Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 1/1/22 through 3/31/22. All dollar amounts are in millions.
| DATE | BORROWER/INDUSTRY | LENDER/ROLE | AMOUNT | STRUCTURE/NOTES |
|---|---|---|---|---|
| 2022/01/03 | Aleafia Health Cannabis |
Garrington Group of Companies Lender |
12 | Term loan Also supplied a $7MM revolving receivables facility |
| 2022/01/03 | Armstrong Flooring Flooring |
Pathlight Capital Lender |
35 | Term loan Addition to amended ABL and term loan |
| 2022/01/03 | Bitfarms Cryptocurrency |
Galaxy Digital Lender |
100 | Bitcoin-backed credit facility |
| 2022/01/04 | SLR Investment Corp. Financial Services |
Citibank Admin agent |
700 | Maturity extended to 2026, pricing grid reduced 25 points |
| 2022/01/05 | Iveco Group Transportation |
BBVA and Others Lead arrangers |
2140 | $1.58B revolver/$565.5MM term loan For general corporate purposes and working capital needs |
| 2022/01/05 | TG Therapeutics Pharmaceuticals |
Hercules Capital Lender |
200 | Term loan Increase to existing facility |
| 2022/01/05 | MicroStar Logistics Food & Drink |
Ares Commercial Finance Lender |
210 | Cross-border revolving line of credit |
| 2022/01/05 | Laurel Grocery Company Grocery Wholesale |
Fifth Third Business Capital Lender |
32 | Revolver and real estate term loan |
| 2022/01/06 | SASR Workforce Solutions Staffing |
Access Capital Lender |
8 | To help the company's CEO acquire 100% ownership |
| 2022/01/06 | Nortech Systems Manufacturing |
Bank of America Lender |
16 | Maturity extended four years to June 2026 |
| 2022/01/06 | Snagajob Hiring |
Runway Growth Capital Lender |
65 | Term loan For technology investment and growth |
| 2022/01/06 | Boxlight Communication Technology |
WhiteHawk Finance Lender |
68.5 | $58.5MM initial draw/$10MM delayed draw Borrowing base determined on A/R, inventory and IP |
| 2022/01/07 | Laney Directional Drilling Construction |
Tiger Finance Lender |
13.75 | Term loan |
| 2022/01/07 | National CineMedia Advertising |
WSFS Bank Admin agent |
50 | Revolver |
| 2022/01/07 | P.J. Whelihan’s Restaurant Group Restaurants |
Comvest Credit Partners Admin agent |
80 | Used to support acquisition by Garnett Station Partners |
| 2022/01/10 | Coherus BioSciences Pharmaceuticals |
Pharmakon Advisors Lender |
300 | Funds spread across four tranches |
| 2022/01/10 | Liquidia Pharmaceuticals |
Silicon Valley Bank Lender |
40 | Term loans available in three tranches |
| 2022/01/11 | Car Capital Financial Technology |
Fortress Investment Group Lender |
150 | |
| 2022/01/13 | AssetMark Asset Management |
BMO Admin agent |
500 | $375MM revolver/$125MM term loan Carries additional $100MM accordion |
| 2022/01/13 | Zuum Transportation Logistics Technology |
Bridge Bank Lender |
10 | |
| 2022/01/13 | Bowery Farming Vertical Farming |
KKR Lender |
150 | To expand network of indoor farms |
| 2022/01/14 | Dana Foods Food & Drink |
SLR Business Credit Lender |
8 | Revolving LOC To repay a previous lender and for working capital |
| 2022/01/14 | Summit Hotel Properties REIT |
Bank of America and Wells Fargo Lender |
410 | Term loan Supports acquisition of hotels |
| 2022/01/14 | Shawcor Material Sciences |
TD Bank and National Bank Financial Co-lead arrangers |
300 | Revolver |
| 2022/01/14 | Perry Ellis Retail/Apparel |
Capital One Admin agent |
200 | Revolving LOC |
| 2022/01/14 | Virtu Financial Financial Technology |
