Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 10/1/23 through 12/31/23. All dollar amounts are in millions.
DATE | BORROWER | INDUSTRY | LENDER | ROLE | AMOUNT | STRUCTURE | NOTES | SECOND NOTES |
---|---|---|---|---|---|---|---|---|
10/3/2023 | Conserv Capital | Equipment Financing | Wingspire Capital | Agent | $50 | Credit Facility | ||
10/4/2023 | Borealis Foods | Food Technology | FrontWell Capital | Lender | $25 | Credit Facility | ||
10/4/2023 | Fora Financial | Financial Services | Truist | Lender | $130 | Credit Facility | Truist is senior lender and joined by Castlelake as participating lender | |
10/5/2023 | Emerald Creek Capital | Real Estate | M&T Bank, Bank United and Webster Bank | Lenders | $110 | Revolver | ||
10/6/2023 | Willdan Group | Engineering Services | BMO | Lender and Agent | $150 | $100MM Term Loan/$50MM Revolver | ||
10/9/2023 | Hilton Grand Vacations | Tourism & Hospitality | Bank Of America | Lender | $1,300 | Term Loan B | Matures Aug. 2, 2028. The new pricing will be SOFR plus 275 basis points, down from SOFR plus 300 basis points. | |
10/11/2023 | Express Wash Concepts | Car Wash Franchisor | MidCap Financial | Lender | $150 | Credit Facility | ||
10/12/2023 | SWK Holdings | Healthcare | Woodforest National Bank and First Horizon Bank | Lenders | $60 | Credit Facility | The amended credit facility provides total commitments of $60 million, including a new $15 million commitment from Woodforest National Bank and an existing $45 million commitment from First Horizon Bank | |
10/13/2023 | Koppers | Wood Products | Wells Fargo | Agent | $399 | Term Loan B | Repricing of seven-year, $399 million senior secured term loan B due April 10, 2030 | |
10/13/2023 | Phaxis | Workforce Solutions | Access Capital | Lender | $15 | Credit Facility | ||
10/13/2023 | Vantiva Technologies | Technology | Barclays Bank Ireland | Lender | $89.45 | Term Facility | Also participated in by certain funds managed/and or advised (directly or indirectly) by Angelo Gordon | |
10/18/2023 | 4Front Ventures | Cannabis | ALT Debt II | Lender | $10 | Credit Facility | The funds will be disbursed in two tranches and are committed to building out the company’s retail operations in Illinois | |
10/18/2023 | Revolution Foods | Food Services | Gibraltar Business Capital | Lender | $20 | Credit Facility | ||
10/19/2023 | Capital Health Partners | Medical Supply | Siena Lending Group | Lender | $21.8 | Credit Facility | ||
10/31/2023 | Premier Health of America | Healthcare | Royal Bank of Canada and BDC Capital | Lender | $36.10 | Secured Credit | including a refinancing of its current revolving facility and new term loans to finance the transaction. The secured financing is led by the Royal Bank of Canada and BDC Capital. | |
11/1/2023 | LDC Stone | Manufacturer and supplier of kitchen, bath stone and cabinet products | MidFirst Business Credit | Lender | $25 | Working Capital Facility | ||
11/1/2023 | Altius Renewable Royalties | Energy | MUFG Bank and Natixis CIB | Lender and Agent | $247 | Credit Facility | MUFG Bank and Natixis Corporate & Investment Banking are coordinating lead arrangers, bookrunners, syndication agents and hedge providers with respect to the facilities. | |
11/2/2023 | Performant Financial Corporation | Healthcare | Wells Fargo | Lender | $25 | Revolving Loan | refinancing of its existing credit facility with a new credit facility with Wells Fargo that has a $25 million revolving loan commitment, subject to customary asset-based loan borrowing base limitations. | |
11/6/2023 | Stoneridge | Security Systems | PNC, BofA and JP Morgan | Arranger | $275 | Revolving Loan | ||
11/6/2023 | Click Therapeutics | software | HSBC | Lender | $20 | Term Loan | ||
11/7/2023 | Strata Clean Energy | Energy | Nomura Securities | Lender | $300 | Revolving Credit | ||
11/8/2023 | New Fortress Energy | Energy | BNDES, Lumina and BTG | Lender | $575 | Asset based financing | ||
11/8/2023 | Paragon 28 | Medical Devices | Ares Capital | Lender | $150 | Credit Facility | ||
11/9/2023 | Wine.com | Alcohol Products | MidCap Financial | Lender | $23 | Senior Revolving Credit Facility | ||
