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Pathlight Capital Agents $148.2MM Senior Secured Term Loan to Support B. Riley’s Purchase of Badcock Receivables Portfolio

October 18, 2022, 07:30 AM
Filed Under: Retail

Pathlight Capital is serving as the Administrative Agent on a $148.2 million senior secured term loan credit facility to an SPV majority owned by a subsidiary of B. Riley Financial, Inc. to support the acquisition of a portfolio of performing receivables from W.S. Badcock Corporation, one of the largest home-furnishing retailers in the Southeastern United States and a subsidiary of Franchise Group, Inc.

The facility, which matures in September 2027, allowed Badcock to monetize a pool of on-balance sheet receivables and provide it with additional liquidity for general corporate purposes.

“Pathlight has proven to be a trustworthy counterparty whose experience in complex transactions resulted in an efficient and creative transaction for Badcock,” said Brian Kahn, President and CEO of Franchise Group. “We look forward to a long-term partnership with the Pathlight team.”

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said: “We were pleased to work with Pathlight in support of this transaction. We made this purchase based upon the success of our prior acquisition of Badcock receivables and as a continuation of our long-standing support of FRG.”

Christopher Arnold, Managing Director of Pathlight Capital commented, “Pathlight was excited to tailor a credit facility to support B. Riley’s consumer receivables portfolio acquisition. We appreciate the opportunity to partner with B. Riley, Badcock, and FRG, all of whom have significant experience and a demonstrated track record in managing consumer receivable assets.”

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