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Notable ABL Transactions
Data gathered from direct sources, news releases and other public information — covers 4/01/08 through 6/30/08
LENDER(S) & ROLE
BORROWER / INDUSTRY
AMOUNT*
STRUCTURE & NOTES
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QII 2008 Transactions
Bank of America, Lehman Brothers
Lenders
O'Reilly Automotive Inc
Retailer/Auto Aftermarket Tools, Supplies, Accessories
$1.2B
Revolver
Supports CSK Auto merger
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JPMorgan Chase Bank/J.P. Morgan Securities, Banc of America Securities
Admin Agent/Joint Lead Arrangers, Joint Bookrunners
Scientific Games International Inc
Supplier/Instant Tickets, Systems, Services
$800.0
$250MM Revolver/$550MM Term Loan
Matures on March 1, 2010/BofA, UBS Securities: co-syn agents/ING Capital, Bank of Tokyo: co-doc agents
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LaSalle Bank, Banc of America Securities
Lenders
KapStone Paper and Packaging Corp
Producer/Kraft Paper
$585.0
$100MM Revolver/$485MM Term Loan
Supports MeadWestvaco Kraft Division acquisition
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Bank of America
Admin. Agent
KapStone Paper and Packaging Corp
Producer/Kraft Paper, Dunnage Bags
$555.0
Revolver
Supports North Charleston Kraft Division acquisition
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Wachovia Capital Markets
Lender
W. W. Grainger Inc Lender
Supplier/Facilities Maintenance Products
$500.0
Term Loan
Four-year term
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Bank of America, Credit Suisse Cayman Islands Branch and Goldman Sachs Credit Partners
Lead Arrangers, Bookrunners
Nortek Inc
Manufacturer/Ventilation, HVAC Products
$350.0
Revolver
Five-year term
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Bank of America
Admin Agent, Collateral Agent, Swing Line Lender, L/C Issuer
Nash-Finch Company
Distributor/Food Products, Support Services
$300.0
Revolver
Bank of Montreal: syn agent, joint lead arranger; U.S. Bank: documentation agent; BofA Securities: joint lead arranger, sole book mgr
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GE Corporate Lending
Lender
SP Newsprint Co
Producer/Newsprint
$275.0
Revolver
GE Capital Markets: arranger/Supports acquisition by private investors
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J.P. Morgan Chase Bank, GE Capital
Admin Agent/Co-Collateral Agent
Cott Corp
Provider/Retailer-brand Soft Drinks
$250.0
Revolver
Five-year term
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CIT Communications, Media & Entertainment
Sole Lead Arranger
Alcon Entertainment LLC
Developer, Producer/Movies, TV Programming
$245.0
$185MM Revolver/$60MM Mezzanine
CIT: co-bookrunner, JP Morgan Chase: co-bookrunner, administrative agent on revolver
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PNC Capital Markets, JP Morgan Securities
Co-Arrangers - Revolver
Presidio Inc
Provider/IT Infrastructure, Services
$240.0
$115MM Revolver/$125MM Receivables Securitization
Market Street Funding: A/R securitization
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Bank of America
Lead Lender
Textainer Ltd
Lessor/Intermodal Containers
$205.0
Revolver
Five-year term/Participants: Fortis Capital, Wells Fargo, KeyBank, Union Bank of California, among others
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Bank of America Business Credit
Lender
Intertape Polymer Group Inc
Manufacturer/Polyolefin Plastic, Paper-Based Packaging Product
$200.0
Revolver
Banc of America Securities: sole lead arranger, sole book manager
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CIT Bank
Lender
Consolidated Precision
Products Corp
Manufacturer/Components, Sub-Assemblies
$157.0
Revolver
Deal Source: Arlington Capital Partners/CIT Leveraged Finance - Transportation: co-documentation agent
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PNC Capital Markets
Arranger
Westmoreland Coal Company
Operator/Coal, Power Projects
$150.0
Revolving Credit Line/$125MM Term Loan
PNC Bank particpated in Revolving Credit Line/Refinances existing debt
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Bank of America, JPMorgan Chase Bank
Admin. Agent/Syn Agent
California Pizza Kitchen Inc
Operator/Casual Dining Chain
$150.0
Revolver
Five-year term/Banc of America Securities: sole lead arranger, sole book manager
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Wachovia Capital Finance
Co-Lead Arranger, Admin. Agent
Inteva Products LLC
Supplier/Automotive Interiors, Closure Systems
