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BHI, First Eagle Alternative Credit Provide Refinance, Acquistion Facility to Xcel Brands

April 16, 2021, 06:00 AM
Filed Under: Specialty Industries

Xcel Brands entered into a refinancing of its existing credit facility. The refinancing provides an initial $25 million term loan under a facility jointly provided by BHI and First Eagle Alternative Credit, and up to an additional $25 million for acquisitions, subject to lender approval; and separately, through First Eagle Alternative Credit, LLC an additional $50 million acquisition facility subject to lender approval.

“I am delighted to further our relationship with BHI and welcome First Eagle into our capital structure. The facilities provide us with an immediate $10 million of liquidity and up to $75 million for future acquisitions. We are seeing attractive opportunities that can drive our digital and livestreaming DTC businesses. Timing is perfect for a facility of this nature,” said Robert W. D’Loren, Xcel Brands’ Chairman and Chief Executive Officer.

“First Eagle is excited to be part of the financing solution and looks forward to supporting XCEL’s strategic growth,” said Larry Klaff, Senior Managing Director for First Eagle.

“BHI’s primary goal is to meet the business objectives of our clients and we are delighted to provide financing to facilitate Xcel’s growth,” said Mitchell Barnett, BHI Executive Vice President and Head of Commercial & Industrial and Brand Financing.

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