The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Team Amends, Extends ABL Credit Facility with Eclipse Business Capital
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Lenders/Participants
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Eclipse Business Capital [Lender]
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Structure
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Term Loan
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Amount
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$27.400
Million
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Borrower(s)
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Team
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Description
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An amendment to its existing ABL credit facility, which consists of a $130 million revolving credit facility and a $27.4 million term loan secured by certain real estate and machinery and equipment of the Company provided by Eclipse Business Capital, and a $35 million delayed draw term loan (the “DDTL”) provided by funds managed by J.F. Lehman & Company (“JFL”) and Corre Partners Management, LLC (“Corre”). Among other things, the amendment extends the maturity date of the Eclipse Loans and the DDTL from August 11, 2025, to September 30, 2027, and lowers the interest rate spread adjustment. Additionally, the terms of the Revolver were amended to provide expanded availability based upon the Company’s improving financial and operating performance by, among other things, increasing the borrowing base advance rate and providing for a $7.5 million minimum availability covenant under the Revolver being tested only if the fixed charge coverage ratio is not satisfied.
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Industry
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Specialty Industries
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| Related Tags |
Eclipse Business Capital
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ABL Advisor
Deal Tables
2024
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