Salus Capital Partners Closes $24 Million for Lingerie Maker
Salus Capital Partners, LLC announced it has provided a three-year $24 million senior secured revolving line of credit facility to Frederick’s of Hollywood Group Inc., a specialty retailer of intimate women’s apparel and lingerie. The financing will be used to provide working capital for general corporate purposes.
This new revolving credit line replaces the company’s previous $12.5 million revolving credit facility with Wells Fargo that was scheduled to mature in January 2013 and approximately $8 million term loan through Hilco Brands that was scheduled to mature beginning in July 2013.
“Salus showed a genuine interest in developing a credit line for Frederick’s of Hollywood that would replace our existing debt facilities and also support our company’s growth. It is important to have a lender such as Salus that has taken the time to understand our business and growth strategy,” stated Thomas Lynch, the company’s chairman and CEO.
“The Frederick’s of Hollywood credit facility exemplifies our broad capabilities and entrepreneurial approach to credit risk at Salus,” said Andrew H. Moser, president of Salus Capital. “As a subsidiary of Harbinger Group, Inc., we collaborate as a team, keenly aware of the challenges in today’s credit environment, yet mindful of our experience in supporting iconic consumer brands. We are thrilled to partner with Frederick’s and look forward to a long-standing relationship.”
Salus Capital is a provider of senior secured asset-based loans to the small- and middle-market companies across a variety of industries with additional complementary financing throughout the capital structure.