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David’s Bridal Closes New $70MM Capital Investment From CPP Investments

May 04, 2021, 07:00 AM
Filed Under: Retail

David's Bridal closed a $70 million term loan provided by CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board ("CPP Investments"). The new term loan matures in 2024 and will be used by the Company to fund operations and for general corporate purposes.

As of closing on April 30, 2021, the Company had total unrestricted cash of $63 million and zero borrowings on its $125 million Revolving Credit Facility.

"Having successfully driven our retail service levels to best in class and modernized and digitized our marketing and customer interaction processes, David's is executing well and accelerating its additional growth initiatives," said Chief Executive Officer Jim Marcum.  "We are experiencing strong momentum as COVID-related restrictions continue to ease, weddings return, and pent-up demand from last year plays out over the course of this year," added Marcum.  "CPP Investments is one of the largest and most respected investors in the world and their investment will help enable the Company to fully capitalize on the unique opportunity before us."

Christine Pope, Board Chair of the Company and Managing Director at Oaktree Capital Management, L.P., added, "The management team at David's has been extraordinarily successful in executing their transformation plan, despite the impacts of COVID, and this transaction further validates the confidence that we and other existing investors have in the Company, its team, and its strategy going forward."

Mr. Marcum concluded: "I would like to thank all of our valued employees for their incredible efforts over this past year.  Together, we confronted unprecedented challenges, adapted as necessary, and emerged stronger than ever before."

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as the Company's legal advisor and Greenhill & Co., LLC served as financial advisor.

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