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The Largest Main Street Lending Program Loans

The 25 largest loans the Federal Reserve's Main Street Lending Program bought a participation in, from the Fed's own transaction-specific disclosure. Fitness International, LLC ($300,000,000) and BCD Travel USA LLC ($250,000,000) lead the 1,830 transactions; starting at rank 13, 44 loans tie at $50,000,000.

As of 31 January 2021Disclosed 12 April 2021Universe 1,830 transactions ($17.46B)Source Federal Reserve CARES Act disclosure

Largest single loan (Fitness International, LLC, CA, under MSELF)
$300,000,000
Combined principal across the 25 rows in this table
$2,115,919,059
Transactions tied at $50,000,000 (13 fit in ranks 13–25)
44
Total Main Street transactions across 322 lender-name strings ($17.46B)
1,830

The top 25 in view

Twelve MSELF loans above $50,000,000 occupy ranks 1 through 12; the remaining 13 slots show the first rows, by borrower name, of a 44-loan tie at the $50,000,000 MSPLF level.

Twelve MSELF loans lead the ranking before 44 loans tie at $50,000,000

Principal amount of the whole loan when the Federal Reserve purchased its participation, for the 25 largest of 1,830 transactions disclosed as of 31 January 2021.

MSELF (ranks 1–12, $56,000,000 to $300,000,000)MSPLF ($50,000,000 tie, ranks 13–25; 13 of 44 shown)
  1. 1Fitness International, LLCCA · Bank Of America, National Association · MSELF$300,000,000
  2. 2BCD Travel USA LLCGA · Bank Of America, National Association · MSELF$250,000,000
  3. $550,000,000 across the top two loans: Bank Of America, National Association originated both Fitness International, LLC ($300,000,000, CA) and BCD Travel USA LLC ($250,000,000, GA) under MSELF.
  4. 3KA73, LLCAR · Generations Bank · MSELF$148,000,000
  5. 4Finley Production Co LPTX · Fifth Third Bank, National Association · MSELF$130,000,000
  6. 5Building Construction Partners, LLCUT · Cache Valley Bank · MSELF$95,394,059
  7. 6SWRG Acquisition Corp (+ co-borrowers)MA · Northern Bank & Trust Company · MSELF$95,000,000
  8. Co-borrowers on one row: Rank 6 names three borrowers (SWRG Acquisition Corp, The Smith & Wollensky Restaurant Group Inc., Strega Acquisition, Inc.) on a $95,000,000 loan from Northern Bank & Trust Company.
  9. 7American Cruise Lines, Inc.CT · Bank Of America, National Association · MSELF$90,000,000
  10. 8Lindblad Expeditions, LLCNY · Citibank, N.A. · MSELF$85,000,000
  11. 9Health Care Lease Facilities LLC (+ co-borrowers)OH · Fifth Third Bank, National Association · MSELF$76,000,000
  12. 10Clair Global Corp.PA · Fulton Bank, National Association · MSELF$71,050,000
  13. 11Equipmentshare.com Inc.MO · Central Trust Bank, The · MSELF$69,475,000
  14. 12C-Innovation, L.L.C.LA · B1Bank · MSELF$56,000,000
  15. The $50,000,000 MSPLF tie (ranks 13–25): 44 transactions were purchased at exactly $50,000,000. Ties are broken by borrower name, so 13 of the 44 fit before the top-25 table stops.
  16. 133Sixty Duty Free & More Holdings, LLC (+ co-borrowers)FL · City National Bank Of Florida · MSPLF$50,000,000
  17. 14AIKG, LLC (+ co-borrowers)GA · Spirit Of Texas Bank, SSB · MSPLF$50,000,000
  18. 15Cambium United, LP (+ co-borrowers)TX · Spirit Of Texas Bank, SSB · MSPLF$50,000,000
  19. 16Garrison, Inc. (+ co-borrowers)AL · Farmers & Merchants Bank, The · MSPLF$50,000,000
  20. 17Meritum Energy Holdings, LP (+ co-borrowers)TX · Spirit Of Texas Bank, SSB · MSPLF$50,000,000
  21. 18Oneida Foodservice, LLC (+ co-borrowers)NY · East West Bank · MSPLF$50,000,000
  22. 19Outlier Holdings, LLC (+ co-borrowers)AZ · Enterprise Bank & Trust · MSPLF$50,000,000
  23. 20Santikos Theaters, LLC (+ co-borrowers)TX · Texas Partners Bank · MSPLF$50,000,000
  24. 21Waste Innovation, LLC. (+ co-borrowers)PR · FirstBank Puerto Rico · MSPLF$50,000,000
  25. 221788 Chicken, LLCTX · Transpecos Banks, SSB · MSPLF$50,000,000
  26. 23A.C.T. Lighting, Inc.MO · MRV Banks · MSPLF$50,000,000
  27. 24AIFS, Inc.CT · Santander Bank, National Association · MSPLF$50,000,000
  28. 25BWM III, LLCOK · Vast Bank, N.A. · MSPLF$50,000,000

Source: Federal Reserve Main Street transaction-specific disclosure (mslp-transaction-specific-disclosures-04-12-21.xlsx), dated 12 April 2021, reporting transactions as of 31 January 2021.

