SACP Recognized in ABF Journal’s 2023 Deals of the Year Issue for the Credit Facility Provided to True Religion Apparel, Inc.

The following appeared in the ABF Journal Q4 2023 Deals of the Year issue, Vol 21, No 4

Serving in multiple roles for the transaction — including sole arranger, revolver agent, sole revolver lender and term loan lender — Second Avenue Capital Partners (SACP) was joined by TCW Private Credit and Sagard Credit in providing a credit facility for True Religion Apparel, Inc. The facility has a revolver agented by SACP and a term loan agented by TCW, with SACP as the first out lender in the term loan and TCW and Sagard as the last out lenders.

“As the sole arranger for the facility, SACP worked with a few close partners who we felt would be a good fit for the deal,” Michael Russell, managing director of SACP, says. “Overall, it was a very smooth process, as there was great alignment between the lenders and the management team.”

“This transaction reflects a genuine partnership between our team and the lending group,” Michael Buckley, CEO of True Religion, says. “SACP was able to structure a creative financing solution to meet our needs and support our business objectives to propel True Religion’s growth.”

True Religion plans to use the funds to refinance existing debt, support ongoing working capital needs and provide liquidity to meet long-term growth plans.

The True Religion deal resonates with SACP’s mission to finance a broad array of companies in the retail and consumer products space. From liquidity-constrained to growth-oriented companies, the SACP platform strives to serve as a partner to firms that are seeking to unlock additional value in their assets and operations.

“True Religion is an iconic brand that has a tremendous history and an even more exciting future,” Russell says. “The loyalty and connection the company has with its customer base is truly impressive. We are thrilled to partner with the True Religion team.”

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