Pathlight Capital Announces Term Loan To Furniture Brands International, Inc.
BOSTON, Sept. 27, 2012 /PRNewswire/ -- Pathlight Capital, LLC, a portfolio company of Sycamore Partners, today announced it will serve as the Administrative and Collateral Agent on a $50 million secured term loan facility to Furniture Brands International, Inc. (NYSE: FBN), a home furnishing company headquartered in St. Louis, MO. 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, part of Wells Fargo & Company (NYSE: WFC), will serve as the Documentation Agent on the facility.
"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'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.
About Pathlight Capital, LLCPathlight Capital is a commercial finance company dedicated to providing creative financing solutions sized between $10-100MM. Pathlight specializes in providing secured loans to companies in the consumer and retail sector, but has the flexibility and experience to provide custom solutions in a variety of industries and situations. Pathlight is a portfolio company of private equity firm Sycamore Partners. For more information, please visit www.pathlightcapital.com. About Sycamore Partners Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $1 billion in capital under management. The founders of Sycamore have a long history of partnering with management teams to improve the operating profitability and strategic value of their businesses. They work with companies they believe have significant growth potential, particularly when given the capital and outside expertise they need to succeed. For more information, please visit www.sycamorepartners.com. About Wells Fargo Capital Finance Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com. For Pathlight and Sycamore Partners: Michael Freitag, Tim Lynch or Blair Fasbender Joele Frank, Wilkinson Brimmer Katcher212-355-4449 SOURCE Sycamore Partners
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