridge Bank Lender |
4.9 | Revolver |
||
| Game Trading Technologies Provider/Video Game Trading |
Bank of America Lender |
3.5 | Revolver |
||
| GigOptix Manufacturer/Semiconductor Products |
Silicon Valley Bank Lender |
3.4 | $3MM Revolver/$400,000 Term Loan Refinances revolver with Bridge Bank, term loan with Agility Bank |
||
| MOD-PAC Manufacturer/Paper Board Packaging |
Manufacturers and Traders Trust Co. Lender |
3.0 | Revolver Three-year term/Replaces $5MM credit line |
||
| Quality Rubber Resources Manufacturer/Rubber Products |
Keltic Financial Services Lender |
1.6 | Revolving Credit Line |
||
| Woodbolt International Manufacturer/Sports Nutrition Supplements |
First Capital Lender |
1.5 | Revolving Credit Line |
||
| Transportation Agent Grid Provider/Logistics Resources |
US Capital Partners Lender |
1.5 | Revolver |