This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
SANTA MONICA, Calif. and
Oct. 3, 2012 /PRNewswire/ -- Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), recently agented a
$100 million term loan for the financing of RadioShack Corporation, a
Ft. Worth, Texas-based consumer electronics retailer. Pathlight Capital, LLC, a portfolio company of Sycamore Partners, acted as Syndication Agent on the transaction.
RadioShack is one of
North America's largest companies in its segment, operating both stores and kiosks located throughout big-box retailers in
the United States and
Mexico. The company is traded on the NYSE under the ticker RSH. As of
June 30, 2012, RSH operated 4,423 company-operated retail stores under the RadioShack brand name in
the United States, 1,503 Target store mobile kiosks, 227 company-operated stores under the RadioShack brand in
Mexico, and 1,085 dealer and other outlets.
"We are pleased to provide this financing to RadioShack," said
D. Michael Murray, division manager and managing director with the Junior Capital Division of Wells Fargo Capital Finance. "This transaction is another example of our flexibility to tailor financing solutions to meet the needs of our clients."
"We are pleased to have closed on this new term loan with Wells Fargo Capital Finance and Pathlight Capital. This new financing along with the
$50 million term loan announced in August largely completes the capital structure strategy we discussed on the second-quarter earnings call, in which we outlined our goal to refinance approximately one-half of the debt maturity coming due in August 2013," said
Dorvin Lively, interim chief executive officer of RadioShack.
About Wells Fargo Capital FinanceWells 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.
About Wells FargoWells
Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with
$1.3 trillion in assets. Founded in 1852 and headquartered in
San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across
North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on
Fortune's 2011 rankings of America's largest corporations. Wells
Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
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
About Sycamore PartnersSycamore 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
For Pathlight Capital:Michael FreitagJoele Frank, Wilkinson Brimmer Katcher212-355-4449
SOURCE Pathlight Capital