CFA's ABL& Factoring Basics

Dec. 2, 2011
Click here to access the latest issue of TSL online

The Secured Lender's November/December 2011  issue

Welcome to TSL's Deal Alert! The following industry-related deals were compiled from TSL Express. Deals are listed in alphabetical order by company.

If you'd like your deals included here, or have any questions, please contact tslexpress@cfa.com.

Our next Deal Alert will be sent during the first week of January!

Need to find an older deal? Click here for the TSL Deal Alert archive for deals from December 2010 on.

Deal Size
Borrower Details

Notes

Accord Financial Inc.
$2.5M
Commercial bakery, supplying to large grocery chains, commercial airlines as well as major hotels and restaurants across Canada and the U.S., Montreal, Quebec
Accounts receivable and inventory facility
Aileron Capital Management, LLC
$2.2M
120-room Red Roof Inn,
Tampa, FL
Loan for the acquisition of a Red Roof Inn. Aileron, along with its CDC partner in the deal, Florida Business Development Corp., provided the funds necessary to acquire the property.
Ally Commercial Finance
$27M
BarrierSafe Solutions International
Served as documentation agent for a $27M commitment in a $175M senior secured credit facility
Ashford Finance
$2.5M
American shoes & footwear importer, East Coast
Asset-based
credit facility
Bibby Financial Services
$2M
TV exporter, Florida

Export factoring facility

$500,000
Distributor of electronic products, Georgia
Factoring and purchase order facility
$300,000
Popcorn distributor, Wisconsin

Factoring facility

$150,000
Wholesale distributor of hardwood flooring products, Kansas
Factoring facility
$1M
Printing equipment and paper distributor, Ontario
Factoring facility
$500,000
Glass installation service provider, Ontario
Factoring facility
$500,000
Glass manufacturer and distributor, Ontario
Factoring facility
$300,000
Dried food distributor, Ontario
Factoring facility
$250,000
Electronics distributor, Quebec
Factoring facility
$200,000
Transportation company, Kentucky
Factoring facility
$50,000
Transportation company, Tennessee
Factoring facility
Celtic Capital Corporation
The waste hauling services deal listed below was published incorrectly in the November 2011 TSL Deal Alert under Celtic Bank.
$500,000
Provider of waste hauling services, Glendale, AZ
Accounts receivable loan
$500,000
Service and maintenance provider for the HVAC and refrigeration industry, Chino, CA
Accounts receivable line of credit
CIT Group
$175M
Odyssey Investment Partners’ acquisition of BarrierSafe Solutions International
Senior secured credit facilities; CIT Healthcare served as Administrative Agent, joint lead arranger and co-bookrunner for the transaction.
N/A
TrustHouse Services Group, Inc. to finance its acquisition of A'viands Food Services Management
Senior secured credit facility. CIT Sponsor Finance served as joint lead arranger and administrative agent for the transaction.
Credit Cash, LLC
$3.5M
Southeastern casual dining chain
Merchant loan; Credit Cash, LLC is an affiliate of Entrepreneur
Growth Capital
Crestmark's Baton Rouge, LA office
$1M
Metal fabricator, Louisiana
Ledgered line of credit
$2.1M
Manufacturer of integrated engineered power systems, Texas
Ledgered line of credit
$5M
Provider of containment systems to drill sites, Colorado
Ledgered line of credit
$1M