$145.0
Revolver
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Wells Fargo Foothill, Brown Brothers Harriman
Lenders
Capital Access Network Inc
Provider/Leveraging Edge Data, Systems, Technology
$140.0
Revolving Credit Line
Wells Fargo Foothill, Fifth Third Bank: commercial paper conduit
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CIT Energy
Co-Syndication Agent
Anchor Drilling Fluids USA Inc
Provider/Drilling Fluids, Handling Services
$139.5
Revolver/Term Loan
Deal Source: Castle Harlan
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Banc of America Securities/JP Morgan Chase Bank/Bank of America
Lead Arranger/Syn Agent/Admin Agent
Cole Operating Partnership II LP
Investor/Single-, Multi-Tenant Properties
$135.0
Revolver
Three-year term /U.S. Bank, Charter One, Comerica Bank participated
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GE Corporate Lending
Lender
Kinney Drugs Inc
Operator/Drug Stores
$125.0
Revolver
GE Capital Markets: arranger
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UBS Investment Bank
Lender
VeraSun Energy Corp
Producer/Renewable Fuel
$125.0
$40MM Letters of Credit
Maturity: May 30, 2011/Replaces previous $30MM facility
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Bank of America Business Capital
Lender
Sauder Woodworking Co
Manufacturer/Ready-to-Assemble Furniture
$120.0
Revolver
Banc of America Securities: underwriter
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J.P. Morgan Securities
Sole Lead Arranger, Sole Bookrunner
Griffon Corporation Telephonics Corp
Manufacturer/Garage Doors
$100.0
Revolver
Five-year term/ BofA, HSBC, M&T, Capital One, US Bank, Wachovia particpated
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National City Retail Finance
Lender
Value City Department Stores Inc
Operator/Discount Department Stores
$90.0
Revolver
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Fifth Third Bank
Lender
OMNI Energy Services Corp
Provider/Integrated Services to Geophysical Companies
$90.0
$25MM Revolver/$50MM Term Loan with $15MM Term Tranche
Refinances previous debt
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CIT Group
Lender
Como Fred David Group
Operator/Women's Apparel Company
$90.0
Revolving Credit Line/Term Loan
Supports recap by GB Merchant Partners, Crystal Capital
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Bank of America Business Capital
Lead Lender
Zeledyne LLC
Owner/Glass Manufacturing Plants
$80.0
Revolver
leveraged buyout of the glass operations of Automotive Components Holdings
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Bank of America Securities/Bank of America
Lead Arranger/Admin Agent
Behringer Harvard
Operator/Commercial Real Estate
$75.0
Revolver
Fifth Third Bank, BMO Capital Markets Financing: co-lenders
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NewStar Financial
Lender
NATIXIS Financial Products Inc
Provider/Financial, Management Services
$75.0
Warehouse Line
Maturity: May 22, 2009
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GE Franchise Finance
Lender
Fox & Hound Restaurant Group
Operator/Entertainment Restaurants
$73.8
Revolver
Supports Champps Americana acquisition
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Wachovia Capital Finance
Sole Lender
CL Wiring LP
Supplier/Railroad Signal Materials
$70.0
Revolver
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Chase Business Credit
Lender, Syndicator
Klipsch Group Inc
Manufacturer/audio products
$65.0
Term Loan/Canadian Sub-Limit
Supports combination of U.S., Canadian, European operations
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Siemens Financial Services
Lender
M Space Holdings LLC
Provider/Modular Buildings
$60.0
Revolver
Three-year term /U.S. Bank, Charter One, Comerica Bank participated
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HSBC Bank
Lead Lender
Astronics Corp
Provider/Lighting, Power Generation, Systems
$60.0
Revolver
BofA, KeyBank participated/Five-year term
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Bank of America
Lender
Merix Corp
Manufacturer/Circuit Boards
$55.5
Revolver
Five-year term/replaces previous facility with Bank of America
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Bank of America Business Capital
Sole Lender
Merix Corp
Manufacturer/Circuit Boards
$55.0
Revolver
Replaces previous facility
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CIT Commercial Services
Agent
CHF Industries Inc
Manufacturer/Bedding, Bathroom Items, Window Coverings
$50.0
Revolving Credit Line
