News & Noteworthy



Deal Announcement - Michael Clain Represents Leading ABL Financial Institution in $14.9 million Credit Facility - Nearly $100 million in ABL Deals for Second Half of 2011
DECEMBER 28, 2011

Michael Clain (Partner, New York) represented one of the leading asset-based lenders in a $14.9 million secured credit facility that included a working capital line, a term loan and a capex line to a producer of nuts, dried fruit and confections. The facility included a Eurodollar pricing option and a full set of covenants, including financial covenants. The deal will allow the borrower to refinance existing debt and finance working capital needs and equipment purchases.

The second half of 2011 has been increasingly busy for the asset-based lending team, and deal volume is quickly approaching $100 million, including:

  • A $12,000,000 three-year senior secured revolving credit facility to an importer of chemical substances to refinance existing debt and finance working capital needs, including the acquisition and shipment of inventory.
  • A $9,000,000 five-year senior secured revolving credit facility to a jewelry retailer to refinance existing debt and finance working capital needs and the opening of new stores.
  • A $10,000,000 three-year senior secured revolving credit facility to a publicly traded information technology company to refinance existing debt and finance working capital needs.
  • A $45,000,000 five-year senior secured revolving credit facility to a rapidly growing importer of chemical substances and its European subsidiary, to refinance existing debt and finance working capital needs.

The ABL facilities generally include full sets of negative and financial covenants and intercreditor arrangements with second lien and mezzanine lenders.

Learn more about Windels Marx's work in Middle-Market and Asset-Based Lending.




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