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Crystal Financial Provides $27.5MM Emergence Financing for True Religion Apparel

November 12, 2020, 08:40 AM
Filed Under: Apparel

Crystal Financial announced the closing of a $27,500,000 Senior Credit Facility for True Religion Apparel, Inc. (“True Religion” or “the Company”).  Founded in 2002, True Religion is a lifestyle apparel brand which aims to deliver an exclusive assortment of unique designs to its customer base.  Known for its signature styling, the Company focuses on producing high quality premium denim and sportswear for men, women, and children.  True Religion’s products are sold at the Company’s retail stores,, department stores, and at specialty retailers globally.

Proceeds from the transaction were used to finance True Religion’s emergence from Chapter 11 on October 19, 2020 under a court-approved plan of reorganization and will provide ongoing working capital for the Company’s growth plans over the next several years.

“Collaboration with our lender, Crystal Financial, throughout the bankruptcy case was a critical component of our successful reorganization,” said Michael Buckley, CEO of True Religion.  “Michael Russell and the Crystal team worked tirelessly throughout the process to ensure that we had the necessary capital structure to support our go forward operations. We are grateful for the tremendous support from Crystal, without whose partnership and belief in True Religion’s prospects we would not be embarking on this exciting next chapter in the Company’s journey.”

Michael Russell, Director of Crystal Financial added, “Crystal is thrilled to continue our partnership with True Religion. Despite unprecedented operating conditions, Michael Buckley and his team executed upon strategic initiatives that have positioned the Company for long-term success. We are incredibly excited to play a role in the growth and evolution of this iconic brand.”

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