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BB&T Company
Lender
MVC Capital
Provides/Long-term Debt, Equity Investment Capital
$50.0
Revolver
Two-year term
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Bank of America
Lender
Summer Infant Inc
Distributor/Juvenile Health, Safety, Wellness Products
$46.0
$36MM Working Capital/$10MM Acquisition Facility
Supports Kiddopotamus & Co. acquisition/Replaces previous facilities
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Wells Fargo Century
Lender
InfoSonics Corp
Provider/Wireless Handsets, Accessories in Latin America
$45.0
Revolver
Two-year term/Replaces previous facility
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Bank of America Business Capital
Lender
Robinson Steel Co Inc
Producer/Steel Sheet, Plate
$43.5
Revolver/Term Loan
Refinances previous debt
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SunTrust Bank
Lead Agent
Exactech Inc
Developer/Orthopaedic Implant Devices
$40.0
Revolving Credit Line
Five-year term/Compass Bank participated
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Bank of America Business Capital
Lender
Kyklos Bearing International Inc
Manufacturer/Wheel Bearings
$40.0
Revolver/Term Loan
Supports acquisition of Delphi's Wheel Bearings Division
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Monroe Capital, CIT Healthcare
Co-lender/Agent
MedPlast Inc
Manufacturer/Molded Plastic, Rubber Components
$39.0
Revolver
Supports acquisition by Baird Capital Partners
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Capital One Leverage Finance
Lender
Lyon Workspace Products LLC
Manufacturer/Industrial Storage, Workspace Products
$33.6
$24MM Revolving Credit Line/$9.559MM Term Loan
Term Loan: Three-year term
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GE Commercial Distribution Finance
Lender
Trillion Communications Corp
Provider/Electronic Components
$30.0
Revolver
Two-year term/Replaces previous facility
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Wells Fargo Foothill
Arranger, Admin. Agent, Lender
Jamba Inc
Holding Company/Jamba Juice Co.
$25.0
Revolver
Five-year term
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PNC Bank
Lender
Gulf Coast Machine & Supply Co
Manufacturer/Forgings
$23.5
Revolver
Supports recap by Industrial Opportunity Partners
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Bridge Finance Group
Lender
Wafer Reclaim Services LLC
Provider/Polishing, Cleaning Used Wafers
$22.5
Revolver
$3MM Revolver/$9.5MM Term Loan/$10MM Acquisition Facility
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NewStar Financial
Lead Arranger
Nudo Products Inc
Manufacturer/Laminated Panel Systems
$22.0
$4MM Revolver/$18MM Term Loan
Supports acquisition by RFE Investment Partners and mgt/Lenders: First Bank, GarMark Advisors, Bank of NY
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PNC Bank
Lender
Nelson & Associates Interior Design and Space Planning Inc
Operator/Facilities Design, Consulting Firm
$20.9
$15MM Revolver/$4.1MM Term Loan/$1.75MM Term Overadvance
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Pacific Western Bank
Lender
Rubio's Restaurants Inc
Operator/Restaurants
$20.0
$5MM Revolving Credit Line/$15MM Non-Revolving Line
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Wachovia Capital Finance
Sole Lender
Hamilton Specialty Bar Inc
Manufacturer/Steel Bars
$20.0
Revolver
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Oxford Finance Corporation
Lead Lender
MAP Pharmaceuticals Inc
Developer/New Therapies for Children, Adults
$20.0
Working Capital Loan
Matures in October 2011/Silicon Valley Bank participated
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Wachovia Capital Finance
Sole Lender
Hamilton Specialty Bar Inc
Manufacturer/Steel Bars
$20.0
Revolver
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PNC Bank
Lender
ASC Signal Corp
Provider/Satellite Antennas, Electronic Subsystems, Solutions
$20.0
Acquisition Financing
Supports Andrew Satellite Communications Group acquisition
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Proficio Bank
Lender
Transfac Capital LLC
Factor/Transportation Sector
$17.5
Rediscount Facility
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Wells Fargo Bank
Lender
Phoenix Footwear Group Inc
Developer/Footwear, Accessories
$17.0
Revolver
Replaces previous facility with Manufacturers and Traders Trust
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PNC Bank
Lender
Freedom Medical Inc
Provider/Electronic Medical Equipment, Services
$16.0
Revolver
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PNC Bank
