Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 7/1/11 through 9/30/11.
BORROWER/INDUSTRY | LENDER/ROLE | AMOUNT | STRUCTURE/NOTES | ||
---|---|---|---|---|---|
Penn National Gaming Operator/Gaming |
Racing Facilities | Bank of America Merrill Lynch, RBS Securities, Wells Fargo Securities Jt Lead Arrangers |
2150.0 | $700MM Revolver/$1,450MM Term Loans Commerz Markets, UBS Securities: Jt ld arrangers/Wells Fargo Bank: Admin agent |
|
Alere Provider/Health Products |
Services | Jefferies Finance, GE Capital Markets, Credit Suisse, Goldman Sachs Bank USA Joint Lead Arrangers |
2100.0 | $250MM Revolver/$1.85B Term Loans GE Capital, Healthcare Financial Services: Admin agent |
|
Quad/Graphics Provider/Print |
Related Multichannel Solutions | J.P. Morgan Securities, Merrill Lynch, U.S. Bank, PNC Capital Mkts, SunTrust Robinson Humphrey Lead Arrangers |
1500.0 | $850MM Revolving Credit Line/$650MM Term Loans Revolver: Five-year term/Term Loans: Five-, seven-year terms |
|
Arrow Electronics Provider/Electronic Components |
Computing Products | Services | JP Morgan Chase Bank Admin Agent |
1200.0 | Revolver Five-year term/BNP Paribas, BofA, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi: Syn agents |
Cracker Barrel Old Country Store Operator/Restaurants |
Wells Fargo Securities, Merrill Lynch, SunTrust Robinson Humphrey Jt Lead Arrangers, Jt Bookrunners |
750.0 | $500MM Revolving Credit Line/$250MM Term Loan Five-year term/Wells Fargo Bank: Admin agent, collateral agent |
||
AMETEK Manufacturer/Electronic Instruments |
Devices | JPMorgan Ld Arranger, Bookrunner, Admin Agent |
700.0 | Revolver Five-year term/BofA, PNC, SunTrust, Wells Fargo: Syndication agents |
|
United Stationers Distributor/Business Products |
J.P. Morgan Securities, U.S. Bank, Wells Fargo Securities Jt Ld Arrangers |
700.0 | Revolver Five-year term/Replaces $425MM revolver, $200MM term loan |
||
Level 3 Financing Provider/Communications Services |
Merrill Lynch, Citigroup Glbl Mkts, Deutsche Bank Sec, Morgan Stanley Sr Funding, Credit Suisse Sec Joint Lead Arrangers, Joint Bookrunning Managers |
650.0 | Term Loan Seven-year term |
||
MasTec Provider/Infrastructure Construction |
GE Capital, Corporate Finance Co-Syndication Agent |
600.0 | Revolver GE Capital Markets: Jt lead arranger, book manager |
||
Lincare Holdings Provider/Respiratory Therapy |
Bank of America Agent |
450.0 | Revolver Merrill Lynch, Credit Agricole Corp & Invest Bank, Wells Fargo Sec: Jt ld arrangers, jt book managers |
||
YRC Worldwide Provider/Transportation Services |
J.P. Morgan Securities Arranger/Syndicator |
400.0 | Revolver Three-year term/JPMorgan Chase: Admin agent/Replaces existing ABS facility |
||
AmSafe Industries Provider/Safety |
Securement Products | Ares Capital Admin Agent |
385.0 | Revolver Deal Sources: Berkshire Partners, Greenbriar Equity Group/Supports refinancing |
|
NTELOS Holdings Provider/Communications Services |
CoBank, ACB, SunTrust Robinson Humphrey Jt Ld Arrangers, Jt Bookrunners |
370.0 | $60MM Revolver/$310MM Term Loans Revolver, term loan: Five-year term/Term loan B: Six-year term/Loan is for Lumos Networks Operating Co. |
||
Severstal Columbus Manufacturer/Steel |
Citigroup Global Markets and Wells Fargo Capital Finance Joint Lead Arrangers, Joint Bookrunners |
350.0 | Revolver Five-year term/Citibank: Admin agent, collateral agent |
||
Media Rights Capital Operator/Entertainment Studio |
JPMorgan Chase, Comerica, Bank of America, Sun Trust, Union Bank Lead Lenders |
350.0 | Revolver Five-year term/East West Bank, Wells Fargo, Bank Leumi, City National Bank participated |
||
Animal Health International Provider/Animal Health Products |
U.S. Bank Asset Based Finance Admin Agent, Jt Leader Arranger, Jt Bookrunner |
