Wingspire Capital agented a $100 million credit facility consisting of an $80 million senior credit facility (co-led by Ares Commercial Finance) and a $20 million second lien credit facility (provided by Atalaya Capital Management) to Rubies II.
Proceeds from the financing were used to purchase substantially all of the assets of Rubie’s Costume Company via a Chapter 11 363 sale process. Proceeds also will be used to fund the ongoing working capital needs of Rubies II.
Rubie’s, founded in 1973 and headquartered in Long Island, NY, is a designer and manufacturer of costumes and novelties with a portfolio of licenses that are sold at more than 1,000 retail accounts, including Amazon, Costco, Target and Walmart.
“Wingspire is pleased to support Rubies II and its owners,” David Wisen, CEO of Wingspire Capital, said. “We believe in the leadership and ownership of Rubies II and the leading brands it sells, and we have confidence in the future of the company as it emerges from bankruptcy with a healthy balance sheet.”