Vince Holding closed a new $27.5 million senior secured term loan facility and a new $80 million senior secured revolving credit facility.
According to a related 8-K filing, Crystal Financial served as both administrative and collateral agent on the term loan. Citizens Bank served as both administrative and collateral agent, as well as sole lead arranger and sole bookrunner, on the revolver.
The new term loan and revolver replace the company’s prior facilities, which were capped at $29 million and $70 million, respectively. The term loan maturity date was extended from November 2019 to August 21, 2023. The revolver carries a slightly improved interest rate of either LIBOR plus 1.5% to 2% or the prime rate plus 0.5% to 1%.
David Stefko, Vince executive vice president and CFO, commented, “We are very pleased to have completed both the term loan facility as well as the revolving credit facility. Since we began our turnaround efforts, we have made great strides in enhancing our product assortments, repositioning and strengthening our wholesale channel partnerships and elevating our focus on the direct-to-consumer channel, all of which have generated highly favorable response as reflected in our first quarter results. With this enhanced capital structure in place, we have even greater financial flexibility to continue to execute on our strategic initiatives and achieve our long term growth objectives.”
Established in 2002 and headquartered in New York, Vince is a luxury apparel and accessories brand that designs women’s and men’s ready-to-wear, shoes, handbags and home goods.