Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 10/1/11 through 12/30/11.
| BORROWER/INDUSTRY | LENDER/ROLE | AMOUNT | STRUCTURE/NOTES | |||
|---|---|---|---|---|---|---|
| Health Management Associates Provider/Healthcare Services |
Wells Fargo Securities/Deutsche Bank Securities Jt Ld Arranger, Jt Bookrunner/Jt Ld Arranger, Jt Bookrunner, Syn Agent |
2625.0 | $500MM Revolver/$2.1B Term Loans Five-, seven-year terms/Wells Fargo Bank: Admin agent, swing line lender, Citigroup Global Markets: Jt bookrunner |
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| Six Flags Operator/Theme Park |
Wells Fargo Securities, Bank of America, Barclays Joint Bookrunners |
1135.0 | $200MM Revolver/$935MM Term Loans Deutsche Bank Securities, Goldman Sachs Bank, JPMorgan Chase: jt bookrunners |
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| Asbury Automotive Group Provider/Automotive Retail |
Service | BofA Merrill Lynch Admin Agent |
900.0 | Revolver Five-year term/JPMorgan Chase Bank, Wells Fargo Bank: Co-syn agents |
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| BJ's Wholesale Club Operator/Warehouse Clubs |
GE Capital/GE Capital Markets Admin Agent/Jt Ld Arranger, Jt Bookrunner |
900.0 | Revolver Supports acquisition by Leonard Green & Partners, CVC Capital Partners |
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| Evraz Manufacturer/Steel |
GE Capital Markets, Merrill Lynch, UBS Loan Finance Jt Ld Arrangers |
610.0 | revolver Five-year term/Replaces previous debt |
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| PolyOne Provider/Specialized Polymer Materials |
Wells Fargo Capital Finance Admin, Collateral Agent, Jt Ld Arranger, Bookrunner |
600.0 | $300MM Revolver/$300MM Term Loan Supports ColorMatrix Group acquisition/U.S. Bank, PNC, KeyBank, Merrill Lynch, BofA participated |
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| Level 3 Communications Provider/IP-Based Communications Services |
BofA Merrill Lynch, Citigroup Global Markets Jt Ld Arrangers, Jt Bookrunning Managers |
550.0 | Term Loan Morgan Stanley Senior Funding, Deutsche Bank Securities, Wells Fargo Securities, Credit Suisse: Jt bookrunning mgrs |
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| KapStone Paper and Packaging Producer/Paper Products |
Bank of America Merrill Lynch, Barclays Capital Lead Lenders |
525.0 | $150MM Revolver/$375MM Term Loan Five-year term/Supports acquisition of U.S. Corrugated |
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| Nash-Finch Company Distributor/Wholesale Food |
Wells Fargo Capital Finance Admin, Collateral Agent, Jt Ld Arranger, Jt Book Manager |
520.0 | Revolver Other lenders: Wells Fargo Bank, BofA, JPMorgan Chase, BMO Harris Bank, Barclays |
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| ManTech International Provider/Mission-Critical National Security Programs Technologies |
Bank of America Merrill Lynch Admin Agent, Joint Bookrunner |
500.0 | Revolver JP Morgan Chase Bank, Wells Fargo Bank: Jt bookrunners |
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| Dick's Sporting Goods Retailer/Sporting Goods |
Wells Fargo Capital Finance Agent, Lead Arranger |
500.0 | Revolver PNC Capital Markets: Jt lead arranger |
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| Tiffany & Co. Operator/Jewelry Company |
Bank of New York Mellon/ABN AMRO Bank, Standard Chartered Bank Admin Agent/Co-Syndication Agents |
400.0 | $200MM Revolvers Three-year term/Five-year term/JPMorgan Chase, Mizuho Corporate Bank: Co-doc agents |
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| Metropolitan Health Networks Operator/Primary Care Medical Practices |
GE Capital Lender, Admin Agent |
355.0 | First, Second Lien Revolver, Term Loans Supports acquisition of Continucare/GE Cap Mkts, SunTrust Robinson Humphrey: Jt ld arrangers, jt bkrunners |
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| TMS International Provider/Outsourced Industrial Services |
J.P. Morgan Securities, Wells Fargo Capital Finance, Merrill Lynch Joint Lead Arrangers, Joint Bookrunners |
350.0 | Revolver Five-year term/Replaces existing $165MM revolver |
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| ON Semiconductor Supplier/Silicon Solutions |
JPMorgan Chase Admin Agent |
325.0 | Revolver Five-year term/Bank of America, RBS: Co-syn agents |
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| LIN Media Operator/Multimedia Company |
JPMorgan Chase Admin Agent |
260.0 | Term Loan Seven-year term |
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| High Liner Foods Provider/Frozen Seafood |
RBC Capital Markets and BMO Capital Markets Lead Lenders |
