PNC served as administrative agent for a $106.5 million senior secured facility for R.G. Barry Brands. A fund managed by GSO Capital Partners participated as an anchor investor for a portion of the facility.
This transaction represents one of the first in a series of flexible capital solutions stemming from an arrangement between PNC Business Credit and GSO.
“R.G. Barry is a longtime client of PNC Business Credit and we are pleased to provide a flexible capital solution that meets their financial requirements with minimal administrative burden,” said Tom Lorenz, senior vice president and business development officer, PNC Business Credit.
The unique structure of this transaction provides a unified private lender solution to middle market borrowers.
“The PNC GSO Unitranche provides a creative financing solution for larger, more complex transactions, offering speed, confidence of execution, flexibility and scalability,” said Walt Hill, senior vice president, Unitranche Originations.
R.G. Barry will use the funds to refinance existing senior bank debt, partially fund capital expenditures and permitted acquisitions and provide for ongoing working capital needs and general corporate purposes. Treasury management and derivative products and services also were included in this transaction.
Headquartered in Pickerington, OH, R.G. Barry was founded in 1947 and is a family of female-founded brands including Dearfoams, Baggallini and Foot Petals.