265.0 | Revolver Finances acquisition of Lextron |
||
MW Industries Manufacturer/Precision Components |
Senior Secured Loan Program Jt Bookrunners |
255.0 | Term Loan Supports acquisition by Genstar Capital |
||
Stage Stores Provider/Apparel |
Accessories | Bank of America Admin Agent |
250.0 | Revolver Merrill Lynch, Wells Fargo Capital Finance: Jt lead arrangers |
|
Crown Media Holdings Operator/Portfolio of Cable Networks |
JPMorgan Chase Bank/J.P. Morgan Securities Admin Agent/Sole Bookrunner, Lead Arranger |
240.0 | $30MM Revolver/$210MM Term Loan Repays existing credit agreement |
||
Industrial Container Services Provider/Reusable Container Solutions |
Ares Capital Lead Arranger, Admin Agent |
236.5 | Revolver Supports acquisition by Aurora Capital Group |
||
Vector Security Provider/Security Solutions |
PNC Capital Markets/PNC Bank Lead Lender/Admin Agent |
225.0 | Revolver Participants: RBS Citizens, Bank of America, U.S. Bank |
||
PODS Enterprises Provider/Portable Moving |
Storage | GE Capital Lender |
223.0 | $25MM Revolver/$198MM Term Loan Supports acquisition/Refinances debt |
|
Devcon Security Holdings Provider/Security Systems |
CapitalSource Finance Lead Lender |
215.0 | Revolver Supports growth strategy |
||
Charming Shoppes Retailer/Women's Plus-Size Apparel |
Wells Fargo Capital Finance Jt Lead Arranger, Jt Bookrunner |
200.0 | Revolver Retail Finance Division provided the financing |
||
Packers Sanitation Services Provider/Cleaning |
Sanitation Services | Senior Secured Loan Program Jt Lead Arrangers |
160.0 | Term Loan Supports acquisition by Harvest Partners |
|
HickoryTech Provider/Regional Communications |
CoBank ACB Admin Agent, Sole Lead Arranger, Bookrunner |
150.0 | $30MM Revolver/$120MM Term Loans Five-year term/Union Bank: Syn agent/SunTrust Bank: Doc agent |
||
SpecialtyCare Provider/Hospital |
Surgery Services | GE Capital, Healthcare Financial Services Lender |
135.0 | Revolver GE Capital Markets: Jt ld arranger, jt bookrunner;/Supports investment by American Securities |
|
Dynamics Research Provider/Mgmt Consulting |
Engineering | Tech Solutions | Bank of America Lead Lender |
130.0 | $20MM Revolver/$110MM Term Loan Five-year term/SunTrust Bank, PNC Bank: Lead arrangers/Supports High Performance Tech acquisition |
Duckwall-ALCO Stores Operator/Retail Chain |
Wells Fargo Capital Finance Lender |
120.0 | Revolver Five-year term/Replaces existing agreement with BofA, Wells Fargo Retail Finance |
||
Evolution1 Provider/Electronic Payment |
Cloud Computing Healthcare Svs | GE Capital, Healthcare Financial Services Admin Agent |
115.0 | Revolver Supports acquisition by Genstar Capital, acquisition of Lighthouse1/GE Capital Markets: Ld arranger, jt bookrunner |
|
Au Bon Pain Operator/Casual Restaurants |
Golub Capital Sole Bookrunner, Admin Agent |
112.0 | Revolver Deal Source: LNK Partners/Supports refinancing |
||
Ashford Hospitality Trust Investor/Hospitality Industry |
KeyBanc Capital Markets/KeyBank Ld Arranger/Admin Agent |
105.0 | Revolver Three-year term/Morgan Stanley Bank, Credit Suisse, UBS Loan Finance participated |
||
Horizon Lines Operator/U.S. Ocean Fleet |
Wells Fargo Capital Finance Arranger |
100.0 | Revolver Five-year term |
||
Insperity Provider/HR |
Business Performance Solutions | Amegy Bank Agent |
100.0 | Revolver Four-year term/Bank of America, Woodforest National Bank participated |
|
Caraustar Industries Manufacturer/Recycled Paperboard Products |
GE Capital, Corporate Finance Admin Agent |
90.0 | Revolver Refinances debt/GE Capital Markets: Ld arranger, bookrunner |
||
Farmer Bros. Co. Distributor/Coffee |
Tea | Culinary Products | Wells Fargo Capital Finance Lender |
85.0 | Revolver Three-year term/Replaces existing $50MM facility with WFCF |
