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First Niagara Provides Calypso St. Barth With $20MM Financing Package

September 02, 2015, 07:46 AM
Filed Under: Retail

First Niagara Financial Group announced it has closed on a $20 million revolving line of credit with Calypso St. Barth, a designer, retailer and wholesaler of luxury lifestyle apparel, accessories and home goods.

The financing package was arranged by First Niagara’s asset-based lending group, First Niagara Commercial Finance, Inc. The Commercial Finance Group provides financing solutions, tailored asset-based loans and working capital to assist its customers in meeting their expansion plans and growth opportunities.

“We were very pleased with First Niagara’s ability to develop a financing package tailored to our needs and to execute this transaction on a timely basis,” said David Stiffman, President and CFO of Calypso St. Barth.

First Niagara’s credit package refinances existing debt and provides additional flexibility to support Calypso’s continuing growth, including opening new stores across the country, as well as expanding the wholesale and e-commerce businesses. 

Headquartered in Long Island City, NY, Calypso St. Barth is a sophisticated lifestyle brand that offers bohemian-inspired apparel to a female customer base that spans across generations and geographies. They currently operate out of 51 stores in metro and resort markets across the United States and on the island of St. Barth.

“First Niagara has worked with Calypso St. Barth for the past several years. We’ve gotten to know their business and the objectives that are important to them and we look forward to helping them achieve their growth goals for many years to come,” said Keith Broyles, SVP and Asset-Based Lending Team Leader at First Niagara.

First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 390 branches, $39 billion in assets, $28 billion in deposits, and approximately 5,400 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts.

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