Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 1/1/24 through 3/31/24. All dollar amounts are in millions.
| DATE | BORROWER | INDUSTRY | LENDER | ROLE | AMOUNT | STRUCTURE | NOTES | SECOND NOTES |
|---|---|---|---|---|---|---|---|---|
| 1/3/2024 | Altus Power | Electric Power | Goldman Sachs and CPPIB Credit Investments | Lender | $100 | To support ongoing expansion | ||
| 1/3/2024 | N/A | Utility Contractor | MidCap Business Credit | Lender | $12 | Credit Facility | ||
| 1/3/2024 | Lands’ End | Retail - Apparel | Blue Torch Capital, et al | Lenders | $260 | Term Loan | To refinance existing term loan | |
| 1/5/2024 | BrightNight | Renewable Power | HSBC | Administrative Agent | $375 | Corporate Credit Facility | To execute U.S. project portfolio | |
| 1/5/2024 | NextDecade | Energy | MUFG | Administrative Agent | $62.5 | $50MM Revolver/$12.5MM Term Loan | For general corporate purposes, including development costs related to Train 4 at NextDecade’s Rio Grande LNG facility | |
| 1/8/2024 | eCapital | Financial Services | Wells Fargo | Administrative Agent | $815 | $245MM Increase | ||
| 1/9/2024 | N/A | Hair Care | Rosenthal & Rosenthal | Lender | $2.5 | ABL Line | ||
| 1/9/2024 | N/A | Equipment Management | Great Rock Capital | Lender | $46.3 | Term Loan | Provides growth capital and financial flexibility | |
| 1/11/2024 | Quasar Capital Partners | Financial Services | Texas Capital Bank | Lender | $30 | To further expand funding capabilities | ||
| 1/11/2024 | N/A | Uniform Manufacturing | Rosenthal & Rosenthal | Lender | $3 | ABL Facility | ||
| 1/11/2024 | N/A | Paper Goods | Rosenthal & Rosenthal | Lender | $5 | ABL Facility | ||
| 1/11/2024 | N/A | Apparel | White Oak Commercial Finance | Lender | $25 | |||
| 1/12/2024 | N/A | Truck Part Supplier | Garrington Capital | Lender | $1.2 | Term Loan | To complete the build-out of new warehouses in Atlanta and Los Angeles | |
| 1/12/2024 | DecisionRX | Healthcare | Carlyle | Lender | $100 | To fund lab testing and medication reviews by DecisionRx pharmacists | ||
| 1/12/2024 | N/A | Apparel | eCapital | Lender | $16 | ABL Facility | Loan structure provided greater availability to fuel expansion goals | |
| 1/16/2024 | N/A | Food & Drink | Austin Financial Services | Lender | $15 | ABL Facility | To refinance and provide ongoing working capital support | |
| 1/16/2024 | TETRA Technologies | Energy Services | Silver Point Finance | Lender | $265 | $190MM Term Loan/$75MM Delayed-Draw Term Loan | To refinance existing term loan and provide capital to advance Arkansas bromine processing project | |
| 1/16/2024 | Energy Alloys Global Solutions Americas | Energy | Huntington Business Credit | Lender | $20 | To refinance existing debt and provide ongoing working capital financing | ||
| 1/17/2024 | American Nuts | Food & Drink | Gibraltar Business Capital | Lender | $18 | Senior Secured Facility | To refinance an existing bank relationship and secure additional liquidity | |
| 1/17/2024 | N/A | Manufacturing | eCapital | Lender | $12 | ABL Facility | To rebuild balance sheet, secure new contracts and maintain relationship with existing bank | |
| 1/18/2024 | N/A | Decorative Lighting | Ares Commercial Finance | Lender | $25 | Revolver | To support working capital needs and refinance existing debt | |
| 1/19/2024 | Peabody | Coal | PNC | Administrative Agent | $320 | Revolver | Loans under facility bear interest at a rate of SOFR plus an applicable margin ranging from 3.5% to 4.25% | |
| 1/19/2024 | Artivion | Medical Devices | Ares Management | Lender | $350 | $190MM Term Loan/$100MM Delayed-Draw Term Loan/$60MM Revolver | Delayed-draw term loan may be drawn to refinance convertible bonds | |
| 1/22/2024 | Farmers Edge | Agriculture | Fairfax Financial | Lender | $93.37 | Increased facility by $12MM | ||
| 1/23/2024 | MIMEDX | Healthcare | Citizens Bank & Bank of America | Lenders | $95 | $75MM Revolver/$20MM Term Loan | To pay all outstanding obligations under existing credit facility with Hayfin Capital | |