JHP Pharmaceuticals Manufacturer/Pharmaceutical Products |
GE Capital, Healthcare Financial Services Admin Agent |
78.0 | Revolver GE Capital Markets: Jt ld arranger, sole bookrunner/Refinances existing debt |
||
LeCroy Supplier/Oscilloscopes |
Serial Data Test Solutions | RBS Citizens, M&T Bank Lenders |
75.0 | Revolver Five-year term/Replaces former $50MM facility |
|
IPC The Hospitalist Company Operator/Hospitalist Physician Group Practice |
Wells Fargo Lead Arranger, Sole Bookrunner, Admin Agent |
75.0 | Revolver Five-year term/Comerica Bank: Lender |
||
Forbes Energy Services Contractor/Independent Oilfield Services |
Regions Bank Lender |
75.0 | Revolver Five-year term |
||
Communications Capital Group Provider/Wireless Infrastructure Investment Sector |
Macquarie Corporate and Asset Finance Lender |
75.0 | Term Loan Deal sources: Ulysses Management and Tenth Avenue Holdings/Supports acquisitions |
||
North East Dental Management Operator/Dental Practice Management Company |
NXT Capital Jt Ld Arranger Admin Agent |
61.0 | Revolver Supports acquisition of Dental Associates of Northern Virginia |
||
Horsehead Producer/Specialty Zinc Products |
PNC Bank Lender |
60.0 | Revolver Five-year term |
||
Aventine Renewable Energy Holdings Producer/Ethanol |
Wells Fargo Capital Finance Lender |
50.0 | Revolver Four-year term |
||
THQ Publisher/Interactive Entertainment Software |
Wells Fargo Capital Finance Lender |
50.0 | Revolver Four-year term/Terminates $35MM agreement with Bank of America |
||
Design Space Modular Buildings Dealer/Modular Buildings |
Office Trailers | PNC Lender |
48.0 | Revolver Refinances existing debt |
|
Supreme Industries Manufacturer/Specialized Commercial Vehicles |
Wells Fargo Capital Finance Lender, Agent |
45.0 | Revolver Four-year term |
||
SMTC Provider/Electronics Manufacturing Services |
PNC Bank Lender |
45.0 | Revolver Three-year term/Replaces asset-backed revolver by Wells Fargo/Supports acquisition of ZF Array Technology |
||
Bostwick Laboratories Provider/Urologic Anatomic Pathology |
Healthcare Finance Group Lender |
43.0 | $20MM Revolving Credit Line/$23MM Term Loans Refinances previous debt |
||
Marc Ecko Enterprises Distributor/Apparel |
Footwear | Accessories | Wells Fargo Capital Finance Lender |
40.0 | Revolver WFCF also provided factoring facility |
Wenner Bread Products Manufacturer/Dough |
Breads | Rolls | LBC Credit Partners Sole Lender, Admin Agent |
36.5 | Revolver Supports company recap by Frontenac Company/LBC also made equity co-investment |
TAP Automotive Provider/Aftermarket Parts |
Accessories | Wells Fargo Capital Finance Lender |
35.0 | Revolver Retail Finance division provided loan |
|
Flotek Industries Distributor/Oilfield Technologies |
PNC Bank Lender |
35.0 | Revolver |
||
TruGreen LandCare Provider/Commercial Landscaping Services |
Wells Fargo Capital Finance Lender |
32.5 | Revolver Support Aurora Resurgence Group's acquisition of TruGreen from The ServiceMaster Co |
||
Group III International Designer/Wenger Brand for Travel |
Work Gear | Abacus Finance Group Admin Agent, Jt Ld Arranger |
32.5 | Revolver Supports recap by management, Trivest Partners/Madison Capital Funding: Lender |
|
Lexington Precision Operator/Rubber Parts Provider |
Metal Parts Provider | Capital One Leverage Finance Lender |
30.6 | Revolver/Term Loan Deal source: Aurora Resurgence Management Partners/Refinances existing debt |
|
CRS Reprocessing Reprocessor/Industrial Fluids |
Crystal Financial Co-Lead Lender |
30.0 | Term Loan THL Credit: Co-lead lender |
||
Zumiez Retailer/Sports-Related Apparel |
Accessories | Wells Fargo Bank Lender |
25.0 | Revolver Two-year term/Replaces previous $25MM revolver with Wells Fargo |
|
Unify Provider/eDiscovery |
