Food Service Vendor
Headquartered in Spartanburg, South Carolina, the Company is a leading provider of food and beverage concessions, catering, and merchandise and facilities management services in sports facilities, convention centers and other entertainment facilities throughout the United States and into Canada. The Company has a large, diversified client base, serving 133 facilities, with an average client relationship length of over 15 years. The Company's Net Sales and EBITDA for fiscal year ended December 30, 2008 were $824.7 million and $54.7 million, respectively. In January 2009 the Company was acquired by a middle market sponsor for $125 million plus $148 million of debt. Ableco participated in this financing with $12.9 million committed to a revolving credit facility, and $7.9 million funded term loan B.
Provider of Customer Relationship Management Solutions
Headquartered in Richardson, Texas, the Company is a leading global provider of customer relationship management solutions to the $57 billion global outsourced customer care market. The Company generated revenues and EBITDA of $510.0 million and $30.6 million, respectively, for the fiscal year ended December 31, 2008. In July 2008, the Company was purchased for $200.0 million by a SPAC supported by a well-known investment firm. A portion of the purchase price was funded by a $107.2 million senior secured credit facility provided by a nationally recognized asset based lender. In January 2009, Ableco provided $12.5 million of a $25.0 million last-out term loan to help complete the syndication.
One of the World's Largest Producers & Distributors of Polymers, Petrochemicals, Fuels & Refined Products
Headquartered in Rotterdam, Netherlands, the Company's products are used in a broad range of applications and in numerous products including: transportation, fuels (gasoline and diesel), rigid and flexible packaging, plastic pipe, detergents, cosmetics, electronics, appliances, automotive parts, paints and coatings, furnishings, construction and building materials and many other industrial and consumer goods applications. The Company generated approximately $42.5 billion of revenue for the nine-month period ending September 2008. In order to facilitate a restructuring of its debts, its U.S. operations and one of its European holding companies have voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The Company was provided up to $8 billion in debtor-in-possession (DIP) financing to fund continuing operations. Of this total, $3.25 billion consists of new funding of which we committed $232 million.
Leading Service Provider to Long-Term Care Market
Headquartered in Maryland, the company is the largest national portable diagnostic imaging and related support services provider in the long-term care market and for home health settings, physician offices and correctional facilities. In December 2008, Ableco provided a $35.0mm Last Out First Lien Term Loan B as part of a $60.0 million senior secured credit facility. Proceeds were used to finance the acquisition of the company by two private equity sponsors and to provide for ongoing working capital requirements.
Specialty Retailer
The Company is a specialty retailer that sources and markets infant and children's apparel in the U.S. and Canada. For the fiscal year ended January 2008, the Company recorded revenues in excess of $290 million and adjusted EBITDA in excess of $40 million. In November 2008, the Company was spun off from its parent Company. Ableco provided a $145.6 million financing commitment to fund the acquisition and provide ongoing working capital including capex to fund new retail locations. The $145.6 million senior secured credit facility is comprised of a (i) $60 million asset based revolver; (ii) a Term Loan A of $35.6 million; and a Term Loan B of $50.0 million. Ableco is the collateral agent on the senior secured credit facility and holds the Term Loan B.
Leading Provider of Printed Advertising Services
Based in Baltimore, Maryland, the Company is one of the leading printers of advertising inserts, newspaper products, direct mail services and premedia through over 100 locations worldwide. Ableco agented a $150.0 million Term loan B facility, as part of a $1.2 billion financial restructuring and simultaneous acquisition. The combined company generated over $1.7 billion annual revenue.
Security Services Provider
Headquartered in Valencia, California, the Company is a security services firms providing security and risk management solutions to a diversified client base in a wide range of industries/sectors, including high-tech, media-entertainment, mall/retail, financial services, energy/infrastructure, and commercial property management. The Company was recently acquired by a financial sponsor. As part of the transaction, Ableco provided a $70.0 million senior secured facility comprised of a $15.0 million revolving credit facility, and a $55.0 million term loan. The proceeds from the facility were used to pay a portion of the purchase price, pay fees and expenses associated with the transaction, refinance existing indebtedness and provide for future working capital needs.