250.0 | Term Loan Supports acquisition of U.S. subsidiary of Icelandic Group |
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| Gibraltar Industries Manufacturer/Building Products |
KeyBank Lead Arranger, Admin Agent |
235.0 | $200MM Revolver/$35MM Term Loan Five-year term/J.P. Morgan Chase, BofA: Co-syn agents/M&T Bank, RBS Citizens, HSBC Bank: Co-doc agents |
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| Beaulieu of America Manufacturer/Carpet |
Bank of America, Wells Fargo Capital Finance Lead Lenders |
230.0 | Revolver Refinances existing loan agreement/PNC Bank participated |
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| TravelCenters of America Operator/Travel Centers |
Wells Fargo Capital Finance Sole Ld Arranger, Bookrunner |
200.0 | Revolver Five-year term/PNC: Syn agent/Regions Bank, UBS Loan Finance: Co-doc agents/ |
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| Affymetrix Provider/Genomic Analysis Tools |
Reagents | GE Capital, Healthcare Financial Services Admin Agent |
190.0 | Revolver Supports acquisition of eBioscience/SVB, CIT Healthcare, CIT Bank participated |
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| BarrierSafe Solutions Developer/Disposable Gloves |
Food Safety Products | CIT Bank/CIT Healthcare Arranger, Syndicator/Admin Agent, Jt Ld Arranger, Co-Bookrunner |
175.0 | Revolver Supports acquisition by Odyssey Investment Partners/Morgan Stanley Credit Partners provided $46MM mezzanine loan |
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| MYR Group Contractor/Electrical Infrastructure |
JPMorgan Chase Bank and Bank of America Lead Lenders |
175.0 | Revolver Five-year term/Replaces existing $75MM revolver, $10MM term loan |
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| STR Holdings Provider/Performance Encapsulants |
Bank of America Admin Agent |
150.0 | Revolver Four-year term |
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| United Copper Industries Manufacturer/Building Wire |
Cable | GE Capital, Corporate Finance Admin Agent |
150.0 | Revolver Supports UCI's acquisition by KPS Capital/GE Capital Markets: Sole ld arranger, bookrunner |
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| Iconix Brand Group Owner/Consumer Brands Portfolio |
Barclays Capital, Goldman Sachs Bank USA, GE Capital Markets Lenders |
150.0 | Revolver Two-year term |
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| Shutterfly Provider/Social Expression |
Personal Publishing Service | JPMorgan Chase Bank Admin Agent |
125.0 | Revolver Five-year term/J.P. Morgan Securities, Wells Fargo Securities: Jt bookrunners, jt ld arrangers |
||
| SS&C Technologies Holdings Provider/Financial Services |
Software | Bank of America Lender |
125.0 | Revolver Replaces previous facility |
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| Energy Alloys Provider/Oil Field Metals |
Services | GE Capital, Corporate Finance Sole Lender |
110.0 | Revolver |
||
| Horizon Lines Provider/Domestic Ocean Shipping |
Logistics | Wells Fargo Capital Finance Lender |
100.0 | Revolver Five-year term |
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| Pacific Sunwear of California Retailer/Specialty Fashion |
Items | Wells Fargo Capital Finance Lender |
100.0 | Revolver Five-year term/Golden Gate also provided five-year $60MM term loan |
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| Innospec Provider/Specialty Chemicals |
Lloyds TSB Bank Lender |
100.0 | Revolver Five-year term/Barclays, Yorkshire Bank, RBS, Credit Suisse participated |
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| The Marshall Retail Group Retailer/Products for U.S. Casino |
Resorts | Golub Capital Sole Bookrunner, Admin Agent |
95.5 | Revolver Supports company recap by ICV Partners |
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| Hosting.com Provider/IT Infrastructure Solutions |
Golub Capital Admin Agent, Jt Bookrunner, Co-Ld Arranger |
78.0 | Revolver Supports acquisition of NeoSpire/Deal source: Pamlico Capital |
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| FXCM Holdings Provider/Online Foreign Exchange Trading |
Bank of America Admin Agent |
75.0 | Revolver Three-year term |
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| Crocs Provider/Casual Footwear |
PNC Bank Lender |
70.0 | Revolver JPMorgan, Wells Fargo Bank participated |
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| Virco Mfg. Manufacturer/School Furniture |
Equipment | PNC Bank Lender |
60.0 | Revolver Repays line of credit with Wells Fargo Bank |
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| Interactive Health Solutions Developer/Employer Group Wellness Programs |
