Capital One is serving as administrative agent on a $200 million senior secured asset-based revolving line of credit for Perry Ellis.
“Perry Ellis has been able to successfully navigate the pandemic, as its emphasis on sportswear and casual clothing coincided with the needs of work-at-home consumers, enabling it to perform well despite headwinds affecting the clothing industry,” Tim Tobin, head of asset-based lending at Capital One, said. “Our asset-based lending team developed a facility designed to provide incremental liquidity to Perry Ellis, which required expertise in areas like apparel and in-transit inventory.”
Headquartered in Miami, Perry Ellis designs, distributes and licenses apparel, accessories and fragrances as well as selected children’s clothing. In addition to Perry Ellis, its brands include Original Penguin, Farah and Rafaella.
“Capital One went all out to meet our year-end deadline,” George Feldenkreis, chairman of Perry Ellis, said. “This was a complex transaction involving a number of overseas jurisdictions, and their team provided flawless execution backed by excellent communication, giving us the utmost confidence in our decision to select them as lending partner.”
As previously reported, Sound Point Capital Management recently closed a senior secured term loan for a subsidiary of Perry Ellis.