Lender
Laureate Pharma Inc
Provider/Protein Production
$15.4
$9MM Revolver/$2.4MM Term Loan/$4MM CAPEX
Deal Source: Saints Capital
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GE Healthcare Financial Services , Oxford Finance
Lenders
Depomed Inc
Provider/Pharmaceuticals
$15.0
Revolver
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PNC Bank
Lender
Alliance Consulting Group Associates Inc
Provider/IT Solutions
$15.0
Revolver
Deal Source: Saints Capital
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Oxford Finance, Silicon Valley Bank
Lender
Somaxon Pharmaceuticals Inc
Provider/Specialty Pharmaceuticals
$15.0
Revolver
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PNC Bank
Lender
Berliner Communications Inc
Provider/Outsourced Services
$15.0
Revolver
Three-year term/Replaces previous facility with Presidential Financial
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Wachovia Capital Finance
Sole Lender
JT Shannon Lumber Co
Supplier/Hardwood
$15.0
Revolver
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First Capital/First National Bank
Lender
AeroGrow International Inc
Manufacturer/AeroGarden Products
$14.5
$12MM Revolving Credit Line/$1MM Credit Line
Company directors led $1.5MM standby commitment
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PNC Bank
Lender
Sunbelt Steel Texas Inc
Distributor/Steel Round Bar
$14.0
Revolver
Supports acquisition of company by Freestone Partners
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PNC Bank
Lender
House of Spices (India) Inc
Distributor/Ethnic Foods
$14.0
Revolver/Term Loan
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Bridge Finance Group
Lender
Innatech LLC
Producer/Plastic Injection Molded Components
$13.5
$8MM Revolving Credit Line/$5.5MM Term Loan
Supports refinancing of previous debt
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Wachovia Capital Finance
Sole Lender
Dave Carter & Associates Inc
Distributor/RV Parts, Equipment
$13.0
Revolver/Term Loan
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GE Franchise Finance
Lender
Morgan's Foods
Operator/YUM Brands, KFC Franchises
$12.6
Revolver
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ComVest Capital
Lender
ClearPoint Business Resources Inc
Provider/Workforce Management Solutions
$12.0
$3MM Revolver/$9MM Term Loan
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ORIX Venture Finance/Comerica Bank
Lenders
NWP Services Corp
Provider/Transaction Processing Solutions
$11.5
$7.5MM Term Loan/$4MM Credit Line
Term Loan: Four-year term
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GE Franchise Finance
Lender
Zoe's Kitchen
Operator/Restaurants
$11.0
$10MM Revolver/$1MM Equity Investment
Supports development of approximately 50 company-operated restaurants
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Wells Fargo Bank
Lender
Cerus Corp
Provider/Biomedical Products
$10.0
Revolving Credit Line
Replaces previous facility with Manufacturers and Traders Trust
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Silicon Valley Bank
Lender
Luna Innovations Inc
Manufacturer/New-Generation Products
$10.0
Revolving Credit Line
Four-year term
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Bridge Finance Group
Lender
Hendricks Companies Inc
Operator/Building Supply Businesses
$10.0
Revolving Credit Line
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Marquette Business Credit
Lender
Sentinel Fluid Controls LLC
Distributor/Hydraulic, Lubrication Products
$9.4
A/R Revolver/EquipTerm Loan/Cash-Flow Loan, Acquisition Line
Supports development of approximately 50 company-operated restaurants
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Healthcare Finance Group
Lender
DCL Medical Laboratories LLC
Provider/Clinical Trial Lab Services
$9.0
$5MM Revolver/$4MM Term Loan
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Wells Fargo Business Credit
Lender
Ronson Corp
Manufacturer/Consumer Products
$7.8
$4MM Revolving Credit Line/$2.9MM, $.83MM Term Loans
Replaces previous facilities with CIT Comm'l, EPIC Aviation, Bank of the West, BofA Leasing
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Gemino Healthcare Finance
Lender
Alden Healthcare and Senior Living
Provider/Therapy Services, Equipment, Supplies
$7.5
Revolver/Term Loan
Replaces previous facility with Manufacturers and Traders Trust
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ComVest Capital
Lender
Atlantis Systems Corp
Provider/Training
$6.6
$4MM Revolving Credit Line/$2.6MM Term Loan
Term Loan: Three-year term