MidCap Financial Sole Bookrunner, Sole Ld Arranger, Admin Agent |
53.0 | Revolver Supports acquisition by CI Capital Partners |
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| Diversified Restaurant Holdings Owner/Bagger Dave's Legendary Burger Tavern |
RBS Citizens Administrator, Ld Arranger |
50.0 | Revolver/Term Loan Refinances existing debt/Finances potential acquisition |
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| America's Auto Auction Provider/Wholesale Car Auctions |
NXT Capital, GE Capital Joint Lead Lenders |
50.0 | Revolver Monroe Credit Advisors managed debt placement/Monroe Capital participated/Supports mgmt buyout |
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| Citi Trends Retailer/Fashion Apparel |
Accessories | Bank of America Lender |
50.0 | Revolver Five-year term |
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| America's Auto Auction Provider/Pre-Owned Car Auctions |
NXT Capital Co-Ld Arranger, Jt Bookrunner, Admin Agent |
50.0 | Revolver Supports company recap |
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| Silicon Graphics International Provider/Technical Computing |
Wells Fargo Capital Finance Lender |
50.0 | Revolver |
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| Thoratec Provider/Mechanical Circulatory Support Therapies |
Wells Fargo Admin Agent |
50.0 | Revolver Five-year term |
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| American Internet Services Provider/Data Center |
Connectivity Services | CIT Bank Lender |
46.5 | Revolver CIT Communications, Media & Entertainment: Sole ld arranger |
||
| Trinity Consultants Provider/Air Quality Permitting |
Compliance Services | NXT Capital Sole Ld Arranger, Sole Bookrunner, Admin Agent |
45.0 | Revolver Funds recap by Gryphon Investors, management |
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| Small Bone Innovations Provider/Orthopedics |
New Health Capital Partners Fund I Lender |
43.0 | Revolver Repays previous facility |
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| Richards Building Supply Company Distributor/Exterior Building Materials |
Capital One Leverage Finance Lender |
35.0 | Revolver Three-year term/Repays existing debt |
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| Richmond University Medical Center Operator/Not-for-Profit Healthcare Facility |
Healthcare Finance Group Lender |
35.0 | $20MM Revolver/$15MM Term Loan |
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| GPM Investments Operator/Convenience Store Chains |
PNC Bank Lender |
35.0 | Revolver Five-year term |
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| Dreams Retailer/Licensed Sports Products |
PNC Bank Lender |
35.0 | Revolver Three-year term/Replaces previous credit line |
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| Great Lakes Aviation Operator/Regional Airline |
Crystal Financial, GB Merchant Partners Co-Agent |
34.0 | Revolver Refinances existing facility |
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| Revolution Dance Provider/Footwear |
Bodywear | Recital Costumes | NXT Capital Sole Ld Arranger, Sole Bookrunner, Admin Agent |
32.5 | Revolver Supports company recap by Incline Equity Partners |
|
| RoadSafe Traffic Systems Provider/Traffic Safety Services |
Products | PNC Bank Lender |
30.0 | Revolver Five-year term |
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| Alvarion Provider/Wireless Broadband Solutions |
Silicon Valley Bank Lender |
30.0 | Revolver Three-year term/Supports acquisition of Wavion |
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| JFK Medical Center Operator/Hospital |
Healthcare Finance Group Lender |
27.0 | Revolver |
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| BarrierSafe Solutions International Provider/Personal Protective Equipment Industry |
Ally Commercial Finance Documentation Agent |
27.0 | Revolver Finance acquisition BarrierSafe by Odyssey Investment Partners/Part of a $175MM financing |
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| Polyester Fibers Provider/Non-Woven Industry |
PNC Bank Lender |
25.0 | Revolver Three-year term/Deal source: Empire Investment Holdings |
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| Rollins-Nelson Healthcare Management Operator/Six Skilled Nursing Facilities |
Oxford Finance Lender |
20.0 | Revolver Supports acquisition of a skilled nursing facility |
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| CryoLife Provider/Human Tissues Development |
GE Capital, Healthcare Financial Services Lender |
20.0 | Revolver |
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| Heat Transfer Products Group Manufacturer/Commercial Refrigeration Equipment |