11/13/2023 | Acumen Pharmaceuticals | Pharmaceuticals | K2 HealthVentures | Lender | $50 | Credit Facility | ||
11/14/2023 | ICU Eyewear | Retail | Mountain Ridge Capital | Lender | $15 | Credit Facility | ||
11/14/2023 | Fisher Dynamics | Automotive Industry | Great Rock Capital | Lender | $40 | Term Loan Facility | ||
11/16/2023 | Access Capital | Equipment Leasing and Financing | Valley Bank | Lender | $130 | Revolving Credit Facility | ||
11/17/2023 | Wheels Up | Aviation | Kore Capital, Whitebox Advisors | Lender | $40 | Term Loan | Kore Capital and Whitebox Advisors joined Delta Air Lines, Certares Management, Knighthead Capital Management and Cox Enterprises in providing Wheels Up, a provider of on-demand private aviation, with a $40 million term loan facility. | |
11/17/2023 | Pollo Tropical | Restaurant | Comvest Credit Partners | Lender | $115 | Senior Secured Credit Facility | ||
11/20/2023 | Blue Bird | Transportation | BMO Capital | Lender | $250 | Credit Facility | The new credit agreement provides for a $100 million term loan and a $150 million revolving credit facility. | |
11/22/2023 | Colibri Group | Leadership | Golub Capital | Lender | $490 | Term Loan | The proceeds will be used to fund two acquisitions and repay an existing second lien term loan. | |
11/28/2023 | AES Dominicano Renewable Energy | Energy | Bladex | Lender | $400 | A/B Loan Facility | closed a $368 million A/B loan facility, under IDB Invest´s A/B loan structure, and $27 million associated debt service reserve letter of credit facility for AES Dominicana Renewable Energy. | |
11/28/2023 | Fluence Energy | Energy | Barclays | Administrative Agent | $400 | Asset based financing | Barclays is serving as administrative agent, joint lead arranger and joint bookrunner for the transaction. | |
12/1/2023 | Land & Sea Industries | Metal Fabrication | NFusion Capital | Lender | $7 | Asset based financing | ||
12/1/2023 | Grindr | Social Networking App | JP Morgan, bofA, Citizens, and SVB | Lead Arrangers | $350 | Term Loan Facility | ||
12/1/2023 | Turning Point Brands | Tobacco | First Citizens Bank | Agent | $75 | |||
12/4/2023 | N/A | Exercise Equipment | Mountain Ridge Capital | Lender | $25 | The facility refinanced the debt of another lender | ||
12/5/2023 | Genco Shipping & Trading | Dry Bulk Shipowner | Nordea Bank | Lead Arrangers | $500 | Credit Facility | ||
12/6/2023 | Best Egg | Financial Technology | Cross River Bank | Lender | $150 | |||
12/6/2023 | HarbourView Equity Partners | Alternative Asset Management | Fifth Third Bank | Lender | $300 | Capacity increase | To acquire music royalty assets and for general corporate purposes | |
12/6/2023 | Stella & Chewy’s | Pet Food | CIT Northbridge Credit | Administrative Agent | $75 | Revolver | ||
12/7/2023 | Output Services Group | Print and Digital Billing and Payments | MidCap Financial | Lender | $50 | Revolver | Part of reorganization | |
12/7/2023 | Kizik | Footwear | JPMorgan Chase | Lender | $25 | Revolver | Capacity increase from $10MM | |
12/8/2023 | CDB Aviation | Aircraft Finance | Crédit Agricole | Agent | $625 | Term Loan | Sustainability-Linked | |
12/11/2023 | N/A | Technology | Oxford Commercial Finance | Lender | $2 | Asset-Based Loan | ||
12/11/2023 | N/A | Food & Drink | Austin Financial Services | Lender | $4.5 | Asset-Based Loan | To refinance and provide ongoing working capital | |
12/11/2023 | Alto Ingredients | Specialty Alcohols | Orion Infrastructure Capital | Lender | $125 | Term Loan | Extension of commitment period | |
12/11/2023 | Dorel Industries | Home Furnishing & Child Care Equipment | First Eagle Investments | Administrative Agent | $88 | Term Loan | ||
12/12/2023 | Capital Southwest | Financial Services | ING Capital | Lender | $460 | Credit Facility | ING led a $25MM increase of the facility | |
12/12/2023 | QualDoc | Staffing | LSQ | Lender | $1 | Credit Facility | ||
12/12/2023 | Kimbell Royalty Partners | Oil & Gas | Citi | Administrative Agent | $550 | Revolver | Borrowing base increase from $400MM | |
