- $670 millionWorking Capital
Provider of steel and steel related mining products
Bank of America Business Capital, acting as Administrative Agent, provided a new five-year, $670 million consolidated asset-based revolver to the North American operations of OAO Severstal. The newly syndicated facility was used to refinance their prior asset-based credit facility.
Headquartered in Cherepovets, Russia, OAO Severstal is one of the largest vertically-integrated steel and mining businesses in the world, with operations in Russia, Europe, Brazil and the U.S.
- $40 millionRefinance and working capital
Suppliers of biofuels
Bank of America Business Capital has provided a new $40 million credit facility to United Metro Energy Group. Proceeds will be used to refinance debt and to support working capital.
United Metro Energy Group is a member of the Red Apple Group,Inc., owned by John A. Catsimatidis. United Metro supplies and delivers bioheat, biodiesel, heating oil, air conditioning, ultra low sulfur diesel fuel (ULSD), natural gas and gasoline throughout the New York Metropolitan Area and Long Island from United Metro's terminals in Greenpoint, Brooklyn and Calverton, Long Island.
- $2 billionAcquisition and working capital
Provider of technology solutions
Bank of America Business Capital led a $2 billion credit facility for Dell Inc. to help finance the acquisition of the company and for ongoing working capital needs.
Based in Round Rock, Texas, Dell is a leading global information technology company that offers customers a broad range of products and services, including personal computers, servers, data storage devices, software, computer peripherals, HDTVs, cameras, printers and other devices.
- $30 millionWorking Capital
Manufacturer of metal components and systems
Bank of America Business Capital has provided a $30 million asset-based loan to JD Norman Industries, Inc. to refinance existing debt and support the purchase of two subsidiaries of Federal-Mogul Corporation. The business units include a connecting rod machining operation in Windsor, Ontario and a camshaft foundry in Lydney, England.
JD Norman Industries, Inc. is a diversified manufacturer of metal components and systems with operations in the United States, Mexico, Canada, and the United Kingdom. JD Norman is a leader in the manufacturing of highly engineered product including formed, machined and cast metals. The company serves major original equipment manufacturers of automotive, industrial and transportation products.
- $20 millionAcquisition
Provider of interactive media and connectivity services
Bank of America Business Capital has provided a $20 million senior secured asset-based loan for LodgeNet Interactive Corporation.
LodgeNet Interactive Corporation is a leading provider of interactive media and connectivity services. The company was acquired by a syndicate of investors led by Colony Capital LLC, a global real estate investment firm and one of the largest investors in hospitality assets.
As an integral part of this strategic acquisition, LodgeNet and Colony Capital turned to Bank of America Merrill Lynch and its Business Capital group for financing assistance. Funds will be used for ongoing working capital needs and to help finance strategic growth opportunities for the company.
- $45 millionAcquisition
Safariland is a leading manufacturer of protective products for local police and other protective agencies worldwide. Products include hard and soft body armor, holsters, duty gear, protective equipment and less lethal protective alternatives. Safariland sells its products under a broad spectrum of brands and maintains premier positions in its core product lines in the U.S. Products are sold to users through approximately 300 dealers, distributors and wholesalers. Headquartered in Jacksonville, Fla., the company has approximately 1,700 employees in five facilities across North America.
Bank of America Business Capital has provided financing for Safariland, LLC through a $45 million, asset-based revolving credit facility. The credit facility will support the acquisition by Kanders and Company, Inc.
- £110 millionWorking Capital
Manufacturer of precision components, alloys and metals
Doncasters Group Ltd. is a leading international engineering group that manufactures precision components and assemblies for the aerospace, industrial gas turbines, specialist automotive, petrochemical, construction, industrial, transportation and recreation markets. The group excels in working with alloys and metals that are difficult to shape and form.
Doncasters operates from sites in the U.K., Continental Europe, U.S., China and Mexico. The client base is genuinely global and comprises most of the industry leaders in its relevant areas of activity. The group currently has about 5,000 employees worldwide Bank of America Business Capital closed a £110 million asset-based loan for Doncasters Group Ltd expanding its presence in the United Kingdom and Europe.
