Abacus Finance Group has provided a senior secured loan to Global LT to support the Vincente Capital Partners-backed company’s recapitalisation.
New York-based Abacus, a direct lending firm that targets private equity-sponsored companies, extended $23 million to the language training and translation service company. Representatives for Abacus and Global LT were not immediately available for comment.
The deal comes shortly after Abacus announced in January it passed the $1 billion origination mark through 40 deals since its inception in 2011. The firm executed one deal in June, which was a facility of an unspecified size to support an acquisition made by in-vitro diagnostic product maker Kova International. Abacus also conducted three deals in February, the largest of which provided an $18 million loan for a partial divesture of VITAC Corporation from The Gores Group.
Abacus Finance provides cash flow senior financing to private equity-sponsored, lower mid-market companies in the US. The firm’s lends up to $50 million, with a typical hold size of $10 million to $30 million. The companies Abacus lends to usually have EBITDAs of $3 million to $15 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank.