Facilities Provided by Second Avenue, Ares Management, Oxford Finance and More: Top Deal Announcements in 2024

Of the nearly 900 deal announcements posted on abfjournal.com in 2024, these are the top 10 in order of reader popularity:

1. Second Avenue and Ares Provide Gabe’s with New $175MM Credit Facility: Second Avenue Capital Partners (SACP), a Schottenstein affiliate, closed a $175 million senior secured revolving line of credit for Gabe’s, an off-price retailer operating in the mid-Atlantic and Southeast United States. The new credit facility, which was provided by SACP and Ares Management funds, will be used to support Gabe’s ongoing growth initiatives, enhance operational flexibility, and strengthen the company’s capital structure.
2. Oxford Finance Provides $275MM Senior Secured Term Loan to Orthofix: Orthofix Medical, a global medical technology company, entered into a new credit agreement providing the company with up to $275 million in a senior secured term loan with a 48-month interest only period. The term loan is agented by Oxford Finance and provides non-dilutive capital and financial flexibility to support Orthofix’s continued focus on profitable growth.
3. Legacy Corporate Lending Provides $40MM Asset-Based Credit Facility to Spray Products: Legacy Corporate Lending, an independent asset-based lending company, provided a $40 million asset-based credit facility to Spray Products, a family-owned contract manufacturer of aerosol and liquid consumer products. The transaction, which is backed by accounts receivable, inventory, machinery and equipment and real estate, was finalized in November 2024.
4. Wells Fargo Capital Finance Provides $110MM Credit Facility to Mountain Ridge Capital and Alpine Ridge Funding: Mountain Ridge Capital (MRC) and Alpine Ridge Funding (ARF), both independent asset-based lending and factoring companies backed by Arena Investors, closed a $110 million senior credit facility from Wells Fargo Capital Finance. The facility will support MRC’s and ARF’s continued growth in serving the credit needs of middle-market companies across North America.
5. Lands’ End Secures $260MM Term Loan from Blue Torch Capital and Other Lenders: Retail apparel company Lands’ End entered into a new term loan of $260 million. The lending group for the facility includes Blue Torch Capital, Sculptor Capital Management, JPMorgan and Arbour Lane Capital Management.
6. MidCap Financial Amends and Extends its Senior Secured Revolving Credit Facility: MidCap Financial amended and extended its senior secured, multi-currency, revolving credit facility. Lender commitments under the facility total $1.660 billion, excluding non-extending lender commitments, an increase of $110 million. JPMorgan Chase Bank, Truist Securities, BMO Capital Markets and MUFG Bank are joint bookrunners and joint lead arrangers on the facility. JPMorgan Chase Bank is the administrative agent on the facility.
7. Northleaf Capital Partners Leads $75MM Senior Secured Credit Facility for Duetti: Northleaf Capital Partners, a global private markets investment firm, acted as the sole lead arranger on a $75 million asset-backed senior secured credit facility to support the growth of Duetti, a music financing platform focused on a range of independent artists. The financing will support Duetti’s catalogue acquisition strategy, enabling the platform to unlock growing monetization opportunities for artists in the independent music market.
8. Sunrise Realty Closes $200MM Senior Revolving Credit Facility from East West Bank: Sunrise Realty Trust closed a new senior secured revolving credit facility with East West Bank serving as agent and the initial lender. The revolving credit facility provides access up to $200 million in borrowing capacity, subject to available borrowing base and additional commitments, with an initial commitment of $50 million.
9. Bank of America Agents $1B Revolving Credit Facility for Willis Lease Finance: Willis Lease Finance, on Oct. 31, 2024, entered into a new, $1 billion, five-year, revolving credit facility among Willis Lease, certain wholly-owned subsidiaries of Willis Lease, as guarantors, the lenders party thereto from time to time and Bank of America as administrative agent, collateral agent, swing line lender and letter of credit issuer.
10. Wells Fargo Provides $1.1B Credit Facility for White Oak Commercial Finance: White Oak Commercial Finance closed a new $1.1 billion credit facility agented by Wells Fargo Bank, including 11 other banks, increasing the capital that can be invested in asset-based lending.