| 1/23/2024 | Babcock & Wilcox Enterprises | Energy Services | Axos Bank | Lender | $150 | Revolver | To support letters of credit, renewable energy growth initiatives and potential accretive business purposes | |
| 1/25/2024 | Sight Science | Eyecare Technology | Hercules Capital | Lender | $65 | Senior Secured Credit Facility | Included immediate draw of $35MM to pay off indebtedness to previous secured lender | |
| 1/25/2024 | N/A | Behavioral Health | SLR Healthcare ABL | Lender | $3 | Revolver | To replace existing bank credit facility and provide additional working capital | |
| 1/25/2024 | Super League Enterprise | Game Experiences & Marketing | SLR Digital Finance | Lender | $4 | Line of Credit | To support strategic initiatives | |
| 1/25/2024 | Targeted Lending | Equipment Finance | Wells Fargo Capital Finance | Lender | $50 | |||
| 1/26/2024 | American Nitrile Operations | Manufacturing | Huntington Business Credit | Lender | $10 | To fund working capital and continue investment in production capacity | ||
| 1/26/2024 | Atwell | Construction Services | Bank of America | Lender | $200 | Provides increased capacity to drive organic and acquisition growth | ||
| 1/26/2024 | SBA Communications | Real Estate Investment | TD Securities and Mizuho Bank | Joint Lead Arrangers | $4,050 | $2.3B Term Loan B/$1.75MM Revolver | Revolver increased from $1.5B | |
| 1/29/2024 | flyExclusive | Private Jet Chartering | EnTrust Global | Lender | $25.8 | Revolver | To support flyExclusive's fractional aircraft program | |
| 1/30/2024 | Office Properties Income Trust | Real Estate Investment | Wells Fargo | Administrative Agent | $425 | $325MM Revolver/$100MM Term Loan | Amended and restated secured credit agreement | |
| 1/31/2024 | Blue Bridge Financial | Equipment Finance | DZ Bank | Lender | $135 | Revolver | One-year extension | |
| 1/31/2024 | N/A | Manufacturer | Lighthouse Financial | Lender | $6.5 | To support business as it returns to profitability | ||
| 1/31/2024 | Akebia Therapeutics | Biopharmaceuticals | BlackRock | Lender | $55 | Term Loan | Available in three tranches | |
| 2/1/2024 | WELL Health USA | Digital Healthcare | JPMorgan Chase | Lender | $300 | Refinanced facility, matures in three years, carries a floating interest rate with a base of 175 bps above SOFR | ||
| 2/1/2024 | Kafene | POS Financing | Trinity Capital | Lender | $15 | Venture Debt Facility | To scale commercial operations | |
| 2/1/2024 | Brixton | Retail - Apparel | Second Avenue Capital Partners | Lender | $15 | Senior Secured Credit Facility | ||
| 2/1/2024 | Aptean | Software | Golub Capital | Administrative Agent | $2,110 | $1.66B Term Loan/$300MM Delayed-Draw Term Loan/$150 Revolver | Refinancing | |
| 2/2/2024 | Daedong-USA | Tractor Distribution | Huntington Business Credit | Administrative Agent | $200 | To refinance existing debt and provide ongoing working capital financing | ||
| 2/2/2024 | N/A | Purchaser and Collection Management of Medical Receivables | Axiom Bank | Participant | $10 | Revolving Line of Credit | ||
| 2/5/2024 | NGL Energy Partners | Energy | Toronto Dominion (Texas) | Administrative Agent | $700 | Term Loan | Part of $2.9B refinancing | |
| 2/6/2024 | The Parking Spot | Parking Services | Carlyle | Manager & Structuring Agent | $700 | Senior Secured Debt Financing | To support refinancing of existing debt associated with a subset of The Parking Spot’s portfolio | |
| 2/6/2024 | N/A | Freight Management & Logistics | Aequum Capital | Lender | $21.6 | Revolver/Term Loan/Delayed-Draw Term Loan. | To support ongoing working capital needs | |
| 2/7/2024 | Magnite | Advertising | Morgan Stanley and Citibank | Administrative Agents | $540 | $365MM Term Loan/$175MM Revolver | To refinance previous facility and pay fees and expenses | |
| 2/7/2024 | DMC Global | Manufacturing | KeyBank | Administrative Agents | $300 | $200MM Revolver/$50MM Term Loan/$50MM Delayed-Draw Term Loan | To refinance exisiting bank debt and support an acquisition | |
| 2/7/2024 | N/A | Food Manufacturing | Republic Business Credit | Lender | $12 | $9MM Revolver/$3.5MM Real Estate Term Loan | To refinance and support growth | |
