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Good Morning Everyone

Welcome to your weekly Growth Capital and ABL market update. We're breaking down the biggest deals and revealing the lending criteria that's driving them.

🏢 Top Domestic & Global Deals
🔦 Deal Spotlights
👤 Lender Profiles
🤝 Opportunities
😲 Didn’t See That Coming

Let’s dive in.

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If you want insights on top Growth Cap and ABL active lenders and opportunities for your next deal.

Bridge Loan Guy
Top Loans of the Week

Largest US single deal: BOA, MUFG, BNP Paribas & Mizuho’s $1.6 billion (Ryder System revolving credit facility)

Largest Global single deal: Atlas Renewable Energy's $510 million solar-plus-storage financing from a consortium of international banks led by Credit Agricole, DNB, and BNP Paribas.

Lender of the Week: Although not offering the highest loan amount, Monroe Capital had a significant presence in supporting private equity-backed acquisitions across various sectors, including entertainment and fleet services.

Sectors financed: Transportation, Consumer Products, Healthcare, Biopharmaceutical, Entertainment, Retail Services, Mining, Industrial Services, Renewable Energy, Real Estate, Power Utilities, Oil & Gas, FPSO, Hydrogen Technology, HR Technology, Software

TOP DEALS

◾ Multi-bank Syndicate - $1.6B facility for Ryder—OVERSUBSCRIBED with 11 global institutions indicating strong market reception
◾ Wells Fargo - $100M facility for Chomps with forward-looking COVENANT LITE structure)
◾ Freeport Financial Partners - $77MM for MAX Surgical—SPONSOR BACKING with aggressive acquisition timeline
◾ Monroe Capital - Multiple facilities supporting PE-backed acquisitions of Innovative Artists and Epika
◾ Altriarch & Revere Capital - $30MM with $20MM accordion feature—SCALABILITY FOCUS with path to $50MM
◾ Mountain Ridge Capital ($8MM for NY consumer products company—EXPEDITED EXECUTION with certainty to close emphasis)
◾ Silicon Valley Bank - $30MM for Invivyd with MILESTONE-BASED drawdown structure
◾ Coinbase - $100MM Bitcoin-backed facility for Riot Platforms—INNOVATIVE COLLATERAL structure
◾ Wingspire Equipment Finance - $20MM+ for aviation services—CAPEX LINE OF CREDIT structure)
◾ Clarus Capital - $10MM equipment loan for recycling company—LIQUIDITY ENHANCEMENT purpose

Global Market Spotlight
◾ Syndicated Banking Consortium ($510M to Atlas Renewable Energy for Chile solar-plus-storage plant) – facility was 2x oversubscribed
◾ Qualitas Energy ($39.9M to Greening for Spanish solar portfolio) – Milestone-linked tranches
◾ Indian Railway Finance Corporation ($60.2M to NTPC for power utility expansion) – Rare financing between Indian state-backed entities
◾ The Arab Energy Fund ($100M to United Energy Group for oil field operations) – Middle Eastern capital supporting Chinese expansion in Iraq

DEAL SPOTLIGHTS

$100M Crypto-Collateralized Credit Facility
◾ Loan Amount: $100 million
◾ Structure: Credit facility secured by Bitcoin holdings
◾ Interest Rate: Minimum 9% (federal funds rate plus 4.5%)
◾ Loan Term: 1 year with option for an additional year extension
◾ Industry: Cryptocurrency mining
◾ Borrower Profile: Riot Platforms, publicly-traded Bitcoin miner with $376.7M in 2024 revenue
*Estimate based on similar corporate revolving credit facilities

$1.6B Corporate Revolving Credit Facility
◾ Loan Amount: $1.6 billion
◾ Structure: Revolving credit facility
◾ Interest Rate: Likely SOFR + 175-250 bps based on comparable investment-grade corporate facilities*
◾ Loan Term: 5 years (expires April 2030)
◾ Industry: Transportation and logistics
◾ Borrower Profile: Ryder System, established public company with investment-grade credit profile
*Estimate based on similar corporate revolving credit facilities

