BOSTON--(BUSINESS WIRE)--Crystal Financial LLC announced the closing of a $60,000,000 Senior Credit Facility for True Religion Apparel, Inc. (“True Religion” or “the Company”). Founded in 2002 and best known for its signature denim, the Company is a retailer and wholesaler of high-quality apparel and accessories for men, women and children. True Religion’s products are available through www.truereligion.com, in its over 100 retail locations, and at select department stores and specialty retailers worldwide.
Proceeds from the transaction were used to refinance existing debt and will provide for ongoing working capital needs.
“True Religion is a leading lifestyle brand that allows its customers to express their unique and individual style. As we enter into the next phase of the Company’s growth, it is critical to have access to capital from a creative and flexible financing partner,” said Michael Buckley, CEO of True Religion. “We are excited to work with Crystal Financial as their depth of industry expertise and collaborative mentality will be an asset to the Company going forward.”
Michael Russell, Vice President of Crystal Financial added, “Crystal’s extensive experience financing apparel and consumer brands allowed us to deliver a comprehensive solution to meet the Company’s liquidity and growth objectives. We are thrilled to be partnering with Michael and the True Religion team, and look forward to a successful long-term relationship.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is a leading provider of direct private credit focused on originating, underwriting and managing both asset-based and cash flow financings to middle-market companies. Since inception in 2006, its team of experienced, responsive professionals have provided more than $4 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
About True Religion
In 2002, True Religion emerged onto the Los Angeles denim scene by blowing up the construction of the classic five-pocket jean. With its five-needle thread at two-stitch-per-inch process, the True Religion Super T stitch was instantly recognized for style that was unlike any other denim brand in the world. True Religion speaks to the uniqueness found in all of us. The brand is worn by athletes, musicians, and artists globally to express their individual style. Delivering an exclusive assortment of iconic styles, True Religion Brand Jeans focuses on producing high quality premium denim and sportwear for men’s, women’s and kids. www.truereligion.com