Daily News: April 18, 2019

PNC Provides $45MM Revolver to AVENUE Stores

AVENUE Stores, the omni-channel retailer of the AVENUE brand of women’s plus-size fashion apparel, footwear and accessories, successfully refinanced its outstanding capital structure.

PNC Bank provided a new $45 million revolving credit facility to retire AVENUE’s existing term loan, which will fund ongoing liquidity and working capital needs and support the company’s strategic plans.

“AVENUE has established itself as a pioneer and champion for women with a mission to provide great fashion at a terrific value. It’s about feeling confident,” said Mark Walsh, CEO of AVENUE. “We are pleased to have completed this important recapitalization with PNC that positions AVENUE to execute on our strategic plans across all of our sales channels. We look forward to continuing to empower plus-size women with an unparalleled range of quality fashion choices.”

In connection with the new credit facility, AVENUE’s owner, Versa Capital Management, has provided new capital to the company as well. AVENUE chairman and Versa CEO Gregory Segall said, “We are pleased to have worked with the PNC team to help deliver an attractive financing package that provides AVENUE with the resources to continue executing its strategic initiatives.”

By increasing overall liquidity, reducing interest rates, and removing all debt amortization payments, AVENUE’s new capital structure is much more stable, flexible and better aligned with the strategic needs of the business. In addition, its new capital structure will further strengthen the company’s ability to continue investing and providing customers with the fashion and service they deserve.

“The AVENUE refinancing builds on PNC’s commitment to work with the nation’s top retailers on their financing solutions,” said Marc Price, group head – Retail Finance, PNC Business Credit. “We were uniquely capable of expanding our relationship with AVENUE and helping the company secure a solution that fulfills its customer-centric mission and achieves its strategic goals.”