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Second Avenue Capital Partners, CIT Northbridge Agent Exit Financing for Old Time Pottery

November 04, 2020, 09:05 AM
Filed Under: Retail

Old Time Pottery, a Tennessee-based home décor retailer with stores throughout the Southeast and Midwest, has entered into a Senior Secured Credit Agreement agented by Second Avenue Capital Partners (“SACP”) and CIT Northbridge. Proceeds from the credit facility will be used as exit financing, enabling Old Time Pottery’s emergence from a restructuring process and positioning the company for long-term success.

SACP and CIT Northbridge (the “Lenders”) initially provided a debtor-in-possession (“DIP”) facility to Old Time Pottery in early July 2020, during the height of the COVID-19 pandemic.  The lenders worked with the company and the pre-petition lender to take action and quickly provide supportive capital during the restructuring process.  

“The emergence of Old Time Pottery represents a noteworthy success,” noted Andrew Prunier, Managing Director of Second Avenue Capital Partners.  “It is a real testament to the strength of the team, the resilience of the brand, and the loyalty of the customer base.”

“Old Time Pottery is set up for continued success, thanks to Second Avenue Capital Partners and CIT Northbridge,” said Jason Schmitt, Chief Executive Officer, Old Time Pottery. “I am incredibly grateful to our employees, long-term business partners, and landlords who worked with us to make this possible, and I am extremely pleased that we are able to ensure all creditors receive 100% of the money they are owed. We are looking forward to a wonderful holiday season, which is when Old Time Pottery really shines.”

“Old Time Pottery provides the communities they serve with quality products at a great value,” said Neal Legan, who leads CIT Northbridge. “We’re excited to provide Old Time Pottery with the critical financing needed to continue its operations.”

Since the start of the COVID-19 pandemic, Second Avenue Capital Partners and CIT Northbridge have accelerated their efforts to support retail and consumer products companies as they navigate through a challenging time. The facilities provided to Old Time Pottery are another example of SACP and CIT Northbridge stepping in to support leading retailers during this time.

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