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Citizens Commercial Banking Leads $105MM Credit Facility for FULLBEAUTY Brands

February 21, 2019, 08:00 AM
Filed Under: Retail

Citizens Commercial Banking led a $105 million credit facility for New York-based FULLBEAUTY Brands, LLC, an online retailer of plus-sized clothing. Citizens was the lead arranger and bookrunner. The funds were provided to FULLBEAUTY upon its emergence from bankruptcy and were used to repay the prepetition asset-based facility, fund the bankruptcy fees and expenses, and provide the company with go-forward working capital.

This deal was the fastest bankruptcy ever with FULLBEAUTY filing for bankruptcy protection on Feb. 3 and obtaining the Bankruptcy Court’s confirmation of the plan of reorganization the next day. The plan went into effect three days later.

“The Citizens team impressed us with their industry expertise and their commitment to assist FULLBEAUTY during our reorganization,” said Emilie Arel, CEO of FULLBEAUTY Brands. “We value our partnership with Citizens and look forward to working with the team as we move forward with the transformation of FULLBEAUTY.”

“At Citizens, we really think about the needs of our clients from their point of view and offer holistic solutions,” said Chapin Bates, New York City Metro Regional Executive, Citizens Bank. “Partnering with our Business Capital product team, we were able to work quickly and put together a timely solution for FULLBEAUTY Brands. Providing asset-based lending solutions is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.

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