Pathlight Capital, a portfolio company of Sycamore Partners, will serve as the Administrative and Collateral Agent on a $50 million secured term loan facility to Furniture Brands International, a home furnishings company.
“Pathlight’s experience with asset based lending allowed them to develop a thoughtful financing solution that enables us to execute our operating plan,” said Vance Johnston, CFO of Furniture Brands.
The $50 million term loan, which matures September 2017, is part of a larger re-financing effort by the company that includes a new $200 million senior secured asset-based credit facility. The Junior Capital Division of Wells Fargo Capital Finance will serve as the Documentation Agent on the facility.
Furniture Brands International (NYSE: FBN) is a designer, manufacturer and retailer of home furnishings. Products are sold through a range of channels including through the company’s Thomasville retail stores and through interior designers, multi-line independent retailers and mass merchant stores. The company is based in St. Louis (www.furniturebrands.com).
“We have enjoyed working with the Furniture Brands management team to provide a financing solution that supports the company’s strategic initiatives, and we look forward to growing the relationship,” said Daniel Platt, Chief Executive Officer of Pathlight Capital.
Pathlight Capital, a portfolio company of Sycamore Partners, is a commercial finance company that specializes in providing secured loans to companies in the consumer and retail sector. Typical financings are sized from $10 million to $100 million. The firm is based in Boston (www.pathlightcapital.com).
Sycamore Partners is a private equity firm that specializes in consumer and retail investments. The firm has more than $1 billion in capital under management and is based in New York (www.sycamorepartners.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-28-12
