SLR Credit Solutions closed a $20.5 million senior secured term loan in concert with a previously announced $20 million revolving line of credit for Oscar de la Renta, which used proceeds from the transaction to refinance existing debt and provide for enhanced flexibility.
Founded in 1965, Oscar de la Renta is a designer and retailer of luxury women’s apparel sold through upscale wholesale accounts and direct-to-consumer both in stores and at www.oscardelarenta.com. In addition to ready-to-wear dresses, bridal, accessories and children’s apparel, the company also licenses its trademarks for selective categories including eyewear and fragrance.
Proceeds from the transaction were to refinance existing debt and provide for enhanced flexibility.
“Every business including ours had to navigate unprecedented challenges throughout the COVID-19. As our world re-opens, we need partners who can help position our company for the future,” Alex Bolen, CEO of ODLR, said. “SLR CS delivered on the transaction as originally structured and worked collaboratively with our new revolving lender. Their expertise in creating liquidity from the value of our brand was instrumental in completing the financing.”
“Alex and his team are consummate professionals and have never waived from delivering the fashion and quality that their luxury customer expects,” Mirko Andric, senior managing director of SLR Credit Solutions, said. “We are thrilled to be their financing partner and to support their growth.”