  1. 1

    Fitness International, LLC

    $300,000,000Principal when purchased · largest of 1,830 transactions
    State
    CA
    Lender
    Bank Of America, National Association
    Facility
    MSELF (1 of 26 MSELF loans in the 1,830-loan file)

    The largest transaction in the Federal Reserve’s disclosure, originated by Bank Of America, National Association.

    Source: Fed disclosure (12 Apr 2021)

  2. 2

    BCD Travel USA LLC

    $250,000,000Principal when purchased · second of 1,830 transactions
    State
    GA
    Lender
    Bank Of America, National Association
    Facility
    MSELF

    Second-largest loan in the file, also originated by Bank Of America, National Association under MSELF.

    Source: Fed disclosure (12 Apr 2021)

  3. 3

    KA73, LLC

    $148,000,000Principal when purchased · third of 1,830 transactions
    State
    AR
    Lender
    Generations Bank
    Facility
    MSELF

    Third-largest loan in the file, originated by Generations Bank under MSELF.

    Source: Fed disclosure (12 Apr 2021)

The 25 largest

Every row from the Federal Reserve’s 12 April 2021 disclosure (transactions as of 31 January 2021). Click the column header to re-sort.

Showing 25 of 1,830 transactions · sorted by principal when purchased

As of 31 January 2021

The Largest Main Street Lending Program Loans
#BorrowerStateLenderFacilitySource
1Fitness International, LLCCABank Of America, National AssociationMSELF$300,000,000Fed MSLP file (31 Jan 2021)
2BCD Travel USA LLCGABank Of America, National AssociationMSELF$250,000,000Fed MSLP file (31 Jan 2021)
3KA73, LLCARGenerations BankMSELF$148,000,000Fed MSLP file (31 Jan 2021)
4Finley Production Co LPTXFifth Third Bank, National AssociationMSELF$130,000,000Fed MSLP file (31 Jan 2021)
5Building Construction Partners, LLCUTCache Valley BankMSELF$95,394,059Fed MSLP file (31 Jan 2021)
61. SWRG Acquisition Corp 2. The Smith & Wollensky Restaurant Group Inc. 3. Strega Acquisition, Inc.1. MA 2. MA 3. MANorthern Bank & Trust CompanyMSELF$95,000,000Fed MSLP file (31 Jan 2021)
7American Cruise Lines, Inc.CTBank Of America, National AssociationMSELF$90,000,000Fed MSLP file (31 Jan 2021)
8Lindblad Expeditions, LLCNYCitibank, N.A.MSELF$85,000,000Fed MSLP file (31 Jan 2021)
91. Health Care Lease Facilities LLC 2. Holbrook Leasing Co LLC 3. Sheldon Leasing Co LLC 4. HC IN Ops-Mgt LLC1. OH 2. OH 3. OH 4. OHFifth Third Bank, National AssociationMSELF$76,000,000Fed MSLP file (31 Jan 2021)
10Clair Global Corp.PAFulton Bank, National AssociationMSELF$71,050,000Fed MSLP file (31 Jan 2021)
11Equipmentshare.com Inc.MOCentral Trust Bank, TheMSELF$69,475,000Fed MSLP file (31 Jan 2021)
12C-Innovation, L.L.C.LAB1BankMSELF$56,000,000Fed MSLP file (31 Jan 2021)
131. 3Sixty Duty Free & More Holdings, LLC 2. DFASS Distribution East, LLC 3. DFASS Distribution, LLC 4. DNEL Supply, LLC 5. DFASS USA, LLC 6. Travel Retail Group, LLC 7. DFASS Central, LLC1. FL 2. FL 3. FL 4. FL 5. FL 6. FL 7. FLCity National Bank Of FloridaMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
141. AIKG, LLC 2. AIKG Orlando LLC 3. AIKG North Dallas LLC 4. AIKG Houston LLC1. GA 2. GA 3. GA 4. GASpirit Of Texas Bank, SSBMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
151. Cambium United, LP 2. Sustainable Modular Management, Inc. 3. Cambium United GP, LLC1. TX 2. TX 3. TXSpirit Of Texas Bank, SSBMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
161. Garrison, Inc. 2. Advantage Leasing, Inc. 3. RWH Refrigerated Solutions, Inc. 4. Garrison Freight Management, Inc. 5. Garrison Logistics, Inc. 6. T.J. Stidham, Inc. 7. R.E. Garrison Trucking, Inc.1. AL 2. AL 3. AL 4. AL 5. AL 6. AL 7. ALFarmers & Merchants Bank, TheMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
171. Meritum Energy Holdings, LP 2. Pico Propane Operating, LLC 3. Meritum Supply, LLC 4. Meritum Systems, LLC 5. Meritum Logistics, LLC 6. Stone Road Energy Holdings, LLC 7. SRE Intermediate Holdings, LLC 8. Stone Road Energy, LLC1. TX 2. TX 3. TX 4. TX 5. TX 6. TX 7. TX 8. TXSpirit Of Texas Bank, SSBMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
181. Oneida Foodservice, LLC 2. Crown Brands, LLC 3. Oneida, LLC 4. Tomlinson Industries, LLC 5. Focus Foodservice, LLC 6. Co-Rect Products, Inc. 7. Franklin Financial Management, LLC1. NY 2. NY 3. NY 4. OH 5. IL 6. MN 7. CAEast West BankMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
191. Outlier Holdings, LLC 2. TNC South Clark Holdings, LLC 3. inDispense Holdings LLC 4. Passport Health Holdings, LLC 5. TNC FB Holdings, LLC 6. TNC REI LLC 7. TNC X-1, LLC1. AZ 2. AZ 3. AZ 4. AZ 5. AZ 6. AZ 7. AZEnterprise Bank & TrustMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
201. Santikos Theaters, LLC 2. Santikos Palladium Realty, LLC 3. Santikos Cibolo Theater Realty, LLC 4. Santikos Mayan Realty, LLC 5. Santikos Embassy SA Theater Realty, LLC 6. Silverado SA Theater Realty, LLC1. TX 2. TX 3. TX 4. TX 5. TX 6. TXTexas Partners BankMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
211. Waste Innovation, LLC. 2. Landfill Technologies of Fajardo, LLC 3. Caribbean Fleet Solutions, LLC 4. Landfill Gas Technologies of Fajardo, LLC. 5. Landfill Technologies of Arecibo, LLC 6. Landfill Gas Technologies, LLC. 7. Landfill Technologies, LLC 8. Consolidated Waste Services, LLC. 9. Carolina Recycling, Corp. 10. Landfill Technologies of Guaynabo LLC.1. PR 2. PR 3. PR 4. PR 5. PR 6. PR 7. PR 8. PR 9. PR 10. PRFirstBank Puerto RicoMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
221788 Chicken, LLCTXTranspecos Banks, SSBMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
23A.C.T. Lighting, Inc.MOMRV BanksMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
24AIFS, Inc.CTSantander Bank, National AssociationMSPLF$50,000,000Fed MSLP file (31 Jan 2021)
25BWM III, LLCOKVast Bank, N.A.MSPLF$50,000,000Fed MSLP file (31 Jan 2021)