Website Hosting Services Provider
Headquartered in Waltham, Massachusetts, the Company is a shared web site hosting and ancillary services company focused on serving small and medium sized enterprises. The Company was recently acquired by a financial sponsor. As part of the transaction, Ableco provided a $95.0 million senior secured facility comprised of a $15.0 million revolving credit facility, a $75.0 million term loan and a $5.0 million delayed draw term loan to be used for future acquisitions. The proceeds from the facility were used to pay a portion of the purchase price, pay fees and expenses associated with the transaction, refinance existing indebtedness and provide for future working capital needs.
National Logistic Service Provider
Headquartered in Dallas, Texas, the Company is one of North America's leading non-asset based logistic providers focused on ground transportation and related services within the $600.0 billion U.S. trucking industry and the fast growing $100.0 billion third-party logistics market. For the trailing twelve month period ended August 2008, the Company generated $1.1 billion of revenue and $41 million of EBITDA. In October of 2008, Ableco, as Joint Lead Arranger of the facility, closed on a $30.0 million commitment that was part of a $73.6 million Delayed Draw DIP Term Loan. Proceeds from the DIP will be used to finance the Company's Chapter 11 case, which is expected to result in a 363 sale to existing pre-petition creditors or a strategic buyer.
Leading Retail Apparel Chain
Headquartered in New York, the Company is a family-oriented retail apparel chain that provides consumers with combination of quality merchandise, friendly service and value. In August 2008, Ableco Finance LLC underwrote and funded a $125 million senior credit facility to the Company. Proceeds were used to finance the acquisition of the Company by a private equity sponsor.
Land-based Oil & Gas Driller
Headquartered in Tulsa, Oklahoma, the Company employs 11 drilling rigs throughout the southern United States, including the prolific Barnett Shale. The Company expects to generate $70.0 million of revenue and $40.0 million of EBITDA in 2008. In January 2006, Ableco provided $20.0 million of an $80.0 million delayed draw term loan to fund the upgrade and completion of nine drilling rigs. The most recent financing occurred in July 2008 and consisted of a $25.0 million participation in a $100.0 million Credit Facility, which included a $40.0 million delayed draw component. Proceeds from the Credit Facility were used to refinance existing debt and will fund the build-out of six additional drilling rigs.
Manufacturer of Air Admission & Cooling System Components
The Company, a division of a large multinational corporation, is headquartered in Orbey, France and has three manufacturing plants throughout France and one in Canada. The Company, a Tier I automotive supplier, designs, manufactures and sells automotive air admission and cooling systems and components using proprietary injection molded and welded composite plastic technology. For the last twelve months ended June 30, 2008, the Company's revenues and EBITDA were in excess of 240 million Euros. In July 2008, Ableco and its affiliates provided an unsecured 29.5 million Euro bond indenture facility to fund the acquisition of the remaining interests in the Canadian plant it had a partial interest in, to fund expenses related to the transaction and for working capital purposes. The indenture was structured so that there could be two subscription dates in order to accommodate the initial funding at close and a subsequent draw upon receiving the parent company's lenders' approval for the increased amount. Although the facility is unsecured, the Company had no additional debt and thus no encumbered assets.
Communication Services
The Company, headquartered in New York, NY, is a leading provider of mission-critical communications solutions to the world's largest financial services firms, as well as to public safety; government security; energy and power; and transportation organizations. With offices worldwide and over 1,200 employees, the Company provides customers with integrated network and management services in more than 40 countries. For the fiscal year ended September 30, 2007, the Company recorded proforma revenues in excess of $600 million and proforma EBITDA of $180 million. In Conjunction with an acquisition in May 2007, Ableco participated in a $1.225 billion senior secured credit facility.
Manufacturer of Commercial Equipment
The Company is a leading manufacturer of commercial equipment and parts. The Company has one of the broadest product offerings in the market. In June of 2008, Ableco agented a $190 million senior secured credit facility, which included a $40 million revolver which was largely unused at closing and term financing. Proceeds were used in conjunction with a significant equity investment from a private equity sponsor to acquire the Company and for working capital purposes.
