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Capital One Commercial Bank Closes $200MM Asset-Based Revolver for Perry Ellis International

January 14, 2022, 08:10 AM
Filed Under: Apparel

Capital One is serving as administrative agent for a $200 million senior secured asset-based revolving line of credit for Perry Ellis International.

“Perry Ellis has been able to successfully navigate the pandemic, as its emphasis on sportswear and casual clothing coincided with the needs of work-at-home consumers, enabling it to perform well despite headwinds affecting the clothing industry,” said Tim Tobin, head of asset-based lending at Capital One. “Our asset-based lending team developed a facility designed to provide incremental liquidity to Perry Ellis, which required expertise in areas like apparel and in-transit inventory.”

Headquartered in Miami, privately held Perry Ellis International designs, distributes, and licenses a broad range of high-quality men’s and women’s apparel, accessories, and fragrances as well as selected children’s clothes. In addition to Perry Ellis, its brands include Original Penguin, Farah, and Rafaella.

“Capital One went all out to meet our year-end deadline,” said George Feldenkreis, chairman, Perry Ellis International. “This was a complex transaction involving a number of overseas jurisdictions, and their team provided flawless execution backed by excellent communication, giving us the utmost confidence in our decision to select them as lending partner.

Perry Ellis sells its products through a variety of retail distribution channels, ranging from department stores and national and regional chains to specialty and sporting goods stores. It also owns and operates brick-and-mortar stores in the United States and United Kingdom and licenses and sublicenses its brands in more than 50 countries. They include Callaway, Nike Swim, PGA Tour, and Jack Nicklaus.

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