JPMorgan Chase Admin agent |
1800 | Term loan |
| 2022/01/19 | Crossroads Financial Financial Services |
Encina Lender Finance Lender |
50 | Includes $50MM accordion Closed simultaneously with a mezzanine debt facility |
| 2022/01/19 | BMI Merchandise Toys |
Fifth Third Business Capital Lender |
9 | Revolving LOC |
| 2022/01/20 | Mill City Ventures Financial Services |
Eastman Investment Lender |
5 | Revolver |
| 2022/01/20 | 365 Personnel Staffing |
SLR Business Credit Lender |
5 | A/R credit facility For working capital |
| 2022/01/20 | Fowl Play Ventures Restaurant Franchising |
Sterling National Bank Lender |
18.4 | To refinance existing debt and for working capital |
| 2022/01/20 | Parabilis Financial Services |
Congressional Bank Lender |
25 | Revolver with $50MM accordion To refinance existing facility and support ABL portfolio |
| 2022/01/21 | Veja Electronics Electronic Components |
BHI Lender |
40 | Revolving LOC For working capital to support sales growth |
| 2022/01/21 | Tanner Bolt & Nut Contractor Supplies |
BHI Lender |
5 | LOC To refinance existing facility and for working capital and general corporate purposes |
| 2022/01/24 | Dakkota Integrated Systems Manufacturing |
Huntington Business Credit Lender |
150 | To refinance existing debt and provide working capital growth financing |
| 2022/01/25 | Percheron Professional Services |
Fifth Third Business Capital Lender |
15 | |
| 2022/01/25 | PTC Alliance Manufacturing |
Great Rock Capital Lender |
28.8 | Term loan To support acquisition of Metal-Matic |
| 2022/01/27 | Oskaloosa Food Products Food Products |
SLR Business Credit Lender |
5 | Revolving LOC To repay bank and for working capital |
| 2022/01/28 | Root Insurance |
BlackRock Lender |
300 | Term loan |
| 2022/01/28 | Progress Software |
JPMorgan Chase Admin agent |
575 | $300MM revolving LOC/$275MM term loan |
| 2022/01/28 | Alliance Precision Plastics Manufacturing |
Fifth Third Business Capital Lender |
14.5 | Revolver/term loan/capex line |
| 2022/02/01 | AlerisLife Retirement Communities |
Midcap Funding VIII Trust Admin agent |
95 | Term loan |
| 2022/02/01 | CENTOGENE Healthcare |
Oxford Finance Lender |
45 | |
| 2022/02/02 | Marolina Outdoor Apparel |
Ares Commercial Finance Lender |
30 | Revolving LOC To support recapitalization and growth and to establish a brick-and-mortar presence |
| 2022/02/02 | Syniverse Technology |
Barclays Bank Lead arranger |
1165 | $1B term loan/$165MM revolver |
| 2022/02/02 | Sayari Labs Supply Chain Risk Solutions |
Bridge Bank Lender |
40 | Includes venture debt and a monthly recurring revenue LOC |
| 2022/02/03 | Armored Republic Holdings Body Armor |
Fifth Third Business Capital Lender |
9 | Revolving LOC, term loan and capex facility For a management buyout |
| 2022/02/03 | D.P. Nicoli Equipment Rental |
CIT Lender |
35 | To refinance existing debt, restructure equity and pursue growth |
| 2022/02/04 | Auto Advance Auto Finance |
Cambridge Savings Bank Lender |
9 | Revolving LOC To support expansion following transition of ownership |
| 2022/02/04 | Consumer Portfolio Services Specialty Finance |
Ares Lender |
100 | Revolver |
| 2022/02/04 | Atlas Wire Manufacturing |
Huntington Business Credit Lender |
20 | To assist with an acquisition and for working capital |
| 2022/02/08 | ZOA Energy Food & Drink |
Gerber Finance Lender |
10 | LOC For working capital |
| 2022/02/08 | Expensify Payments |