Manufacturer of Highly Specialized Metal Components
The Company is a manufacturer of custom-engineered, highly specialized components in niche markets for major industrial customers across a wide variety of industries, which are used by large and mid-sized corporate enterprises globally, across a wide variety of end-markets. For the fiscal year ended 2007, the Company recorded in excess of $350 million in revenue. In June 2008, Ableco underwrote a $193.0 million senior credit facility, comprised of an ABL revolving credit facility, a first lien term loan, and a second lien term loan. Proceeds were used to finance the acquisition of the Company by a private equity sponsor and to provide for ongoing working capital requirements.
Leading Residential Building Products Supplier
Headquartered outside of Pittsburg, Pennsylvania, the Company is a leading manufacturer and distributor of residential building products. With 413 locations in 38 states, the Company generated 2007 revenue in excess of $3 billion. Ableco structured and underwrote a $195.0 million Term Loan facility which was funded in April 2008. Proceeds from the facility were used to refinance the Company's existing indebtedness and provide flexibility for the Company to downsize and repay debt despite facing a challenging homebuilding environment.
Restaurant Company
Headquartered in Denver, Colorado, the Company operates over 400 family style restaurants under two proven and differentiated mid-scale dining concepts. The Company's restaurants are mainly located in Arizona, California, Florida, the Rocky Mountain Region and the upper Midwest. For the trailing thirteen periods ended 2/20/08, the Company generated Revenue and pro forma EBITDA of approximately $433.2 million and $18.6 million, respectively. In April 2008, the Company filed for protection under Chapter 11 of the US Bankruptcy Code in an effort to restructure their balance sheet and close unprofitable restaurant. Ableco and a nationally recognized financial institution provided a $60 million Debtor-in-Possession Credit Facility which was used to refinance existing senior indebtedness and for future working capital. The facility consists of a $25.0 million revolver and a $35.0 million term loan. Ableco holds $24 million of the term loan on a pro rata "last-out" basis.
Manufacturer of Bath & Kitchen Products
Headquartered in Piscataway, NJ, the Company is a leading manufacturer of bath and kitchen products, including fixtures; faucets and fittings; kitchen, bathing and wellness; and bathroom furniture and accessories. The Company has been in business for over 130 years, and generates annual sales of approximately $1.0 billion. Two well known private equity firms acquired the Company in October 2007. In April 2008, Ableco provided a $41.0 million term loan facility primarily secured by a first lien on intellectual property (trademarks, tradenames, etc.) and selected real estate. Proceeds were used to refinance a bridge loan and for future working capital.
Independent Oil & Gas Exploration & Development Company
Headquartered in Denver, CO, this publicly traded independent oil and gas company focuses on exploration and production of unconventional natural gas reserves. The Company has producing coal bed methane properties in Wyoming's Powder River Basin ("PRB") and non-operated producing wells in the Fayetteville Shale area in Arkansas. In April 2008, Ableco provided $10,000,000 in additional term loan financing that increased the Company's existing term loan to $40,000,000. This facility is secured by a second lien subject only to a $50 million senior secured revolving credit facility. Proceeds were used to fund the acquisition of additional acreage in the PRB and to support the Company's development plan which includes further development of the Fayetteville Shale acreage.
Independent Provider of High-Performance Software Solutions
Headquartered in Woodcliff Lake, New Jersey, the Company is a developer and provider of mission-critical data management and data protection solutions. The Company's products improve data warehouse processing speed, database loads, and query performance, and back-up and protect data in distributed environments, the framework for client/server applications. For the fiscal year ended 2007, the Company recorded in excess of $95 million in revenue. In March 2008, Ableco underwrote a $175.0 million senior credit facility, comprised of a revolving credit facility, a first lien term loan, a second lien term loan, and an acquisition facility. Proceeds were used to finance the take private acquisition of the Company by a private equity sponsor and to provide for ongoing working capital requirements.