| 2/7/2024 | LandscapeHub | Online Marketplace | Aequum Capital | Lender | $5 | To support growth | ||
| 2/7/2024 | N/A | Food Manufacturing | First Business Specialty Finance | Lender | $8 | Revolver/Equipment Term Loan/Capex Equipment Loan | To support a restructuring | |
| 2/8/2024 | Pagaya Technologies | Financial Technology | BlackRock, UBS, JPMorgan Chase, et al. | Participants | $280 | $255MM Term Loan/$25MM Revolver | To pay off outstanding borrowings from previous facility, invest in product innovation and grow network of lending partners | |
| 2/9/2024 | FLEETCOR Technologies | Business Payments | Bank of America | Administrative Agents | $600 | Credit Facility Upsize | Increaseed revolver from $1.5B to $1.775B and borrowings under term loan A facility by $325MM | |
| 2/9/2024 | Timbercreek Financial | Real Estate Lending | TD Bank | Administrative Agents | $510 | Revolver | Amendment to credit agreement | |
| 2/14/2024 | C&K Industrial Services | Industrial Services | Citizens | Huntington Business Credit | $13 | To refinance existing debt and provide ongoing working capital financing | ||
| 2/14/2024 | Arlington Capital Partners | Private Investment | Citizens | Administrative Agents | $377.5 | To support tacquisition of Merrill Technologies Group and formation of Keel Holdings | ||
| 2/14/2024 | Potbelly | Food & Drink | Wintrust Bank | Lender | $30 | Revolver | Potbelly achieved a 600-bp reduction in the currently applicable interest rate margin relative to its prior term loan | |
| 2/14/2024 | Arc International | Manufacturing | MidCap Financial | Lender | $35 | Revolver | To refinance existing revolver and support ongoing working capital needs | |
| 2/15/2024 | N/A | Advertising Tech | SLR Digital Finance | Lender | $2 | Revolver | Facility incorporates tiered pricing to match and refinance an SBA loan | |
| 2/16/2024 | DMG Blockchain Solutions | Blockchain Tech | Sygnum Bank | Lender | $9 | To increase ioperational capacity ahead of Bitcoin halving expected in April 2024 | ||
| 2/16/2024 | Norsk Hydro | Renewable Energy | Crédit Agricole CIB and DNB | Lead Arrangers | $1,000 | Revolver | Available for general corporate purposes and carries a two-year tenor with a one-year extension option | |
| 2/16/2024 | Duetti | Music Financing | Northleaf Capital Partners | Lead Arranger | $75 | Senior Secured Credit Facility | To support Duetti’s catalogue acquisition strategy | |
| 2/20/2024 | N/A | Plastic Injection Products Manufacturing | Mountain Ridge Capital | Lender | $29 | Senior Secured Credit Facility | To refinance debt, fund an add-on acquisition and as working capital | |
| 2/20/2024 | Greenalia | Renewable Energy | Nomura Securities | Lead Arranger | $200 | To support development of solar and wind project pipeline in the U.S. | ||
| 2/21/2024 | N/A | Beauty | BizCap | Lender | $10 | Asset-Based LOC | To refinance existing debt and fuel growth | |
| 2/22/2024 | Montrose Environmental Group | Environmental Services | Bank of America | Administrative Agent | $400 | Upsize including $50MM increases to revolver and term loan | For working capital needs, growth initiatives and general corporate purposes | |
| 2/22/2024 | GameSquare | Digital Media | SLR Digital Finance | Lender | $10 | A/R Credit Facility | For working capital | |
| 2/23/2024 | N/A | Real Estate Lending | Cambridge Wilkinson | Lender | $145 | Leverage Facility | Customized against a pool of loans | |
| 2/23/2024 | Nassau Financial Group | Financial Services | RBC Capital Markets | Arranger | $250 | $150MM Revolver/$100MM Term Loan | For additional financial flexibility to execute on growth plans across insurance and asset management businesses | |
| 2/23/2024 | Establishment Labs | Medical Tech | Oaktree Capital Management | Lender | $225 | Amended Term Loan | ||
| 2/26/2024 | Lincoln Educational Services | Educational Services | Fifth Third | Lender | $40 | Revolver | For working capital, general corporate purposes and to support growth initiatives | |
