- €60 million
Bank of America Business Capital provided a €60MM ABL Credit Facility to Chemtura Corporation. Proceeds from the deal will be used for working capital and other general corporate purposes for their operations outside of the US. The facility is supported by A/R and inventory outside of the US as well.
Chemtura Corporation is a diversified global developer, manufacturer and marketer of performance-driven engineered specialty chemicals. The Company's products are sold to industrial manufacturing customers for use as additives, ingredients or intermediates. The Company's agrochemical products are sold through dealers and distributors to growers and others. Its operations are located in North America, Latin America, Europe and Asia. In addition, it has important joint ventures primarily in the United States, but also in Asia and Europe.
- $100 million
Dayco Canada Corp $60,000,000 Dayco Europe BV$40,000,000
Bank of America Business Capital provided Dayco, LLC and its subsidiaries with $100 million in aggregate new global credit facilities.
Dayco is a global leader in the research, design, manufacturing and distribution of a broad range of belts, tensioners, dampers and pulleys for the Aftermarket, Automotive and Industrial end-markets
- $1.05 billion
Bank of America Business Capital provided a $1,050MM Asset-Based Revolving loan credit facility to MRC Global. Proceeds from the deal will be used to support general corporate purposes. Bank of America, N.A., acted as administrative agent, security trustee and collateral agent.
Headquartered in Houston, Texas, MRC Global, a Fortune 500 company, is the largest global distributor, based on sales of pipe, valves, and fittings (PVF) and related products and services to the energy industry and supplies these products and services across each of the upstream, midstream and downstream sectors.
MRC Global has operations in 20 countries and distributes products from over 400 locations.
- $900 million
Bank of America Business Capital provided a $900MM ABL Credit Facility to JBS USA LLC and JBS Australia Pty Ltd. Proceeds of the Facility will be used to support general corporate purposes.
Employing more than 85,000 people in North America and Australia, JBS USA is a leading animal protein producer and exporter with a leading position as a beef and lamb producer in the U.S. and Australia. JBS is also also a significant producer of pork in the U.S. An international industry leader, JBS USA is owned by JBS SA, a Brazilian multinational. Worldwide JBS SA is the largest animal protein processor in the world with 140 production facilities. The Company's global, diversified, low-cost production platform is the foundation for a variety of our products including food, leather, pet products and biodiesel.
- $1.35 billion
Bank of America Business Capital amended a $1.35 billion credit facility for Ryerson, Inc. The deal not only amended the credit facility but also reduced the interest rate and extended the maturity of the loan.
Ryerson Inc., a Platinum Equity company, is a leading North American processor and distributor of metals, with operations in the United States, Mexico, Canada, China and Brazil. The company distributes and processes various kinds of metals, including stainless and carbon steel and aluminum products
- $200 million
Bank of America Merrill Lynch served as Administrative Agent and Joint Lead Arranger on a new $1.1 billion, five-year revolving credit facility for AK Steel.
Headquartered in West Chester, Ohio (Greater Cincinnati), AK Steel is a world leader in the production of flat-rolled carbon, stainless and electrical steel products, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company operates seven steel plants and two tube manufacturing plants across four states: Indiana, Kentucky, Ohio and Pennsylvania.
- $125 millionRefinance/Working capital
U.S. metals service provider
Bank of America Business Capital provided an asset-based credit facility for Olympic Steel for $125 MM for working capital needs. Bank of America Merrill Lynch's relationship with Olympic Steel dates back to 2001, when they participated in a new senior credit facility.
Olympic Steel has bypassed gold, silver, and bronze in favor of carbon, coated, and stainless steel. A steel service center, Olympic Steel provides flat-rolled sheet, coil, and plate steel products. Its processing services include cutting-to-length, slitting, and shearing, along with blanking, laser welding, and precision machining. It also makes tubular and pipe products. Olympic Steel operates through subsidiaries including Olympic Steel Lafayette and Chicago Tube and Iron (CTI). It has processing and distribution facilities mainly in the eastern and Midwestern US.
- £35.9 million
Metals & Waste Recycling
Bank of America Business Capital Provided a £35.9 Million Asset-Based Loan to Metal & Waste Recycling
Metal & Waste Recycling Ltd is a privately-owned company with 14 depots throughout the UK. The business has turnover of £300m and processes waste scrap metal to provide high-quality feedstock for a broad range of UK and international steel mills and foundries.
- $20 million
Permanent Floral and Home Décor supplier
Bank of America Business Capital completed a $20 Million senior secured revolving credit facility for Teters Floral Products, Inc.
Teters Floral Products is a leader in the permanent floral and home décor industries. Founded in 1957, the company has grown into a leading multi-national permanent botanical supplier – importing, assembling and distributing artificial floral products to wholesale and retail customers around the globe.
- $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.
- £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.
- #2 Bookrunner of syndicated loans to U.S. Large Middle MarketThomson Reuters, Q1, 2014
- #1 US Bookrunner of asset-based loans for the year 2013Thomson Reuters, 2013
- #1 U.S. Bookrunner of asset-based loans for the year 2012Thomson Reuters, 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
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Companies in cyclical industries can gain access to a predictable source of capital with an asset-based loan (ABL). A leader across multiple sectors, Milacron used asset-based financing to stage a turnaround, pursue a merger and position itself for future growth.Download PDF (546.6 KB) More
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Recently, Mergers & Acquisitions was pleased to partner with Bank of America Merrill Lynch to present an executive forum on manufacturing making a return to the U.S.The following article focuses on the "Reshoring: Made in the U.S.A." panel discussion, which covered how companies are making their return to the U.S. and why.Download PDF (1 MB) More
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Recently, Mergers & Acquisitions was pleased to partner with Bank of America Merrill Lynch to present an executive forum on manufacturing making a return to the U.S. The following focuses on the "Staging the Comeback" panel. While many companies want to bring their manufacturing initiatives back to the U.S., making the move is not so simple, it may not be for all manufacturers and it can be costly. This panel discussed which companies are making a return to the U.S. and how they can finance their return.Download PDF (1 MB) More
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Auto Supply Industry Rebounds, But Who Will Fund The Growth?
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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 (225 KB) More
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"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
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
- Manufacturing Returns to the U.S.A.: Reshoring Article
- Manufacturing Returns to the U.S.A.: Staging the Comeback Article
- Bank of America Business Capital President Jeff McLane Talks With The Deal 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
- International Transformation: Unlocking Value & Executing Abroad CapitalEyes