Xcel Brands, Inc. (NASDAQ: XELB) today announced it has entered
into a refinancing of its existing credit facility.
The refinancing provides an initial $25 million
term loan under a facility jointly provided by BHI and First Eagle
Alternative Credit, LLC, and up to an additional $25 million for
acquisitions, subject to lender approval; and separately, through
First Eagle Alternative Credit, LLC an additional $50 million
acquisition facility subject to lender approval.
“I am delighted to further our relationship with
BHI and welcome First Eagle into our capital structure. The
facilities provide us with an immediate $10 million of liquidity
and up to $75 million for future acquisitions. We are seeing
attractive opportunities that can drive our digital and
livestreaming DTC businesses. Timing is perfect for a facility of
this nature,” said Robert W. D’Loren, Xcel Brands’ Chairman and
Chief Executive Officer.
“First Eagle is excited to be part of the
financing solution and looks forward to supporting XCEL’s strategic
growth,” said Larry Klaff, Senior Managing Director for First
Eagle.
“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 Mitchell Barnett, BHI Executive Vice President
and Head of Commercial & Industrial and Brand Financing.
About Xcel BrandsXcel Brands, Inc.
(NASDAQ:XELB) is a media and consumer products company engaged in
the design, production, marketing, wholesale, and
direct-to-consumer sales of branded apparel, footwear, accessories,
jewelry, home goods and other consumer products, and the
acquisition of dynamic consumer lifestyle brands. The company has
sold in excess of $3BB US in retail sales through live streaming on
TV. Xcel was founded by Robert W. D'Loren in 2011 with a vision to
reimagine shopping, entertainment, and social media as one. Xcel
owns the Isaac Mizrahi, Judith Ripka, Halston, and C. Wonder
brands, and it owns and manages the Longaberger brand through its
controlling interest in Longaberger Licensing LLC, pioneering a
ubiquitous sales strategy which includes the promotion and sale of
products under its brands through interactive television,
brick-and-mortar retail, e-commerce and peer to peer channels.
Headquartered in New York City, Xcel Brands is led by an executive
team with significant livestream production, merchandising, design,
production, marketing, retailing, and licensing experience, and a
proven track record of success in elevating branded consumer
products companies. With an experienced team of professionals
focused on design, production, and digital marketing, Xcel
maintains control of product quality and promotion across all of
its product categories and distribution channels. Xcel
differentiates by design. www.xcelbrands.com
About BHI (www.bhiusa.com)BHI, the U.S division
of Bank Hapoalim, Israel’s leading financial institution, provides
commercial banking solutions to middle market clients in sectors
including commercial real estate, C&I, food and beverage,
entertainment, apparel, healthcare and high-tech. In addition to
its New York headquarters, the bank operates U.S. Representative
Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los
Angeles, California.
About First Eagle Alternative Credit,
LLCFirst Eagle Alternative Credit, LLC (”FEAC”) is an
investment manager for both direct lending and broadly syndicated
investments that, together with its affiliates, has approximately
$20 billion of assets under management as of December 31, 2020,
through public and private vehicles, collateralized loan
obligations, separately managed accounts and co-mingled funds. FEAC
and its subsidiary maintain a variety of advisory or sub-advisory
relationships across its investment platform, including First
Eagle Alternative Capital BDC, Inc. (Nasdaq: FCRD), a publicly
traded business development company and First Eagle Senior Loan
Fund (NYSE: FSLF), a non-diversified, closed-end management
investment company. FEAC is headquartered in Boston and also has
investment teams in Chicago, Dallas, Los Angeles and New York.
FORWARD LOOKING STATEMENTSCertain statements in
this presentation, as well as certain oral statements made by
management during the presentation, constitute “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995. These statements include,
without limitation, statements expressed or implied regarding our
plans and milestones, plans to fund our current activities,
statements concerning our strategic relationships and activities,
strategy, future operations and expansion, future financial
position, future sales and revenues, projected costs, and market
penetration. In some cases, forward-looking statements can be
identified by terminology such as “may, “will”, “should”,
“expects”, “seeks”, “plans”, “anticipates”, “believes”,
“estimates”, “predicts”, “potential”, “projects”, “continue”,
“intends”, “could”, “opportunity”, or negative of such terms or
other comparable terminology. These statements are based on our
current expectations and assumptions and are not guarantees of
future performance. You should not place undue reliance on our
forward-looking statements, which are subject to a multitude
of known and unknown risks and
uncertainties that could cause actual results, future
circumstance or events to differ materially from those stated in or
implied by the forward-looking statements. These risks and
uncertainties include, but are not limited to, the ability of our
licensees to produce, market and sell quality products bearing our
brand names, continued market acceptance of our brands and any
future brands we acquire, our ability to service our significant
debt obligations, our ability to raise capital for any future
acquisitions, concentration of a substantial portion of our
licensing revenue from a limited number licensees, our
dependence on QVC, restrictions in
our agreements with QVC and
other licensees on our ability
to sell products with certain retailers,
our dependence on promotional services of our spokespersons, our
ability to manage expected future growth, our ability to identify
and acquire additional trademarks, competition for licensees,
competition in our licensee’s markets, our ability
to protect our intellectual property,
our dependence on our CEO and
other key executive officers, the
success of our e-commerce strategy and other
risks and uncertainties detailed from time to time in our public
disclosure documents or other filings with the Securities and
Exchange Commission. Additional risks and uncertainties relating to
us and our business can be found in the “Risk Factors” section of
our latest annual report on Form 10-K as well as in our other
public filings. The forward- looking statements are made as of the
date hereof, and we disclaim any intention and have no obligation
or responsibility, except as required by law, to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
MEDIA CONTACT:Lividini &
Co.Jacqueline Bosellijacqueline@lividini.com
Investor Contact:SM Berger
& CompanyAndrew Berger216-464-6400andrew@smberger.com
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