LBC Credit Partners Lender |
19.5 | Term Loan Deal source: Monomoy Capital Partners |
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| Reese Central Wholesale Retailer/Building Materials |
Huntington Bank Asset Based Lending Lender |
18.5 | $15MM Revolver/$3.5MM Term Loan Refinances existing debt |
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| Navman Wireless Provider/GPS-Enabled Fleet Tracking Solutions |
NXT Capital Sole Ld Arranger, Sole Bookrunner, Admin Agent |
18.0 | Revolver Deal Source: Prairie Capital/Supports growth |
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| Network Polymers Supplier/Thermoplastic Materials |
Resins | FirstMerit Bank Business Credit Lender |
16.0 | Revolver/Term Loan Refinances existing debt |
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| Colonial Commercial Distributor/HVAC Equipment |
KeyBank Lender |
15.0 | Revolver Three-year term/Replaces loan with Wells Fargo Bank |
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| Star Extruded Shapes | Star Fab Provider/Aluminum Extrusions |
Provider/Machining | Fabrication | Huntington Bank Asset Based Lending Lender |
13.3 | $10.5MM Revolver/$2.8MM Term Loan Refinances existing debt |
| Verenium Developer/High-Performance Enzymes |
Comerica Bank, Export-Import Bank of the United States Lender |
13.0 | Revolvers |
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| Skyline Retirement Community Provider/Housing |
Assisted Living | Home Healthcare | Oxford Finance Lender |
11.6 | $1MM Revolver/$10.6MM Term Loan Refinances existing debt |
|
| Nancy Sales Company Distributor/Plush Toys |
Novelties | MidCap Business Credit Lender |
11.0 | Revolver Refinances previous lender |
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| PetroLiance Distributors/Lubricant |
Fuel | GB Merchant Partners Lender |
10.0 | Term Loan Supports acquisition by MSouth Equity Partners |
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| InfraReDx Developer/Medical Devices |
GE Capital, Healthcare Financial Sole Lender |
10.0 | Term Loan |
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| Apollo Retail Specialists Provider/Construction |
Installation Teams | Keltic Financial Services/Amalgamated Capital Lead Lender/Co-Lender |
9.5 | $7MM Revolver/$2.5MM Term Loan Amalgamated provided $4.75MM/Deal source: Palm Beach Capital |
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| Hodell-Natco Industries Distributor/Industrial Fasteners |
Chain | FirstMerit Bank Business Credit Lender |
9.0 | Revolver Refinances existing debt |
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| Continental Datalabel Manufacturer/Labels |
Cards | Ribbons | FirstMerit Bank Business Credit Lender |
8.8 | Revolver/Term Loan Refinances existing debt |
|
| Ohio Valley Manufacturing Manufacturer/Parts |
FirstMerit Bank Business Credit Lender |
8.5 | Revolver/Term Loan Refinances existing debt |
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| Clinical Research Management Provider/Clinical Research |
Product Development | FirstMerit Bank Business Credit Lender |
8.0 | Revolver Refinances existing debt |
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| Ritzman Pharmacies Operator/Chain of Pharmacy Stores |
FirstMerit Bank Business Credit Lender |
8.0 | Revolver Supports acquisition |
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| Consensus Orthopedics Manufacturer/Reconstructive Total Joint Implants |
US Capital Partners Lender |
8.0 | Revolver/Term Loans |
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| Primary Color Systems Provider/Diversified Graphic Arts Print Services |
Marquette Business Credit Lender |
7.7 | Revolver |
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| Lexington Machining Manufacturer/Aluminum |
Steel | Brass | FirstMerit Bank Business Credit Lender |
7.5 | Revolver/Term Loan Supports acquisition |
|
| GSE Systems Provider/Energy Services Solutions |
Susquehanna Bank Lender |
7.5 | Revolver Two-year term/Replaces previous debt |
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| C-Preme Manufacturer/Bicycles |
Accessories | Marquette Commercial Finance Lender |
7.5 | Revolver |
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| Alexander Doll Company Manufacturer/Dolls |
Sterling National Bank Lender |
7.5 | Revolver Replaces existing lender |
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| Zynex Manufacturer/Non-Invasive Medical Devices |
Doral Healthcare Finance Lender |
7.0 | Revolver Three-year term |
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| CoDa Therapeutics Provider/Wound CareTherapeutics |
Square 1 Bank Lender |
