PNC Business Credit closed two senior secured revolving credit facilities: one for $175 million for Aero Opco and one for $35 million for Charming Charlie.
Bloomberg reported a judge has ruled Aeropostale can ask creditors to vote on the company’s reorganization while the teen retailer prepares to sue Sycamore Partners for an alleged “loan to own” plan.
Great American Group and Tiger Capital Group are partnering with Aéropostale to facilitate the orderly exit of 113 stores and factory outlets.
Retailer Aéropostale filed voluntary Chapter 11 as part of an effort to transform and reorganize its operations. Crystal Financial committed to provide $160 million DIP financing.
Aeropostale announced that it closed $150 million in senior secured credit facilities with Sycamore Partners. The financing consists of a five-year, $100 million term loan and a ten-year, $50 million term loan.
Aeropostale announced it signed a commitment letter with Sycamore Partners and affiliates for a strategic partnership and $150 million in facilities, which includes a sourcing arrangement with MGF Sourcing.