Bank of America Business Capital has expanded its presence in the UK and Europe by closing a £110 million asset-based loan for Doncasters Group Ltd. Bank of America Business Capital acted as sole arranger and joint bookrunner (left) on the asset based deal. In addition, Bank of America Merrill Lynch acted as joint bookrunner on an $876 million equivalent 7-year first lien term loan and $290 million 7.5-year second lien term loan. Contingent hedging solutions were also structured as part of this transaction.
- $50 millionRefinance
Supplier of stainless steel and specialty steel products
Atlas Steels is the largest supplier of stainless steel and specialty steel products in Australia and New Zealand. Atlas has 17 customer service sites, including a sheet and coil processing plant and a tubular mill where stainless steel and precision carbon tubular products are manufactured. In order to execute a turnaround plan, the company needed to secure flexible capital tailored to their specific goals and objectives.
Bank of America Business Capital has provided an asset-based credit facility for working capital needs. The facility also allows Atlas to issue letters of credit and other trade products. In addition, the bank is coordinating loan and cash management accounts and foreign exchange.
- #1 U.S. Bookrunner of asset-based loans for 1H 2013Thomson Reuters , 1H, 2013
- #1 U.S. Bookrunner of asset-based loans for the year 2012Thomson Reuters, 2012
- #2 Bookrunner of syndicated loans to U.S. Large Middle MarketThomson Reuters, Q1, 2012
Bank of America Business Capital provides asset-based loans of $10 million or more for working capital, acquisitions, expansions, turnarounds and debt restructurings. For nearly a century, companies from virtually every industry have turned to Bank of America Business Capital for sound financial solutions. As one of the largest asset-based lenders in the world — serving the United States, Canada and Europe — we're dedicated to helping middle-market and large corporate borrowers achieve their goals.
For nearly a century, companies from virtually every industry have turned to Bank of America Business Capital for sound financial solutions. As one of the largest asset-based lenders in the world — serving the United States, Canada and Europe — we're dedicated to helping middle‑market and large corporate borrowers achieve their goals. Our proven track record and commitment to higher standards have resulted in lasting relationships and satisfied clients.
Who can benefit
Companies seeking financing solutions of $10 million or more can benefit from the flexibility and versatility of an asset-based structure. With experience in more than 200 industries, we serve companies in the following sectors:
Asset-based structures of $10 million or more
Revolving lines of credit
Term loans with flexible amortization schedules
Local structuring, underwriting and appraisal
Ability to consider intangible collateral such as product line and trade name valuations, intellectual property or foreign assets
Restructuring and Turnarounds
Mergers and Acquisitions
As a client, you can leverage a broad array of financial solutions from Bank of America Merrill Lynch, including:
Junior and High Yield Debt
Interest Rate Protection
Foreign Exchange and Commodity Risk Management
Mergers and Acquisitions Advisory
Capital Markets Products
Why choose us
Customer commitment — we take pride in providing clients and intermediaries with a "best-in-class" experience
Breadth of products/services — asset-based loans of $10 million or more, enhanced by the most extensive financial products and services in the industry
Experience — the largest share of middle-market and large corporate relationships of any bank in the United States, including more than 99 percent of the Fortune 500
Leading service technology — proprietary web-based loan servicing system gives clients instant access to account information and day-to-day transactions
Syndication strength — Bank of America Merrill Lynch is ranked No. 1 U.S. lead arranger of asset-based loans in volume, number of deals and market share by Thomson Reuters, 1Q 2011
Global provider — offices serving the United States, Canada and Europe
Stability — part of Bank of America Merrill Lynch, one of the largest financial services providers in the world
Bank of America Business Capital President Jeff McLane Talks With The Deal
Bank of America Business Capital President Jeff McLane sat with Jonathan Marino, senior editor at The Deal magazine, to discuss manufacturing M&A and McLane's outlook on private equity trends, the credit market and why he's optimistic about U.S. companies. Following are highlights of the discussion.Download PDF (872.6 KB) More
The Race for Overseas Growth
As much as 85% of the GDP growth of multinational companies is likely to come from outside the U.S. over the next several years. But as companies dive into fast-growing international markets, organizational structures are sometimes slow to follow. In the areas of risk management, cash and liquidity management, and access to capital, new kinds of expertise are imperative to successful overseas expansion. A Bank of America Merrill Lynch panel shares their overseas outlook and the strategies needed for success.More
Auto Supply Industry Rebounds, But Who Will Fund The Growth?