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Silicon Valley Bank
Lender
Global Med Technologies Inc
Provider/E-Health, Medical IT
$6.0
Revolver
Supports acquisition of Inlog, SA, Inlog, SAS, and its German subsidiary
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BlueCrest Capital Finance
Lender
Solicore Inc
Supplier/Electrolyte Batteries
$5.0
Debt Financing
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Proficio Bank
Lender
Genesis Financial Services Fund LLC
Mezzanine Debt Fund
$5.0
Credit Line
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Thermo Credit
Lender
Teletouch Communications Inc
Provider/U.S. Cellular, Radio, Services
$5.0
Revolver
Two-year term/ Replaces previous factoring facility
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Wells Fargo Business Credit
Lender
HemaCare Corp
Provider/Blood Products, Services
$5.0
$4.75MM Revolving Credit Line/$.25MM Credit Line
Three-year term/Replaces facility with Comerica Bank
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Silicon Valley Bank
Lender
WBS Connect
Provider/Technology Services
$3.5
Revolver
Supports expansion
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Bridge Bank
Lender
Solar Power Inc
Provider/Solar Energy Solutions
$3.0
Credit Line
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Optel Capital
Lender
Digital Lightwave Inc
Provider/Deployment, Management of High-Performance Networks
$2.5
Credit Line
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Marquette Business Credit
Lender
Physicians Choice LLC
Provider/Home Health Services
$2.1
$.5MM A/R Revolver/$1.6MM Term Loans
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Bridge Finance
Lender
Grant Family Farms
Provider/Organic Vegetables
$2.0
Revolving Credit Line
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Gemino Healthcare Finance
Lender
SupportCare Inc
Provider/Home Healthcare
$2.0
Revolver
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Marquette Business Credit
Lender
Enterprise Tool and Die Inc
Manufacturer/Metal Stamping Dyes
$2.0
$2MM Revolving Credit Line
Supports North Central Equity subsidiary acquisition
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Sterling National Bank
Lender
CHDT Corp
Provider/Management Services
$2.0
Credit Line
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Bridge Business Bancorp
Lender
Mid-West Tech Inc
Supplier/Technical Software, Hardware, Training Equipment
$2.0
SBA 7(a) Term Loan
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Saas Capital
Lender
CareAnyware Inc
Provider/Software-as-a-Service Applications
$2.0
Revolver
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Bridge Business Bancorp
Lender
Draught Technologies LLC, SJS Properties LLC
Manufacturer/Draught Dispensing Equipment
$1.9
SBA 7(a) Term Loan
Supports future acquistions, refinancing of previous debt
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Bridge Business Bancorp
Lender
Post Press Productions Inc (d/b/a P3 Inc)
Provider/Mailing, Metering, Stamping, Related Services
$1.8
SBA 7(a) Term Loan
Refinances previous debt
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Bridge Business Bancorp
Lender
KEC LLC (dba I-70 Wrecker Service & Garage)
Provider/24-hour Wrecker Service
$1.5
SBA 7(a) Term Loan
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Bridge Business Bancorp
Lender
Flight Test Associates Inc
Provider/Aircraft Services
$1.4
SBA 7(a) Term Loan
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Sovereign Business Capital
Lender
Stran Technologies
Manufacturer/Fiber Optics, Connectors, Systems
$1.1
Revolving Credit Line
Supports future acquistions, refinancing of previous debt
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Keltic Financial Services
Lender
Reliant Molding Inc
Provider/Plastic Molding Services
$1.0
Revolving Credit Line
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Thermo Credit
Lender
Dial 023 GmbH
Provider/Long Distance
$1.0
Revolver
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Bridge Business Bancorp
Lender
Gomez Packaging Corp
Manufacturer/Finish Packaging
$0.6
SBA 7(a) Term Loan
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Marquette Commercial Finance
Lender
Limpert Brothers Inc
Manufacturer/Original Marshmallow Fluff, Dessert Toppings
$0.3
Revolver
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* Deal Size in Millions

To have your company's transactions listed on our Notable Transactions Chart and included in abfjournal's Daily News Headlines, contact Stuart Papavassiliou at sppapa@abfjournal.com or 610.293.1300 x124