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Salus Capital Provides Kid Brands With $49MM Senior Secured DIP Facility

July 03, 2014, 07:24 AM
Filed Under: Consumer Products

Salus Capital Partners, LLC, announced it has agented a $49 million senior-secured debtor-in-possession (DIP) facility to Kid Brands, Inc. Sterling National Bank is a participating lender in the DIP facility.

Kid Brands, Inc., together with its subsidiary business units, designs, manufacturers, markets and distributes infant and juvenile consumer products. The financing will be used by the company for working capital as it operates under the protection of Chapter 11 of the U.S. Bankruptcy Code and pursues a sale of its assets.

“We’ve structured our bank partnership program to align with the banks’ business priorities, while also conforming to, and embracing, both the current regulatory environment and the ever-changing business climate,” said Andrew H. Moser, President and CEO of Salus Capital.  “In this transaction, we are pleased to partner with Sterling National Bank to support the Kid Brands’ management team by providing a tailored financing solution that was designed to streamline an already challenging reorganization process.”

Salus Capital has a dedicated product offering for DIP solutions, which customizes facilities designed to meet the specific and timely needs of companies operating under the protection of Chapter 11 reorganization.

Salus Capital is a direct originator of secured asset-based loans to the middle market across a variety of industries with additional complementary financing throughout the capital structure. Target transaction sizes range from $5 to $50 million, with the ability to hold up to $100 million and to syndicate larger transactions. The Salus Capital platform may also serve as an asset manager for like-minded institutional investors such as community and regional banks, insurance companies, family offices, private equity funds and hedge funds who may lack the infrastructure and dedicated competency within senior secured lending.

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