| 2/27/2024 | N/A | Commercial Bakery | Entrepreneur Growth Capital | Lender | $5 | Provides availability against both A/R and inventory | ||
| 2/27/2024 | N/A | Consumer Goods | InterNex Capital | Lender | $5 | Revolver | ||
| 2/27/2024 | Aterian | Branding & Consumer Goods Services | MidCap Financial | Lender | $17 | Upsize | ||
| 2/27/2024 | DT Global | International Development | EagleBank | Lender | $18 | Refinanced existing debt and increases working capital | ||
| 2/27/2024 | Warby Parker | Eyewear | JPMorgan Chase | Administrative Agent | $120 | For working capital and other general corporate purposes | ||
| 2/28/2024 | Modern Sprout | Garden Design | Republic Business Credit | Lender | $5 | Provided additional availability on inventory and e-commerce sales during seasonal ramp periods | ||
| 2/28/2024 | N/A | Furniture | MidCap Business Credit | Lender | $8 | |||
| 2/29/2024 | SolaREIT | Renewable Energy Real Estate Investment | Atlantic Union Bank | Lender | $30 | Revolver | To scale business and expand financing solutions for solar and storage developers | |
| 2/29/2024 | N/A | Staffing | SLR Business Credit | Lender | $50 | Revolver | To provide additional working capital for growth | |
| 2/29/2024 | Titan International | Equipment Parts Manufacturing | Bank of America | Agent | $225 | Supports acquisition of Carlstar Group | ||
| 3/4/2024 | Osisko Development | Mining | National Bank of Canada | Lender | $50 | Delayed-Draw Term Loan | To fund pre-construction activities at Cariboo Gold Project in central British Columbia | |
| 3/5/2024 | N/A | Electronics | Eclipse Business Capital | Lender | $85 | Senior Secured Credit Facility | To refinance existing revolver and provide additional liquidity for working capital purposes | |
| 3/6/2024 | MC Nutraceuticals | Cannabis | First Citizens Bank | Lender | $1 | Working Capital LOC | ||
| 3/6/2024 | N/A | Lighting Products | Lighthouse Financial | Lender | $4.5 | Secured by A/R and inventory; paid out existing lender and provided additional liquidity | ||
| 3/6/2024 | SLR Equipment Finance | Financial Services | Bank of America and Truist Bank | Lender | $350 | |||
| 3/7/2024 | Greystone Housing Impact Investors | Real Estate | BankUnited | Administrative Agent | $50 | Revolver | $10MM Expansion | |
| 3/7/2024 | Henry Industries | Distribution Services | SLR Business Credit | Lender | $5 | Revolver | To pay off previous lender and for working capital | |
| 3/7/2024 | Xeris Biopharma | Biopharmaceuticas | Hayfin Capital Management | Lender | $215.2 | Term Loan | Refinancing: $200MM available at close | |
| 3/8/2024 | Xtant Medical | Medical Technology | MidCap Financial | Lender | $17 | Revolver | Increase from $8MM | |
| 3/8/2024 | Progress | Infrastructure Software | JPMorgan Chase | Administrative Agent | $900 | Revolver | Replaces company’s existing secured credit facilities | |
| 3/11/2024 | N/A | Business Process Outsourcing | InterNex Capital | Lender | $5 | Revolver | ||
| 3/12/2024 | N/A | Honey Sourcing & Processing | Gibraltar Business Capital | Lender | $20 | Senior credit facility | Secured by accounts receivable and inventory | |
| 3/12/2024 | Empire State Realty Trust | Real Estate | Bank of America | Administrative Agent | $715 | $620MM Revolver/$95MM Term Loan | Facility has a sustainability-linked pricing mechanism | |
| 3/13/2024 | Aligned Data Centers | Technology Infrastructure | Blackstone Credit & Insurance | Lender | $600 | Senior Secured Credit Facility | To support development of Aligned’s newest data center in West Jordan, UT | |
| 3/13/2024 | MAV Holdco | Beauty Products | Ares Commercial Finance | Lender | $25 | Revolver | To support Nexus Capital Management’s acquisition of the company and for ongoing working capital | |
| 3/13/2024 | N/A | Aftermarket Automotive Supplies | Republic Business Credit | Lender | $8 | Company was in need of additional working capital after acquiring a competitor | ||
| 3/14/2024 | Capital Wholesale Drug Company | Pharmaceuticals | Huntington Business Credit | Lender | $10 | To refinance existing debt and provide ongoing working capital financing | ||
