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PNC Bank Closes $106.5MM Credit Facility for R.G. Barry Corporation

September 18, 2018, 07:15 AM
Filed Under: Apparel

PNC Bank, National Association, announced the closing of a $106.5 million senior secured facility for R.G. Barry Corporation. A fund managed by GSO Capital Partners LP participated as an anchor investor for a portion of the unitranche facility. PNC Bank served as administrative agent.

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, Ohio, R.G. Barry was founded in 1947 and is a family of female-founded brands – Dearfoams, Baggallini and Foot Petals – that is passionate about crafting products to make life easier, more comfortable, and more stylish.

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