Provider of professional security services, New Mexico

Ledgered line of credit
Crestmark's Nashville, TN office
$60,000
General freight hauler, Illinois
Accounts receivable purchase facility
$30,000
Over the road trucking business, Alabama
Accounts receivable purchase facility
$125,000
Hauler of refrigerated goods, Canada
Accounts receivable purchase facility
$300,000
General freight hauler, Texas
Accounts receivable purchase facility
$200,000
Hauler of dry and refrigerated goods, Illinois
Accounts receivable purchase facility
$50,000
General freight hauler, Kentucky
Accounts receivable purchase facility
$80,000
General freight hauler, Pennsylvania
Accounts receivable purchase facility
$250,000
FAK hauler, Florida
Accounts receivable purchase facility
$30,000
Hauler of flatbed loads, Texas
Accounts receivable purchase facility
$40,000
Hauler of building materials, Colorado
Accounts receivable purchase facility
Crestmark's Troy, MI office
$2.2M
Producer of aluminum extrusions, Ohio
Asset-based
lending facility
$5M
Provider of well equipment and services, New Mexico
Asset-based
lending facility
$900,000
Manufacturer/distributor of bakery goods and candy, Missouri
Ledgered line of credit
$900,000
Manufacturer of nutritional supplements, Canada
Accounts receivable purchase facility
$3.5M
Distributor of building materials, Ohio
Asset-based
lending facility
Crestmark's West Palm Beach, FL office
N/A
Construction and industrial staffing company, Louisiana
Funds as collected agreement
N/A
Designer and importer of outdoor sports equipment, Florida
Funds as collected agreement
N/A
Furniture distributor, North Carolina
Funds as collected agreement
$2.75M
Healthcare staffing company, Pennsylvania
Line of credit
Entrepreneur Growth Capital
$750,000
Gateway
Services Inc. (GSI)
Accounts receivable line
$4.75M
Electrical supply distributor, Connecticut
Revolving credit facility
Finacity Corporation
N/A
Altri SPGS S.A.
Arranged and structured a trade receivables funding program
First Capital
$6.5M
Euro Style International, Inc., a distributor of fashion apparel
Factoring facility
$15M
Chemical manufacturer and supplier to the oil and gas industry
Working capital facility
First Financial Bank
$6.5M
Fabricator of precision
machining and components
Asset-based
lending facility
FirstMerit Bank Business Credit
$5M
Joliet Equipment Corporation, Joliet, IL
Revolving credit
loan facility
GB Merchant Partners
N/A
Carepoint Financial Services, LLC
Multi-million loan
GE Capital, Corporate Finance
$110M
Energy Alloys LLC, a global provider of oil field metals and services, Houston, TX
Senior secured
credit facility
Gerber Finance Inc.
$900,000
G.S. Dunham, LLC, a steam heating systems service provider
Credit facility
Graystone Capital
$500,000
Company that provides video management software products, Campbell, CA
Accounts receivable line of credit
Greenfield Commercial Credit
$1M
Sales development firm, Connecticut
Revolving line of credit, supported by A/R
$2M
Electrical parts distributor, Georgia
Revolving line of credit supported by accounts receivable
Harborcove Financial
$2M
Hospital, Texas
Asset-based credit line
$3M
Acute care center, Southwest
Asset-based line
Healthcare Finance Group
The following deal was accidentally not included in our November TSL Deal Alert. This deal closed on October 18, 2011.
$27M
The Community Hospital Group, Inc. t/a JFK Medical Center
Revolving line of credit
JD Factors
$75,000
Transportation company, Georgia
Factoring facility
$50,000
Welding & fabrication company, Oklahoma
Factoring facility
$200,000
Transportation company, Ontario, Canada
Factoring facility
$200,000
Nurse staffing company,
Quebec, Canada
Factoring facility
$200,000
Transportation company, Idaho
Factoring facility
$400,000
Transportation company, Quebec, Canada
Factoring facility
$200,000
Transportation brokerage company, Idaho
Factoring facility
$250,000
Industrial door & gate company, Delaware
Factoring facility
$300,000
Transportation company, Manitoba, Canada
Factoring facility
$50,000
Tutoring company, Florida
Factoring facility
$50,000
Transportation company, Ontario, Canada
Factoring facility
$75,000
Transportation company, Prince Edward Island, Canada
Factoring facility
$50,000
Transportation company, Florida
Factoring facility
$50,000
Transportation company, Ontario, Canada
Factoring facility
$250,000
Transportation company, Illinois
Factoring facility
$100,000
Transportation company, Quebec, Canada
Factoring facility
$300,000
Transportation company, Ontario, Canada
Factoring facility
$1M
Water treatment equipment company, Pennsylvania
Factoring facility
Keltic Financial Services
$2M
KVL Audio Visual Services, Inc. and its family of affiliated companies, Ardsley, NY
Senior secured revolving line
Marquette Business Credit
$7.7M
Primary Color Systems Corp.
Credit facility, comprised of revolving credit and capital expenditure facilities
Oxford Finance, LLC
$5M
Mason Health
Revolving line of credit
Power Funding
$2.25M
Advanced Refining Concepts, Inc., a manufacturer of refined petroleum, Sparks, NV
Working capital line
of credit
Prestige Capital Corporation
$30M
$1B-plus Midwest-based manufacturing company
Non-recourse factoring facility that marks the largest factoring line in Prestige's history
Spectra Financial Services, LLC
$500,000
Wholesale petro and plastic resin distributor, California
Factoring facility
$5M
Wholesale electronics distributor, New York
Factoring facility
$1.25M
Wholesale lingerie and apparel company, California
Factoring facility
Summit Financial Resources
$2M
Valuation provider, Florida
A/R credit line
$300,000
Metal coating & finishing company, Midwest region
A/R credit line
$200,000
IT consulting firm, Austin
A/R credit line
$250,000
Distributor of wireless communications products, Idaho
A/R credit line
$750,000

Manufacturer and supplier of trusses, Phoenix

A/R credit line
TAB Bank
$3.5M
Volume Transportation, Inc., Lithonia, GA
Consists of a $3.5M credit facility and $1.7M in refinanced equipment
$1.5M
Central Cal Transportation, Inc., Fresno, CA
Lending facility
$3M
Snap Advances, LLC,
North Salt Lake, UT
Facility through a multi-year agreement
$750,000
SWK Technologies, Inc., Livingston, NJ
Lending facility
$3M


Sky Business Credit, LLC, Downers Grove, IL

Rediscount
revolving loan
TCE Capital Corporation
$400,000
Engineering and manufacturing company specializing in sound control equipment
Invoice discounting facility
US Capital Partners, LLC (USCP)
$8M
Consensus Orthopedics, Inc.,
El Dorado Hills, CA
Credit facility, comprising a revolving line of credit
and term loans
Wells Fargo Capital Finance
$140M
Big 5 Sporting Goods,
El Segundo, CA
Senior secured, asset-based revolving credit facility
Commercial Finance Association
370 7th Avenue, Suite 1801
New York, NY 10001
(212) 792-9390
www.cfa.com