BHI and First Eagle Alternative Credit refinanced Xcel Brands’ existing credit facility. The refinancing provides an initial $25 million term loan under a facility jointly provided by BHI and First Eagle Alternative Credit and up to an additional $25 million for acquisitions, subject to lender approval. In addition, the facility provides, through First Eagle Alternative Credit, an additional $50 million acquisition facility, subject to lender approval.
“I am delighted to further our relationship with BHI and welcome First Eagle into our capital structure. The facilities provide us with an immediate $10 million of liquidity and up to $75 million for future acquisitions. We are seeing attractive opportunities that can drive our digital and livestreaming DTC businesses. Timing is perfect for a facility of this nature,” Robert W. D’Loren, chairman and CEO of Xcel Brands, said.
“First Eagle is excited to be part of the financing solution and looks forward to supporting Xcel’s strategic growth,” Larry Klaff, senior managing director for First Eagle Alternative Credit, said.
“BHI’s primary goal is to meet the business objectives of our clients and we are delighted to provide financing to facilitate Xcel’s growth,” Mitchell Barnett, executive vice president and head of commercial and industrial and brand financing for BHI, said.
Xcel Brands is a media and consumer products company.