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Pathlight Upsizes Term Loan Credit Facility to $200.6MM in Connection with Franchise Group Buyout

September 13, 2023, 07:41 AM
Filed Under: Specialty Industries

Pathlight Capital closed a $133.5MM upsize to the existing senior secured term loan credit facility to a Franchise Group, Inc. affiliated SPV 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 southeast and subsidiary of Franchise Group.

The closing of the Upsize Facility results in a $200.6MM total credit facility, of which Pathlight serves as the administrative agent. The Upsize Facility provided additional liquidity in connection with the management-led acquisition of Franchise Group.

"For the third time in the last year, Pathlight has demonstrated their expertise in complex transactions," said Brian Kahn, President and CEO of Franchise Group. "The Pathlight team are trustworthy counterparts, and we appreciate their continued support."

Christopher Arnold, Managing Director of Pathlight Capital, said, “Since the closing of the first transaction in September 2022, Pathlight has provided over $400 million of financing to the SPV. We value the relationship with the FRG management team and continue to support their ongoing initiatives.”

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