BOSTON, Feb. 6, 2023
/PRNewswire/ -- Pathlight Capital LP ("Pathlight") is
pleased to announce the closing of
a $78.3MM upsize ("Upsize Facility") to the
existing senior secured term loan credit
facility to an SPV majority owned by a subsidiary of B. Riley
Financial, Inc. to support an incremental purchase of a portfolio
of performing receivables from W.S. Badcock Corporation ("Badcock"
or the "Company"), one of the largest home-furnishing retailers in
the country and subsidiary of Franchise Group, Inc (NASDAQ:
FRG).
The closing of the Upsize Facility on January 12, 2023, results in a $198.7MM total Credit Facility, of which
Pathlight serves as the administrative agent.
"Once again Pathlight has proven to be a trustworthy
counterparty and continues to demonstrate their expertise in
complex transactions," said Brian
Kahn, President and CEO of Franchise Group. "We appreciate
their continued support and look forward to growing our partnership
with the Pathlight team."
Bryant Riley, Chairman and
Co-Chief Executive Officer of B. Riley Financial, said, "We were
pleased to work with Pathlight on this incremental purchase of
Badcock receivables as a continuation of our long-standing support
of FRG."
Christopher Arnold, Managing
Director of Pathlight Capital, said, "We are proud to continue to
support B. Riley and Badcock Furniture by providing additional
liquidity and value our ability to assist borrowers as further
financing needs arise."
About Pathlight Capital
Pathlight Capital is
a private credit investment manager dedicated to meeting the needs
of companies that operate across a broad range of industries by
providing asset-based loans secured on a first or second lien basis
against tangible and intangible assets. Pathlight provides
creative financing solutions to allow management teams to access
incremental liquidity for the purposes of funding working capital,
debt refinancings, growth, acquisitions, dividends and turnaround
strategies. For more information, please visit
www.pathlightcapital.com.
About W.S. Badcock Corporation
W.S. Badcock
Corporation, a subsidiary of Franchise Group Inc. (NASDAQ: FRG), is
a Southeastern home furnishings company headquartered in
Mulberry, FL. Founded in 1904, its
branded Badcock Home Furniture & more retail chain has grown to
more than 380 corporate and associate dealer stores across eight
states. Badcock carries a complete line of furniture, appliances,
bedding, electronics, home office furnishing, accessories and
seasonal items while offering payment plans just right for its
customers. For more information, visit www.badcock.com.
The information presented in this release is the opinion of
Pathlight Capital LP and does not reflect the view of any other
person or entity. The above is for information purposes and should
not be construed as an investment recommendation.
This release may contain an endorsement from an individual
who may be supporting or recommending the activities of the Firm.
Such individual has not been compensated directly or indirectly by
the Firm for the use of his statements. The statements represent
endorsement by that individual only and may not represent
the experience of all counterparties.
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SOURCE Pathlight Capital