CORPORATE FINANCE

Recapitalizations

$37,000,000



Waynesboro, Virginia

$25,000,000
Senior Credit Facility

$12,000,000
Amended Loan and Security Agreement


The undersigned served as financial
advisor and assisted the Company in
structuring and placing these credit
facilities.

Wayn-Tex Inc.

Wayn-Tex, a leading manufacturer of woven polypropylene fabric, experienced soft industry conditions during the start-up of a facility expansion that resulted in covenant defaults which inflexible lenders would not adequately amend. The Company's board of directors appointed Carreden to recommend a financial plan to restructure the Company's debt and avoid a potential liquidity crisis.

Carreden's recapitalization plan cured the defaults and increased the Company's working capital availability. Wayn-Tex's borrowing costs were reduced approximately 250 basis points.

Carreden also negotiated on the Company's behalf with the five leasing companies that held other term debt and was successful in amending their loan security agreement to cure past defaults and provide for more favorable financial covenants.

$145,000,000


Totowa, New Jersey

$120,000,000
Senior Revolving Credit Facility

$25,000,000
Acquisition Credit Facility

The undersigned served as financial
advisor and assisted the Company in
structuring and placing these credit
facilities with an institutional lender.

Pitman Company

Pitman Company, a large distributor of graphic arts supplies and equipment, experienced increasing pressure on its working capital resources in support of its growing customer needs.

The recapitalization replaced the Company's old, inflexible term debt and credit facility. In addition to nearly doubling the Company's working capital availability, Pitman's borrowing costs were reduced approximately 250 basis points. Carreden also negotiated on the Company's behalf with the three insurance companies that held the old term debt and was successful in reducing their pre-payment penalties 60 percent, saving the Company $2.5 million in refinancing costs.

$25,000,000

Revolving Credit/Term Loan Facility

BOND INTERNATIONAL LIMITED

London, UK & Houston, TX

The World's Largest Private Lessor
of Intermodal Tank Containers
and Chassis

The undersigned served as financial
advisor and placement agent in
connection with this financing.

Bond International Limited

Bond International Limited, a lessor of intermodal tank containers and chassis, was experiencing constrained growth because of the lack of a comprehensive financing facility. New orders had to be financed on a deal-by-deal basis, creating an unwieldy capital structure with debt outstanding to at least 15 different lenders.

Carreden arranged a $25 million Revolving Credit/Term Loan Facility consolidating the Company's outstanding debt in one facility and providing funding availability for new equipment acquisitions. The revolving portion of the Facility was structured such that it may be extended in time and the amount increased as Bond continues to grow.

$32,000,000


Sand Springs, Oklahoma

$10,000,000
Senior Term Notes

$17,000,000
Revolving Senior Credit Facility and

$5,000,000
Subordinated Notes

The undersigned structured this
transaction and arranged the
placement of the Notes and
Revolving Credit Facility with
Institutional Investors.

Webco Industries, Inc.

An aggressive, $27 million cap-ex program, financed mostly with revolving debt capital, succeeded in making the Company, a manufacturer of carbon alloy and stainless steel tubing, one of its industry's lowest-cost producers. However, the program caused the Company to become over-leveraged and unable to support its newly expanded manufacturing capacity. The Company's illiquidity became so acute a Chapter 11 filing was considered a viable option.

Carreden structured and placed a $32 million financing with a major domestic financial institution and a foreign capital source that solved the Company's problems. Subsequent to this transaction, the Company repaid most of its debt by doing an IPO, acquired a new product line and made a strategic acquisition of a distributor. Over a five-year period of time, the Company almost tripled its revenues and cash flow.