David’s Bridal closed a $70 million term loan provided by CPPIB Credit Investments, a subsidiary of the Canada Pension Plan Investment Board. David’s Bridal will use the new term loan, which matures in 2024, to fund operations and for general corporate purposes.

As of closing of the transaction on April 30, David’s Bridal had total unrestricted cash of $63 million and zero borrowings on its $125 million revolving credit facility.

“Having successfully driven our retail service levels to best in class and modernized and digitized our marketing and customer interaction processes, David’s is executing well and accelerating its additional growth initiatives,” Jim Marcum, CEO of David’s Bridal, said. “We are experiencing strong momentum as COVID-related restrictions continue to ease, weddings return and pent-up demand from last year plays out over the course of this year. CPP Investments is one of the largest and most respected investors in the world and their investment will help enable the company to fully capitalize on the unique opportunity before us.”

“The management team at David’s has been extraordinarily successful in executing their transformation plan despite the impacts of COVID, and this transaction further validates the confidence that we and other existing investors have in the company, its team and its strategy going forward,” Christine Pope, board chair of David’s Bridal and managing director at Oaktree Capital Management, said.

“I would like to thank all of our valued employees for their incredible efforts over this past year. Together, we confronted unprecedented challenges, adapted as necessary and emerged stronger than ever before,” Marcum said.

Paul, Weiss, Rifkind, Wharton & Garrison served as David’s Bridal’s legal advisor and Greenhill & Co. served as financial advisor.