Xcel Brands, owner of fine jeweler Judith Ripka as well as fashion brands C. Wonder, Isaac Mizrahi, LOGO by Lori Goldstein, Halston, and Highline, has refinanced its credit facility to the tune of $100 million.
The refinancing includes a $25 million term loan under BHI and First Eagle Alternative Credit, and an additional $25 million for acquisitions. A separate loan by First Eagle Alternative Credit will provide an additional $50 million. The loans are subject to lender approval.
Robert W. D’Loren, Xcel Brands’ chairman and CEO, said in a statement that he welcomes the partnership with BHI and First Eagle. “The facilities provide us with an immediate $10 million of liquidity and up to $75 million for future acquisitions,” he said. “We are seeing attractive opportunities that can drive our digital and livestreaming DTC businesses. Timing is perfect for a facility of this nature.”
Larry Klaff, senior managing director for First Eagle, and Mitchell Barnett, BHI executive vice president and head of commercial and industrial and brand financing, both expressed enthusiasm for partnering with Xcel and financing the brand’s growth.
“BHI’s primary goal is to meet the business objectives of our clients and we are delighted to provide financing to facilitate Xcel’s growth,” said Barnett in the same statement.
BHI is the U.S division of Bank Hapoalim, Israel’s leading financial institution, and is headquartered in New York City. First Eagle is headquartered in Boston.
Xcel Brands, which includes apparel, footwear, accessories, and home goods, has sold $3 billion in retail sales through livestreaming on television. The company was founded by Robert W. D’Loren in 2011, whose vision was to reimagine shopping, entertainment, and social media as one.
The company, which is traded on NASDAQ, will report its fourth-quarter 2020 earnings after the close of market April 21. It will hold a conference call with investors at 5 p.m. ET.
Top: Judith Ripka is owned by Xcel Brands. (Photo courtesy of Judith Ripka)Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine