Crystal Financial closed a $60 million senior credit facility for True Religion Apparel.
Founded in 2002 and best known for its signature denim, the company is a retailer and wholesaler of high-quality apparel and accessories for men, women and children.
Proceeds from the transaction were used to refinance existing debt and will provide for ongoing working capital needs.
“True Religion is a leading lifestyle brand that allows its customers to express their unique and individual style. As we enter into the next phase of the Company’s growth, it is critical to have access to capital from a creative and flexible financing partner,” said Michael Buckley, CEO of True Religion. “We are excited to work with Crystal Financial as their depth of industry expertise and collaborative mentality will be an asset to the Company going forward.”
“Crystal’s extensive experience financing apparel and consumer brands allowed us to deliver a comprehensive solution to meet the Company’s liquidity and growth objectives. We are thrilled to be partnering with Michael and the True Religion team, and look forward to a successful long-term relationship,” said Michael Russell, vice president of Crystal Financial.