CIBC Innovation Banking Lender |
100 | To support growth and product expansion |
| 2022/02/08 | CEMATRIX Manufacturing |
CIBC Lender |
5 | Revolving operating line |
| 2022/02/08 | SMART Global Holdings Manufacturing |
Citizens Bank Lender |
525 | $275MM term loan/$250MM revolver |
| 2022/02/09 | 5 Star Apparel Apparel |
IDB Bank Lead agent |
125 | |
| 2022/02/11 | EPIC IO Technologies Technology |
Runway Growth Capital Lender |
30 | Term loan |
| 2022/02/11 | Pyxus International Agriculture |
PNC Bank Lender |
100 | |
| 2022/02/14 | Microf HVAC Financing |
Encina Lender Finance and Georgia Banking Company Lender |
40 | To refinance existing facilities and expand debt capacity to fund growth |
| 2022/02/14 | Liquidity Services Asset Management |
Wells Fargo Lender |
25 | |
| 2022/02/14 | SageSure Insurance |
Ares Management Lender |
375 | To refinance existing bank facility and support growth |
| 2022/02/14 | CareVet Veterinary Care |
Comvest Credit Partners Admin agent |
228 | |
| 2022/02/14 | Team Asset Performance |
Eclipse Business Capital and Corre Partners Management Lenders |
165 | $130MM revolver/$35 delayed draw term loan |
| 2022/02/15 | Davey Coach Transportation |
CIT Northbridge Credit Lead arranger |
20 | To refinance existing debt, provide working capital and help finance growth |
| 2022/02/15 | CCO Convenience Stores |
People’s United Bank Admin agent |
89.6 | Revolver/term loan To refinance existing debt, acquire 12 sites in Connecticut, support future site acquisitions and provide working capital |
| 2022/02/16 | OncoResponse Biotech |
Oxford Finance Lender |
50 | Term loan For general working capital and to support clinical testing of the company’s lead drug |
| 2022/02/16 | Bluegreen Vacations Hospitality |
Fifth Third Bank Admin agent |
300 | $200MM revolver/$100MM term loan |
| 2022/02/16 | Velocity Capital Group Financial Services |
Arena Investors Lender |
50 | Multi-draw term funding line of credit |
| 2022/02/17 | ATSG Managed Services |
TerraNova Capital Structure Finance Lender |
57 | Term loan For the acquisition of a technology platform and managed services provider |
| 2022/02/18 | The Arena Group Publishing |
Fast Pay Partners Lender |
25 | |
| 2022/02/18 | GardaWorld Security Security Services |
JPMorgan Chase, BofA Securities, Barclays, UBS Securities Lead arrangers |
2100 | Term loan To support acquisition of Tidel and Gunnebo Group’s cash management business |
| 2022/02/18 | Seaspan Containership Leasing |
BMO Sustainability structuring coordinator |
250 | Sustainability-linked revolver |
| 2022/02/23 | Kratos Defense & Security Solutions Security Services |
Truist Securities Lead arranger |
400 | $200MM revolver/$200MM term loan Refinancing |
| 2022/02/23 | Fluor Engineering |
BNP Paribas Securities, BofA Securities, Citibank, Wells Fargo Securities Joint lead arrangers |
1800 | Includes an ESG-linked pricing option |
| 2022/02/23 | Tetra Tech Engineering Services |
Bank of America Lender |
1000 | Sustainability-linked credit facility |
| 2022/02/24 | Navajo Transitional Energy Company Natural Resources |
Siena Lending Group Lender |
70 | $50MM revolver/$20MM term loan To complete an acquisition, refinance existing debt and support growth |
| 2022/02/24 | Olaplex Cosmetics |
Goldman Sachs, JPMorgan Chase, Morgan Stanley Senior Funding, Barclays Bank, BofA Securities, Jefferies Finance, Truist Securities Joint lead arrangers |
