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Wingspire Capital Agents a $100MM Credit Facility to Rubies II, LLC

October 21, 2020, 08:55 AM
Filed Under: Consumer Products

Wingspire Capital announced that it has agented a $100 million credit facility consisting of an $80 million senior credit facility (co-led by Ares Commercial Finance) and a $20 million second lien credit facility (provided by Atalaya Capital Management) to Rubies II, LLC (“Rubies II”).

Proceeds from the financing were used to purchase substantially all of the assets of Rubie’s Costume Company, Inc. (“Rubie’s”) via a Chapter 11 363 sale process.  Proceeds will also be used to fund the on-going working capital needs of Rubies II.  

Rubie’s, founded in 1973 and headquartered in Long Island, NY is one of the largest designers and manufacturers of costumes and novelties with an impressive portfolio of licenses that are sold at over 1,000 retail accounts including Amazon, Costco, Target and Walmart.

Wingspire is encouraged by the steady demand for costumes as parents and neighborhood groups innovate with socially distant Halloween parades, online costume parties, and pre-filled bags of candy that minimize contact during the pandemic.

“Wingspire is pleased to support Rubies II and its owners,” said David Wisen, Chief Executive Officer of Wingspire Capital. “We believe in the leadership and ownership of Rubies II and the leading brands it sells, and we have confidence in the future of the company as it emerges from bankruptcy with a healthy balance sheet.”

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