Info Mgmt Solutions | Wells Fargo Capital Finance Lender |
24.0 | $8MM Revolver/$16MM Term Loans Four-year term/Replaces facility with Hercules Technology Growth Capital |
|
West World Media Supplier/Movie Theatre Showtimes |
Content | Advertising | Monroe Capital Lender |
22.5 | Revolver Refinances existing debt |
Modern Group Distributor/Warehouse Products |
Construction Equipment | PNC Lender |
22.0 | Revolver Supports growing customer demand |
|
Bell and Howell Provider/Messaging Solutions |
Crystal Financial Lender |
20.0 | Term Loan Term Loan was part of a $55MM facility co-agented by PNC |
||
Federal Screw Works Manufacturer/Industrial Component Parts |
PNC Lender |
20.0 | Revolver |
||
BlackHawk Industrial Operating Company/Acquire Industrial Distribution Businesses |
PNC Lender |
20.0 | Revolver |
||
Loma Linda University Medical Center-Murrieta Operator/Acute Care Community Hospital |
Healthcare Finance Group Lender |
20.0 | Revolver |
||
Keystone Dental Provider/Oral Healthcare |
Oxford Finance Lender |
20.0 | Term Loan Pays off existing line of credit |
||
CareView Communications Provider/Healthcare IT |
Comerica Bank and Bridge Bank Lenders |
20.0 | Revolver Two-year term |
||
NCS Technologies Provider/Turnkey Computer Systems |
Capital One Leverage Finance Lender |
18.3 | Revolver Refinances existing debt |
||
City Sports Retailer/Athletic Products |
Wells Fargo Capital Finance Lender |
16.5 | $12MM Revolver/$4.5MM Term Loan |
||
Harden Manufacturing Manufacturer/Promotional Furniture |
FirstMerit Bank Business Credit Lender |
16.0 | Revolving Credit Line/Term Loan Deal source: Linsalata Capital Partners/Refinances existing debt |
||
Accubuilt Manufacturer/Large (Funeral) Vehicles |
NewStar Business Credit Lender |
16.0 | Revolver Supports partial recap of company |
||
Protox Therapeutics Developer/Urological Diseases Treatment Products |
Oxford Finance Lender |
15.0 | Revolver Supports drug development program |
||
Mid-Atlantic Health Care Provider/Senior Care |
Nursing Rehab Services | Oxford Finance Lender |
15.0 | Revolving Credit Line |
|
Bacterin International Holdings Provider/Bone Graft Material |
Anti-Infective Coatings | MidCap Financial and Silicon Valley Bank Lenders |
15.0 | Revolver Three-and-a-half-year term/Retires existing debt with Bridge Bank, Western Technology Investments |
|
Furiex Pharmaceuticals Provider/Drug Development |
MidCap Financial, Silicon Valley Bank Lenders |
15.0 | Term Loan |
||
Nobel Learning Communities Operator/Private Schools |
Prospect Capital Lender |
15.0 | Term Loan Supports acquisition by Leeds Equity Partners |
||
Marshall Emergency Services Associates Operator/Emergency Depts |
Hospital Medicine Programs | Amalgamated Capital Sole Lead Manager |
15.0 | Revolver Supports acquisition by Atlanta Equity Investors |
|
Imperial Headwear Manufacturer/Hats |
Cole Taylor Business Capital Lender |
14.1 | $10MM Revolver/$4.1MM Term Loan Supports company recap |
||
Local.com Operator/Online Media Company |
Square 1 Bank Lender |
12.0 | Revolver Terminates previous facility with Silicon Valley Bank |
||
SMWC Acquisition Co Operator/Steel Service Center |
FirstMerit Bank Business Credit Lender |
10.5 | Revolver/Term Loan Refinances existing debt |
||
Coast Plating Provider/Metal Processing |
Finishing Services | Full Circle Capital Lender |
10.5 | Revolver/Term Loan |
|
Ligand Pharmaceuticals Manufacturer/Biopharmaceuticals |
Square 1 Bank Lender |
10.0 | Revolving Credit Line |
||
NYDJ Apparel Manufacturer/Upscale Jeans |
Pants | LBC Credit Partners Sole Investor |
10.0 | term loan B Deal Source: Falconhead Capital/Supports recap/Part of $80MM credit facility |
|
PureTek Manufacturer/Pharmaceutical |
Nutritional Products | TAB Bank Lender |
10.0 | Credit Line |
|
