Gordon Brothers Finance (GBFC) has funded $115 million of deals, over 90 days between May and August. The package of loans funded over the 90 days comprises seven transactions to middle-market companies across a range of industries, including:
In May, GBFC refinanced London-based Asprey’s existing loan and provided a £7.2 million UK term loan, a £3.2 million UK bridge loan and a $3.3 million US term loan, resulting in a total loan amount of $19.2 million. Founded in 1781, Asprey designs and manufactures jewelry, silverware, home articles, leather products, timepieces and gifts.
Also in May, GBFC upsized Dutch’s pre-existing loan from $12.5 million to $25 million as part of a capital structure refinancing alongside senior lending partners. The upsizing represented a continuation of GBFC’s relationship with the senior lender that started in early 2013 when GBFC initially worked to provide the Term Loan B. Dutch is a wholesale/retail fashion apparel company that owns the Joie, Equipment and Current/Elliot brands.
In June, GBFC funded a $15 million term loan and a $2 million seasonal over advance facility to Brookstone, serving as term loan agent. Brookstone is a specialty retailer of consumer electronics and gift items. The financing is secured by accounts receivable, inventory, real estate and intellectual property. The facility was funded in conjunction with a $115 million ABL revolver.
Also in June, GBFC provided Missouri-based Total Hockey with a $5 million funded term loan secured by intellectual property, machinery and equipment, inventory and accounts receivable. The facility also provided Total Hockey with the ability to draw an additional $2 million (total facility size $7 million) if certain conditions are met within 12 months of initial closing. The facility was provided in conjunction with a $30 million ABL revolver. Total Hockey is a specialty retailer of brand name sporting goods.
Later in June, GBFC provided $7.5 million of a $30.0 million term loan to Gordmans Stores in a last-out position to refinance the company’s existing debt. Gordmans is a discount department store chain based in the Midwest that offers a wide variety of apparel, accessories and fragrances, as well as housewares, furniture, bedding, beauty products, footwear and maternity items.
In late June, GBFC upsized Green Bay, WI-based Shopko’s existing term loan B by $30 million to $72.5 million. GBFC’s hold increased by $17.5 million, from $7.5 million to $25 million. Shopko is a discount retailer providing general merchandise, pharmaceuticals and certain health services through its Shopko, Shopko Hometown, Shopko Express and Rx Care stores.
In August, GBFC funded $15 million of a $30 million secured term loan to Spec’s Family Partners, a retailer and distributor of liquor, wines, spirits, beers, cigars and gourmet foods. Houston-based Spec’s operates 155 locations throughout Texas.
“We are very proud of what we have accomplished over this period and our ability to support borrowers and their senior lenders in gaining additional flexibility. We look forward to continuing to serve the market this way as we pursue growth for GBFC,” stated Patrick Dalton, CEO of GBFC. “I can only thank our team, whose underwriting expertise across all asset classes makes these deals possible,” he added.