| 3/14/2024 | N/A | Electronics | SLR Business Credit | Lender | $20 | Revolver | For additional working capital | |
| 3/14/2024 | N/A | Industrial Company | First Business Bank | Lender | $15 | Revolver | Supports acquisition of company | |
| 3/15/2024 | Four Corners Property Trust | Real Estate | JPMorgan Chase | Administrative Agent | $85 | Term Loan | The effective interest rate on the term loan is 4.89% | |
| 3/15/2024 | N/A | Logistics | TAB Bank | Lender | $1.5 | Multi-Year Credit Facility | To fund growth and expand sales and contract pipeline. | |
| 3/18/2024 | Signature Brands | Dessert Decorating Product Brands | Wingspire Capital | Lender | $75 | Revolver | To refinance existing debt facility and provide enhanced liquidity | |
| 3/19/2024 | Drilling Tools International | Oilfield Services | PNC Business Credit | Lender | $80 | Amended Revolver | Increased borrowing capacity and improved pricing | |
| 3/19/2024 | Drilling Tools International | Oilfield Services | PNC Business Credit | Lender | $25 | Term Loan | Secured by a mix of rental fleet assets and machinery and equipment | |
| 3/19/2024 | N/A | Food Distribution | Mountain Ridge Capital | Lender | $30 | Senior Secured Credit Facility | Refinanced debt of another lender and used to manage customer onboarding and growth | |
| 3/19/2024 | Allison Transmission | Propulsion Solutions Manufacturing | Citibank | Administrative Agent | $750 | Revolver | Increase and extension | |
| 3/20/2024 | Gambling.com | Gambling | Wells Fargo | Lender | $50 | $25MM Revolver/$25MM Term Loan | For general corporate purposes, to settle deferred consideration and to fund growth | |
| 3/20/2024 | SDB Trade International | Steel Products | Huntington Business Credit | Lender | $45 | To refinance existing debt and provide ongoing working capital financing | ||
| 3/21/2024 | Stauer | Jewelry | Cambridge Savings Bank | Lender | $10.5 | To repay outstanding loan balance, finance working capital needs and support daily operations | ||
| 3/21/2024 | Capital Southwest | Financial Services | Deutsche Bank | Lender | $150 | Revolver | Advances under the facility bear interest at three-month term SOFR plus an applicable margin of 2.5% | |
| 3/22/2024 | Lumine Group | Media Software | BMO | Lender | $310 | Revolver | To provide long-term financing to support operating needs and acquisition pipeline | |
| 3/25/2024 | N/A | Cable Manufacturing | Eclipse Business Capital | Lender | $15 | Senior Secured Credit Facility | To refinance revolver and provide additional liquidity for working capital | |
| 3/26/2024 | Clear Channel International | Media & Advertising | JPMorgan Chase | Administrative Agent | $375 | Term Loan | To redeem all outstanding 6.625% senior secured notes due 2025 | |
| 3/27/2024 | N/A | Skilled Nursing | SLR Healthcare ABL | Lender | $4 | Revolver | To refinance existing debt and provide working capital | |
| 3/27/2024 | Healthcare Finance Direct | Consumer Lending | Bastion Management | Agent | $35 | Features accordion up to $60MM | ||
| 3/28/2024 | N/A | Digital Marketing | SLR Digital Finance | Lender | $2 | Revolver | To repay bank and provide additional working capital | |
| 3/28/2024 | Varex Imaging | X-Ray Imaging Components | Zions Bancorporation | Lead Arranger | $155 | Revolver | ||
| 3/28/2024 | LendingTree | Online Financial Services Marketplace | Apollo | Lender | $175 | Term Loan | For general corporate purposes, which may include the repayment of existing debt. | |
| 3/29/2024 | The Kolter Group | Real Estate | BHI | Administrative Agent | $133 | To finance luxury condominium project; BHI providing $50MM | ||
| 3/29/2024 | Silver Star Properties REIT | Real Estate | Benefit Street Partners | Lender | $120 | Floating Rate Senior Loan | To facilitate liquidation of legacy real estate portfolio | |
| 3/29/2024 | Installed Building Products | Building Products | RBC Capital Markets, BofA Securities, Goldman Sachs Bank USA, Jefferies Finance, The Benchmark Company | Lead Arrangers | $500 | Term Loan | To refinance iprior $490MM term loan B facility and pay fees |