There were worries earlier this year that parts suppliers would not be able to retool and restart idled plants fast enough to meet the rising demand, but our view of the industry is that suppliers have met the first wave of the ramp-up, primarily because the rise has been steady rather than spiked. Another concern has risen, however: How will suppliers meet the demands of the wave of new auto models expected to be introduced within the next four years? 2008 to 2011, the dog that saw GM and Chrysler enter bankruptcy wagged the tail so hard it lost an estimated 57 parts makers and 20 percent of its work force, or 100,000 people.Download PDF (487.3 KB) More
Atlas Steels Financing Opens Door to More Opportunities
Bank of America Business Capital closed a A$50-million asset-based loan to allow Atlas Steels to expand its presence in the Australia/New Zealand market. Atlas Steels is the largest stainless and specialty steel manufacturer and supplier in the region.Download PDF (587.8 KB) More
Asset-Based Lending in Europe Today
"Bespoke ABL Financing" was a common theme at CFA's 7th Annual International Lending Conference at Bank of America Merrill Lynch in London in May 2013. This article quotes many of the conference leaders, panelists and organizers who discussed recent developments in cross-border lending and the outlook for European asset-based lending.Download PDF (1 MB) More
Finding Financing in Europe (BABC Video)
The U.K. is the "most favorable country in Europe for financing purposes, primarily because of its long history, precedents in the court system and the way that the commercial code is structured," explains Bank of America Merrill Lynch's Alister Bazaz.More
Committing to China (BABC Video)
The Jordan Co. has been investing in China since the 1990s and has closed 26 deals there. Jordan's senior vice president Andrew Rice shared some of the lessons the firm has learned in this video conversation with editor-in-chief Mary Kathleen Flynn, which was shot at a recent conference on cross-border M&A hosted by Mergers & Acquisitions and Bank of America Merrill Lynch.More
Cross-Border Lending: Sea of Change (BABC Video)
Years ago, "you could always tell the cross border lending expert at a bank because that was the person who could say no in 50 different languages," says Richard Kohn of Goldberg Kohn Ltd. To learn more about lending changes driven by the globalization of the U.S. middle market.More
European Lending: What Happens When Things Go Wrong? (BABC Video)
Lenders looking to do business in Europe should think about, "what happens if it all goes wrong?" explains Norton Rose LLP's Michael Black. To learn more about where secured lenders are treated favorably or less favorably during a bankruptcy case, view this video conversation.More
International Transformation: Unlocking Value & Executing Abroad
Corporate and private-equity dealmakers increasingly recognize that international transactions will be a crucial part of any company's growth strategy. But the strategies and practices that are successful domestically don't always translate overseas — a lesson that middle-market companies need to learn quickly, or risk losses on their new ventures.Download PDF (3 MB) More
- Bank of America Business Capital President Jeff McLane Talks With The Deal Article
- The Race for Overseas Growth Article
- Auto Supply Industry Rebounds, But Who Will Fund The Growth? White Paper
- Atlas Steels Financing Opens Door to More Opportunities Case Study
- Asset-Based Lending in Europe Today Article
- Finding Financing in Europe (BABC Video) Product Video
- Committing to China (BABC Video) Product Video
- Cross-Border Lending: Sea of Change (BABC Video) Product Video
- European Lending: What Happens When Things Go Wrong? (BABC Video) Product Video
- International Transformation: Unlocking Value & Executing Abroad CapitalEyes