Second Avenue Capital Partners Arranges Credit Facilities for True Religion

BOSTON, Massachusetts – August 23, 2023 – Second Avenue Capital Partners (“SACP”), a Schottenstein affiliate, along with TCW Private Credit and Sagard Credit, announced the closing of a new term loan and revolving credit facility for True Religion Apparel, Inc. (“True Religion” or the “Company”). SACP served in various roles for the transaction including Sole Arranger, Revolver Agent, Sole Revolver Lender and Term Loan Lender.

Proceeds from the new credit facility will refinance existing debt, support ongoing working capital needs, and provide liquidity to meet the Company’s long-term growth plans.  

Initially founded in 2002, True Religion redefined the premium jeans market, blending high-quality craftsmanship, innovative designs, and a distinct sense of style that resonates with a diverse customer base. Today, True Religion partners and collaborates with emerging designers and artists and has positioned itself as an enduring, aspirational brand that appeals to a broad base of consumers seeking iconic products with bold styling. True Religion products are available in select department stores, specialty retailers, 46 Company-owned True Religion stores, and at

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

“We are thrilled to partner with Michael Buckley and the team at True Religion as they enter this exciting next stage of growth,” said Michael Russell, Managing Director of Second Avenue Capital Partners.

Chris O’Connor, President of Second Avenue Capital Partners, is enthusiastic about working with True Religion. “The management team’s ability to take what was already an iconic brand and reposition it by leaning into its origins, making True Religion relevant to a new generation, is impressive. This transaction underscores our dedication to partnering with dynamic companies to drive value and fuel innovation.”


About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (SACP), a Schottenstein Affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver customized capital solutions. A unique merchant perspective allows SACP to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives.

About TCW Private Credit – TCW Private Credit specializes in providing senior-secured loans to U.S.-based middle market borrowers. Since 2001, the group has provided private credit solutions to borrowers across a wide range of industries, partnering with business owners, management teams, financial intermediaries, and asset-based lenders to provide customized financing solutions for a variety of needs. TCW Private Credit is a unit of TCW, a leading global asset management firm with a broad range of products across fixed income, equities, emerging markets and alternative investments.

About Sagard Credit – Sagard Credit is Sagard’s non-sponsor direct lending strategy focused on middle-market public and private companies in North America. It provides bespoke debt solutions across the credit spectrum in first and second lien loans, such as unsecured and mezzanine financings, tailored to a company’s specific needs. Sagard is a multi-strategy alternative asset management firm with more than US$14.5B under management, 125 portfolio companies, and 300 professionals. Sagard invests in venture capital, private equity, private credit, real estate, and royalties.

About True Religion – True Religion is a globally recognized, iconic American denim and sportswear brand that stands for authenticity, craftsmanship, and individuality. Since its inception in 2002, the Company has been celebrated for its quality denim products, unique designs, and dedication to innovation. True Religion speaks to the uniqueness found in all of us. The brand is worn by athletes, musicians, and artists globally to express their individual style. True Religion offers a wide range of apparel and accessories for men, women, and children.

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