12/12/2023 | CareRx Corporation | Healthcare | Crown Private Credit Partners | Arranger | $50 | Term Loan | Refinancing | |
12/12/2023 | Digi International | Internet of Things Products | BMO | Administrative Agent | $250 | Revolver | ||
12/13/2023 | N/A | Transportation | InterNex Capital | Lender | $7 | Revolver | ||
12/13/2023 | QuickLogic | Semiconductors | Heritage Bank of Commerce | Lender | $20 | Credit Facility | Facility increased and maturity extended | |
12/14/2023 | SunOpta | Food & Drink | Bank of America | Administrative Agent | $265 | $180MM Term Loan/$85MM Revolver | To repay existing credit agreement and repay and terminate certain capital lease obligations | |
12/14/2023 | Vertiv | Digital Infrastructure | Citibank | Administrative Agent | $2,100 | Term Loan | ||
12/14/2023 | Motorcar Parts of America | Automotive Parts | PNC | Lender | $238.62 | Revolver | ||
12/14/2023 | SellersFi | Financial Technology | Citi | Lender | $135 | Potential to grow up to $300MM | ||
12/15/2023 | ARM Energy Services | Natural Gas | Rabobank | Lender | $160 | Revolver | Facility increased from $50MM | |
12/15/2023 | Phathom Pharmaceuticals | Biopharmaceuticals | Hercules Capital | Lender | $300 | Term Loan | Facility increased and maturity extended | |
12/15/2023 | Bluebird Network | Communications Infrastructure | TD Securities | Administrative Agent | $285 | To refinance indebtedness and fund ongoing capital expenditures | ||
12/18/2023 | N/A | Automotive Testing Services | First Business Bank | Lender | $10 | Revolver & Term Loan | ||
12/19/2023 | N/A | Consumer Beverages | Mountain Ridge Capital | Lender | $15 | To refinance debt and achieve company growth and operational objectives | ||
12/19/2023 | UG Construction | Construction | Gemini Finance | Lender | $10 | Revolver | ||
12/19/2023 | Armored Republic | Body Armor | FrontWell Capital Partners | Lender | $6 | Revolver & Term Loan | To refinance debt and provide additional working capital | |
12/19/2023 | ADMA Biologics | Biopharmaceuticals | Ares Management | Lender | $135 | $72.5MM Revolver/$62.5MM Term Loan | To repay obligations under prior facility. | |
12/20/2023 | N/A | Food & Drink | Rosenthal & Rosenthal | $1 | ABL Facility | To provide working capital | ||
12/20/2023 | Taysha Gene Therapies | Gene Therapy | Trinity Capital | Administrative Agent | $40 | Term Loan | To fund operating expenses and capital requirements into 2026 | |
12/20/2023 | Catalent | Healthcare Product Development | JPMorgan Chase | Administrative Agent | $600 | Term Loan | To repay a portion of outstanding borrowings and to pay related fees and expenses | |
12/20/2023 | Ampla | Financial Solutions | Citi and Waterfall Asset Management | Lenders | $275 | Credit Facility | For expansion initiatives | |
12/21/2023 | N/A | Communications | Austin Financial Services | Lender | $5 | ABL Facility | To refinance bank facility and support growth | |
12/21/2023 | Connext Networks | Internet Infrastructure | Woodforest National Bank | Arranger | $70 | Credit Facility | To accelerate deployment fiber optic network across Utah | |
12/21/2023 | Mara Technologies | Electronics Manufacturing | FrontWell Capital Partners | Lender | $33.7 | Revolver & Term Loan | Facility increase | |
12/21/2023 | Vensure Employer Solutions | HR/HCM Technology & Services | Stone Point Capital Markets | Lender | $500 | $450MM Delayed-Draw Term Loan/$50MM Revolver | To continue pursuing M&A strategy | |
12/22/2023 | Alliance Entertainment | Entertainment | White Oak Commercial Finance | Lender | $120 | Revolver | ||
12/22/2023 | Harmonic | Video Streaming | Citi | Arranger | $160 | $120MM Revolver/$40MM Delayed-Draw Term Loan | ||
12/26/2023 | Margo | Cryptocurrency ATM Operator | Chicago Atlantic | Lender | $16 | Term Loan | ||
12/28/2023 | Salem Media Group | Media | Siena Lending Group | Lender | $26 | Revolver | Refinances prior facility | |
12/28/2023 | Calliditas Therapeutics | Biopharmaceuticals | Athyrium Capital Management | Lender | $102.30 | To fully repay existing loan with Kreos Capital | ||
12/28/2023 | SSA Holdings Mexico | Port Operator | BBVA Mexico | Administrative Agent | $200 | Revolver |