Pathlight Capital closed a $133.5 million upsize to the existing senior secured term loan credit facility to a Franchise Group affiliated special purpose vehicle (SPV) to support an incremental purchase of a portfolio of performing receivables from W.S. Badcock Corporation, a home-furnishing retailer in the Southeast and subsidiary of Franchise Group._x000D_
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The closing of the upsize facility results in a $200.6 million total credit facility, of which Pathlight serves as the administrative agent. The upsize facility provided additional liquidity in connection with the management-led acquisition of Franchise Group._x000D_
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“For the third time in the last year, Pathlight has demonstrated their expertise in complex transactions,” Brian Kahn, president and CEO of Franchise Group, said. “The Pathlight team are trustworthy counterparts, and we appreciate their continued support.”_x000D_
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“Since the closing of the first transaction in September 2022, Pathlight has provided over $400 million of financing to the SPV,” Christopher Arnold, managing director of Pathlight Capital, said. “We value the relationship with the FRG management team and continue to support their ongoing initiatives.”
Forward for Specialty Finance
