Pathlight Capital closed a $78.3 million upsize to the existing senior secured term loan credit facility to an SPV majority owned by a subsidiary of B. Riley Financial to support an incremental purchase of a portfolio of performing receivables from W.S. Badcock, a home-furnishing retailer and subsidiary of Franchise Group.
The closing of the upsize facility on Jan. 12, 2023, results in a $198.7 million total credit facility, of which Pathlight serves as the administrative agent.
“Once again Pathlight has proven to be a trustworthy counterparty and continues to demonstrate their expertise in complex transactions,” Brian Kahn, president and CEO of Franchise Group, said. “We appreciate their continued support and look forward to growing our partnership with the Pathlight team.”
“We were pleased to work with Pathlight on this incremental purchase of Badcock receivables as a continuation of our long-standing support of FRG,” Bryant Riley, chairman and co-CEO of B. Riley Financial, said.
“We are proud to continue to support B. Riley and Badcock Furniture by providing additional liquidity and value our ability to assist borrowers as further financing needs arise,” Christopher Arnold, managing director of Pathlight Capital, said.
