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Pathlight Capital Increases Term Loan Credit Facility for B. Riley Receivables II, LLC to $198.7MM

February 06, 2023, 07:57 AM
Filed Under: Retail

Pathlight Capital announced the closing of a $78.3MM upsize (“Upsize Facility”) to the existing senior secured term loan credit facility to an SPV majority owned by a subsidiary of B. Riley Financial, Inc. to support an incremental purchase of a portfolio of performing receivables from W.S. Badcock Corporation, one of the largest home-furnishing retailers in the country and subsidiary of Franchise Group, Inc.

The closing of the Upsize Facility on January 12, 2023, results in a $198.7MM total Credit Facility, of which Pathlight serves as the administrative agent.

"Once again Pathlight has proven to be a trustworthy counterparty and continues to demonstrate their expertise in complex transactions," said Brian Kahn, President and CEO of Franchise Group. "We appreciate their continued support and look forward to growing our 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 on this incremental purchase of Badcock receivables as a continuation of our long-standing support of FRG.”

Christopher Arnold, Managing Director of Pathlight Capital, said, “We are proud to continue to support B. Riley and Badcock Furniture by providing additional liquidity and value our ability to assist borrowers as further financing needs arise."



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