825 | $675MM term loan/$150MM revolver To refinance loans under existing credit agreement and to pay fees and expenses |
| 2022/02/24 | Dominion Packaging Packaging |
Gordon Brothers Lender |
10.6 | Term loan To refinance existing debt and invest in additional assets |
| 2022/03/03 | Fintegra Fintech |
Bastion Funding Lender |
30 | |
| 2022/03/03 | Digihost Technology Bitcoin Mining |
Securitize Lender |
10 | Revolver To fund operating and capital costs |
| 2022/03/03 | Mach Recruitment Staffing |
Wells Fargo Capital Finance UK and BNP Paribas Commercial Finance Lender |
93.6 | |
| 2022/03/03 | Hudson Technologies Manufacturing |
TCW Asset Management Lender |
85 | Term loan |
| 2022/03/03 | Hudson Technologies Manufacturing |
Wells Fargo and TCW Asset Management Lenders |
90 | Revolver with $15MM FILO Refinancing |
| 2022/03/04 | Buyerlink Marketing |
JPMorgan Chase Lender |
63 | For future M&A opportunities |
| 2022/03/07 | NN Manufacturing |
Oaktree Capital Management Lender |
150 | Term loan |
| 2022/03/08 | Kinross Gold Corporation Mining |
The Bank of Nova Scotia, HSBC Bank Canada, RBC Capital Markets Joint lead arrangers |
1000 | Term loan To repay amounts drawn under previous facility |
| 2022/03/08 | Ameresco Energy |
Bank of America Admin agent |
495 | $262MM increase To fund growth objectives, potential acquisition opportunities and general corporate purposes |
| 2022/03/09 | Precision Marshall Manufacturing |
Fifth Third Business Capital Lender |
29 | Revolver, term loan, capex line For refinancing and to fund growth |
| 2022/03/10 | Sabre Corporation Technology |
Bank of America Admin agent |
625 | Term loan For refinancing |
| 2022/03/10 | Group 1 Automotive Automotive retail |
U.S. Bank and 20 others Lenders |
2000 | Revolver Partially to fund inventory floorplan financing |
| 2022/03/11 | Xeris Biopharmaceuticals Pharmaceuticals |
Hayfin Capital Management Lender |
150 | Term loan |
| 2022/03/11 | Oscar de la Renta Fashion Retail |
Citizens Lender |
20 | Revolver |
| 2022/03/14 | Work ‘N Gear Retail/Apparel |
Eastern Bank Lender |
8 | |
| 2022/03/14 | EyePoint Pharmaceuticals Pharmaceuticals |
Silicon Valley Bank Lender |
45 | $30MM term loan/$15MM revolver |
| 2022/03/14 | Harbor Custom Development Real Estate |
BankUnited Lender |
25 | Revolver For working capital and general corporate purposes, including real estate equity investments |
| 2022/03/14 | Harbor Custom Development Real Estate |
BankUnited Lender |
25 | Revolver For working capital and general corporate purposes, including real estate equity investments |
| 2022/03/15 | Spark Networks Dating Platform |
MGG Investment Group Lender |
100 | Term loan Refinancing |
| 2022/03/15 | NewAge Health |
East West Bank Lender |
12 | Revolver To repay outstanding loan balance of $10.6 million under its 8% senior secured note with JGB Management |
| 2022/03/18 | Chowder Fintech |
Coromandel Capital Lender |
25 | |
| 2022/03/18 | Cherry Technologies Fintech |
Cross River Bank Lender |
50 | |
| 2022/03/18 | Genesis Healthcare Healthcare |
White Oak Healthcare Finance Admin agent |
395 | |
| 2022/03/18 | DailyPay Financial Services |
Barclays Lender |
300 | Revolver |
| 2022/03/18 | Scout Clean Energy Renewable Energy |
KeyBanc Capital Markets Lead arranger |
250 | To fund development and equipment expenses, PPA security requirements and other corporate expenses |