First Service Networks Provider/Facilities Maintenance |
Repair | First Capital Lender |
10.0 | Revolver |
|
Mendocino Brewing Company Producer/Beer |
Cole Taylor Business Capital Lender |
10.0 | $5MM Revolver/$5MM Term Loans |
||
Cummings Resources Provider/Made-to-Order Exterior Signs |
NewStar Business Credit Lender |
9.5 | Revolver Supports acquisition by Prophet Equity |
||
Diversified Restaurant Holdings Operator/Bagger Dave's |
Buffalo Wild Wings | RBS Citizens Lender |
8.0 | $1MM Revolving Credit Line/$7MM Credit Line Supports expansion of both restaurants |
|
Bartash Printing Provider/Commercial Printing |
First Capital Lender |
8.0 | Revolving Credit Line |
||
Systems America Provider/Cloud Computing |
IT Solutions | Bridge Bank Lender |
8.0 | $6MM Revolver/$2MM Term Loan Supports acquisition of targeted companies |
|
ARI Provider/Technology-Enabled Solutions |
Fifth Third Bank Lender |
7.5 | $1.5MM Revolver/$5MM Term Loan Three-year term |
||
Plug Power Provider/Energy Solutions |
Silicon Valley Bank Lender |
7.0 | Revolving Credit Line |
||
The Finance Company Provider/Consumer Finance |
Full Circle Capital Lender |
7.0 | Term Loan Supports acquisition pf Cashwell Financial of SC, and affiliates |
||
American Civil Constructors Holdings Contractor/Heavy Civil Construction |
Capital One Leverage Finance Lender |
6.3 | Term Loan Refinances existing debt |
||
Inogen Provider/Oxygen Therapy |
Square 1 Bank Lender |
6.0 | Revolver |
||
First American Title Loans of Georgia Provider/Loans |
First Capital Lender |
6.0 | Revolver |
||
Metropolitan Trucking Operator/Trucks |
Trailer Fleet | TAB Bank Lender |
5.0 | Revolver |
|
Castle Brands Developer/Alcohol Beverage Brands |
Keltic Financial Partners II Lender |
5.0 | Revolver Repays existing debt |
||
XOS Digital Provider/Digital Asset Management Solutions |
Bridge Bank Lender |
5.0 | Revolver Supports future growth |
||
iMedX Provider/Web-Based Medical Documentation Services |
Full Circle Capital Lender |
4.5 | Revolver /Term Loan Deal Source: RFE Investment Partners/Refinances debt |
||
Energex Supplier/Pellets |
Keltic Financial Services Lender |
4.0 | Revolving Credit Line |
||
Kentec Distributor/Power Tools |
Fasteners | First Capital Lender |
4.0 | Revolver Triangle Capital Access aided in the facilities (included $1.2MM real estate mortgage) |
|
Canon Recruiting Group Provider/Corporate Staffing |
Crestmark Bank of Michigan Lender |
3.5 | Credit Line |
||
Radiology Corporation of America Operator/Mobile Scanners |
Gemino Healthcare Finance Lender |
3.0 | Revolving Credit Line Refinances existing debt |
||
Augmentity Systems Provider/Data Center Infrastructure Solutions |
TAB Bank Lender |
3.0 | Revolver TAB worked with Fordham Capital Partners on the transaction |
||
SpecPrint Provider/Specialized Printing |
Custom Manufacturing | US Capital Partners Lender |
2.8 | Revolver Retires existing line of credit, term loan |
|
Cady Bag Company Manufacturer/Agricultural |
BOPP Packaging | First Capital Lender |
2.8 | $2.25MM Revolving Credit Line/$.5MM Term Loan |
|
ProfitPoint Provider/Stored Value |
Loyalty Program Solutions | Square 1 Bank Lender |
2.5 | Revolver |
|
Intellicheck Mobilisa Provider/Access Control |
Wireless Security Systems | Silicon Valley Bank Lender |
2.0 | Revolver |
|
Connexity Provider/Digital Advertising |
Silicon Valley Bank Lender |
2.0 | Revolver |
||
KomTek Technologies Provider/Precision Die Forging |
Investment Casting | TAB Bank Lender |
1.5 | Revolver |
|
Corgenix Medical Developer/Diagnostic test kits |
LSQ Funding Group Lender |
1.5 | Revolving Credit Line Retires factoring credit line, inventory loan with Summit Financial Resources |
||
Illinois Trading Company of Chicago Provider/Frozen Foods |
TAB Bank Lender |
1.5 | Revolver |