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Pathlight Capital Agents $17.5MM Senior Secured FILO Term Facility for Destination XL Group

March 22, 2021, 07:30 AM
Filed Under: Retail

Pathlight Capital is serving as the FILO Agent on the recently funded a $17.5 million first-in, last-out (“FILO”) term loan facility for Destination XL Group, Inc. (“DXL” or the “Company”), the largest omni-channel specialty retailer of big and tall men’s apparel. In addition to DXL Big + Tall, the Company also operates Casual Male XL retail and outlet stores and e-commerce sites including

The $17.5 million FILO, which matures on March 16, 2026, will be used to refinance certain existing indebtedness as well as provide additional liquidity for ongoing working capital needs.

“Over the past year, we have repositioned our business to emerge from the pandemic with a lighter cost structure and significantly more operating leverage,” said Peter Stratton, Chief Financial Officer of DXL. “The refinance of the FILO provides an added layer of liquidity that gives us more flexibility to execute against our strategic plan. I’d like to thank the team at Pathlight for their support of our vision.”

“For the past decade, I’ve had the pleasure of watching DXL reinvent the shopping experience for their customers in a dramatic way,” said Mark Twomey, Managing Director of Pathlight Capital. “We’re excited to provide incremental liquidity during this difficult economic time period to a business that has built a loyal customer base in an underserved sector of the men’s apparel market.”

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