44 transactions were purchased at $50,000,000; 13 fit in ranks 13–25 when ties are broken by borrower name.

How this list is built

Method & definitions

Unit ranked
the transaction, labeled with the borrower the Fed named.
Metric
principal amount of the loan when purchased by the program.
Universe
1,830 transactions, 1,813 distinct borrower-name strings, 322 lender-name strings, $17.46B of principal.
Vintage
Federal Reserve disclosure of 12 April 2021, reporting transactions as of 31 January 2021.

The Federal Reserve disclosed every Main Street transaction: the lender, the borrower, the dates, and the principal amount of the loan when the program purchased its participation. That disclosure, dated 12 April 2021, reports the transactions as of 31 January 2021. This list ranks the 1,830 transactions by the principal amount of the loan when purchased, and shows the top 25. Ties are broken by borrower name. 44 transactions were purchased at exactly $50,000,000, the amount at the foot of this table; 13 of them fit, so the table stops inside a tie.

What this measures, and what it does not

A Main Street loan was made by a bank, which then sold a participation — usually 95 percent — to the program. The column ranked here is the whole loan at the moment of purchase, not the Fed's share and not the amount outstanding today. What happened afterwards is not in this file: repayment, restructuring and loss are all outside it.

The Facility column carries the Fed's own code for the sub-facility the loan was bought under: 1,173 MSPLF, 616 MSNLF, 26 MSELF, 15 NONLF. The file does not spell the codes out.

Some transactions have more than one borrower. The Fed numbers the co-borrowers inside a single cell, and they are reproduced here on one line, in the Fed's order. One borrower can also appear in more than one transaction, and this list ranks transactions, so a borrower with two loans appears twice. Borrower names are the Fed's own strings and are not normalised, so a parent and its subsidiaries stand as separate names.

Taking a Main Street loan is a financing decision on published terms. The Fed disclosed these borrowers because the CARES Act required it; the disclosure records a loan, not a finding about the borrower.

Sources

  1. Archive data page: Federal Reserve Main Street and PPPLF disclosures
  2. Federal Reserve, Periodic report: CARES Act facility disclosures (original: federalreserve.gov)
  3. File: mslp-transaction-specific-disclosures-04-12-21.xlsx (sha256 6db9c3f2f1035828…)
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