$510M Solar Symphony
◾ Loan Amount: $510 million
◾ Structure: Syndicated project finance facility with hybrid revenue model
◾ Interest Rate: Likely SOFR + 250-325 bps, tightening 35bps pre-close*
◾ Loan Term: Construction through end of 2026, likely 10-12 year amortization thereafter*
◾ Industry: Renewable Energy Infrastructure
◾ Borrower Profile: Atlas Renewable Energy, a pan-Latin American IPP with 8.4 GW development pipeline and projected 4.2 GW of operational assets by end of 2025
*Estimate based on similar Latin American renewable project financings. Structure likely incorporates both contracted revenue (PPAs with Codelco and Colbun) and merchant exposure components.

LENDER PROFILES

Profile A: DTC Brand Accelerator
Focus: Growth capital for direct-to-consumer brands with proven market traction
Interest Rate: Estimated 8-12% (premium to traditional bank financing but without typical restrictions)*
Geographic Scope: National, emphasis on digitally-native consumer brands
Deal Size: $2M-$30M flexible credit facilities
Minimum Revenue: $5M+ annual revenue with high-margin product portfolio
Industries: Menswear, active/casual wear, CPG, emerging consumer categories
Deal Structures: Creative alternatives to "outdated underwriting models" with no covenants, lockboxes, or personal guarantees
Key Differentiator: Understanding the unique capital needs of DTC brands transitioning to omnichannel

International Innovative Banking Trailblazer
Focus: Growth capital for tech-forward companies redefining traditional industries
Interest Rates: SOFR + 350-550 bps (with step-downs tied to revenue milestones and ESG metrics)*
Geographic Scope: Pan-North American with European expansion underway
Deal Size: $250K - $150M (with syndication capabilities for larger transactions)
Minimum Criteria: Venture-backed companies with validated product-market fit, typically post-Series A
Industries: Software/SaaS, Fintech, Cleantech, Life Sciences, HR Technology, AI/ML
Deal Structures: Venture debt facilities, growth capital term loans, acquisition financing, working capital lines
Key Differentiator: "Network effect" approach that leverages their ecosystem of 300+ VC/PE relationships to facilitate strategic introductions beyond capital

Need a better offer for your deal?
Email [email protected] and get lender introductions.

💡 OPPORTUNITIES

1. Brokers 
   ◾ Target Private equity-backed platform companies pursuing roll-up strategies frequently exhaust their initial capital on purchase prices, leaving integration costs (including IT systems, rebranding, and staff training) underfunded. This creates perfect conditions for a secondary financing round 6-12 months post-acquisition.
   Referral Partners: Integration consultants, mid-tier accounting firms handling post-merger financials, and IT systems integrators all have visibility into companies struggling with these exact challenges.

2. Family Offices
   ◾ Focus on infrastructure companies that provide services to the crypto ecosystem. The $100M loan facility that Coinbase provided to Riot shows there is substantial demand for traditional financial services adapted for digital assets. Family offices can acquire or invest in companies that provide custody, lending, compliance, or security services without taking direct exposure to cryptocurrencies.
   Pro Tip: Focus on companies with recurring revenue models (SaaS or transaction-based) serving institutional clients rather than retail investors—these have 3-4x higher customer lifetime values and more stable revenue streams.

   Referral Partners: Digital asset law firms and cryptocurrency tax specialists can identify clients building real infrastructure rather than speculative projects.

😲 DIDN’T SEE THAT ONE COMING

◾ LuxUrban bounces $1.2M check to NYC, claims "In our defense, we thought bill paying was optional like hotel amenities" The Real Deal
◾ Wharton Properties gets $8M foreclosure notice, owner found googling "how to change company name to avoid bad press" Commercial Observer
◾ Ascend Performance Materials files for bankruptcy, CEO claims "We're just ascending to a different financial plane" Plastics Today

Lastly, no content provided by Bridge Loan Guy or Loans, Lenders & Leverage should be considered tax, investing, or financial advice. This email and any other content we provide are for entertainment and education purposes only. We do not claim to provide tax, investment, financial, or other legal advice. Any content provided by Bridge Loan Guy or Loans, Lenders & Leverage is the personal opinion of our owners and/or staff – you should always conduct your own research