6.0 | Term Loan |
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| Cerus Provider/Biomedical Products |
Comerica Bank Lender |
5.0 | Revolver/Term Loan Four-year term |
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| Decca Consulting Provider/Staffing Services |
TAB Bank Lender |
5.0 | Revolver |
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| Mason Health Operator/Skilled Nursing Facilities |
Oxford Finance Lender |
5.0 | Revolver Refinances existing debt |
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| Joliet Equipment Supplier/AC |
DC Traction Motors | FirstMerit Bank Business Credit Lender |
5.0 | Revolver Deal source: Argosy Capital Partners, MTN Capital Partners |
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| OPEL Technologies Supplier/Photovoltaic Solar Panels |
Silicon Valley Bank Lender |
5.0 | Revolver |
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| Universal Trailer Manufacturer/Trailers |
Wells Fargo Bank Lender |
5.0 | Revolver Five-year term |
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| Energy Focus Provider/LED Lighting Products |
Rosenthal & Rosenthal Lender |
4.5 | Revolver Three-year term |
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| Hair Systems Manufacturer/Hair Color |
Care Products | Keltic Financial Services Lender |
4.4 | $4MM Revolver/$.375 Term Loan Financing was also provided to subsidiary Hair Systems Europe |
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| Edge Adhesives Manufacturer/Specialty Tapes |
Sealants | Adhesives | First Capital Lender |
4.0 | Revolver/Term Loan Deal source: Superior Capital Partners |
|
| ASI Building Products Supplier/Building Products |
Keltic Financial Services Lender |
3.9 | $3.5MM Revolver/.4MM Term Loan |
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| LanceSoft Provider/IT Solutions |
Consulting Services | Keltic Financial Services Lender |
3.5 | Revolver |
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| Volume Transportation Provider/Trucking |
Fleet services | TAB Bank Lender |
3.5 | Revolver Also provided $1.7 million in refinanced equipment |
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| Independent Food Manufacturer/Pork |
Marquette Business Credit Lender |
3.0 | Revolver |
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| Avantis Medical Systems Provider/Medical Devices |
Oxford Finance Lender |
3.0 | Term Loan Supports launch of Third Eye Retroscope |
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| Snap Advances Operator/Merchant Cash Advance Company |
TAB Bank Lender |
3.0 | Revolver |
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| ViaCyte Provider/Diabetic Cell Therapies |
Square 1 Bank Lender |
3.0 | Revolver |
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| Tekmira Pharmaceuticals Developer/RNA Interference Therapeutics |
Silicon Valley Bank Lender |
3.0 | Term Loan |
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| Recovery Home Care Provider/Home Healthcare |
Doral Healthcare Finance Lender |
3.0 | Revolver Three-year term |
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| Image Stream Medical Developer/Integrated Operating Room Products |
Bridge Bank Lender |
2.5 | Revolver |
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| Socket Mobile Provider/Handheld Computers |
AIDC Peripherals | Silicon Valley Bank Lender |
2.5 | Revolver |
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| Cox Logistics Provider/Oil Field Trucking |
Management | TAB Bank Lender |
2.5 | Revolver |
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| Blue Raven Technology Provider/Reverse Logistics |
MidCap Business Credit Lender |
2.2 | $2MM Revolver/$0.2MM Term Loan Refinances previous debt |
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| Stern Companies Manufacturer/Polymer |
Rubber-Based Products | Keltic Financial Services Lender |
2.0 | Revolver Subsidiaries Stern Assembly, Stern Industries were also borrowers |
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| KVL Audio Visual Services Supplier/Audio Visual Equipment Rental |
Staging Services | Keltic Financial Services Lender |
2.0 | Revolver |
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| Leading Edge Communications Provider/Telecommunication Support |
Services | US Capital Partners Lender |
1.8 | Revolver/Term Loan |
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| Central Cal Transportation Operator/Truck Fleet |
TAB Bank Lender |
1.5 | Revolver |
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| Global Sweeping Solutions Distributor/Street Sweeper Parts |
TAB Bank Lender |
1.0 | Revolver Supports growth, expansion |