| 2022/03/22 | Solace Capital Partners Private Equity |
White Oak Global Advisors Lender |
40 | Term loan To support acquisition of Sun Mountain Sports |
| 2022/03/22 | Solace Capital Partners Private Equity |
White Oak Commercial Finance Lender |
10 | Revolver To support acquisition of Sun Mountain Sports |
| 2022/03/22 | Iron Mountain Information Management |
JPMorgan Chase Admin agent |
2500 | Revolver and term loan Increase of $547MM |
| 2022/03/22 | Superior Fibers Manufacturing |
Gibraltar Business Capital Lender |
5 | ABL that includes capital expenditure financing sub-line to fund future equipment purchases |
| 2022/03/23 | Siena Lending Group Financial Services |
Wells Fargo Capital Finance Lender |
575 | Increase to previous facility |
| 2022/03/23 | Tenaska Marketing Ventures Marketing |
BNP Paribas Joint lead arranger |
2000 | Syndicate of lenders includes 16 companies |
| 2022/03/23 | Horsepower Financial Motorcycle Financing |
Comvest Credit Partners Lender |
40 | To fund working capital needs and business growth initiatives |
| 2022/03/24 | Arena Investors Asset Management |
Encina Lender Finance Lender |
300 | Includes accordion feature |
| 2022/03/25 | Specialty Dental Brands Healthcare |
Oxford Finance Admin agent |
660 | To refinance existing debt and finance add-on acquisitions |
| 2022/03/25 | Kyte Car Rental |
Ares Global Management and Goldman Sachs Lenders |
200 | To accelerate fleet growth and margin expansion |
| 2022/03/28 | Sprouts Farmers Market Grocery |
Bank of America Admin agent |
700 | Revolver Refinances previous facility |
| 2022/03/28 | Farmers Edge Agriculture |
Fairfax Financial Lender |
60 | For working capital and general corporate purposes |
| 2022/03/29 | Green Plains Agriculture |
ING Capital, PNC, Fifth Third, Bank of America, BMO Harris Joint lead arrangers |
350 | Sustainability-linked revolver |
| 2022/03/29 | Perrigo Pharmaceuticals |
JPMorgan Chase, Morgan Stanley Senior Funding, Wells Fargo Securities, BofA Securities, HSBC Securities Joint lead arrangers |
2100 | $1B revolver/$800MM term loan B/$300MM term loan A Refinancing |
| 2022/03/29 | Amico Medical Tech |
Fifth Third Business Capital Lender |
38.5 | Revolver and term loan For working capital and growth financing |
| 2022/03/29 | PDP Gaming |
Fifth Third Business Capital Admin agent |
40 | For working capital and acquisition financing |
| 2022/03/29 | Consulting Solutions Technology Services |
Fifth Third Business Capital Lender |
25 | Revolver For refinancing and acquisition funding |
| 2022/03/29 | Honey Can Do Home Storage |
Fifth Third Business Capital Lender |
64 | Revolver and term loan For working capital and growth financing |
| 2022/03/29 | Clarion Technologies Web Development |
Fifth Third Business Capital Lender |
21 | Revolver and term loan For refinancing purposes |
| 2022/03/29 | Color Communications Manufacturing |
Fifth Third Business Capital Lender |
11.75 | Revolver, term loan and real estate loan For refinancing purposes |
| 2022/03/29 | ORLY Beauty Products |
Fifth Third Business Capital Lender |
16 | Revolver and real estate term loan For refinancing purposes |
| 2022/03/30 | iRhythm Technologies Healthcare |
Silicon Valley Bank Lender |
100 | $75MM term loan/$25MM revolver Amendment that improves pricing and terms of existing credit facility |
| 2022/03/30 | Oceans Healthcare Healthcare |
Comvest Credit Partners Admin agent |
109 |