SLR Credit Solutions provided a $30 million split lien term loan to Nautilus, a fitness solutions company that designs, develops, sources and markets cardio and strength fitness products for consumer and commercial use in the United States, Canada, Europe, the Middle East and Africa.
Nautilus wanted to bolster its liquidity profile to bridge the company to a more normal supply/demand environment and to continue to invest in new products and its connected fitness apps, including JRNY.
SLR provided a loan secured by all non-working capital assets of Nautilus. The incremental liquidity was created by lending deeper into the domestic working capital assets (second lien), leveraging certain foreign jurisdictions (first lien) and leveraging the value of the company’s intellectual property and brand value (first lien).
