PNC Business Credit closed a $175 million senior secured revolving credit facility for Aero Opco, the operating company of specialty retailer Aeropostale. PNC also closed a $35 million senior secured revolving credit facility for accessories retailer Charming Charlie.
“The retail industry continues to transform at a rapid rate, driven by changing consumer preferences,” explained Marc S. Price, group head of PNC Business Credit Retail Finance. “Whether traditional brick-and-mortar operations or e-commerce, lenders must adopt a creative approach to address the challenges retailers face, so that they can adapt and grow their business models.”
Aero Opco will use the funds to finance the working capital needs of its new Nautica business, a nautical-inspired sportswear brand. PNC Capital Markets led the syndication as sole lead arranger and bookrunner. Treasury management products and services were included in the transaction.
Charming Charlie will use the funds to refinance its existing DIP facility and provide the added liquidity necessary to support its turnaround. PNC Bank served as administrative agent. Treasury management products and services were included in the transaction.