Destination XL Ups BofA ABL, Closes WFCF Term Loan
Destination XL Group announced that it increased its existing asset-based revolving line of credit with Bank of America by $25 million to $125 million. In addition, the company entered into a new agreement with Wells Fargo Capital Finance for a five-year $15 million senior secured second lien term loan.
“These new financing agreements provide us with additional liquidity and financial flexibility as we execute our plan to complete the conversion to Destination XL by the end of fiscal 2017,” said President and CEO David Levin. “This was an opportune time to increase our borrowing capacity on favorable terms. We look forward to continuing our alliance with Bank of America and establishing a stronger relationship with Wells Fargo.”
Destination XL is the largest multi-channel specialty retailer of big & tall men’s apparel with operations throughout the United States, Canada and in London, England.